<SEC-DOCUMENT>0000950103-20-003347.txt : 20200226
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<ACCEPTANCE-DATETIME>20200225191314
ACCESSION NUMBER:		0000950103-20-003347
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20200220
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200226
DATE AS OF CHANGE:		20200225

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:			0201

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08344
		FILM NUMBER:		20652813

	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
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WASHINGTON, DC 20549</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_905_edei--DocumentType_c20200220__20200220_zgb7HikCAth8"><ix:nonNumeric contextRef="From2020-02-20to2020-02-20" name="dei:DocumentType">8-K</ix:nonNumeric></span> </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of report (date of earliest event
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(Exact name of
registrant as specified in its charter)&#160;</b></p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="text-align: left; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="text-align: left; margin-top: 0; margin-bottom: 0"></p>

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<p style="text-align: left; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="text-align: left; margin-top: 0; margin-bottom: 0"></p>

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<p style="text-align: left; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="text-align: left; margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Registrant&#8217;s telephone number,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not Applicable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former name or former address, if changed
since last report.)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 3%"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_edei--WrittenCommunications_c20200220__20200220_zu2oFiYHaei8"><ix:nonNumeric contextRef="From2020-02-20to2020-02-20" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications">&#9744;</ix:nonNumeric></span></span></td>
    <td style="width: 97%"><span style="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_edei--SolicitingMaterial_c20200220__20200220_zxSWdnyJWsa7"><ix:nonNumeric contextRef="From2020-02-20to2020-02-20" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial">&#9744;</ix:nonNumeric></span></span></td>
    <td><span style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </span></td></tr>
<tr style="vertical-align: top">
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    <td><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_edei--PreCommencementIssuerTenderOffer_c20200220__20200220_zy4VBQpVW6lc"><ix:nonNumeric contextRef="From2020-02-20to2020-02-20" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer">&#9744;</ix:nonNumeric></span></span></td>
    <td><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 140.13e-4(c)) </span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<tr style="vertical-align: top">
    <td style="width: 33%; text-align: center; font-size: 11pt"><span style="font-size: 10pt"><span style="text-decoration: underline">Title of each class</span></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act
of 1934 (17 CFR 240.12b-2).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company <span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_edei--EntityEmergingGrowthCompany_c20200220__20200220_zFB7fbEvIdC3"><ix:nonNumeric contextRef="From2020-02-20to2020-02-20" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p>



<p style="text-align: left; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="text-align: left; margin-top: 0; margin-bottom: 0"></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 1.01 Entry Into a Material Definitive Agreement.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Transaction Agreement</i></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On February 20, 2020, L Brands, Inc., a
Delaware corporation (the &#8220;<b>Company</b>&#8221;), and SP VS Buyer LP, a Delaware limited partnership (&#8220;<b>Buyer</b>&#8221;),
entered into a Transaction Agreement (the &#8220;<b>Transaction Agreement</b>&#8221;), which sets forth, among other things, the
terms and conditions pursuant to which the Company will (i) transfer certain assets and liabilities relating to its business conducted
under the Victoria&#8217;s Secret and PINK brands (the &#8220;<b>VS Business</b>&#8221;) to a newly formed subsidiary of the Company
(&#8220;<b>VS Holdco</b>&#8221;), and (ii) sell 55% of the equity interests of VS Holdco to Buyer for a purchase price equal to
55% of $1,168,000,000.00 in cash, subject to adjustments for net tangible assets, debt and debt-like items and cash, as calculated
in accordance with the terms set forth in the Transaction Agreement. Buyer is a newly-formed entity and an affiliate of Sycamore
Partners Management, L.P. (&#8220;<b>Sycamore</b>&#8221;). The Company, through its subsidiaries, will remain an equity investor
in VS Holdco and retain 45% of the equity interests of VS Holdco.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company and Buyer have made customary
representations, warranties and covenants in the Transaction Agreement. From the date of the Transaction Agreement until the closing
of the transactions contemplated thereby (the &#8220;<b>Transaction Closing</b>&#8221;), the Company is required to conduct the
VS Business in the ordinary course and to comply with certain covenants regarding the operation of the VS Business. Consummation
of the transactions contemplated by the Transaction Agreement is subject to various conditions, including (i) the expiration or
termination of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, (ii) the
receipt of approval under the Competition Act of Canada, (iii)&#160;the absence of any applicable law, injunction or other judgment
that prohibits the Transaction Closing, (iv)&#160;subject to certain exceptions, the accuracy of the representations and warranties
of, and compliance with covenants by, each of the parties to the Transaction Agreement and (v) the completion of certain restructuring
transactions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Transaction Agreement provides the
Company and Buyer with certain termination rights, including the right to terminate if the transactions contemplated by the Transaction
Agreement have not been completed by August 20, 2020, which date may be extended by either party to November 20, 2020 under certain
circumstances where the restructuring transactions have not been completed pending regulatory approvals. Subject to certain limitations,
the Company and Buyer have agreed to indemnify each other for losses arising from certain breaches of the Agreement and certain
other liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At the Transaction Closing, VS Holdco,
one or more subsidiaries of the Company (&#8220;<b>L Brands Partner</b>&#8221;) and Buyer will enter into a limited partnership
agreement in the form attached to the Transaction Agreement (the &#8220;<b>VS Operating Agreement</b>&#8221;). The VS Operating
Agreement will provide, among other things, that:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>VS Holdco will be managed by the board of managers of its general partner (the &#8220;<b>VS Board</b>&#8221;), consisting
                                                                                                             of five managers. Immediately following the Transaction Closing, Buyer will have the right to appoint three managers and L
                                                                                                             Brands Partner will have the right to appoint two managers. L Brands Partner will  have the right to designate one
                                                                                                             manager if it holds less than 50%, but at least 25%, of the equity interests in VS Holdco that it held as of the Transaction Closing, and will
                                                                                                             not have the right to designate any managers if it ceases to hold at least 25% of the equity interests in VS Holdco that it
                                                                                                             held as of the Transaction Closing.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>For a period of three years after the Transaction Closing, neither L Brands Partner nor Buyer will be permitted to transfer
its equity interests in VS Holdco, except to certain permitted transferees, without the prior written consent of the other party.
Thereafter, each of L Brands Partner and Buyer will be able to transfer its equity interests in VS Holdco to a third party, subject
to a right of first offer in favor of the other.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>For so long as L Brands Partner holds at least 50% of the equity interests in VS Holdco that it held as of the Transaction
Closing, L Brands Partner will have certain consent rights over the operations of VS Holdco, including over significant acquisitions
and dispositions and the incurrence of certain indebtedness.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>Until the earlier of such time that L Brands is no longer a limited partner of VS Holdco and the consummation of an initial
public offering           of VS Holdco, L Brands Partner and its affiliates will be prohibited from
engaging in a business competitive with the VS Business as conducted as of the Transaction Closing, subject to certain exceptions,
and VS Holdco will be prohibited from engaging in a </td></tr></table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

<p style="margin: 0"></p>

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                                                                                    <tr style="vertical-align: top">
<td style="width: 0.25in">&#160;</td><td style="width: 0.25in">&#160;</td><td>business competitive with certain businesses of the Company and its subsidiaries
as conducted as of the Transaction Closing, subject to certain exceptions.</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>Distributions will generally be made to L Brands Partner and
Buyer on a pro rata basis, except that in the event of certain extraordinary events, namely, a liquidation of VS Holdco, a sale
of VS Holdco or non-ordinary course asset sales made after 18 months after the date of the Transaction Agreement, first, Buyer
will receive an amount of proceeds equal to its original investment in VS Holdco, second, L Brands Partner will receive 75% of
all remaining proceeds until such time that L Brands Partner has received its pro rata share of all proceeds and distributions
previously made by VS Holdco, and third, all remaining proceeds will be distributed on a pro rata basis to the limited partners
of VS Holdco.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The foregoing description of the Transaction
Agreement and the VS Operating Agreement does not purport to be complete and is subject to, and is qualified in its entirety by
reference to, the full text of the Transaction Agreement and the VS Operating Agreement, which are attached as Exhibit 2.1 hereto and are incorporated herein by
reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Transaction Agreement governs the contractual
rights between the parties thereto in relation to the transactions contemplated by the Transaction Agreement. The Transaction Agreement
has been filed as an exhibit to this Current Report on Form 8-K to provide investors with information regarding the terms of the
Transaction Agreement, and is not intended to provide, modify or supplement any information about the Company, Buyer or any of
their respective subsidiaries or affiliates, or their respective businesses. In particular, the Transaction Agreement is not intended
to be, and should not be relied upon as, disclosures regarding any facts and circumstances relating to the Company, the VS Business
or Buyer. The representations and warranties contained in the Transaction Agreement have been negotiated with the principal purpose
of establishing the circumstances in which a party may have the right not to consummate the closing of the transactions contemplated
thereby if the representations and warranties of the other party prove to be untrue due to a change in circumstance or otherwise,
and allocating risk between the parties, rather than establishing matters as facts. The representations and warranties may also
be subject to contractual standards of materiality that may be different from those generally applicable under the securities laws.
For the foregoing reasons, the representations and warranties should not be relied upon as statements of factual information. Moreover,
information concerning the subject matter of the representations and warranties may change after the date of the Transaction Agreement,
which subsequent information may or may not be fully reflected in the Company&#8217;s public disclosures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers Compensatory Arrangements of Certain Officers.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the closing of the transactions contemplated
by the Transaction Agreement, Leslie H. Wexner will resign as Chief Executive Officer of the Company. &#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nicholas P. M. Coe, who was previously
serving as Chief Executive Officer of Bath &#38; Body Works, was appointed to a new role as Vice Chairman of Bath &#38; Body Works
Brand Strategy and New Ventures, effective on February 20, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Andrew Meslow has been appointed as the
Chief Executive Officer of Bath &#38; Body Works. Mr. Meslow, 50, will be appointed by the Board as Chief Executive Officer and
as a director of the Company, effective upon the closing of the transactions contemplated by the Transaction Agreement. Mr. Meslow
joined the Company in 2003 as a Senior Vice President at Victoria&#8217;s Secret Stores. From 2004 to 2005, he was a Senior Vice
President at the Company. From 2005 to 2007, he was the Chief Financial Officer of Bath &#38; Body Works. From 2007 to 2012, he
was the Chief Administrative Officer of Bath &#38; Body Works. Since 2012, he has been the Chief Operating Officer of Bath &#38;
Body Works. There is no arrangement or understanding between Mr. Meslow and any other person pursuant to which he was selected
as an officer or as a director. There are no family relationships between Mr. Meslow and any director or executive officer of the
Company, and Mr. Meslow is not a party to any transaction in which the Company is a participant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Allan R. Tessler, E. Gordon Gee and Raymond
Zimmerman informed the Board that each of them is retiring from the Board, effective as of the Company&#8217;s 2020 annual meeting
of stockholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9.01 Financial Statements and Exhibits.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2pt; padding-right: 4pt; width: 14%">
        <p style="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Exhibit
No.&#160;</p></td>
    <td style="padding-bottom: 2pt; padding-right: 4pt; width: 86%">
        <p style="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Description&#160;</p></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 2pt; padding-right: 4pt; text-indent: 0in; font-size: 10pt"><a href="dp121693_ex0201.htm">2.1</a></td>
    <td style="padding-bottom: 4pt; padding-right: 4pt; font-size: 10pt"><a href="dp121693_ex0201.htm">Transaction Agreement, dated as of February 20, 2020, by and between L Brands, Inc. and SP VS Buyer LP.*</a></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 2pt; padding-right: 4pt; text-indent: 0in; font-size: 10pt">104 </td>
    <td style="padding-bottom: 4pt; padding-right: 4pt; font-size: 10pt">Inline XBRL for the cover page of this
Current Report on Form 8-K</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font-size: 10pt; color: rgb(33, 37, 41); margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font-size: 10pt; color: rgb(33, 37, 41); margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font-size: 10pt; color: rgb(33, 37, 41); margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font-size: 10pt; color: rgb(33, 37, 41); margin-top: 0pt; margin-bottom: 0pt">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Certain schedules, annexes, exhibits and appendices have been
omitted pursuant to Item 601(b)(2) of Regulation S-K. The registrant agrees to furnish supplementally a copy of any such schedules,
annexes, exhibits and appendices to the Securities and Exchange Commission upon request.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cautionary Note Regarding Forward-Looking Statements</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: normal">We caution that any
forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in
this Current Report on Form 8-K or made by the Company or its management involve risks and uncertainties and are subject to
change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial
results may differ materially from those expressed or implied in any such forward-looking statements. Words such as
&#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;planned,&#8221; &#8220;potential&#8221; and any similar expressions
may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have
affected and in the future could affect our financial performance and actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking statements included in this press release or otherwise made
by our company or our management:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">the risk that the
transaction is not consummated, including the risk that required regulatory approvals for such transaction may not be obtained;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">diversion of our
management&#8217;s attention away from other business concerns;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">the ongoing obligations
of our company in connection with the transaction;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">general economic
conditions, consumer confidence, consumer spending patterns and market disruptions including severe weather conditions, natural
disasters, health hazards, terrorist activities, financial crises, political crises or other major events, or the prospect of
these events;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">the seasonality
of our business;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">the dependence on
mall traffic and the availability of suitable store locations on appropriate terms;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to grow
through new store openings and existing store remodels and expansions;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to successfully
expand internationally and related risks;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our independent
franchise, license and wholesale partners;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our direct channel
businesses;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to protect
our reputation and our brand images;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to attract
customers with marketing, advertising and promotional programs;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to protect
our trade names, trademarks and patents;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">the highly competitive
nature of the retail industry and the segments in which we operate;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">consumer acceptance
of our products and our ability to manage the life cycle of our brands, keep up with fashion trends, develop new merchandise and
launch new product lines successfully;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to source,
distribute and sell goods and materials on a global basis, including risks related to:</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">o</span></td><td><span style="font-weight: normal">political instability, significant health hazards, environmental hazards or natural disasters;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">o</span></td><td><span style="font-weight: normal">duties, taxes and other charges;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">o</span></td><td><span style="font-weight: normal">legal and regulatory matters;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">o</span></td><td><span style="font-weight: normal">volatility in currency exchange rates;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">o</span></td><td><span style="font-weight: normal">local business practices and political issues;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">o</span></td><td><span style="font-weight: normal">potential delays or disruptions in shipping and transportation and related pricing impacts;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">o</span></td><td><span style="font-weight: normal">disruption due to labor disputes; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">o</span></td><td><span style="font-weight: normal">changing expectations regarding product safety due to new legislation;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our geographic concentration
of vendor and distribution facilities in central Ohio;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">fluctuations in
foreign currency exchange rates;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">stock price volatility;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to pay
dividends and related effects;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to maintain
our credit rating;</span></td>
</tr></table>


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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to service
or refinance our debt;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">shareholder activism
matters;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to retain
key personnel;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to attract,
develop and retain qualified associates and manage labor-related costs;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">the ability of our
vendors to deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">fluctuations in
product input costs;</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to adequately
protect our assets from loss and theft;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">fluctuations in
energy costs;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">increases in the
costs of mailing, paper and printing;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">claims arising from
our self-insurance;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">liabilities arising
from divested businesses;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to implement
and maintain information technology systems and to protect associated data;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to maintain
the security of customer, associate, third-party or company information;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">our ability to comply
with regulatory requirements;</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">legal and compliance
matters; and</span></td>
</tr></table>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol; font-weight: normal">&#183;</span></td><td><span style="font-weight: normal">tax, trade and other
regulatory matters.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: normal">We are not under any
obligation and do not intend to make publicly available any update or other revisions to any forward-looking statements in
this Current Report on Form 8-K to reflect circumstances existing after the date of this Current Report on Form 8-K or to
reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed
or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors
can be found in Item 1A. Risk Factors in our 2019 Annual Report on Form 10-K.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</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>&#160;</td>
    <td colspan="3">L BRANDS, INC.</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="3">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="3">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>By:</td>
    <td colspan="2" style="border-bottom: Black 1pt solid">/s/ Stuart B. Burgdoerfer</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="width: 5%">&#160;</td>
    <td style="width: 6%">Name: &#9;</td>
    <td style="width: 39%">Stuart B. Burgdoerfer</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>Title:&#9;</td>
    <td>Executive Vice President and Chief Financial Officer</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: February 25, 2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>



<p style="margin: 0"></p>

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<p style="margin: 0"></p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>


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<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>dp121693_ex0201.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Exhibit
2.1</FONT></P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Executed
Version</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">TRANSACTION
AGREEMENT<BR>
<BR>
<FONT STYLE="font-weight: normal">dated as of<BR>
<BR>
February 20, 2020<BR>
<BR>
between<BR>
</FONT><BR>
SP VS BUYER LP<BR>
<BR>
<FONT STYLE="font-weight: normal">and</FONT><BR>
<BR>
L BRANDS, INC.<BR>
<BR></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">TABLE
OF CONTENTS</FONT></P>

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


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

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><U>Page</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="background-color: White; text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Article
    1 <BR>
    Definitions</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; width: 90%; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    1.01.&nbsp; <I>Definitions</I></FONT></TD>
    <TD STYLE="background-color: White; width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    1.02.&nbsp; <I>Other Definitional and Interpretative Provisions</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD COLSPAN="2" STYLE="background-color: White; text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Article
    2 <BR>
    Purchase and Sale</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.01.&nbsp; <I>Purchase and Sale</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.02.&nbsp; <I>Transferred Assets</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.03.&nbsp; <I>Excluded Assets</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.04.&nbsp; <I>Assumed Liabilities</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.05.&nbsp; <I>Excluded Liabilities</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.06.&nbsp; <I>Shared Contracts</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.07.&nbsp; <I>Restructuring Transactions</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.08.&nbsp; <I>Assignment of Contracts and Rights</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.09.&nbsp; <I>Closing</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.10.&nbsp; <I>Determination of Estimated Purchase Price</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.11.&nbsp; <I>Post-Closing Adjustments</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.12.&nbsp; <I>Adjustment of Purchase Price</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.13.&nbsp; <I>Funding of Purchase Price Adjustments</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    2.14.&nbsp; <I>Payment of Indebtedness</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif; background-color: White">
    <TD COLSPAN="2" STYLE="background-color: White; text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Article
    3 <BR>
    Representations and Warranties of Parent</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.01.&nbsp; <I>Corporate Existence and Power</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.02.&nbsp; <I>Corporate Authorization</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.03.&nbsp; <I>Governmental Authorization</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.04.&nbsp; <I>Noncontravention</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.05.&nbsp; <I>Capitalization</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.06.&nbsp; <I>Ownership of Shares</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.07.&nbsp; <I>Subsidiaries</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.08.&nbsp; <I>Financial Statements</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.09.&nbsp; <I>Absence of Certain Changes</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.10.&nbsp; <I>No Undisclosed Material Liabilities</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.11.&nbsp; <I>Material Contracts</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.12.&nbsp; <I>Litigation</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.13.&nbsp; <I>Compliance with Laws and Court Orders</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.14.&nbsp; <I>Properties</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">41</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.15.&nbsp; <I>Products</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.16.&nbsp; <I>Intellectual Property</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; width: 90%"><FONT STYLE="font-size: 10pt">Section
    3.17.&nbsp; <I>Insurance Coverage</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.18.&nbsp; <I>Licenses and Permits</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.19.&nbsp; <I>Finders&rsquo; Fees</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.20.&nbsp; <I>Tax Matters</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.21.&nbsp; <I>Employee Benefit Plans</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.22.&nbsp; <I>Labor Matters</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.23.&nbsp; <I>Environmental Matters</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    3.24.&nbsp; <I>No Other Representations</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD COLSPAN="2" STYLE="background-color: White; text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Article
    4 <BR>
Representations and Warranties of Buyer</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    4.01.&nbsp; <I>Corporate Existence and Power</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    4.02.&nbsp; <I>Corporate Authorization</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    4.03.&nbsp; <I>Governmental Authorization</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    4.04.&nbsp; <I>Noncontravention</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    4.05.&nbsp; <I>Financing; Guaranty</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    4.06.&nbsp; <I>Purchase for Investment</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    4.07.&nbsp; <I>Litigation</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    4.08.&nbsp; <I>Finders&rsquo; Fees</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    4.09.&nbsp; <I>Solvency</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    4.10.&nbsp; <I>Inspections; No Other Representations</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif; background-color: White">
    <TD COLSPAN="2" STYLE="background-color: White; text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Article
    5 <BR>
Covenants</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.01.&nbsp; <I>Conduct of the Company</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.02.&nbsp; <I>Reasonable Best Efforts; Further Assurances</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.03.&nbsp; <I>Certain Consents</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">60</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.04.&nbsp; <I>Access to Information</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">60</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.05.&nbsp; <I>Intercompany Arrangements</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.06.&nbsp; <I>Resignations</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.07.&nbsp; <I>Notices of Certain Events</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.08.&nbsp; <I>Public Announcements</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.09.&nbsp; <I>Guarantees; China Facility</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.10.&nbsp; <I>Waiver of Conflicts Regarding Representation; Nonassertion of Attorney-Client Privilege</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.11.&nbsp; <I>Directors and Officers</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">66</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.12.&nbsp; <I>Releases</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">67</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.13.&nbsp; <I>Transfer Taxes</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">68</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.14.&nbsp; <I>Insurance</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">68</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.15.&nbsp; <I>Payments</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">69</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.16.&nbsp; <I>Misallocated Assets</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">69</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.17.&nbsp; <I>Name Changes; Parent Marks</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">70</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.18.&nbsp; <I>Intellectual Property License</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">70</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.19.&nbsp; <I>Financing</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">71</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.20.&nbsp; <I>Confidentiality</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">72</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; width: 90%"><FONT STYLE="font-size: 10pt">Section
    5.21.&nbsp; <I>VS Holdco Obligations</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%"><FONT STYLE="font-size: 10pt">72</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.22.&nbsp; <I>Service Schedules</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">72</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.23.&nbsp; <I>Other Matters</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">73</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.24.&nbsp; <I>Payments to Parent</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">73</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.25.&nbsp; <I>Real Estate Matters</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">73</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    5.26.&nbsp; <I>Shared Formulas</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">75</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD COLSPAN="2" STYLE="background-color: White; text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Article
    6 <BR>
    Tax Matters</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    6.01.&nbsp; <I>Intended Tax Treatment</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">76</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    6.02.&nbsp; <I>Tax Returns</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">77</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    6.03.&nbsp; <I>Tax Refunds</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    6.04.&nbsp; <I>Allocation of Straddle Period Taxes</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    6.05.&nbsp; <I>Purchase Price Allocation</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    6.06.&nbsp; <I>Cooperation</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">80</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    6.07.&nbsp; <I>Withholding Certificates</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">80</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    6.08.&nbsp; <I>Buyer United States Shareholder</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    6.09.&nbsp; <I>Push-Out Elections</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    6.10.&nbsp; <I>Tax Sharing Agreements</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">81</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif; background-color: White">
    <TD COLSPAN="2" STYLE="background-color: White; text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Article
    7 <BR>
    Employee Benefits</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.01.&nbsp; <I>Continuation of Employment of Service Providers</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.02.&nbsp; <I>Maintenance of Compensation and Benefits</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.03.&nbsp; <I>Severance</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.04.&nbsp; <I>Assumption of Continuing Employee Agreements</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.05.&nbsp; <I>Allocation of Employee and Benefit Liabilities</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">84</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.06.&nbsp; <I>Benefit Plans; Flexible Spending</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">84</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.07.&nbsp; <I>Workers Compensation</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">86</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.08.&nbsp; <I>Savings and Retirement Plans</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">86</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.09.&nbsp; <I>Cash Incentives</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">87</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.10.&nbsp; <I>Paid Time Off</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">87</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.11.&nbsp; <I>Supplemental Retirement Plan</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">87</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.12.&nbsp; <I>Necessary Action</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.13.&nbsp; <I>No Third Party Beneficiaries</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    7.14.&nbsp; <I>Employee Matters</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif; background-color: White">
    <TD COLSPAN="2" STYLE="background-color: White; text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Article
    8 <BR>
    Conditions to Closing</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    8.01.&nbsp; <I>Conditions to Obligations of Buyer and Parent</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">89</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    8.02.&nbsp; <I>Conditions to Obligation of Buyer</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">89</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    8.03.&nbsp; <I>Conditions to Obligation of Parent</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">90</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 4; Value: 1 -->
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="background-color: White; text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Article
    9 <BR>
Survival; Indemnification</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; width: 90%"><FONT STYLE="font-size: 10pt">Section
    9.01.&nbsp; <I>Survival</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%"><FONT STYLE="font-size: 10pt">91</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    9.02.&nbsp; <I>Indemnification</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">91</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    9.03.&nbsp; <I>Third Party Claim Procedures</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">93</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    9.04.&nbsp; <I>Direct Claim Procedures</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">94</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    9.05.&nbsp; <I>Calculation of Damages</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">94</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    9.06.&nbsp; <I>Exclusivity</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">95</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD COLSPAN="2" STYLE="background-color: White; text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Article
    10 <BR>
Termination</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    10.01.&nbsp; <I>Grounds for Termination</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">95</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    10.02.&nbsp; <I>Effect of Termination</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">96</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif; background-color: White">
    <TD COLSPAN="2" STYLE="background-color: White; text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Article
    11 <BR>
Miscellaneous</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.01.&nbsp; <I>Notices</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">97</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.02.&nbsp; <I>Amendments and Waivers</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">98</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.03.&nbsp; <I>Expenses</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">98</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.04.&nbsp; <I>Successors and Assigns</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">98</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.05.&nbsp; <I>Governing Law</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">99</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.06.&nbsp; <I>Jurisdiction</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">99</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.07.&nbsp; <I>WAIVER OF JURY TRIAL</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">99</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.08.&nbsp; <I>Counterparts; Effectiveness; Third Party Beneficiaries</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">99</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.09.&nbsp; <I>Entire Agreement</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">99</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.10.&nbsp; <I>Severability</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">100</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.11.&nbsp; <I>Disclosure Schedules</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">100</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.12.&nbsp; <I>Specific Performance</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">100</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; background-color: rgb(220,235,244)">
    <TD STYLE="background-color: White; text-align: left; text-indent: -1in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in"><FONT STYLE="font-size: 10pt">Section
    11.13.&nbsp; <I>Bulk Sales Laws</I></FONT></TD>
    <TD STYLE="background-color: White; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">101</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt">Appendix I</FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 10pt">Net Tangible Assets</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Appendix II-A</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Restructuring Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Appendix II-B</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Restructuring Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibits:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit A</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Sold VS Interests Assignment Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit B</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">VS Holdco Operating Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit C</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">GP Assignment Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit D</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">GP Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit E</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Specified Policies</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit F</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Transition Services Agreement</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt">Exhibit G</FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 10pt">Reverse Transition Services Agreement</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt">Exhibit H</FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 10pt">[Intentionally Omitted]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit I</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Reimbursement Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit J</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Construction Management Agreement Term Sheet</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit K</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">DC2 Lease Term Sheet</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit L</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">DC7 Lease Term Sheet</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit M</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Shipping Building Sublease Term Sheet</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit N</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Reynoldsburg Campus</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit O</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Distribution Centers Site Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit P</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">DC6 Construction Management Agreement</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><BR>
<BR></FONT></P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">TRANSACTION
AGREEMENT</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">TRANSACTION
AGREEMENT (this &ldquo;<B>Agreement</B>&rdquo;) dated as of February 20, 2020 between SP VS Buyer LP, a Delaware limited partnership
(&ldquo;<B>Buyer</B>&rdquo;), and L Brands, Inc., a Delaware corporation (&ldquo;<B>Parent</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">W I
T N E S S E T H :</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
Parent and its Subsidiaries are engaged in, among other things, the conduct of the Business;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
after the date hereof and prior to the Closing, Parent will form, or will cause to be formed, a wholly owned Subsidiary of Parent
(&ldquo;<B>VS Holdco</B>&rdquo;), and a wholly owned Subsidiary of Parent that will be the general partner of VS Holdco (the &ldquo;<B>VS
Holdco GP</B>&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
as of immediately prior to the Closing, Parent and its Subsidiaries will be the record and beneficial owners of all of the equity
interests of VS Holdco (the &ldquo;<B>VS Holdco Interests</B>&rdquo;) and all of the equity interests of the VS Holdco GP (the
&ldquo;<B>VS Holdco GP Interests</B>&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
Parent desires to, and to cause its Subsidiaries to, sell to Buyer 55% of the VS Holdco Interests (the &ldquo;<B>Sold VS Interests</B>&rdquo;)
and 55% of the VS Holdco GP Interests (the &ldquo;<B>Sold GP Interests</B>&rdquo;), and Buyer desires to purchase the Sold VS
Interests and the Sold GP Interests from Parent or one or more of its Subsidiaries, upon the terms and subject to the conditions
hereinafter set forth; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
Parent and its Subsidiaries desire to transfer to the Acquired Companies certain assets and liabilities of the Business, upon
the terms and subject to the conditions hereinafter set forth.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">NOW, THEREFORE,
in consideration of the covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby mutually acknowledged, the parties hereto hereby agree as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
1</FONT><FONT STYLE="font-size: 10pt"><BR>
Definitions</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Definitions</I>. (a) As used herein, the following terms have the following meanings:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Acceptable
Replacement Facility</B>&rdquo; means a credit facility provided by, at the option of Parent, either (i) a third party commercial
lender or financing source reasonably satisfactory to Buyer (an &ldquo;<B>Acceptable Third Party Lender</B>&rdquo;) or (ii) Parent,
in each case, on terms and conditions substantially the same as, and, in any event, no less favorable in the aggregate to the
Acquired Companies that constitute obligors thereunder than, the China Facility as in effect on the date hereof; <I>provided</I>
that (1) such Acceptable Replacement Facility will provide that on and following the Closing Date:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A) there
is revolving financing or other similar working capital financing that satisfies the Revolving Commitment Condition (as defined
in clause (ii)(A) of Item 1 of Section 5.09(b) of the Parent Disclosure Schedule) in effect on the Closing Date; <I>provided further
</I>that if Parent provides the Acceptable Replacement Facility but elects not to provide the revolving financing or similar working
capital financing described in this clause (A), Parent covenants to take all necessary steps so that an Acceptable Third Party
Lender satisfies the Revolving Commitment Condition on and following the Closing Date (otherwise, the Acceptable Replacement Facility
provided by Parent on and following the Closing Date shall satisfy the Revolving Commitment Condition),</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B) there
are term loans (or similar funded Indebtedness) outstanding on the Closing Date that satisfy the Funded Term Loan Financing Condition
(as defined in clause (ii)(B) of Item 1 of Section 5.09(b) of the Parent Disclosure Schedule), which will be assumed by an Acquired
Company in China designated by Buyer on the Closing Date in accordance with Section 2.04(d), and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(C) (1) there
is a bank guarantee facility that satisfies the Bank Guarantee Commitment Condition (as defined in clause (iii) of Item 1 of Section
5.09(b) of the Parent Disclosure Schedule) in effect on the Closing Date; <I>provided further</I> that if Parent provides the
Acceptable Replacement Facility and elects not to provide the bank guarantee facility described in this clause (C), Parent covenants
to take all necessary steps so that an Acceptable Third Party Lender satisfies the Bank Guarantee Commitment Condition on and
following the Closing Date (otherwise, the Acceptable Replacement Facility provided by Parent on and following the Closing Date
shall satisfy the Bank Guarantee Commitment Condition), and (2) which credit facility shall be otherwise documented in a manner
reasonably satisfactory to Buyer and, in the case of clause (ii), Parent (but only with respect to an Acceptable Replacement Facility
described in the foregoing clauses (A), (B) and (C), which is provided by Parent).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Accounting
Policies</B>&rdquo; means (i) GAAP, and (ii) only to the extent consistent with GAAP, the accounting policies, principles, practices
and methodologies used in the preparation of the Balance Sheet, in each case of clause (i) and (ii), subject to the specific policies,
principles, practices and methodologies set forth in <U>Exhibit E</U> (the &ldquo;<B>Specified Policies</B>&rdquo;). In the event
of a conflict between GAAP and the Specified Policies, the Specified Policies will control.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Acquired
Companies</B>&rdquo; means VS Holdco and the VS Holdco Subsidiaries.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Affiliate</B>&rdquo;
means, with respect to any Person, any other Person who, as of the relevant time for which the determination of affiliation is
being made, directly or indirectly controls, is controlled by or is under common control with such Person; <I>provided</I> that,
from and after the Closing, (i) no Acquired Company shall be considered an Affiliate of Parent or any of its Affiliates and (ii)
none of Parent or any of its Affiliates shall be considered an Affiliate of any Acquired Company or any of its Affiliates. For
purposes of this definition, &ldquo;<B>control</B>&rdquo; when used with respect to any Person means the power to direct the management
and policies of such Person, directly or indirectly,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">whether through
the ownership of voting securities, by contract or otherwise, and the terms &ldquo;<B>controlling</B>&rdquo; and &ldquo;<B>controlled</B>&rdquo;
have correlative meanings.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Applicable
Law</B>&rdquo; means, with respect to any Person, any transnational, domestic or foreign federal, state or local law (statutory,
common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree,
ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon
or applicable to such Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Base
Net Tangible Assets</B>&rdquo; means $1,241,000,000.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Business</B>&rdquo;
means (i) the specialty retail business of Parent and its Subsidiaries (including the Acquired Companies) with respect to women&rsquo;s
intimate and other apparel, accessories, beauty care products and fragrances that is conducted under the Victoria&rsquo;s Secret
or PINK brands, and (ii) the global development, production and sourcing functions of Parent and its Subsidiaries (including the
Acquired Companies) solely to the extent related to women&rsquo;s intimate and other apparel that is conducted under the Victoria&rsquo;s
Secret or PINK brands, in each case, as conducted as of the date hereof (or, with respect to clause (ii), as contemplated to be
conducted pursuant to the Transaction Documents) by VS Holdco and its Subsidiaries.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Business
Day</B>&rdquo; means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by Applicable Law to close.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Buyer
United States Shareholder</B>&rdquo; means a Person if Buyer demonstrates to the reasonable satisfaction of Parent (i) that, at
the close of the taxable year of each Acquired Company that includes the Closing Date, such Person was a United States Shareholder
of an Acquired Company that was, at that time, a Controlled Foreign Corporation and (ii) the percentage of each Acquired Company&rsquo;s
stock that such Person owned (within the meaning of Section 958(a) of the Code) for purposes of determining such Person&rsquo;s
&ldquo;pro rata share&rdquo; (within the meaning of Section 951(a)(2)) in respect of such Acquired Company at such time (such
Person&rsquo;s &ldquo;<B>Ownership Percentage</B>&rdquo; for an Acquired Company).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Buyer
US Shareholder Corporate Percentage</B>&rdquo; means, for each Acquired Company, the sum of the Ownership Percentages of the Buyer
United States Shareholders for such Acquired Company that are treated as corporations for U.S. federal income tax purposes.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Buyer
US Shareholder Individual Percentage</B>&rdquo; means, for each Acquired Company, the sum of the Ownership Percentages of the
Buyer United States Shareholders for such Acquired Company that are not treated as corporations for U.S. federal income tax purposes.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Buyer
United States Shareholder Corporate Tax Amount</B>&rdquo; means an amount (not less than $0) equal to the amount of U.S. federal,
state and local income tax that a hypothetical corporation, resident in New York, NY and owning, directly, the Buyer US</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">Shareholder
Corporate Percentage of each Acquired Company&rsquo;s stock on the Closing Date, would have been required to pay in respect of
amounts includible in income under Sections 951 and 951A of the Code if (i) the taxable year of each Acquired Company closed on
the Closing Date and (ii) such hypothetical corporation had no items of income, gain, loss or deduction for the taxable year,
other than those attributable to its ownership of the Acquired Companies (but assuming such hypothetical corporation is subject
to the highest marginal rate of tax permitted to be imposed on such income under relevant federal, state, and local Applicable
Law).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Buyer
United States Shareholder Individual Tax Amount</B>&rdquo; means an amount (not less than $0) equal to the amount of U.S. federal,
state and local income tax that a hypothetical individual, resident in New York, NY and owning, directly, the Buyer US Shareholder
Individual Percentage of each Acquired Company&rsquo;s stock on the Closing Date, would have been required to pay in respect of
amounts includible in income under Sections 951 and 951A of the Code if (i) the taxable year of each Acquired Company closed on
the Closing Date and (ii) such hypothetical individual had no items of income, gain, loss or deduction for the taxable year, other
than those attributable to its ownership of the Acquired Companies (but assuming such hypothetical individual is subject to the
highest marginal rate of tax permitted to be imposed on such income under relevant federal, state, and local Applicable Law).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Buyer
United States Shareholder Tax Amount</B>&rdquo; means the sum of (i) the Buyer United States Shareholder Corporate Tax Amount
and (ii) the Buyer United States Shareholder Individual Tax Amount.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Canadian
Competition Act</B>&rdquo; means Canada&rsquo;s Competition Act, (R.S.C. 1985, c. C-34).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Cash</B>&rdquo;
of any Person means, as of any time, all cash, cash equivalents, certificates of deposit, time deposits, marketable securities,
negotiable instruments and short-term investments of such Person, but excluding cash or cash equivalents not freely distributable
due to legal, regulatory or contractual constraints or otherwise of the type commonly referred to as restricted cash, calculated
in accordance with the Accounting Policies. <FONT STYLE="color: #222222">For the avoidance of doubt, </FONT>Cash shall exclude
(i) cash and cash equivalents held in store registers, bank accounts or investment accounts in China by the Acquired Companies
or for the benefit of the Acquired Companies or by the Acquired Companies incorporated or formed in China (collectively, &ldquo;<B>China
Cash</B>&rdquo;), (ii) cash in store registers and store bank accounts (collectively, <B>&ldquo;Store Cash</B>&rdquo;), and (iii)
credit card receivables (&ldquo;<B>Credit Card AR</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>China</B>&rdquo;
means the People&rsquo;s Republic of China, excluding Hong Kong and Macau.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>China
Facility</B>&rdquo; means that certain China Credit Facility Agreement (as defined in Section 2.04(d) of the Parent Disclosure
Schedule), including, for the avoidance of doubt, all related loan documents, schedules and exhibits entered into in connection
therewith or otherwise related thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Closing
Cash</B>&rdquo; means the amount of all Cash of the Acquired Companies as of immediately prior to the Closing; <I>provided</I>
that Closing Cash shall (i) include the total amount of outstanding checks and drafts issued for the benefit of any Acquired Company
but not yet cleared as of immediately prior to the Closing and (ii) calculated net of the total amount of outstanding checks and
drafts issued by any Acquired Company but not yet cashed as of immediately prior to the Closing. Notwithstanding anything to the
contrary contained herein, (A) the total amount of Closing Cash held by Acquired Companies incorporated or formed outside of the
United States and in bank accounts and investment accounts located outside of the United States shall be the lesser of (x) the
actual amount of such Closing Cash and (y) $20,000,000 and (B) in no event shall Closing Cash exceed the Maximum Cash Amount,
and, for clarity, any determination of Closing Cash shall exclude any and all China Cash, Store Cash and Credit Card AR.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Closing
Date</B>&rdquo; means the date of the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Closing
Indebtedness</B>&rdquo; means the amount of all Indebtedness of the Acquired Companies as of immediately prior to the Closing;
<I>provided</I> that Closing Indebtedness shall exclude (i) any intercompany obligations between any Acquired Company, on the
one hand, and any other Acquired Company, on the other hand and (ii) any liabilities, obligations or indebtedness under the ABL
Debt Facility.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Closing
Net Tangible Assets</B>&rdquo; means the amount of the Net Tangible Assets of the Acquired Companies as of immediately prior to
the Closing; <I>provided</I> that Closing Net Tangible Assets shall not include (i) any amount expressly included in the definition
of Closing Cash, (ii) any amount expressly included in the definition of Closing Indebtedness, (iii) any Excluded Asset, (iv)
any Excluded Liability, (v) any Excluded Tax, (vi) any Restructuring Costs, (vii) any Transaction Expenses, (viii) the amount
of any retention or stay bonuses granted by Parent or any of its Subsidiaries from the Retention Reserve Amount after the date
hereof in accordance with <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 1.01(a)(i) of the Parent
Disclosure Schedule, or (ix) any liabilities, obligations or indebtedness under the ABL Debt Facility.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>COBRA</B>&rdquo;
means the U.S. Consolidated Omnibus Budget Reconciliation Act of 1985.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Collective
Bargaining Agreement</B>&rdquo; means any agreement, memorandum of understanding or other contractual obligation between any Acquired
Company, on the one hand, and any labor organization or other authorized employee representative representing Service Providers,
on the other hand.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Code</B>&rdquo;
means the U.S. Internal Revenue Code of 1986.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Confidentiality
Agreement</B>&rdquo; means the Confidentiality Agreement dated as of September 19, 2019 between Parent and Sycamore Partners Management,
L.P., as amended.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Construction
Management Agreement</B>&rdquo; means the construction management agreement to be entered into on the Closing Date by and between
Parent and VS Holdco</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">(or a Subsidiary
of VS Holdco), on substantially the terms set forth in the Construction Management Agreement Term Sheet.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Construction
Management Agreement Term Sheet</B>&rdquo; means the term sheet attached hereto as <U>Exhibit J</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Continuing
Employee</B>&rdquo; means each Service Provider who is employed by Parent or any of its Affiliates (including any Acquired Company)
as of immediately prior to the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Controlled
Foreign Corporation</B>&rdquo; means &ldquo;controlled foreign corporation&rdquo; as defined under Section 957 of the Code.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>DC2</B>&rdquo;
means Distribution Center 2 located at Two Limited Parkway, Columbus, Ohio, 43230.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>DC2
Lease</B>&rdquo; means the lease to be entered into on the Closing Date by and between Parent (or a Subsidiary of Parent), as
landlord, and VS Holdco (or a Subsidiary of VS Holdco), as tenant, with respect to all of DC2, on substantially the terms set
forth in the DC2 Lease Term Sheet.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>DC2
Lease Term Sheet</B>&rdquo; means the term sheet attached hereto as <U>Exhibit K</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>DC3</B>&rdquo;
means Distribution Center 3 located at Three Limited Parkway, Columbus, Ohio, 43230.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>DC6</B>&rdquo;
means the real property commonly known as DC6, located at 3425 Morse Crossing, Columbus, Ohio, 43219, together with all buildings,
structures, improvements and fixtures currently located or to be located thereon, and all easements and other rights and interests
appurtenant thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>DC6
Construction Management Agreement</B>&rdquo; means the construction management agreement attached hereto as <U>Exhibit P</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>DC
7</B>&rdquo; means Distribution Center 7 located at Seven Limited Parkway, Reynoldsburg, Ohio, 43068.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>DC7
Lease</B>&rdquo; means the lease to be entered into on the Closing Date by and between VS Holdco (or a Subsidiary of VS Holdco),
as landlord, and Parent (or a Subsidiary of Parent), as tenant, with respect to portions of the Reynoldsburg Campus, on substantially
the terms set forth in the DC7 Lease Term Sheet.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>DC7
Lease Term Sheet</B>&rdquo; means the term sheet attached hereto as <U>Exhibit L</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Employee
Plan</B>&rdquo; means any (i) &ldquo;employee benefit plan&rdquo; as defined in Section 3(3) of ERISA (whether or not subject
to ERISA), (ii) compensation, employment, consulting, severance, termination protection, change in control, transaction bonus,
retention or similar plan, agreement, arrangement, program or policy or (iii) other plan,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">agreement,
arrangement, program or policy providing for compensation, bonuses, profit-sharing, equity or equity-based compensation or other
forms of incentive or deferred compensation, vacation benefits, insurance (including any self-insured arrangement), medical, dental,
vision, prescription or fringe benefits, life insurance, relocation or expatriate benefits, perquisites, disability or sick leave
benefits, employee assistance program, workers&rsquo; compensation, supplemental unemployment benefits or post-employment or retirement
benefits (including compensation, pension, health, medical or insurance benefits), in each case that is in force as of the date
of this Agreement and is sponsored, maintained, administered, contributed to, or required to be contributed to, or entered into
by Parent, any Acquired Company or any Affiliate of Parent or any Acquired Company for the current or future benefit of any current
or former Service Provider (or with respect to which any such Person would reasonably be expected to have any liability (contingent
or otherwise)).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Environmental
Law</B>&rdquo; means any Applicable Law that relates to pollution or public or worker health or safety (solely with respect to
Hazardous Substances) or has as its principal purpose the protection of the environment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Equity
Commitment Letter</B>&rdquo; means that certain Equity Commitment Letter, dated as of the date hereof, to Buyer from Sycamore
Partners III, L.P., a Cayman Islands exempted limited partnership and Sycamore Partners III-A, L.P., a Cayman Islands exempted
limited partnership (a copy of which was provided to Parent on the date hereof).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>ERISA</B>&rdquo;
means the U.S. Employee Retirement Income Security Act of 1974.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>ERISA
Affiliate</B>&rdquo; means, with respect to any entity, any other entity that at the relevant time, together with such first entity,
would be treated as a single employer under Section 414 of the Code.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Excluded
Services</B>&rdquo; means the services set forth on Section 5.22(i) of the Parent Disclosure Schedule.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Excluded
Taxes</B>&rdquo; means, without duplication, any and all (i) income Taxes of any Acquired Company for any Pre-Closing Tax Period
or incurred in connection with the Restructuring Transactions, (ii) Taxes of Parent, its Subsidiaries (other than the Acquired
Companies), or a Parent Tax Group, other than non-income Taxes taken into account in the calculation of Net Tangible Assets; (iii)
Taxes related to compensation arrangements of Parent or its Subsidiaries with employees (including Continuing Employees) that
are not being assumed by the Acquired Companies (including Taxes resulting from the exercise of an option to acquire Parent shares);
(iv) Taxes set forth on Section 1.01(a)(ii) of the Parent Disclosure Schedule, in each case, excluding any Transfer Taxes to the
extent included in Assumed Restructuring Costs; and (v) Taxes of the Acquired Companies resulting from any action taken on or
prior to the Closing described in the last paragraph of Section 5.01 (including any upstream loans from an Acquired Company to
another Acquired Company or Parent and its Affiliates made prior</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">to Closing
to repatriate cash or the settlement of such loans prior to Closing) (other than non-income Taxes taken into account in Net Tangible
Assets).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Formulas</B>&rdquo;
means any and all trade secrets and know-how (including formulas, manufacturing or production processes and techniques, recipes,
innovations, concepts and other methodologies) relating to any and all beauty and personal care products (including moisturizers,
lotions, oils, cosmetics, makeup, lip scrubs, body washes, soaps, sanitizers, body scrubs, face masks, face wipes and other body
care) or fragrances (including perfumes and body sprays and mists).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Fragrance
House Contracts</B>&rdquo; means the contracts set forth in Section 2.02(f)(iv) of the Parent Disclosure Schedule.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Fraud</B>&rdquo;
means, with respect to any party to this Agreement, an actual and intentional fraud with respect to the making of representations
and warranties contained in this Agreement and not with respect to any other matters; <I>provided</I> that such actual and intentional
fraud of such party hereto shall only be deemed to exist if (i) such party or any of its Representatives had actual knowledge
that the representations and warranties made by such party were actually inaccurate when made, (ii) such representations and warranties
were made with the intent to induce another party to this Agreement to rely thereon (or with the expectation that such other party
would rely thereon) and with the intent to induce such other party to act or refrain from acting in such context, (iii) such other
party acted or refrained from acting in justifiable reliance on such representations and warranties, and (iv) such action or inaction
resulted in actual damages to such other party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>GAAP</B>&rdquo;
means generally accepted accounting principles in the United States.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Governmental
Authority</B>&rdquo; means any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative
authority, department, court, agency or official, including any political subdivision thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>GP
Agreement</B>&rdquo; means the Amended and Restated Limited Liability Company Agreement of the VS Holdco GP substantially in the
form attached hereto as <U>Exhibit D</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>GP
Assignment Agreement</B>&rdquo; means the Assignment and Assumption Agreement among each Selling Entity holding Sold GP Interests
and Buyer, substantially in the form attached hereto as <U>Exhibit C</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Hazardous
Substance</B>&rdquo; means any pollutant, contaminant, waste or chemical or any toxic, radioactive, ignitable, corrosive, reactive
or otherwise hazardous substance or material, in each case that is regulated under any Environmental Law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Home
Campus</B>&rdquo; means the real property and facilities at DC2 and DC3.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>HSR
Act</B>&rdquo; means the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Indebtedness</B>&rdquo;
of any Person means, as of any time, without duplication, (i) the outstanding principal amount of and accrued and unpaid interest
(only to the extent in a liability position) in respect of (A) indebtedness of such Person for borrowed money, including indebtedness
for borrowed money under either (x) the China Facility or (y) if Parent has replaced the China Facility with an Acceptable Replacement
Facility, the Acceptable Replacement Facility, (B) indebtedness of such Person evidenced by notes, debentures, bonds or other
similar instruments and (C) indebtedness of such Person evidenced by letters of credit, banker&rsquo;s acceptances, bank guarantees,
performance and surety bonds or similar credit instruments (in each case, solely to the extent drawn), (ii) all capitalized lease
obligations that are required to be classified as a balance sheet liability of such Person in accordance with the Accounting Policies
(excluding any real estate lease obligations required to be capitalized in accordance with the Financial Accounting Standards
Codification Topic 842 and any leases or subleases that are Transaction Documents), (iii) the obligations of such Person for the
deferred purchase price of businesses, properties, securities, goods or services (including any &ldquo;earn-outs&rdquo; to the
extent required to be classified as a balance sheet liability in accordance with the Accounting Policies), excluding in each case
of the foregoing any trade payables and any such obligations pursuant to any of the Transaction Documents, (iv) all liabilities
for accrued but unpaid severance obligations for officers, employees and individual service providers of the Acquired Companies
whose employment has terminated at or prior to the Closing, together with the employer portion of payroll Taxes related thereto,
(v) all liabilities for accrued but unpaid bonuses, together with the employer portion of any payroll Taxes related thereto, (vi)
all liabilities for compensation or benefit plan arrangements that come due (in whole or in part) as a result of the transactions
contemplated by this Agreement (to the extent such amounts would not otherwise be due in the absence of the transactions contemplated
by this Agreement) (excluding for all purposes of this clause (vi) the Retention Reserve Amount and the Restructuring Costs),
in each case, together with the employer portion of any payroll Taxes related thereto, (vii) all liabilities accrued as of immediately
prior to the Closing under the SRP with respect to Continuing Employees to whom the Acquired Companies are obligated to make payment
pursuant to Section 7.11, the aggregate amount of which shall be no less than the amount set forth on Section 1.01(a)(iii) of
the Parent Disclosure Schedule, together with the employer portion of any payroll Taxes related thereto, (viii) all obligations
of another Person secured by any Lien on any property or asset of such first Person (whether or not such obligation is assumed
by such first Person), and (ix) in each case of clauses (i) through (viii) including any and all prepayment fees and penalties
payable in connection with any prepayment of amounts that become payable solely as a result of the transactions contemplated by
this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Intellectual
Property Right</B>&rdquo; means any Trademark, mask work, invention, patent, copyright, trade secrets and know-how (such as formulas,
manufacturing or production processes and techniques, methods, schematics, technical data and designs) or rights in software,
data, databases, and any other similar or other type of proprietary or intellectual property right worldwide, including any registrations
or applications for registration of any of the foregoing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>International
Plan</B>&rdquo; means any Employee Plan that is not a US Plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>IRS</B>&rdquo;
means the U.S. Internal Revenue Service.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Knowledge
of Parent</B>&rdquo; or any other similar knowledge qualification in this Agreement means to the actual knowledge of the persons
set forth in Section 1.01(a)(iv) of the Parent Disclosure Schedule.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Lien</B>&rdquo;
means, with respect to any property or asset, any mortgage, deed of trust, lien, pledge, charge, security interest, license or
encumbrance in respect of such property or asset.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Material
Adverse Effect</B>&rdquo; means any state of facts, circumstance, condition, event, change, development, occurrence, result or
effect (i) that would prevent, materially delay or materially impede the performance by Parent of its obligations under this Agreement
or Parent&rsquo;s consummation of the transactions contemplated by this Agreement; or (ii) that has a material adverse effect
on the financial condition, business, assets, or results of operations of the Business, excluding, in the case of clause (ii),
any state of facts, circumstance, condition, event, change, development, occurrence, result or effect to the extent directly or
indirectly resulting from (A) national, international, foreign, domestic or regional social or political conditions (including
changes therein) or events in general, including the results of any primary or general elections, or any statements or other proclamations
of public officials, or changes in policy related thereto, (B) changes in any economic, financial, monetary, debt, credit, capital
or banking markets or conditions (including any disruption thereof) or trends, (C) changes in interest, currency or exchange rates
or the price of any commodity, security or market index, (D) changes in legal or regulatory conditions, including changes or proposed
changes to Applicable Law (including any proposed Applicable Law), GAAP or other accounting principles or requirements applicable
to the Business, or standards, interpretations or enforcement thereof, (E) changes or conditions generally affecting the industry
of the Business, (F) changes in, or any failure of the Business to meet, or the publication of any report regarding, any internal
or public projections, forecasts, budgets or estimates of or relating to the Business for any period, including with respect to
revenue, earnings, cash flow or cash position (it being understood that the underlying causes of such change or failure may, if
they are not otherwise excluded from the definition of Material Adverse Effect, be taken into account in determining whether a
Material Adverse Effect has occurred), (G) the occurrence, escalation, outbreak or worsening of any hostilities, war, civil unrest,
police action, acts of terrorism, cyberattacks or military conflicts, whether or not pursuant to the declaration of an emergency
or war, (H) the existence, occurrence or continuation of any pandemics, tsunamis, typhoons, hail storms, blizzards, tornadoes,
droughts, cyclones, earthquakes, floods, hurricanes, tropical storms, fires or other natural or manmade disasters or acts of God
or any national, international or regional calamity, (I) the execution, announcement, performance or existence of this Agreement,
the identity of the parties hereto or any of their respective Affiliates or Representatives, the taking of any action to the extent
expressly required or contemplated by this Agreement (including the Restructuring Transactions) or the pendency or contemplated
consummation of the transactions contemplated by this Agreement, including any actual or potential loss or impairment after the
date hereof of any agreement or contract or any customer, supplier, investor, landlord, partner, employee or other business relation
due to</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">any of the
foregoing in this subclause (I), it being understood that this clause (I) shall not apply to the representations and warranties
and related conditions contained in this Agreement that are primarily intended to address the consequences of the execution, announcement,
performance or consummation of this Agreement or the transactions contemplated by this Agreement, or (J) actions taken, or not
taken, at the written request of Buyer, except in the case of clauses (A) through (D), (G) and (H) to the extent (and only to
the extent) that the Business is materially and disproportionately adversely affected thereby as compared to similarly situated
businesses in the industry of the Business.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Maximum
Cash Amount</B>&rdquo; means $50,000,000 in the aggregate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Multiemployer
Plan</B>&rdquo; means a &ldquo;multiemployer plan&rdquo; as defined in Section 3(37) or Section 4001(3) of ERISA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Net
Tangible Assets</B>&rdquo; means, as of any time, the amount calculated by subtracting (i) the total liabilities of the Acquired
Companies as determined in accordance with the Accounting Policies (<I>provided</I> that such liabilities shall be limited to
the line items set forth under the &ldquo;Liabilities&rdquo; header of Appendix I) from (ii) the total assets of the Acquired
Companies as determined in accordance with the Accounting Policies (<I>provided</I> that such assets shall be limited to the line
items set forth under the &ldquo;Assets&rdquo; header of Appendix I).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Organizational
Documents</B>&rdquo; of any Person means the articles of formation, limited liability company agreement, operating company agreement,
certificate of incorporation, bylaws and other similar organizational documents of such Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Parent
Disclosure Schedule</B>&rdquo; means the disclosure schedule dated as of the date hereof regarding this Agreement that has been
provided by Parent to Buyer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Parent
Employee Plan</B>&rdquo; means any Employee Plan in force as of the date of this Agreement that is sponsored, maintained, contributed
to, required to be contributed to, or entered into by Parent or any Affiliate of Parent, other than an Acquired Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Parent
Member</B>&rdquo; means each Subsidiary of Parent, designated by Parent prior to the Closing Date, that will hold any Retained
VS Holdco Interests as of after the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Parent
Tax Group</B>&rdquo; means any affiliated, consolidated, combined or unitary group (including any affiliated group of corporations
as defined in Section 1504(a) of the Code) of which Parent or any of its Affiliates is a member.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>PBGC</B>&rdquo;
means the U.S. Pension Benefit Guaranty Corporation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Permitted
Lien</B>&rdquo; means (i) Liens for Taxes, assessments or other governmental charges or levies that (A) are not yet delinquent,
(B) may be paid without penalty or (C) are being contested by appropriate proceedings and for which appropriate reserves have
been established in the Balance Sheet to the extent required by the Accounting Policies;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">(ii) mechanics&rsquo;,
carriers&rsquo;, warehousemens&rsquo;, materialmens&rsquo;, workers&rsquo;, repairers&rsquo;, landlords&rsquo; and similar Liens
arising or incurred in the ordinary course of business that (A) are not yet delinquent or (B) are being contested by appropriate
proceedings and for which appropriate reserves have been established in the Balance Sheet to the extent required by the Accounting
Policies; (iii) Liens incurred or deposits made in connection with workers&rsquo; compensation, unemployment insurance or other
types of social security; (iv) zoning, entitlement and other land use regulations imposed by any Governmental Authority which
are not violated by the current use or occupancy of any real property or the operation of the Business thereon; (v) easements,
declarations, covenants, variances, rights-of-way and other restrictions that do not and would not reasonably be expected to,
individually or in the aggregate, materially impair the continued use of the applicable real property or which are imposed in
connection with subdividing the Transferred Distribution Centers; (vi) any Lien that an accurate up-to-date land survey would
show; (vii) any right, title or interest of a lessor, sublessor or licensor of any leased property; (viii) with respect to any
leased property, any Lien to which the fee simple interest (or any superior leasehold interest) is subject; (ix) limitations or
restrictions on the ownership or transfer of equity interests under applicable securities laws; (x) licenses of, covenants not
to sue under or other rights to use Intellectual Property Rights to any third party, in each case, in the ordinary course of business;
(xi) imperfections of title that do not and would not reasonably be expected to, individually or in the aggregate, materially
impair the continued use of the applicable property; (xii) Liens disclosed on or reflected in the Balance Sheet; or (xiii) any
memorandum of lease or sublease of the leases or sublease being entered into in connection with this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Person</B>&rdquo;
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization,
including a Governmental Authority.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Personal
Information</B>&rdquo; means &ldquo;personal information,&rdquo; &ldquo;personally identifiable information&rdquo;, &ldquo;personal
data&rdquo; or any term of similar intent (including attributable payment card information and the like), in each case as defined
under Applicable Law pertaining to data privacy, including, as and to the extent applicable, (i) any &ldquo;personal information&rdquo;
as defined under the California Consumer Privacy Act and (ii) any &ldquo;personal data&rdquo; as defined under the E.U. General
Data Protection Regulation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Post-Closing
Tax Period</B>&rdquo; means any taxable period beginning after the Closing Date, and for any Straddle Period, the portion of such
Straddle Period beginning after the Closing Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&ldquo;Pre-Closing
Tax Period</B>&rdquo; means any taxable period ending on or before the Closing Date, and for any Straddle Period, the portion
of such Straddle Period up to and including the Closing Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Prepaid
Restructuring Costs</B>&rdquo; means all Restructuring Costs actually paid by Parent or any of its Subsidiaries (including the
Acquired Companies) prior to the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Reference
Date</B>&rdquo; means November 2, 2019.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Reimbursement
Agreement</B>&rdquo; means the Reimbursement Agreement between Parent, on the one hand, and either VS Holdco or the Applicable
VS Subsidiary, on the other hand, substantially in the form attached hereto as <U>Exhibit I</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Representatives</B>&rdquo;
of any Person means the officers, directors, employees, attorneys, accountants, financial advisors and other agents of such Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Restructuring
Costs</B>&rdquo; means all liabilities, fees, costs and expenses incurred or paid by Parent or any of its Subsidiaries (including
the Acquired Companies) in connection with the Restructuring Transactions, including any Transfer Taxes but excluding (i) Excluded
Taxes and (ii) any Taxes included in Net Tangible Assets.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Restructuring
Plan</B>&rdquo; means, (i) Appendix II-A, if Parent elects Appendix II-A pursuant to the procedures set forth in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
2.07(a), and (ii) Appendix II-B, if Parent elects Appendix II-B pursuant to the procedures set forth in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
2.07(a), in each case, as may be amended from time to time in accordance with the provisions of <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
2.07(a).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Retained
Marks</B>&rdquo; means any and all Trademarks and other source or business identifiers incorporating or including any Trademark
not included in the Transferred IP, along with any variations or derivatives thereof and any names, marks, logos or other identifiers
similar to any of the foregoing and not included in the Transferred IP. For the avoidance of doubt, the &ldquo;Retained Marks&rdquo;
include the Trademarks set forth on Section 2.03(f) of the Parent Disclosure Schedule.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Retained
VS Holdco Interests</B>&rdquo; means the VS Holdco Interests other than the Sold VS Interests.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Retention
Reserve Amount</B>&rdquo; shall mean the amount set forth on and administered in accordance with Section 1.01(a)(i) of the Parent
Disclosure Schedule.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Reverse
Transition Services Agreement</B>&rdquo; means the Reverse Transition Services Agreement between Parent, on the one hand, and
either VS Holdco or the Applicable VS Subsidiary, on the other hand, substantially in the form attached hereto as <U>Exhibit G</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Reynoldsburg
Campus</B>&rdquo; means the real property and facilities, including DC4, DC5 and DC7, which is more particularly described in
<U>Exhibit N</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Selling
Entity</B>&rdquo; means each Subsidiary of Parent identified on the Restructuring Plan that will hold any of the Sold VS Interests
immediately prior to the Closing, and each Subsidiary of Parent that will hold any of the Sold GP Interests immediately prior
to the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Service
Provider</B>&rdquo; means any officer or employee of Parent or any of its Affiliates (including any Acquired Company) engaged
to provide services primarily relating to the Business.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Shipping
Building Sublease</B>&rdquo; means the sublease to be entered into on the Closing Date by and between VS Holdco (or a Subsidiary
of VS Holdco), as sublandlord, and Parent (or a Subsidiary of Parent), as subtenant, with respect to the portion of DC2 designated
as the &ldquo;Shipping Building&rdquo;, on substantially the terms set forth in the Shipping Building Sublease Term Sheet.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Shipping
Building Sublease Term Sheet</B>&rdquo; means the term sheet attached hereto as <U>Exhibit M</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Sold
VS Interests Assignment Agreement</B>&rdquo; means the Deed of Assignment and Assumption of Limited Partnership Units among each
Selling Entity holding Sold VS Interests, Buyer and the VS Holdco GP substantially in the form attached hereto as <U>Exhibit A</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Straddle
Period</B>&rdquo; means any taxable period beginning on, or prior to, and ending after the Closing Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Subsidiary</B>&rdquo;
means, with respect to any Person, any entity of which (i) a majority of the voting securities or (ii) securities or other ownership
interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions,
are at the time directly or indirectly owned by such first Person; <I>provided</I> that, from and after the Closing, no Acquired
Company shall be considered a Subsidiary of Parent or any of its Subsidiaries.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Tax</B>&rdquo;
means (i) any tax or other like assessment or charge in the nature of a tax (including estimated taxes and any withholding on
amounts paid to or by any Person), together with any interest, penalty, addition to tax or additional amount imposed with respect
thereto and (ii) in the case of any Acquired Company, liability for the payment of any amount of the type described in the immediately
preceding clause (i) as a result of the Acquired Company being (or having been) before the Closing a member of (or leaving) any
Parent Tax Group (other than any such Parent Tax Group the only members of which were Acquired Companies).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Taxing
Authority</B>&rdquo; means the IRS and any other Governmental Authority having jurisdiction with respect to Taxes.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Tax
Return</B>&rdquo; means any report, form, return, declaration, claim for refund, election, disclosure, estimate, information report
or return or statement required to be or otherwise supplied to a Taxing Authority in connection with Taxes, including any schedule
or attachment thereto or amendment thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Trademark</B>&rdquo;
means trademarks, service marks, trade names, service names, domain names, social media identifiers and accounts, trade dress,
logos, slogans and other identifiers of same, including all goodwill associated therewith, and all common law rights, and registrations
and applications for registration thereof, all rights therein provided by international treaties or conventions, and all reissues,
extensions and renewals of any of the foregoing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Transaction
Documents</B>&rdquo; means this Agreement, the VS Holdco Operating Agreement, the GP Agreement, the Confidentiality Agreement,
the Sold VS Interests Assignment Agreement, the GP Assignment Agreement, the Transition Services Agreement, the Reverse Transition
Services Agreement, the Reimbursement Agreement, the Construction Management Agreement Term Sheet, the Construction Management
Agreement, the DC2 Lease Term Sheet, the DC2 Lease, the DC7 Lease Term Sheet, the DC7 Lease, the Shipping Building Sublease Term
Sheet, the Shipping Building Sublease, the DC6 Construction Management Agreement, the Advisory Agreements (as such term is defined
in the VS Holdco Operating Agreement), the Equity Commitment Letter and the Limited Guaranty.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Transferred
Distribution Centers</B>&rdquo; means the following distribution centers and offices of Parent and its Subsidiaries: (i) DC7,
(ii) Distribution Center 4 located at Four Limited Parkway, Reynoldsburg, Ohio, 43068 (&ldquo;<B>DC4</B>&rdquo;), (iii) Distribution
Center 5 located at Five Limited Parkway, Reynoldsburg, Ohio, 43068 (&ldquo;<B>DC5</B>&rdquo;), and (iv) DC6. Locations of the
Transferred Distribution Centers are shown on <U>Exhibit O</U>, with each Transferred Distribution Center identified thereon.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Transferred
IP</B>&rdquo; means all Intellectual Property Rights included in the Transferred Assets.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Transition
Services Agreement</B>&rdquo; means the Transition Services Agreement between Parent, on the one hand, and either VS Holdco or
the Applicable VS Subsidiary, on the other hand, substantially in the form attached hereto as <U>Exhibit F</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>United
States Shareholder</B>&rdquo; means &ldquo;United States shareholder&rdquo; as defined under Section 951(b) of the Code.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>US
Person</B>&rdquo; means a &ldquo;United States person&rdquo; within the meaning of Code Section 7701(a)(30).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>US
Plan</B>&rdquo; means any Employee Plan that covers Service Providers located primarily within the United States.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>VS
Holdco Employee Plan</B>&rdquo; means any Employee Plan in force as of the date of this Agreement that is sponsored or maintained
by any Acquired Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>VS
Holdco Operating Agreement</B>&rdquo; means the Amended and Restated Agreement of Exempted Limited Partnership of VS Holdco substantially
in the form attached hereto as <U>Exhibit B</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>VS
Holdco Subsidiary</B>&rdquo; means each Transferred Entity and any other Person that is or will be a Subsidiary of VS Holdco as
of the Closing, as set forth on the Restructuring Plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>WARN</B>&rdquo;
means the U.S. Worker Adjustment and Retraining Notification Act and any comparable foreign, state or local law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Each of the following terms is defined in the Section set forth opposite such term:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%"><FONT STYLE="font-size: 10pt"><B>Term</B></FONT></TD>
    <TD STYLE="width: 23%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Section</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">ABL Debt Facility</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.19(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">ABL Debt Financing</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.19(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">ABL Funded Adjustment Amount</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.13(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Acceptable Third Party Lender</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Acquired Companies SRP Termination</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Agreement</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Preamble</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Allocation</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.05(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Allocation Notice</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.05(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Allocation Principles</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.05(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Allocation Schedule</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.05(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Anti-Corruption Laws</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.13(b)(i)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Applicable Senior Liens</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.09(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Applicable VS Subsidiary</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT><FONT STYLE="font-size: 10pt">2.09(a)(vi)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Assumed Liabilities</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.04</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Assumed Restructuring Costs</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.04(f)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Balance Sheet</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.08</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Buyer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Preamble</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Buyer Indemnified Parties</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Buyer Related Parties</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Buyer Released Parties</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.12(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Buyer Releasing Parties</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.12(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Cap</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Cash Incentives</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.09</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">China Cash</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">China Revolver</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Chosen Courts</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11.06</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Closing</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.09</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Closing Statement</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Commerce</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.13(b)(vii)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Company&rsquo;s FSA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.06</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Continuation Period</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.01</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">control</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Credit Card AR</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Current Representation</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.10</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%"><FONT STYLE="font-size: 10pt">D&amp;O Indemnitees</FONT></TD>
    <TD STYLE="width: 23%; text-align: center"><FONT STYLE="font-size: 10pt">5.11(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Damages</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">DC2</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">DC4</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">DC5</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">DC6</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">DC7</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Designated Person</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.10</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%"><FONT STYLE="font-size: 10pt"><B>Term</B></FONT></TD>
    <TD STYLE="text-align: center; width: 23%"><FONT STYLE="font-size: 10pt"><B>Section</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%"><FONT STYLE="font-size: 10pt">Downward Adjustment Amount</FONT></TD>
    <TD STYLE="text-align: center; width: 23%"><FONT STYLE="font-size: 10pt">2.13(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Draft Delivery Date</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.02(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Draft Review Period</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.02(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">e-mail</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11.01</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Equity Financing</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Equity Value</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.01</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Estimated Equity Value</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Estimated Purchase Price</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Excluded Assets</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Excluded Distribution Center Equipment</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.02(d)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Excluded Liabilities</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Final Equity Value</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Final Purchase Price</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Financial Statements</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.08</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Fully Insured Parent Plan</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Indemnified Party</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Indemnifying Party</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Independent Accountant</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.11(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Insurance Policies</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Leases</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.25(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Licensed IP</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.18(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Limited Guaranty</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.05(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Material Contract</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.11(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Material Permits</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">New Company Plans</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">New Fragrance House Contract</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">OFAC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.13(b)(iii)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Ownership Percentage</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Parent</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Preamble</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Parent Disputed Items</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.11(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Parent Insurance Policies</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.14(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Parent Released Parties</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.12(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Parent Releasing Parties</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.12(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Parent Savings Plans</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.08</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Parent&rsquo;s FSA</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.06</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%"><FONT STYLE="font-size: 10pt">Post-Closing DC Plan</FONT></TD>
    <TD STYLE="width: 23%; text-align: center"><FONT STYLE="font-size: 10pt">7.08</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Post-Closing Occurrences</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.14(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Post-Closing Representation</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Post-Closing Statement</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.11(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Pre-Closing Occurrences</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.14(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Preliminary Allocation</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.05(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Purchase Price</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.01</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Related Party Agreements</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.11(a)(xvi)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Released Parties</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.12(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Releasing Parties</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.12(b)</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%"><FONT STYLE="font-size: 10pt"><B>Term</B></FONT></TD>
    <TD STYLE="text-align: center; width: 23%"><FONT STYLE="font-size: 10pt"><B>Section</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%"><FONT STYLE="font-size: 10pt">Remaining Disputed Items</FONT></TD>
    <TD STYLE="text-align: center; width: 23%"><FONT STYLE="font-size: 10pt">2.11(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Restructuring Transactions</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.07(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Retained Records</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.03(d)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Sanctions</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.13(b)(v)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Scheduled Guarantees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.09(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Selling Agent</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT><FONT STYLE="font-size: 10pt">6.05(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Severance Scheme</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Shared Contract</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.06(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Shared Formulas</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Sold GP Interests</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Sold VS Interests</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Solvent</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.09</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Specified Guarantee</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.09(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Specified Policies</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">SRP</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Store Cash</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Subdivision Outside Date</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.25(a)(ii)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Subdivision Transaction</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.25(a)(ii)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Surviving Related Party Agreement</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Termination Date</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.01(d)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Third Party Claim</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Trade Controls</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.13(b)(vii)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Transaction Expenses</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Transferred Assets</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Transferred Contracts</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.02(f)(iv)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Transferred Entities</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Transferred Equity Interests</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Transferred Formulas</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.02(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Transfer Taxes</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Transition Date</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.01</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">USRPIs</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.07</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Upward Adjustment Amount</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.13(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">VS Holdco</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%"><FONT STYLE="font-size: 10pt">VS Holdco GP</FONT></TD>
    <TD STYLE="width: 23%; text-align: center"><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">VS Holdco GP Interests</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">VS Holdco Interests</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">VS Holdco GP Securities</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.05(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">VS Holdco Securities</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.05(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">VSS LLC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT><FONT STYLE="font-size: 10pt">5.09(a)(ii)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">VS Subsidiary Securities</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.07(b)</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Other Definitional and Interpretative Provisions</I>. The words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo;
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. The captions herein are included for convenience of reference only and shall be ignored</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">in the construction
or interpretation hereof. References to Articles, Sections, Exhibits, Appendices and Schedules are to Articles, Sections, Exhibits,
Appendices and Schedules of this Agreement unless otherwise specified. All Exhibits, Appendices and Schedules annexed hereto or
referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized
terms used in any Exhibit, Appendix or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement.
Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words
&ldquo;include&rdquo;, &ldquo;includes&rdquo; or &ldquo;including&rdquo; are used in this Agreement, they shall be deemed to be
followed by the words &ldquo;without limitation&rdquo;, whether or not they are in fact followed by those words or words of like
import. &ldquo;Writing&rdquo;, &ldquo;written&rdquo; and comparable terms refer to printing, typing and other means of reproducing
words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended
from time to time and to any rules or regulations promulgated thereunder. References to any agreement or contract are to that
agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof.
References to any Person include the successors and permitted assigns of that Person. References from or through any date mean,
unless otherwise specified, from and including or through and including, respectively. References to &ldquo;law&rdquo;, &ldquo;laws&rdquo;
or to a particular statute or law shall be deemed also to include any and all Applicable Law. The word &ldquo;or&rdquo; means
&ldquo;and/or&rdquo; unless the context provides otherwise. References to &ldquo;dollars&rdquo; or &ldquo;$&rdquo; shall mean
U.S. dollars, and whenever conversion of values to or from any currency other than U.S. dollars for a particular date shall be
required, such conversion shall be made using the closing rate provided by Bloomberg as of the date that is one Business Day prior
to such date. References to one gender shall be held to include the other gender as the context requires. To the extent any agreement
to be entered into pursuant to this Agreement indicates that such agreement will be entered into by VS Holdco (or a Subsidiary
of VS Holdco), the determination of whether such agreement will be entered into by VS Holdco (or a Subsidiary of VS Holdco) shall
be made by Buyer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
2</FONT><FONT STYLE="font-size: 10pt"><BR>
Purchase and Sale</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Purchase and Sale</I>. Upon the terms and subject to the conditions of this Agreement, at the Closing, Parent shall
cause the Selling Entities to sell to Buyer, and Buyer shall purchase from the Selling Entities, the Sold VS Interests and the
Sold GP Interests, in each case, free and clear of all Liens (except for any Liens on the ownership or transfer of the Sold VS
Interests or Sold GP Interests under applicable securities laws or pursuant to the Organizational Documents of VS Holdco or the
VS Holdco GP). The aggregate purchase price for the Sold VS Interests and the Sold GP Interests is an amount equal to 55% of the
Equity Value in cash (the &ldquo;<B>Purchase Price</B>&rdquo;). The &ldquo;<B>Equity Value</B>&rdquo; is an amount equal to (i)
$1,168,000,000.00, <I>plus</I> (ii) the amount, if any, by which the Closing Net Tangible Assets exceeds the Base Net Tangible
Assets (which amount is a positive number), <I>minus</I> (iii) the amount, if any, by which the Base Net Tangible Assets exceeds
the Closing Net Tangible Assets (which amount is a positive number), <I>plus</I> (iv)</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Closing Cash, <I>minus</I> (v) Closing Indebtedness,
<I>minus</I> (vi) the Retention Reserve Amount. The Purchase Price shall be paid as provided in Section 2.09 (subject to Section
2.13, as applicable), and shall be subject to adjustment as provided in Section 2.12.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Transferred Assets</I>. Except as otherwise provided below, upon the terms and subject to the conditions of this Agreement,
at or prior to the Closing, Parent shall, or shall cause its Subsidiaries (other than the Acquired Companies) to, convey, transfer,
assign and deliver to the Acquired Companies, in each case, free and clear of all Liens (other than Permitted Liens and Liens
in respect of obligations for Indebtedness included in Closing Indebtedness and not being repaid at the Closing):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all of Parent&rsquo;s and its Subsidiaries&rsquo; right, title and interest in, to and under (i) the equity interests of
the entities set forth on Section 2.02(a)(i) of the Parent Disclosure Schedule (which shall be deemed amended from time to time
to reflect amendments made to the Restructuring Plan in accordance with Section 2.07) (or any successor entity thereof) (such
entities, the &ldquo;<B>Transferred Entities</B>&rdquo;) and (ii) the equity interests of the entities set forth on Section 2.02(a)(ii)
of the Parent Disclosure Schedule (which shall be deemed amended from time to time to reflect amendments made to the Restructuring
Plan in accordance with Section 2.07) (or any successor entity thereof) (the equity interests described in clauses (i) and (ii)
the &ldquo;<B>Transferred Equity Interests</B>&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>(i) all Trademarks owned by Parent or any of its Subsidiaries and primarily used in the conduct of the Business by Parent
and its Subsidiaries as the same shall exist on the Closing Date (including the Trademarks set forth on Section 2.02(b) of the
Parent Disclosure Schedule, but expressly excluding all Trademarks set forth on Section 2.03(f) of the Parent Disclosure Schedule)
together with all corresponding rights that may be secured throughout the world with respect to any of the foregoing and (ii)
Formulas owned by Parent or any of its Subsidiaries and exclusively used in the conduct of the Business by Parent and its Subsidiaries
as the same shall exist on the Closing Date (the &ldquo;<B>Transferred Formulas</B>&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>the Cash included in Closing Cash, the assets included in Closing Net Tangible Assets (including Store Cash and Credit
Card AR), and all China Cash (regardless of whether such China Cash is included in Closing Net Tangible Assets);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>fee or leasehold interests, as the case may be, in, to and under the Transferred Distribution Centers, together with all
buildings, fixtures and improvements erected thereon, and all equipment (excluding (i) information technology hardware and (ii)
the equipment set forth on Section 2.02(d) of the Parent Disclosure Schedule (the &ldquo;<B>Excluded Distribution Center Equipment</B>&rdquo;))
located at the Transferred Distribution Centers;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all (i) information technology hardware (A) owned by Parent or any of its Subsidiaries and (B) physically located within
the Business&rsquo; retail </FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">stores,
including any point-of-sale terminals or equipment and (ii) Parent&rsquo;s and its Subsidiaries&rsquo; right, title and interest
in and to any personal computers and cellular phones assigned to any Continuing Employee who is employed by an Acquired Company
as of the Closing Date; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all right, title and interest of Parent and its Subsidiaries in, to and under the assets, properties, rights and businesses
of Parent and its Subsidiaries to the extent owned, held or used in each case primarily in the conduct of the Business by Parent
and its Subsidiaries as the same shall exist on the Closing Date, including the following:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all leases of, and other interests in, real property, in each case together with all buildings, fixtures and improvements
erected thereon, that are owned, held or used in each case primarily in the conduct of the Business by Parent and its Subsidiaries
as the same shall exist on the Closing Date;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all personal property and interests therein that are owned, held or used in each case primarily in the conduct of the Business
by Parent and its Subsidiaries as the same shall exist on the Closing Date;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all raw materials, work-in-process, finished goods, supplies and other inventories that are owned, held or used in each
case primarily in the conduct of the Business by Parent and its Subsidiaries as the same shall exist on the Closing Date;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all (A) contracts, agreements, leases, licenses, commitments, sales and purchase orders (other than the Fragrance House
Contracts) that are owned, held or used in each case primarily in the conduct of the Business by Parent and its Subsidiaries as
the same shall exist on the Closing Date and (B) all Fragrance House Contracts but solely to the extent such contracts exclusively
relate to the Transferred Formulas (clauses (A) and (B) collectively (the &ldquo;<B>Transferred Contracts</B>&rdquo;));</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all accounts, notes, claims and other receivables and rights of recovery that are owned, held or used in each case primarily
in or to the extent attributable to the conduct of the Business by Parent and its Subsidiaries as the same shall exist on the
Closing Date;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all prepaid expenses, including <I>ad valorem</I> taxes, leases and rentals that are owned, held or used in each case primarily
in or to the extent attributable to the conduct of the Business by Parent and its Subsidiaries as the same shall exist on the
Closing Date;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all Intellectual Property Rights (excluding all Intellectual Property Rights set forth on Section 2.03(f) of the Parent
Disclosure Schedule, all Trademarks (except as set forth in Section 2.02(b)(i) above) and all Formulas (except the Transferred
Formulas)), together with all corresponding rights that may be secured throughout the world with respect to any of the foregoing,
that are</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">owned,
held or used in each case primarily in the conduct of the Business by Parent and its Subsidiaries as the same shall exist on the
Closing Date;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all transferable licenses, permits or other governmental authorizations that are owned, held or used in each case primarily
in the conduct of the Business by Parent and its Subsidiaries as the same shall exist on the Closing Date;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all books, records, files and papers, other than the Retained Records, that are owned, held or used in each case primarily
in the conduct of the Business by Parent and its Subsidiaries as the same shall exist on the Closing Date; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>except with respect to the litigation matters set forth in Section 2.05 of the Parent Disclosure Schedule, all rights under
warranties, indemnitees, guarantees, refunds, causes of action, rights of recovery, and similar rights of Parent and its Subsidiaries
against third parties, in each case, to the extent related to the Business or arising out of or related to any Transferred Asset
or Assumed Liability.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">(the items
in clauses (a) through (d) above, the &ldquo;<B>Transferred Assets</B>&rdquo;), it being understood and agreed that Parent shall
transfer each Transferred Asset to the Acquired Companies in a manner consistent with the Restructuring Plan (to the extent set
forth in the Restructuring Plan). Notwithstanding anything to the contrary herein, nothing in this Agreement shall require Parent
or any of its Subsidiaries to convey, transfer, assign or deliver to any Acquired Company any Transferred Asset that is held or
owned by an Acquired Company as of the date hereof, which will continue to be an asset, property or business, as applicable, of
such Acquired Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.03.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT><I>Excluded Assets</I>. Each of Buyer and
VS Holdco, on behalf of itself and each other Acquired Company, expressly understands and agrees that (i) all assets,
properties and businesses of Parent and its Subsidiaries that are not included in the <FONT STYLE="font-size: 10pt">Transferred
Assets and (ii) the following assets, properties and businesses of Parent and its Subsidiaries (regardless of whether they are
owned, held or used in each case primarily in the conduct of the Business) (the items in clauses (i) and (ii), the &ldquo;<B>Excluded
Assets</B>&rdquo;) shall be excluded from the Transferred Assets:</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all of the equity interests of any Person, other than the Transferred Equity Interests and the equity interests of any
Acquired Company;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>except as set forth in Section 2.02(c), all Cash of Parent and its Subsidiaries;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all insurance policies of Parent and its Subsidiaries;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all books, records, files and papers, whether in hard copy or computer format, prepared in connection with this Agreement
or the transactions</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">contemplated
hereby and all minute books and corporate records of Parent and its Subsidiaries (the &ldquo;<B>Retained Records</B>&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all rights of Parent arising under this Agreement or the transactions contemplated hereby;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all Intellectual Property Rights owned by Parent or any of its Subsidiaries that are not included in the Transferred IP,
including all Retained Marks and the Intellectual Property Rights set forth on Section 2.03(f) of the Parent Disclosure Schedule;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>subject to Section 5.01(b), any Transferred Assets sold or otherwise disposed of in the ordinary course of business during
the period from the date hereof until the Closing Date;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>the assets, properties and businesses set forth on Section 2.03(h) of the Parent Disclosure Schedule; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>the Excluded Distribution Center Equipment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.04.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Assumed Liabilities</I>. Upon the terms and subject to the conditions of this Agreement, at or prior to the Closing,
Parent shall, or shall cause its Subsidiaries to, convey, transfer, assign and deliver to the Acquired Companies, and Parent shall
cause the Acquired Companies to assume from Parent and its Subsidiaries, all debts, obligations, contracts and liabilities of
Parent and its Subsidiaries (or any predecessor of Parent or any of its Subsidiaries or any prior owner of all or part of their
respective businesses and assets) of any kind, character or description (whether known or unknown, accrued, absolute, contingent
or otherwise) to the extent arising out of the Transferred Assets or to the extent relating to or to the extent arising out of
the conduct of the Business (as currently or formerly conducted) (collectively, the &ldquo;<B>Assumed Liabilities</B>&rdquo;),
it being understood and agreed that with respect to each Assumed Liability, Parent shall cause each Assumed Liability to be assumed
by the Acquired Companies in a manner consistent with the Restructuring Plan (to the extent set forth in the Restructuring Plan).
Notwithstanding anything to the contrary herein, the Assumed Liabilities shall also include (regardless of whether they relate
to or arise out of the Transferred Assets or the conduct of the Business, but in any event, excluding Excluded Taxes):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all Indebtedness included in Closing Indebtedness and not being repaid at or prior to the Closing;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all liabilities and obligations of Parent and its Subsidiaries arising under the Transferred Contracts;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>all liabilities and obligations relating to any products manufactured or sold by the Business on or prior to the Closing
Date;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>the debts, obligations, contracts and liabilities set forth on Section 2.04(d) of the Parent Disclosure Schedule;</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>the Assumed Liabilities that are assumed by any Acquired Company as set forth in Article 7;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>the Restructuring Costs (other than the Prepaid Restructuring Costs), in aggregate amount not to exceed $5,000,000 (the
&ldquo;<B>Assumed Restructuring Costs</B>&rdquo;); and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>the liabilities included in Closing Net Tangible Assets.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary herein, nothing in this Agreement shall require Parent or any of its Subsidiaries to convey, transfer,
assign or deliver to any Acquired Company any Assumed Liability that is held by an Acquired Company as of the date hereof, which
will continue to be a debt, obligation, contract or liability, as applicable, of such Acquired Company; it being understood and
agreed that Parent shall cause each Acquired Company to convey, transfer, assign and deliver effective as of the Closing, to one
or more of Parent or its Subsidiaries (other than the Acquired Companies), and Parent shall cause one or more of its Subsidiaries
(other than the Acquired Companies) to assume, in each case, effective as of the Closing, all debts, obligations, contracts and
liabilities of the Acquired Companies (or any predecessor of any of them or any prior owner of all or part of their respective
businesses and assets) of any kind, character or description (whether known or unknown, accrued, absolute, contingent or otherwise)
that are not Assumed Liabilities (all of which shall be Excluded Liabilities).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.05.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Excluded Liabilities</I>. Parent agrees that the Acquired Companies shall assume only the Assumed Liabilities and shall
not assume or otherwise be responsible for any other liability or obligation of Parent or its Subsidiaries of whatever nature,
whether presently in existence or arising hereafter, including those liabilities set forth on Section 2.05 of the Parent Disclosure
Schedule. All such other liabilities and obligations shall be retained by and remain obligations and liabilities of Parent and
its Subsidiaries (other than the Acquired Companies) (all such retained liabilities and obligations, including those liabilities
set forth on Section 2.05 of the Parent Disclosure Schedule, being herein referred to as the &ldquo;<B>Excluded Liabilities</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.06.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Shared Contracts</I>. (a) Any Transferred Contract to be conveyed, transferred, assigned and delivered in accordance
with Section 2.02(f)(iv) or Section 2.02(f)(i) that does not exclusively relate to the Business (each, a &ldquo;<B>Shared Contract</B>&rdquo;)
shall be conveyed, transferred, assigned and delivered only with respect to (and preserving the meaning of) those parts that relate
to the Business, to an Acquired Company, if so assignable, transferrable or conveyable, or appropriately amended prior to, on
or after the Closing, so that an Acquired Company shall be entitled to the rights and benefit of those parts of such Shared Contract
that relate to the Business and shall assume the related liabilities with respect to such Shared Contract, as contemplated by
Section 2.02(f)(iv), Section 2.02(f)(i) and Section 2.04(b), respectively; <I>provided</I> that (i) in no event shall any Person
be required to convey, transfer, assign or deliver (or amend), either in whole or in part, any Shared Contract that is not assignable
(or cannot be amended) by its terms without the consent or approval of any other Person and (ii) if any Shared Contract cannot
be so partially assigned by its terms or otherwise, or cannot be</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">amended, without such consent or approval, (A) until such time
that such consent or approval is obtained, Parent will cooperate with VS Holdco to establish an agency type or other similar arrangement
reasonably satisfactory to Parent and VS Holdco intended to both (x) provide an Acquired Company, to the fullest extent practicable
under such Shared Contract, the claims, rights and benefits of those parts that relate to the Business and (y) cause such Acquired
Company to bear the related costs and liabilities thereunder from and after the Closing in accordance with this Agreement (including
by means of any subcontracting, sublicensing or subleasing arrangement) and in furtherance of the foregoing, VS Holdco shall,
or shall cause another Acquired Company to, and Buyer shall cause VS Holdco or another Acquired Company to, promptly pay, perform
or discharge when due any such debt, obligation or liability (including any liability for Taxes (other than Excluded Taxes)) arising
after the Closing Date, and (B) the failure to so assign or amend such Shared Contract prior to the Closing shall not, in and
of itself, be deemed to be a failure of the closing conditions set forth in <B>&lrm;</B>Article 8 or delay the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>For so long as Parent or any of its Affiliates are parties to any Shared Contract and provide any Acquired Company any
claims, rights and benefits of any such Shared Contract pursuant to an arrangement described in Section 2.06(a), (x) such Acquired
Company shall indemnify Parent and its Affiliates against and shall hold each of them harmless from any and all Damages actually
suffered by Parent or any of its Affiliates arising out of Parent&rsquo;s or such Affiliate&rsquo;s post-Closing direct or indirect
ownership, management or operation of any such Shared Contract (to the extent that such Damages relate to the Business) and (y)
Parent shall indemnify VS Holdco and its Affiliates against and shall hold each of them harmless from any and all Damages actually
suffered by VS Holdco or any of its Affiliates arising out of Parent&rsquo;s or its Affiliates&rsquo; breach of any such Shared
Contract (to the extent that such Damages relate to Parent&rsquo;s and its Affiliates&rsquo; business(es), other than the Business).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Section 2.06 to the contrary, with respect to the Fragrance House Contracts, the obligations
and rights set forth in this Section 2.06 shall apply to the Fragrance House Contracts solely to the extent they exclusively relate
to the Transferred Formulas (it being understood that Section 5.26 shall apply with respect to the treatment of Shared Formulas).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 2.07.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Restructuring Transactions</I>. (a) As promptly as reasonably practicable after the date hereof but in any event no
later than 30 days after the date hereof, Parent shall designate one of Appendix II-A and Appendix II-B to be the Restructuring
Plan by delivering written notice of such designation to Buyer. From and after the delivery of the notice described in the preceding
sentence, Parent shall use reasonable best efforts to take, and shall cause its Affiliates to use reasonable best efforts to take,
any and all actions necessary to effect the transactions contemplated by Section 2.02 through Section 2.06 and the other transactions
detailed on the Restructuring Plan, including conveying, transferring, assigning and delivering any Transferred Asset or Assumed
Liability from Parent or any of its Subsidiaries to any Acquired Company, conveying, transferring, assigning and delivering any
Excluded Asset or Excluded Liability from any Acquired Company to Parent or any of its Subsidiaries (other than an Acquired Company),
creating new Persons that will be Acquired Companies or changing</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">the form of any Acquired Company, in each case, in a manner consistent
with the Restructuring Plan (to the extent set forth in the Restructuring Plan) (the Restructuring Plan and the foregoing transactions
collectively, together with the actions set forth in Article 7 to be taken by Parent or any of its Subsidiaries as of or prior
to the Closing, and after taking into account any amendments, modifications or deviations described in the next sentence, the
&ldquo;<B>Restructuring Transactions</B>&rdquo;) as promptly as reasonably practicable; <I>provided</I> that Parent and its Affiliates
shall not be required to effect any transaction detailed on the Restructuring Plan that would result in a violation of any Applicable
Law. Further, Parent and its Affiliates may amend, modify and deviate from any of the Restructuring Transactions detailed in the
Restructuring Plan so long as Parent and/or its Affiliates obtain Buyer&rsquo;s prior written consent (email being sufficient)
with respect to any such amendment, modification or deviation (such consent not to be unreasonably withheld, conditioned or delayed)
and which consent shall be required for any such amendment, modification or deviation notwithstanding anything to the contrary
contained in this Agreement. For clarity, it is understood and agreed (by way of example and not limitation) that it shall be
reasonable for Buyer to withhold, condition or delay its consent with respect to any amendment, modification or deviation to or
from the Restructuring Plan described on Section 2.07 of the Parent Disclosure Schedule. For the avoidance of doubt, any amendment,
modification or deviation from the Restructuring Transactions detailed in the Restructuring Plan for which Buyer provides prior
written consent shall not be considered a breach of this Section 2.07.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Notwithstanding anything herein to the contrary, in no event shall any Person be required to take, effect or complete any
action or transaction contemplated by the Restructuring Transactions (i) that requires the consent or approval of any other Person
until such consent or approval has been received, or (ii) in a chronological order that differs from that set forth in the Restructuring
Plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.08.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT><I>Assignment of Contracts and Rights</I>.
Notwithstanding anything in this Agreement to the contrary, this Agreement shall not constitute an agreement to assign any
Transferred Asset or Excluded Asset or any right thereunder or any Assumed Liability or Excluded Liability if an attempted
assignment, without the consent of a third party, would constitute a breach or in any way adversely affect the rights of
Parent or any of its Subsidiaries or any Acquired Company thereunder. If such consent is not obtained, <FONT STYLE="font-size: 10pt">the failure
to obtain such consent shall not in and of itself be deemed to be a breach of any provision of this Agreement or a failure of
any of the closing conditions set forth in Article 8 or delay the Closing, and Parent and Buyer will cooperate in a mutually agreeable
arrangement under which the applicable party would obtain the benefits and assume the obligations thereunder in accordance with
this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 2.09.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Closing</I>. The closing (the &ldquo;<B>Closing</B>&rdquo;) of the purchase and sale of the Sold VS Interests and the
Sold GP Interests hereunder shall take place at the offices of Davis Polk &amp; Wardwell LLP, 450 Lexington Avenue, New York,
New York, as soon as possible, but in no event later than five Business Days, after satisfaction or, to the extent permissible,
waiver by the party or parties hereto entitled to the benefit of the conditions set forth in Article 8 (other than conditions
that by their nature are to be satisfied at the Closing, but subject to the satisfaction or, to the extent permissible, waiver</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">of those conditions at the Closing), or at such other time or place as Buyer and Parent may agree. If the Closing occurs, the
Closing shall be deemed to be effective at 12:01 a.m. Eastern Time on the Closing Date. At the Closing:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Buyer shall deliver (or cause to be delivered) to Parent:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>for the benefit of the Selling Entities, subject to Section 2.13(a), the Estimated Purchase Price in immediately available
funds by wire transfer to one or more accounts of Parent or any of its Subsidiaries designated by Parent, by notice to Buyer,
which notice shall be delivered not later than two Business Days prior to the Closing Date;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the Sold VS Interests Assignment Agreement, duly executed by Buyer;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the GP Assignment Agreement, duly executed by Buyer;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the VS Holdco Operating Agreement, duly executed by Buyer;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the GP Agreement, duly executed by Buyer;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>signature pages to the Transition Services Agreement, duly executed either by VS Holdco or by the Subsidiary of VS Holdco
set forth on <B><I>&lrm;</I></B>Section 2.09(a) of the Parent Disclosure Schedule (the &ldquo;<B>Applicable VS Subsidiary</B>&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>signature pages to the Reverse Transition Services Agreement, duly executed either by VS Holdco or by the Applicable VS
Subsidiary;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the Reimbursement Agreement, duly executed by either VS Holdco or by the Applicable VS Subsidiary;
and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the DC6 Construction Management Agreement, duly executed by VS Holdco or a Subsidiary of VS Holdco.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Parent shall deliver, or cause to be delivered, to Buyer:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the Sold VS Interests Assignment Agreement, duly executed by each Selling Entity holding Sold VS Interests;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the GP Assignment Agreement, duly executed by each Selling Entity holding Sold GP Interests;</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the VS Holdco Operating Agreement, duly executed by each Parent Member that will hold Retained VS Holdco
Interests as of after the Closing;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the GP Agreement, duly executed by each Parent Member that will hold Retained VS Holdco Interests as
of after the Closing;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the Transition Services Agreement, duly executed by Parent;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the Reverse Transition Services Agreement, duly executed by Parent;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the Reimbursement Agreement, duly executed by Parent;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>a signature page to the DC6 Construction Management Agreement, duly executed by Parent; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>the payoff letters referred to in Section 2.14.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Determination of Estimated Purchase Price.</I> Not less than three Business Days prior to the Closing Date, Parent shall
deliver to Buyer a statement (the &ldquo;<B>Closing Statement</B>&rdquo;) setting forth (i) its good faith estimates of (A) Closing
Net Tangible Assets, (B) Closing Cash, and (C) Closing Indebtedness, and (ii) using the amounts set forth in the preceding clause
(i) and the Retention Reserve Amount, a calculation of the Purchase Price (the &ldquo;<B>Estimated Purchase Price</B>&rdquo; and
the calculation of the Equity Value contained therein, the &ldquo;<B>Estimated Equity Value</B>&rdquo;), in each case of the foregoing
determined solely based on the definitions in and the provisions of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Post-Closing Adjustments</I>. (a) As promptly as practicable, but no later than 90 days, after the Closing Date, Buyer
will cause to be prepared and delivered to Parent a statement (the &ldquo;<B>Post-Closing Statement</B>&rdquo;) setting forth
(i) its calculations of (A) Closing Net Tangible Assets, (B) Closing Cash, and (C) Closing Indebtedness, and (ii) using the amounts
set forth in the preceding clause (i) and the Retention Reserve <FONT STYLE="font-size: 10pt">Amount, a calculation
of the Purchase Price, in each case of the foregoing determined solely based on the definitions in and the provisions of this
Agreement.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>If Parent disagrees with Buyer&rsquo;s calculation of the Purchase Price delivered pursuant to Section 2.11(a), Parent
may, within 30 days after delivery of the Post-Closing Statement, deliver a notice to Buyer disagreeing with such calculation
and specifying the items and amounts in the Post-Closing Statement with which Parent disagrees (the &ldquo;<B>Parent Disputed
Items</B>&rdquo;), Parent&rsquo;s calculation of each Parent Disputed Item and the resulting Purchase Price and, in reasonable
detail, Parent&rsquo;s grounds for such disagreement, in each case of the foregoing determined solely based on the definitions
in and the provisions of this Agreement.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>If a notice of disagreement shall be duly delivered pursuant to Section 2.11(b), Buyer and Parent shall, during the 30
days following such delivery, use their reasonable best efforts to reach agreement on the Parent Disputed Items in order to determine,
as may be required, the Purchase Price, which amount shall not be more than the amount thereof shown in Parent&rsquo;s calculations
in Section 2.11(b) nor less than the amount thereof shown in Buyer&rsquo;s calculation in the Post-Closing Statement. If Buyer
and Parent are unable to reach such agreement on all of the Parent Disputed Items during such period, they shall promptly thereafter
cause independent accountants of nationally recognized standing reasonably satisfactory to Buyer and Parent (who shall not have
any material relationship with Buyer or Parent) (the &ldquo;<B>Independent Accountant</B>&rdquo;), promptly to review this Agreement
and the remaining Parent Disputed Items on which Parent and Buyer were not able to reach agreement pursuant to the first sentence
of this Section 2.11(c) (the &ldquo;<B>Remaining Disputed Items</B>&rdquo;) for the purpose of calculating the Purchase Price.
Parent and Buyer shall (i) submit only the Remaining Disputed Items to the Independent Accountant and (ii) each prepare a written
submission to the Independent Accountant containing such Person&rsquo;s proposed resolution with respect to each Remaining Disputed
Item together with reasonable supporting detail. In making its calculation of the Purchase Price, the Independent Accountant shall
be instructed by Buyer and Parent to, and shall, (A) consider only the Remaining Disputed Items, (B) with respect to each Remaining
Disputed Item, determine an amount that shall not be in excess of the higher, nor less than the lower, of the amounts proposed
by Parent and Buyer in their written submission to the Independent Accountant, and (C) determine the amount of each Remaining
Disputed Item solely based on whether each such item was calculated in accordance with the definitions in and provisions of this
Agreement. The Independent Accountant shall deliver to Buyer and Parent, as promptly as practicable, a report setting forth its
calculation of the Purchase Price in accordance with the foregoing. Such report shall be final and binding upon Buyer and Parent.
The cost of such review and report shall be borne (i) by Parent if the difference between the Final Purchase Price and Parent&rsquo;s
calculation of the Purchase Price delivered pursuant to Section 2.11(b) is greater than the difference between the Final Purchase
Price and Buyer&rsquo;s calculation of the Purchase Price delivered pursuant to Section 2.11(a), (ii) by Buyer if the first such
difference is less than the second such difference and (iii) otherwise equally by Buyer and Parent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Buyer and Parent agree that they will, and agree to cause their respective independent accountants and each Acquired Company
to, cooperate and assist in the preparation of the Post-Closing Statement and the calculation of the Purchase Price and in the
conduct of the reviews referred to in this Section 2.11, including the making available to the extent necessary of books, records,
work papers (subject to customary confidentiality agreements and access letters if requested by the independent accountants) and
personnel. Buyer agrees that, from and after the Closing until such time that the Final Purchase Price has been finally determined
pursuant to this Section 2.11, it shall not, and shall cause the Acquired Companies not to, take any actions with respect to any
accounting books, records, policies, practices or procedures on which the Post-Closing Statement is to be based, that are inconsistent
with the Accounting Policies. Without limiting the foregoing, Buyer and Parent agree that any changes resulting from the consummation
of the transactions contemplated by this Agreement, including any plans,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">transactions or changes which Buyer intends to initiate
or make or actually causes to be initiated or made, in each case, from and after the Closing with respect to the Acquired Companies,
shall be disregarded for purposes of determining the Final Purchase Price pursuant to this Section 2.11.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Adjustment of Purchase Price</I>. (a) If the Estimated Purchase Price exceeds the Final Purchase Price, Parent shall
pay, or cause to be paid, to VS Holdco, as an adjustment to the Purchase Price, in the manner and with interest as provided in
Section 2.12(b), the amount of the excess of the Estimated Equity Value over the Final Equity Value. If the Final Purchase Price
exceeds the Estimated Purchase Price, VS Holdco shall pay to Parent (or a Subsidiary of Parent designated by Parent), in the manner
and with interest as provided in Section 2.12(b), the amount of the excess of the Final Equity Value over the Estimated Equity
Value. The &ldquo;<B>Final Purchase Price</B>&rdquo; means the Purchase Price (and the &ldquo;<B>Final Equity Value</B>&rdquo;
means the Equity Value) (i) as shown in the Post-Closing Statement, if no notice of disagreement with respect thereto is duly
delivered pursuant to Section 2.11(b); or (ii) if such a notice of disagreement is delivered, (A) as agreed by Buyer and Parent
pursuant to Section 2.11(c) or (B) in the absence of such agreement, as shown in the Independent Accountant&rsquo;s calculation
delivered pursuant to Section 2.11(c); <I>provided</I> that in no event shall the Final Purchase Price be more than Parent&rsquo;s
calculation of the Purchase Price delivered pursuant to Section 2.11(b) or less than Buyer&rsquo;s calculation of the Purchase
Price delivered pursuant to Section 2.11(a).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Any payment pursuant to Section 2.12(a) shall be made at a mutually convenient time and place within 10 days after the
Final Purchase Price has been determined, in immediately available funds to an account of the recipient party designated by such
recipient party. The amount of any payment to be made pursuant to this Section 2.12 shall bear interest from and including the
Closing Date to but excluding the date of payment at a rate per annum equal to the prime rate as published in the <I>Wall Street
Journal, Eastern Edition</I> in effect from time to time during the period from the Closing Date to the date of payment. Such
interest shall be payable at the same time as the payment to which it relates and shall be calculated daily on the basis of a
year of 365 days and the actual number of days elapsed.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Funding of Purchase Price Adjustments.</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>In the event that the Upward Adjustment Amount is a positive number, then, in Buyer&rsquo;s sole discretion, but solely
to the extent the ABL Debt Facility is then effective, Buyer may cause any portion of the Upward Adjustment Amount to be funded
on the Closing Date through the incurrence by VS Holdco of indebtedness under the ABL Debt Facility; <I>provided</I> that Buyer
notifies Parent in writing no less than one Business Day prior to the Closing Date that Buyer intends to cause VS Holdco to pay
the ABL Funded Adjustment Amount to Parent pursuant to this Section 2.13(a) and the amount of the ABL Funded Adjustment Amount.
In such case, (i) Buyer shall cause VS Holdco or a direct or indirect Subsidiary thereof to draw upon the ABL Debt Facility (and,
in the case of a direct or indirect Subsidiary of VS Holdco, cause such Subsidiary to distribute or otherwise transfer such debt
proceeds to VS Holdco) in an aggregate amount equal to any</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">such portion of the Upward Adjustment Amount as determined by Buyer
in its sole discretion (any such portion, the &ldquo;<B>ABL Funded Adjustment Amount</B>&rdquo;); (ii) Buyer shall cause VS Holdco
or such Subsidiary to pay the ABL Funded Adjustment Amount to Parent; and (iii) subject to compliance with this Section 2.13(a),
Buyer may make a payment of the Estimated Purchase Price to Parent pursuant to Section 2.09(a)(i) that is calculated based on
the Estimated Equity Value minus any amounts reflecting (A) the difference between Closing Net Tangible Assets and Base Net Tangible
Assets and (B) Closing Cash, in each case of clauses (A) and (B) to the extent that such amounts are reflected in the ABL Funded
Adjustment Amount on a dollar-for-dollar basis. The &ldquo;<B>Upward Adjustment Amount</B>&rdquo; means the sum of (1) Closing
Net Tangible Assets <I>minus</I> (2) Base Net Tangible Assets <I>plus</I> (3) Closing Cash, in each case of clauses (1), (2) and
(3) as reflected in the Closing Statement, plus (4) $50,000,000.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>In the event that the sum of (1) Closing Net Tangible Assets <I>minus</I> (2) Base Net Tangible Assets, as reflected in
the Closing Statement, is a negative number (such sum, expressed as a positive number, the &ldquo;<B>Downward Adjustment Amount</B>&rdquo;),
then, Buyer may, in its sole discretion, require that each of Buyer and Parent contribute to VS Holdco up to its pro rata portion
of the Downward Adjustment Amount (i.e., 55% of the Downward Adjustment Amount in the case of Buyer and 45% thereof in the case
of Parent), in which case, (i) Buyer shall promptly contribute to VS Holdco an amount (which amount shall be determined by Buyer
in its sole discretion) up to 55% of the Downward Adjustment Amount and (ii) Parent shall promptly contribute to VS Holdco its
corresponding pro rata percentage, not to exceed 45%, of the Downward Adjustment Amount.&nbsp;Payments to be made pursuant to
this Section 2.13(b), if any, shall be made in immediately available funds by wire transfer to one or more accounts of VS Holdco,
in each case, by notice to Buyer, which notice shall be delivered not later than two Business Days prior to the Closing Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>For
the avoidance of doubt, (i) none of the capital contributions to VS Holdco pursuant to or any of the debt proceeds drawn by
VS Holdco under the ABL Debt Facility pursuant to this Section 2.13 shall be taken into account when determining Final
Purchase Price or Final Equity Value, or comparing Final Purchase Price and Final Equity Value to Estimated Purchase Price
and Estimated Equity Value, respectively, and (ii) upon the determination of the Upward Adjustment Amount and/or the Downward <FONT STYLE="font-size: 10pt">Adjustment
Amount, as applicable, either Section 2.13(a) or Section 2.13(b), as determined by Buyer in its sole discretion, but not both,
shall apply.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 2.14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Payment of Indebtedness</I>. At or prior to the Closing, Parent shall or shall cause its Subsidiaries to repay all indebtedness
for borrowed money outstanding as of immediately prior to the Closing under that certain Amended and Restated Revolving Credit
Agreement, dated as of August 2, 2019, among Mast Commercial Trading (Shanghai) Company Limited, L Brands Trading (Shanghai) Company
Limited, L Brands Management (Shanghai) Company Limited, the Borrowing Subsidiaries party thereto, the Lenders party thereto,
and Bank of America, N.A. Shanghai Branch, as Administrative Agent and Collateral Agent, and certain other parties thereto (the
&ldquo;<B>China Revolver</B>&rdquo;), including any obligations related thereto (including any accrued interest or prepayment
penalties) (other than contingent obligations and obligations that by their</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">terms survive the termination of the China Revolver),
all in accordance with a customary payoff letter, which payoff letter shall be in form and substance reasonably satisfactory to
Buyer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
3</FONT><FONT STYLE="font-size: 10pt"><BR>
Representations and Warranties of Parent</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Except (i)
as set forth in the Parent Disclosure Schedule (subject to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
11.11), or (ii) other than with respect to the representations and warranties set forth in Section 3.02, Section 3.05, Section
3.09(a) or the first sentence of Section 3.14(b), as set forth in or qualified by any matter set forth in the filings of Parent
with the U.S. Securities and Exchange Commission filed on or after January 1, 2018 and prior to the date hereof (and excluding
any disclosures set forth in such filings under the captions &ldquo;Risk Factors&rdquo; or &ldquo;Forward-Looking Statements&rdquo;
or words of similar import), Parent represents and warrants to Buyer as of the date hereof and as of the Closing Date that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Corporate Existence and Power</I>. Each of Parent and each Selling Entity is an entity duly organized, validly existing
and in good standing (with respect to jurisdictions that recognize such concept) under the laws of its jurisdiction of organization
and has all corporate or limited liability company powers required to carry on its business as now conducted and as contemplated
to be conducted immediately prior to the Closing. As of the Closing, each of VS Holdco and the VS Holdco GP will be an entity
duly organized, validly existing and in good standing (with respect to jurisdictions that recognize such concept) under the laws
of its jurisdiction of organization and will have all corporate powers required to carry on its business as then conducted. As
of the Closing, each of VS Holdco and the VS Holdco GP will be duly qualified to do business as a foreign entity and will be in
good standing (with respect to jurisdictions that recognize such concept) in each jurisdiction where such qualification is necessary,
except for those jurisdictions where failure to be so qualified will not have and would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Corporate Authorization</I>. The execution, delivery and performance by Parent of this Agreement and the consummation
of the transactions <FONT STYLE="font-size: 10pt">contemplated
hereby by Parent are within Parent&rsquo;s corporate powers and have been duly authorized by all necessary corporate action on
the part of Parent. The consummation of the transactions contemplated hereby are within each Selling Entity&rsquo;s corporate
powers and have been duly authorized by all necessary corporate action on the part of each Selling Entity. This Agreement constitutes
a valid and binding agreement of Parent enforceable against Parent in accordance with its terms (subject to applicable bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors&rsquo; rights generally and general
principles of equity).</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 3.03.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Governmental Authorization</I>. The execution, delivery and performance by Parent of this Agreement and the consummation
of the transactions contemplated hereby by Parent and each Selling Entity require no action by or in respect of, or filing with,
any Governmental Authority other than (i) compliance with any</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">applicable requirements of the HSR Act, (ii) compliance with the
requirements of the Applicable Laws set forth on Section 3.03 of the Parent Disclosure Schedule and (iii) any such action or filing
the failure of which to obtain or make would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.04.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Noncontravention</I>. The execution, delivery and performance by Parent of this Agreement and the consummation of the
transactions contemplated hereby by Parent and each Selling Entity do not and will not (with or without the passage of time or
notice or both) (i) conflict with, breach or violate the Organizational Documents of Parent, such Selling Entity or any Acquired
Company, (ii) assuming compliance with the matters referred to in <B>&lrm;</B>Section 3.03, result in a breach of or violate any
Applicable Law, (iii) require any consent or other action by any Person under, constitute a default or an event that, with or
without notice or lapse of time or both, would constitute a default under, or give rise to any right of termination, cancellation
or acceleration of any right or obligation of any Acquired Company or to a loss of any benefit to which any Acquired Company is
entitled under, any provision of any Material Contract, or (iv) result in the creation or imposition of any Lien on any equity
securities of any Acquired Company or any Transferred Asset, other than Permitted Liens, except, in the case of clauses (ii) through
(iv), as would not reasonably be expected to be, individually or in the aggregate, material to the Business or the Acquired Companies
(taken as a whole), or prevent or materially delay the ability of Parent or any Selling Entity to enter into and perform its obligations
under this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.05.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Capitalization</I>. (a) As of the Closing, all of the issued and outstanding equity interests of VS Holdco will be owned,
directly or indirectly, by Parent as set forth in the Restructuring Plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>As of the Closing, all outstanding equity interests of VS Holdco will be duly authorized and validly issued. Except as
set forth in Section 3.05(a) and except for VS Holdco GP&rsquo;s interest in VS Holdco solely in its capacity as the general partner
of VS Holdco, as of the Closing there will be no outstanding (i) shares of capital stock, voting securities or equity interests
of VS Holdco, (ii) securities of VS Holdco convertible into or exchangeable for shares of capital stock, voting securities or
equity interests of VS Holdco or (iii) options or other rights to acquire from VS Holdco, or other obligation of VS Holdco to
issue, any capital stock, voting securities or equity interests or securities convertible into or exchangeable for capital stock,
voting securities or equity interests of VS Holdco (the items in clauses (i), (ii) and (iii) being referred to collectively as
the &ldquo;<B>VS Holdco Securities</B>&rdquo;). As of the Closing, there will be no outstanding obligations of VS Holdco to repurchase,
redeem or otherwise acquire any VS Holdco Securities except pursuant to the Organizational Documents of VS Holdco. Except for
this Agreement, the Organizational Documents of VS Holdco, agreements relating to the creation of VS Holdco as a wholly owned
Subsidiary of Parent and a Subsidiary of one or more Subsidiaries of Parent and the agreements and instruments to the extent necessary
to consummate the Restructuring Transactions, there are no agreements or other instruments relating to the issuance, sale or transfer
of any capital stock, voting securities or equity interests of VS Holdco.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>As of the Closing, all of the issued and outstanding equity interests of the VS Holdco GP will be owned, directly or indirectly,
by Parent as set forth in the Restructuring Plan. As of the Closing, all outstanding equity interests of the VS Holdco GP will
be duly authorized and validly issued. Except as set forth in the first sentence of this Section 3.05(c), as of the Closing there
will be no outstanding (i) shares of capital stock, voting securities or equity interests of the VS Holdco GP, (ii) securities
of the VS Holdco GP convertible into or exchangeable for shares of capital stock, voting securities or equity interests of the
VS Holdco GP or (iii) options or other rights to acquire from the VS Holdco GP, or other obligation of the VS Holdco GP to issue,
any capital stock, voting securities or equity interests or securities convertible into or exchangeable for capital stock, voting
securities or equity interests of the VS Holdco GP (the items in clauses (i), (ii) and (iii) being referred to collectively as
the &ldquo;<B>VS Holdco GP Securities</B>&rdquo;). As of the Closing, there will be no outstanding obligations of the VS Holdco
GP to repurchase, redeem or otherwise acquire any VS Holdco GP Securities except pursuant to the Organizational Documents of the
VS Holdco GP. Except for this Agreement, the Organizational Documents of the VS Holdco GP, agreements relating to the creation
of the VS Holdco GP as a wholly owned Subsidiary of Parent and a Subsidiary of one or more Subsidiaries of Parent and the agreements
and instruments to the extent necessary to consummate the Restructuring Transactions, there are no agreements or other instruments
relating to the issuance, sale or transfer of any capital stock, voting securities or equity interests of the VS Holdco GP.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.06.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Ownership of Shares</I>. As of the Closing, the Selling Entities (i) will be the record and beneficial owners of the
Sold VS Interests and of the Sold GP Interests as set forth in the Restructuring Plan, in each case, free and clear of any Lien
and any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of the Sold
VS Interests or the Sold GP Interests), except for any such limitation or restriction on the ownership or transfer of the Sold
VS Interests or the Sold GP Interests under applicable securities laws or pursuant to the Organizational Documents of VS Holdco
or the VS Holdco GP, (ii) will have the right, authority and power to sell, assign and transfer the Sold VS Interests and the
Sold GP Interests to Buyer free and clear of all Liens (except for any such limitation or restriction on the ownership or transfer
of the Sold VS Interests or the Sold GP Interests under applicable securities laws or pursuant to the Organizational Documents
of VS Holdco or the VS <FONT STYLE="font-size: 10pt">Holdco GP),
and (iii) will transfer and deliver to Buyer at the Closing good, valid and marketable title to the Sold VS Interests and the
Sold GP Interests, in each case, free and clear of any Lien and any such limitation or restriction, except for any such limitation
or restriction on the ownership or transfer of the Sold VS Interests or the Sold GP Interests under applicable securities laws
or pursuant to the Organizational Documents of VS Holdco or the VS Holdco GP.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 3.07.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Subsidiaries</I>. (a) Each VS Holdco Subsidiary that exists as of the date hereof is, and as of the Closing each VS
Holdco Subsidiary will be, an entity duly organized, validly existing and in good standing (with respect to jurisdictions that
recognize such concept) under the laws of its jurisdiction of organization and has, or will have as of the Closing, as applicable,
all necessary power and authority to carry on its business as conducted now or as of the Closing, as applicable (except where
failure to so</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">exist and be in good standing would not reasonably be expected to be, individually or in the aggregate, material
to the Business or the Acquired Companies (taken as a whole)). Each VS Holdco Subsidiary that exists as of the date hereof is,
and as of the Closing each VS Holdco Subsidiary will be, duly qualified to do business as a foreign entity, and each VS Holdco
Subsidiary that exists as of the date hereof is, and as of the Closing each VS Holdco Subsidiary will be, in good standing (with
respect to jurisdictions that recognize such concept), in each jurisdiction where such qualification is necessary, except for
those jurisdictions where failure to be so qualified or in good standing (with respect to jurisdictions that recognize such concept)
would not reasonably be expected to be, individually or in the aggregate, material to the Business and the Acquired Companies
(taken as a whole).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>As
of the date hereof, all of the outstanding shares of capital stock, voting securities and equity interests of each VS Holdco
Subsidiary that exists as of the date hereof are owned by Parent, directly or indirectly, free and clear of any Lien and any
other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such capital
stock, voting securities or equity interests), except for any such limitation or restriction on the ownership or transfer of
such capital stock, voting securities or equity interests under applicable securities laws or pursuant to the Organizational
Documents of such VS Holdco Subsidiary. Except as set forth in this first sentence of this Section 3.07(b) or resulting from
the consummation of the Restructuring Transactions, there are no outstanding (i) shares of capital stock, voting securities
or equity interests of any VS Holdco Subsidiary, (ii) securities of any Acquired Company convertible into or exchangeable for
shares of capital stock, voting securities or equity interests of any VS Holdco Subsidiary or (iii) options or other rights
to acquire from any Acquired Company, or other obligation of any Acquired Company to issue, any capital stock, voting
securities or equity interests or securities convertible into or exchangeable for capital stock, voting securities or equity
interests of any VS Holdco Subsidiary (the items in clauses (i), (ii) and (iii) being referred to collectively as the
&ldquo;<B>VS Holdco Subsidiary Securities</B>&rdquo;). There are no outstanding obligations of any Acquired Company to
repurchase, redeem or otherwise acquire any VS Holdco Subsidiary Securities except pursuant to the Organizational Documents
of any Acquired Company or the Restructuring Transactions. Except for this Agreement, the Organizational Documents of the VS
Holdco Subsidiaries and the agreements and instruments to the extent necessary <FONT STYLE="font-size: 10pt">to consummate
the Restructuring Transactions, there are no agreements or other instruments relating to the issuance, sale or transfer of any
capital stock, voting securities or equity interests of any VS Holdco Subsidiary. As of the Closing, all of the outstanding capital
stock, voting securities and equity interests of (i) the VS Holdco Subsidiaries that are owned, directly or indirectly, by Parent
as of the date hereof, and (ii) the VS Holdco Subsidiaries that are formed after the date hereof pursuant to the Restructuring
Transactions will, except for changes since the date hereof resulting from transactions or actions taken with Buyer&rsquo;s prior
written consent pursuant to Section 5.01(b) or pursuant to the Restructuring Transactions, be owned, directly or indirectly, by
VS Holdco as set forth in the Restructuring Plan, free and clear of all Liens and any other limitation or restriction (including
any restriction on the right to vote, sell or otherwise dispose of such capital stock, voting securities or equity interests),
except for any such limitation or restriction on the ownership or transfer of such capital stock, voting securities or equity
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">interests under
applicable securities laws or pursuant to the Organizational Documents of the applicable VS Holdco Subsidiary. Except as set forth
on Section 3.07(b) of the Parent Disclosure Schedule, as of the Closing, VS Holdco will not own any equity interests in any Person
other than a VS Holdco Subsidiary.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.08.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Financial Statements</I>. Section 3.08 of the Parent Disclosure Schedule sets forth (a) the unaudited balance sheet
of the Business as of November 2, 2019 (the &ldquo;<B>Balance Sheet</B>&rdquo;) and the related unaudited statement of income
for the nine-month period ended November 2, 2019, and (b) the unaudited balance sheet of the Business as of February 2, 2019 and
the related unaudited statement of income for the fiscal year ended February 2, 2019 (collectively, the &ldquo;<B>Financial Statements</B>&rdquo;).
The Financial Statements fairly present, in all material respects, in conformity with GAAP applied on a consistent basis, subject
to the exceptions set forth in Section 3.08(i) of the Parent Disclosure Schedule, the financial position of the Business as of
the dates thereof and the results of operations for the Business for the periods then ended (subject to, with respect to interim
financial statements, normal and recurring year-end adjustments which are not material individually or in the aggregate), except
for the absence of footnote disclosures (which if presented would not materially alter the financial position of the Business
as of the dates thereof and the results of operations for the Business for the periods then ended); <I>provided</I> that the Financial
Statements and the foregoing representations and warranties are qualified by the fact that the Financial Statements include allocations
for costs for the corporate and administrative services provided by Parent or its Subsidiaries (other than the Acquired Companies),
which allocations may not be indicative of the costs that would have resulted if the Business were operated as a standalone entity.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.09.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Absence of Certain Changes</I>. (a) Since the Reference Date, there has not been any state of facts, circumstance, condition,
event, change, development, occurrence, result or effect that has had or would reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>Since
the Reference Date, except for transactions contemplated by this Agreement (including the Restructuring Transactions), as set
forth on Section 5.01(a) of the Parent Disclosure Schedule or for transactions undertaken with the prior written <FONT STYLE="font-size: 10pt">consent of
Buyer, the Business has been conducted in the ordinary course of business consistent with past practice in all material respects.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Since the Reference Date, except for the Restructuring Transactions, transactions set forth on Section 5.01(b) of the Parent
Disclosure Schedule, and transactions undertaken with the prior written consent of Buyer, there has not been any action taken
by Parent or any of its Subsidiaries (including any Acquired Company) that, if taken during the period from the date of this Agreement
through the Closing Date without Buyer&rsquo;s consent, would constitute a material breach of Section 5.01(b).</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 3.10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>No Undisclosed Material Liabilities. </I>Except as set forth on Section 3.10 of the Parent Disclosure Schedule, there
are no liabilities of the Business or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">any Acquired
Company of any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, other than:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>the Assumed Liabilities;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>liabilities provided for in the Balance Sheet or disclosed in the notes thereto;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>liabilities incurred in the ordinary course of business since the Reference Date (none of which arises out of or relates
to any breach of contract, breach of warranty, tort, infringement or violation of Applicable Law);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Excluded Liabilities;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>executory obligations under Material Contracts set forth on Section 3.11(a) of the Parent Disclosure Schedule or under
Material Contracts entered into in the ordinary course of business which are not required to be disclosed on Section 3.11(a) of
the Parent Disclosure Schedule (which liabilities are not liabilities for any breach of any such Material Contract); and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>other undisclosed liabilities which are not, individually or in the aggregate, material to the Business and the Acquired
Companies (taken as a whole).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Material Contracts</I>. (a) Except as set forth on Section 3.11(a) of the Parent Disclosure Schedule, as of the date
of this Agreement, with respect to the Business, none of Parent or any of its Subsidiaries is a party to or bound by any of the
following leases or agreements:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any lease of real property providing for annual fixed base rent of $2,000,000 or more payable by the Acquired Companies;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any lease of personal property providing for annual rentals of $1,000,000 or more payable by the Acquired Companies;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any agreement for the purchase of materials, supplies, goods, services, equipment or other assets providing for (A) annual
payments by the Acquired Companies of $1,000,000 or more or (B) aggregate payments by the Acquired Companies of $5,000,000 or
more, in each case (x) that cannot be terminated on not more than one year&rsquo;s notice without payment of any material penalty
and (y) excluding purchases of inventory in the ordinary course of business;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any franchise or similar agreement pursuant to which the Acquired Companies receive (A) annual payments of $1,000,000 or
more or (B) aggregate payments of $5,000,000 or more;</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any material agency, dealer, sales representative, marketing or other similar agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any agreement relating to capital expenditures that requires, following the Closing, (A) annual payments by Parent and/or
its Subsidiaries of $1,000,000 or more or (B) aggregate payments by Parent and/or its Subsidiaries of $5,000,000 or more;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>(A) any agreement relating to indebtedness for borrowed money or the deferred purchase price of property, except any such
agreement or contract with an aggregate outstanding principal amount not exceeding $1,000,000 (with respect to the obligations
of the Acquired Companies) and which may be prepaid on not more than 30 days&rsquo; notice without the payment of any penalty,
(B) letters of credit incurred or entered into in the ordinary course of business in excess of $1,000,000 (with respect to the
obligations of the Acquired Companies) or (C) any agreement pursuant to which any Acquired Company with respect to the Business
lends money to any supplier and that has an aggregate outstanding committed principal amount in excess of $1,000,000;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any agreement pursuant to which Parent or any of its Subsidiaries has made or is required to make any loan, advance or
capital contribution to, or investment in, any Person (other than Parent or any of its Subsidiaries), in each case in excess of
$1,000,000 individually or $5,000,000 in the aggregate, other than (A) advances to employees for business expenses in the ordinary
course of business, (B) transactions with customers or suppliers on credit in the ordinary course of business or (C) advances
to directors, officers or employees in respect of indemnity obligations;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any material partnership or joint venture agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any agreement relating to the acquisition or disposition of any business or Person (whether by merger, sale of stock, sale
of assets or otherwise) that is not yet consummated or pursuant to which Parent or any of its Subsidiaries has an obligation with
respect to an &ldquo;earn out&rdquo;, contingent purchase price, or similar contingent payment obligation in each case that has
not been paid;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any agreement material to the Business pursuant to which Parent or any of its Subsidiaries receives or grants an exclusive
license to any material Transferred IP;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any agreement for the employment or engagement of any Continuing Employee or independent contractor providing services
to the Business on a full-time, part-time, consulting or other basis (A) providing annual base compensation in excess of $500,000,
(B) not terminable by Parent or its Subsidiaries without notice of less than 12 months or severance payment or liability of less
than $500,000, or (C) providing for payments or benefits triggered solely by the transactions contemplated by this Agreement;</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any agreement with any director or officer of any Acquired Company, other than Employee Plans or indemnification agreements
entered into in the ordinary course of business;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any material Collective Bargaining Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any agreement that limits the freedom of Parent or any of its Subsidiaries to compete in any line of business or with any
Person or in any area or which would so limit the freedom of any Acquired Company or any of its Affiliates after the Closing Date,
excluding (A) any real property leases to the extent containing customary radius restrictions and (B) any such agreement to the
extent such limitations arise solely from employee non-solicitation covenants contained in non-disclosure or other similar agreements
entered into in the ordinary course of business;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any (A) material agreement pursuant to which Parent or any of its Subsidiaries grants any &ldquo;most favored nation&rdquo;
provision to a third party or (B) material &ldquo;requirements&rdquo; contract in favor of a third party; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xvii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any agreement between Parent or any of its Subsidiaries (other than an Acquired Company), on the one hand, and an Acquired
Company, on the other hand (the &ldquo;<B>Related Party Agreements</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Each agreement or lease disclosed in Section 3.11(a) of the Parent Disclosure Schedule or required to be disclosed in Section
3.11(a) of the Parent Disclosure Schedule (each, a &ldquo;<B>Material Contract</B>&rdquo;) is a valid and binding agreement of
Parent or its applicable Subsidiary and is in full force and effect (except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors&rsquo; rights generally and general
principles of equity), other than such agreements or leases that have expired or terminated in accordance with their terms. None
of Parent or any of its Subsidiaries or, to the Knowledge of Parent, any other party thereto is in material default or material
breach under the terms of any Material Contract, and no event or circumstance has occurred that, with or without notice or lapse
of time or both, would constitute any material event of <FONT STYLE="font-size: 10pt">default thereunder.
Parent has heretofore delivered to Buyer true and complete copies in all material respects of each Material Contract.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Prior to the Closing, Parent will deliver to Buyer true and complete copies of the Organizational Documents of VS Holdco
as then in effect. As of the Closing, VS Holdco will not be in violation of any of the provisions of its Organizational Documents
in any material respect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Litigation</I>. There is no, and since January 1, 2018 there has not been any, action, suit or proceeding or, investigation
or audit pending against, or to the Knowledge of Parent threatened against, or affecting the Business or any Acquired Company
or any of their respective properties before (or, in the case of threatened actions, suits, proceedings or investigations, would
be before) any Governmental </FONT></P>
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Authority
or arbitrator which, if determined or resolved adversely in accordance with the plaintiff&rsquo;s demands, would reasonably be
expected to be, individually or in the aggregate, material to the Business and the Acquired Companies (taken as a whole) or which
in any manner challenges or seeks to prevent, enjoin, alter or materially delay the consummation of the transactions contemplated
by this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Compliance with Laws and Court Orders</I>. (a) None of Parent or any of its Subsidiaries is, or since January 1, 2018
has been, in violation of any Applicable Law relating to the Transferred Assets or the conduct of the Business, except for violations
that have not been and would not reasonably be expected to be, individually or in the aggregate, material to the Business and
the Acquired Companies (taken as a whole). There is no, and since January 1, 2018 there has not been any, judgment, decree, injunction,
rule or order of any Governmental Authority or arbitrator outstanding against Parent or any of its Subsidiaries relating to the
Transferred Assets or the conduct of the Business that have been or would reasonably be expected to be, individually or in the
aggregate, material to the Business and the Acquired Companies (taken as a whole) or that in any manner seeks to prevent, enjoin,
alter or materially delay the consummation of the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Except as has not been and would not reasonably be expected to be, individually or in the aggregate, material to the Business
and the Acquired Companies (taken as a whole), with respect to the Business, Parent and its Subsidiaries and (except for clause
(i) below), to the Knowledge of Parent, their Representatives:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>have in place policies, procedures and controls that are reasonably designed to promote and ensure compliance with the
U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act 2010 and other applicable anti-bribery laws (collectively, &ldquo;<B>Anti-Corruption
Laws</B>&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>in the past three years (A) have not offered, promised, given or authorized the giving of money or anything else of value,
whether directly or indirectly, to (x) any government official or (y) any other Person with the actual knowledge that all or any
portion of such money or thing of value will be offered or given to a government official, in each case of clauses (x) and (y)
for the <FONT STYLE="font-size: 10pt">purpose
of unlawfully influencing any action or decision of the government official in his official capacity; and (B) have not made any
unlawful payments or transfers of value which have the purpose or effect of commercial bribery;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>are not and have not in the past three years been in violation of any laws imposing economic sanctions that are administered
by the U.S. Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<B>OFAC</B>&rdquo;) or Her Majesty&rsquo;s
Treasury or otherwise;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>are not and have not in the past three years been Persons that are designated as a Specially Designated National or Blocked
Person by OFAC;</FONT></P>
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>are not and have not in the past three years been (A) the subject of economic sanctions administered by OFAC or the U.S.
Department of State, the United Nations Security Council or the European Union (collectively, &ldquo;<B>Sanctions</B>&rdquo;),
or (B) located, organized or resident in a country or territory that is the subject of Sanctions (currently Crimea, Cuba, Iran,
North Korea, Venezuela and Syria);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>are not and have not in the past three years been engaged in any dealings or transactions with any Person that, at the
time of the dealing or transaction, was the subject of Sanctions, in each case to the extent prohibited by Sanctions;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>are not and have not in the past three years been in violation of (A) any Applicable Law relating to the importation of
goods, including U.S. import laws administered by U.S. Customs and Border Protection, (B) any applicable export control laws,
including the Export Administration Regulations administered by the U.S. Department of Commerce (&ldquo;<B>Commerce</B>&rdquo;),
or (C) the anti-boycott regulations administered by Commerce and the U.S. Department of the Treasury (collectively, &ldquo;<B>Trade
Controls</B>&rdquo;); and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>are not and have not been in the past three years the subject of any investigation, inquiry or enforcement proceedings
by any Governmental Authority regarding any offense or alleged offense under Anti-Corruption Laws, Sanctions or Trade Controls
(including by virtue of having made any disclosure relating to any offense or alleged offense), and, no such investigation, inquiry
or proceedings are pending or, to the Knowledge of Parent, threatened.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Properties</I>. (a) As of the Closing, except as set forth on Section 2.07, the Acquired Companies will have good
and marketable, indefeasible, fee simple title to, or in the case of leased property and assets valid and enforceable leasehold
or subleasehold interests in, all property and assets (whether real, personal, tangible or intangible) reflected on the Balance
Sheet or acquired after the Reference Date, except for properties and assets sold since the Reference Date in the ordinary course
of business, and will be in possession of the properties purported to be leased, subleased or licensed under such leased or subleased
property, except as would not be material to VS Holdco <FONT STYLE="font-size: 10pt">and its Subsidiaries.
None of such property or assets is subject to any Lien (other than Permitted Liens, Liens in respect of obligations for Indebtedness
included in Closing Indebtedness, and Liens that will be released at the Closing), except as would not be material to VS Holdco
and its Subsidiaries. With respect to the leases that are Material Contracts, the Acquired Companies are not in material breach
or material default under such leases, and no event has occurred or circumstance exists which, with the delivery of notice, the
passage of time or both, would constitute such a material breach or material default, or permit the termination, modification
or acceleration of any material amount of rent under such lease.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The property and assets (other than Intellectual Property Rights) that will be owned or leased by the Acquired Companies
as of the Closing, together with the property</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">and
assets that they will otherwise have the right to use as of the Closing and the rights and services to be provided to the Acquired
Companies pursuant to the Transition Services Agreement, and taking into account Section 2.06, Section 2.07 and the exclusion
of the Excluded Services, and subject to Section 2.08 constitute all of the property and assets (other than Intellectual Property
Rights) used in or necessary for the conduct of the Business substantially as conducted as of the date hereof and as of the Closing
in all material respects and will be adequate to conduct the Business substantially as conducted as of the date hereof and as
of the Closing in all material respects.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>With respect to the Business, none of Parent or any of its Subsidiaries is a party to any agreement or option to purchase
any material real property or interest therein that is not set forth on Section 3.11(a) of the Parent Disclosure Schedule.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>None of Parent, any of its Subsidiaries or any of their directors or named executive officers (or, to the Knowledge of
Parent, based solely upon responses received by Parent to its directors&rsquo; and officers&rsquo; questionnaires for the fiscal
year ended February 2, 2019, as of the time of such responses, such director&rsquo;s or named executive officer&rsquo;s spouse,
descendants (by birth or adoption), any trust solely for the benefit of such Person and/or such Person&rsquo;s spouse and/or descendants
(by birth or adoption), parents, dependents, or charitable trust the grantor of which is such Person) is party to any Material
Contract (other than employment agreements, indemnification agreements, restricted stock agreements, option agreements or other
agreements that will be terminated at the Closing) with any Acquired Company or has any material interest in any material asset
or property used by any Acquired Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.15.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Products</I>. Each of the products produced or sold by the Business is, and since January 1, 2018 has been, (i) in compliance
in all material respects with all Applicable Laws and (ii) fit for the ordinary purposes for which it is intended to be used.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.16.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Intellectual Property.</I> <B>&lrm;</B>Section 3.16 of the Parent Disclosure Schedule contains a true and complete list
of all material registrations and applications for registration of Intellectual Property Rights included in the Transferred IP.
Except as set forth on Section 3.16 of the Parent Disclosure Schedule (i) Parent or one or more of its Subsidiaries are, and one
or more of the Acquired Companies will be at the Closing, the exclusive owners of all right, title and interest to the Transferred
IP, free and clear of <FONT STYLE="font-size: 10pt">any Lien (other
than Permitted Liens, Liens in respect of obligations for Indebtedness included in Closing Indebtedness, and Liens that will be
released at the Closing), and all such Intellectual Property Rights are valid, subsisting and, to the Knowledge of Parent, enforceable,
(ii) there is no pending or, to the Knowledge of Parent, threatened, action, suit or proceeding (including any lawsuit, opposition,
cancellation, interference, inter partes review or re-examination) that challenges the validity, enforceability or ownership of
any material Transferred IP or alleging that the conduct of the Business is infringing or misappropriating the valid and enforceable
Intellectual Property Rights of any third party in any material respect, (iii) the conduct of the Business is not infringing or
misappropriating, and since January 1, 2018 has not infringed or misappropriated, the Intellectual Property Rights of any third
party in any material respect, (iv) to the Knowledge of Parent, no third party is infringing, misappropriating or otherwise violating</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">any Transferred
IP, (v) as of the Closing, subject to Section 2.06 and Section 2.08, and taking into account the Transition Services Agreement
(and the rights granted and services to be performed thereunder), Section 5.17, Section 5.18, and the exclusion of the Excluded
Services, the Acquired Companies will own, or otherwise have sufficient rights to all Intellectual Property Rights necessary to
conduct the Business substantially as conducted as of the date hereof and as of the Closing, which such Intellectual Property
Rights will be adequate in all material respects to conduct the Business substantially as conducted as of the date hereof and
as of the Closing, (vi) the Acquired Companies and Parent and its Subsidiaries (but solely with respect to the Business) have
taken commercially reasonable steps to maintain and protect the Transferred IP (including to maintain the secrecy of any trade
secrets included in the Transferred IP) and to secure ownership of any Transferred IP, whether by employees or contractors, (vii)
except as would not reasonably be expected to be, individually or in the aggregate, material to the Business and the Acquired
Companies (taken as a whole), since January 1, 2018, the Acquired Companies and Parent and its Subsidiaries (but solely with respect
to the Business) (A) have complied in all material respects with all Applicable Laws, their own privacy policies, the Payment
Card Industry Data Security Standard and any applicable contractual obligations, in each case with respect to the collection,
use, processing, transfer or disposition of Personal Information, and (B) have not experienced any data breaches or security incidents
involving the unauthorized access to, or use or theft of, any Personal Information, and (viii) the information technology systems
included in the Transferred Assets or used to provide services under the Transition Services Agreement are reasonably sufficient
for the operation of the Business in all material respects and since January 1, 2018 there have been no outages, disruptions or
other incidents with respect to such systems that have resulted in any material disruption to the conduct of the Business.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.17.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Insurance Coverage</I>. Section 3.17 of the Parent Disclosure Schedule provides a true and complete list of all material
insurance policies relating to the Transferred Assets and the business, title, operations, employees, officers or directors of
the Business (the &ldquo;<B>Insurance Policies</B>&rdquo;). There is no material claim relating to the Business pending under
any Insurance Policy as to which coverage has been questioned, denied or disputed by the underwriters of such policies. All premiums
payable under all Insurance Policies have been timely paid and the Insurance Policies remain in full force and effect, except
as would not be material to the Business and the Acquired Companies <FONT STYLE="font-size: 10pt">(taken as a
whole), and neither Parent nor any of its Subsidiaries is in default with respect to its obligations under any of such Insurance
Policies, except where such defaults would not have a Material Adverse Effect. The Insurance Policies are in all material respects
of the type and in amounts customarily carried by Persons conducting businesses similar to the Business.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 3.18.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Licenses and Permits</I>. As of the Closing, except as provided in Section 2.07, all material licenses, permits,
certificates, approvals or other similar authorizations from a Governmental Authority that are necessary for the lawful conduct
of the Business (the &ldquo;<B>Material Permits</B>&rdquo;) will be held by an Acquired Company, except where the absence of any
such Material Permit is not, and would not reasonably be expected to be, individually or in the aggregate, material to the Business
and the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Acquired
Companies (taken as a whole). Except as set forth on Section 3.18 of the Parent Disclosure Schedule, (i) each Material Permit
is valid and is in full force and effect, (ii) none of Parent or any of its Subsidiaries is in default or breach under the terms
of any Material Permit, and no condition exists that with or without notice or lapse of time or both would constitute any event
of default under any Material Permit, and (iii) no Material Permit will be terminated or impaired as a result of the transactions
contemplated hereby, except in each case of clauses (i) through (iii) as is not, and would not reasonably be expected to be, individually
or in the aggregate, material to the Business and the Acquired Companies (taken as a whole).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.19.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Finders&rsquo; Fees</I>. Except for PJT Partners LP and BridgePark Advisors LLC whose fees will be paid by Parent, there
is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of
Parent or any of its Subsidiaries who might be entitled to any fee or commission in connection with the transactions contemplated
by this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.20.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Tax Matters.</I> (a) All income and other material Tax Returns required by Applicable Law to be filed with any Taxing
Authority by, or on behalf of, the Acquired Companies (or otherwise relating to the Business or Transferred Assets) have been
filed when due in accordance with all Applicable Law, and all such Tax Returns are, or shall be at the time of filing, true and
complete in all material respects.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>All material Taxes required to be paid by the Acquired Companies (or otherwise relating to the Business or Transferred
Assets) have been timely paid (whether or not shown on Tax Returns), except for those that are being contested by appropriate
proceedings as set forth on the Parent Disclosure Schedule and for which appropriate reserves have been established in the Balance
Sheet. Parent and its Subsidiaries have timely paid all Taxes required to be paid by Parent and its Subsidiaries (other than the
Acquired Companies), the non-payment of which would result in a Lien (other than a Permitted Lien) on any asset of any Acquired
Company or any Transferred Asset.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The unpaid non-income Taxes of the Acquired Companies (or otherwise relating to the Business or Transferred Assets), other
than any Taxes described in Section 1.01(a)(iii) of the Parent Disclosure Schedule, do not exceed the amounts set forth on the
Balance Sheet (without regard to deferred tax items and as adjusted for the passage of <FONT STYLE="font-size: 10pt">time between
the date of the Balance Sheet and the Closing), and since the date of the Balance Sheet no non-income Tax, other than any Tax
described in Section 1.01(a)(iii) of the Parent Disclosure Schedule, has been incurred by an Acquired Company (or otherwise with
respect to the Business or Transferred Assets) in connection with any transaction engaged in outside of the ordinary course of
business other than those contemplated by the Restructuring Transactions.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>No extensions or waivers of statutes of limitations have been given or requested in respect of Taxes of any Acquired Company
(or otherwise relating to the Business or Transferred Assets).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>There is no claim, audit, action, suit, proceeding or, to the Knowledge of Parent, investigation, now pending or, to the
Knowledge of Parent, threatened against or with respect to any Acquired Company (or otherwise relating to the Business or Transferred
Assets) in respect of any material Tax or Tax asset.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>No Acquired Company has received any written claim from any Taxing Authority in a jurisdiction where such Acquired Company
does not file Tax Returns that such Acquired Company is or may be subject to taxation by, or required to file any Tax Return in,
that jurisdiction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>During the two-year period ending on the date hereof, none of the Acquired Companies was a distributing corporation or
a controlled corporation in a transaction intended to be governed by Section 355 of the Code.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>None of the Acquired Companies has participated in a &ldquo;listed transaction&rdquo; within the meaning of the Treasury
Regulation Section 1.6011-4(b).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Acquired Companies have (i) withheld and timely paid all material Taxes required to have been withheld and paid in
connection with any amounts paid or owing to any employee, independent contractor, creditor, equity holder or other Person, and
(ii) correctly classified those individuals performing services as common law employees, leased employees, independent contractors,
or agents.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>All sales, use, valued added and similar Taxes with respect to sales or leases made or services provided to customers by
an Acquired Company or in connection with the Business have been properly collected and remitted. For all sales, leases or provision
of services made by an Acquired Company or with respect to the Business for which sales, use, valued added or similar Taxes were
not remitted or charged, such transactions were exempt from such Taxes, and the applicable Acquired Company (or other applicable
Person), received and retained any appropriate Tax exemption certificates and other documentation qualifying such sale, lease
or provision of services as exempt.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>There are no Liens for Taxes upon the assets or properties of any Acquired Company or the Transferred Assets, except for
Permitted Liens.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>As of the Closing, each Selling Entity will be a separate regarded entity (or owned by a separate regarded entity) such
that, as of the Closing, VS Holdco will be <FONT STYLE="font-size: 10pt">classified
as a partnership, and will have been for its entire existence, classified as a partnership or a disregarded entity, in each case,
for U.S. federal (and relevant state) income tax purposes, no election will be pending with respect to the income tax classification
of VS Holdco and no Person will have been designated as a &ldquo;partnership representative&rdquo; or &ldquo;designated individual&rdquo;
for VS Holdco within the meaning of Section 6223 and the Treasury Regulations thereunder. The U.S. federal (and relevant state)
income Tax classification of each Acquired Company as of the date hereof and following the completion of the Restructuring Transactions
is set forth on the Parent Disclosure Schedule and, except as required to effect the Restructuring Transactions in accordance
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">with the Restructuring
Plan, no election is pending to change the income Tax classification of any Acquired Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>No closing agreements, private letter rulings, technical advance memoranda or similar agreements or rulings have been entered
into, requested, or issued by any Taxing Authority with respect to any of the Acquired Companies that will have a material impact
on the Tax liabilities (or the net taxable income or loss) of the Acquired Companies after Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>No Acquired Company will be required to include any material item of income in, or exclude any material item of deduction
from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any: (i) change
in or use of an improper method of accounting for a taxable period (or portion thereof) ending on or prior to the Closing Date,
(ii) intercompany transactions occurring at or prior to the Closing Date, (iii) installment sale or open transaction disposition
made on or prior to the Closing Date, (iv) agreements with any Taxing Authority, or (v) prepaid amount received or deferred revenue
accrued on or prior to the Closing Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>No Acquired Company (i) has been a member of an affiliated, consolidated, combined, unitary or other group filing a combined,
consolidated, unitary or similar Tax Return (other than a Parent Tax Group), or (ii) has any material liability for the Taxes
of any Person as a transferee, successor, or other provision of Applicable Law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>No Acquired Company is a party to any Tax sharing, indemnification or similar agreement pursuant to which it could have
a material liability for Taxes of any other Person (including Parent or its Subsidiaries) other than (i) pursuant to typical arrangements
included in agreements entered into in the ordinary course of business for which Taxes are not the principal subject matter, (ii)
agreements solely between Acquired Companies, or (iii) agreements that will be terminated on or prior to the Closing such that
no Acquired Company will have any liability under such agreement after the Closing. No Acquired Company is subject to any agreement
requiring it to share any Tax benefits with any other Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The Acquired Companies and Business are in compliance in all material respects with Applicable Laws relating to abandoned
or unclaimed property or escheat, including, to the extent required by Applicable Laws, reporting and remitting all amounts held,
due or owing by the Acquired Companies or the Business that remain unclaimed or unpaid.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Parent and its Subsidiaries have complied in all material respects with all performance agreements included in any &ldquo;enterprise
zone tax incentive&rdquo; agreement governing DC2, DC4, DC5, or DC6 or other material property owned by, or leased to, an Acquired
Company.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 3.21.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Employee Benefit Plans.</I> (a) Section 3.21(a) of the Parent Disclosure Schedule contains a true and complete list
of each material Employee Plan and marks with an asterisk (*) those Employee Plans that are VS Holdco Employee</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Plans. For each
material VS Holdco Employee Plan, Parent has made available to Buyer (i) a copy of such plan (or a description, if such plan is
not written) and all amendments thereto; (ii) the most recent annual returns/reports (Form 5500) and accompanying schedules and
attachments thereto; (iii) all trust agreements, insurance contracts or other funding arrangements and amendments thereto; (iv)
the current prospectus or summary plan description and all summaries of material modifications; (v) the most recent favorable
determination or opinion letter from the IRS; (vi) the most recently prepared actuarial reports and the three most recently prepared
financial statements; (vii) all documents and correspondence relating thereto received from or provided to the IRS, the U.S. Department
of Labor, the PBGC or any other Governmental Authority or the plan sponsor of any Multiemployer Plan during the past two years;
(viii) all current employee handbooks, manuals and policies; and (ix) if such plan is an International Plan, documents that are
substantially comparable (taking into account differences in Applicable Law and practices) to the documents required to be provided
in clauses (ii) through (viii). For each material Employee Plan that is not a VS Holdco Employee Plan, Parent has made available
to Buyer the documents listed in items (i) and (ii) and (v) of this Section 3.21(a).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>No Employee Plan is, and no Acquired Company (or any predecessor of any such entity) sponsors, maintains, administers or
contributes to (or has any obligation to contribute to), or otherwise has any liability with respect to, any plan that is or was
subject to Title IV or Section 302 of ERISA or Sections 412 or 430 of the Code, including any Multiemployer Plan, or is reasonably
expected to have any direct or indirect material liability with respect to any such plan at any time sponsored, maintained or
contributed to by any ERISA Affiliate of an Acquired Company prior to the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>None of the Acquired Companies have any current or projected liability for, and no Employee Plan provides or promises,
any post-employment or post-retirement medical, dental, disability, hospitalization, life or similar benefits (whether insured
or self-insured) to any current or former Service Provider (other than coverage mandated by Applicable Law, including COBRA, for
which the covered Person pays the full cost of coverage (except in the case of temporary COBRA subsidies under severance benefit
arrangements)).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>With respect to each Employee Plan covered by Subtitle B, Part 4 of Title I of ERISA or Section 4975 of the Code, no non-exempt
prohibited transaction has occurred that has caused or would reasonably be expected to cause any Acquired Company or any of its
Affiliates to incur any material liability under ERISA or the Code.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Each Employee Plan has been established, funded (to the extent required to be funded), operated and maintained in material
compliance with its terms and Applicable Law, including ERISA and the Code. No action, suit, audit, proceeding, investigation
or claim (other than routine claims for benefits) is pending or, to the Knowledge of Parent, threatened against or threatened
with respect to or involving, any Employee Plan before any arbitrator or Governmental Authority, including the IRS, the U.S. Department
of Labor or the PBGC.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Each Employee Plan that is intended to be qualified under Section 401(a) of the Code has received a favorable determination
or opinion letter from the IRS or has applied to the IRS for such a letter within the applicable remedial amendment period or
such period has not expired and, to the Knowledge of Parent, no circumstances exist that would reasonably be expected to result
in any such letter being revoked or not being issued or reissued or a penalty under the IRS Closing Agreement Program if discovered
during an IRS audit or investigation. Each trust created under any such Employee Plan is exempt from Tax under Section 501(a)
of the Code and has been so exempt since its creation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>To the Knowledge of Parent, no events have occurred with respect to any Employee Plan that would reasonably be expected
to result in the assessment of any material excise tax against any Acquired Company with respect to any Employee Plan. None of
the Acquired Companies has incurred (whether or not assessed) or would reasonably be expected to incur any material Tax or penalty
under Sections 4980B, 4980D, 4980H, 6721 or 6722 of the Code.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Neither the execution of this Agreement nor the consummation of the transactions contemplated hereby (either alone or together
with any other event) could (directly or indirectly) (i) entitle any current or former Service Provider to any payment (whether
in cash, property or the vesting of property) or benefit, including any bonus, retention, severance, retirement or job security
payment or benefit or (ii) accelerate the time of payment or vesting, trigger any payment or funding (through a grantor trust
or otherwise) of compensation or benefits due, or increase the amount of any compensation or benefits due, to any current or former
Service Provider.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>No Employee Plan or other compensation or benefit arrangement, individually or collectively, would reasonably be expected
to result in the payment to any current or former Service Provider of any amount or provision of any benefit that would not be
deductible under Section 280G of the Code or would be subject to the imposition of an excise tax under Section 4999 of the Code,
in each case, by reason of being an &ldquo;excess parachute payment&rdquo; within the meaning of Section 280G of the Code. No
Employee Plan provides any current or former Service Provider with any gross up, reimbursement or indemnification rights in respect
of any taxes and/or penalties under Section 409A or 4999 of the Code for which any Acquired Company has any liability in connection
with the transactions contemplated under this Agreement or otherwise.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Each International Plan (i) is in compliance with its terms and Applicable Law, (ii) if intended to qualify for special
tax treatment, meets all the requirements for <FONT STYLE="font-size: 10pt">such treatment,
(iii) if required, to any extent, to be funded, book-reserved or secured by an insurance policy, is fully funded, book-reserved
or secured by an insurance policy, as applicable, based on reasonable actuarial assumptions in accordance with applicable accounting
principles, and (iv) is not a &ldquo;defined benefit plan&rdquo; (as defined in Section 3(35) of ERISA, whether or not subject
to ERISA) except in case of clauses (i) through (iii) as has not had and would not reasonably be expected to result in material
liability to any of the Acquired Companies.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.22.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Labor Matters</I>. (a) Each of the Acquired Companies is, and since January 1, 2018 has been, in compliance in all material
respects with all Applicable Laws relating to the conduct of the Business relating to labor and employment, including those relating
to labor management relations, wages, hours, overtime, employee classification, discrimination, sexual harassment, civil rights,
affirmative action, work authorization, immigration, safety and health, information privacy and security, workers compensation,
continuation coverage under group health plans, wage payment and the payment and withholding of Taxes.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>None of the Acquired Companies are a party to or subject to, or is currently negotiating in connection with entering into,
any Collective Bargaining Agreement, no current Service Providers are represented by any labor union, works council or other labor
organization, and, to the Knowledge of Parent, there is not, and has not been any pending or threatened organizational campaign,
petition or other unionization activity seeking recognition of a collective bargaining unit relating to any Service Provider.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>There are no material unfair labor practice complaints pending or, to the Knowledge of Parent, threatened against any Acquired
Company before the U.S. National Labor Relations Board or any other Governmental Authority or any current union representation
questions involving Service Providers.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>There is, and for the past three years there has been, no material labor strike, slowdown, stoppage, picketing, interruption
of work, lockout, or other material labor dispute pending or, to the Knowledge of Parent, threatened against or affecting any
Acquired Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Each Acquired Company is in compliance with WARN in all material respects and has no material liabilities or other obligations
thereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>To the Knowledge of Parent as of the date of this Agreement, no senior executive of any Acquired Company intends to terminate
his or her employment or relationship with any Acquired Company within the first 12 months following the Closing. To the Knowledge
of Parent as of the date of this Agreement, no senior executive of any Acquired Company is a party to or bound by any confidentiality,
non-competition, proprietary rights or other agreement that would materially restrict the performance of such person&rsquo;s current
job duties or otherwise materially affect the operations of any Acquired Company&rsquo;s business following the Closing (except
to the extent that such restrictions may be waived and are waived by Parent and its Affiliates as of the Closing).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 3.23.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Environmental Matters</I>. Except as set forth on Section 3.23 of the Parent Disclosure Schedule, or as would not reasonably
be expected to be, individually or in the aggregate, material to the Business and the Acquired Companies (taken as a whole):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Parent and its Subsidiaries are, and since January 1, 2018 have been, in compliance with all Environmental Laws relating
to the Transferred Assets or the Business and all Material Permits required by Environmental Laws;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>no unresolved written notice, order, request for information, complaint or penalty relating to the Transferred Assets or
Business has been received by Parent or any of its Subsidiaries, and there are no pending, or to the Knowledge of Parent threatened,
judicial or administrative actions, suits or proceedings, in each case, that allege a violation by or liability of the Business
(or with respect to the Transferred Assets) of or under any Environmental Law; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>no Hazardous Substance has been released and there has been no contamination by, or exposure of any Person to, any Hazardous
Substance, including by Parent or any of its Subsidiaries at, on or under any real property or facility currently owned, leased
or operated by Parent or such Subsidiary, in each case, that has given or would give rise to any liability under Environmental
Laws with respect to the Transferred Assets or the Business.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.24.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>No Other Representations</I>. (a) Except for the representations and warranties set forth in this Article 3, no representation
or warranty of any kind whatsoever, express or implied, at law or in equity, is made or shall be deemed to have been made by or
on behalf of Parent to Buyer, and Parent hereby disclaims any such representation or warranty, notwithstanding the delivery or
disclosure to Buyer, or any of its Representatives or Affiliates of any documentation or other information by Parent or any of
its Representatives or Affiliates.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Parent makes no representation or warranty with respect to any projections, forecasts or other estimates, plans or budgets
of future revenues, expenses or expenditures, future results of operations (or any component thereof), future cash flows (or any
component thereof) or future financial condition (or any component thereof) of the Business or any Acquired Company or the future
business, operations or affairs of the Business or any Acquired Company heretofore or hereafter delivered to or made available
to Buyer or any of its Representatives or Affiliates.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
4</FONT><FONT STYLE="font-size: 10pt"><BR>
Representations and Warranties of Buyer</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Buyer represents
and warrants to Parent as of the date hereof and as of the Closing Date that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Corporate Existence and Power</I>. Buyer is a limited partnership duly formed, validly existing and in good standing
(with respect to jurisdictions that <FONT STYLE="font-size: 10pt">recognize such
concept) under the laws of the State of Delaware and has all corporate powers required to carry on its business as now conducted.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 4.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Corporate Authorization</I>. The execution, delivery and performance by Buyer of this Agreement and the consummation
of the transactions </FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">contemplated
hereby by Buyer are within Buyer&rsquo;s corporate powers and have been duly authorized by all necessary corporate action on the
part of Buyer. This Agreement constitutes a valid and binding agreement of Buyer, enforceable against Buyer in accordance with
its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting
creditors&rsquo; rights generally and general principles of equity).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.03.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Governmental Authorization</I>. The execution, delivery and performance by Buyer of this Agreement and the consummation
of the transactions contemplated hereby by Buyer require no action by or in respect of, or filing with, any Governmental Authority
other than (i) compliance with any applicable requirements of the HSR Act, (ii) compliance with the requirements of the Applicable
Laws set forth on Section 3.03 of the Parent Disclosure Schedule and (iii) any other action or filing the failure of which to
obtain or make would not reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially
impede the performance by Buyer of its obligations under this Agreement or Buyer&rsquo;s consummation of the transactions contemplated
by this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.04.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Noncontravention</I>. The execution, delivery and performance by Buyer of this Agreement and the consummation of the
transactions contemplated hereby by Buyer do not and will not (i) violate the Organizational Documents of Buyer, (ii) assuming
compliance with the matters referred to in Section 4.03, violate any Applicable Law, (iii) require any consent or other action
by any Person under, constitute a default or an event that, with or without notice or lapse of time or both, would constitute
a default under, or give rise to any right of termination, cancellation or acceleration of any right or obligation of Buyer or
to a loss of any benefit to which Buyer is entitled under, any provision of any material agreement binding upon Buyer or (iv)
result in the creation or imposition of any Lien on any asset of Buyer, except, in the case of clauses (ii) through (iv), as would
not reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impede the performance
by Buyer of its obligations under this Agreement or Buyer&rsquo;s consummation of the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
4.05.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT><I>Financing; Guaranty</I>. (a) Buyer has
delivered to Parent true and complete copies of the Equity Commitment Letter confirming their commitment to provide Buyer
with equity financing in connection with the transactions contemplated hereby in the amounts set forth therein (the
&ldquo;<B>Equity Financing</B>&rdquo;). The Equity Commitment Letter is in full force and effect and is a valid and binding
obligation of Buyer and the other parties thereto. As of the date hereof, (i) the Equity Commitment Letter has not been
amended or modified in any respect, and the respective commitments contained therein have not been withdrawn, rescinded or
otherwise modified in any respect and (ii) no event has occurred that, with or without notice, lapse of time or both, <FONT STYLE="font-size: 10pt">would constitute
a default or a material breach thereunder on the part of Buyer or the other parties thereto. There are no conditions precedent
to the funding of the full amount of the Equity Financing other than the conditions that are expressly set forth in the Equity
Commitment Letter, and, as of the date hereof, Buyer has no reason to believe that it will not be able to satisfy any term or
condition of closing of the Equity Financing that is</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">required to be satisfied as a condition of the Equity Financing, or that
the Equity Financing will not be made available to Buyer on the Closing Date. Subject to the terms and conditions of the Equity
Commitment Letter, the aggregate proceeds of the Equity Financing are in an amount sufficient to enable Buyer to make payment
of the Purchase Price and any other amounts to be paid by it at the Closing hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Concurrently with the execution of this Agreement, Buyer has delivered to Parent the Limited Guaranty executed by Sycamore
Partners III, L.P., a Cayman Islands exempted limited partnership, and Sycamore Partners III-A, L.P., a Cayman Islands exempted
limited partnership (the &ldquo;<B>Limited Guaranty</B>&rdquo;). The Limited Guaranty is in full force and effect and is a valid
and binding obligation of the parties thereto and no event has occurred that, with or without notice, lapse of time or both, would
constitute a default or a material breach thereunder on the part of the parties thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.06.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Purchase for Investment</I>. Buyer is purchasing the Sold VS Interests and the Sold GP Interests for investment for
its own account and not with a view to, or for sale in connection with, any distribution thereof. Buyer (either alone or together
with its advisors) has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating
the merits and risks of its investment in the Sold VS Interests and the Sold GP Interests and is capable of bearing the economic
risks of such investment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.07.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Litigation</I>. As of the date hereof, there is no action, suit or proceeding or, to the knowledge of Buyer, investigation,
pending against, or to the knowledge of Buyer, threatened against or affecting, Buyer or any of its properties before (or, in
the case of threatened actions, suits, proceedings or investigations, would be before) any Governmental Authority or arbitrator
which, if determined or resolved adversely in accordance with the plaintiff&rsquo;s demands, would reasonably be expected to,
individually or in the aggregate, prevent, materially delay or materially impede the performance by Buyer of its obligations under
this Agreement or Buyer&rsquo;s consummation of the transactions contemplated by this Agreement or which in any manner challenges
or seeks to prevent, enjoin, alter or materially delay the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.08.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Finders&rsquo; Fees</I>. There is no investment banker, broker, finder or other intermediary that has been retained
by or is authorized to act on behalf of Buyer or any of its Affiliates who might be entitled to any fee or commission in connection
with the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.09.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Solvency</I>. Assuming (i) the satisfaction of the conditions to Buyer&rsquo;s obligation to consummate the transactions
contemplated by this Agreement, (ii) the accuracy of the representations and warranties set forth in Article 3 (disregarding,
for <FONT STYLE="font-size: 10pt">this purpose
any &ldquo;material,&rdquo; Material Adverse Effect, &ldquo;knowledge&rdquo; or other qualifications or limitations therein) and
(iii) that the Acquired Companies (including VS Holdco) on a consolidated basis are Solvent immediately prior to the Closing,
immediately after giving effect to the transactions contemplated by this Agreement, including the ABL Debt Financing and the Equity
Financing, VS Holdco on a consolidated basis will be Solvent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">For purposes of this Agreement, &ldquo;<B>Solvent</B>&rdquo; when
used with respect to any Person, means that, as of any date of determination, (A) the amount of the &ldquo;fair saleable value&rdquo;
of the assets and properties of such Person will, as of such date, exceed (x) the amount of all &ldquo;liabilities of such Person,
including a reasonable estimate of the amount of contingent and other liabilities,&rdquo; as of such date, as such quoted terms
are generally determined in accordance with applicable federal laws governing determinations of the insolvency of debtors, and
(y) the amount that will be required to pay the probable and foreseeable liabilities of such Person on its existing debts (including
a reasonable estimate of the amount of contingent liabilities) as such debts become absolute and matured, (B) such Person will
not have, as of such date, an unreasonably small amount of capital for the operation of the businesses in which it is engaged
and (C) such Person will be able to pay its liabilities, including a reasonable estimate of the contingent and other liabilities,
as they mature.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Inspections; No Other Representations</I>. Buyer is an informed and sophisticated purchaser, and has engaged expert
advisors, experienced in the evaluation and purchase of businesses such as the Business and companies such as the Acquired Companies
as contemplated hereunder. Buyer has undertaken such investigation and has been provided with and has evaluated such documents
and information as it has deemed necessary to enable it to make an informed and intelligent decision with respect to the execution,
delivery and performance of this Agreement. Buyer acknowledges that Parent has given Buyer access to the key employees, documents
and facilities of the Business and the Acquired Companies. Buyer will undertake prior to Closing such further investigation and
request such additional documents and information as it deems necessary. Buyer agrees to accept the Sold VS Interests, the Sold
GP Interests, the Business and the Acquired Companies in the condition they are in on the Closing Date based upon its own inspection,
examination and determination with respect thereto as to all matters. Buyer is not relying (and Buyer has not relied) on any express
or implied representations or warranties of any nature (including as to the accuracy or completeness of any information provided
to Buyer) made by or on behalf of, or imputed to Parent, except as expressly set forth in Article 3. Without limiting the generality
of the foregoing, Buyer acknowledges that Parent makes no representation or warranty with respect to (i) any projections, forecasts
or other estimates, plans or budgets delivered to or made available to Buyer or any of its Representatives or Affiliates of future
revenues, expenses or expenditures, future results of operations (or any component thereof), future cash flows or future financial
condition (or any component thereof) of the Business or the Acquired Companies or the future business, operations or affairs of
the Business or any Acquired Company or (ii) any other information or documents made available to Buyer or any of its Representatives
or Affiliates with respect to the Business or the Acquired Companies or their respective businesses or operations (including as
to the accuracy and completeness of any such information), except as expressly set forth in Article 3.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
5</FONT><FONT STYLE="font-size: 10pt"><BR>
Covenants</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Conduct of the Company</I>. (a) From the date hereof until the Closing Date, except as contemplated by this Agreement
or pursuant to the Restructuring</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Transactions, as required by Applicable Law or any Governmental Authority, as disclosed on <B>&lrm;</B>Section
5.01(a) of the Parent Disclosure Schedule or as consented to in writing by Buyer (such consent not to be unreasonably withheld,
conditioned or delayed), Parent shall and shall cause its Subsidiaries to conduct the Business in the ordinary course consistent
with past practice and to use their reasonable best efforts to preserve intact the business organizations of the Business and
the relationships of the Business with third parties and to keep available the services of the Business&rsquo;s present officers
and employees; <I>provided</I> that no action by Parent or any of its Subsidiaries that is set forth on Section 5.01(b) of the
Parent Disclosure Schedule or consented to in writing by Buyer in accordance with Section 5.01(b) shall be deemed to be a breach
of this Section 5.01(a).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Without limiting the generality of the foregoing, from the date hereof until the Closing Date, except as contemplated by
this Agreement or pursuant to the Restructuring Transactions, as required by Applicable Law or any Governmental Authority, as
disclosed on <B>&lrm;</B>Section 5.01(b) of the Parent Disclosure Schedule or as consented to in writing by Buyer (such consent
not to be unreasonably withheld, conditioned or delayed), Parent shall not, and shall cause its Subsidiaries not to, in each case
solely with respect to the Business or the Acquired Companies:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>adopt or propose any change to any Organizational Document of any Acquired Company;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>issue, deliver, transfer, pledge, encumber, or sell, or authorize the issuance, delivery, transfer, pledge, encumbrance
or sale of, any VS Holdco Securities, VS Holdco GP Securities or VS Holdco Subsidiary Securities, other than (A) the issuance
of any VS Holdco Subsidiary Securities to VS Holdco or any other VS Holdco Subsidiary pursuant to the Restructuring Transactions
or in respect of a capital contribution in the ordinary course of business, and (B) the issuance, delivery, transfer and sale
of VS Holdco Securities in connection with the formation and creation of VS Holdco as a wholly owned Subsidiary of Parent and
as a Subsidiary of one or more Subsidiaries of Parent, (C) the issuance, delivery, transfer and sale of VS Holdco GP Securities
in connection with the formation and creation of the VS Holdco GP as a wholly owned Subsidiary of Parent and as a Subsidiary of
one or more Subsidiaries of Parent and (D) the issuance, delivery, transfer and sale of VS Holdco Securities to the VS Holdco
GP as the general partner of VS Holdco pursuant to the Restructuring Transactions;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>merge or consolidate any Acquired Company with any other Person, other than the merger of any VS Holdco Subsidiary into
VS Holdco or any other VS Holdco Subsidiary pursuant to the Restructuring Transactions, or permit VS Holdco or any VS Holdco Subsidiary
to acquire assets in excess of $2,500,000 in the aggregate from any other Person other than another Acquired <FONT STYLE="font-size: 10pt">Company
pursuant to the Restructuring Transactions (other than (A) pursuant to the Restructuring Transactions, (B) pursuant to existing
contracts disclosed in the Parent Disclosure Schedule, or (C) the acquisition of inventory, materials or supplies in the ordinary
course of business);</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>with respect to VS Holdco or any VS Holdco Subsidiary, adopt a plan of complete or partial liquidation, dissolution, restructuring,
recapitalization or other reorganization or file for bankruptcy;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>incur or guarantee any additional indebtedness for borrowed money (as compared to the aggregate indebtedness for borrowed
money as of the date hereof) in excess of $30,000,000 in the aggregate, other than indebtedness of an Acquired Company, on the
one hand, to an Acquired Company, on the other hand;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>(A) incur any additional capital expenditures (excluding the capital expenditures contemplated to be made pursuant to clause
(B)), other than capital expenditures not exceeding $2,500,000 individually or $12,500,000 in the aggregate, or (B) fail to make
capital expenditures in accordance with the capital expenditures budget set forth on Section 5.01(b)(vi)(B) of the Parent Disclosure
Schedule;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>make any loans, advances or capital contributions to, or investments in, any Person (other than an Acquired Company pursuant
to the Restructuring Transactions or an Acquired Company in the ordinary course of business), other than (A) pursuant to an agreement
in effect as of the date hereof and set forth on the Parent Disclosure Schedule, (B) advances to employees for business expenses
in the ordinary course of business, (C) transactions with customers or suppliers on credit in the ordinary course of business,
(D) advances to directors, officers or employees in respect of indemnity obligations pursuant to indemnity agreements entered
into in the ordinary course of business, (E) loans between Parent or any of its Subsidiaries (excluding the Acquired Companies)
on the one hand, and an Acquired Company, on the other hand; <I>provided</I> that such loans are fully paid off or discharged
for equivalent value prior to the Closing Date without any adverse consequences to any Acquired Company (other than an Excluded
Tax or other Excluded Liability), and (F) loans solely among the Acquired Companies in the ordinary course of business or set
forth in the Restructuring Plan or solely among Acquired Companies that are in non-U.S. jurisdictions that are entered into to
facilitate the distribution of excess cash;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>sell, assign, transfer, convey, encumber or otherwise dispose of, or mortgage or subject to any Lien (other than Permitted
Liens), any Transferred Assets (other than Intellectual Property Rights) in excess of $2,500,000 in the aggregate, other than
(A) sales of inventory in the ordinary course of business, (B) disposition of obsolete inventory in the ordinary course of business
consistent with past practice, (C) pursuant to an agreement in effect as of the date hereof and set forth on the Parent Disclosure
Schedule, or (D) sales, transfers or dispositions between an Acquired Company on the one hand, and an Acquired Company, on the
other hand;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>sell, assign, transfer, convey, encumber, license, permit to expire or lapse, abandon or otherwise dispose of, or mortgage,
pledge or subject to any</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Lien (other than Permitted Liens), any Transferred IP material to the Business, other than (A) in the
ordinary course of business, (B) for the purpose of disposing of obsolete or worthless assets, or (C) pursuant to an agreement
in effect as of the date hereof and set forth on Section 5.01(b)(ix) of the Parent Disclosure Schedule;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>(A) grant any severance, retention, termination, change-in-control or transaction pay or benefits to, or enter into or
amend any severance, retention, termination, employment, consulting, bonus, change-in-control, transaction bonus or severance
agreement with, any current or former Service Provider or other individual service provider (other than, in connection with a
termination not prohibited by clause (G)(y) of this Section 5.01(b)(x), providing severance no more favorable to the applicable
Service Provider or other individual service provider than that required under the Severance Guidelines (as defined in the Parent
Disclosure Schedule)), (B) increase the compensation or benefits payable or provided to any current or former Service Provider
(other than increases in base compensation in the ordinary course of business consistent with past practice of not more than 3.5%
of base compensation payroll as of the date hereof and competitive and seasonal increases for hourly employees at distribution
centers and other facilities), (C) grant any equity or equity-based awards to, or discretionarily accelerate the vesting or payment
of any such awards held by, any current or former Service Provider (except for equity award grants relating to Parent securities
made in the ordinary course of business consistent with past practice), (D) accelerate the time of payment or vesting or trigger
any payment or funding (through a grantor trust or otherwise) of compensation or benefits under, or increase the amount payable
or trigger any other obligation under, any Employee Plan, (E) establish, adopt, enter into or amend or terminate any Employee
Plan or Collective Bargaining Agreement (or any plan, program, policy, agreement or arrangement that would be an Employee Plan
or Collective Bargaining Agreement if in effect as of the date hereof), other than (x) any amendment with respect to any broad-based
Employee Plan disclosed on Section 3.21(a) of the Parent Disclosure Schedule that (I) applies uniformly to Service Providers and
other individual service providers of Parent and its Affiliates and (II) is not targeted at, and does not materially increase
the benefits or compensation provided or to be provided to, Service Providers or (y) as required by the existing terms of any
Employee Plan existing on the date hereof and disclosed on Section 3.21(a) of the Parent Disclosure Schedule, (F) through negotiations
or otherwise, recognize or certify any labor union, works council or other labor organization, or make any commitment to incur
any material liability to any labor organization, except as required by Applicable Law, or (G) (x) hire any Service Provider (or
independent contractor) with annual base compensation or fees in excess of $400,000 other than to fill vacancies arising due to
terminations of employment of a Service Provider (or engagement of an independent contractor) or (y) terminate the employment
of any Service Provider (or engagement of an independent contractor) whose annual base compensation or fees are in excess of $400,000
other than for cause;&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>(1) enter into (A) any Material Contract of the type described in Section 3.11(a)(xv) or (2) renew, materially amend or
terminate any Material Contract of the type described in Section 3.11(a)(i) (for this purpose, the reference to &ldquo;$2,000,000
or more&rdquo; in this clause shall be replaced with &ldquo;$1,000,000 or more or aggregate rentals of $5,000,000 or more&rdquo;),
Section 3.11(a)(iii) (for this purpose, the reference to &ldquo;$1,000,000&rdquo; in this clause shall be replaced with &ldquo;$5,000,000&rdquo;
and the reference to &ldquo;$5,000,000&rdquo; in this clause shall be replaced with &ldquo;$10,000,000&rdquo;), Section 3.11(a)(iv)
(for this purpose, the reference to &ldquo;$1,000,000&rdquo; in this clause shall be replaced with &ldquo;$5,000,000&rdquo; and
the reference to &ldquo;$5,000,000&rdquo; in this clause shall be replaced with &ldquo;$10,000,000&rdquo;), Section 3.11(a)(ix),
Section 3.11(a)(x), Section 3.11(a)(xi), Section 3.11(a)(xi), or Section 3.11(a)(xvi) of this Agreement or enter into any contract
that if in effect on the date hereof would be a Material Contract of the type described in Section 3.11(a)(i) (for this purpose,
the reference to &ldquo;$1,000,000&rdquo; in this clause shall be replaced with &ldquo;$5,000,000&rdquo;), Section 3.11(a)(iii)
(for this purpose, the reference to &ldquo;$1,000,000&rdquo; in this clause shall be replaced with &ldquo;$5,000,000&rdquo; and
the reference to &ldquo;$5,000,000&rdquo; in this clause shall be replaced with &ldquo;$10,000,000&rdquo;), Section 3.11(a)(iv)
(for this purpose, the reference to &ldquo;$1,000,000&rdquo; in this clause shall be replaced with &ldquo;$5,000,000&rdquo; and
the reference to &ldquo;$5,000,000&rdquo; in this clause shall be replaced with &ldquo;$10,000,000&rdquo;), Section 3.11(a)(ix),
Section 3.11(a)(x), Section 3.11(a)(xi), Section 3.11(a)(xi), or Section 3.11(a)(xvi) of this Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>settle or offer to settle any action, suit or proceeding, other than (A) any such settlement that (x) involves solely money
damages less than $2,500,000, and (y) does not contain any admission of fault, (B) between Buyer, on the one hand, and Parent
or any of its Affiliates, on the other hand, that relates to the transactions contemplated by this Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>(A) make or change any material Tax election, (B) adopt or change any accounting method for Tax purposes that has a material
effect on Taxes, (C) agree to any extension or waiver of the statute of limitations relating to a material amount of Taxes, (D)
file any amendment to any Tax Return in respect of a material amount of Taxes, (E) take any action to surrender any right to claim
a material Tax refund or (F) settle or compromise any material Tax liability, in each case, if taking such action could reasonably
be expected to increase the liability of any Acquired Company for Taxes that are not (x) Excluded Taxes or (y) taken into account
in the calculation of the Final Purchase Price;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>implement or announce any employee layoffs that would be reasonably likely to implicate WARN (other than employee layoffs
pursuant to the Restructuring Transactions);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(xv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT> (x) change any financial accounting policies, practices, principles or methodologies used with respect to the Business
or (y) change any cash management policies, practices, principles or methodologies used with respect to the Business (including
with respect to cash of the type included in Closing Net</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Tangible Assets and described in items 13, 14 and 15 of the Specified
Policies), in each case of clauses (x) and (y), unless required by GAAP or Applicable Law; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>agree or commit to do any of the foregoing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary in this Agreement (except for, and subject to, the following sentence), prior to the Closing, nothing
in this Agreement shall prohibit or otherwise restrict any Acquired Company from declaring and paying any dividends or distributions
of cash and cash equivalents of any Acquired Company, from repaying any Indebtedness of any Acquired Company or from repaying
any loans solely among the Acquired Companies or between Parent or any of its Subsidiaries (other than an Acquired Company), on
the one hand, and an Acquired Company, on the other hand. Notwithstanding the foregoing, to the extent any action described in
this paragraph is inconsistent with the Restructuring Plan (to the extent set forth in the Restructuring Plan), such act shall
only be permitted if it complies with Section 2.07.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Reasonable Best Efforts; Further Assurances</I>. (a) Subject to the terms and conditions of this Agreement, each of
Buyer and Parent shall use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be
done, all things necessary or desirable under Applicable Law to consummate the transactions contemplated by this Agreement, including
(i) preparing and filing as promptly as practicable with any Governmental Authority all filings, notices, petitions, statements,
registrations, submissions of information, applications and other documents required in connection with the consummation of the
transactions contemplated by this Agreement, (ii) supplying as promptly as practicable any additional information and documentary
material that may be requested from any Governmental Authority in connection with this Agreement or the transactions contemplated
by this Agreement and (iii) obtaining and maintaining all approvals, consents, waivers, permits, authorizations, orders and other
confirmations required to be obtained from any Governmental Authority that are necessary, proper or advisable to consummate the
transactions contemplated by this Agreement. Buyer shall not take or cause to be taken any action that it is aware or should reasonably
be aware would have the effect of delaying, impairing or impeding the receipt of any approval, consent, waiver, permit, authorization,
order or confirmation of any Governmental Authority referred to in the preceding sentence. Without limiting the generality of
the foregoing, Buyer shall not, and shall cause its controlled Affiliates not to, acquire or agree to acquire (by merging or consolidating
with, or by purchasing a substantial portion of the assets of or equity in, or by any other manner), any Person or portion thereof,
if the entering into a definitive agreement relating to, or the consummation of, such acquisition, merger or consolidation would
reasonably be expected to (A) impose any material delay in the obtaining of, or materially increase the risk of not obtaining,
any approval, consent, waiver, permit, authorization, order or other confirmation of any Governmental Authority necessary to consummate
the transactions contemplated by this Agreement or the expiration or termination of any applicable <FONT STYLE="font-size: 10pt">waiting period,
(B) materially increase the risk of any Governmental Authority entering an order prohibiting the consummation of the transactions
contemplated by this Agreement, or (C) materially delay the consummation of the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>In furtherance and not in limitation of Section 5.02(a), each of Buyer and Parent shall make (i) an appropriate filing
of a Notification and Report Form pursuant to the HSR Act with respect to the transactions contemplated hereby as promptly as
practicable and in any event within ten Business Days of the date hereof, and (ii) an appropriate filing pursuant to the Canadian
Competition Act with respect to the transactions contemplated hereby as promptly as practicable and in any event within 15 Business
Days of the date thereof, and shall supply as promptly as practicable any additional information and documentary material that
may be requested pursuant to the HSR Act or the Canadian Competition Act and to take all other actions necessary to cause the
expiration or termination of the applicable waiting periods under the HSR Act and the Canadian Competition Act as soon as practicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Without limiting the generality of Section 5.02(a), Buyer shall take, or cause to be taken, all actions and do, or cause
to be done, all things necessary or desirable to avoid or eliminate each and every impediment that may be asserted by any Governmental
Authority with respect to the transactions contemplated by this Agreement so as to enable the Closing to occur expeditiously after
the date hereof, including (i) the defense through litigation on the merits of any claim asserted in any court, agency or other
proceeding by any Governmental Authority seeking to, and the appeal of, and posting of a bond required by, any injunction or other
order, decree, decision, determination or judgment that would, delay, restrain, prevent, enjoin or otherwise prohibit consummation
of such transactions and (ii) proposing, negotiating, committing to, effecting or entering into any settlement, undertaking, consent
decree, stipulation or agreement with any Governmental Authority to (A) sell, lease, license, divest or otherwise hold separate
(including by establishing a trust or otherwise), the businesses, assets or properties of any Acquired Company or Buyer or any
of its controlled Affiliates, in each case after the Closing, (B) terminate, modify or extend any existing relationships or contractual
rights and obligations of any Acquired Company or Buyer or any of its controlled Affiliates, in each case after the Closing, (C)
establish or create relationships and contractual rights and obligations of any Acquired Company or Buyer or any of its controlled
Affiliates, in each case after the Closing or (D) make any other change to or restructuring of the Acquired Companies after the
Closing, in each case of clauses (A) through (D) as may be required in order to obtain any approval, consent, waiver, permit,
authorization, order or other confirmation of any Governmental Authority in connection with the transactions contemplated by this
Agreement or avoid the entry of, or to effect the dissolution of, any injunction, order, decree, decision, determination or judgment
in any action, suit or proceeding which would otherwise have the effect of materially delaying or preventing the consummation
of the transactions contemplated by this Agreement under Applicable Law. Buyer shall be responsible for all filing fees and payments
to any Governmental Authority in order to obtain any approvals, consents, waivers, permits, orders or other confirmations pursuant
to this Section 5.02.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary in this Agreement, Buyer and Parent shall not be required to commit to or effect
any action contemplated by this Section 5.02 that is not conditioned upon the consummation of the transactions contemplated by
this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Each of Buyer and Parent shall, to the extent permitted by Applicable Law, (i) (A) promptly inform the other upon its receipt
of any material communication from any Governmental Authority regarding any of the transactions contemplated by this Agreement,
and (B) (x) in the case of such a communication that is written, provide the other with a copy of any such communication or (y)
in the case of such a communication that is oral, notify the other of the substance of such communication, (ii) not participate
in any meeting or engage in any material substantive conversation with any Governmental Authority without first giving the other
(A) reasonable prior notice of the meeting or conversation and (B) unless prohibited by such Governmental Authority, the opportunity
to attend or participate in such meeting or conversation, and (iii) provide the other with a reasonable advance opportunity to
discuss, review and comment upon, and consider in good faith the views of the other in connection with, all proposed filings and
communications with any Governmental Authority regarding the transactions contemplated by this Agreement; <I>provided</I> that,
with respect to clauses (i)(B) and (iii), valuation, privileged and/or confidential information may be redacted.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Each of Buyer and Parent may, as it deems advisable and necessary, designate any competitively sensitive materials provided
to the other under this Section 5.02 as &ldquo;outside counsel only&rdquo;, and any such materials so designated and the information
contained therein shall be given only to outside counsel of the receiving party and will not be disclosed by such outside counsel
to employees, officers, or directors of the receiving party without the advance written consent of the Person providing such materials.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Each of Parent and Buyer agree to, and Parent, prior to the Closing, and Buyer, after the Closing, agree to cause each
Acquired Company to, execute and deliver such other documents, certificates, agreements and other writings and to take such other
actions as may be necessary or desirable in order to consummate or implement expeditiously the transactions contemplated by this
Agreement, including, without limitation, such documents reasonably requested by Buyer&rsquo;s title company in connection with
the conveyance of any real property pursuant to the terms of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
5.03.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT><I>Certain Consents</I>. Parent and Buyer
shall cooperate with each other (i) in determining whether any actions, consents, approvals or waivers are required to be
obtained from any third parties (other than any Governmental Authority) in connection with the consummation of the
transactions contemplated by this Agreement and (ii) in taking actions to obtain any such actions, consents, approvals or
waivers; <I>provided</I> that no party hereto shall be obligated to pay any consideration in any form, grant any
accommodation (financial or otherwise, regardless of any provision to the contrary in any applicable agreement) or provide
any security or guarantee to any Person from whom any such action, consent, approval or waiver is requested, or commence or <FONT STYLE="font-size: 10pt">participate
in any litigation to obtain any such action, consent, approval or waiver, except for Buyer&rsquo;s obligations pursuant to Section
5.02.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 5.04.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Access to Information</I>. (a) From the date hereof until the Closing, Parent will use reasonable best efforts to (i)
give, and cause each Selling Entity and Acquired Company to use reasonable best efforts to give, Buyer and its Representatives</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">and Affiliates reasonable access during normal business hours to the offices, properties and books and records of the Acquired
Companies and to the books and records of Parent and the Selling Entities relating to the Acquired Companies as reasonably requested
by Buyer, and (ii) furnish, and cause each Acquired Company to use reasonable best efforts to furnish, to Buyer and its Representatives
and Affiliates such information relating to the Business or any Acquired Company or to the services contemplated under the Transition
Services Agreement (including with respect to associated personnel, systems, resources, third-party providers, costs and historical
allocations, in each case, to the extent relating to the Business) as reasonably requested by Buyer. Any access pursuant to this
Section shall be conducted in such manner as not to interfere unreasonably with the conduct of the business of Parent, the Selling
Entities or any Acquired Company. Notwithstanding the foregoing, Buyer shall not (A) have access to personnel records of the Acquired
Companies relating to individual performance or evaluation records, medical histories or other information which in Parent&rsquo;s
good faith opinion is sensitive or the disclosure of which could subject Parent or any of its Affiliates to risk of liability
or (B) conduct or cause to be conducted any sampling, testing or other invasive investigation of the air, soil, soil gas, surface
water, groundwater, building materials or other environmental media at any real property or facility owned, leased or operated
by the Business or any Acquired Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>For a period of five years from and after the Closing, Parent will, and will cause the Selling Entities to, use reasonable
best efforts to give Buyer and its Representatives and Affiliates reasonable access during normal business hours to the books
and records of Parent and the Selling Entities relating to the Acquired Companies in respect of any period ending on or before
the Closing Date to the extent necessary for Buyer in connection with any audit, investigation, dispute or litigation, or as required
for any financial reporting or Tax purposes, as reasonably requested by Buyer; <I>provided</I> that Parent and the Selling Entities
shall not be required to provide any such access with respect to any dispute or litigation between Parent or any of its Affiliates,
on the one hand, and Buyer or any of its Affiliates, on the other hand. Any access pursuant to this Section shall be conducted
in such manner as not to interfere unreasonably with the conduct of the business of Parent or any of its Affiliates.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>For a period of five years from and after the Closing, Buyer will cause each Acquired Company to use reasonable best efforts
to give Parent and its Representatives and Affiliates reasonable access during normal business hours to the books and records
of the Acquired Companies in respect of any period ending on or before the Closing Date to the extent necessary for Parent in
connection with any audit, investigation, dispute or litigation, or as required for any financial reporting and Tax purposes;
<I>provided</I> that Buyer shall not be required to provide any such access with respect to any dispute or litigation between
Parent or any of its Affiliates, on the one hand, and Buyer or any of its Affiliates, on the other hand. Any access pursuant to
this Section shall be conducted in such manner as not to interfere unreasonably with the conduct of the business of the Acquired
Companies.&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Nothing in this Section 5.04 shall require any Person or any of its Affiliates to disclose information to the extent such
disclosure (i) may result in a waiver of</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">attorney-client privilege, work product doctrine or similar privilege or (ii) may violate
any Applicable Law or any confidentiality obligation of such Person (including any privacy policy); <I>provided</I> that such
Person shall use commercially reasonable efforts to provide the requesting party, to the extent possible, with access to the relevant
information in a manner that would not reasonably be expected to result in the waiver of any such attorney-client privilege, work
product doctrine or similar privilege or a violation of such confidentiality obligations.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.05.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Intercompany Arrangements</I>. Prior to the Closing, except for the Transaction Documents and the transactions contemplated
thereunder, and except for those arrangements set forth on Section 5.05 of the Parent Disclosure Schedule (each, a &ldquo;<B>Surviving
Related Party Agreement</B>&rdquo;), Parent shall, and shall cause its Subsidiaries to, (i) settle all intercompany accounts (including
any loans referred to in clause (E) of Section 5.01(b)(vii)) between Parent or any of its Subsidiaries (other than an Acquired
Company), on the one hand, and an Acquired Company, on the other hand, and (ii) terminate all Related Party Agreements, in each
case of clauses (i) and (ii) without further liability or obligation of any party thereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.06.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Resignations</I>. On or prior to the Closing Date, Parent will use reasonable best efforts to deliver to Buyer the resignations
of all officers and directors of each Acquired Company who will be officers, directors or employees of Parent or any of its Subsidiaries
after the Closing Date from their positions with each Acquired Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.07.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Notices of Certain Events</I>. Each of Parent and Buyer shall promptly notify the other of:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection
with the transactions contemplated by this Agreement; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>any notice or other communication from any Governmental Authority in connection with the transactions contemplated by this
Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.08.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Public Announcements</I>. Each of Buyer and Parent agrees to consult with the other before issuing any press release
or making any public statement with respect to this Agreement or the transactions contemplated hereby and, except for any press
releases and public announcements the making of which may be required by Applicable Law or any listing agreement with any national
securities exchange, will not issue any such press release or make any such public statement prior to such consultation; <I>provided
</I>that each of Buyer and Parent agrees to consult with the other on the initial press release with respect to this Agreement
and the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.09.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Guarantees; China Facility</I>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>From and after the date hereof, VS Holdco shall use reasonable best efforts to cause Parent and its Affiliates to be unconditionally
released, in</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0pt"><FONT STYLE="font-size: 10pt">respect of any and all obligations of Parent or any of its Affiliates under any guarantee, letter of credit, keepwell,
surety or performance bond, indemnity, support agreement or other similar arrangement provided by Parent or any of its Affiliates
in respect of any contract or other liability of any Acquired Company set forth on Section 5.09 of the Parent Disclosure Schedule
(the &ldquo;<B>Scheduled Guarantees</B>&rdquo;) and marked with an asterisk (*), in each case effective as of or after the Closing
(it being understood and agreed that in no event shall Buyer or any Acquired Company be obligated to pay any consideration in
any form to any Person to obtain any such unconditional release, grant any accommodation (financial or otherwise, regardless of
any provision to the contrary in any applicable agreement) or provide any security or guarantee to any Person from whom any such
unconditional release is requested, or commence or participate in any litigation to obtain any such unconditional release, and
in no event will the failure of Parent or any of its Affiliates to be substituted as a guarantor in respect of, or in substitution
for, any such arrangements in order to obtain any such unconditional release in and of itself be deemed to be a breach of this
Agreement). From and after the Closing, VS Holdco shall, and shall cause its Subsidiaries to, jointly and severally indemnify
Parent and its Affiliates against any and all liabilities and other Damages incurred or suffered by Parent or any of its Affiliates
arising out of or resulting from the exercise by any third party of its rights against Parent or any of its Affiliates after the
Closing under any Scheduled Guarantee solely to the extent related to the Business or any of the Transferred Assets. With respect
to the foregoing, VS Holdco shall be entitled to participate in and control any such matter in the same manner as provided in
Section 9.03. Except as expressly set forth in this <B><I>&lrm;</I></B>Section 5.09(a)(i) with respect to the Scheduled Guarantees
or in <B><I>&lrm;</I></B>Section 5.09(a)(ii) below with respect to the Specified Guarantee, VS Holdco shall have no obligations
in respect of any other obligations of Parent or any of its Affiliates under any other guarantee, letter of credit, keepwell,
surety or performance bond, indemnity, support agreement or other similar arrangement provided by Parent or any of its Affiliates.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>With respect to the obligations of Parent or any of its Affiliates under the guarantee identified as the &ldquo;Specified
Guarantee&rdquo; set forth on Section 5.09 of the Parent Disclosure Schedule (the &ldquo;<B>Specified Guarantee</B>&rdquo;), (A)
Buyer shall cause Victoria&rsquo;s Secret Stores LLC or its predecessor (collectively, &ldquo;<B>VSS LLC</B>&rdquo;) not to (x)
amend or modify the agreement (as amended) that is the subject of the Specified Guarantee in a manner that would adversely affect
the release of the Specified Guarantee or (y) knowingly cause or create any breach or default under such agreement, in each case
of clauses (x) and (y), during the 30-day period from and after the Closing Date, and (B) Buyer shall, and shall cause VSS LLC
to, take all actions reasonably requested by Parent to cause the conditions for the release of the Specified Guarantee to be satisfied
and that do not have an adverse effect on Buyer or any of its Affiliates (it being understood and agreed that in no event shall
VS Holdco or VSS LLC be obligated to pay any money to any Person or substitute any Person as guarantor in respect of, or in substitution
for, the Specified Guarantee in order to obtain any such release), and will not take any action during the 30-day period from
and after the Closing Date that may&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">reasonably be expected to cause the
conditions for the release of the Specified Guarantee not to be satisfied, or that would reasonably be expected to cause the release
of the Specified Guarantee to be invalid after the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained herein, for purposes of <B><I>&lrm;</I></B>Section 5.09(a)(ii), it is
understood and agreed that any modification or changes to the Restructuring Plan which require Buyer&rsquo;s prior written consent
and/or for which Buyer may reasonably withhold, condition or delay its consent hereunder, including in accordance with Section
2.07 of the Parent Disclosure Schedule, shall be deemed to have an adverse effect on Buyer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Parent agrees to the covenants, agreements and undertakings set forth on Section 5.09(b) of the Parent Disclosure Schedule.
From and after the date hereof until the earlier of the Closing Date and the date on which Parent has delivered evidence (which
is reasonably satisfactory to Buyer) to Buyer that an Acceptable Replacement Facility will be in full force and effect on the
Closing Date in accordance with the terms and conditions described herein, Parent and its applicable Affiliates shall take all
steps reasonably necessary, including, obtaining any consents from the lenders under the China Facility and to the extent reasonably
requested by Buyer, entering into such amendments and/or other modifications to the China Facility so that at and immediately
following the Closing, either (i) the China Facility is in full force and effect, or (ii) an Acceptable Replacement Facility is
in full force and effect, in each case, on the terms and conditions set forth in Item 1 of Section 5.09(b) of the Parent Disclosure
Schedule and in any event, on terms and conditions reasonably satisfactory to Buyer; <I>provided</I> that Buyer shall use commercially
reasonable efforts to provide cooperation reasonably requested by Parent for the purpose of obtaining consents from the lenders
under the China Facility for the purposes of clause (i), or for the purpose of obtaining an Acceptable Replacement Facility from
an Acceptable Third Party Lender for the purposes of clause (ii). In connection with the foregoing, to the extent necessary to
satisfy the covenant set forth in Item 1 of Section 5.09(b) of the Parent Disclosure Schedule, Parent and its applicable Affiliates
shall enter into any amendments or modifications to the China Facility necessary to cause the guarantee provided by Parent under
the China Facility as in effect on the date hereof to remain in full force and effect at and immediately following the Closing
on terms and conditions substantially the same as the applicable guarantee in effect on the date hereof, and otherwise on terms
and conditions no less favorable in the aggregate to Parent and the Acquired Companies that constitute obligors thereunder, or
as may otherwise be agreed by Buyer in writing. Notwithstanding the foregoing, no such amendment, modification, consent or other
arrangement contemplated by this Section 5.09(b) shall be required to become effective prior to the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>From and after the Closing, Buyer and VS Holdco shall not, and shall cause their respective Affiliates not to, encumber,
mortgage or subject to any Lien, any assets, properties, rights or businesses of any Acquired Company incorporated or formed in
China or of the Business that is located in China, other than (1) any Liens that secure the China Facility or an Acceptable Replacement
Facility (provided that if an Acceptable Third Party Lender provides all or a portion of the Acceptable Replacement Facility (as
described in the definition thereof), then the Liens securing the Acceptable Replacement</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Facility provided such Acceptable Third
Party Lender shall be senior (such senior liens, &ldquo;<B>Applicable Senior Liens</B>&rdquo;) to any Liens granted in favor of
Parent to the extent Parent provides a portion of the Acceptable Replacement Facility (and Parent hereby agrees to subordinate
(and/or release) any Liens granted in favor of it to permit the Applicable Senior Liens and in connection therewith enter into
customary intercreditor and/or subordination documentation reasonably requested by such Acceptable Third Party Lender) and (2)
Liens that secure financing provided by Affiliates of Buyer, which may be secured on any assets, properties, rights or businesses
of any Acquired Company incorporated or formed in China or of the Business that is located in China on a junior basis (subject
to Lien subordination terms reasonably satisfactory to Parent (to the extent Parent provides such Acceptable Replacement Facility))
to the Liens securing the Acceptable Replacement Facility; <I>provided</I> that, for the avoidance of doubt, an Acceptable Replacement
Facility shall not be required to be any more permissive with respect to the ability to grant subordinated Liens than the China
Facility (as in effect on the date hereof) (other than, with respect to an Acceptable Replacement Facility or any portion thereof,
in each case, provided by Parent, as described in this clause (2)).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Waiver of Conflicts Regarding Representation; Nonassertion of Attorney-Client Privilege</I>. (a) Buyer waives and shall
not assert, and, after the Closing, shall cause each Acquired Company to waive and not to assert, any conflict of interest arising
out of or relating to the representation, after the Closing (the &ldquo;<B>Post-Closing Representation</B>&rdquo;), of Parent
or any of its Affiliates or any equity holder, officer, employee or director of any Acquired Company (any such Person, a &ldquo;<B>Designated
Person</B>&rdquo;) in any matter involving this Agreement or any other agreements or transactions contemplated hereby, including
any action, suit or other proceeding between or among Buyer or any of its Affiliates (including any Acquired Company), on the
one hand, and any Designated Person, on the other hand, by any legal counsel currently representing any Acquired Company in connection
with this Agreement or any other agreements or transactions contemplated hereby (whether or not such legal counsel also represented
Parent) (the &ldquo;<B>Current Representation</B>&rdquo;), even though the interests of such Designated Person may be directly
adverse to Buyer or such Affiliate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>It is the intention of the parties hereto that all rights to any attorney-client privilege applicable to communications
between any legal counsel currently representing any Acquired Company in connection with the Current Representation (whether or
not such legal counsel also represented Parent) shall be retained solely by Parent (and not any Acquired Company); <I>provided
</I>that the foregoing waiver and acknowledgement of retention shall not extend to any communication not involving this Agreement
or any other agreements or transactions contemplated hereby; <I>provided further</I>, that in the event of a dispute between Parent
or any of its Affiliates and a third party (other than Buyer or <FONT STYLE="font-size: 10pt">any of its
Affiliates), Parent and its Affiliates shall not waive such privilege without the prior written consent of Buyer (not to be unreasonably
withheld, conditioned or delayed). Accordingly, no Acquired Company shall have access to any such communications, or to the files
of any legal counsel currently representing such Acquired Company (whether or not such legal counsel also represented Parent)
in connection with the Current Representation, from and after the Closing. Without limiting the generality of the foregoing, upon
and after the Closing, (i) Parent and its Affiliates shall be the sole</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">holders of the attorney-client privilege with respect to
the Current Representation, and no Acquired Company shall be the holder thereof, and (ii) to the extent that files of any legal
counsel currently representing any Acquired Company in connection with the Current Representation (whether or not such legal counsel
also represented Parent) constitute property of a client, only Parent and its Affiliates shall hold such property rights.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Buyer agrees, on its own behalf and on behalf of its Affiliates (including, after the Closing, the Acquired Companies),
that in the event of a dispute between Parent or any of its Affiliates, on the one hand, and any Acquired Company, on the other
hand, arising out of or relating to any matter in which any legal counsel currently representing any Acquired Company in connection
with the Current Representation jointly represented both Parent and such Acquired Company, neither the attorney-client privilege,
the expectation of client confidence, nor any right to any other evidentiary privilege or any work product doctrine will protect
against or prevent disclosure by any legal counsel currently representing an Acquired Company in connection with the Current Representation
to Parent or any of its Affiliates of any information or documents developed or shared during the course of any such joint representation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>In the event that any third party shall seek to obtain from Buyer or its Affiliates (including, after the Closing, the
Acquired Companies) attorney-client communications involving any legal counsel currently representing any Acquired Company in
connection with the Current Representation, then Buyer shall notify Parent of such application sufficiently in advance of any
hearing on the application to permit Parent to participate in any such proceedings.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Directors and Officers</I>. (a) From and after the Closing and for a period of six years from the Closing Date, Buyer
shall cause the Acquired Companies to not repeal, amend or modify the rights to indemnification, advancement of expenses, exculpation
and other limitations on liability in a manner adverse to any current or former director or officer of any Acquired Company (including
any predecessors thereof) (such directors and officers, the &ldquo;<B>D&amp;O Indemnitees</B>&rdquo;) under, and the D&amp;O Indemnitees
shall continue to be entitled to such rights on terms no less favorable than those contained in, the Organizational Documents
of the Acquired Companies in effect on the date of this Agreement to the fullest extent permitted by Applicable Law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>In the event that Buyer or any Acquired Company or any of their respective successors or assigns (i) consolidates with
or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger or
(ii) transfers or conveys all or substantially all of its properties and assets to any Person, then in each such case, proper
provision shall be made so that the successors and assigns of <FONT STYLE="font-size: 10pt">Buyer or such
Acquired Company, as the case may be, shall succeed to and be bound by the obligations set forth in this Section 5.11.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The obligations of Buyer under this Section 5.11 shall not be terminated or modified in such a manner as to materially
and adversely affect any D&amp;O Indemnitee without the written consent of such affected D&amp;O Indemnitee (it being expressly
agreed that each D&amp;O Indemnitee shall be a third-party beneficiary of this Section 5.11).</FONT></P>

</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Releases</I>. (a) Effective as of the Closing, except for any rights or obligations under this Agreement, any other
Transaction Document, any Surviving Related Party Agreement or any indemnification, exculpation or related advancement of expenses
provision in any Organizational Document of Parent or any of its Affiliates, and except for claims for Fraud, Buyer, on behalf
of itself and its Affiliates (including the Acquired Companies), and each of its and their respective past, present or future
officers, directors, employees, agents, general or limited partners, managers, management companies, members, advisors, stockholders,
equity holders, controlling Persons, other Representatives or Affiliates, or any heir, executor, administrator, successor or assign
of any of the foregoing in each case solely in their capacity as such (collectively, the &ldquo;<B>Buyer Releasing Parties</B>&rdquo;),
hereby irrevocably and unconditionally releases and forever discharges Parent and its Subsidiaries, and each of the foregoing&rsquo;s
respective past, present or future officers, directors, employees, agents, general or limited partners, managers, management companies,
members, advisors, stockholders, equity holders, controlling Persons, other Representatives or Affiliates, or any heir, executor,
administrator, successor or assign of any of the foregoing in each case solely in their capacity as such (collectively, the &ldquo;<B>Parent
Released Parties</B>&rdquo;) of and from any and all actions, causes of action, suits, proceedings, executions, judgments, duties,
debts, dues, accounts, bonds, contracts, agreements and covenants (whether express or implied), and claims and demands whatsoever
whether in law or in equity (whether based upon contract, tort or otherwise) that the Buyer Releasing Parties may have against
each of the Parent Released Parties, now or in the future, in each case in respect of any cause, matter or thing relating to any
Acquired Company or the Business or any actions taken or failed to be taken by any of the Parent Released Parties in any capacity
related to any Acquired Company or the Business occurring or arising prior to the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Effective as of the Closing, except for any rights or obligations under this Agreement, any other Transaction Document,
any Surviving Related Party Agreement or any indemnification, exculpation or related advancement of expenses provision in any
Organizational Document of any Acquired Company, Parent, on behalf of itself and its Subsidiaries and each of its and their respective
past, present or future officers, directors, employees, agents, general or limited partners, managers, management companies, members,
advisors, stockholders, equity holders, controlling Persons, other representatives or Affiliates, or any heir, executor, administrator,
successor or assign of any of the foregoing in each case solely in their capacity as such (collectively, the &ldquo;<B>Parent
Releasing Parties</B>&rdquo; and, together with the Buyer Releasing Parties, the &ldquo;<B>Releasing Parties</B>&rdquo;), hereby
irrevocably and unconditionally releases and forever discharges Buyer and its Affiliates (including the Acquired Companies), and
each of the foregoing&rsquo;s respective past, present or future officers, directors, employees, agents, general or limited partners,
managers, management companies, members, advisors, stockholders, equity holders, controlling Persons, other representatives or
Affiliates, or any heir, executor, administrator, successor or assign of any of the foregoing in each case solely in their capacity
as such (collectively, the &ldquo;<B>Buyer Released Parties</B>&rdquo; and, together with the Parent Released Parties, the &ldquo;<B>Released
Parties</B>&rdquo;) of and from any and all actions, causes of action, suits, proceedings, executions, judgments, duties, debts,
dues, accounts, bonds, contracts, agreements and covenants (whether express or implied), and claims and demands whatsoever whether
in law or in equity (whether based upon&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">contract, tort or otherwise) that the Parent
Releasing Parties may have against each of the Buyer Released Parties, now or in the future, in each case in respect of any cause,
matter or thing relating to any Acquired Company or the Business or any actions taken or failed to be taken by any of the Buyer
Released Parties in any capacity related to any Acquired Company or the Business occurring or arising prior to the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The foregoing releases extend to any and all claims of any nature whatsoever, whether known, unknown or capable or incapable
of being known as of the Closing or thereafter, and includes any and all claims, actions, demands, causes of action, suits, debts,
dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, agreements, controversies, agreements,
promises, variances, trespasses, damages, judgments, expenses, executions, affirmative defenses, demands and other obligations
or liabilities whatsoever, in law or equity. As of the Closing, each Releasing Party (in its capacity as such) hereby irrevocably
agrees to refrain from, directly or indirectly, asserting, commencing, instituting or causing to be commenced, any action, suit
or proceeding of any kind against any applicable Released Party, based upon any matter purported to be released hereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Transfer Taxes</I>. All transfer, documentary, sales, use, stamp, registration and other such Taxes and fees (including
any penalties and interest) incurred in connection with the transactions contemplated by this Agreement (including, for the avoidance
of doubt, the Restructuring Transactions) including any real property transfer Tax and any similar Tax (collectively, the &ldquo;<B>Transfer
Taxes</B>&rdquo;) shall be borne 100% by VS Holdco. For sake of clarity, Transfer Taxes shall exclude any Taxes imposed on income
or gains (and such Taxes shall be treated as income Taxes).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Insurance</I>. (a) From the date hereof until the Closing Date, Parent shall, and shall cause its Affiliates to, use
reasonable efforts to maintain their respective insurance policies in effect as of the date hereof that provide coverage for the
properties, assets, business, operations, employees, officers or directors of the Business and/or any Acquired Company, in each
case, with such coverage amounts and scope consistent in all material respects with those in effect as of the date hereof. From
and after the Closing, the Acquired Companies shall cease to be insured by the current and historical insurance policies or programs
of Parent or any of its Subsidiaries (other than an Acquired Company), whether provided by a third-party insurer, &ldquo;captive
insurer&rdquo;, self-insurance or a co-insurance program (the &ldquo;<B>Parent Insurance Policies</B>&rdquo;), in each case in
respect of events, acts, errors, accidents, omissions, incidents, injuries or other forms of occurrences to the extent relating
to any Acquired Company or the properties, assets, business, operations, employees, officers or directors of any Acquired Company
that, in each case, <FONT STYLE="font-size: 10pt">occur after
the Closing (collectively, the &ldquo;<B>Post-Closing Occurrences</B>&rdquo;). No Acquired Company shall have any access, right,
title or interest to or in any Parent Insurance Policy (including to any claims or rights to make claims or any rights to proceeds)
to cover any Post-Closing Occurrences.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>After the Closing, (i) Parent shall use commercially reasonable efforts to report in good faith to the applicable third-party
insurance provider, if applicable, all events, acts, errors, accidents, omissions, incidents, injuries or other forms of occurrences</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">to the extent relating to any Acquired Company or the properties, assets, business, operations, employees, officers or directors
of the Business or any Acquired Company that, in each case, occur at or prior to the Closing (collectively, the &ldquo;<B>Pre-Closing
Occurrences</B>&rdquo;) reasonably requested by Buyer to the extent covered by an occurrence-based Parent Insurance Policy, (ii)
Buyer shall cause such Acquired Company to comply with the terms of any such Parent Insurance Policy, and (iii) Parent shall,
and shall cause its applicable Subsidiaries to, use commercially reasonable efforts to obtain the benefit of the applicable insurance
coverage under any such Parent Insurance Policy and pay such benefit to the applicable Acquired Company, net of (A) any deductibles,
co-payments, self-insured amounts payable by Parent or any of its Subsidiaries, premium increases (to the extent attributable
directly to the applicable benefit to such Acquired Company) or other out-of-pocket costs and expenses (including reasonable legal
fees and expenses, if any) actually and reasonably incurred by Parent or any of its Subsidiaries in seeking such insurance proceeds
and (B) any Taxes imposed on Parent or any of its Subsidiaries in respect of the receipt or accrual of such insurance proceeds;
<I>provided</I> that the Acquired Companies shall be fully liable for all uninsured or self-insured amounts (including any such
amounts payable by Parent or any of its Subsidiaries) in respect of any Pre-Closing Occurrence.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.15.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Payments</I>. (a) Parent shall, or shall cause its applicable Subsidiary to, promptly pay or deliver to Buyer (or its
designated Affiliate) any monies or checks that have been sent to Parent or any of its Subsidiaries after the Closing Date by
customers, suppliers or other contracting parties of any Acquired Company to the extent that they are in respect of a Transferred
Asset or Assumed Liability or are for the account of an Acquired Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Buyer shall, or shall cause its applicable Affiliate to, promptly pay or deliver to Parent (or its designated Subsidiary)
any monies or checks that have been sent to Buyer or any of its Affiliates (including any Acquired Company) after the Closing
Date by customers, suppliers or other contracting parties of Parent or any of its Subsidiaries to the extent that they are in
respect of an Excluded Asset or Excluded Liability or are for the account of Parent or any of its Subsidiaries.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.16.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Misallocated Assets</I>. (a) If, following the Closing, any right, property or asset not included in the Transferred
Assets is found to have been transferred to, or retained by, an Acquired Company in error, either directly or indirectly (including
as a result of the Restructuring Transactions), Buyer shall transfer, or shall cause its Affiliates (including the Acquired Companies)
to transfer, at no additional cost to Parent, such right, property or asset as soon as practicable to Parent or its designated
Subsidiary.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>If, following the Closing, any right, property or asset included in the Transferred Assets is found to have been retained
by Parent or any of its Subsidiaries in error, either directly or indirectly (including as a result of the Restructuring Transactions),
Parent shall transfer, or shall cause its Subsidiaries to transfer, at no additional cost to Buyer, such right, property or asset
as soon as practicable to Buyer or its designated Affiliate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.17.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Name Changes; Parent Marks</I>. (a) As soon as reasonably practicable after the Closing, but in no event later than
90 days after the Closing Date, Buyer shall and shall cause its Subsidiaries (including the Acquired Companies) to (i) cease any
and all use of the Retained Marks, (ii) take any and all actions necessary (including the filing of amended Organizational Documents
and any other required documentation with the relevant Governmental Authorities) to initiate a change to the corporate name, &ldquo;doing
business as&rdquo; name, trade name and any other similar corporate identifier of each of the Acquired Companies to a corporate
name, &ldquo;doing business as&rdquo; name, trade name or any other similar corporate identifier that does not contain any Retained
Marks, and (iii) destroy or remove any and all Retained Marks from any and all materials in their possession or control that contain
or incorporate the Retained Marks.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Buyer agrees that (i) the Retained Marks are, as of the date of this Agreement, and shall continue to be following the
Closing, owned by Parent or an Affiliate of Parent, as applicable, (ii) neither Buyer nor any Affiliate of Buyer (including following
the Closing, any Acquired Company) has any rights in, and shall not use in any manner, any of the Retained Marks after the 90-day
period set forth in Section 5.17(a), and (iii) neither Buyer nor any Affiliate of Buyer (including following the Closing, any
Acquired Company) shall contest the ownership, enforceability or validity of any rights of Parent or any Affiliate of Parent in
or to any of the Retained Marks.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.18.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Intellectual Property License</I>. (a) Effective from and after the Closing, Parent (on behalf of itself and its Subsidiaries)
hereby grants to the Acquired Companies a non-exclusive, worldwide, perpetual, irrevocable, fully paid-up, royalty-free, non-transferable,
non-sublicensable (except as set forth in Section 5.18(d)) license under the Intellectual Property Rights (other than any and
all Trademarks, Formulas and Personal Information) (i) that are owned by Parent or its Subsidiaries as of the Closing and (ii)
that have been used or held for use in the Business on or prior to the Closing but are not included in the Transferred IP (collectively,
the &ldquo;<B>Licensed IP</B>&rdquo;), in each case, to use, reproduce, create derivative works of, modify, distribute, make,
have made, sell, offer for sale, import or otherwise commercially exploit products and services solely in connection with the
operation of the Business and any reasonable evolution thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Effective from and after the Closing, Buyer (on behalf of itself and the Acquired Companies) hereby grants to Parent and
its Subsidiaries a non-exclusive, worldwide, perpetual, irrevocable, fully paid-up, royalty-free, non-transferable, non-sublicensable
(except as set forth in Section 5.18(d)) license under the Transferred IP (other than any and all Trademarks, Formulas and Personal
Information) that has been used or held for use by Parent or its Subsidiaries in the operation of any business of Parent or its
Subsidiaries (other than the Business) on or prior to the Closing, in each case, to use, reproduce, create derivative works of,
modify, distribute, make, have made, sell, offer for sale, import or otherwise commercially exploit products and services solely
in connection with the operation of any business of Parent or its Subsidiaries and any reasonable evolution thereof (other than
the Business).&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Notwithstanding the assignment provision in Section 11.04, Parent and Buyer may assign their respective licenses set forth
in this Section 5.18, in whole or in&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">part,
in connection with a merger, consolidation or sale of all or substantially all of, or any portion of the assets of, their respective
businesses to which the licenses relate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Parent and Buyer may sublicense their respective licenses set forth in this Section 5.18 to (i) their vendors, consultants,
contractors and suppliers, in connection with the provision of services to their respective businesses to which the licenses relate
and (ii) their distributors, customers and end-users, in connection with the distribution, licensing, offering and sale of the
current and future products and services of their respective businesses to which the licenses relate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Each license granted in this Section 5.18 is, and will otherwise be deemed to be, for purposes of Section 365(n) of the
United States Bankruptcy Code, a license of rights to &ldquo;intellectual property&rdquo; (as defined under Section 101 of the
United States Bankruptcy Code), and Parent and Buyer will retain and may fully exercise all of their respective rights and elections
under the United States Bankruptcy Code (or any similar foreign law) with respect thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>For the avoidance of doubt, this Section 5.18 shall survive in perpetuity.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.19.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Financing</I>. (a) Buyer hereby affirms that it is not a condition to the Closing or to any of its obligations under
this Agreement that Buyer (or any of its Affiliates) obtain financing for the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Prior to the Closing, Parent and its Subsidiaries (including the Acquired Companies) shall, and shall cause their respective
Representatives to, use their commercially reasonable efforts (except to the extent it would reasonably be expected to unreasonably
interfere with the ongoing operations of Parent and its Subsidiaries (including the Acquired Companies)) to provide on a timely
basis cooperation that is necessary in connection with the arrangement, implementation, consummation, obtaining and establishment
of an asset-based (including any asset-based term loan) debt financing facility (the &ldquo;<B>ABL Debt Facility</B>&rdquo;) by
Buyer (or any of its Affiliates) in connection with the transactions contemplated by this Agreement (the &ldquo;<B>ABL Debt Financing</B>&rdquo;)
as Buyer (or any of its Affiliates) may reasonably request from time to time, including (in each case, solely relating to the
Business or the Acquired Companies) (i) facilitating the pledging of collateral and executing and delivering definitive documentation
(including security documentation) with respect to such ABL Debt Financing; <I>provided</I> that, any such pledges, executions
and deliveries shall become effective only at, or as of, the Closing, (ii) take actions reasonably requested by Buyer (or any
of its Affiliates) necessary to permit prospective debt financing sources to evaluate the Business&rsquo; inventory, current assets,
intellectual property, cash management systems, real property and furniture, fixtures and equipment for the purpose of establishing
collateral arrangements (including, without limitation, sufficient access to allow such prospective debt financing sources to
complete field exams and conduct appraisals of such assets), (iii) delivering or causing to be delivered to Buyer the unaudited
balance sheet of the Business as of the date ending on the last date of each fiscal quarter that commences after the fiscal quarter
ended November 2, 2019 and that ends on or prior to 45 days prior to the Closing Date, the related unaudited statement of income
for the Business for the&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">period ending on such fiscal quarter and such
other pertinent and customary information, to the extent reasonably available to Parent or any of its Subsidiaries, regarding
the Business as may be reasonably requested by Buyer in order to consummate the arrangement of the ABL Debt Financing, in each
case, together with customary authorization letters for use of such financial information in any marketing of the ABL Debt Financing,
if any, and (iv) reasonably cooperating with marketing efforts, if any, with respect to such ABL Debt Financing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Buyer shall promptly, upon request by Parent, reimburse Parent for all reasonable and documented out-of-pocket costs and
expenses (including reasonable attorneys&rsquo; fees) incurred by Parent or any of its Subsidiaries in connection with the cooperation
of Parent and its Subsidiaries contemplated by Section 5.19(b) and shall indemnify and hold harmless Parent, its Subsidiaries
and their respective Representatives from and against any and all Damages actually suffered or incurred by any of them in connection
with the arrangement of any ABL Debt Financing and any information used in connection therewith, except with respect to any information
prepared or provided by Parent or any of its Subsidiaries or any of their respective Representatives or to the extent such Damages
result from the gross negligence, willful misconduct or bad faith of, or a material breach of this Agreement, by Parent, any of
its Subsidiaries or their respective Representatives.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.20.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Confidentiality</I>. Buyer acknowledges that the information being provided to it in connection with the transactions
contemplated by this Agreement is subject to the terms of the Confidentiality Agreement, the terms of which are incorporated herein
by reference. Effective upon the Closing, the provisions in the Confidentiality Agreement relating to the use and disclosure of
Confidential Information (as such term is defined in the Confidentiality Agreement) will terminate with respect to such Confidential
Information (as such term is defined in the Confidentiality Agreement) relating solely to the Business or the Acquired Companies;
<I>provided, however, </I>that Buyer acknowledges that any and all other information provided to it by Parent, its Affiliates,
or its Representatives concerning Parent or any of its Affiliates (other than the Acquired Companies with respect to the Business)
shall remain subject to the terms and conditions of the Confidentiality Agreement after the Closing Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.21.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>VS Holdco Obligations</I>. After the date hereof and prior to the Closing, Parent shall (i) form, or cause to be formed,
VS Holdco, as a wholly owned Subsidiary of Parent (whether direct or indirect), and (ii) cause VS Holdco to execute a joinder
to this Agreement to become a party to this Agreement and become entitled to, and subject to, all of the rights and obligations
of &ldquo;VS Holdco&rdquo; under this Agreement, and Buyer consents in all respects to each of the foregoing actions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.22.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Service Schedules</I>. Parent and Buyer acknowledge and agree that: (i) as of the date hereof, the Service Schedules
(as defined in the Transition Services Agreement and Reverse Transition Services Agreement, respectively) reflect the material
terms and conditions regarding the Services (as defined in the Transition Services Agreement and Reverse Transition Services Agreement,
respectively) and shall be binding on the parties, subject to the remaining clauses (ii) - (iv) of this sentence; (ii) the&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">parties
shall continue to negotiate in good faith the Service Schedules during the period between the date hereof and the Closing Date
and shall update such Service Schedules with such additional details regarding the Services (including the scope thereof and the
allocation of ownership of any newly developed Intellectual Property created for the benefit of the Business that is not otherwise
addressed in Section 2.09(d) of the Transition Services Agreement) upon which they mutually agree, in which case, such updated
Service Schedules shall become the Service Schedules referred to in the Transition Services Agreement and Reverse Transition Services
Agreement, as applicable; (iii) if, during the period between the date hereof and the Closing Date, Parent or Buyer learns of
(A) any additional services (other than the Excluded Services) provided by the Service Provider Parties (as defined in the Transition
Services Agreement) to the Business during the Reference Period (as defined in the Transition Services Agreement), or (B) any
changes to the Services set forth on the Service Schedules that are reasonably necessary to reflect the services (other than Excluded
Services) provided by the Service Provider Parties to the Business during the Reference Period (as defined in the Transition Services
Agreement), in each case that are needed by the Service Recipients (as defined in the Transition Services Agreement) during the
term of the Transition Services Agreement to operate the Business in substantially the same manner as the Business had been operated
during the Reference Period (as defined in the Transition Services Agreement), then the parties shall add such additional services
and changes to the Service Schedules and such additional services and changes shall be billed consistent with the billing methods
used by Parent and its Affiliates for the applicable services to the Business during the Reference Period (or, with respect to
any such changes pursuant to clause (B) with respect to (1)(t) Treasury &amp; Cash Management, (u) Insurance, (v) Financial Reporting,
(w) Internal Audit, (x) transition or migration related Services or (y) 8% Administrative Charge applied to landed cost of Beauty
receipts, consistent with the allocation and billing methodologies used to determine the estimated costs set forth in Annex C
to the Transition Services Agreement or (2) Tax, consistent with the hourly rate set forth in the &ldquo;Tax&rdquo; Service Schedule
to the Transition Services Agreement); and (iv) during the period between the date hereof and the Closing Date, Parent and Buyer
agree to the covenants, agreements and undertakings set forth on Section 5.22(iv) of the Parent Disclosure Schedule. Notwithstanding
anything to the contrary herein, in no event shall Parent be required to include in the Service Schedules, or provide to Service
Recipients, any Excluded Services.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.23.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Other Matters</I>. Each of Parent and Buyer agrees to the covenants, agreements and undertakings set forth on Section
5.23 of the Parent Disclosure Schedule.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.24.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Payments to Parent</I>. Any payment to Parent pursuant to this Agreement shall be made to Parent or any Subsidiary of
Parent, as directed by Parent; <FONT STYLE="font-size: 10pt"><I>provided
</I>that if no recipient of such payment is specified by Parent, such payment shall be made to the Parent Members pro rata in
respect of their interests in VS Holdco.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.25.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Real Estate Matters</I>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><U>Campus Distribution Centers Transfer Plan</U>.</FONT></P>
</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Prior to the Closing, Parent shall, and shall cause its Subsidiaries to, convey fee title to the Reynoldsburg Campus to
the Subsidiary of VS Holdco set forth on <B><I>&lrm;</I></B>Section 5.25(c) of the Parent Disclosure Schedule. Between the date
hereof and the Closing, the parties hereto shall each use commercially reasonable efforts to negotiate in good faith the terms
and conditions of the DC2 Lease, the DC7 Lease and the Shipping Building Sublease (collectively, the &ldquo;<B>Leases</B>&rdquo;);
<I>provided</I> that the Closing shall not be conditioned upon or delayed pending the entry into any Lease (and the failure to
do so shall not constitute the failure in and of itself of any condition to be satisfied on the Closing Date), and the parties
hereto agree that the DC7 Lease Term Sheet, the DC2 Lease Term Sheet and the Shipping Building Sublease Term Sheet contain all
material terms necessary to the transactions contemplated by each such term sheet and each such term sheet shall be binding on
the applicable parties from and after the Closing, in each case, unless and until the applicable Lease has been executed and delivered
in accordance with this Agreement. The parties hereto shall continue to use reasonable best efforts to execute and deliver the
definitive Leases, as applicable, to the extent not executed at or prior to the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Commencing on the date hereof, and continuing until the earlier to occur of the consummation of a Subdivision Transaction
and the date that is 30 months after the Closing Date (the &ldquo;<B>Subdivision Outside Date</B>&rdquo;), the parties hereto
shall in good faith work together to effectuate a mutually agreeable subdivision of both the Home Campus and the Reynoldsburg
Campus (the &ldquo;<B>Subdivision Transaction</B>&rdquo;). If the Subdivision Transaction is completed, (A) Parent and VS Holdco
shall, and shall cause their respective Subsidiaries to, terminate the DC7 Lease, (B) VS Holdco shall, and shall cause its Subsidiaries
to, convey fee title to DC7 to Parent or a Subsidiary of Parent designated by Parent &ldquo;as is&rdquo;, subject only to Permitted
Liens, (C) Parent and VS Holdco shall, and shall cause their respective Subsidiaries to, terminate the DC2 Lease and (D) Parent
shall, and shall cause its Subsidiaries to, convey fee title to DC2 to VS Holdco or a Subsidiary of VS Holdco designated by VS
Holdco &ldquo;as is&rdquo;, subject only to Permitted Liens; <I>provided</I> that, for the avoidance of doubt, the Shipping Building
Sublease shall remain in full force and effect following the completion of the Subdivision Transaction. If the completion of the
Subdivision Transaction does not occur by the Subdivision Outside Date, then the Leases shall remain in full force and effect.
For the avoidance of doubt, the Subdivision Transaction means both (and not just one) of the Home Campus and the Reynoldsburg
Campus have been subdivided. For the avoidance of doubt, in no event shall the Subdivision Transaction be deemed to be a transaction
contemplated by the Restructuring Plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><U>DC6 Construction</U>. Prior to the Closing, Parent shall convey fee simple title to DC6 to the Subsidiary of VS Holdco
set forth on <B>&lrm;</B>Section 5.25(c) of the Parent Disclosure Schedule. Notwithstanding any provision to the contrary in this
Agreement, Parent shall pay all Transfer Taxes in connection with the conveyance of DC6 to VS Holdco (or one of its Subsidiaries
designated by Buyer). At the Closing, Parent and VS</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Holdco (or one of its Subsidiaries designated by Buyer) shall enter into a
construction management agreement, in substantially the form attached hereto as <U>Exhibit P</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><U>Other Real Estate Matters</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Each of Parent and Buyer agrees to the covenants, agreements and undertakings set forth on Section 5.25(c) of the Parent
Disclosure Schedule.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Parent and Buyer acknowledge and agree that: (A) the parties hereto shall use commercially reasonable efforts to negotiate
in good faith and finalize the Construction Management Agreement in accordance with the Construction Management Agreement Term
Sheet, and (B) if the parties hereto are unable to reach agreement on the Construction Management Agreement such that a definitive
Construction Management Agreement is not executed and delivered at the time of Closing, the Closing shall not be delayed (and
the failure to execute a definitive Construction Management Agreement shall not in and of itself constitute the failure of any
condition to be satisfied on the Closing Date) but instead (x) the Construction Management Agreement Term Sheet shall become a
binding obligation on VS Holdco or a Subsidiary of VS Holdco designated by Buyer and Parent and shall remain in effect until a
definitive agreement replacing such Construction Management Agreement Term Sheet has been mutually negotiated and executed by
Parent and VS Holdco or a Subsidiary of VS Holdco designated by Buyer. The parties hereto shall continue to use commercially reasonable
efforts to execute and deliver the definitive Construction Management Agreement to the extent not executed at or prior to the
Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.26.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Shared Formulas</I>. From and after the date hereof until the expiration or termination of the &ldquo;Production and
Sourcing Support (Beauty and Home)&rdquo; Service Schedule set forth in the Service Schedules (as defined in the Transition Services
Agreement) in accordance with the Transition Services Agreement, Parent shall, and shall cause its Subsidiaries to, use commercially
reasonable efforts to assist VS Holdco and its Subsidiaries to obtain a New Fragrance House Contract for each of the Formulas
that are (i) owned by Parent or any of its Subsidiaries, (ii) used in the conduct of the Business at Closing by Parent and its
Subsidiaries (as the same shall exist on the Closing Date), and (iii) not included in the Transferred Formulas ( &ldquo;<B>Shared
Formulas</B>&rdquo;). In furtherance of the foregoing, Parent shall, and shall cause its Subsidiaries to, waive all exclusivity
commitments or other restrictions imposed upon Parent and/or its Subsidiaries by the fragrance houses or suppliers of the Shared
Formulas to the extent necessary to enable VS Holdco and its Subsidiaries to obtain such New Fragrance House Contracts. In the
event that VS Holdco and/or its Subsidiaries are unable to obtain a New Fragrance House Contract with respect to any material
Shared Formula prior to the expiration or termination of the &ldquo;Production and Sourcing Support (Beauty and Home)&rdquo; Service
Schedule under the Transition Services Agreement, then Parent and VS Holdco (and/or their respective Subsidiaries) shall negotiate
in good faith an arrangement (e.g., a supply agreement or other commercial agreement) pursuant to which Parent and its Subsidiaries
will continue to provide VS Holdco and its Subsidiaries with access to such Shared Formula until the date on which VS Holdco and/or
its Subsidiaries are able to obtain a&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">New Fragrance House Contract for such Shared Formula. A &ldquo;<B>New Fragrance House Contract</B>&rdquo;
shall mean, with respect to a Shared Formula, a contract entered into by an Acquired Company and the applicable fragrance house
or other supplier of such Shared Formula, on terms and conditions comparable to the terms and conditions of the applicable Fragrance
House Contracts with such fragrance house or supplier and on such other terms as are reasonably satisfactory to such Acquired
Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
6</FONT><FONT STYLE="font-size: 10pt"><BR>
Tax Matters</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Intended Tax Treatment</I>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The parties agree to treat the transactions described in Section 2.01 for U.S. federal income tax and applicable state
income tax purposes as an acquisition of a partnership interest in VS Holdco by Buyer from each of the Selling Entities (or if
a Selling Entity is disregarded, from its regarded owner) in a transaction governed by Sections 741, 751 and 743 of the Code (and
any similar provisions of applicable state law).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Each party hereto agrees not to treat the formation of VS Holdco pursuant to the Restructuring Transactions as governed
by Code Section 721(c).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The parties agree to treat, for U.S. federal income tax and applicable state income tax purposes, (i) any payment by VS
Holdco to Parent pursuant to Section 2.13(a) or Section 2.12 as a distribution of 45% of such amount to Parent and as a distribution
of 55% of such amount to Buyer immediately followed by a payment of such amount to Parent as an adjustment to the purchase price
Buyer paid to Parent for its interests in VS Holdco, and (ii) any payment by Parent to VS Holdco pursuant to Section 2.12 as a
payment of 45% of such amount to VS Holdco as contribution and as a payment of 55% of such amount to Buyer as an adjustment to
the purchase price paid by Buyer for its interests in VS Holdco immediately followed by a contribution of such amount to VS Holdco.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The parties agree to treat, for U.S. federal income tax and applicable state income tax purposes, (i) DC4, DC5, DC6 and
DC2 as having been contributed to VS Holdco prior to the Closing and (ii) any capital expenditures of Parent pursuant to the DC6
Construction Management Agreement that occur following the Closing as having occurred immediately prior to the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The parties agree to treat, for U.S. federal income tax and applicable income tax purposes, DC7 as having been retained
by Parent (or its Affiliates).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The parties agree to treat, for U.S. federal income tax and applicable state income tax purposes, the financial arrangements
between Parent and VS Holdco pursuant to the Construction Management Agreement and the Reimbursement Agreement as a loan from
Parent to VS Holdco.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>None of Parent, Buyer and VS Holdco shall (or shall permit any of their respective Affiliates) to take any position inconsistent
with the provisions of this Section 6.01 on any applicable Tax Return or in any proceeding before any Taxing Authority.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Tax Returns</I>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Parent shall prepare or cause to be prepared all Tax Returns that any Acquired Company files jointly with Parent or any
of its Affiliates (excluding, for the avoidance of doubt, any Acquired Company). Any Taxes shown as due and payable on any Tax
Return described in this clause (a) shall be paid by Parent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Parent shall prepare or cause to be prepared, at its expense, all income Tax Returns for the Acquired Companies for any
taxable period that ends on or before the Closing Date the due date of which is after the Closing Date (taking into account applicable
extensions). Each such Tax Return shall be prepared by treating items on such Tax Return in a manner consistent with the past
practices of Parent and the Acquired Companies with respect to such items, except as required by Applicable Law. Parent shall
deliver to Buyer and VS Holdco, for Buyer and VS Holdco&rsquo;s review and comment, a draft of each such Tax Return no later than
the Draft Delivery Date for such Tax Return.&nbsp;Buyer and VS Holdco shall have the Draft Review Period for such Tax Return to
provide comments, and Parent shall consider Buyer and VS Holdco&rsquo;s comments in good faith.&nbsp;Buyer shall cause such Tax
Return, as prepared by Parent in accordance with this Section 6.02(b), to be filed at Parent&rsquo;s direction. For this purpose,
(i) &ldquo;<B>Draft Delivery Date</B>&rdquo; means 45 days prior to the earlier of the due date for such Tax Return (taking into
account any applicable extensions) and the date such Tax Return is actually filed, and (ii) the &ldquo;<B>Draft Review Period</B>&rdquo;
means 30 days. Any Taxes shown as due and payable on any Tax Return described in this clause (b) shall be timely paid by Parent
or, to the extent any Acquired Company has paid such Tax, promptly reimbursed by Parent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>VS Holdco shall prepare or cause to be prepared, at its expense, all income Tax Returns for the Acquired Companies for
any Straddle Period. Each such Tax Return shall be prepared by treating items on such Tax Return in a manner consistent with the
past practices of Parent and the Acquired Companies with respect to such items, except as required by Applicable Law. VS Holdco
shall deliver to Buyer and Parent, for Buyer and Parent&rsquo;s review and comment, a draft of each such Tax Return no later than
45 days prior to the earlier of the due date for such Tax Return (taking into account any applicable extensions) and the date
such Tax Return is actually filed. Buyer and Parent shall have 30 days to provide comments, and VS Holdco shall consider Buyer
and Parent&rsquo;s comments in good faith. Without limiting the foregoing, provided Parent has submitted timely comments to the
draft copy of such Tax Return and such comments have not been fully incorporated or otherwise omitted after good faith discussions,
VS Holdco shall not file, or permit to be filed, any Tax Return described in this Section 6.02(c) without Parent&rsquo;s prior
written consent (not to be unreasonably withheld, conditioned or delayed). Any Tax shown on any such Tax Return that is attributable
to a Pre-Closing Tax Period shall be timely paid by Parent or, to the extent any Acquired Company has paid such Tax, promptly
reimbursed by Parent.&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>From and after the Closing, VS Holdco shall not, and shall not permit any of its Affiliates (including, for the avoidance
of doubt, the Acquired Companies), to amend any income Tax Return with respect to any Pre-Closing Tax Period if such action could
(i) increase (A) Parent&rsquo;s liability for Taxes for a Pre-Closing Tax Period or (B) the amount of any indemnification obligation
of Parent pursuant to this Agreement or (ii) reduce the amount of any Tax refund to which Parent is entitled pursuant to this
Agreement, in each case without Parent&rsquo;s prior written consent, unless required by Applicable Law (either as agreed to between
Parent and VS Holdco or based on advice that VS Holdco has received from an accounting firm or law firm of recognized standing
in the jurisdiction in which the amendment is to be filed that such amendment is more likely than not required to be filed under
Applicable Law). To the extent that VS Holdco or any Acquired Company determines that it is required under Applicable Law to amend
any income Tax Return, VS Holdco shall give to Parent reasonable notice of such determination and consider in good faith any comments
of Parent to such determination, and shall deliver a draft of such amendments at least 45 days prior to its intended filing and
shall incorporate all reasonable comments of Parent prior to filing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.03.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Tax Refunds</I>. From and after the Closing, VS Holdco shall promptly (i) pay to Parent the amount of any refunds or
credits received by the Acquired Companies in respect of any Excluded Tax and (ii) without duplication, reimburse Parent for any
estimated tax payment made by Parent or any Acquired Company prior to the Closing to the extent, and at the time, such payment
(or any portion thereof) is refunded to any Acquired Company or is used to offset or reduce any Tax liability of Buyer or any
of its Affiliates (including, for the avoidance of doubt, any Acquired Company) with respect to any Post-Closing Tax Period (in
each case, net of any Taxes imposed thereon or Taxes imposed on any Acquired Company or any other direct or indirect equity holders
(other than Parent) on repatriating the amount of such refund to Buyer and any reasonable third-party out-of-pocket expenses incurred
by Buyer or the Acquired Companies, as the case may be, in obtaining such refund or credit). Notwithstanding the foregoing, VS
Holdco shall have no obligation to pay to Parent any amount of a refund or credit with respect to a Tax that was paid by an Acquired
Company after the Closing Date and for which Parent has not provided indemnification for such Tax. Any refunds of any Transfer
Taxes shall be for the sole benefit of VS Holdco and to the extent Buyer or Parent or their respective Affiliates (other than
any Acquired Company) receives any such refund, such refund (net of any Taxes imposed thereon and reasonable third-party costs
borne by such party to obtain such refund) shall be promptly paid to VS Holdco.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.04.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Allocation of Straddle Period Taxes</I>. For purposes of this Agreement, in the case of any Straddle Period, all income
Taxes shall be apportioned between the Pre-Closing Tax Period, on the one hand, and the Post-Closing Tax Period, on the other
hand, as though such taxable period terminated as of the close of business on the Closing Date; <I>provided</I>, that any exemptions,
allowances or deductions that are <FONT STYLE="font-size: 10pt">calculated
on an annual basis or benefits of graduated rates, shall be apportioned between the two periods on a daily basis.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.05.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Purchase Price Allocation</I>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Prior to the Closing Date, Parent and Buyer shall agree on an allocation of the Estimated Purchase Price among the Selling
Entities, determined in accordance with the principles set forth on Section 6.05 of the Parent Disclosure Schedule (the &ldquo;<B>Preliminary
Allocation</B>&rdquo; and such principles, the &ldquo;<B>Allocation Principles</B>&rdquo;); <I>provided</I> that if Parent and
Buyer have not agreed on such an allocation prior to the date on which the Closing otherwise would occur, then (i) the failure
to so agree shall not constitute the failure of any condition to be satisfied on the Closing Date, the Closing shall occur and,
pending the Independent Accountant&rsquo;s determination of the Preliminary Allocation as provided in the following clause (ii),
any and all payments which otherwise would be made to or by, the Selling Entities pursuant to this Agreement shall instead be
made to or by an Affiliate of Parent (which Affiliate shall be designated by Parent by written notice to Buyer) acting as agent
of the Selling Entities (the &ldquo;<B>Selling Agent</B>&rdquo;), (ii) the matter shall be referred to the Independent Accountant
for prompt determination (the costs of which shall be borne equally by Parent and Buyer, with each of Parent and Buyer paying
its own costs and expenses), (iii) the Preliminary Allocation shall be the allocation as determined by the Independent Accountant
and (iv) promptly following the Independent Accountant&rsquo;s determination of the Preliminary Allocation, (A) the Selling Agent
shall disburse to the appropriate Selling Entities any amounts received by it in its capacity as such and (B) the appropriate
Selling Entities shall reimburse the Selling Agent for any amounts paid by the Selling Agent on their respective behalves.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Not later than 90 days after the Final Equity Value is determined pursuant to Section 2.11, VS Holdco shall deliver to
Buyer and Parent a schedule allocating the Final Purchase Price and any other applicable amounts required for Tax purposes, among
the assets of VS Holdco (and its Subsidiaries that are disregarded entities), in a manner consistent with the Preliminary Allocation,
the Allocation Principles and applicable Tax law (such schedule, the &ldquo;<B>Allocation Schedule</B>&rdquo;).&nbsp;If Buyer
or Parent disagree with any aspect of the Allocation Schedule, such party may, within 20 days after delivery of the Allocation
Schedule, deliver a notice (the &ldquo;<B>Allocation Notice</B>&rdquo;) to VS Holdco and Buyer or Parent, as the case may be,
to such effect, specifying those items as to which such party disagrees, the basis for such disagreement, and setting forth such
party&rsquo;s proposed allocation. If an Allocation Notice is duly and timely delivered, Parent, Buyer and VS Holdco shall, during
the 20 days following such delivery, use commercially reasonable efforts to reach agreement on the disputed items or amounts to
determine the allocation of the Final Purchase Price and any other amounts properly included for Tax purposes.&nbsp;If Parent,
Buyer and VS Holdco are unable to reach such agreement, they shall promptly thereafter jointly retain and cause the Independent
Accountant (the costs of which shall be borne equally by Parent and Buyer with each of Parent and Buyer paying its own costs and
expenses) to resolve any remaining disputes in a manner that is consistent with the Preliminary Allocation and the Allocation
Principles.&nbsp;The allocation, as prepared by VS Holdco if no Allocation Notice has been given, as adjusted pursuant to any
agreement between Parent, Buyer and VS Holdco, or as determined by the Independent Accountant, as applicable
(the &ldquo;<B>Allocation</B>&rdquo;), shall be conclusive, final and binding on the parties. The Allocation Schedule, the Allocation
Notice and the Allocation (and any adjustments thereto) each shall be prepared consistently with the Preliminary Allocation and
in accordance with the Allocation Principles and Sections 751, 755 and 1060 of the Code and the Treasury Regulations promulgated
thereunder.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>None of Parent, Buyer or VS Holdco shall (and they shall cause their respective Affiliates not to) take any position inconsistent
with the Allocation on any Tax Return or in any proceeding before any Governmental Authority, in each case, except to the extent
otherwise required by Applicable Law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.06.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Cooperation</I>. Parent and Buyer shall cooperate fully, as and to the extent reasonably requested by the other party
or VS Holdco, in connection with the preparation and filing of any Tax Return, any audit, litigation or other proceeding with
respect to Taxes. Such cooperation shall include the retention and (upon the other party&rsquo;s reasonable request) the provision
of records and information that are reasonably relevant to any such audit, litigation or other proceeding and making employees
available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder.
Parent, Buyer and VS Holdco agree (i) to retain all books and records with respect to Tax matters pertinent to Acquired Companies
relating to any Pre-Closing Tax Period until the expiration of any applicable statute of limitations, and to abide by all record
retention agreements entered into with any Governmental Authority for all periods required by such Governmental Authority, and
(ii) to use commercially reasonable efforts to provide the other party with at least 30 days&rsquo; prior written notice before
destroying any such books and records, during which period the party receiving the notice can elect to take possession, at its
own expense, of such books and records. Notwithstanding anything to the contrary in this Agreement, in no event shall Parent be
required to deliver a copy of, or information in respect of, any Tax Return of a Parent Tax Group (other than a group that consists
exclusively of Acquired Companies).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.07.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Withholding Certificates</I>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>Prior
to the Closing Date, Parent shall deliver to Buyer (i) a properly executed IRS Form W-9 or certificate of non-foreign status
in form and substance required under Code Sections 1445 and 1446 from a Selling Entity that is a US Person (or for a Selling
Entity that is disregarded as an entity separate from its owner and is owned by a regarded entity that is a US Person, from
such US Person); (ii) a certificate duly executed by VS Holdco in form and substance required under Treasury Regulations
Section 1.1445-11T, stating that either (A) 50% or more of the value of the gross assets of VS Holdco does not consist of
U.S. real property interests within the meaning of Section 897 of the Code and the Treasury Regulations thereunder
(&ldquo;<B>USRPIs</B>&rdquo;), or (B) 90% or more of the value of the gross assets of VS Holdco does not consist of USRPIs
plus cash or cash equivalents; and (iii) one or more certifications in form and substance required under IRS Notice 2018-29
or Proposed Treasury Regulations Section 1.1446(f)-2 (or any replacement authority that supersedes IRS Notice 2018-29 and/or
Proposed Treasury Regulations Section 1.1446(f)-2 after the date hereof) upon which Buyer can properly rely (in Buyer&rsquo;s
reasonable discretion) to avoid or reduce withholding under <FONT STYLE="font-size: 10pt">Section 1446(f)(1)
of the Code with respect to any Selling Entity which is not a US Person.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>In connection with preparing any certification pursuant to <B>&lrm;</B>Section 6.07(a)(iii), or determining whether any
such certification can reasonably be relied on to avoid or reduce withholding under Section 1446(f)(1) of the Code, each of Parent
and</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Buyer shall, and shall cause each of its Affiliates and VS Holdco to, treat Cayman Co2 (as defined in the Restructuring Plan)
as not engaged in the conduct of a trade or business within the United States within the meaning of Section 864 of the Code.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Agreement to the contrary, Buyer, its Affiliates and the Acquired Companies will be entitled
to withhold and deduct from any amounts otherwise payable pursuant to this Agreement such amounts as any such Person is required
to deduct and withhold with respect to the making of such payment under the Code or any provision of Applicable Law. Any amounts
deducted and withheld in accordance with <B>&lrm;</B>this <B>&lrm;</B>Section 6.07(c) will be treated for all purposes of this
Agreement as having been paid to the Person in respect of which such deduction and withholding was made. To the extent that Buyer
determines it is required to withhold (other than from the failure to provide any certificates under <B>&lrm;</B>Section 6.07(a)
that exempt the transactions contemplated by this Agreement from withholding under Sections 1445 and 1446 of the Code), it shall
give prompt notice to Parent of such requirement and shall work in good faith to avoid or reduce such withholding in accordance
with Applicable Law</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.08.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Buyer United States Shareholder</I>. If Buyer demonstrates, on or prior to March 31, 2021 (or the Independent Accountant
makes a determination after such date or Buyer and Parent enter into a settlement in respect of a matter referred to the Independent
Accountant after such date) that Buyer or any of its direct or indirect equityholders is a Buyer United States Shareholder, Parent
shall promptly pay to Buyer (or its designees) the Buyer United States Shareholder Tax Amount (if any). If Buyer and Parent are
unable to agree as to whether a Person is a Buyer United States Shareholder or the Buyer United States Shareholder Tax Amount
for any Buyer United States Shareholder, Buyer and Parent shall work in good faith to resolve their differences; <I>provided</I>
that if they are unable to resolve their differences by March 31, 2021, then Parent and Buyer shall retain the Independent Accountant
(the costs of which shall be borne equally by Parent and Buyer) to resolve their differences. The determination of the Independent
Accountant regarding any such disputes shall be binding on Parent, Buyer and VS Holdco for purposes of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.09.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Push-Out Elections</I>. To the extent permitted by Applicable Law, Buyer, Parent, and the Selling Entities will cause
(and will cooperate in connection with causing) any Acquired Company treated as a partnership for U.S. federal income tax purposes
on or prior to the Closing to make &ldquo;push-out&rdquo; elections pursuant to Code Section 6226 and the Treasury Regulations
promulgated thereunder with respect to any Pre-Closing Tax Periods.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Tax Sharing Agreements</I>. Prior to Closing, Parent shall take all actions necessary to terminate each Acquired Company&rsquo;s
obligations under any Tax sharing, Tax indemnity, or similar agreement to indemnify or pay the obligations of Parent or its Subsidiaries
(other than any Acquired Company) such that no Acquired Company shall have any obligation to pay or reimburse Parent or its Subsidiaries
(other than any Acquired Company) for any Taxes after the Closing (other than as contemplated by this Agreement).&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
7</FONT><FONT STYLE="font-size: 10pt"><BR>
Employee Benefits</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Continuation of Employment of Service Providers. </I> Parent and its Affiliates, and at all times the Acquired Companies,
shall take all necessary and appropriate actions to provide for (i) in the case of each Continuing Employee who is employed by
an Acquired Company as of the Closing Date, the continuation of such Continuing Employee&rsquo;s employment with such Acquired
Company following the Closing, and (ii) in the case of each Continuing Employee who is employed between the date hereof and the
Closing by Parent or an Affiliate of Parent other than an Acquired Company, the transfer of such Continuing Employee&rsquo;s employment
to an appropriate Acquired Company effective on or before the Closing Date or, subject to the terms and conditions of the Transition
Services Agreement, effective as of such later date agreed in writing between Parent and the Acquired Companies (the Closing Date,
or such later date as relates to any such Continuing Employee, the Continuing Employee&rsquo;s &ldquo;<B>Transition Date</B>&rdquo;).
The terms of employment of each such Continuing Employee with the Acquired Companies as of and after such Continuing Employee&rsquo;s
Transition Date shall be consistent with the terms and conditions set out in this Article 7; <I>provided</I>, that for each such
Continuing Employee the Acquired Companies will take all measures that are required or appropriate in order to (i) effectuate
any such continuation or transfer of employment of any such Continuing Employee and (ii) avoid and mitigate to the maximum extent
possible the triggering of a termination of employment or the incurrence of any severance obligations or termination-related obligations
(including, without limitation, by the provision of all appropriate notices, assurances, offers of employment and the assignment
and assumption of obligations or undertakings with respect to the employment, compensation, benefits, protections or other obligations
relating to any such Continuing Employee). To the extent relevant and practicable, with respect to each Continuing Employee, Parent
and the Acquired Companies shall (i) treat the Acquired Companies as a &ldquo;successor employer&rdquo; and Parent and its other
Affiliates as &ldquo;predecessors,&rdquo; within the meaning of Sections 3121(a)(1) and 3306(b)(1) of the Code, for purposes of
taxes imposed under the U.S. Federal Unemployment Tax Act or the U.S. Federal Insurance Contributions Act, and (ii) cooperate
and use reasonable best efforts to implement the alternate procedure described in Section 5 of Revenue Procedure 2004-53. Notwithstanding
any other provision of this Article 7, neither Buyer nor any of its Affiliates (including the Acquired Companies) shall be obligated
to continue to employ any Continuing Employee for any specific period following such Continuing Employee&rsquo;s Transition Date,
subject to Applicable Law and any applicable contractual obligations; <I>provided</I>, <I>however</I>, that VS Holdco shall assume
and pay and shall indemnify and hold Parent and its Affiliates (not including the Acquired Companies) harmless for any severance
obligations or termination-related obligations that arise in part or in whole <FONT STYLE="font-size: 10pt">from the failure
of any Acquired Company to take the measures required (to the extent permitted by Applicable Law) of the Acquired Companies under
this Article 7. Except as otherwise expressly provided herein and under the Transition Services Agreement, effective as of the
Closing the Acquired Companies shall assume or retain, as the case may be, any and all liabilities (contingent or otherwise) relating
to, arising out of, or resulting from the employment or services, or termination of employment or services, of</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">such Continuing
Employee, whether arising before, on or after the Closing Date of such Continuing Employee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Maintenance of Compensation and Benefits</I>. For the period beginning on the Closing Date and ending on the 12-month
anniversary thereof (or, if earlier, until the date of termination of the relevant Continuing Employee) (the &ldquo;<B>Continuation
Period</B>&rdquo;), Buyer shall cause the Acquired Companies to provide each Continuing Employee with (i) a base salary or wage
rate and target incentive compensation opportunity that, in each case, is no less favorable than the base salary, wage rate and
target incentive compensation opportunity provided to such Continuing Employee immediately prior to the Closing Date or, if later,
such Continuing Employee&rsquo;s Transition Date, (ii) the benefits set forth on Section 7.02 of the Parent Disclosure Schedule,
and (iii) employee benefits, other than severance, defined benefit pension or post-termination or retiree welfare benefits, nonqualified
deferred compensation, excess benefit plans, and transaction-related compensation provided by Parent and its Affiliates in connection
with the transactions contemplated by this Agreement, that are substantially comparable in the aggregate to the employee benefits
(subject to the same exclusions) provided to such Continuing Employee immediately prior to the Closing Date or, if later, such
Continuing Employee&rsquo;s Transition Date, in each case, pursuant to the existing terms of the Employee Plans. Buyer shall cause
the Acquired Companies to allocate and administer the Retention Reserve Amount in accordance with Section 1.01(a)(i) of the Parent
Disclosure Schedule.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.03.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Severance</I>. Buyer shall cause the Acquired Companies to provide to each Continuing Employee whose employment is terminated
in a qualifying termination (as determined pursuant to the applicable Severance Scheme (as defined below)) during the Continuation
Period severance payments and benefits equal to the aggregate value of the severance payments and benefits that such Continuing
Employee would have received under (i) the severance plan or other similar contractual or discretionary practice, policy or employment
agreement listed on Section 7.03 of the Parent Disclosure Schedule applicable to the Continuing Employee immediately prior to
the Closing or, if later, such Continuing Employee&rsquo;s Transition Date or (ii) if more favorable to the Continuing Employee,
any applicable statutory or regulatory scheme applicable to such Continuing Employee (in each case, the &ldquo;<B>Severance Scheme</B>&rdquo;);
<I>provided </I>that the Acquired Companies&rsquo; provision of such severance benefits may be subject to such Continuing Employee&rsquo;s
execution, delivery and non-revocation of a general release in favor of the Acquired Companies, Parent and their respective Affiliates,
if permitted under Applicable Law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.04.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Assumption of Continuing Employee Agreements.</I> Parent and its Affiliates, and at all times the Acquired Companies,
shall take all necessary and appropriate actions to provide for the assignment to and retention and assumption by the Acquired
Companies of each employment, retention, termination, severance, indemnification or similar agreement relating to each Continuing
Employee set forth on Section 7.04 of the Parent Disclosure Schedule and the assumption, payment and fulfillment of all obligations
under and in accordance with such agreements by the Acquired Companies, in each case as of and after such Continuing Employee&rsquo;s
Transition&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date, which such
obligations and related liabilities shall be Assumed Liabilities. Without limiting the foregoing, effective as of the Closing
Date, VS Holdco shall assume all obligations and liabilities of Parent and its Affiliates under the employment agreements listed
on Section 7.04 of the Parent Disclosure Schedule (other than, for the avoidance of doubt, obligations and liabilities under Parent
Employee Plans).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.05.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Allocation of Employee and Benefit Liabilities.</I> Except as otherwise expressly provided under the Transition Services
Agreement, the Acquired Companies shall be responsible for all liabilities incurred after the Closing relating to any employee
benefit with respect to any Continuing Employee (other than those pursuant to a Parent Employee Plan under which the liabilities
are fully funded by a third-party insurer (in each case, a &ldquo;<B>Fully Insured Parent Plan</B>&rdquo;)), and VS Holdco shall
indemnify and hold Parent and its Affiliates (other than the Acquired Companies) harmless for any cost, expense or liability of
Parent or its Affiliates (other than the Acquired Companies) arising from the failure of the Acquired Companies to assume and
defray such employee benefit liabilities. Except as expressly assumed by VS Holdco under this Article 7 or otherwise expressly
provided in the Transition Services Agreement, Parent and its Affiliates shall be responsible for and shall indemnify and hold
Buyer, its Affiliates and the Acquired Companies harmless for any cost or expense and any and all liabilities under all Parent
Employee Plans accrued or incurred (i) prior to the Closing or (ii) after the Closing under a Fully Insured Parent Plan, in each
case with respect to any Continuing Employee. For purposes of this Section 7.05 (i) a medical, dental or vision benefit claim
shall be &ldquo;incurred&rdquo; when the relevant service is provided or item purchased and (ii) other benefit claims shall be
&ldquo;incurred&rdquo; when payable in accordance with the terms of the relevant Employee Plan, regardless of the time of the
circumstance or event giving rise to such claims. Parent and its Affiliates shall be responsible for and shall indemnify and hold
Buyer, its Affiliates and the Acquired Companies harmless from and against any cost or expense and any and all liabilities related
to any person claiming that (A) prior to Closing they were improperly classified as an independent contractor of an Acquired Company
rather than an employee of the Acquired Company or (B) as of Closing their employment relationship should have continued with
an Acquired Company but Parent caused that not to occur, by withholding or transferring the person out of the Acquired Company
and not making the person available for hire by the Acquired Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.06.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Benefit Plans; Flexible Spending. </I>With respect to any employee benefit plan maintained by Buyer or any of its Affiliates
(the &ldquo;<B>New Company Plans</B>&rdquo;) that replaces a Parent Employee Plan and in which any Continuing Employee becomes
eligible to participate on or after the Closing Date (or, if later, the end of the applicable transition period under the Transition
Services Agreement), Buyer shall cause the Acquired Companies to: (i)&nbsp;recognize the service with Parent or its Affiliates
of such Continuing Employees accrued prior to the Closing Date or, if later, a Continuing Employee&rsquo;s Transition Date for
purposes of eligibility to participate and vesting and, solely with respect to paid-time off, sick leave, and severance, level
of benefits under any New Company Plan in which any such Continuing Employee may be eligible to participate after the Closing
Date or, if later, such Continuing Employee&rsquo;s Transition Date (excluding any plans or arrangements providing for defined
benefit pension or post-&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">retirement
or retiree health or welfare benefits); <I>provided</I> that (x) such service was recognized prior to the Closing Date or, if
later, such Continuing Employee&rsquo;s Transition Date, under the analogous Parent Employee Plan and (y) in no event shall any
credit be given to the extent it would result in the duplication of benefits for the same period of service, (ii) use commercially
reasonable efforts to waive all pre-existing conditions, exclusions and waiting periods with respect to participation and coverage
requirements applicable to such Continuing Employee under any New Company Plan in which such Continuing Employee may be eligible
to participate after the Closing Date, except to the extent such pre-existing condition, exclusion or waiting period would have
applied to such individual under such corresponding Parent Employee Plan immediately prior to the date on which such Continuing
Employee becomes eligible to participate in the applicable New Company Plan, and (iii)&nbsp;credit such Continuing Employee for
any coinsurance or deductibles paid prior to the date such Continuing Employee becomes a participant in the New Company Plans,
if any, with respect to the plan year falling within the calendar year in which such participation commences. Such dollar credit,
if any, shall be given to the same extent and for the same purpose as credited under the corresponding Parent Employee Plan providing
group health benefits for purposes of satisfying any applicable coinsurance or deductible requirements under any of the corresponding
New Company Plans in which such Continuing Employee is eligible to participate after the Closing Date (or, if later, the end of
the applicable transition period under the Transition Services Agreement). Except as otherwise expressly provided under the Transition
Services Agreement, as of the Closing Date, VS Holdco (or an Acquired Company) shall establish flexible spending accounts for
medical and dependent care expenses under a new or existing plan (&ldquo;<B>Company&rsquo;s FSA</B>&rdquo;) for each Continuing
Employee who, on or prior to the Closing Date or, if later, a Continuing Employee&rsquo;s Transition Date or the date on which
Company&rsquo;s FSA is established, is a participant in a flexible spending account for medical and dependent care expenses under
an Employee Plan (&ldquo;<B>Parent&rsquo;s FSA</B>&rdquo;) or who elects to participate in Company&rsquo;s FSA. Subject to Buyer
and VS Holdco being provided all information reasonably necessary to permit the administrator of Company&rsquo;s FSA to accommodate
the inclusion of the Continuing Employees in Company&rsquo;s FSA on the basis described herein, VS Holdco shall credit or debit,
as applicable, effective as of the Closing Date or, if later, the Continuing Employee&rsquo;s Transition Date or the date on which
Company&rsquo;s FSA is established, the applicable account of each Continuing Employee under Company&rsquo;s FSA with an amount
equal to the balance of each such Continuing Employee&rsquo;s account under Parent&rsquo;s FSA as of immediately prior to such
date. As soon as practicable after the Closing or, if later, a Continuing Employee&rsquo;s Transition Date or the date on which
Company&rsquo;s FSA is established, with respect to the affected Continuing Employees Parent shall pay to Buyer (or its designee)
the net aggregate amount of the account balances credited under Company&rsquo;s FSA, if such amount is positive, and VS Holdco
shall pay to Parent the net aggregate amount of the account balances credited under Company&rsquo;s FSA, if such amount is negative.
Buyer covenants that, with respect to Continuing Employees, the New Company Plans shall not treat any transaction contemplated
hereby as an event which, in and of itself, would cause any Continuing Employees to be subject to any preexisting condition limitation
and shall otherwise satisfy the requirements of Section 4980B(f) of the code with respect to any &ldquo;qualifying events&rdquo;
(as such term is defined under Section 4980B(f)(3) of the Code) for&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">purposes of Section 4980B of the Code or any similar state law that occur under the New Company Plans on or after the Closing
Date. Parent, and not Buyer, VS Holdco or any of Buyer&rsquo;s or VS Holdco&rsquo;s ERISA Affiliates or their Subsidiaries, shall
be responsible for providing health continuation benefits under COBRA or similar state law to all individuals who are &ldquo;M&amp;A
Qualified Beneficiaries&rdquo; as defined in Treas. Reg. Section 54.4980B-9 with respect to any Employee Plan as a result of any
termination of employment of any Continuing Employee in respect of the transactions contemplated by this Agreement. Parent and
its Affiliates shall be responsible for ensuring that each Service Provider who, prior to the Closing Date, became disabled as
defined in the Parent Employee Plans that provide short- and long-term disability benefits shall continue to receive or be entitled
to receive such disability benefits under such Parent Employee Plan until the end of the benefit period described in such plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.07.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Workers Compensation.</I> Effective as of the Closing or, if later, a Continuing Employee&rsquo;s Transition Date, all
workers&rsquo; compensation liabilities relating to, arising out of or resulting from any claim by any Continuing Employee that
result from an accident or from an occupational disease incurred before, on or after the Closing Date or, if later, a Continuing
Employee&rsquo;s Transition Date shall be assumed by the Acquired Companies and shall constitute Assumed Liabilities. The parties
shall cooperate with respect to any notification to appropriate Governmental Authorities of the disposition and the issuance of
new, or the transfer of existing, workers&rsquo; compensation insurance policies and contracts governing the handling of claims.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.08.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Savings and Retirement Plans.</I> Effective as of the Closing Date, Parent shall amend each of the tax-qualified defined
contribution plans in which Continuing Employees participate (the &ldquo;<B>Parent Savings Plans</B>&rdquo;) to cause the active
participation of each Continuing Employee in the Parent Savings Plans to cease as of the Closing Date or, if later, such Continuing
Employee&rsquo;s Transition Date. Parent shall take any steps necessary to (i) cause each Continuing Employee to be fully vested
in their account balances under the relevant Parent Savings Plan as of the Closing Date or, if later, such Continuing Employee&rsquo;s
Transition Date, (ii) make the matching, profit sharing and any other employer contributions to the Parent Savings Plans on behalf
of the Service Providers employed with an Acquired Company as of the Closing for all periods prior to the Closing (including those
that would have been made irrespective of any end-of-year service requirements otherwise applicable to such contributions, prorated
for the portion of the plan year ending on the Closing Date), and (iii) permit the Continuing Employees to receive a distribution
of their account balances under each of the Parent Savings Plans as a result of the transactions contemplated by this Agreement.
As of the Closing Date, a tax-qualified savings plan established or maintained by Buyer or one of its Affiliates, including VS
Holdco or any of the Acquired Companies, (the &ldquo;<B>Post-Closing DC Plan</B>&rdquo;) shall be in operation to facilitate post-Closing
deferrals from electing Continuing <FONT STYLE="font-size: 10pt">Employees and
shall, if elected by Continuing Employees, accept individual rollovers of Continuing Employees&rsquo; distributions from the Parent
Savings Plans in cash and participant loan notes. Parent and Buyer further agree to reasonably cooperate to amend the Parent Savings
Plans and/or the Post-Closing DC Plan (as necessary) in order to accommodate the rollover of outstanding loan notes.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.09.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Cash Incentives.</I> As of the Closing or, if later, the Continuing Employee&rsquo;s Transition Date, the Acquired Companies
shall assume all obligations of Parent and any of its Affiliates to each Continuing Employee pursuant to any cash incentive plan
or program set forth on Section 3.21(a) of the Parent Disclosure Schedule, including, without limitation, any seasonal incentive,
store incentive or sales- or commission-based programs with respect to the Continuing Employee&rsquo;s service with Parent or
its Affiliates (including the Acquired Companies), including with respect to any performance period or cycle continuing as of
the Closing or, if later, the Continuing Employee&rsquo;s Transition Date (collectively, the &ldquo;<B>Cash Incentives</B>&rdquo;).
Each Continuing Employee participating in any Cash Incentive with respect to any performance period continuing as of the Closing
or, if later, the Continuing Employee&rsquo;s Transition Date, shall remain eligible to receive the appropriate cash bonus with
respect to such performance period in accordance with the terms of the Cash Incentive; <I>provided</I>, that Parent may at its
discretion modify and adjust such Cash Incentive to reduce or prorate the amount payable under such Cash Incentive or, after good
faith consultation with the Acquired Companies, adjust the applicable performance conditions in light of the transactions contemplated
by the Agreement. Any Cash Incentive payable to a Continuing Employee will be paid by the Acquired Companies on behalf of Parent
in accordance with the terms of such Cash Incentive (as so modified or adjusted in accordance with this Section 7.09 and including
terms relating to the timing of payment), which such obligations and amounts shall constitute Assumed Liabilities. To the extent
any Cash Incentive relating to any performance period or cycle continuing as of the Closing or, if later, the Continuing Employee&rsquo;s
Transition Date requires the determination of performance against any qualitative component or individual performance goal, the
achievement of such component or performance shall be determined by Parent in its sole discretion after good faith consultation
with the Acquired Companies and such determination shall be applied by in the calculation and payment of the relevant Cash Incentive.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Paid Time Off</I>. Except where the payment of accrued but unused paid time off is required under Applicable Law, effective
as of the Closing or, if later, a Continuing Employee&rsquo;s Transition Date, the Acquired Companies shall assume or retain,
as the case may be, all obligations of Parent and its Affiliates for the accrued, unused paid time off for such Continuing Employee,
which such obligations and amounts shall be Assumed Liabilities. Following the Closing or, if later, a Continued Employee&rsquo;s
Transition Date, the Acquired Companies shall administer such accrued and unused paid time off rights for the benefit of such
Continuing Employee in a manner no less favorable to such Continuing Employee than under the programs of Parent and its Affiliates
in place as of the Closing or, if later, the Continuing Employee&rsquo;s Transition Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Supplemental Retirement Plan</I>. Following the date of this Agreement, Parent will take action to terminate the Parent
Supplemental Retirement Plan (the &ldquo;<B>SRP</B>&rdquo;) (i) on or prior to the Closing as it relates to all participants in
the SRP who are employees of the Acquired Companies (the &ldquo;<B>Acquired Companies SRP Termination</B>&rdquo;) and (ii) within
six months following the date hereof or, if later, on the date that the Acquired Companies SRP Termination occurs, as it relates
to all other participants in the SRP, in each case, in accordance with applicable regulations under Section 409A of the Code.
Subject to the foregoing, the parties hereto shall coordinate&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">and cooperate
in good faith with respect to the timing and effectuation of such termination and the distribution of the related plan participant
SRP account balances with the objective of maintaining reasonably equitable treatment as amongst the employees of the Acquired
Companies, on the one hand, and the employees of Parent, on the other, it being agreed that such amounts will be paid out to the
applicable plan participants by the Acquired Companies (in the case of plan participants who are employees of the Acquired Companies)
and Parent (in the case of plan participants who are employees of Parent), as applicable, within the required periods applicable
under Section 409A of the Code. Buyer shall cause the appropriate Acquired Companies to cooperate and coordinate with Parent to
facilitate and execute the payment of the SRP distributions due to the employees of the Acquired Companies prior to and in connection
with the termination of the SRP as directed by Parent, including the making of such distribution payments through the payroll
of the appropriate Acquired Company, the withholding and payment of applicable employee and employer payroll Tax withholding and
the required tax reporting with respect to such payments.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Necessary Action</I>. Parent and Buyer agree to take all action, or cause such action to be taken, which may be necessary
in order to effectuate the transactions contemplated by this Article 7, including, without limitation, adopting any necessary
amendments to the Employee Plans and making all filings and submissions to the appropriate governmental agencies required to be
made in connection with the events and actions contemplated or triggered by this Agreement as relates to employees and employee
benefit matters.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>No Third Party Beneficiaries</I>. Without limiting the generality of Section 11.08, nothing in this Article 7, express
or implied, (i) is intended to or shall confer upon any Person other than the parties hereto and their respective successors and
assigns, including any current or former Service Provider or Continuing Employee, any right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement, (ii) shall establish or constitute an amendment, termination or modification of, or an undertaking
to establish, amend, terminate or modify, any benefit plan (including any Employee Plan), program, agreement or arrangement, or
(iii) shall create any obligation on the part of any of the parties hereto to employ any Service Provider for any period of time
following the Closing or (iv) shall prevent the amendment, modification or termination of any Employee Plan or prohibit Buyer
or any of its Affiliates (including, following the Closing, the Acquired Companies) from terminating the employment of any Continuing
Employee at any time following the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Employee Matters</I>. Notwithstanding anything to the contrary contained in this Agreement, Parent, Buyer and VS Holdco
shall take, and shall cause <FONT STYLE="font-size: 10pt">their respective
Affiliates to take, the actions set forth on Section 7.14 of the Parent Disclosure Schedule.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
8</FONT><FONT STYLE="font-size: 10pt"><BR>
Conditions to Closing</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 8.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Conditions to Obligations of Buyer and Parent</I>. The obligations of Buyer and Parent to consummate the Closing are
subject to the satisfaction (or, to the extent permissible, waiver by the party or parties hereto entitled to the benefit of the
following conditions) of the following conditions:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Any applicable waiting period under the HSR Act relating to the transactions contemplated hereby shall have expired or
been terminated.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The approvals set forth on Section 3.03(ii)(A) of the Parent Disclosure Schedule shall have been obtained.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>No provision of any Applicable Law shall prohibit the consummation of the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The transactions contemplated by the Restructuring Plan shall have been completed.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 8.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Conditions to Obligation of Buyer</I>. The obligation of Buyer to consummate the Closing is subject to the satisfaction
(or, to the extent permissible, waiver by Buyer) of the following further conditions:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>(i) Parent shall have performed in all respects all of its obligations under Item 1 of Section 5.09(b) of the Parent Disclosure
Schedule and Buyer shall have received evidence thereof (reasonably satisfactory to Buyer) and (ii) Parent shall have performed
in all material respects all of its other obligations hereunder required to be performed by it on or prior to the Closing Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>(i)
The representations and warranties of Parent contained in Section 3.09(a) shall be true and correct at and as of the Closing
Date, as if made at and as of such date, (ii) the representations and warranties of Parent contained in Section 3.01, Section
3.02, Section 3.05, Section 3.06 and Section 3.19 (determined without regard to any qualification or exception contained
therein relating to &ldquo;material&rdquo;, &ldquo;materiality&rdquo;, &ldquo;Material Adverse Effect&rdquo; or any similar
qualification or standard) shall be true and correct in all material respects at and as of the Closing Date, as if made at
and as of such date (except with respect to representations and warranties that are made expressly as of a specific date,
which representations and warranties shall be true and correct in all material respects as of such date), and (iii) the
representations and warranties of Parent contained in Article 3 other than Section 3.09(a), Section 3.01, Section 3.02,
Section 3.05, Section 3.06 and Section 3.19 (determined without regard to any qualification or exception contained therein
relating to &ldquo;material&rdquo;, &ldquo;materiality&rdquo;, &ldquo;Material Adverse Effect&rdquo; or any similar
qualification or standard) shall be true and correct at and as of the <FONT STYLE="font-size: 10pt">Closing Date,
as if made at and as of such date (except with respect to representations and warranties that are made expressly as of a specific
date, which representations and warranties shall be true and correct as of such date), in the case of this clause (iii) with</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp; </FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">only
such exceptions as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Buyer shall have received a certificate signed by an officer of Parent certifying as to the matters set forth in Section
8.02(a) and Section 8.02(b).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Buyer shall have received evidence (reasonably satisfactory to Buyer) of (i) the release of all Liens on the Transferred
Assets and equity interests of the Acquired Companies (other than Permitted Liens and Liens in respect of obligations for Indebtedness
included in Closing Indebtedness and not being repaid at the Closing) under each of the Contracts set forth on Section 8.02(d)(i)
of the Parent Disclosure Schedule and (ii) the release of all guarantees by the Transferred Entities in favor of Parent under
each of the Contracts set forth on Section 8.02(d)(ii) of the Parent Disclosure Schedule.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>All of the payments and deliveries to be made by Parent to Buyer or VS Holdco, if applicable, pursuant to Section 2.09
and, if applicable Section 2.13, shall have been made or shall be made concurrently with the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 8.03.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Conditions to Obligation of Parent</I>. The obligation of Parent to consummate the Closing is subject to the satisfaction
(or, to the extent permissible, waiver by Parent) of the following further conditions:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Buyer shall have performed in all material respects all of its obligations hereunder required to be performed by it at
or prior to the Closing Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>(i) The representations and warranties of Buyer contained in Section 4.01, Section 4.02 and Section 4.08 (determined without
regard to any qualification or exception contained therein relating to &ldquo;material&rdquo;, &ldquo;materiality&rdquo; or any
similar qualification or standard) shall be true and correct in all material respects at and as of the Closing Date, as if made
at and as of such date (except with respect to representations and warranties that are made expressly as of a specific date, which
representations and warranties shall be true and correct in all material respects as of such date), and (ii) the representations
and warranties of Buyer contained in Article 4 other than Section 4.01, Section 4.02 and Section 4.08 (determined without regard
to any qualification or exception contained therein relating to &ldquo;material&rdquo;, &ldquo;materiality&rdquo; or any similar
qualification or standard) shall be true and correct at and as of the Closing Date, as if made at and as of such date (except
with respect to representations and warranties that are made expressly as of a specific date, which representations and warranties
shall be true and correct as of such date), in the case of this clause (ii) with only such exceptions as would not reasonably
be expected to, individually or in the aggregate, prevent, materially delay or materially impede the performance by Buyer of its
obligations under this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Parent shall have received a certificate signed by an officer of Buyer certifying as to the matters set forth in Section
8.03(a) and Section 8.03(b).</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>All of the payments and deliveries to be made by Buyer to Parent or VS Holdco and/or by VS Holdco to Parent, as applicable,
pursuant to Section 2.09 and, if &nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">applicable
Section 2.13, shall have been made or shall be made concurrently with the Closing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
9</FONT><FONT STYLE="font-size: 10pt"><BR>
Survival; Indemnification</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Survival</I>. None of the representations and warranties of the parties hereto contained in this Agreement shall survive
the Closing. The (i) covenants and agreements of the parties hereto contained in this Agreement that by their terms relate only
to a period between the date of this Agreement and the Closing shall survive the Closing until the date that is one year after
the Closing Date, (ii) covenants and agreements of the parties hereto contained in Article 6 shall survive for the full period
of all applicable statutes of limitations and (iii) any other covenants and agreements of the parties hereto contained in this
Agreement that by their terms relate to the period after the Closing shall survive the Closing indefinitely or for the shorter
period explicitly specified therein. Notwithstanding the preceding sentences, any breach of covenant or agreement in respect of
which indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate pursuant to the
preceding sentences, if notice of the inaccuracy or breach thereof giving rise to such right of indemnity shall have been given
in accordance with Section 9.03 or 9.04 as applicable to the party hereto against whom such indemnity may be sought prior to such
time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Indemnification</I>. (a) Effective at and after the Closing, Parent hereby indemnifies Buyer and its Affiliates (excluding
the Acquired Companies) (the &ldquo;<B>Buyer Indemnified Parties</B>&rdquo;) against and agrees to hold each of them harmless
from any and all damage, loss, liability and expense (including reasonable expenses of investigation and reasonable attorneys&rsquo;
fees and expenses in connection with any action, suit or proceeding whether involving a third party claim or a claim solely between
the parties hereto) (&ldquo;<B>Damages</B>&rdquo;) actually incurred or suffered by any Buyer Indemnified Party arising out of
(i) any breach of covenant or agreement made or to be performed by Parent pursuant to this Agreement, and (ii) any Excluded Liability;
<I>provided</I> that for the avoidance of doubt, it is understood that the foregoing indemnification in clauses (i) and (ii) with
respect to the Buyer Indemnified Parties is intended to indemnify the Buyer Indemnified Parties (A) for Damages arising out of
any and all Excluded Liabilities that may be claimed or determined to be liabilities of any Acquired Company and (B) only for
Damages suffered or incurred by them directly (and nothing in this proviso shall limit any Buyer Indemnified Party&rsquo;s right
to seek indemnification from Parent hereunder for Damages suffered or incurred by such Buyer Indemnified Party directly), and
shall in no event be deemed to provide for any duplicative recovery with respect to Damages suffered by any Acquired Company and
indemnified pursuant to Section 9.02(c) (and nothing in this proviso shall limit any Acquired Company&rsquo;s right to seek indemnification
from Parent hereunder for such Damages).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Effective at and after the Closing, Buyer hereby indemnifies Parent and its Affiliates against and agrees to hold each
of them harmless from any and all Damages actually incurred or suffered by Parent or any of its Affiliates arising out of any
breach of covenant or agreement made or to be performed by Buyer pursuant to this Agreement; </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>provided</I> that Buyer&rsquo;s
maximum liability under this Section 9.02(b) shall not exceed the Purchase Price, <I>plus</I> the amount of any capital contributions
made by Parent to VS Holdco pursuant to <B>&lrm;</B>Section 2.13(b).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Effective at and after the Closing, Parent hereby indemnifies the Acquired Companies against and agrees to hold each of
them harmless from any and all Damages actually incurred or suffered by any Acquired Company arising out of (i) any breach of
covenant or agreement made or to be performed by Parent pursuant to this Agreement and (ii) any Excluded Liability, it being understood
that the indemnification in this Section 9.02(c) is intended to indemnify the Acquired Companies for Damages arising out of any
and all Excluded Liabilities that may be claimed or determined to be liabilities of any Acquired Company and shall in no event
be deemed to provide for any duplicative recovery with respect to Damages suffered by any Buyer Indemnified Party and indemnified
pursuant to Section 9.02(a).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Effective at and after the Closing, VS Holdco hereby indemnifies Parent and its Affiliates against and agrees to hold each
of them harmless from any and all Damages actually incurred or suffered by Parent or any of its Affiliates arising out of (i)
any breach of covenant or agreement made or to be performed by VS Holdco pursuant to this Agreement from and after the Closing,
and (ii) any breach or default by VS Holdco or any of its Subsidiaries of the DC7 Lease or the DC7 Lease Term Sheet, or the rejection
of the DC7 Lease or the DC7 Lease Term Sheet under applicable bankruptcy laws, in each case, in connection with any insolvency,
bankruptcy, liquidation or similar proceeding of the lessor (or any successor thereto) party to the DC7 Lease or the DC7 Lease
Term Sheet VS Holdco or any of its Subsidiaries; <I>provided</I>, <I>however</I>, that no breach, default or rejection so occurring
in connection with such proceedings shall be subject to indemnification pursuant to this Section 9.02(d)(ii) if Parent and/or
the tenant (or any successor or assignee thereof) fails to (1) in the case of a sale, (x) timely elect, pursuant to Section 365(h)
of the United States Bankruptcy Code to retain possession for the remaining term of such lease and any extensions permitted under
such lease, and, timely seek adequate protection in the form of such Section 365(h) protection, and (y) use its reasonable best
efforts to enforce that election, and (2) in the case of a rejection, (x) timely elect, pursuant to Section 365(h) of the United
States Bankruptcy Code to retain possession for the remaining term of such lease and any extensions permitted under such lease,
and, timely seek adequate protection in the form of such Section 365(h) protection, and (y) use its reasonable best efforts to
enforce that election. Effective at and after the Closing, each Acquired Company hereby indemnifies Parent and its Affiliates
against and agrees to hold each of them harmless from any and all Damages actually incurred or suffered by Parent or any of its
Affiliates arising out of any Assumed Liability of such Acquired Company, and at or prior to Closing, Parent shall cause each
of the Acquired Companies to execute and deliver to Parent the written agreement of such Acquired Company to the foregoing and
to its indemnification obligations under Section 2.06(b).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Parent&rsquo;s maximum liability in the aggregate under Section 9.02(a)(i) and Section 9.02(c)(i) shall not exceed the
Purchase Price, plus the amount of any capital contributions made by Buyer to VS Holdco pursuant to Section 2.13(b).&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained herein, (i) Parent&rsquo;s indemnification obligations set forth in
Section 9.02(a)(ii) and Section 9.02(c)(ii) shall not be limited in any way by the non-survival of any of the representations
and warranties set forth in Article 3, it being agreed that any Buyer Indemnified Party and Acquired Company shall be entitled
to recover Damages with respect to any Excluded Liability in accordance with this Article 9 notwithstanding the fact that the
subject matter of the Excluded Liability for which Parent has an indemnification obligation may be covered by one or more of the
representations and warranties set forth in Article 3, and (ii) with respect to Parent&rsquo;s indemnification obligations set
forth in Section 9.02(a) and Section 9.02(c) arising out of or relating to the matters set forth in Item 5 of Section 2.05 of
the Parent Disclosure Schedule, &ldquo;Damages&rdquo; shall not include any amounts for any consequential or similar damages (including
lost profits and diminution of value).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.03.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Third Party Claim Procedures</I>. (a) The party seeking indemnification under Section 9.02 (the &ldquo;<B>Indemnified
Party</B>&rdquo;) agrees to give prompt notice in writing to the party against whom indemnity is to be sought (the &ldquo;<B>Indemnifying
Party</B>&rdquo;) of the assertion of any claim or the commencement of any suit, action or proceeding by any third party (&ldquo;<B>Third
Party Claim</B>&rdquo;) in respect of which indemnity may be sought under such Section. Such notice shall set forth in reasonable
detail such Third Party Claim and the basis for indemnification (taking into account the information then available to the Indemnified
Party). The failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder,
except to the extent such failure shall have adversely prejudiced the Indemnifying Party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The Indemnifying Party shall be entitled to participate in the defense of any Third Party Claim and, subject to the limitations
set forth in this Section, shall be entitled to control and appoint lead counsel for such defense, in each case at its own expense;
<I>provided </I>that for any Third Party Claim with respect to Excluded Taxes for any Parent Tax Group (other than that made up
exclusively of Acquired Companies), Parent shall assume control of such Third Party Claim at its own expense.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>If the Indemnifying Party shall assume the control of the defense of any Third Party Claim in accordance with the provisions
of this Section 9.03, (i) the Indemnifying Party shall obtain the prior written consent of the Indemnified Party (which shall
not be unreasonably withheld, conditioned or delayed) before entering into any settlement of such Third Party Claim, if the settlement
does not release the Indemnified Party and its Affiliates from all liabilities and obligations with respect to such Third Party
Claim or the settlement imposes injunctive or other equitable relief against the Indemnified Party or any of its Affiliates and
(ii) the Indemnified Party shall be entitled to participate in the defense of any Third Party Claim and to employ separate counsel
of its choice for such purpose; <I>provided</I> that Buyer or its Affiliates shall not be entitled to participate in the defense
of any Third Party Claim to the extent relating solely to Taxes of (A) any Parent Tax Group (other than any Parent Tax Group made
up exclusively of <FONT STYLE="font-size: 10pt">the Acquired
Companies) or (B) Parent and/or any of its Affiliates (excluding, for the avoidance of doubt, any Acquired Company). The fees
and expenses of such separate counsel shall be paid by the Indemnified Party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Each party hereto shall cooperate, and cause their respective Affiliates to cooperate, in the defense or prosecution of
any Third Party Claim and shall furnish or cause to be furnished such records, information and testimony, and attend such conferences,
discovery proceedings, hearings, trials or appeals, as may be reasonably requested in connection therewith.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.04.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Direct Claim Procedures</I>. In the event an Indemnified Party has a claim for indemnity under Section 9.02 against
an Indemnifying Party that does not involve a Third Party Claim, the Indemnified Party agrees to give prompt notice in writing
of such claim to the Indemnifying Party. Such notice shall set forth in reasonable detail such claim and the basis for indemnification
(taking into account the information then available to the Indemnified Party). The failure to so notify the Indemnifying Party
shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent such failure shall have materially
and adversely prejudiced the Indemnifying Party. If the Indemnifying Party does not notify the Indemnified Party within 30 days
following the receipt of a notice with respect to any such claim that the Indemnifying Party disputes its indemnity obligation
to the Indemnified Party for any Damages with respect to such claim, such Damages shall be conclusively deemed a liability of
the Indemnifying Party and the Indemnifying Party shall promptly pay to the Indemnified Party any and all Damages arising out
of such claim. If the Indemnifying Party has timely disputed its indemnity obligation for any Damages with respect to such claim,
the parties shall proceed in good faith to negotiate a resolution of such dispute and, if not resolved through negotiations, such
dispute shall be resolved by litigation in an appropriate court of jurisdiction determined pursuant to Section 11.06.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.05.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Calculation of Damages</I>. (a) The amount of any Damages payable under Section 9.02 by the Indemnifying Party shall
be net of (i) any amounts recovered by the Indemnified Party under applicable insurance policies or from any other Person alleged
to be responsible therefor (net of (A) any deductibles, co-payments, self-insured amounts payable by the Indemnified Party or
its Subsidiaries, premium increases (to the extent attributable directly to the applicable benefit to the Indemnified Party) or
other out-of-pocket costs and expenses (including reasonable legal fees and expenses, if any) actually and reasonably incurred
by the Indemnified Party in seeking such insurance proceeds and (B) any Taxes imposed on the Indemnified Party or any of its Subsidiaries
in respect of the receipt or accrual of such insurance proceeds) and (ii) the Indemnified Party&rsquo;s share of any actual reduction
in cash Taxes payable that are not Excluded Taxes (or increase in the cash Tax refunds receivable that are not for the benefit
of Parent pursuant to Section 6.03) realized within three years of the Closing by any of the Acquired Companies as a consequence
of, or in connection with, the circumstances giving rise to the Damages subject to indemnification under this <B>&lrm;</B>Article
9 (calculated on a &ldquo;with and without&rdquo; basis). If the Indemnified Party receives any amounts under applicable insurance
policies, or from any other Person alleged to be responsible for any Damages, subsequent to an indemnification payment by the
Indemnifying Party, then such Indemnified Party shall promptly reimburse the Indemnifying Party for any payment made or expense
incurred by such Indemnifying Party in connection with providing such indemnification payment up to the amount received by the
Indemnified Party, net of any expenses incurred by such Indemnified Party in collecting such amount.&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>The Indemnifying Party shall not be liable under Section 9.02 for any Damages relating to any matter to the extent that
such Damages are reflected, recorded or included in the Purchase Price on a dollar-for-dollar basis.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.06.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><I>Exclusivity</I>. From and after the Closing Date, except with respect to the Transaction Documents or pursuant to Section
2.12 and Section 11.12, this Article 9 will provide the exclusive remedy for any claim arising out of this Agreement or the transactions
contemplated hereby, other than any claim for Fraud; <I>provided</I> that this Section 9.06 shall not operate to limit or impede
Buyer&rsquo;s or its Affiliates&rsquo; right to recover under any representations and warranties insurance policy obtained by
Buyer with respect to this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
10</FONT><FONT STYLE="font-size: 10pt"><BR>
Termination</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Grounds for Termination</I>. This Agreement may be terminated at any time prior to the Closing:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>by mutual written agreement of Parent and Buyer;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>by Buyer (if Buyer is not then in material breach of its representations, warranties, covenants or agreements under this
Agreement), upon written notice to Parent, if there has been a violation, breach or inaccuracy of any representation, warranty,
covenant or agreement of Parent contained in this Agreement, which violation, breach or inaccuracy would cause any of the conditions
set forth in Section 8.02(a) or Section 8.02(b) not to be satisfied, and such violation, breach or inaccuracy has not been waived
by Buyer or cured by Parent within 20 days after receipt by Parent of written notice thereof from Buyer or is not capable of being
cured;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>by Parent (if Parent is not then in material breach of its representations, warranties, covenants or agreements under this
Agreement), upon written notice to Buyer, if there has been a violation, breach or inaccuracy of any representation, warranty,
agreement or covenant of Buyer contained in this Agreement, which violation, breach or inaccuracy would cause any of the conditions
set forth in Section 8.03(a) or Section 8.03(b) not to be satisfied, and such violation, breach or inaccuracy has not been waived
by Parent or cured by Buyer within 20 days after receipt by Buyer of written notice thereof from Parent or is not capable of being
cured;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>by either Buyer or Parent, upon written notice to the other, if the Closing has not occurred on or before August 20, 2020
(the &ldquo;<B>Termination </B></FONT><FONT STYLE="font-size: 10pt"><B>Date</B>&rdquo;);
<I>provided</I> that if on the Termination Date, all of the conditions to Closing set forth in Article 8 have been satisfied (other
than conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or, to the extent permissible,
waiver of those conditions at the Closing) other than the condition set forth in Section 8.01(d) (to the extent resulting in whole
or in part to the pendency</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">of any approval, consent, notice, filing or other action by any Governmental Authority), then either
Buyer or Parent may, by written notice to the other, cause the Termination Date to be November 20, 2020; <I>provided, further
</I>that (i) Buyer shall not have the right to terminate this Agreement pursuant to this Section 10.01(d) if Buyer is then in
material breach of its representations, warranties, covenants or agreements under this Agreement which breach is a principal cause
of, or resulted in the failure of the Closing to have occurred by the Termination Date, and (ii) Parent shall not have the right
to terminate this Agreement pursuant to this Section 10.01(d) if Parent is then in material breach of its representations, warranties,
covenants or agreements under this Agreement which breach is a principal cause of, or resulted in the failure of the Closing to
have occurred by the Termination Date; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>by either Parent or Buyer, upon written notice to the other, if consummation of the transactions contemplated hereby would
violate any nonappealable final order, decree or judgment of any Governmental Authority having competent jurisdiction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Effect of Termination</I>. If this Agreement is terminated as permitted by Section 10.01, such termination shall be
without liability of any party to this Agreement (or any stockholder, director, officer, employee, agent, consultant or representative
of such party) to the other party to this Agreement; <I>provided</I> that if such termination shall result from the willful breach
by a party hereto of any covenant or agreement contained herein, such party shall be fully liable for any and all Damages incurred
or suffered by the other party as a result of such failure or breach; <I>provided further</I> that, notwithstanding anything to
the contrary contained in this Agreement, but without limiting Parent&rsquo;s rights to an injunction or injunctions or specific
performance pursuant to Section 11.12, in no event shall Buyer or any of its representatives (including any investment banker,
financial advisors, attorneys, accountants or other advisors) or any of their respective Affiliates or any of their Affiliates&rsquo;
respective direct or indirect, former, current or future general or limited partners, stockholders, equityholders, securityholders,
financing sources, managers, members, directors, officers, representatives, employees, controlling persons, agents or assignees
(collectively, the &ldquo;<B>Buyer Related Parties</B>&rdquo;) have any liability for any loss or damage arising out of or in
connection with any breach or failure to perform under this Agreement or any other agreement or instrument entered into in connection
with this Agreement or any of the other Transaction Documents, any of the transactions contemplated hereby or thereby (or abandonment
or termination thereof), the failure of any of the transactions contemplated by this Agreement or any of the other Transaction
Documents to be consummated or any matters forming the basis for any such failure, in an aggregate amount in excess of $40,000,000.00
(the &ldquo;<B>Cap</B>&rdquo;), and in no event shall Parent or any of its Affiliates seek or be entitled to recover any amounts
in connection with the foregoing except solely Parent <FONT STYLE="font-size: 10pt">in an aggregate
amount not to exceed the Cap. In no event shall Parent or any of its Affiliates seek to recover monetary damages from any Buyer
Related Party (other than as specified in the Limited Guaranty). For the avoidance of doubt, (i) under no circumstances shall
Parent be permitted or entitled to receive both a grant of specific performance pursuant to Section 11.12, on the one hand, and
monetary damages (whether</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">pursuant to this Agreement or the Limited Guaranty), on the other hand, and (ii) nothing in this Section
10.02 shall limit Buyer&rsquo;s indemnification obligations set forth in Article 9 from and after the Closing or Parent&rsquo;s
rights and remedies under the Confidentiality Agreement. The provisions of Sections 11.03, 11.05, 11.06 and 11.07 shall survive
any termination hereof pursuant to Section 10.01.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
11</FONT><FONT STYLE="font-size: 10pt"><BR>
Miscellaneous</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Notices</I>. All notices, requests and other communications to any party hereunder shall be in writing (including electronic
mail (&ldquo;<B>e-mail</B>&rdquo;) transmission, so long as a receipt of such e-mail is requested and received) and shall be given,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">if to Buyer,
to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">SP VS Buyer LP<BR>
c/o Sycamore Partners Management, L.P.<BR>
9 West 57th Street, 31st Floor</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">New York, NY 10019<BR>
Attention: Stefan L. Kaluzny<BR>
E-mail: skaluzny@sycamorepartners.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">with a copy
(which shall not constitute notice) to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">Kirkland &amp; Ellis
LLP<BR>
601 Lexington Avenue<BR>
New York, NY 10022<BR>
Attention: Sean Rodgers, P.C., Hamed Meshki, P.C. and Karen E. Flanagan<BR>
E-mail: sean.rodgers@kirkland.com, hamed.meshki@kirkland.com; karen.flanagan@kirkland.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">if to Parent,
to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">L Brands, Inc.<BR>
Three Limited Parkway<BR>
Columbus, Ohio 43230<BR>
Attention: Tim Faber<BR>
E-mail: TFaber@lb.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">with a copy
(which shall not constitute notice) to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">Davis Polk &amp; Wardwell
LLP<BR>
450 Lexington Avenue<BR>
New York, New York 10017<BR>
Attention: William H. Aaronson<BR>
E-mail: william.aaronson@davispolk.com</FONT></P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">or such other address or facsimile
number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests and
other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5 p.m. in the
place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication
shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Amendments and Waivers</I>. (a) Any provision of this Agreement may be amended or waived if, but only if, such amendment
or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver,
by the party against whom the waiver is to be effective.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>No failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. Except as set forth in Section 9.06, the rights and remedies herein provided shall be cumulative
and not exclusive of any rights or remedies provided by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.03.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Expenses</I>. Except as otherwise provided herein, all costs and expenses incurred in connection with this Agreement
shall be paid by the party incurring such cost or expense; <I>provided</I> that, at or promptly following the Closing, Buyer and
Parent shall cause VS Holdco to (i) reimburse each of Buyer and Parent for all reasonable out-of-pocket costs and expenses incurred
by each of them as of the Closing in connection with the negotiation, preparation, execution and delivery of the Transaction Documents
and the evaluation and consummation of the transactions contemplated hereby and thereby (collectively the &ldquo;<B>Transaction
Expenses</B>&rdquo;); <I>provided further</I>, that (A) the aggregate reimbursement of Transaction Expenses to be paid by VS Holdco
to Buyer shall not exceed $30,000,000; <I>provided</I> that the costs and expenses incurred by Buyer (or any direct or indirect
Subsidiary of VS Holdco) in connection with the ABL Debt Financing shall not be taken into account for purposes of the foregoing
limitation; and (B) the aggregate reimbursement of Transaction Expenses to be paid by VS Holdco to Parent shall not exceed $25,000,000,
and (ii) reimburse Parent for any Prepaid Restructuring Costs; <I>provided</I> that the aggregate amount of reimbursement in respect
of Prepaid Restructuring Costs shall not exceed $5,000,000 <I>minus</I> the Assumed Restructuring Costs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.04.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Successors and Assigns</I>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors <FONT STYLE="font-size: 10pt">and assigns;
<I>provided</I> that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement
without the consent of the other party hereto; <I>provided</I> that, notwithstanding the foregoing, Buyer may assign any of its
rights hereunder to any of its Subsidiaries, it being agreed that no such assignment shall relieve Buyer from any of its obligations
set forth in this Agreement; <I>provided</I> further that, notwithstanding the foregoing, VS Holdco and each of its Subsidiaries
may assign any of their rights set forth in this Agreement for collateral security purposes to any third party financing source.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.05.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Governing Law</I>. This Agreement shall be governed by and construed in accordance with the law of the State of Delaware,
without regard to the conflicts of law rules of such state.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.06.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Jurisdiction</I>. The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of,
or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought
in the <FONT STYLE="font-family: Times New Roman, Times, Serif">Chancery Court of the State of Delaware and any state appellate
court therefrom within the State of Delaware (or if the Chancery Court of the State of Delaware declines to accept jurisdiction
over a particular matter, any federal or state court sitting in the State of Delaware and any federal or state appellate court
therefrom) (the &ldquo;<B>Chosen Courts</B>&rdquo;)</FONT>, and each of the parties hereto hereby irrevocably consents to the
jurisdiction of the Chosen Courts in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted
by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any
such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process
in any such suit, action or proceeding may be served on any party hereto anywhere in the world, whether within or without the
jurisdiction of any such court. Without limiting the foregoing, each party hereto agrees that service of process on such party
as provided in Section 11.01 shall be deemed effective service of process on such party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.07.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>WAIVER OF JURY TRIAL</I>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.08.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Counterparts; Effectiveness; Third Party Beneficiaries</I>. This Agreement may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other party
hereto. Until and unless each party hereto has received a counterpart hereof signed by the other party hereto, this Agreement
shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written
agreement or other communication). No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations,
or liabilities hereunder upon any Person other than the parties hereto and <FONT STYLE="font-size: 10pt">their respective
successors and assigns, except for the Persons entitled to indemnification under Article 9 and the D&amp;O Indemnitees as set
forth in Section 5.11(c).</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Section 11.09.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Entire Agreement</I>. This Agreement and the other Transaction Documents constitute the entire agreement between the
parties hereto with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both
oral and written, between the parties with respect to the subject matter of this Agreement.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Severability</I>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party hereto. Upon such a determination, the parties hereto shall negotiate in good faith to modify this Agreement so as
to effect the original intent of the parties hereto as closely as possible in an acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the fullest extent possible.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Disclosure Schedules</I>. Parent has set forth information on the Parent Disclosure Schedule in a section thereof that
corresponds to the section of this Agreement to which it relates. A matter set forth in one section of the Parent Disclosure Schedule
need not be set forth in any other section so long as its relevance to such other section of the Parent Disclosure Schedule or
section of the Agreement is reasonably apparent on the face of the information disclosed therein to the Person to which such disclosure
is being made. The parties hereto acknowledge and agree that (i) the Parent Disclosure Schedule may include certain items and
information solely for informational purposes for the convenience of Buyer, (ii) the disclosure by Parent of any matter in the
Parent Disclosure Schedule shall not be deemed to constitute an acknowledgment by Parent that the matter is required to be disclosed
by the terms of this Agreement or that the matter is material, (iii) the disclosure by Parent of any matter in the Parent Disclosure
Schedule shall not be construed as or constitute an admission, evidence or agreement that a violation, right of termination, default,
non-compliance, liability or other obligation of any kind exists with respect to any item, gives rise to a material adverse effect,
or is outside the ordinary course of business, (iv) with respect to the enforceability of contracts with third parties, the existence
or non-existence of third-party rights, the absence of breaches or defaults by third parties, or similar matters or statements,
is intended only to allocate rights and risks among the parties hereto and is not intended to be admissions against interests,
give rise to any inference or proof of accuracy, be admissible against any party hereto by any Person who is not a party hereto,
or give rise to any claim or benefit to any Person who is not a party hereto, and (v) the Parent Disclosure Schedule shall not
be deemed or interpreted to broaden Parent&rsquo;s representations and warranties.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Specific Performance</I>. The parties hereto agree that irreparable damage would occur if any provision of this Agreement
were not performed in accordance with the terms hereof and that the parties hereto shall be entitled to an <FONT STYLE="font-size: 10pt">injunction
or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof
in the Chosen Courts; <I>provided</I> that under no circumstance shall Parent be permitted or entitled to receive both a grant
of specific performance pursuant to this Section 11.12, on the one hand, and monetary damages (whether pursuant to this Agreement
or the Limited Guaranty), on the other hand.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><I>Bulk Sales Laws</I>. Buyer, Parent and VS Holdco each hereby waive compliance by Parent with the provisions of the &ldquo;bulk
sales&rdquo;, &ldquo;bulk transfer&rdquo; or similar laws of any state.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day
and year first above written.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">SP VS BUYER LP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">By: SP VS GP LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">Its: General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Stefan L. Kaluzny</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Stefan L. Kaluzny</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><I>Signature Page to Transaction Agreement</I></P>

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

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

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt; text-transform: uppercase">L Brands, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Stuart B. Burgdoerfer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">Stuart B. Burgdoerfer</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Executive Vice President and Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-style: normal; font-weight: normal">[<FONT STYLE="font-variant: small-caps">Signature
Page to Transaction Agreement</FONT>]</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Exhibit B</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>VS
Holdco Operating Agreement</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(see attached)&nbsp;</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">THE PARTNERSHIP INTERESTS EVIDENCED
BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 OR UNDER THE SECURITIES LAWS OF ANY U.S. STATE
OR NON-U.S. JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED WITHOUT COMPLIANCE WITH APPLICABLE U.S. FEDERAL, STATE OR NON-U.S.
SECURITIES LAWS. IN ADDITION, TRANSFER OR OTHER DISPOSITION OF THE INTERESTS IS RESTRICTED AS PROVIDED IN THIS AGREEMENT.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><BR>
<BR>
<BR>
<BR>
<BR>
<BR></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><BR>
<BR>
<BR>
AMENDED AND RESTATED<BR>
AGREEMENT OF EXEMPTED LIMITED PARTNERSHIP</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">of</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>[&#9679;]</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">dated</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[&#9679;],
2020</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 19%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: Black 1pt solid; text-align: center; width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<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: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><U>Page</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><FONT STYLE="text-decoration: none; text-transform: uppercase; color: Black">Article
1</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps; text-decoration: none; color: Black"><BR>
General Matters</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"></A></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Section 1.01.&nbsp;&nbsp;<I>Definitions</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 1.02.&nbsp;&nbsp;<I>Formation of the Partnership</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 1.03.&nbsp;&nbsp;<I>Name</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 1.04.&nbsp;&nbsp;<I>Purpose</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 1.05.&nbsp;&nbsp;<I>Principal Office; Registered Office</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 1.06.&nbsp;&nbsp;<I>Term</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 1.07.&nbsp;&nbsp;<I>Partnership Status</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 1.08.&nbsp;&nbsp;<I>Title to Property</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 1.09.&nbsp;&nbsp;<I>Filing of Certificates</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 1.10.&nbsp;&nbsp;<I>Equity Incentive Plan</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><FONT STYLE="text-decoration: none; text-transform: uppercase; color: Black">Article
2</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps; text-decoration: none; color: Black"><BR>
Authorization of Units; Capital Contributions</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"></A></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Section 2.01.&nbsp;&nbsp;<I>Authorization and Issuance of Units; Capital
    Contributions</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 2.02.&nbsp;&nbsp;<I>Capital Accounts</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 2.03.&nbsp;&nbsp;<I>Negative Capital Accounts</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 2.04.&nbsp;&nbsp;<I>No Withdrawal</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 2.05.&nbsp;&nbsp;<I>Legends</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
</TABLE>


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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article
3</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"><BR>
Distributions and Allocations</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Section 3.01.&nbsp;&nbsp;<I>Distributions</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 3.02.&nbsp;&nbsp;<I>General Allocations</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 3.03.&nbsp;&nbsp;<I>Regulatory Allocations</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 3.04.&nbsp;&nbsp;<I>Special Tax Allocations</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
</TABLE>


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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article
4</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"><BR>
Governance</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Section 4.01.&nbsp;&nbsp;<I>General Authority</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 4.02.&nbsp;&nbsp;<I>GP Board Matters</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 4.03.&nbsp;&nbsp;<I>Officers</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 4.04.&nbsp;&nbsp;<I>Rights and Responsibilities</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 4.05.&nbsp;&nbsp;<I>Termination of Governance Rights</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 4.06.&nbsp;&nbsp;<I>Business Opportunity</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 4.07.&nbsp;&nbsp;<I>Confidentiality</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD></TR>
</TABLE>


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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Article
5</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"><BR>
Rights and Obligations of Partners</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Section 5.01.&nbsp;&nbsp;<I>Liability for Debts of the Partnership; Limited
    Liability</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 5.02.&nbsp;&nbsp;<I>Lack of Authority</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 5.03.&nbsp;&nbsp;<I>No Right of Partition</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 5.04.&nbsp;&nbsp;<I>Exculpation and Indemnification</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 5.05.&nbsp;&nbsp;<I>Procedures</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 5.06.&nbsp;&nbsp;<I>Continuing Provisions</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 5.07.&nbsp;&nbsp;<I>Limited Partners&rsquo; Right to Act; Voting Rights of Units</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 5.08.&nbsp;&nbsp;<I>Affiliate Transactions</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 5.09.&nbsp;&nbsp;<I>Non-Compete</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 5.10.&nbsp;&nbsp;<I>Non-Solicit</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 5.11.&nbsp;&nbsp;<I>Disclosure</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
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6</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"><BR>
Accounting and Reports</FONT></P>

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    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Section 6.01.&nbsp;&nbsp;<I>Accounting</I>&#9;&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 6.02.&nbsp;&nbsp;<I>Fiscal Year</I>&#9;&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 6.03.&nbsp;&nbsp;<I>Reports</I>&#9;&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
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7</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"><BR>
Tax Matters</FONT></P>

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    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Section 7.01.&nbsp;&nbsp;<I>Preparation of Tax Returns; Tax Cooperation</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 7.02.&nbsp;&nbsp;<I>Tax Elections</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 7.03.&nbsp;&nbsp;<I>Tax Controversies</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 7.04.&nbsp;&nbsp;<I>Indemnification and Reimbursement for Payments on Behalf of
    a Limited Partner</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">55</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 7.05.&nbsp;&nbsp;<I>Former Limited Partners; Survival; Amendment</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">55</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 7.06.&nbsp;&nbsp;<I>Assertion of Treaty Benefits</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">56</FONT></TD></TR>
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8</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"><BR>
Transfer of Units; Admission of Limited Partners</FONT></P>

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    <TD STYLE="width: 50%; font-size: 12pt"><FONT STYLE="font-size: 10pt">Section 8.01.&nbsp;&nbsp;<I>General</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 50%; font-size: 12pt"><FONT STYLE="font-size: 10pt">56</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Section 8.02.&nbsp;&nbsp;<I>Transferability of Rights</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">57</FONT></TD></TR>
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9</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"><BR>
Right of First Offer; Tag-along Rights;<BR>
Drag-Along Rights; Preemptive Rights; IPO</FONT></P>

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    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Section 9.01.&nbsp;&nbsp;<I>Right of First Offer</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 9.02.&nbsp;&nbsp;<I>Tag-Along Rights</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">59</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 9.03.&nbsp;&nbsp;<I>Drag-Along Rights</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 9.04.&nbsp;&nbsp;<I>Additional Conditions to Tag-Along Sales and Drag-Along Sales</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD></TR>
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    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Section 9.05.&nbsp;&nbsp;<I>Preemptive Rights</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-size: 10pt">67</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 9.06.&nbsp;&nbsp;<I>IPO</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">68</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 9.07.&nbsp;&nbsp;<I>General Partner Matters</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">71</FONT></TD></TR>
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10</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"><BR>
Registration Rights</FONT></P>

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    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Section 10.01.&nbsp;&nbsp;<I>Demand Registration</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">72</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.02.&nbsp;&nbsp;<I>Shelf Registration</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">75</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.03.&nbsp;&nbsp;<I>Piggyback Registration</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">76</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.04.&nbsp;&nbsp;<I>Withdrawal Rights</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.05.&nbsp;&nbsp;<I>Lock-Up Agreements</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.06.&nbsp;&nbsp;<I>Limitation on Grant of Future Registration Rights</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.07.&nbsp;&nbsp;<I>Registration Procedures</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">78</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.08.&nbsp;&nbsp;<I>Indemnification by the Issuer</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.09.&nbsp;&nbsp;<I>Indemnification by Participating Shareholders</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.10.&nbsp;&nbsp;<I>Conduct of Indemnification Proceeding</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.11.&nbsp;&nbsp;<I>Contribution</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">84</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.12.&nbsp;&nbsp;<I>Participation in Public Offering</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">85</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 10.13.&nbsp;&nbsp;<I>Cooperation by the Issuer</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">85</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 10.14.&nbsp;&nbsp;<I>Transfer of Registration Rights</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 10.15.&nbsp;&nbsp;<I>Termination of Registration Rights</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD></TR>
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11</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"><BR>
Termination, Winding Up and Dissolution</FONT></P>

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    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Section 11.01.&nbsp;&nbsp;<I>Termination and Winding Up</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">86</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 11.02.&nbsp;&nbsp;<I>Winding up and Dissolution</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 11.03.&nbsp;&nbsp;<I>Notice of Dissolution</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 11.04.&nbsp;&nbsp;<I>Reasonable Time for Winding Up</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 11.05.&nbsp;&nbsp;<I>Return of Capital only from Partnership Assets</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 11.06.&nbsp;&nbsp;<I>Termination of Agreement upon Dissolution; Survival of Rights</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
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12</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"><BR>
General Provisions</FONT></P>

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    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Section 12.01.&nbsp;&nbsp;<I>Power of Attorney</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">89</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 12.02.&nbsp;&nbsp;<I>Title to Partnership Assets</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">89</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 12.03.&nbsp;&nbsp;<I>Creditors</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">89</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 12.04.&nbsp;&nbsp;<I>Further Action</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">89</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 12.05.&nbsp;&nbsp;<I>Notices</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">90</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 12.06.&nbsp;&nbsp;<I>Amendments and Waivers</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">91</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 12.07.&nbsp;&nbsp;<I>Expenses</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">91</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 12.08.&nbsp;&nbsp;<I>Successors and Assigns</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">91</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 12.09.&nbsp;&nbsp;<I>Governing Law</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">91</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 12.10.&nbsp;&nbsp;<I>Jurisdiction</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">91</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 12.11.&nbsp;&nbsp;<I>WAIVER OF JURY TRIA</I>L&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">92</FONT></TD></TR>
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    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Section 12.12.&nbsp;&nbsp;<I>Counterparts; Effectiveness</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">92</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 12.13.&nbsp;&nbsp;<I>Entire Agreement</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">92</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 12.14.&nbsp;&nbsp;<I>Severability</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">92</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 12.15.&nbsp;&nbsp;<I>Specific Performance</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">92</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">Section 12.16.&nbsp;&nbsp;<I>Representations and Warranties of the Limited Partners</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">92</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Section 12.17.&nbsp;&nbsp;<I>Third Party Rights</I>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">94</FONT></TD></TR>
</TABLE>


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

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>AMENDED
AND RESTATED<BR>
AGREEMENT OF EXEMPTED LIMITED PARTNERSHIP<BR>
<BR>
OF<BR>
<BR>
[&#9679;]</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This AMENDED
AND RESTATED AGREEMENT OF EXEMPTED LIMITED PARTNERSHIP (this &ldquo;<B>Agreement</B>&rdquo;) of [<I>&#9679;</I>]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>[1]</SUP></FONT>,
a Cayman Islands exempted limited partnership (the &ldquo;<B>Partnership</B>&rdquo;), is executed and delivered as a deed by and
among SP VS Buyer LP, a Delaware limited partnership (&ldquo;<B>Buyer</B>&rdquo;), [<I>&#9679;</I>]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>[2]</SUP></FONT>,
a [&#9679;] (collectively, &ldquo;<B>L Brands</B>&rdquo;), the Partnership, and the General Partner on [&#9679;], 2020 (the &ldquo;<B>Effective
Date</B>&rdquo;). The terms &ldquo;Buyer&rdquo; and &ldquo;L Brands&rdquo; shall each also mean, if any such Person shall have
Transferred any of its Units or equity securities in the Partnership to any of its Permitted Transferees (in each case, as such
terms are defined below), such Person and its Permitted Transferees, taken together, and any right, obligation or action that
may be exercised or taken at the election of such Person may be taken at the election of such Person and its Permitted Transferees.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>W I T
N E S S E T H :</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the Partnership was formed on [&#9679;] by the General Partner and certain other limited partners (the &ldquo;<B>Initial Limited
Partners</B>&rdquo;) pursuant to the filing of the Certificate in accordance with the Act;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the General Partner and the Initial Limited Partners entered into the initial exempted limited partnership agreement of the Partnership
on [&#9679;] (the &ldquo;<B>Original Agreement</B>&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
pursuant to the Transaction Agreement (the &ldquo;<B>Transaction Agreement</B>&rdquo;) dated February 20, 2020 between Buyer and
L Brands, Inc., a Delaware corporation (&ldquo;<B>L Brands Parent</B>&rdquo;), the applicable Subsidiaries of L Brands Parent
as set forth in the Restructuring Transactions (as defined in the Transaction Agreement) identified as the sellers of the interests
in the Partnership sold, or caused to be sold, to Buyer 55% of the Units;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
on the date hereof, and in connection with the closing of the transactions contemplated by the Transaction Agreement, Buyer will
be admitted as a Limited Partner and the Partners desire to amend and restate the Original Agreement in its entirety, as set forth
herein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><P STYLE="margin: 0">___________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>[1]</SUP></FONT>
To be entered into by &ldquo;VS Holdco&rdquo; in the Transaction Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>[2]</SUP></FONT>
To be entered into by the applicable Subsidiaries of L Brands Parent as set forth in the Restructuring Transactions (as defined
in the Transaction Agreement) and who are the sellers of interests in the Partnership as set forth in the Transaction Agreement.</P>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">NOW, THEREFORE
in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
1<FONT STYLE="font-variant: small-caps"><BR>
</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">General Matters</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
1.01.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>Definitions</I>. (a) As
used herein, the following terms have the following meanings:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Additional
Tax Distribution Amount</B>&rdquo; means, with respect to any Limited Partner for a Taxable Year that includes the date of this
Agreement or begins after the date of this Agreement, an amount, not less than zero, determined by applying (i) the highest combined
U.S. federal, state and local marginal rate of tax on income described in clause (ii) below applicable to a U.S. C corporation
for such Taxable Year taking into account the deduction under Section 250 of the Code (or in the case of a Limited Partner or
equityholder not taxed as a C corporation, the highest combined U.S. federal, state and local marginal rate of tax on income described
in clause (ii) applicable to an individual resident of New York, NY taking into account the net investment income tax under Section
1411 and any limitations on deductions for state and local income tax rates under the Code, if applicable) to (ii) any amounts
required to be included in income by such Limited Partner or its direct or indirect equityholders under Section 951 or Section
951A of the Code (excluding such income realized with respect to the portion of a Taxable Year ending prior to the Closing Date
(computed assuming all relevant entities year ended on the Closing Date and used a &ldquo;closing of the books&rdquo; methodology
for determining items that were realized in any hypothetical period ending on the Closing Date)) as a result of such Limited Partner&rsquo;s
ownership interest in the Partnership (including, for the avoidance of doubt, as a result of such direct or indirect equityholder&rsquo;s
status as a &ldquo;United States shareholder&rdquo; of such Limited Partner, or of another direct or indirect equityholder of
such Limited Partner, in either case, that is a Controlled Foreign Corporation); <I>provided</I> that amounts described in clause
(ii) shall be determined without regard to items of income, gain, loss or deduction that are not attributable to such Limited
Partner&rsquo;s or such equityholder&rsquo;s (as the case may be) direct or indirect ownership interest in the Partnership.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Advisory
Agreement(s)</B>&rdquo; means, collectively, (i) the Advisory Agreement, dated the date hereof, by and between L Brands and the
Partnership (and/or one or more of its Subsidiaries), and (ii) the Advisory Agreement, dated the date hereof, by and between Sycamore
Partners Management, L.P., a Delaware limited partnership, and the Partnership (and/or on or more of its Subsidiaries), in each
case, as amended or modified from time to time in accordance with their respective terms. The maximum amount of the fees payable
in any 12-month period by the Partnership (and/or one or more of its Subsidiaries) pursuant to each Advisory Agreement is set
forth on <U>Schedule B</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Affiliate</B>&rdquo;
means, with respect to any Person, any other Person who, as of the relevant time for which the determination of affiliation is
being made, directly or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">indirectly controls, is controlled
by or is under common control with such Person; <I>provided</I> that no security holder of the Partnership shall be deemed an
Affiliate of the Partnership or any other security holder of the Partnership solely by reason of any investment in the Partnership
or the existence or exercise of any rights or obligations under this Agreement or the Units held by such security holder. For
purposes of this definition, &ldquo;control&rdquo; when used with respect to any Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise,
and the terms &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo; have correlative meanings. For the avoidance of doubt, for
purposes of this Agreement, none of the General Partner or the Partnership or any of its Subsidiaries shall be deemed to be Affiliates
of Buyer or any of its Affiliates or of L Brands Parent or any of its Affiliates. For purposes of this Agreement, no Limited Partner
shall by reason of this Agreement or the other Transaction Documents be deemed to be an Affiliate of any other Limited Partner
or of the General Partner or the Partnership (or any of its Subsidiaries).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Applicable
Law</B>&rdquo; means, with respect to any Person, any transnational, domestic or foreign federal, state or local law (statutory,
common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree,
ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon
or applicable to such Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&ldquo;Available
Profit&rdquo; </B>means any Net Income realized by the Partnership as determined by the General Partner acting by the GP Board
after the date a relevant Limited Partner receives Profits Interests in the Partnership (computing assuming that the Book Value
of each asset was adjusted to equal fair market value at the time of the issuance of Profits Interests to such Limited Partner)
(as reasonably determined by the General Partner acting by the GP Board).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>BBA</B>&rdquo;
means Title XI of the U.S. Bipartisan Budget Act of 2015, H.R. 1314, Public Law Number 114-74.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Book
Value</B>&rdquo; means, with respect to any of the Partnership&rsquo;s property, unless otherwise determined by the General Partner
acting by the GP Board, the Partnership&rsquo;s adjusted basis for federal income tax purposes, adjusted from time to time to
reflect the adjustments required or permitted by Treasury Regulations Sections 1.704-l(b)(2)(iv)(d)-(g) and (m).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Business
Day</B>&rdquo; means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by Applicable Law to close.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Buyer
Units</B>&rdquo; means the Class A Units held by Buyer as of the date of this Agreement, the Initial Ownership of which represents
a 55% Percentage Interest in the Partnership as of the date hereof; it being agreed and understood that any such Units will continue
to be Buyer Units in the hands of any transferee of Buyer in connection with any Transfer permitted under this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Capital
Contribution</B>&rdquo; means any cash, promissory obligations or other property which a Limited Partner contributes to the Partnership
pursuant to this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Certificate</B>&rdquo;
means the statement in terms of Section 9 of the Act as filed with the Registrar on [&#9679;] pursuant to the Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Class
A Unit</B>&rdquo; means a Unit representing a fractional part of the Limited Partners&rsquo; ownership interests in the Partnership
and having the rights and obligations specified with respect to Class&nbsp;A Units in this Agreement; it being agreed and understood
that a &ldquo;Class A Unit&rdquo; shall mean and include (i) each Unit initially acquired by Buyer or any of its Affiliates pursuant
to the Transaction Agreement and (ii) each Unit acquired from the Partnership by a Management Partner from and after the Effective
Date the payment for which was satisfied in cash or is to be satisfied in cash pursuant to one or more promissory notes payable
to the Partnership (the Class A Units issued by the Partnership pursuant to this clause (ii), the &ldquo;<B>Management Partner
Class A Units</B>&rdquo;), <I>provided</I> that (A) the Partnership may not issue or sell any Management Partner Class A Unit
for an amount less than the Management Partner Original Cost for such Management Partner Class A Unit and (B) the Partnership
may not issue or sell more than 5,200,000 Management Partner Class A Units in the aggregate. For the avoidance of doubt, (x) as
of the Effective Date immediately after Buyer&rsquo;s acquisition of the Units pursuant to the Transaction Agreement, each Unit
held by Buyer and each of its Affiliates shall be deemed to be Class A Units, and no Units held by L Brands, L Brands Parent or
any of their respective Affiliates shall be deemed to be Class A Units, and (y) Profits Interests shall not be deemed to be Class
A Units.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Class
B Unit</B>&rdquo; means a Unit representing a fractional part of the Limited Partners&rsquo; ownership interests in the Partnership
and having the rights and obligations specified with respect to Class&nbsp;B Units in this Agreement; it being agreed and understood
that a &ldquo;Class B Unit&rdquo; shall mean and include each Unit retained by L Brands, L Brands Parent and each of their Affiliates
in connection with the consummation of the transactions contemplated by the Transaction Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Code</B>&rdquo;
means the U.S. Internal Revenue Code of 1986.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Competitive
LB Business</B>&rdquo; means the specialty retail business of body care, candles, home fragrance products, soaps and sanitizers
as conducted by L Brands Parent and its Affiliates as of the date hereof; <I>provided</I> that the Competitive LB Business shall
not include the business relating to any product sold by VS Holdco or any of its Subsidiaries (or their predecessors in-interest)
during the 12-month period prior to the date of the Transaction Agreement, excluding any such product for which only a de minimis
amount was sold by VS Holdco and its Subsidiaries (or their predecessors in-interest) during such period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Competitive
VS Business</B>&rdquo; means (i) the specialty retail business of women&rsquo;s intimate and other apparel, accessories, beauty
care products and prestige fragrances, and (ii) the global development, production and sourcing functions of L Brands Parent and
its</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Subsidiaries solely to the extent
related to women&rsquo;s intimate and other apparel, in each case, as conducted as of the date hereof (or, with respect to clause
(ii), as contemplated to be conducted pursuant to the Transaction Documents) by VS Holdco and its Subsidiaries; <I>provided</I>
that the Competitive VS Business shall not include the business relating to any product sold by L Brands Parent or any of its
Subsidiaries (excluding any Acquired Company or their predecessors in-interest) during the 12-month period prior to the date of
the Transaction Agreement, excluding any such product for which only a de minimis amount was sold by L Brands Parent and its Subsidiaries
(excluding any Acquired Company or their predecessors in-interest) during such period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Controlled
Foreign Corporation</B>&rdquo; means &ldquo;controlled foreign corporation&rdquo; as defined under Section 957 of the Code.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Corporate
Investment Vehicle</B>&rdquo; means (i) Buyer or, if Buyer is not a C corporation for U.S. federal income tax purposes, any direct
or indirect owner of Buyer that is classified as a C corporation for U.S. federal income tax purposes, and (ii) any Permitted
Transferee of Buyer to which Buyer Transfers any Units that is designated by Buyer as a &ldquo;Corporate Investment Vehicle&rdquo;;
<I>provided</I> that no Person shall be a &ldquo;Corporate Investment Vehicle&rdquo; unless, from the time of such Person&rsquo;s
formation, such Person has held no material assets other than a direct or indirect equity (and/or debt) interest in the Partnership
and its Subsidiaries (and assets incident to holding such equity and/or debt interests) and engaged in no activities (other than
activities incident to such Person&rsquo;s ownership of such equity and/or debt interests, maintaining its corporate existence,
or otherwise complying with Applicable Laws).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Distribution</B>&rdquo;
means each distribution made by the Partnership to a Limited Partner in respect of such Limited Partner&rsquo;s Units, whether
in cash, property or securities of the Partnership and whether by liquidating distribution, redemption, repurchase or otherwise;
<I>provided</I> that none of the following shall be a Distribution: (i) any redemption, conversion or purchase of Units by the
Partnership from its or its Subsidiaries&rsquo; former employees, directors or consultants in accordance with this Agreement or
the Equity Plan, (ii) any recapitalization or exchange of any Units, or any consolidation or division (by way of unit split, unit
dividend or otherwise) or any combination (by way of unit split, unit dividend or otherwise) of any issued Units (including pursuant
to Section 9.06), (iii) any reimbursement or payment of fees, expenses or costs required to be made to or on behalf of any Limited
Partner or any of its Affiliates (including pursuant to the Advisory Agreements), or (iv) any payments made to holders of Units
pursuant to and in accordance with the Transaction Documents other than this Agreement as in effect from time to time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Drag-Along
Percentage</B>&rdquo; means, for any Drag-Along Sale, a fraction the numerator of which is the number of Units proposed to be
sold by the Drag-Along Seller in such Drag-Along Sale and the denominator of which is the number of Units owned by the Drag-Along
Seller immediately prior to such Drag-Along Sale.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Drag-Along
Portion</B>&rdquo; means, with respect to any Other Partner and for any Drag-Along Sale, (i) the number of Units owned by such
Other Partner immediately prior to such Drag-Along Sale <I>multiplied by</I> (ii) the Drag-Along Percentage.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>EBITDA</B>&rdquo;
means consolidated net income of the Partnership and its Subsidiaries as presented on the face of its most recently prepared financial
statements prepared in accordance with GAAP, <I>plus</I> (solely to the extent deducted in the determination of consolidated net
income) any (i) income tax expense, (ii) interest expense, and (iii) depreciation and amortization expense, in each case of clauses
(i), (ii) and (iii) based on such financial statements and defined (to the extent defined) in accordance with GAAP, and subject
to such add-backs as customarily included in financing arrangements.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>ECI</B>&rdquo;
means any income or gain that would be classified as effectively connected with the conduct of a trade or business within the
United States as provided in Section 864 of the Code.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Equity
Value</B>&rdquo; of any Vested Unit means, with respect to any Sale of the Partnership, the amount that the holder of such Vested
Unit would receive in respect of such Vested Unit pursuant to Section 3.01(a)(i) if the aggregate net proceeds which would be
received by all Limited Partners (or by the Partnership or any of its Subsidiaries on the Limited Partners&rsquo; behalf) in such
Sale of the Partnership were distributed to all Limited Partners in accordance with Section 3.01(a)(i).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Estimated
Tax Distribution Date</B>&rdquo; means, with respect to any Taxable Year, two Business Days prior to the 15th day of each of the
4th month, 6th month, 9th month and 12th month of such Taxable Year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Exchange
Act</B>&rdquo; means the U.S. Securities Exchange Act of 1934.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Financial
Consideration is in Place</B>&rdquo; means so long as L Brands Parent utilizes the equity method of accounting (as defined in
accordance with GAAP) for its investment in the Partnership.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>FINRA</B>&rdquo;
means the U.S. Financial Industry Regulatory Authority.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Fiscal
Year</B>&rdquo; means the Partnership&rsquo;s annual accounting period established pursuant to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
6.02 of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>GAAP</B>&rdquo;
means generally accepted accounting principles in the United States.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>General
Partner</B>&rdquo; means [&#9679;], a Delaware limited liability company, or any Successor General Partner, in its capacity as
general partner of the Partnership.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>General
Tax Distribution Amount</B>&rdquo; means with respect to any Limited Partner for a Taxable Year that includes the date hereof
or begins after the date hereof, an amount, not less than zero, determined by applying (i) the highest combined U.S. federal,
state and local tax rate on income taxed as ordinary income or long-term capital gains, as</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">the case may be, applicable to
a U.S. C corporation (or, in the case of a Limited Partner other than L Brands or Buyer or their respective Permitted Transferees
that is not taxed as a U.S. C corporation on its allocable share of the income of the Partnership, at the rate applicable to an
individual residing in New York, New York, taking into account the net investment income tax under Section 1411, if applicable,
and the deduction under Section 199A of the Code and any limitation on the deduction for state and local income Taxes under the
Code) to (ii) such Limited Partner&rsquo;s Net Taxable Income (or applicable portion thereof) for such Taxable Year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Governmental
Authority</B>&rdquo; means any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative
authority, department, court, agency or official, including any political subdivision thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>GP
Agreement</B>&rdquo; means the Amended and Restated Limited Liability Company Agreement of the General Partner dated as of the
date hereof, as the same may be amended or otherwise modified from time to time in accordance with the terms of such agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Initial
Investor</B>&rdquo; means, respectively, Buyer (and its Permitted Transferees to which it Transfers Units) and L Brands (and its
Permitted Transferees to which it Transfers Units).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Initial
Ownership</B>&rdquo; means, with respect to any Limited Partner, the number of Units owned by such Limited Partner as of the date
hereof, taking into account any split of the Units, dividend of Units, reverse split of the Units or similar event.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>HSR
Act</B>&rdquo; means the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>IPO</B>&rdquo;
means the first underwritten public offering of the equity securities of the Issuer pursuant to an effective registration statement
under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor
form.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Issuer</B>&rdquo;
means, as applicable, (i) the Partnership or (ii) any other Person all of the assets of which (other than assets incidental to
such Person&rsquo;s status as a public or private holding company of direct or indirect equity interests in the Partnership) comprise
a direct or indirect equity interest in the Partnership.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Issuer
Shares</B>&rdquo; means equity securities of the Issuer of the class and series sold in the IPO. For purposes of this Agreement,
any reference to Issuer Shares held or owned by any Person shall include a reference to Issuer Shares into which any other equity
securities (or combination thereof) held or owned by such Person are exchangeable, convertible or exercisable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>L
Brands Units</B>&rdquo; means the Class B Units held by L Brands as of the date of this Agreement, the Initial Ownership of which
represents a 45% Percentage Interest in the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Partnership as of the date hereof;
it being agreed and understood that any such Units will continue to be L Brands Units in the hands of any transferee of L Brands
in connection with any Transfer permitted under this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Limited
Partner</B>&rdquo; means any person or entity listed on the signature pages hereto in such Person&rsquo;s capacity as a limited
partner of the Partnership, or any other Person who is admitted as a limited partner of the Partnership in accordance with this
Agreement in such Person&rsquo;s capacity as a limited partner of the Partnership, in each case excluding the General Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Liquidation
Event</B>&rdquo; means (i) the liquidation, winding up and dissolution of the Partnership in accordance with Article 11, (ii)
a Sale of the Partnership, or (iii) a sale of any asset outside the ordinary course of business by the Partnership and/or any
of its Subsidiaries, regardless of the form of any such transaction (whether by direct sale of such asset, by distribution of
equity interests or otherwise) that is consummated at any time following the date that is 18 months after the date of the Transaction
Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Management
Partner</B>&rdquo; means any Limited Partner who is a current or former officer, director or service provider of the Partnership
or any of its Subsidiaries who has received Units pursuant to the Equity Plan (including upon the exercise of any options of the
Partnership granted pursuant to the Equity Plan). The term &ldquo;Management Partner&rdquo; shall also mean, if any such Person
shall have Transferred any of its Units to any of its Permitted Transferees, such Person and its Permitted Transferees, taken
together, and any right, obligation or action that may be exercised or taken at the election of such Person or that may be taken
at the election of such Person and its Permitted Transferees.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&ldquo;Net
Income&rdquo;</B> means the net income of the Partnership for any Fiscal Year (or other relevant period) as determined for purposes
of maintaining Capital Accounts.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&ldquo;Net
Loss&rdquo; </B>means the net loss of the Partnership for any Fiscal Year (or other relevant period) as determined for purposes
of maintaining Capital Accounts.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Net
Taxable Income</B>&rdquo; means for any Limited Partner for any Taxable Year (i) such Limited Partner&rsquo;s allocable share
of items of taxable income or gain realized by the Partnership for such Taxable Year (excluding, at the discretion of the Partnership,
any taxable income or gain that would not be included in the determination of ECI of any Limited Partner that is not a U.S. Person)
over (ii) such Limited Partner&rsquo;s allocable share of items of taxable deductions or loss realized by the Partnership for
such Taxable Year (excluding, at the discretion of the Partnership, any deductions or losses that would not be included in the
determination of ECI of any Limited Partner that is not (or, if such Limited Partner is classified as a disregarded entity or
partnership for U.S. federal income tax purposes, to the extent any of its applicable owner(s) is not) a U.S. Person and any other
deductions or losses to the extent the Partnership determines that such Limited Partner (or its applicable owners) is unable to
actually utilize such deduction or loss to offset its taxable income for such Taxable Year or a prior Taxable Year). To the extent
that the amount computed for any Limited Partner under clause (ii) above exceeds the amount computed under clause (i) above for
any Taxable Year, or the Partnership</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">excludes any deduction or loss
from such computation of Net Taxable Income of such Limited Partner for a Taxable Year because it determines that such deduction
or loss cannot be actually utilized by such Limited Partner (or its applicable owners) to offset its taxable income for such Taxable
Year (or prior Taxable Year), any such excess or excluded loss or deduction shall be carried forward to the succeeding Taxable
Year and treated as an additional item of loss or deduction with respect to such Limited Partner for such succeeding Taxable Year.
For purposes of computing the Net Taxable Income of any Limited Partner, such items shall exclude any items of income, gain, loss,
or deduction allocated to a Limited Partner under Code Section 704(c) and any items of income, gain, loss or deduction allocated
to a Limited Partner under Code Section 743 and any deduction permitted under Code Section 199A. Net Taxable Income shall exclude
any items of taxable income or gain realized by the Partnership on or prior to the Closing (computed assuming the Partnership
had a separate taxable year ending on the date hereof and used a &ldquo;closing of books&rdquo; methodology to determine its taxable
income or gain for such hypothetical period). Any income realized by a Limited Partner with respect to a guaranteed payment with
respect to its capital invested shall be treated as items of taxable income with respect to such Partner for purposes of clause
(i) of the definition of Net Taxable Income and no income realized by a Limited Partner with respect to a guaranteed payment with
respect to services shall be included in the determination of Net Taxable Income for any Limited Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Nonrecourse
Deduction</B>&rdquo; has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(1) and (c).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Nonrecourse
Liability</B>&rdquo; has the meaning set forth in Treasury Regulations Section 1.752-1(a)(2).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&ldquo;Original
Buyer Cost&rdquo;</B> means an aggregate dollar amount equal to 55% of the &ldquo;Final Equity Value&rdquo; (as such term is defined
in the Transaction Agreement) plus 100% of any amounts contributed to the Partnership by Buyer pursuant to Section 2.13(b) of
the Transaction Agreement, in each case, for all of the Class A Units held by Buyer as of the Effective Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Original
L Brands Cost</B>&rdquo; means an aggregate dollar amount equal to 45% of the &ldquo;Final Equity Value&rdquo; (as such term is
defined in the Transaction Agreement) plus 100% of any amounts contributed to the Partnership by L Brands Parent pursuant to Section
2.13(b) of the Transaction Agreement, in each case, for all Class B Units held by L Brands as of the Effective Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Original
Cost</B>&rdquo; means, with respect to (i) any Buyer Unit, the aggregate Original Buyer Cost divided by the number of Buyer Units,
and (ii) any Management Partner Class A Unit, the amount determined by dividing the then remaining Unreturned Original Cost with
respect to all Buyer Units by the number of Buyer Units (the &ldquo;<B>Management Partner Original Cost</B>&rdquo;), in each case,
as determined immediately prior to the issuance of each such Class A Unit.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Other
Partner</B>&rdquo; means, with respect to a Drag-Along Sale, any Limited Partner other than Buyer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Partner
Nonrecourse Debt</B>&rdquo; has the same meaning as the term &ldquo;partner nonrecourse debt&rdquo; set forth in Treasury Regulations
Section 1.704-2(b)(4).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Partner
Nonrecourse Deduction</B>&rdquo; has the same meaning as the term &ldquo;partner nonrecourse deduction&rdquo; set forth in Treasury
Regulations Section 1.704-2(i)(1) and (i)(2).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Partners</B>&rdquo;
means the Limited Partners and the General Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Partnership
Audit Rules</B>&rdquo; means Sections 6221 through 6241 of the Code, as amended by the BBA together with any binding administrative
guidance issued thereunder or successor provisions and any similar provision of state or local Tax laws.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Percentage
Interest</B>&rdquo; means, with respect to any Limited Partner at any time, the fraction (expressed as a percentage) that results
from dividing (i) the number of Vested Units that such Limited Partner owns at such time <I>by</I> (ii) the number of Vested Units
owned by all Limited Partners at such time. The Percentage Interests of the Limited Partners, from time to time, shall be set
forth on the Schedule of Partners. Each Limited Partner (other than the Initial Investors) acknowledges and agrees that the Schedule
of Partners may be redacted or information thereon may otherwise be aggregated to prevent disclosure of confidential information
with respect to individual allocations of management incentive equity. As of the date hereof, Buyer shall hold 55% of the Percentage
Interest in the Partnership, and L Brands shall hold 45% of the Percentage Interest in the Partnership; it being agreed and understood
that such Percentage Interest shall be deemed to be in the form of 55,000,000 Class A Units issued to Buyer, and 45,000,000 Class
B Units issued to L Brands, in each case, as of the Effective Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Permitted
Transferee</B>&rdquo; means:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of Buyer, any controlled Affiliate of Sycamore Partners III GP, L.P. and/or any investment vehicle or fund controlled
or managed by Sycamore Partners Management, L.P. and/or any of its Affiliates;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of L Brands, any controlled Affiliate of L Brands Parent; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of any Management Partner, (A) any Person to whom Units are Transferred from such Management Partner (x) by will or the
laws of descent and distribution or (y) if such transferee is the spouse, the lineal descendant, sibling, parent, heir, executor,
administrator, testamentary trustee, legatee or beneficiary of such Management Partner, or (B) a trust that is for the exclusive
benefit of such Management Partner or a Permitted Transferee described under clause (A) above.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Person</B>&rdquo;
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization,
including a Governmental Authority.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Portfolio
Company</B>&rdquo; means, with respect to any Limited Partner, any portfolio operating company in which such Limited Partner or
any of its Affiliates has made a debt or equity investment excluding, in the case of Buyer, the Partnership or any of its Subsidiaries,
or L Brands Parent or any of its Subsidiaries.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&ldquo;Profits
Interests&rdquo; </B>means any incentive equity Units issued by the Partnership that are intended to constitute &ldquo;profits
interests&rdquo; for U.S. federal income tax purposes (and are designated as such in the agreements and documentation governing
the issuance of such interests).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Pro
Rata Public Offering Share</B>&rdquo; means, with respect L Brands, in a Public Offering, the number of Issuer Shares eligible
to be sold in such Public Offering equal to (i) the number of Issuer Shares held by L Brands as a percentage of all Issuer Shares
held by Buyer and L Brands, <I>multiplied by</I> (ii) the number of Issuer Shares that Buyer and L Brands sell in the aggregate
in such Public Offering.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Public
Offering</B>&rdquo; means an underwritten public offering of Issuer Shares pursuant to an effective registration statement under
the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Registrable
Securities</B>&rdquo; means, at any time, the Issuer Shares (including any securities that may be issued or distributed or be
issuable in respect of any Issuer Shares by way of conversion, dividend, stock split or other distribution, merger, consolidation,
exchange, recapitalization or reclassification or similar transaction) held by any Limited Partner until (i) a registration statement
covering the Issuer Shares has become effective or has been declared effective by the SEC and the Issuer Shares have been disposed
of pursuant to such effective registration statement, (ii) the Issuer Shares are sold under circumstances in which all of the
applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities Act are met or (iii) the Issuer
Shares are otherwise Transferred in accordance with this Agreement and the Issuer Shares may be resold without subsequent registration
under the Securities Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Registrar</B>&rdquo;
means the Registrar of Exempted Limited Partnerships of the Cayman Islands.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Registration
Expenses</B>&rdquo; means any and all expenses incurred by the Issuer or any of its Subsidiaries incident to the performance of
or compliance with any registration or marketing of Registrable Securities, including all (i) registration and filing fees, and
all other fees and expenses payable in connection with the listing of securities on any securities exchange or automated interdealer
quotation system, (ii) fees and expenses of compliance with any securities or &ldquo;blue sky&rdquo; laws, (iii) expenses in connection
with the preparation, printing, mailing and delivery of any registration statements, prospectuses</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">and other documents in connection
therewith and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v) internal expenses of the
Issuer (including all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) reasonable
fees and disbursements of counsel for the Issuer and customary fees and expenses for independent certified public accountants
retained by the Partnership (including the expenses relating to any comfort letters or costs associated with the delivery by independent
certified public accountants of any comfort letters requested pursuant to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;&lrm;&lrm;</FONT>Section
10.07(g)), (vii) reasonable fees and expenses of any special experts retained by the Issuer in connection with such registration,
(viii) fees and expenses in connection with any review by FINRA of the underwriting arrangements or other terms of the offering,
and all fees and expenses of any &ldquo;qualified independent underwriter&rdquo;, including the fees and expenses of any counsel
thereto, (ix) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any Selling
Expenses, (x) costs of printing and producing any agreements among underwriters, underwriting agreements and any &ldquo;blue sky&rdquo;
or legal investment memoranda, (xi) transfer agents&rsquo; and registrars&rsquo; fees and expenses and the fees and expenses of
any other agent or trustee appointed in connection with such offering, (xii) expenses relating to any analyst or investor presentations
or any &ldquo;road shows&rdquo; undertaken in connection with the registration, marketing or selling of the Registrable Securities,
(xiii) fees and expenses payable in connection with any ratings of the Registrable Securities, including expenses relating to
any presentations to rating agencies and (xiv) all out-of-pocket costs and expenses incurred by the Issuer or its appropriate
officers in connection with their compliance with Section 10.07.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Registration
Statement</B>&rdquo; means any registration statement of the Issuer that covers Registrable Securities pursuant to the provisions
of this Agreement filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act,
including the related prospectus, amendments and supplements to such registration statement, and including pre and post-effective
amendments, and all exhibits and all material incorporated by reference in such registration statement; <I>provided, </I>however,
that the term &ldquo;Registration Statement&rdquo; without reference to a time includes such Registration Statement as amended
by any post-effective amendments as of the time of first contract of sale for the Registrable Securities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Reverse
Transition Services Agreement</B>&rdquo; means the Reverse Transition Services Agreement dated the date hereof between L Brands
Parent and the Partnership or a Subsidiary thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Rule
144</B>&rdquo; means Rule 144 (or any successor provisions) under the Securities Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Sale
of the Partnership</B>&rdquo; means either (i) a sale, lease, transfer, conveyance or other disposition, in one or a series of
related transactions, of all or substantially all of the assets of the Partnership and its Subsidiaries, taken as a whole, or
(ii) a transaction or series of transactions (including by way of merger, consolidation, sale of stock or otherwise) the result
of which is that any Person or &ldquo;group&rdquo; (as defined in Section 13 of the Exchange Act), other than Buyer, L Brands
or any of their respective Affiliates (or a</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&ldquo;group&rdquo; (as defined
in Section 13 of the Exchange Act) containing any of them), becomes the &ldquo;beneficial owner&rdquo; (as such term is defined
in Rule 13d-3 and Rule 13d-5 of the Exchange Act), directly or indirectly, of all or 50.1% or more of the Units then outstanding.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Schedule
of Partners</B>&rdquo; means the Schedule of Partners attached as <U>Schedule A</U> to this Agreement (which shall constitute
part of the books and records of the Partnership). Such Schedule of Partners may be amended by the General Partner acting by the
GP Board from time to time to reflect the list of Limited Partners, their Capital Contributions, the Units held by them at such
time and their Percentage Interests, and a copy of such amended Schedule of Partners shall be delivered to each Limited Partner.
Each Limited Partner (other than the Initial Investors) acknowledges and agrees that the Schedule of Partners may be redacted
or information thereon may otherwise be aggregated to prevent disclosure of confidential information with respect to individual
allocations of management incentive equity.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>SEC</B>&rdquo;
means the U.S. Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Securities
Act</B>&rdquo; means the U.S. Securities Act of 1933.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Selling
Expenses</B>&rdquo; shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale
of Registrable Securities and fees and disbursements of counsel for any Shareholder in connection with the registration and sale
of Registrable Securities pursuant to <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&lrm;</B></FONT>Article 10 (other
than such fees and expenses expressly included in Registration Expenses).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Shelf
Registration Statement</B>&rdquo; means a Registration Statement of the Issuer filed with the SEC on Form S-3 (or any successor
form or other appropriate form under the Securities Act) for an offering to be made on a continuous basis pursuant to Rule 415
under the Securities Act (or any similar rule that may be adopted by the SEC) covering the Registrable Securities, as applicable.
To the extent that the Issuer is a &ldquo;well-known seasoned issuer&rdquo; (as such term is defined in Rule 405 (or any successor
or similar rule) of the Securities Act), a &ldquo;Shelf Registration Statement&rdquo; shall be deemed to refer to an &ldquo;automatic
shelf registration statement,&rdquo; as such term is defined in Rule 405 (or any successor or similar rule) of the Securities
Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Subsidiary</B>&rdquo;
means, with respect to any Person, any entity of which (i) a majority of the voting securities or (ii) securities or other ownership
interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions,
are at the time directly or indirectly owned by such first Person; <I>provided</I> that none of the General Partner or the Partnership
(or any of its Subsidiaries) shall be deemed a Subsidiary of any Limited Partner solely by reason of any investment in the Partnership
or the existence or exercise of any rights or obligations under this Agreement or the Units held by such Limited Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Successor
General Partner</B>&rdquo; means a Person admitted to the Partnership as a successor General Partner in accordance with the terms
of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Tag-Along
Portion</B>&rdquo; means, with respect to any Non-Selling Partner in a Tag-Along Sale, (i) the total number of Vested Units to
be Transferred in such Tag-Along Sale <I>multiplied by</I> (ii) the Percentage Interest of such Non-Selling Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Tax</B>&rdquo;
means any tax or other like assessment or charge in the nature of a tax (including withholding on amounts paid to or by any Person),
together with any interest, penalty, addition to tax or additional amount imposed with respect thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Tax
Distribution Amount</B>&rdquo; means with respect to any Limited Partner for a Taxable Year, the sum of (i) the General Tax Distribution
Amount for such Limited Partner <I>plus</I> (ii) the Additional Tax Distribution Amount for such Limited Partner. The Tax Distribution
Amount for any Limited Partner shall be appropriately reduced to reflect any allocations of Tax credits to such Limited Partner
(or items for which such Limited Partner obtains credit against income Taxes payable under Applicable Law (such as foreign taxes))
and appropriately increased to reflect any allocations of Tax credit recapture to such Limited Partner, in each case, as reasonably
determined by the Partnership after consultation with the applicable Limited Partner(s).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Taxable
Year</B>&rdquo; means the Partnership&rsquo;s accounting period for federal income tax purposes determined pursuant to Section
7.02 of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Third
Party</B>&rdquo; means a prospective purchaser of Units in an arm&rsquo;s-length transaction from a Limited Partner, other than
a Permitted Transferee of such Limited Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Transaction
Documents</B>&rdquo; means this Agreement, the GP Agreement, the Transaction Agreement, the Confidentiality Agreement, the Sold
VS Interests Assignment Agreement, the GP Assignment Agreement, the Transition Services Agreement, the Reverse Transition Services
Agreement, the Reimbursement Agreement, the Construction Management Agreement Term Sheet, the Construction Management Agreement,
the DC2 Lease Term Sheet, the DC2 Lease, the DC7 Lease Term Sheet, the DC7 Lease, the Shipping Building Sublease Term Sheet, the
Shipping Building Sublease, the DC6 Construction Management Agreement, the Advisory Agreements, the Equity Commitment Letter and
the Limited Guaranty. Capitalized terms used and not defined in this definition have the meanings ascribed to them in the Transaction
Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Transition
Services Agreement</B>&rdquo; means the Transition Services Agreement dated the date hereof between the Partnership or a Subsidiary
thereof and L Brands Parent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Transfer</B>&rdquo;
means, with respect to any Units, (i) when used as a verb, to sell, assign, dispose of, exchange, pledge, encumber, hypothecate
or otherwise transfer such Units or any participation or interest therein, whether directly or indirectly (including pursuant
to a derivative transaction or through the transfer of any equity securities in any direct or indirect company holding Units),
or agree or commit to do any of the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment, disposition,
exchange, pledge, encumbrance, hypothecation, or other transfer of such Units or any participation</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">or interest therein or any agreement
or commitment to do any of the foregoing; <I>provided</I> that nothing in this Agreement shall prohibit any sale, assignment,
disposition of, exchange, pledge, encumbrance, hypothecation, transfer or issuance of any equity securities of Sycamore Partners
III GP, L.P. or any of its controlled Affiliates (or any of Buyer&rsquo;s Permitted Transferees) or L Brands Parent or any of
its controlled Affiliates (or any of L Brands&rsquo; Permitted Transferees) except with respect to the equity securities of any
such controlled Affiliate or Permitted Transferee (i) that owns, directly or indirectly, any Units and (ii) of which a majority
of its assets is the Units or other equity securities of the Partnership and its Subsidiaries; <I>provided, further</I> that,
subject to the restrictions set forth in Section 8.01(f), it is understood and agreed that nothing in this Agreement shall prohibit
the Transfer of Units on the date hereof from L Brands to L Brands Parent or a wholly owned Subsidiary of L Brands Parent (including
an entity owned by L Brands).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Treasury
Regulations</B>&rdquo; means the U.S. Treasury Regulations, including Temporary Regulations, promulgated under the Code, as such
regulations are in effect from time to time. References to specific provisions of the Treasury Regulations include references
to corresponding provisions of successor regulations.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Unit</B>&rdquo;
means a partnership interest in the Partnership held by a Limited Partner representing a portion of the partnership interests
in the Partnership held by all Limited Partners; <I>provided</I> that any class or series of Units issued shall have the relative
rights, powers and duties set forth in this Agreement and the partnership interests represented by such class or series of Units
shall be determined in accordance with such relative rights, powers and duties.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Unreturned
Original Cost</B>&rdquo; means, with respect to each Class A Unit, an amount equal to the positive excess (i.e., not less than
zero), if any, of (i) the Original Cost of such Class A Unit, over (ii) the aggregate amount of prior Distributions (other than
Tax Distributions) made by the Partnership with respect to such Class A Unit.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Unvested
Units</B>&rdquo; means any Units that have not vested in accordance with the terms and conditions of any written agreement pursuant
to which such Units were purchased or granted.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Vested
Units</B>&rdquo; means any Units issued to any of Buyer, L Brands or any of their respective Affiliates and any other Units that
have vested in accordance with the terms and conditions of any written agreement pursuant to which such other Units were purchased
or granted.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the following terms is defined in the Section set forth opposite such term:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 10pt"><B><U>Term</U></B></FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt"><B><U>Section</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Act</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">1.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Agents</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">4.07</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Agreement</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Preamble</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 10pt"><B><U>Term</U></B></FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt"><B><U>Section</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 10pt">Buyer</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Preamble</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Buyer Manager</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">4.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Buyer Public Offering Notice</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.06(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Buyer Public Offering Securities</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.06(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Capital Account</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Catch Up Threshold</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2.02(a)</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">3.01(a)(i)(B)</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Cayman Co 2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">7.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Chosen Courts</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">12.10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Confidential Information</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">4.07</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Covered Persons</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.04</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Demand Registration</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Demand Request</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Deferred Distribution Amount</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">3.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Designated Individual</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">7.03(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Drag-Along Rights</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.03(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Drag-Along Sale</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.03(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Drag-Along Sale Notice</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.03(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Drag-Along Seller</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.03(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dragged Units</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.03(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">DRE</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">8.01(f)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Effective Date</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">e-mail</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">12.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Equity Plan</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">1.10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Excluded Registration</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.03(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exercise Notice</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">GP Board</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">4.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Indemnified Party</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Indemnifiable Losses</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.04</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Indemnifying Party</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Initial Limited Partners</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Issuance Notice</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Key LB Employee</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.10(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Key VS Employee</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.10(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">L Brands</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Preamble</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">L Brands Manager</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">4.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">L Brands Parent</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Liquidation Assets</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">11.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Liquidation Cap Amount</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">11.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Liquidation FMV</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">11.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Liquidation Statement</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">11.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Lock Up Period</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Long Form Registration</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Management Partner Class A Units</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Management Partner Original Cost</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">1.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Manager</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">4.02(a)</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">\</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 10pt"><B><U>Term</U></B></FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt"><B><U>Section</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 10pt">Maximum Offering Size</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">10.01(e)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">New Securities</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.05(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Non-Selling Partner</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Objecting Party</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">7.03(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Offer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Offer Acceptance Period</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.01(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Offered Units</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Offering Persons</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.07(l)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Offer Notice</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Offeror</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Offer Price</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Offer Rejection Event</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Section 9.01(d)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Offer Submission Period</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Officers</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">4.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Original Agreement</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Other Business</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">4.06(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Other Indemnitors</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.04(e)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Partnership</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Preamble</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Piggyback Registration</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.03(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Preemptive Partner</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.05(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Pro Rata Share</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.05</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Registration Proceeding</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Regulatory Allocations</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">4.02(f)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Related Party</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">4.02(f)(iii)(B)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Regarded Seller</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">8.01(f)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Registering Shareholder</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.01(a)(ii)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Requesting Shareholder</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Sale</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Shareholders</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Shelf Registration</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Shelf Request</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Shelf Take Down</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.02(d)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Short Form Registration</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.01(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Specified Proceedings</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.05(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Tag-Along Notice</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Tag-Along Notice Period</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.02(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Tag-Along Offer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Tag-Along Response Notice</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.02(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Tag-Along Right</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.02(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Tag-Along Sale</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">9.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Tax Controversies</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">7.03(d)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Tax Distribution</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">3.01(d)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Tax Representative</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">7.03(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Transaction Agreement</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Underwritten Shelf Take Down Request</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">10.02(d)</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other
Definitional and Interpretative Provisions</I>. The words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo;
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. The captions herein are included for convenience of reference only and shall be ignored in the construction or
interpretation hereof. References to Articles, Sections, Exhibits, Appendices and Schedules are to Articles, Sections, Exhibits,
Appendices and Schedules of this Agreement unless otherwise specified. All Exhibits, Appendices and Schedules annexed hereto or
referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized
terms used in any Exhibit, Appendix or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement.
Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words
&ldquo;include&rdquo;, &ldquo;includes&rdquo; or &ldquo;including&rdquo; are used in this Agreement, they shall be deemed to be
followed by the words &ldquo;without limitation&rdquo;, whether or not they are in fact followed by those words or words of like
import. &ldquo;Writing&rdquo;, &ldquo;written&rdquo; and comparable terms refer to printing, typing and other means of reproducing
words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended
from time to time and to any rules or regulations promulgated thereunder. References to any agreement or contract are to that
agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof.
References to any Person include the successors and permitted assigns of that Person. References from or through any date mean,
unless otherwise specified, from and including or through and including, respectively. References to &ldquo;law&rdquo;, &ldquo;laws&rdquo;
or to a particular statute or law shall be deemed also to include any and all Applicable Law. The word &ldquo;or&rdquo; means
&ldquo;and/or&rdquo; unless the context provides otherwise. References to &ldquo;dollars&rdquo; or &ldquo;$&rdquo; shall mean
U.S. dollars, and whenever conversion of values to or from any currency other than U.S. dollars for a particular date shall be
required, such conversion shall be made using the closing rate provided by Bloomberg as of the date that is one Business Day prior
to such date. References to one gender shall be held to include the other gender as the context requires. All references to things
being done by the Partnership shall be construed as to things being done by the General Partner as general partner of the Partnership
acting solely by the GP Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.02.&#9;<I>Formation
of the Partnership</I>. The Partnership was formed and registered on [&#9679;] pursuant to the provisions of the Exempted Limited
Partnership Law (2018 Revision) of the Cayman Islands, as amended from time to time (the &ldquo;<B>Act</B>&rdquo;) by the entry
into the Original Agreement and the filing of the Certificate with the Registrar. Effective upon the execution hereof, the rights,
duties and obligations of the Partners shall be as provided in this Agreement and, except as otherwise expressly provided herein,
in the Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.03.&#9;<I>Name</I>.
The name of the Partnership shall be &ldquo;[&#9679;]&rdquo;. The General Partner acting by the GP Board may change the name of
the Partnership at any time and from time to time. Notification of any such change shall be given to all Limited Partners.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.04.&#9;<I>Purpose</I>.
The sole purpose of the Partnership is to carry on any and all lawful businesses and activities permitted from time to time under
the Act. In furtherance of its purpose, the Partnership shall have and may exercise all of the powers now or hereafter conferred
on limited partnerships formed under the Act. In furtherance of its purpose, the Partnership shall have the power to do any and
all acts necessary, appropriate, proper, advisable, incidental or convenient to or for the protection and benefit of the Partnership.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.05.&#9;<I>Principal
Office; Registered Office</I>. The principal office of the Partnership shall be at such place outside of the Cayman Islands as
the General Partner acting by the GP Board may from time to time designate, and all business and activities of the Partnership
shall be deemed to have occurred at its principal office. The Partnership may maintain offices at such other place or places outside
of the Cayman Islands as the General Partner acting by the GP Board deems advisable. Notification of any such change shall be
given to all Limited Partners. The address of the registered office of the Partnership in the Cayman Islands shall be Maples Corporate
Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.06.&#9;<I>Term</I>.
The term of the Partnership shall continue indefinitely until dissolution of the Partnership in accordance with the provisions
of <B>&lrm;</B>Article 11 hereof. The existence of the Partnership as a separate legal entity will continue until the notice of
dissolution is filed with the Registrar as provided in the Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.07.&#9;<I>Partnership
Status</I>. The Partners intend that the Partnership shall be treated as a partnership for U.S. federal and, if applicable, U.S.
state and local income Tax purposes, and agree that except as otherwise determined by the General Partner acting by the GP Board
(and subject to Section 4.02(f)) each Limited Partner and the Partnership shall file all Tax returns and shall otherwise take
all Tax and financial reporting positions in a manner consistent with such treatment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.08.&#9;<I>Title
to Property</I>. All property of the Partnership, whether real or personal, tangible or intangible, shall be deemed to be held
by the General Partner upon trust as an asset of the Partnership in accordance with the Act, and no Partner, individually, shall
have any direct ownership interest in such property.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.09.&#9;<I>Filing
of Certificates</I>. Subject to <B>&lrm;</B>Section 4.02(f), each Manager and Officer is hereby authorized to execute, deliver
and file, or to cause the execution, delivery and filing, of any amendments or restatements of the Certificate and any other certificates,
notices, statements or other instruments (and any amendments or restatements thereof) necessary or advisable for the operation
of the Partnership in all jurisdictions where the Partnership may elect to do business.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.10.&#9;<I>Equity
Incentive Plan</I>. The parties will cooperate to allow the Partnership to adopt a management equity incentive plan (any and all
management equity incentive plans of the Partnership and any amendments thereto, the &ldquo;<B>Equity Plan</B>&rdquo;); <I>provided
</I>that, without the prior written consent of Buyer and L Brands, (i) no Profits Interests may be issued under the Equity Plan
other than Profits Interests that participate</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">only in Distributions above the
watermark as of the date of issuance of such securities (i.e., the Available Profit level as of the date of issuance), and (ii)
the Partnership may not issue or sell more than 5,200,000 Management Partner Class A Units in the aggregate. In addition to the
aforementioned limitation on Management Partner Class A Units, the Board will agree upon a cap with respect to all remaining securities
that may be issued under the Equity Plan (on an as-converted basis).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
2<FONT STYLE="font-variant: small-caps"><BR>
</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">Authorization of Units; Capital Contributions</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.01.&#9;<I>Authorization
and Issuance of Units; Capital Contributions</I>. (a)&nbsp;Subject to Section 4.02(f), the Partnership has the authority to issue
an unlimited number of Units and other equity securities. Subject to Section 4.02(f), from time to time after the date hereof,
the General Partner acting by the GP Board may cause the Partnership to offer and issue additional Units or other equity securities
with such powers, preferences and rights, and subject to such obligations, as the General Partner acting by the GP Board may determine.
Without limiting the foregoing (and notwithstanding any provision herein to the contrary), subject to Section 4.02(f), the General
Partner acting by the GP Board shall have the power to amend this Agreement to reflect issuances of Units or other equity securities
from time to time by the Partnership and to make any such other amendments as it deems necessary or desirable to reflect issuances
of Units and other equity securities of the Partnership from time to time (including, without limitation, amending this Agreement
to increase the number of Units or other equity securities of any class, group or series, to create and authorize a new class,
group or series of equity securities and to add the terms of such new class, group or series including economic and governance
rights which may be different from, senior to or more favorable than the Units or other equity securities of the Partnership),
in each case without the approval or consent of any other Person (except as may be required under Section 4.02(f)). All Units
issued hereunder shall be uncertificated unless otherwise determined by the General Partner acting by the GP Board. The Partnership
may issue whole or fractional Units. The Partnership shall not issue any Units or other equity securities of the Partnership to
the General Partner (other than an equity security representing only the rights and obligations of the General Partner expressly
set forth herein), and the General Partner shall not have any economic interest in the Partnership. Notwithstanding anything to
the contrary in this Agreement, from and after the Effective Date, no additional Class A Units (other than Management Partner
Class A Units) or Class B Units may be issued by the Partnership.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Limited Partner has made (or shall be deemed for purposes of this Agreement to have made) a Capital Contribution on or prior to
the date hereof with respect to such Limited Partner&rsquo;s Units in the amount set forth opposite the name of such Person on
the Schedule of Partners. Each Partner shall be shown as a Partner on the books and records of the Partnership. No Limited Partner
shall be required to make any additional Capital Contributions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.02.&#9;<I>Capital
Accounts</I>. (a) The Partnership shall maintain a separate capital account for each Limited Partner according to the rules of
Treasury Regulations Section 1.704-1(b)(2)(iv) (a &ldquo;<B>Capital Account</B>&rdquo;). For this purpose, the Partnership may
(in the discretion of the General Partner acting by the GP Board), upon the occurrence of the events specified in Treasury Regulations
Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance with the rules of such regulation and Treasury
Regulations Sections 1.704-1(b)(2)(iv)(g), (h) and (s) to reflect a revaluation of Partnership property. As of the Effective Date,
the aggregate Capital Account for L Brands with respect to the L Brands Units shall equal the Original L Brands Cost and the aggregate
Capital Account for Buyer with respect to the Buyer Units shall equal the Original Buyer Cost.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of computing the amount of any item of Partnership income, gain, loss or deduction to be allocated pursuant to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Article
3 and to be reflected in the Capital Accounts, the determination, recognition and classification of any such item shall be the
same as its determination, recognition and classification for federal U.S. income tax purposes (including any method of depreciation,
cost recovery or amortization used for this purpose); <I>provided</I> that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
computation of all items of income, gain, loss and deduction shall include those items described in Code Section 705(a)(1)(B)
or Code Section 705(a)(2)(B) and Treasury Regulations Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items
are not includable in gross income or are not deductible for federal income tax purposes.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Book Value of any Partnership property is adjusted pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(e), (f) or (s),
the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Items
of income, gain, loss or deduction attributable to the disposition of Partnership property having a Book Value that differs from
its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Sections 732(d), 734(b) or 743(b)
is required pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts,
the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis
of the asset) or loss (if the adjustment decreases such basis).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.03.&#9;<I>Negative
Capital Accounts</I>. No Limited Partner shall be required to pay to any other Partner or the Partnership any deficit or negative
balance which may exist from time to time in such Limited Partner&rsquo;s Capital Account (including upon and after winding up
and dissolution of the Partnership).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.04.&#9;<I>No
Withdrawal</I>. No Person shall be entitled to withdraw any part of such Person&rsquo;s Capital Contribution or to receive any
Distribution from the Partnership, except as expressly provided herein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 2.05.&#9;<I>Legends.
</I>To the extent the Units are ever certificated, in addition to any other legend that may be required, each certificate for
Units issued to any Limited Partner shall bear a legend in substantially the following form:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><FONT STYLE="font-size: 10pt">THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 OR UNDER THE SECURITIES LAWS OF ANY U.S. STATE OR NON-U.S. JURISDICTION AND MAY
NOT BE SOLD OR TRANSFERRED WITHOUT COMPLIANCE WITH APPLICABLE U.S. FEDERAL, STATE OR NON-U.S. SECURITIES LAWS. IN ADDITION, TRANSFER
OR OTHER DISPOSITION OF THIS SECURITY IS RESTRICTED AS PROVIDED IN THE AMENDED AND RESTATED AGREEMENT OF EXEMPTED LIMITED PARTNERSHIP
OF [&#9679;] DATED [DATE], AS AMENDED FROM TIME TO TIME.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
3</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps"><BR>
Distributions and Allocations</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.01.&#9;<I>Distributions</I>.
(a) Except as otherwise provided in Article 11, subject to the other provisions of this <B>&lrm;</B>Article 3 and Section 4.02(f),
as applicable, the Partnership may make Distributions of available cash (subject to any restrictions contained in the financing
agreements to which the Partnership or any its Subsidiaries is a party and subject to appropriate reserves) to the Limited Partners
at such times and in such amounts as the General Partner acting by the GP Board may determine.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Distributions (other than Tax Distributions) made in connection with a Liquidation Event shall be made to the holders of Vested
Units (determined as of the time of any such Distribution) in the following order and priority:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(A)&#9;&#9;First,
to the holders of Class A Units that are Vested Units, an amount equal to the aggregate Unreturned Original Cost with respect
to their Class A Units that are Vested Units outstanding immediately prior to such Distribution (in the proportion that each such
holder&rsquo;s share of Unreturned Original Cost with respect to its Class A Units that are Vested Units outstanding immediately
prior to such Distribution bears to the aggregate Unreturned Original Cost with respect to all Class A Units that are Vested Units
outstanding immediately prior to such Distribution) until each such holder has received Distributions (other than Tax Distributions)
with respect to its Class A Units that are Vested Units pursuant to this Section 3.01(a)(i)(A) in an amount equal to the aggregate
Unreturned Original Cost with respect to its Class A Units</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in"><FONT STYLE="font-size: 10pt">that are Vested Units
outstanding immediately prior to such Distribution, and no Distribution or any portion thereof shall be made under any of the
other subparagraphs of this Section 3.01(a)(i) until the entire amount of the Unreturned Original Cost with respect to the Class
A Units that are Vested Units outstanding immediately prior to such Distribution has been paid in full;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second,
to the holders of all Units (for the avoidance of doubt, other than Profits Interests) that are Vested Units, as a group (among
such holders as follows: (A) 75% to the holders of L Brands Units (ratably among such holders in proportion to their ownership
of such L Brands Units immediately prior to such Distribution), and (B) 25% to the holders of Class A Units that are Vested Units
(ratably among such holders in proportion to their ownership of such Class A Units that are Vested Units immediately prior to
such Distribution), an amount equal to 100% of such Distribution until such time as the holders of the L Brands Units have received,
together with the aggregate amount of prior Distributions (other than Tax Distributions) made by the Partnership with respect
to the L Brands Units, an amount equal to the product obtained by multiplying (1) the sum of (x) all amounts distributed pursuant
to this Section 3.01(a)(i)(B) and Section 3.01(a)(i)(A) <I>plus</I> (y) the amounts of all prior Distributions (other than Tax
Distributions) made by the Partnership with respect to the Class A Units and the Class B Units, by (2) the Percentage Interest
represented by the L Brands Units immediately prior to such Distribution (determined without regard to any Profits Interests)
(the &ldquo;<B>Catch Up Threshold</B>&rdquo;), and no Distribution or any portion thereof shall be made under any of the other
following subparagraphs of this Section 3.01(a)(i) until the Catch Up Threshold has been achieved; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third,
to the holders of all Units that are Vested Units, as a group (ratably among such holders based upon their respective Percentage
Interests immediately prior to such Distribution), an amount equal to 100% of the remaining amount of such Distribution.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other Distributions (other than Tax Distributions and other than pursuant to a Liquidation Event) shall be made to the holders
of Vested Units ratably among such holders based on their respective Percentage Interests immediately prior to such Distribution.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Notwithstanding any provision
to the contrary contained in this Section 3.01(a), the portion of any Distribution (other than Tax Distributions) that would otherwise
have been made with respect to any Unvested Unit shall be deferred (the &ldquo;<B>Deferred Distribution Amount</B>&rdquo;) until
such Unvested Unit either (i) vests, in which case no future Distribution or portion thereof shall be made under Section 3.01(a)
until the Deferred Distribution Amount attributable to such Unit is distributed to the holder thereof or (ii) is repurchased or
forfeited pursuant to the repurchase or forfeiture provisions contained in any separate written agreement between the Partnership
and such holder and/or the Person that holds a</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">legal or beneficial interest
in such holder, in which case (x) the Deferred Distribution Amount attributable to such Unit shall be distributed among the holders
of Units in accordance with the priorities set forth in this Section 3.01(a) (it being agreed that Distributions pursuant to this
clause (ii) shall not give rise to any Deferred Distribution Amount and, accordingly, holders of Unvested Units as of the time
of a Distribution pursuant to this clause (ii) shall in no circumstances be entitled to any portion of future Distributions under
this Section 3.01(a) on account thereof) and (y) the Capital Accounts of the holders will be adjusted accordingly.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Notwithstanding the foregoing,
(x) the amount distributed in respect of any Profits Interests pursuant to Section 3.01(a) shall be reduced until the total amount
of such reductions in respect of such Profits Interest is equal to the Available Profit for such Profits Interest plus the amount
such Limited Partner paid for such Profits Interests, if any, and (y) no Distribution may be made to any Profits Interests held
by a Limited Partner to the extent it would exceed the Available Profit allocated to such Limited Partner with respect to such
Profits Interests (as reasonably determined by the General Partner acting by the GP Board) plus the amount such Limited Partner
paid for such Profits Interests, if any. To the extent amounts are not distributed with respect to any Profits Interests as a
result of the application of the immediately preceding sentence, such amounts shall be distributed to all other Partners with
respect to their Vested Units as provided in Section 3.01(a).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any provision to the contrary in this Agreement, the Partnership, and the General Partner acting by the GP Board on behalf of
the Partnership, shall not make a Distribution to any Limited Partner on account of its interest in the Partnership if such Distribution
would violate the Act or other Applicable Law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership is authorized to withhold from Distributions and to pay over to any Governmental Authority any amounts which may be
required to be so withheld pursuant to the Code or any provisions of any other U.S. federal, state, local or non-U.S. tax law.
All amounts withheld pursuant to the Code or any provision of any U.S. state, local or non-U.S. tax law with respect to any allocation
or Distribution to any Limited Partner shall be treated as amounts distributed to such Limited Partner pursuant to this Article
for all purposes under this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent of available cash (and subject to Section 3.01(d)(iii) and subject to appropriate reserves), the Partnership shall
make cash Distributions to each Limited Partner as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First,
(i) to the holders of Class A Units, until the holders of Class A Units have each received Distributions in respect of a Taxable
Year equal to such holders&rsquo; Tax Distribution Amount for such Taxable Year that is attributable to their rights to receive
Distributions under Section 3.01(a)(i)(A) and Section 3.01(a)(i)(B) in excess of the Original Cost with respect to their respective
Class A Units (and their rights to</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in"><FONT STYLE="font-size: 10pt">receive Distributions
under this Section 3.01(d)(i)(A)) and (ii) to the holders of Class B Units, until the holders of Class B Units have each received
Distributions in respect of a Taxable Year equal to such holders&rsquo; Tax Distribution Amount for such Taxable Year that is
attributable to their rights to receive Distributions under Section 3.01(a)(i)(B) in excess of the Original L Brands Cost with
respect to their respective Class B Units (and their rights to receive Distributions under this Section 3.01(d)(i)(A)); <I>provided
</I>that for the avoidance of doubt, if Distributions pursuant to this Section 3.01(d)(i)(A) are limited (due to the absence of
available cash or pursuant to Section 3.01(d)(iii)), Distributions shall be made pro rata in accordance with the amount each such
holder would have received if such limitations were not in effect; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second,
to all holders of Units, pro rata in accordance with their respective Percentage Interests, until the holders of Buyer Units and
the holders of L Brands Units have each received aggregate Distributions in respect of each Taxable Year at least equal to such
holder&rsquo;s Tax Distribution Amount for such Taxable Year (excluding the portion of such holders&rsquo; Tax Distribution Amount
used to compute Distributions under Section 3.01(d)(i)(A)); <I>provided, however</I>, the actual Tax Distributions to be made
to any holder of Units with respect to any Taxable Year (other than holders of Buyer Units and holders of L Brands Units) shall
never exceed or be less than such holder&rsquo;s Tax Distribution Amount for such Taxable Year (each such Distribution pursuant
to Section 3.01(d)(i)(A) and this Section 3.01(d)(i)(B), a &ldquo;<B>Tax Distribution</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
Distributions actually made under Section 3.01(d)(i)(A) shall not be treated as advances against any future Distributions to any
Limited Partner. Tax Distributions actually made under Section 3.01(d)(i)(B) to any Limited Partner shall be treated as advances
against, and shall reduce, future Distributions due to such Limited Partners under Section 3.01(a)(i)(C) or Section 3.01(a)(ii),
as the case may be. The Partnership shall make Tax Distributions in respect of a Taxable Year on each Estimated Tax Distribution
Date to facilitate the payment of quarterly estimated income taxes, taking into account amounts previously distributed in respect
of such Taxable Year pursuant to this Section 3.01(d). Not later than 60 Business Days after the end of each Taxable Year, the
Partnership shall make final Tax Distributions for such Taxable Year in amounts sufficient to fulfill the Partnership&rsquo;s
obligations under this Section 3.01(d). To the extent that the aggregate amount of Tax Distributions made to a Limited Partner
(other than to the holders of Buyer Units or L Brands Units) in respect of a Taxable Year exceeds such Limited Partner&rsquo;s
Tax Distribution Amount for such Taxable Year, such excess shall be applied against, and reduce, the Partnership&rsquo;s obligation
to make Tax Distributions to such Limited Partner for future Taxable Years..</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, the Partnership shall not be required to make Tax Distributions to the extent that the Partnership (or any of its
Subsidiaries) is subject to one or more financing arrangements entered with a third party that restricts or limits the ability
to make such Distributions for any Taxable Year (including as a result of a Subsidiary being restricted in making Distributions
to the Partnership to allow it to make Tax Distributions); <I>provided</I> that to the extent (i) such restrictions or limitations
cease to apply or (ii) the Partnership did not make Tax Distributions due to the absence of available cash and the Partnership
subsequently has cash available for distribution, the Partnership shall prior to making any other Distribution under this Agreement,
make Tax Distributions to its Limited Partners so that each Limited Partner receives actual Tax Distributions equal to what such
Limited Partner would have received if all Tax Distributions had been in accordance with Section 3.01(d)(i) without the limitation
set forth in this Section 3.01(d)(iii) or in the limitations set forth in Section 3.01(d)(i) due to lack of available cash and/or
imposition of appropriate reserves.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Limited Partner transfers all, or any portion, of its interests in the Partnership, (A) the Partnership shall be entitled
to compute Tax Distribution Amounts for the transferor and transferee in a manner so that the aggregate amount of Tax Distributions
that the Partnership is required to make is not increased as a result of such transfer, <I>provided</I> that for the avoidance
of doubt, this clause (A) shall not apply with respect to any such increase arising as a result of differences between the tax
classification or tax residence of the transferor and the transferee (or their respective owners), and (B) if such Limited Partner
has received Tax Distributions that are an advance on future Distributions, such advance shall apply to reduce Distributions to
the transferor and/or transferee so that the Partnership shall be entitled to reduce future Distributions with respect to any
advanced Tax Distribution in the same aggregate amount as if no transfer had occurred. Unless otherwise agreed by the Partnership,
with the consent of L Brands and Buyer, no Limited Partner shall be entitled to any Tax Distributions once such Limited Partner&rsquo;s
interest in the Partnership is completely terminated.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
amount that is to be treated as a distribution from, or capital contribution to, pursuant to the terms of the Transaction Agreement,
other than, for the avoidance of doubt, any amount that is taken into account in the calculation of Original Buyer Cost or Original
L Brands Cost, shall be treated as an advance on, or otherwise alter, the amounts owed to the various Limited Partners under this
Section 3.01.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of Section 3.01(a)(i) shall apply to determine each Limited Partner&rsquo;s share of any proceeds with respect to any
Sale of the Partnership.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.02.&#9;<I>General
Allocations</I>. Net Income or Net Loss for a Fiscal Year (or other relevant period) (or individual items thereof for the Fiscal
Year (or other relevant period) including the actual liquidation of the Partnership) shall be allocated among the Limited Partners
in a manner that, as of the end of such Fiscal Year (or other relevant period) and to the greatest extent possible, the Capital
Account of each Limited Partner</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">shall be equal to the respective
net amount, positive or negative, that would be distributed to such Limited Partner from the Partnership or for which such Limited
Partner would be liable to the Partnership under this Agreement, determined as if, on the last day of such Fiscal Year (or other
relevant period), the Partnership were to (a) liquidate the Partnership&rsquo;s assets for an amount equal to their book value
(determined according to the rules of Treasury Regulations Section 1.704-1(b)(2)(iv)), and (b) distribute the proceeds in liquidation
in accordance with Section 11.02. Notwithstanding anything to the contrary, all allocations shall be computed assuming all Units
are Vested Units.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.03.&#9;<I>Regulatory
Allocations</I>. Notwithstanding anything to the contrary in <B>&lrm;</B>Section 3.02:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Minimum
Gain Charge Back</I>. The Partnership shall allocate items of income and gain among the Limited Partners at such times and in
such amounts as necessary to satisfy the minimum gain charge back requirements of Treasury Regulations Sections 1.704-2(f) and
1.704-2(j)(2).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Partner
Minimum Gain Charge Back</I>. The Partnership shall allocate items of income and gain among the Limited Partners at such times
and in such amounts as is necessary to satisfy the member minimum gain charge back requirements of Treasury Regulations Sections
1.704-2(i)(4) and 1.704-2(j)(2).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Qualified
Income Offse</I>t. The Partnership shall specially allocate items of income and gain when and to the extent required to satisfy
the &ldquo;qualified income offset&rdquo; requirement within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(d).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nonrecourse
Deduction</I>s. Any Nonrecourse Deductions will be specially allocated to the Limited Partners in proportion to their Percentage
Interests and in a manner consistent with the requirements of Treasury Regulation Sections 1.704-2(c) and 1.704-2(1).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Allocation
of Deductions Attributable to Limited Partner Nonrecourse Liabilities</I>. Any Partner Nonrecourse Deductions shall be allocated
among the Limited Partners that bear the economic risk of loss for such partner nonrecourse liability under Treasury Regulations
Section 1.752-2 in accordance with the ratios in which such Limited Partners share such economic risk of loss and in a manner
consistent with the requirements of Treasury Regulations Sections 1.704-2(i) and 1.704-2(j)(1).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Curative
Allocations</I>. The allocations set forth in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 3.03(a)-<FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
3.03(e) (the &ldquo;<B>Regulatory Allocations</B>&rdquo;) are intended to comply with certain requirements of the Treasury Regulations.
It is the intent of the Partners that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory
Allocations or with special allocations of other items of Partnership income, gain, loss, expense, or deduction pursuant to this
Section 3.03(f). Therefore, notwithstanding any other provision of this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Article
3 (other than the Regulatory Allocations), the General Partner acting by the GP Board shall make such offsetting special allocations
of Partnership income, gain, loss, expense, or deduction in whatever manner it determines appropriate so that, after such</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">offsetting allocations are made,
each Limited Partner&rsquo;s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Limited
Partner would have had if the Regulatory Allocations were not part of the Agreement and all Partnership items were allocated pursuant
to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 3.02.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 3.04.&#9;<I>Special
Tax Allocations</I>. In accordance with Code Section 704(c)(1)(A) and Treasury Regulations Section 1.704-3 (and the principles
of those provisions), income, gain, loss and deduction with respect to any property contributed to the capital of the Partnership
or after the Partnership has been revalued under Treasury Regulations Section 1.704-1(b)(2)(iv)(f) or (s) shall, solely for U.S.
federal, state and local tax purposes, be allocated among the Limited Partners so as to take into account any variation between
the adjusted basis of such Partnership property to the Partnership for U.S. federal income tax purposes and its value as so determined
at the time of the contribution or revaluation of such Partnership property. The Partnership shall use the &ldquo;traditional&rdquo;
allocation method set forth under Treasury Regulations Section 1.704-3(b) for contributed property and revalued property. Notwithstanding
the foregoing, if requested by L Brands or Buyer (and consented to by the non-requesting party (either L Brands or Buyer, as the
case may be), with such consent not to be unreasonably withheld, delayed, or conditioned), the General Partner acting by the GP
Board shall cause the Partnership to use an alternative method to the &ldquo;traditional&rdquo; method for any contributed or
revalued asset, provided such method is permitted under the Treasury Regulations (including the &ldquo;remedial&rdquo; method
within Treasury Regulations Section 1.704-3(d)). For purposes of this provision, it shall be reasonable for L Brands or Buyer
to withhold consent to the Partnership using an alternative method to the &ldquo;traditional&rdquo; method if using such method
is reasonably likely to result in such Limited Partner (or any of its owners, direct or indirect) incurring a material tax liability
in any year (or other relevant period) for which it is likely to not receive a Tax Distribution or otherwise be reimbursed pursuant
to the terms of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
4<FONT STYLE="font-variant: small-caps"><BR>
</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">Governance</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.01.&#9;<I>General
Authority. </I>Subject to the terms, conditions and limitations set forth herein, (i) the business and affairs of the Partnership
shall be managed by, or under the direction of, the General Partner, (ii) the General Partner shall have all power and authority
to manage and to direct the management of the business and affairs of the Partnership and to make all decisions to be made by
or on behalf of the Partnership and (iii) the powers of the General Partner shall include all powers, statutory or otherwise,
possessed by or permitted to a general partner under the Act. Without any limitation to the foregoing, the Partnership shall not,
and shall not permit any of its Subsidiaries to, take or omit to take any action without the prior approval of the General Partner
acting by the GP Board if the taking or omission of such action by a corporation organized under the laws of the State of Delaware
requires or is customarily subject to the approval of the board of directors of such corporation, other than as expressly provided
for in this Agreement (including Section 4.02(f)).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.02.&#9;<I>GP
Board Matters</I>. (a) The parties hereby agree that the General Partner shall maintain a board of directors (the &ldquo;<B>GP
Board</B>&rdquo;) for the purposes and in accordance with the terms set forth herein, and the General Partner shall be managed,
operated and controlled solely by the GP Board in all respects for the duration of the Partnership. The General Partner hereby
delegates to the GP Board the authority to act for and on behalf of the General Partner in its capacity as general partner of
the Partnership, and, without limiting the foregoing, all actions to be taken by the General Partner under this Agreement shall
be taken by the General Partner acting by the GP Board. Without limiting the foregoing, the parties hereby agree that the composition,
actions and proceedings of the GP Board and other matters related thereto shall be governed by the terms and conditions of this
Section 4.02 to the extent set forth herein. The Partners hereby agree to take any reasonable actions necessary or advisable to
carry out the purpose and intent of this Section 4.02, including amending the organizational documents of the General Partner
to the extent necessary or advisable to carry out the purpose and intent of this Section 4.02. The GP Board shall consist of five
members (each, a &ldquo;<B>Manager</B>&rdquo;). The composition of the GP Board shall be as follows: (i) three Managers shall
be designated by Buyer (each, a &ldquo;<B>Buyer Manager</B>&rdquo;) and (ii) two Managers shall be designated by L Brands (each,
an &ldquo;<B>L Brands Manager</B>&rdquo;); <I>provided</I> that if (A) (x) L Brands has a Percentage Interest of at least 60%
but less than 80%, L Brands shall designate three Managers, (y) L Brands has a Percentage Interest of at least 80%, L Brands shall
designate four Managers, and (z) L Brands has a Percentage Interest of at least 95%, L Brands shall designate all Managers, and
in each of clauses (x), (y) and (z) the number of Managers designated by Buyer shall be correspondingly reduced; <I>provided</I>,
that in any such case, and as a condition to the change in GP Board designation contemplated by this clause (A), Buyer shall have
consent, notice, information and other minority rights to be agreed between Buyer and L Brands acting in good faith, which shall
in no event be less favorable to Buyer than those provided to L Brands under this Agreement, and each Limited Partner shall execute
and deliver such amendments to this Agreement as may be reasonably requested by Buyer to give effect to the foregoing, and (B)
(x) L Brands holds less than 50% of its Initial Ownership but at least 25% of its Initial Ownership, L Brands shall designate
one Manager and (y) L Brands holds less than 25% of its Initial Ownership, L Brands shall not designate any Managers, and in each
of clauses (x) and (y) the number of Managers designated by Buyer shall be correspondingly increased. As of the date hereof, the
Buyer Managers and the L Brands Managers shall be the persons set forth on <U>Schedule C</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Composition
of GP Board Committees and Subsidiary Boards</I>. The Partnership and the Partners shall take all actions necessary (i) to cause
the Buyer Managers and the L Brands Managers to be designated as members of any committee, subcommittee or working group of the
GP Board and (ii) to cause one or more of the management team members of the Partnership and/or its Subsidiaries to be designated
as members of the board of directors or similar governing body of each of the Partnership&rsquo;s Subsidiaries and any committee,
subcommittee or working group thereof, with the intention and understanding that the overall strategic policy and direction of
the Partnership and its Subsidiaries will be determined by the GP Board. Notwithstanding anything that may be permitted pursuant
to the constituent documents of the Partnership</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">or any of its Subsidiaries, no
Person shall take any action with respect to the Partnership or any of its Subsidiaries that would be inconsistent with the provisions
of this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 4.02.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Vacancies;
Removals</I>. If, as a result of death, disability, retirement, resignation, removal or otherwise, there shall exist or occur
any vacancy on the GP Board, the Person entitled under <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
4.02(a) to designate such Manager whose death, disability, retirement, resignation or removal resulted in such vacancy may designate
another individual to fill such vacancy and serve as a Manager. Each of Buyer and L Brands shall have the sole and exclusive right
to immediately appoint and remove for any reason the Managers that it is entitled to designate pursuant to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
4.02(a).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Quorum;
Action by the GP Board</I>. A quorum of the GP Board shall consist of a majority of the members of the GP Board, of whom at least
one shall be an L Brands Manager for so long as L Brands has the right to designate at least one Manager pursuant to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
4.02(a); <I>provided</I>, that if no L Brands Manager is present at a meeting nor at an adjournment thereof scheduled no earlier
than two days thereafter, then a quorum may be established at the next adjournment of such meeting scheduled no earlier than two
days after the previous adjournment without regard to any L Brands Manager&rsquo;s presence. All actions of the GP Board shall
require (i) the affirmative vote of at least a majority of the Managers present at a duly-convened meeting of the GP Board at
which a quorum is present or (ii) the unanimous written consent of the GP Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Voting
Power</I>. With respect to any matter submitted for approval of, or any action to be taken by, the GP Board at any time, each
Manager shall be entitled to cast one vote.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Actions
Requiring Consent.</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
the first to occur of (x) an IPO and (y) the first date on which L Brands holds less than 50% of its Initial Ownership, the Partnership
will not do, and it shall cause each of its Subsidiaries not to do, and the General Partner and the GP Board will not approve,
any of the following without the prior written consent of L Brands:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend,
waive, modify or supplement (including, in each case, by merger, consolidation or otherwise) any provision of the Certificate,
this Agreement or any other constituent or organizational document of the Partnership or, in the case of any constituent or organizational
document of any of the Partnership&rsquo;s Subsidiaries, in any manner that would be materially adverse to L Brands;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increase
or decrease the size of the GP Board;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appoint
the Chief Executive Officer of the General Partner without (i) providing L Brands reasonable prior notice (and in any event, not
less than five Business Days&rsquo; prior notice) of the GP Board&rsquo;s</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in"><FONT STYLE="font-size: 10pt">preliminary intentions
with respect to the appointment of any Chief Executive Officer of the General Partner and (ii) the GP Board consulting with L
Brands during such five Business Day period and duly considering L Brands&rsquo; views on any such appointment prior to the GP
Board&rsquo;s final determination with respect to the appointment of any Chief Executive Officer of the General Partner; it being
agreed that upon satisfaction of the conditions set forth in the preceding clauses (i) and (ii), the GP Board shall be entitled
to appoint the Chief Executive Officer of the General Partner without the consent of L Brands;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue
any equity securities of the Partnership or any of its Subsidiaries, other than (v) issuances of Units or options for Units to
officers, directors or service providers of the Partnership or any of its Subsidiaries pursuant to the Equity Plan, (w) issuances
of equity securities by any wholly owned Subsidiary of the Partnership to the Partnership or another wholly owned Subsidiary of
the Partnership, (x) without limiting any other provision of this Agreement, issuances of equity securities pursuant to any of
the exceptions set forth in Section 9.05(f), (y) issuances of equity securities in compliance with the preemptive rights under
Section 9.05 or (z) pursuant to Section 9.06;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repurchase
or redeem any equity securities of the Partnership or any of its Subsidiaries, other than (x) on a pro rata basis with respect
to all of the holders of such type of equity security in accordance with their ownership interests of such type of equity security,
(y) repurchases from officers, directors or service providers of the Partnership or any of its Subsidiaries pursuant to the Equity
Plan or otherwise upon termination of service or employment, or (z) repurchases or redemptions by the Partnership or any wholly
owned Subsidiary of the Partnership of equity securities of any wholly owned Subsidiary of the Partnership;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)
during the period from the date hereof until the first anniversary of the date hereof, create, incur or assume any indebtedness
for borrowed money, (y) after the first anniversary of the date hereof until the second anniversary of the date hereof, create,
incur or assume any indebtedness for borrowed money that would result in the aggregate indebtedness for borrowed money of the
Partnership and its Subsidiaries exceeding one times EBITDA for the last four consecutive fiscal quarters of the Partnership (determined
as of the date of such incurrence on a pro forma basis and after giving effect to all other transactions consummated on such date),
and (z) after the second anniversary of the date hereof, create, incur or assume any indebtedness for borrowed money that would
result in the aggregate indebtedness for borrowed money of the Partnership and its Subsidiaries exceeding two times EBITDA for
the last four consecutive fiscal quarters of the Partnership (determined as of the</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0in"><FONT STYLE="font-size: 10pt">date
of such incurrence on a pro forma basis and after giving effect to all other transactions consummated on such date); <I>provided
</I>that, in any such case, the following shall not be included for purposes of the restrictions or calculations set forth in
the foregoing subclauses (x), (y) and/or (z) of this clause (F): (1) intercompany borrowings solely among the Partnership and
wholly owned Subsidiaries of the Partnership; (2) capital leases in the ordinary course of business; (3) any indebtedness for
borrowed money assumed by the Partnership and/or its Subsidiaries (A) under the China Facility or an Acceptable Replacement Facility,
as applicable (as each such term is defined in the Transaction Agreement), or (B) to make any payments under the Transaction Agreement
in connection with the Purchase Price (as such term is defined in the Transaction Agreement) or Transaction Expenses (as such
term is defined in the Transaction Agreement) or any other transaction expenses incurred by the Partnership and/or its Subsidiaries
in connection with the consummation of the Transaction Agreement; and/or (4) any other indebtedness for borrowed money to the
extent such indebtedness is incurred in furtherance of the liquidity or working capital of the Partnership and its Subsidiaries
(and not for purposes of financing a distribution to the Limited Partners), including asset-based revolving credit borrowings
to the extent necessary to fund all or any portion of an Upward Adjustment Amount (as defined in, and in accordance with, the
Transaction Agreement) or the payment of any other amounts that may be due and owing to L Brands or its Affiliates under the Transaction
Agreement in connection with the Purchase Price (as such term is defined in the Transaction Agreement) or Transaction Expenses
(as such term is defined in the Transaction Agreement);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(G)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchase
or otherwise acquire equity securities, assets, properties or businesses of any Person (whether by merger, purchase of stock,
purchase of assets or otherwise) for a purchase price in excess of (x) $50,000,000 in a single transaction or a series of related
transactions or (y) $100,000,000 in the aggregate in any 12-month period, other than (1) acquisitions and transfers of assets
solely among the Partnership and wholly owned Subsidiaries of the Partnership and (2) acquisitions of inventory and product in
the ordinary course of business;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(H)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sell,
convey, transfer or otherwise dispose of 75% or more of the assets (including securities of any Person (other than the Partnership
or any of its Subsidiaries)), properties or businesses of the Partnership and its Subsidiaries (whether by merger, sale of stock,
sale of assets or otherwise) other than (I) sales of inventory to customers in the ordinary course of business, (II) dispositions
and transfers solely among the Partnership and wholly owned Subsidiaries of the Partnership, or (III) any transaction effected
in accordance with the requirements of Section 9.03;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enter
into any new line of business or make any material modification to any existing line of business (excluding any disposal which
is subject to Section 4.02(f)(i)(H)), other than the apparel business, related businesses and any logical extensions of either
of the foregoing;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(J)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appoint
or remove the auditors of the Partnership or any of its Subsidiaries, unless any such replacement auditors is any of PriceWaterhouseCoopers
LLP, Deloitte &amp; Touche LLP, Ernst &amp; Young LLP or KPMG LLP or their successors;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(K)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other
than as specifically contemplated by this Agreement, make or change any tax election, claim any available credit or adopt any
other method or procedure related to the preparation of the Partnership&rsquo;s U.S. federal, state, local or non-U.S. Tax returns,
in each case that would reasonably be expected to have a material and adverse impact on L Brands;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(L)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
any material change to any accounting policy, other than any such change required to comply with GAAP or Applicable Law; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(M)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authorize,
agree or commit to do any of the foregoing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
the first to occur of (x) an IPO and (y) the first date on which L Brands holds no Units, the Partnership will not do, and it
shall cause each of its Subsidiaries not to do, and the General Partner and the GP Board will not approve, any of the following
without the prior written consent of L Brands:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;declare
or pay any cash or other dividend or any other distribution on the equity securities of the Partnership or any of its Subsidiaries
that is not made in accordance with the Distribution waterfall set forth in Section 3.01;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend,
waive, modify or supplement (including, in each case, by merger, consolidation or otherwise) this &lrm;Section 4.02(f)(ii); or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authorize,
agree or commit to do any of the foregoing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
the first to occur of (x) an IPO and (y) the first date on which L Brands holds less than 10% of its Initial Ownership, the Partnership
will not do, and it shall cause each of its Subsidiaries not to do, and the GP Board will not approve, any of the following without
the prior written consent of L Brands:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
any change to the tax status of the Partnership or any of its material Subsidiaries in each case that would have a material and
disproportionate adverse impact on L Brands, giving due regard to the particular tax profile and tax attributes of each Limited
Partner;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in"><FONT STYLE="font-size: 10pt"><I>provided</I> that
the Partnership shall provide notice to L Brands reasonably in advance of making any such change (irrespective of whether such
change would have a material and disproportionate adverse impact on L Brands);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enter
into, extend, terminate, amend or modify, or exercise or waive any right or obligation of the Partnership or any of its Subsidiaries
under, including, in each case, by merger, consolidation or otherwise, any agreement or transaction with any Partner, any of its
Affiliates or Portfolio Companies or any of their respective equityholders, managers, officers, directors or employees (each a
&ldquo;<B>Related Party</B>&rdquo;) other than on terms not less favorable in any material respect to the Partnership or such
Subsidiary as would be obtainable by the Partnership or such Subsidiary at the time in a comparable arm&rsquo;s length transaction
with an unaffiliated third party (it being agreed that L Brands shall be provided not less than five days&rsquo; notice prior
to the effectiveness of any such action by the Partnership or any of its Subsidiaries that involves aggregate payments in any
single transaction or series of related transactions in excess of $10 million), other than (i) this Agreement (including any of
the transactions expressly contemplated hereunder), (ii) any Transfer in accordance with &lrm;Article 8, (iii) any issuance of
Units in compliance with the preemptive rights under &lrm;Section 9.05, (iv) enforcing any agreement with any Related Party in
accordance with its terms, (v) any transaction pursuant to Section 9.06 in connection with an IPO, (vi) the Transaction Documents
and/or the consummation of any of the transactions expressly contemplated thereby, (vii) compensation and benefits plans, agreements
and arrangements with respect to any officers and/or employees of the Partnership or any of its Subsidiaries, (viii) is solely
among the Partnership and/or one or more of its Subsidiaries or is solely among one or more of the Partnership&rsquo;s Subsidiaries
or (ix) any transaction or agreement approved by the Managers of the GP Board that are not Buyer Managers;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend,
waive, modify or supplement (including, in each case, by merger, consolidation or otherwise) this &lrm;Section 4.02(f)(iii); or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authorize,
agree or commit to do any of the foregoing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Meetings</I>.
Regular meetings of the GP Board shall be held at such dates, times and places as the GP Board shall from time to time determine,
but in no event less than one regularly scheduled meeting every fiscal quarter. Special meetings of the GP Board may be called
at any time by any Manager upon at least two days&rsquo; notice given to each Manager. Each special meeting of the GP Board shall
be held at such date, time and place as shall be fixed by the Person calling the meeting. The Partnership shall pay all reasonable
out-of-pocket expenses incurred by each Manager in connection with attending regular and special meetings of the GP Board and
any committee, subcommittee or working group thereof, and any such meetings of the board of directors</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">or similar governing body of
any Subsidiary of the Partnership and any committee, subcommittee or working group thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Telephonic
Meetings Permitted</I>. Managers, or members of any committee, subcommittee or working group of the GP Board, may participate
in a meeting of the GP Board, or of such committee, subcommittee or working group, by means of conference telephone or similar
communication equipment by means of which all persons participating in the meeting can hear each other, and participation in the
meeting pursuant to this Section 4.02(h) shall constitute presence in person at such meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notice
of Meeting</I>. The General Partner agrees to give each Manager (by email or otherwise) notice and the agenda for each meeting
of the GP Board or any committee, subcommittee or working group thereof at least 24 hours prior to such meeting or such shorter
period as such Manager agrees to receive such notice or agenda.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.03.&#9;<I>Officers</I>.
Subject to Section 4.02(f), the GP Board may, from time to time as it deems advisable, designate an agent, employee or other representative
of the Partnership as a &ldquo;representative&rdquo; of the Partnership authorized to take such action for or sign agreements
or documents on behalf of the General Partner as general partner of the Partnership. Without limiting the generality of the foregoing,
subject to Section 4.02(f), the GP Board may from time to time as it deems advisable, select natural persons and designate them
as officers of the General Partner who acts for the Partnership (the &ldquo;<B>Officers</B>&rdquo;) and assign titles (including
Chief Executive Officer, Chief Financial Officer, Vice President, Secretary, and Treasurer) to any such person. Any delegation
pursuant to this Section 4.03 may be revoked at any time by the GP Board. An Officer may be removed with or without cause by the
GP Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.04.&#9;<I>Rights
and Responsibilities</I>. (a) The GP Board may exercise any of the powers granted to it by this Agreement and perform any of the
duties imposed upon it hereunder either directly or by or through its agents, and no Manager or any of such Manager&rsquo;s Affiliates
shall be responsible for any misconduct or negligence on the part of any such agent appointed by the GP Board in good faith. The
GP Board shall be entitled to rely upon the advice of legal counsel, independent public accountants and other experts, including
financial advisors, and any act of or failure to act by the GP Board in good faith reliance on such advice shall in no event subject
the GP Board or any Manager to liability to the Partnership or any Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managers and Officers (but, for the avoidance of doubt, not the Limited Partners in their capacities as such) shall owe such fiduciary
duties to the Partnership and the Limited Partners as shall exist from time to time under the laws of the State of Delaware with
respect to directors and officers, respectively, of a corporation organized under the laws of the State of Delaware.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.05.&#9;<I>Termination
of Governance Rights</I>. The provisions of <B>&lrm;</B>Section 4.01-<B>&lrm;</B>Section 4.04 shall terminate upon the consummation
of an IPO; <I>provided</I> that, prior to the consummation of any IPO, Buyer and L Brands shall discuss in good faith </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">appropriate
representation of L Brands on the board of directors of the Issuer and contractual arrangements, if
any, with respect thereto, based on, among other things, L Brands&rsquo; expected ownership of Issuer Shares following the consummation
of the IPO.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.06.&#9;<I>Business
Opportunity</I>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the fullest extent permitted by Applicable Law, and except as otherwise provided in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
5.09, the doctrine of corporate opportunity as the same applies under the laws of the State of Delaware, or any other analogous
doctrine, shall not apply with respect to the Partners or any of the Managers (other than any Limited Partner or Manager who is
or was a full-time employee of the Partnership or any of its Subsidiaries or who is or was otherwise issued Units pursuant to
the Equity Plan). In no event shall any Partner or any individual serving as a Manager (other than any Limited Partner or Manager
who is or was a full-time employee of the Partnership or any of its Subsidiaries or who is or was otherwise issued Units pursuant
to the Equity Plan) be liable to the Partnership, any Subsidiary of the Partnership or to any party hereto for breaches of fiduciary
or other similar duties by virtue of the fact that such individual fails to bring a business opportunity to the attention of the
Partnership or any Subsidiary of the Partnership or presents a business opportunity to a Limited Partner or an Affiliate of a
Limited Partner (rather than, or in addition to, presenting such opportunity to the Partnership).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the generality of the foregoing, except as otherwise provided in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
5.09 or Section 5.10, none of the Partners (including any Managers designated by any Limited Partner) nor any of their respective
Affiliates (nor any of their respective Portfolio Companies) shall have any obligation to refrain from (i) engaging, directly
or indirectly, in the same or similar activities or lines of business as the Partnership or any of its Subsidiaries or developing
or marketing any products or services that compete, directly or indirectly, with those of the Partnership or any of its Subsidiaries,
(ii) investing or owning any interest publicly or privately in, or developing a business relationship with, any Person engaged
in the same or similar activities or lines of business as, or otherwise in competition with, the Partnership or any of its Subsidiaries,
(iii) doing business with any client or customer of the Partnership or any of its Subsidiaries (collectively, the activities described
in clauses (i) through (iii), an &ldquo;<B>Other Business</B>&rdquo;), or (iv) employing or otherwise engaging a former Officer,
officer or employee of the Partnership or any of its Subsidiaries. In furtherance of the foregoing, except as otherwise provided
in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 5.09, the Partners expressly acknowledge and agree
that (i) no Partner nor any of its Affiliates (including any Manager designated by any Limited Partner, but excluding any Limited
Partner or Manager who is or was a full-time employee of the Partnership or any of its Subsidiaries or who is or was otherwise
issued Units pursuant to the Equity Plan) will be obligated to inform the Partnership of any such opportunity, relationship or
investment, (ii) the other Partners will not acquire, be provided with an option or opportunity to acquire or be entitled to any
interest or participation in any such Other Business as a result of the participation therein of a Partner or its Affiliates (including
any Managers designated by any Limited Partner, but excluding any Limited Partner or Manager who is or was a full-time employee
of the </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Partnership or any of its
Subsidiaries or who is or was otherwise issued Units pursuant to the Equity Plan), (iii) the Partners expressly waive, to the
fullest extent permitted by Applicable Law, any rights to assert any claim that such involvement breaches any duty owed to
any Partner, or the Partnership or its Subsidiaries or to assert that such involvement constitutes a conflict of interest by
such Persons with respect to the Partnership or its Subsidiaries (other than with respect to any Limited Partner or Manager
who is or was a full-time employee of the Partnership or any of its Subsidiaries or who is or was otherwise issued Units
pursuant to the Equity Plan) and (iv) nothing contained herein shall limit, prohibit or restrict any Partner, any of its
Affiliates or any current or former Manager designated by any Limited Partner from serving on the board of directors or other
governing body or committee of any Other Business (other than with respect to any Limited Partner or Manager who is or was a
full-time employee of the Partnership or any of its Subsidiaries or who is or was otherwise issued Units pursuant to the
Equity Plan). This Section 4.06(b) shall not apply to any Limited Partner who is or was an employee of the Partnership or any
Subsidiary of the Partnership.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 4.07.&#9;<I>Confidentiality</I>.
(a) Each Limited Partner agrees that Confidential Information may be made available to such Limited Partner in connection with
such Limited Partner&rsquo;s investment in the Partnership. Each Limited Partner agrees that it shall use, and that it shall cause
any Person to whom Confidential Information is disclosed pursuant to clause (i) below to use, the Confidential Information only
in connection with its investment in the Partnership, for purposes of the business of the Partnership and its Subsidiaries or
as required pursuant to (or otherwise for purposes of) this Agreement and/or the other Transaction Documents and not for any other
purpose. Each Partner further acknowledges and agrees that it shall not disclose any Confidential Information to any Person, except
that Confidential Information may be disclosed:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
such Limited Partner&rsquo;s Agents (and such Limited Partner&rsquo;s Affiliates and their Agents) in the normal course of the
performance of their duties or to any financial institution providing credit to such Limited Partner (or such Affiliate of such
Limited Partner);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent required by Applicable Law (including complying with any oral or written questions, interrogatories, requests for information
or documents, subpoena, civil investigative demand or similar process to which a Limited Partner is subject; <I>provided </I>that
such Limited Partner agrees to give the Partnership prompt notice of such request, to the extent permissible under Applicable
Law and reasonably practicable, so that the Partnership may seek an appropriate protective order or similar relief (and the Limited
Partner shall cooperate with such efforts by the Partnership, and shall in any event make only the minimum disclosure required
by such Applicable Law));</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
any Person to whom such Limited Partner is contemplating a Transfer of its Units; <I>provided</I> that such Transfer would not
be in violation of the provisions of this Agreement and such potential Transferee is advised of the confidential nature of such
information and agrees to be bound by a confidentiality agreement consistent with the provisions hereof;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
any regulatory authority or rating agency to which the Limited Partner or any of its Affiliates is subject or with which it has
regular dealings; <I>provided</I> that such authority or agency is advised of the confidential nature of such information;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent related to the tax treatment and tax structure of the transactions contemplated by this Agreement (including all materials
of any kind, such as opinions or other tax analyses that the Partnership, its Affiliates or its Agents have provided to such Limited
Partner relating to such tax treatment and tax structure);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
purposes of reporting to its (or its Affiliates&rsquo;) members, partners or other equityholders the performance of the Partnership
and its Subsidiaries and for purposes of including applicable information in its (or any of its Affiliates&rsquo;) financial statements;
or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the prior written consent of the GP Board shall have been obtained.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Nothing contained herein shall
prevent the use (subject, to the extent possible, to a protective order) of Confidential Information in connection with the assertion
or defense of any claim by or against the Partnership or any Limited Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Confidential
Information</B>&rdquo; means any information concerning the Partnership or any Persons that are or become its Subsidiaries or
the financial condition, business, operations or prospects of the foregoing Persons in the possession of or furnished to any Limited
Partner pursuant to this Agreement (including by virtue of its present or former right to designate a Manager) that is proprietary
or confidential; <I>provided</I> that the term &ldquo;Confidential Information&rdquo; (i) does not include information that is
or becomes generally available to the public other than as a result of a disclosure by a Limited Partner or its Affiliates, and
their respective directors, officers, employees, stockholders, members, partners, agents, counsel, investment advisers or other
representatives (all such persons being collectively referred to as &ldquo;<B>Agents</B>&rdquo;) in violation of this Agreement,
(ii) does not include information that was available to such Limited Partner on a non-confidential basis prior to its disclosure
to such Limited Partner or its Agents by the Partnership pursuant to this Agreement, (iii) does not include information that becomes
available to such Limited Partner on a non-confidential basis from a source other than the Partnership after the disclosure of
such information to such Limited Partner or its Agents by the Partnership pursuant to this Agreement, which source is (at the
time of receipt of the relevant information) not, to the best of such Limited Partner&rsquo;s knowledge, bound by a confidentiality
agreement with (or other confidentiality obligation to) the Partnership, (iv) does not include information that is or was independently
developed by such Limited Partner or its Agents without violating any confidentiality agreement with the Partnership, or (v) solely
with respect to L Brands, does not include information that is known or used in the businesses of L Brands and its Subsidiaries
prior to the date hereof more broadly than in the businesses of the Partnership and its Subsidiaries (other than any information
that is included as a Transferred Asset under the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Transaction Agreement). Nothing
in this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 4.07 shall limit any other confidentiality
obligations among the parties to this Agreement pursuant to any other agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained herein, each Manager shall, subject to Applicable Law, be permitted to communicate Confidential
Information received by such Manager in his capacity as a Manager to the Person who designated such Manager so long as such Person
keeps such Confidential Information confidential pursuant to this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
4.07.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
5<FONT STYLE="font-variant: small-caps"><BR>
</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">Rights and Obligations of Partners</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.01.&#9;<I>Liability
for Debts of the Partnership; Limited Liability</I>. (a) Except as otherwise provided in the Act, the debts, obligations and
liabilities of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities
of the Partnership, and no Limited Partner or Manager shall be obligated personally for any such debt, obligation or liability
of the Partnership solely by reason of being a Limited Partner or acting as a Manager.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise expressly required by law, a Limited Partner, in its capacity as such, shall have no liability to the Partnership,
any other Limited Partner or to the creditors of the Partnership in excess of such Limited Partner&rsquo;s Capital Contribution
and other payments required to be made by such Limited Partner under this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual Limited Partner may also be an officer, manager, director or service provider of the Partnership or any of its Subsidiaries.
The existence of these relationships and acting in such capacities shall not affect the liability of the individual Limited Partner
(in its capacity as such) so existing or acting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.02.&#9;<I>Lack
of Authority</I>. No Limited Partner in its capacity as such has the authority or power to act for or on behalf of the Partnership
in any manner, to do any act that would be (or could be construed as) binding on the Partnership or to make any expenditures on
behalf of the Partnership, unless such specific authority has been expressly granted to such Limited Partner by the GP Board,
and the Limited Partners hereby consent to the exercise by the GP Board and the Managers of the powers conferred on them by law
and this Agreement. Without limiting the foregoing, none of the service by a Limited Partner or its designee on the GP Board,
nor any other act by a Limited Partner set forth in Section 20(2) of the Act, will (i) be deemed to constitute participation in
the control or conduct of the Partnership, (ii) affect, impair or eliminate the limitations on liability of a Limited Partner
under this Agreement or (iii) otherwise cause a Limited Partner to become a General Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.03.&#9;<I>No
Right of Partition</I>. No Partner shall have the right to seek or obtain partition by court decree or operation of law of any
Partnership property, or the right to own or use particular or individual assets of the Partnership.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.04.&#9;<I>Exculpation
and Indemnification</I>. (a) Except in the case of its bad faith, gross negligence (as such term is construed under the laws of
the State of Delaware) or willful misconduct, no Limited Partner or any of its Affiliates or any of their Agents or any Manager
(collectively, &ldquo;<B>Covered Persons</B>&rdquo;) shall be liable to the Partnership or any other Covered Person for monetary
damages for any breach of fiduciary or similar duty (to the extent that such Covered Person has any such duty) relating to the
Partnership to the fullest extent permitted by Applicable Law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
in the case of bad faith, gross negligence (as such term is construed under the laws of the State of Delaware) or willful misconduct,
each Person (and the heirs, executors or administrators of such Person) who was or is a party or is threatened to be made a party
to, or is involved in any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative,
or investigative, by reason of the fact that such Person is or was a Partner, Affiliate of a Partner, Manager or Officer, shall
be indemnified and held harmless by the Partnership to the fullest extent permitted by law against any and all losses, damages,
costs or liabilities (including reasonable and documented out-of-pocket legal fees and expenses and reasonable and documented
out-of-pocket costs of investigation) incurred in connection therewith (&ldquo;<B>Indemnifiable Losses</B>&rdquo;); <I>provided
</I>that the Partnership shall not be obligated to indemnify and hold harmless such Person in connection with any such claim,
action, suit or proceeding conducted, brought or threatened by the Partnership or any Covered Person unless such claim, action,
suit or proceeding involves such Person in his or her capacity as a Partner, Affiliate of a Partner, an Officer or Manager. The
right to indemnification conferred in this Section 5.04 (i) shall also include the right to be paid by the Partnership the expenses
incurred in connection with any such proceeding in advance of its final disposition to the fullest extent permitted by law and
(ii) shall not include indemnification against any loss of profit or return (including with respect to Taxes) on any Covered Person&rsquo;s
direct or indirect investment in the Partnership (including any diminution in the value thereof). The right to indemnification
conferred in this Section shall be a contract right.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership may, by action of the General Partner acting by the GP Board, provide indemnification to such other employees and
Agents of the Partnership or other persons who are or were serving at the request of the Partnership as a director, officer, employee
or Agent of another company, corporation, partnership, joint venture, trust or other enterprise to such extent and to such effect
as the GP Board shall determine to be appropriate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership shall have the power to purchase and maintain insurance on behalf of any person who is or was a Covered Person or
an Officer, employee or Agent of the Partnership, or is or was serving at the request of the Partnership as a member, director,
officer, employee or Agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise
against any expense, liability or loss incurred by such person in any such capacity or arising out of his status as such, whether
or not the Partnership would have the power to indemnify him against such liability under Applicable Law. The rights and authority
conferred in this Section shall not be exclusive</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">of any other right which any
Person may otherwise have or hereafter acquire with respect to the matters covered in this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
5.04.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the generality of the foregoing, the Partnership acknowledges that certain Managers (including certain Managers appointed
by Buyer) and Limited Partners may have certain rights to indemnification, advancement of expenses and/or insurance provided by
other third party sources with respect to such Managers&rsquo; and/or Limited Partners&rsquo; association with the Partnership
and/or any of its Subsidiaries (the &ldquo;<B>Other Indemnitors</B>&rdquo;). Notwithstanding the existence of any Other Indemnitor
with respect to any such Manager or Limited Partner, the Partnership and its Subsidiaries shall be the indemnitors of first resort
(<I>i.e</I>., the Partnership and its Subsidiaries&rsquo; obligations for indemnification, expense advancement and insurance coverage
to such Manager or Limited Partner are primary and any obligations of any Other Indemnitor to advance expenses or to provide indemnification
or insurance coverage for the same expenses or liabilities incurred by such Manager or Limited Partner are secondary), with respect
to any such Managers&rsquo; or Limited Partners&rsquo; association with the Partnership and its Subsidiaries. The Other Indemnitors
shall be third party beneficiaries of the terms of this Section 5.04(e).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the amendment of this Section, nor, to the fullest extent permitted by Applicable Law, any modification of law, shall eliminate
or reduce the effect of this Section in respect of any acts or omissions occurring prior to such amendment or modification.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Agreement, no provision of this Section 5.04 shall limit or affect (and this Section 5.04 shall
not apply to) any Partner&rsquo;s obligation (or any obligation of any Affiliate of such Partner) to comply with the express terms
of this Agreement or any of the Transaction Documents, or any losses or claims relating thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.05.&#9;<I>Procedures</I>.
(a) In the event that any claim, action, suit or proceeding is conducted, brought, threatened or asserted by a Person other than
the Partnership or any Covered Person (a &ldquo;<B>Specified Proceeding</B>&rdquo;), the Covered Person seeking indemnity in respect
thereof shall promptly notify the Partnership thereof. Failure to provide notice shall not affect the Partnership&rsquo;s obligations
hereunder except to the extent the Partnership is materially prejudiced thereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership shall have the right to participate in and control the defense of any such Specified Proceeding and, in connection
therewith, to retain counsel reasonably satisfactory to each Covered Person, at the Partnership&rsquo;s expense, to represent
each Covered Person and any others the Partnership may designate in such Specified Proceeding. The Partnership shall keep the
Covered Person advised of the status of such Specified Proceeding and the defense thereof and shall consider in good faith recommendations
made by the Covered Person with respect thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
any such Specified Proceeding, any Covered Person shall have the right to retain its own counsel at its own expense; <I>provided
</I>that the fees and expenses of such</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Covered Person&rsquo;s counsel
shall be at the expense of the Partnership if (i) the Partnership and such Covered Person shall have mutually agreed to the retention
of such counsel, (ii) the Partnership has failed, within a reasonable time after having been notified of the existence of an indemnified
claim, to assume the defense of such indemnified claim or (iii) the named parties to any such Specified Proceeding (including
any impleaded parties) include both the Partnership and such Covered Person and representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them. It is understood that the Partnership shall
not, in respect of the legal expenses of any Covered Person in connection with any Specified Proceeding or related Specified Proceedings
in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel)
for all such Covered Persons.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership shall not be liable for any settlement of any Specified Proceeding effected without its written consent (which consent
shall not be unreasonably withheld or delayed), but if settled with such consent or if there be a final judgment for the plaintiff,
the Partnership agrees to indemnify each Covered Person, to the extent provided in Section 5.04, from and against all Indemnifiable
Losses by reason of such settlement or judgment. The Partnership shall not effect any settlement of any pending or threatened
Specified Proceeding in respect of which any Covered Person is seeking indemnification hereunder without the prior written consent
of each Covered Person (which consent shall not be unreasonably withheld or delayed by any such Covered Person), unless such settlement
includes an unconditional release of each such Covered Person from all liability and claims that are the subject matter of such
Specified Proceeding.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties shall cooperate in the execution and delivery of agreements, instruments and other documents and in the provision of access
to witnesses, documents and property (including access to perform interviews, physical investigations or other activities) with
respect to any Specified Proceeding.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.06.&#9;<I>Continuing
Provisions. </I>The indemnification and advancement of expenses provided by, or granted pursuant to, this <B>&lrm;</B>Article
5 shall continue as to a Person notwithstanding that such Person has ceased to be a Covered Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.07.&#9;<I>Limited
Partners&rsquo; Right to Act; Voting Rights of Units</I>. For situations where the approval of the Limited Partners (rather than
the approval of the General Partner acting by the GP Board on behalf of the Limited Partners) is required by Applicable Law or
the terms of this Agreement, the Limited Partners shall act through meetings and written consents as described in Sections <B>&lrm;</B>5.07(a)
and <B>&lrm;</B>5.07(b)) below:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in this Agreement, each Limited Partner owning Units shall be entitled to vote on or approve or consent
as to any action required to be taken or any determination required to be made by the Limited Partners under this Agreement or
the Act. Each Unit shall have one vote. Except as otherwise provided by this Agreement, acts by the Limited Partners holding a
majority of the Units, voting as a single class, shall be the act of the Limited Partners.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
actions by the Limited Partners permitted hereunder may be taken at a meeting called by Limited Partners holding at least 35%
of the Units on at least two days&rsquo; prior written notice to the other Limited Partners entitled to vote, which notice shall
state the purpose or purposes for which such meeting is being called. The actions taken by the Limited Partners entitled to vote
or consent at any meeting, however called and noticed, shall be as valid as though taken at a meeting duly held after regular
call and notice if immediately before, at or after the meeting, each of the Limited Partners as to whom it was improperly held
signs a written waiver of notice or a consent to the holding of such meeting or an approval of the minutes thereof. Prompt written
notice of the action so taken at a meeting shall be given to those Limited Partners not entitled to vote. The actions by the Limited
Partners entitled to vote or consent may be taken by vote of the Limited Partners entitled to vote or consent at a meeting or
by written consent (without a meeting and without a vote) so long as in the case of a written consent such consent is signed by
the Limited Partners having not less than the minimum number of Units that would be necessary to authorize or take such action
at a meeting at which all Limited Partners entitled to vote thereon were present and voted. Prompt written notice of the action
so taken without a meeting shall be given to those Limited Partners entitled to vote or consent who have not consented in writing
and to those Limited Partners not entitled to vote. Any action taken pursuant to such written consent of the Limited Partners
shall have the same force and effect as if taken by the Limited Partners at a meeting thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.08.&#9;
<I>Affiliate Transactions.</I> Without limitation to the other rights of the Limited Partners set forth in this Agreement including
Section 4.02(f), the Partnership shall not, and shall not permit any of its Subsidiaries to, make any payment to, or sell, lease,
transfer or otherwise dispose of any of its properties or assets to, or purchase, lease or otherwise acquire any property or assets
from, or enter into or make or amend any transaction, contract, agreement, loan, advance or guarantee with or for the benefit
of, any Affiliate of the Partnership, any Limited Partner or any &ldquo;Associate&rdquo; of any Limited Partner (within the meaning
of Rule 12b-2 under the Exchange Act) (other than the Partnership and its Subsidiaries), unless such transaction (i) is on terms
not less favorable in any material respect to the Partnership or such Subsidiary as would be obtainable by the Partnership or
such Subsidiary at the time in a comparable arms&rsquo; length transaction with an unaffiliated third party (it being agreed that
L Brands shall be provided not less than five days&rsquo; notice prior to the effectiveness of any such action by the Partnership
or any of its Subsidiaries that involves aggregate payments in any single transaction or series of related transactions in excess
of $10 million), or (ii) is approved in accordance with Section 4.02(f)(iii)(B) or is permitted under the exceptions set forth
in clauses (i) through (ix) thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.09.&#9;<I>Non-Compete.
</I>(a) L Brands agrees that, until the earlier of such time as L Brands no longer directly or indirectly owns any Units and the
consummation of an IPO, L Brands shall not, and shall cause L Brands Parent and its controlled Affiliates not to, engage (directly
or indirectly) in any Competitive VS Business (whether as an operator of such business, owner of any equity securities or debt
securities of any Person conducting such business, lessee or holder of any assets used to conduct such business or otherwise),
other than through the Partnership and its Subsidiaries; <I>provided</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">that nothing in this Section
5.09(a) shall prohibit (i) the acquisition or ownership by any Person of less than 5% of the outstanding securities of a company
listed on a national securities exchange or traded in a national over-the-counter market, (ii) the acquisition or ownership by
any Person of a company having less than 10% of its sales attributable to the Competitive VS Business, (iii) the acquisition or
ownership by any Person of a company having 10% or more but less than 30% of its sales attributable to the Competitive VS Business;
<I>provided </I>that (A) such Person enters, within one year after the consummation of such acquisition, into a definitive agreement
to cause the divestiture of a sufficient portion of the Competitive VS Business of such company such that the restrictions set
forth in this <B>&lrm;</B>Section 5.09(a) would not operate to restrict such acquisition or ownership and (B) such Person completes
such divestiture within 18 months of the date of such definitive agreement; <I>provided further</I> that if such divestiture has
not been consummated due to (x) any waiting period applicable to such divestiture under the HSR Act or any other Applicable Law
not having expired or been terminated, or (y) the failure to obtain any other required approval or consent from a Governmental
Authority applicable to such divestiture, then such period in clause (B) in the preceding proviso shall automatically be extended
so that it expires one week following the later of the expiration or termination of such waiting period and the obtaining of all
such required approvals and consents, or (iv) the performance by L Brands or any of its Affiliates of their respective obligations
under the Transition Services Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership agrees that, until the earlier of such time as L Brands no longer directly or indirectly owns any Units and the consummation
of an IPO, the Partnership shall not, and shall cause its Subsidiaries not to, engage (directly or indirectly) in any Competitive
LB Business (whether as an operator of such business, owner of any equity securities or debt securities of any Person conducting
such business, lessee or holder of any assets used to conduct such business or otherwise); <I>provided</I> that nothing in this
Section 5.09(b) shall prohibit (i) the acquisition or ownership by any Person of less than 5% of the outstanding securities of
a company listed on a national securities exchange or traded in a national over-the-counter market, (ii) the acquisition or ownership
by any Person of a company having less than 10% of its sales attributable to the Competitive LB Business, (iii) the acquisition
or ownership by any Person of a company having 10% or more but less than 30% of its sales attributable to the Competitive LB Business;
<I>provided</I> that (A) such Person enters, within one year after the consummation of such acquisition, into a definitive agreement
to cause the divestiture of a sufficient portion of the Competitive LB Business of such company such that the restrictions set
forth in this Section 5.09(b) would not operate to restrict such acquisition or ownership and (B) such Person completes such divestiture
within 18 months of the date of such definitive agreement; <I>provided further</I> that if such divestiture has not been consummated
due to (x) any waiting period applicable to such divestiture under the HSR Act or any other Applicable Law not having expired
or been terminated, or (y) the failure to obtain any other required approval or consent from a Governmental Authority applicable
to such divestiture, then such period in clause (B) in the preceding proviso shall automatically be extended so that it expires
one week following the later of the expiration or termination of such waiting period and the obtaining of all such required approvals
and consents, (iv) any activities by any Person other than the Partnership and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">its Subsidiaries, or (v) the
performance by the Partnership or any of its Subsidiaries of their respective obligations under the Reverse Transition Services
Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.10.&#9;<I>Non-Solicit.
</I>(a) L Brands agrees that until the earlier of such time as L Brands no longer directly or indirectly owns any Units and the
third anniversary of the date of this Agreement, L Brands shall not, and shall cause L Brands Parent and its controlled Affiliates
not to, solicit for employment or hire any employee of the Partnership or any of its Subsidiaries with the title of Vice President
or above (each, a &ldquo;<B>Key VS Employee</B>&rdquo;) or in any way induce any Key VS Employee into terminating their employment
with the Partnership or any of its Subsidiaries; <I>provided</I> that nothing in this <B>&lrm;Section</B> 5.10(a) shall prohibit
any such Person from (i) conducting any general solicitations for employment, such as any newspaper or Internet help wanted advertisement,
directly or through any agent (including placement and recruiting agencies) that is not directed at Key VS Employees, or (ii)
hiring any Key VS Employee (A) who approaches such Person in response to such advertisements or general solicitations, (B) who
contacts such Person on his own initiative without any direct or indirect solicitation from such Person or (C) whose employment
with the Partnership or any of its Subsidiaries has ceased.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
the earlier of such time as L Brands no longer directly or indirectly owns any Units and the third anniversary of the date of
this Agreement, the Partnership shall not, and shall cause its Subsidiaries not to, solicit for employment or hire any employee
of L Brands Parent or any of its Subsidiaries with the title of Vice President or above (each, a &ldquo;<B>Key LB Employee</B>&rdquo;)
or in any way induce any Key LB Employee into terminating their employment with L Brands Parent or any of its Subsidiaries; <I>provided
</I>that nothing in this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 5.10(b) shall prohibit any
such Person from (i) conducting any general solicitations for employment, such as any newspaper or Internet help wanted advertisement,
directly or through any agent (including placement and recruiting agencies) that is not directed at Key LB Employees, (ii) hiring
any Key LB Employee (A) who approaches such Person in response to such advertisements or general solicitations, (B) who contacts
such Person on his own initiative without any direct or indirect solicitation from such Person or (C) whose employment with L
Brands Parent or any of its Subsidiaries has ceased, or (iii) soliciting or hiring any Key LB Employee to the extent expressly
permitted or contemplated by the Transition Services Agreement, Reverse Transition Services Agreement or any other written agreement
entered into between L Brands, on the one hand, and the Partnership or any of its Subsidiaries, on the other hand.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 5.11.&#9;<I>Disclosure.
</I>Each Limited Partner shall furnish to the Partnership upon request any information or related documentation with respect to
the Limited Partner reasonably determined by the General Partner to be necessary under Applicable Law in connection with the formation,
operation, winding-up or termination of the Partnership. Without limitation on the preceding sentence, as requested by the General
Partner, the Limited Partner shall furnish such information and related documentation (including duly executed governmental forms)
regarding the Limited Partner and the ultimate beneficial ownership and management of the Limited Partner as is required under
Applicable Law for the General Partner, the Partnership and their respective</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Affiliates to comply with applicable
governmental reporting requirements as well as &ldquo;know your customer,&rdquo; &ldquo;anti-money laundering&rdquo; and similar
rules.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
6<FONT STYLE="font-variant: small-caps"><BR>
</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">Accounting and Reports</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.01.&#9;<I>Accounting</I>.
(a) All matters concerning the determination of the relative amount of allocations and distributions among the Limited Partners
pursuant to <B>&lrm;</B>Article 2 and <B>&lrm;</B>Article 3 shall be determined by the General Partner acting by the GP Board
in good faith, which determination shall be final and conclusive as to all of the Limited Partners absent manifest clerical error.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
in the case of bad faith, gross negligence or willful misconduct on the part of any such independent public accountants (in which
case the Partnership shall appoint one of any member firm of PricewaterhouseCoopers International Limited, Ernst &amp; Young Global
Limited, KPMG International Cooperative and Deloitte Touche Tohmatsu Limited as its independent public accountant), the independent
public accountants of the Partnership shall be the same as the then-current independent public accountants of L Brands Parent
for so long as L Brands Parent is providing enterprise resource and planning (ERP) services to the Partnership or any of its Subsidiaries
pursuant to the Transition Services Agreement and, thereafter, the Partnership shall appoint one of any member firm of PricewaterhouseCoopers
International Limited, Ernst &amp; Young Global Limited, KPMG International Cooperative and Deloitte Touche Tohmatsu Limited as
its independent public accountant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership shall adopt and follow GAAP, consistently applied, and all financial terms used herein shall, to the extent not otherwise
defined, be interpreted according to GAAP in accordance with their common usage by auditors in the United States. Without limitation
of the other rights of the Limited Partners under this Agreement, (i) each Initial Investor (with respect to such period(s) during
which such Initial Investor is a Limited Partner) and its respective independent auditors shall be entitled to have reasonable
access to and consultation with the Partnership&rsquo;s management (including its finance and accounting staff) and the Partnership&rsquo;s
independent public accountants and shall be entitled to review such accountants&rsquo; work papers and the information made available
to them in connection with the preparation and audit of the Partnership&rsquo;s financial statements, (ii) the Partnership shall
cause its independent public accountants to make such work papers and information available to such Initial Investor (with respect
to such period(s) during which such Initial Investor is a Limited Partner) and otherwise to cooperate with each Initial Investor
and their respective independent auditors as reasonably requested with respect thereto, and (iii) the Partnership shall afford
each such Initial Investor and its respective independent public accountants and other authorized representatives such other reasonable
access to the Partnership&rsquo;s books of account, financial and other records as such Initial Investor may reasonably request
relating to such period(s) upon reasonable prior notice and during normal business hours of the Partnership. The rights set forth
in this Section 6.01(c) shall expire on the first to occur of the consummation of an IPO and, with respect to each Initial Investor,
the first</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">date on which such Initial Investor
holds less than 10% of its Initial Ownership; <I>provided</I> that such rights shall not expire with respect to L Brands for so
long as the Financial Consideration is in place.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as the Financial Consideration is in Place, the Partnership shall adopt and follow L Brands Parent&rsquo;s certification
procedures with respect to the Partnership&rsquo;s financial statements, as updated from time to time and communicated by L Brands
to the Partnership, including:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
later than 5:00 pm Eastern Time on the second Monday after the end of each fiscal quarter, the Partnership shall provide to L
Brands and Buyer the unaudited consolidated balance sheet of the Partnership and its Subsidiaries as at the end of such quarter
and the related unaudited statement of operations for such quarter and for the portion of the Fiscal Year then ended, in each
case prepared in accordance with GAAP; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
later than 5:00 pm Eastern Time on the second Thursday after the end of each fiscal quarter, the Partnership shall provide certification
to L Brands and Buyer of the financial statements in clause (i) above, including providing to L Brands and Buyer such supporting
detail as is reasonably required by L Brands Parent and/or Buyer for such Person&rsquo;s certification process.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.02.&#9;<I>Fiscal
Year</I>. The Fiscal Year of the Partnership shall be the annual period ending each year on the Saturday that is closest (measured
by number of calendar days) to January 31. For so long as the Financial Consideration is in Place, the Partnership shall not change
the Fiscal Year of the Partnership without the prior written consent of L Brands.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.03.&#9;<I>Reports</I>.
The Partnership shall furnish to each of Buyer and L Brands, for so long as each such Person owns any Units:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
soon as practicable and, in any event, within 30 days after the end of each of the first three fiscal quarters, the unaudited
consolidated balance sheet of the Partnership and its Subsidiaries as at the end of such quarter and the related unaudited statement
of operations for such quarter and for the portion of the Fiscal Year then ended, in each case prepared in accordance with GAAP,
which financial statements shall be reviewed by the Partnership&rsquo;s independent public accountants;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
soon as practicable and, in any event, within 60 days after the end of each Fiscal Year, (A) the audited consolidated financial
statements, including balance sheet, of the Partnership and its Subsidiaries as at the end of such Fiscal Year, and the related
audited statement of operations, members&rsquo; equity, cash flow and footnotes for such Fiscal Year, in each case prepared in
accordance with GAAP and certified by the Partnership&rsquo;s independent public accountants;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
soon as practicable and, in any event, (i) within 75 days after the end of each Fiscal Year, a draft of the U.S. Internal Revenue
Service Schedule K-1 for such</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Person and drafts of all information
necessary for the preparation of such Person&rsquo;s state income Tax returns, (ii) within 120 days after the end of such Fiscal
Year, a U.S. Internal Revenue Service Schedule K-1 (and any additional information necessary for the preparation of such Person&rsquo;s
U.S. federal income Tax return) and (iii) within 150 days after the end of such Fiscal Year, all information necessary for the
preparation of such Person&rsquo;s state income Tax returns;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
5 pm Eastern Time on each Monday of the first week of each fiscal month, an update of the projected results of the Partnership
and its Subsidiaries for the then fiscal quarter and then Fiscal Year; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
the request of either Buyer or L Brands, as soon as practicable following such request, any additional financial and tax accounting
information and statements with respect to the Partnership and its Subsidiaries as such Limited Partner shall from time to time
reasonably request, including information regarding items of income, gain, loss, deduction and credit by entity, jurisdiction
or such other manner as requested by such Limited Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This Section 6.03 shall in any
event terminate following the effective date of an IPO; <I>provided</I> that (i) if (A) the Partnership is not converted to a
corporation for U.S. federal income Tax purposes in connection with such IPO and (B) following such IPO, all of the Partners will
not hold their interest in the Partnership indirectly through an entity taxable as a corporation for U.S. federal income tax purposes,
the amended and restated operating agreement of the Partnership entered into in connection with such IPO shall contain provisions
substantially similar to the provisions in Section 6.03(c) and Section 6.03(e) unless mutually agreed by L Brands and Buyer, and
(ii) with respect to L Brands and Buyer, Section 6.03(a), Section 6.03(b) and Section 6.03(d) shall remain in full force and effect
following the effective date of an IPO for so long as the Financial Consideration is in Place.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
7<FONT STYLE="font-variant: small-caps"><BR>
</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">Tax Matters</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.01.&#9;<I>Preparation
of Tax Returns; Tax Cooperation</I>. (a) Except as otherwise provided in Section 6.02 of the Transaction Agreement, the Partnership
shall arrange for the preparation and timely filing of all Tax returns required to be filed by the Partnership. The Partnership
shall provide to L Brands and Buyer, for L Brands&rsquo; and Buyer&rsquo;s review and approval (not to be unreasonably withheld,
conditioned or delayed), all Tax returns of the Partnership required to be prepared and filed pursuant to this Section 7.01 in
accordance with the following:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.
federal income Tax returns and other material income Tax returns shall be provided to L Brands and Buyer as soon as is practical,
and in any event by the date that is 75 days after the end of each Fiscal Year. L Brands and Buyer shall have 30 days to provide
any objections or other comments, in writing, to the Partnership. If L Brands and Buyer do not have any objections or </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">comments,
then on the day that is 30 days after the applicable U.S. federal income Tax return or other
material income Tax return has been so delivered to L Brands and Buyer, such Tax return shall become final as prepared by the
Partnership. Subject to <B><I>&lrm;</I></B>Section 4.02(f), any disputes with respect to any such Tax returns shall be resolved
by the General Partner acting by the GP Board no later than (A) in the case of U.S. federal income Tax returns, 120 days after
the end of such Fiscal Year, and (B) in the case of other income Tax returns, 150 days after the end of such Fiscal Year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material
Tax returns not described in clause (i) shall be provided to L Brands and Buyer as soon as is practical, and in any event by the
date that is 15 Business Days prior to the due date thereof (including any extensions). L Brands and Buyer shall have five Business
Days to provide any objections or other comments, in writing, to the Partnership. The Partnership shall consider in good faith
any such objections or comments provided by L Brands and Buyer. Subject to Section 4.02(f), any dispute with respect to any such
Tax returns shall be resolved by the General Partner acting by the GP Board no later than two Business Days prior to the due date
thereof (including any extensions).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Partner and each Limited Partner shall reasonably cooperate to determine whether any Subsidiary of the Partnership is
a &ldquo;controlled foreign corporation&rdquo; (within the meaning of Section 957 of the Code), or a &ldquo;specified 10-percent
owned foreign corporation&rdquo; (within the meaning of Section 245A of the Code), for each Taxable Year, including by the delivery
of information within the possession of such Limited Partner or that may be obtained by such Limited Partner using commercially
reasonable efforts.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.02.&#9;<I>Tax
Elections</I>. Except as otherwise required by Section 706 of the Code and the Treasury Regulations promulgated thereunder, the
Taxable Year shall be the Fiscal Year set forth in Section 6.02. The Partnership shall have in effect, for the Taxable Year that
includes the Effective Date, an election under Section 754 of the Code. Subject to <B>&lrm;</B>Section 4.02(f), <B>&lrm;</B>Section
7.03(b) and Section 7.03(c), the General Partner acting by the GP Board shall otherwise determine whether to make or revoke any
available election pursuant to the Code, claim any available credit or adopt any other method or procedure related to the preparation
of the Partnership&rsquo;s U.S. federal, state, local or non-U.S. Tax returns, it being understood that, as of the Effective Date,
the Partnership intends to initially apply a 15% mark-up (or commission rate) on sourcing services provided by [&#9679;]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>[3]
</SUP></FONT>(&ldquo;<B>Cayman Co 2</B>&rdquo;) to the Partnership (and those of its Subsidiaries that are not disregarded as
separate from Cayman Co 2) (provided that at any time the Partnership may adjust such commission rate to the extent it is determined
by the General Partner (acting through the GP Board) that changing the rate is required to comply with applicable tax laws governing
the Partnership, Cayman Co 2 and its Subsidiaries, and/or any of the other Acquired Companies). Each Limited Partner will upon
reasonable </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>[3]
To be the entity designated as &ldquo;Cayman Co 2&rdquo; in Appendix II to the Transaction Agreement.</SUP></FONT></P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">request supply promptly any information
necessary to give proper effect to such action; <I>provided</I> that notwithstanding anything to the contrary in this Agreement,
L Brands shall not be required at any time to provide the General Partner acting by the GP Board any information concerning any
Tax return of any consolidated, combined or unitary group of which L Brands is a member for U.S. federal, state, local or non-U.S.
income or franchise Tax purposes (other than excerpted information to the extent relevant to the Partnership, including information
relevant for the preparation of the Tax returns of the Partnership, the computation of withholding by the Partnership, or the
computation of any Tax Distributions).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.03.&#9;<I>Tax
Controversies</I>. (a) The General Partner shall serve as the &ldquo;partnership representative&rdquo; of the Partnership (the
&ldquo;<B>Tax Representative</B>&rdquo;), as provided in Section 6223(a) of the Code (as amended by the BBA) and any similar provisions
under any other U.S. state, local or non-U.S. laws, as the same may be amended from time to time, in any jurisdiction in which
such designation is applicable. If permitted, the Tax Representative may appoint a &ldquo;designated individual&rdquo; for each
taxable year (as described in Treasury Regulations Section 301.6223-1(b)(3)(ii)) (a &ldquo;<B>Designated Individual</B>&rdquo;).
Each Limited Partner agrees to execute, certify, acknowledge, deliver, swear to, file, and record at the appropriate public offices
such documents as may be deemed necessary or appropriate to evidence the appointments in this <B>&lrm;</B>Section 7.03, including
statements required to be filed with the Tax returns of the Partnership in order to effect the designation of the Tax Representative
or the Designated Individual.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Partnership nor the Tax Representative shall (and shall not permit any Person acting as the Designated Individual for the
Partnership) to make an election pursuant to Section 6221(b) of the Code (as amended by the BBA) or any similar provision under
state, local or non-U.S. law to elect out of the Partnership Audit Rules without the prior written consent of L Brands and Buyer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Partnership nor the Tax Representative or Designated Individual shall make an election under Section 6226(a) of the Code (as
amended by the BBA) or any similar provisions under any state, local or non-U.S. law with respect to the alternative to payment
of an imputed underpayment by the Partnership without the prior written consent of Buyer and L Brands; <I>provided</I> that if
Buyer or L Brands does not provide such consent (the &ldquo;<B>Objecting Party</B>&rdquo;) and, on written demand of the other
party, the Objecting Party is unable to demonstrate to the reasonable satisfaction of such other party that the Objecting Party
will satisfy its indemnification obligations pursuant to Section 7.04 if such election is not made, then such Objecting Party
shall be deemed to have consented to such election. Notwithstanding the foregoing, the Partnership and the Tax Representative
shall be entitled to make an election under Section 6226 of the Code (as amended by the BBA) for any year beginning on or prior
to the date hereof without the prior written consent of Buyer or L Brands.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
to the extent otherwise required by Applicable Law, the Tax Representative (or Designated Individual) shall have the sole authority
with respect to tax audits, exams, or other tax controversies with respect to the Partnership (&ldquo;<B>Tax </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Controversies</B>&rdquo;);
<I>provided</I> that with respect to any material Tax Controversy, the Tax Representative (or Designated Individual) shall (i)
provide the GP Board, L Brands and Buyer with notice in writing as soon as reasonably practicable following the receipt by the
Partnership or any of its Subsidiaries of notice of such material Tax Controversy, (ii) keep the GP Board, L Brands and Buyer
timely informed concerning any material developments with respect to such material Tax Controversy, (iii) not permit any settlement
of such material Tax Controversy that would reasonably be expected to have any material, adverse and disproportionate effect on
L Brands or Buyer, without the prior written consent of L Brands and Buyer, as the case may be, which consent shall not be unreasonably
withheld, conditioned or delayed, and (i) not take any action relating to any aspect of such Tax Controversy that is primarily
related to L Brands or Buyer without the consent of L Brands or Buyer, as the case may be, which consent shall not be unreasonably
withheld, conditioned or delayed.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.04.&#9;<I>Indemnification
and Reimbursement for Payments on Behalf of a Limited Partner</I>. If the Partnership is obligated to pay any Taxes (including,
for the avoidance of doubt, any imputed underpayment within the meaning of Section 6225 of the Code) that are specifically attributable
to a Limited Partner (as determined by the Partnership in accordance with this Section 7.04), then such Person shall indemnify
the Partnership in full for the entire amount paid (including interest, penalties and related costs, fees and expenses). In determining
whether any such Taxes are specifically attributable to a Limited Partner, each Limited Partner shall bear the economic benefits
and burdens of any payment by the Partnership in the same manner (to the maximum extent possible) in which the economic benefits
and burdens of the corresponding adjustment would have been borne had the Partnership made an election under Code Section 6221(b)
for the relevant year. The General Partner acting by the GP Board may offset Distributions to which a Person is otherwise entitled
under this Agreement against such Person&rsquo;s obligation to indemnify the Partnership under this Section 7.04. The Partnership
may pursue and enforce all rights and remedies it may have against each Limited Partner under this Section 7.04, including instituting
a lawsuit to collect such contribution with interest calculated at a rate equal to three percentage points over the average daily
Prime Rate as published in <I>The Wall Street Journal, Eastern Edition</I> in effect from time to time during the applicable period
(but not in excess of the highest rate per annum permitted by Applicable Law).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.05.&#9;<I>Former
Limited Partners; Survival; Amendment</I>. For purposes of Section 7.04, the term &ldquo;Limited Partner&rdquo; shall include
a former Limited Partner. The obligations of each Limited Partner and former Limited Partner under Section 7.04, and, for the
avoidance of doubt, the rights of L Brands and Buyer under Section 7.03(c) (with respect to any imputed underpayment resulting
from an audit of any Taxable Year during any portion of which L Brands or Buyer was a Limited Partner) and Section 7.03(d) (with
respect to any Tax Controversy pertaining to any Taxable Year during any portion of which L Brands or Buyer was a Limited Partner),
shall survive the Transfer by such Limited Partner of its Units (or withdrawal by a Limited Partner or redemption of a Limited
Partner&rsquo;s Units) and the dissolution of the Partnership until 90 days after the applicable statute of limitations. Section
7.03(c), Section 7.03(d) and Section 7.04 and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">this <B>&lrm;</B>Section 7.05
shall not be amended without the prior written consent of any Limited Partner or former Limited Partner that would be adversely
affected by such amendment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 7.06.&#9;<I>Assertion
of Treaty Benefits</I>. The Partnership shall use commercially reasonable efforts to (or to cause its relevant Subsidiaries to)
assert and obtain any reduction in, or exemption from, source country withholding Taxes that would otherwise be imposed in respect
of L Brands&rsquo; or Buyer&rsquo;s allocable share of any payments made to the Partnership (or its relevant Subsidiary), in each
case, to the extent that (i) the Partnership is permitted to assert and obtain such relief under Applicable Law (including any
applicable income Tax treaty) and (ii) L Brands or Buyer (as applicable) (A) requests such action to be taken and (B) delivers
to the Partnership such certificates or other information as is necessary for the Partnership to assert and obtain such relief.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
8<FONT STYLE="font-variant: small-caps"><BR>
</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">Transfer of Units; Admission of Limited Partners</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 8.01.&#9;<I>General.
</I>(a) No Limited Partner may Transfer any of its Units or any interest therein, except (i) to Permitted Transferees, (ii) pursuant
to <B>&lrm;</B>Section 9.01, (iii) pursuant to Section 9.02, (iv) pursuant to <B>&lrm;</B>Section 9.03, (v) pursuant to Section 9.06,
(vi) after an IPO, pursuant to a Public Offering or Rule 144, (vii) for repurchases by the Partnership from officers, directors or
service providers of the Partnership or any of its Subsidiaries pursuant to the Equity Plan or otherwise upon termination of service
or employment or (viii) pursuant to Section 9.07(d).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Transfer of Units or any interest therein which is not made in compliance with the provisions of this Agreement shall be void,
and the Partnership shall not recognize any such Transfer. Notwithstanding anything else contained herein, no Transfer shall be
made except in compliance with all Applicable Law, including the Securities Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Agreement, no Transfer of any Units or any interest therein will be valid, and no Transferee
will be admitted as a Limited Partner of the Partnership (to the extent that such Transferee is not already a Limited Partner),
unless (i) in the case of a Transfer permitted by clauses (i), (ii) or (iii) of Section 8.01(a) above, such Transferee shall have
executed and delivered to the Partnership a counterpart of, or deed of adherence to, this Agreement and such other documents or
agreements as shall be reasonably requested by the Partnership to confirm such Transferee&rsquo;s admission as a Limited Partner
and (ii) all necessary regulatory approvals and third-party approvals, including any required approvals under the HSR Act, shall
have been obtained in respect of such Transfer. Upon the satisfaction of the foregoing conditions, such Transferee (to the extent
that such Transferee is not already a Limited Partner or the Transferee is not the Partnership) will be admitted to the Partnership
as a Limited Partner and will be listed in the books and records of the Partnership as a Limited Partner. Immediately following
any admission of a new Limited Partner, the Transferor will cease to be a Limited Partner of the Partnership with respect to the
Units so Transferred (<I>provided</I> that such Transferor shall continue to have the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">rights and obligations set forth
in Sections 3.04, 4.07, <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>5.01, <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>5.04,
5.05, <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>5.06, <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>7.02,
<FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>7.03, 7.04, 12.09, <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>12.10,
<FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>12.11 and 12.15, and as otherwise expressly provided herein
to survive cessation of ownership of such Units), and the Partners are hereby authorized to continue the business of the Partnership
without commencing winding up, except as otherwise provided in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Article
11.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Agreement, no Transfer of any Units or any interest therein will be valid, and no Transferee
will be admitted as a Limited Partner of the Partnership (to the extent that such Transferee is not already a Limited Partner)
if such Transfer is reasonably expected to cause the Partnership to be classified as a &ldquo;publicly traded partnership&rdquo;
as that term is defined in Section 7704 of the Code and the Treasury Regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partners agree to cooperate and to cause their Affiliates to cooperate in the preparation and filing of any and all reports or
other submissions required in connection with obtaining any regulatory approvals and in obtaining any necessary third-party approvals
required to permit a Transfer pursuant to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 8.01(c).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Agreement, until the first anniversary of the Effective Date, no holder of L Brands Units as
of the Effective Date shall Transfer any L Brands Units to any Person (including a Permitted Transferee) unless, following such
Transfer, there would be at least two entities that are regarded for U.S. federal income tax purposes and that are treated for
such purposes as owning L Brands Units, each of which satisfy the following criteria (a &ldquo;<B>Regarded Seller</B>&rdquo;):
(A) such Regarded Seller, or an entity that was disregarded as separate from such Regarded Seller for U.S. federal income tax
purposes (a &ldquo;<B>DRE</B>&rdquo;), sold to Buyer, as contemplated by the Transaction Agreement, a portion of the interests
in the Partnership that were treated for U.S. federal income tax purposes as having been owned by such Regarded Seller immediately
prior to the Closing, and (B) such Regarded Seller would be treated for U.S. federal income tax purposes as the owner of at least
2.25% of the L Brands Units then outstanding. For purposes of this Section 8.01(f), (x) a Transfer will include any actual or
deemed transfer for U.S. federal income tax purposes such as a liquidation resulting from a change in income tax classification
of the holder of any L Brands Units and (y) references to an entity shall include any predecessor or successor to such entity
the predecessor or successor status of which arises from the occurrence of a reorganization described in Section 368(a)(1)(F).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 8.02.&#9;<I>Transferability
of Rights</I>. The rights expressly provided to L Brands and Buyer in this Agreement and all other rights of each Limited Partner
set forth in this Agreement that are generally applicable to all Limited Partners, in each case may be transferred by such Person
in connection with any Transfer of Units of such Person that is permitted under <B>&lrm;</B>Article 8. Notwithstanding anything
to the contrary herein, the rights of each Limited Partner set forth in Sections 4.02(a)-(c), inclusive, are personal to each
such Limited Partner, and no transferee or other Limited Partner may succeed to or be assigned any of such rights.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
9<FONT STYLE="font-variant: small-caps"><BR>
</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">Right of First Offer; Tag-along Rights;<BR>
Drag-Along Rights; Preemptive Rights; IPO</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.01.&#9;<I>Right
of First Offer</I>. (a) From and after the third anniversary of the Effective Date, each of Buyer and L Brands may Transfer
any Units to any Person, subject to compliance with the remainder of this Section 9.01. If, at any time after the third anniversary
of the Effective Date, Buyer or L Brands (or any of their respective Permitted Transferees to whom they have Transferred Units)
desires to Transfer any Units to any Third Party, such Person (the &ldquo;<B>Offeror</B>&rdquo;) shall give written notice (an
&ldquo;<B>Offer Notice</B>&rdquo;) to L Brands and Buyer, respectively (each in such capacity, the &ldquo;<B>Non-Selling Partner</B>&rdquo;),
that the Offeror desires to make such a Transfer (a &ldquo;<B>Sale</B>&rdquo;). The Offer Notice shall set forth the number of
Units proposed to be Transferred by the Offeror (the &ldquo;<B>Offered Units</B>&rdquo;). The Non-Selling Partner shall have a
30-day period (the &ldquo;<B>Offer Submission Period</B>&rdquo;) in which to make an offer to the Offeror (an &ldquo;<B>Offer</B>&rdquo;),
setting forth the price that the Non-Selling Partner proposes to pay for all (but not less than all) of such Offered Units (the
&ldquo;<B>Offer Price</B>&rdquo;) and all other terms and conditions sought by the Non-Selling Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offeror shall have a 30-day period (the &ldquo;<B>Offer Acceptance Period</B>&rdquo;) in which to accept the Offer by giving a
written notice of acceptance to the Non-Selling Partner prior to the expiration of the Offer Acceptance Period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Offeror accepts the Offer, (1) (A) the Non-Selling Partner shall purchase and pay, by wire transfer of immediately available
funds to an account designated by the Offeror, for the Offered Units within 20 Business Days after the date on which the Offeror
accepted the Offer, and (B) the Offeror shall, concurrently with such payment, deliver to such Non-Selling Partner the certificates
(if any) or other applicable instruments (if any) representing the Offered Units; <I>provided</I> that, if the Transfer of the
Offered Units is subject to any prior regulatory approval, the time period during which such Transfer may be consummated shall,
subject to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 9.01(d)(v), be extended until the expiration
of five Business Days after all such approvals shall have been received, and (ii) the Offeror shall make such representations,
warranties and execute such documents as are customary for transactions of the nature of the proposed Transfer; <I>provided</I>
that the representations and warranties to be made by the Offeror shall be limited to the following representations and warranties
(and the Offeror shall agree to indemnify the Non-Selling Partner for breach of such representations and warranties): (A) the
Offeror holds all right, title and interest in and to the Offered Units, free and clear of all liens and encumbrances (other than
any restrictions imposed pursuant to Applicable Law and this Agreement), (B) the obligations of the Offeror in connection with
the transaction have been duly authorized, (C) the documents to be entered into by the Offeror have been duly executed by the
Offeror and delivered to the Non-Selling Partner and are enforceable against the Offeror in accordance with their respective terms
(subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors&rsquo;
rights generally and general principles of equity) and (D) neither the execution and delivery of documents to be entered into
in connection with the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">transaction, nor the performance
of the Offeror&rsquo;s obligations thereunder, will cause a breach or violation of the terms of any material agreement to which
it is a party or Applicable Law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the earlier to occur of (i) the expiration of the Offer Submission Period without the Non-Selling Partner making an Offer, (ii)
rejection of the Offer by the Offeror, (iii) the expiration of the Offer Acceptance Period without the Offeror accepting the Offer,
(iv) if the Offer is accepted by the Offeror (and without limiting any of the other rights or remedies of the Offeror), the failure
of the Non-Selling Partner making the Offer to purchase all (and not less than all) of the Units subject to such Offer Notice
pursuant to Section 9.01(c) within the time designated therein for closing, and (v) the failure to obtain any required regulatory
approval for the purchase of the Offered Units by the Non-Selling Partner within 120 days of the Offeror&rsquo;s acceptance of
the Offer (the earliest to occur of clauses (i), (ii), (iii), (iv) or (v), the &ldquo;<B>Offer Rejection Event</B>&rdquo;), the
Offeror shall, pursuant to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 9.02, have a 120-day period
immediately following the occurrence of the Offer Rejection Event during which to effect a Transfer of all (but not less than
all) of the Offered Units on substantially the same or more favorable (as to the Offeror) terms and conditions as were set forth
in the Offer at a price not less than the Offer Price; <I>provided</I> that, if the Transfer is subject to regulatory approval,
such 120-day period shall be extended until the expiration of five Business Days after all such approvals shall have been received;
<I>provided further</I> that such Transfer shall be consummated within 180 days of the Offer Rejection Event. If the Offeror does
not consummate the Transfer of the Offered Units in accordance with the foregoing time limitations, then the right of the Offeror
to effect the Transfer of such Offered Units pursuant to this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
9.01(d) shall terminate and the Offeror shall again comply with the procedures set forth in this Section 9.01 with respect to
any proposed Transfer of Units to a Third Party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Section 9.01 shall (i) not apply to any Transfer of Units (A) to any Permitted Transferee of the Offeror, (B)
any Transfer pursuant to Section 9.02 following compliance with this Section 9.01, (C) in a Drag-Along Sale pursuant to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
9.03, or (D) pursuant to a Public Offering or a Transfer pursuant to Section 9.06 and (ii) terminate upon the consummation of an
IPO.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.02.&#9;<I>Tag-Along
Rights</I>. (a) This <B>&lrm;</B>Section 9.02 shall not apply in the event of any Transfer pursuant to <B>&lrm;</B>Section
9.01 in which the Non-Selling Partner accepts the Offer of the Offeror. From and after the third anniversary of the Effective
Date, if the Offeror proposes to Transfer Offered Units pursuant to <B>&lrm;&lrm;</B>Section 9.01, and the Offeror does not accept
the Offer from the Non-Selling Partner with respect to such Offered Units, then the Offeror may Transfer all (but not less than
all) of the Offered Units to a Third Party on the terms and conditions set forth in this <B>&lrm;</B>Section 9.02.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 9.04, at least 30 days prior to the consummation of a Transfer of all (but not less than all) of the Offered Units,
the Offeror shall give written notice (the &ldquo;<B>Tag-Along Notice</B>,&rdquo; which Tag Along Notice may be submitted in conjunction
with the Offer Notice) to the Non-Selling Partner of the proposed Transfer of</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">the Offered Units by the Offeror
(a &ldquo;<B>Tag-Along Sale</B>&rdquo;). The Tag-Along Notice shall identify the purchaser in the Tag-Along Sale, the number of
Units to be Transferred in the Tag-Along Sale, the price to be paid for each Unit Transferred in the Tag-Along Sale and all other
material terms and conditions of the Tag-Along Sale, and offer the Non-Selling Partner the opportunity to participate in such
Tag-Along Sale in accordance with this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 9.02 (the
&ldquo;<B>Tag-Along Offer</B>&rdquo;). The Transfer of the Offered Units pursuant to such Tag-Along Sale shall be on substantially
the same or more favorable (as to the Offeror) terms and conditions, in the aggregate, as were set forth in the Offer with respect
to such Offered Units at a price not less than the Offer Price set forth in such Offer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Non-Selling Partner shall have the right (a &ldquo;<B>Tag-Along Right</B>&rdquo;), exercisable by written notice (a &ldquo;<B>Tag-Along
Response Notice</B>&rdquo;) given to the Offeror within 10 days after its receipt of the Tag-Along Notice (the &ldquo;<B>Tag-Along
Notice Period</B>&rdquo;), to request that the Offeror include in the Tag-Along Sale up to a number of Units representing the
Non-Selling Partner&rsquo;s Tag-Along Portion. The Tag-Along Response Notice shall include wire transfer or other instructions
for payment of the consideration for the Units being Transferred by the Non-Selling Partner in such Tag-Along Sale. The Non-Selling
Partner shall also deliver to the Offeror, together with its Tag-Along Response Notice, the certificates (if any) or other applicable
instruments representing the Units of the Non-Selling Partner elected by the Non-Selling Partner to be included in the Tag-Along
Sale, together with a limited power-of-attorney authorizing the Offeror or its representative to Transfer such Units on the terms
set forth in the Tag-Along Notice. Delivery of the Tag-Along Response Notice with such certificates and limited power-of-attorney
shall constitute an irrevocable acceptance of the Tag-Along Offer by the Non-Selling Partner, subject to the provisions of this
Section 9.02 and <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 9.04. If, at the termination of
the Tag-Along Notice Period, the Non-Selling Partner shall not have elected to participate in the Tag-Along Sale, the Non-Selling
Partner shall be deemed to have waived its rights under this Section 9.02 with respect to the Transfer of its Units pursuant to
such Tag-Along Sale.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at the end of a 120-day period after delivery of such Tag-Along Notice, the Offeror has not completed the Transfer of all Units
proposed to be sold by the Offeror and the Non-Selling Partner on the terms and conditions set forth in the Tag-Along Notice,
the Offeror shall (i) return to the Non-Selling Partner the limited power-of-attorney and all certificates and other applicable
instruments representing the Units that the Non-Selling Partner delivered for Transfer pursuant to this Section 9.02 and any other
documents in the possession of the Offeror executed by the Non-Selling Partner in connection with the proposed Tag-Along Sale,
and (ii) all the restrictions on Transfer contained in this Agreement or otherwise applicable at such time with respect to such
Units shall continue in effect; <I>provided</I> that, if the Transfer is subject to regulatory approval, such 120-day period shall
be extended until the expiration of five Business Days after all such approvals shall have been received; <I>provided further
</I>that such Transfer shall be consummated within 180 days of the Offer Rejection Event.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after the consummation of the Tag-Along Sale, the Offeror shall (i) notify the Non-Selling Partner thereof, (ii) remit to the
Non-Selling Partner the total</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">consideration for the Units of
the Non-Selling Partner Transferred pursuant thereto <I>less</I> the Non-Selling Partner&rsquo;s pro rata share of any escrows,
holdbacks or adjustments in purchase price and any transaction expenses as determined in accordance with <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
9.04, with the purchase price paid by wire transfer of immediately available funds in accordance with the wire transfer instructions
in the Tag-Along Response Notice and (iii) furnish such other evidence of the completion and the date of completion of such transfer
and the terms thereof as may be reasonably requested by the Non-Selling Partner. The Offeror shall promptly remit to the Non-Selling
Partner any additional consideration payable in connection with such Tag-Along Sale with respect to the Non-Selling Partner&rsquo;s
Units upon the release thereof from any escrows, holdbacks or adjustments in purchase price.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
(i) the Non-Selling Partner declines to exercise its Tag-Along Rights or (ii) the Non-Selling Partner elects to exercise its Tag-Along
Rights with respect to less than its Tag-Along Portion, the Offeror shall be entitled to Transfer, pursuant to the Tag-Along Offer,
a number of Units held by it equal to the number of Units constituting, as the case may be, the Non-Selling Partner&rsquo;s Tag-Along
Portion or the portion of the Non-Selling Partner&rsquo;s Tag-Along Portion with respect to which Tag-Along Rights were not exercised.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything contained in this Section 9.02, there shall be no liability on the part of the Offeror to the Non-Selling Partner (other
than the obligation to return the certificates or other applicable instruments (if any) representing Units and limited powers-of-attorney
received by the Offeror) or any other Person if the Transfer of Units pursuant to this Section 9.02 is not consummated for whatever
reason. Whether to effect a Transfer of Units pursuant to this Section 9.02 by the Offeror is in the sole and absolute discretion
of the Offeror. No Limited Partner exercising its Tag-Along Rights under this Section 9.02 shall be required, for the purposes
of exercising such rights, to comply with the provisions of Section 9.01 in connection with such Transfer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Section 9.02 shall (i) not apply to any Transfer of Units (A) to any Permitted Transferee of Buyer or L Brands
or (B) in any Drag-Along Sale pursuant to Section 9.03(a) and (ii) terminate upon the consummation of an IPO.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.03.&#9;<I>Drag-Along
Rights</I>. (a) From and after the third anniversary of the Effective Date (or such earlier date as may be agreed to by Buyer
and L Brands), subject to the terms and conditions of <B>&lrm;</B>Section 9.04, if Buyer, for so long as Buyer (and its Permitted
Transferees) hold more Units than L Brands (and its Permitted Transferees) (collectively, the &ldquo;<B>Drag-Along Seller</B>&rdquo;),
proposes to effect a Sale of the Partnership (a &ldquo;<B>Drag-Along Sale</B>&rdquo;), the Drag-Along Seller may at its option
(the &ldquo;<B>Drag-Along Rights</B>&rdquo;) require (i) each Other Partner to participate in such Drag-Along Sale on the terms
and conditions set forth in this Section 9.03 and Section 9.04, including requiring each Other Partner to Transfer a number of
its Units equal to its Drag-Along Portion (the &ldquo;<B>Dragged Units</B>&rdquo;) on such terms and conditions set forth in this
Section 9.03 and Section 9.04, if such Drag-Along Sale involves the Transfer of Units, and (ii) the General Partner to withdraw
as general partner of the Partnership on the appointment of another general</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">partner qualified to act as such
in accordance with the Act and nominated by the Drag-Along Seller (and Section 9.07 shall not apply).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Drag-Along Seller elects to exercise its Drag-Along Rights, at least 30 days prior to the consummation of a Drag-Along Sale,
the Drag-Along Seller shall give written notice (a &ldquo;<B>Drag-Along Sale Notice</B>&rdquo;) to each Other Partner of such
Drag-Along Sale. The Drag-Along Sale Notice shall identify the purchaser in the Drag-Along Sale, the transaction structure for
the Drag-Along Sale, the consideration for which such Sale of the Partnership is proposed to be made and all other material terms
and conditions of the Drag-Along Sale. Subject to Section 9.04, each Other Partner shall be required to participate in the Drag-Along
Sale on the terms and conditions set forth in the Drag-Along Sale Notice and to tender its Dragged Units as set forth below, and
each Other Partner will be deemed to have consented to such Drag-Along Sale (and agrees to waive any dissenter&rsquo;s rights,
appraisal rights or similar rights in connection therewith). Notwithstanding any provision to the contrary contained in this Agreement,
any Unit that does not become a Vested Unit immediately prior to, or in connection with, any Drag-Along Sale or any other sale
of the Partnership shall be forfeited and cancelled with concurrent effect upon the consummation of any such transaction, and
no Limited Partner shall have any further rights or obligations with respect to such forfeited Units.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
requested by the Drag-Along Seller, not later than 10 Business Days after the date of the Drag-Along Sale Notice, each Other Partner
shall deliver to the Drag-Along Seller the certificates or other applicable instruments (if any) representing the Dragged Units
of such Other Partner, together with a limited power-of-attorney authorizing the Drag-Along Seller or its representative to Transfer
such Dragged Units on the terms set forth in the Drag-Along Notice and wire transfer or other instructions for payment of the
consideration for the Units being Transferred by such Other Partner in such Drag-Along Sale.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at the end of a 180-day period after delivery of such Drag-Along Sale Notice, the Drag-Along Seller has not completed the Sale
of the Partnership on the terms and conditions set forth in the Drag-Along Notice, the Drag-Along Seller shall (i) return to each
Other Partner the limited power-of-attorney and all certificates and other applicable instruments (if any) representing the Dragged
Units that such Other Partner delivered for Transfer pursuant to this Section 9.03 and any other documents in the possession of
the Drag-Along Seller executed by such Other Partner in connection with the proposed Drag-Along Sale, and (ii) all the restrictions
on Transfer contained in this Agreement or otherwise applicable at such time with respect to such Units shall continue in effect;
<I>provided</I> that, if the Transfer is subject to regulatory approval, such 180-day period shall be extended until the expiration
of five Business Days after all such approvals shall have been received.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after the consummation of a Drag-Along Sale, the Drag-Along Seller shall (i) notify each Other Partner thereof, (ii) remit to
each Other Partner the total consideration for the Dragged Units of such Other Partner Transferred pursuant thereto <I>less</I>
such Other Partner&rsquo;s pro rata share (based on its aggregate Equity Value of its Units Transferred in such Drag-Along Sale)
of any escrows, holdbacks or adjustments in</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">purchase price and any transaction
expenses as determined in accordance with <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 9.04, with
the purchase price paid by wire transfer of immediately available funds in accordance with the wire transfer instructions in the
applicable Drag-Along Response Notice and (iii) furnish such other evidence of the completion and the date of completion of such
transfer and the terms thereof as may be reasonably requested by such Other Partner. The Drag-Along Seller shall promptly remit
to the Other Partners any additional consideration payable with respect to such Other Partners&rsquo; Dragged Units in connection
with such Drag-Along Sale upon the release thereof from any escrows, holdbacks or adjustments in purchase price.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything contained in this Section 9.03, there shall be no liability on the part of the Drag-Along Seller to the Other Partners
(other than the obligation to return the certificates or other applicable instruments (if any) representing Units and limited
powers-of-attorney received by the Drag-Along Seller) or any other Person if the Sale of the Partnership pursuant to this Section
9.03 is not consummated for whatever reason. Whether to effect a Sale of the Partnership pursuant to this Section 9.03 by the
Drag-Along Seller is in the sole and absolute discretion of the Drag-Along Seller.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as L Brands (together with its Permitted Transferees) continues to hold at least 50% of its Initial Ownership, prior to
delivering a Drag-Along Sale Notice, the Drag-Along Seller shall notify L Brands in writing of its intention to effect a Drag-Along
Sale. In such case, L Brands shall have a 15-day period in which to make (in its sole discretion) an offer to consummate (as an
acquiror) a Sale of the Partnership, which offer shall set forth the price and other material terms upon which L Brands proposes
to consummate such Sale of the Partnership.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Section 9.03 shall terminate upon the consummation of an IPO.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.04.&#9;<I>Additional
Conditions to Tag-Along Sales and Drag-Along Sales</I>. Notwithstanding anything to the contrary contained in <B>&lrm;</B>Section
9.02 or Section 9.03, the rights and obligations of any Non-Selling Partner to participate in a Tag-Along Sale under <B>&lrm;</B>Section
9.02 and the rights and obligations of the Other Partners to participate in a Drag-Along Sale under Section 9.03 are subject to
the following conditions:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 9.04(b) and Section 9.04(c), upon the consummation of such Tag-Along Sale, (i) all Limited Partners participating in
such Tag-Along Sale will receive the same form of consideration as, and the same amount of consideration determined on a per Unit
basis as, the Offeror, (ii) if any Limited Partner is given an option as to the form and amount of per Unit consideration to be
received in such Tag-Along Sale, all Limited Partners participating therein will be given the same option (excluding customary
rollover consideration in the case of Management Partners). Subject to Section 9.04(b) and Section 9.04(c), upon the consummation
of such Drag-Along Sale, (i) all Limited Partners participating in such Drag-Along Sale will receive the same form of consideration
as the Drag-Along Seller, (ii) if any Limited Partner is given an option as to the form of consideration to be received in such
Drag-Along Sale, all </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Limited Partners
participating therein will be given the same option (excluding customary rollover consideration in the case of Management
Partners) and (iii) all Limited Partners participating in such Drag-Along Sale will receive their applicable Equity Value
with respect to each of their Units sold in such Drag-Along Sale.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consideration to be paid in exchange for Units pursuant to Section 9.02(e) may include securities; <I>provided</I> that the Offeror
shall use its commercially reasonable efforts to cause to be paid to the Non-Selling Partner by the Third Party acquiror, if the
Non-Selling Partner so elects, in lieu of such securities an amount in cash equal to the fair market value of such securities
(as determined by the General Partner acting by the GP Board in good faith taking into account relevant factors in accordance
with Applicable Law) that the Non-Selling Partner would otherwise receive as of the date of the issuance of such securities in
such Transfer, it being understood and agreed that this proviso shall not be a condition to any such Tag-Along Sale and the Offeror
shall have no liability to the Non-Selling Partner in the event that the Third Party acquiror elects not to pay any such portion
of the consideration in cash (in lieu of such securities).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consideration to be paid in exchange for Units pursuant to<FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;&lrm;
&lrm;&lrm;&lrm;</FONT>Section 9.03(e) may include securities; <I>provided</I> that the Drag-Along Seller shall use its commercially
reasonable efforts to cause to be paid to any Other Partner by the Third Party acquiror, if such Other Partner so elects, in lieu
of such securities an amount in cash equal to the fair market value of such securities (as determined by the General Partner acting
by the GP Board in good faith taking into account relevant factors in accordance with Applicable Law) that such Other Partner
would otherwise receive as of the date of the issuance of such securities in such Transfer, it being understood and agreed that
this proviso shall not be a condition to any such Drag-Along Sale and the Drag-Along Seller shall have no liability to any Other
Partner in the event that the Third Party acquiror elects not to pay any such portion of the consideration in cash (in lieu of
such securities).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Non-Selling Partner shall be obligated to pay any expenses incurred in connection with any unconsummated Tag-Along Sale, and each
Limited Partner selling Units in a consummated Tag-Along Sale shall be obligated to pay only its pro rata share (based on the
number of Units Transferred) of expenses incurred in connection with a consummated Tag-Along Sale to the extent such expenses
are incurred for the benefit of all Limited Partners participating in such consummated Tag-Along Sale and are not otherwise paid
by the Partnership or another Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Limited Partner shall be obligated to pay any expenses incurred in connection with any unconsummated Drag-Along Sale (which expenses
shall be borne by the Partnership if not paid by any potential Third Party acquiror in connection with any such unconsummated
Drag-Along Sale), and each Limited Partner shall be obligated to pay only its pro rata share (based on its aggregate Equity Value
of all of its Units Transferred in such Drag-Along Sale) of expenses incurred in connection with a consummated Drag-Along Sale
to the extent such expenses are incurred for the benefit of all Limited Partners and are not otherwise paid by the Partnership
or another Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Limited Partner participating in a Tag-Along Sale or a Drag-Along Sale, as the case may be, shall (i) make such representations,
warranties and covenants,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">provide such indemnities and
enter into such definitive agreements as are customary for transactions of the nature of the proposed Transfer; <I>provided</I>
that (A) the representations and warranties to be made by such Person shall be limited to the following representations and warranties
(and such Person shall agree to indemnify the purchaser for breach of such representations and warranties): (w) such Person holds
all right, title and interest in and to the Units that such Person purports to hold, free and clear of all liens and encumbrances
(other than any restrictions imposed pursuant to Applicable Law and this Agreement), (x) the obligations of such Person in connection
with the transaction have been duly authorized, (y) the documents to be entered into by such Person have been duly executed by
such Person and delivered to the purchaser and are enforceable against such Person in accordance with their respective terms (subject
to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors&rsquo;
rights generally and general principles of equity) and (z) neither the execution and delivery of documents to be entered into
in connection with the transaction, nor the performance of such Person&rsquo;s obligations thereunder, will cause a breach or
violation of the terms of any material agreement to which it is a party or Applicable Law and (B) notwithstanding anything to
the contrary herein, in no event shall any such Person (other than a Management Limited Partner) be required to agree to or otherwise
become bound by (or have any of its Affiliates become bound by) in connection with this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
9.04 any non-competition covenant, non-solicitation/no-hire covenant (either of employees or customers) or any other restrictive
covenant with respect to its or any of its Affiliates&rsquo; right to engage in or invest in any business (other than a customary
covenant regarding non-solicitation/no-hire of the employees of the Partnership and its Subsidiaries that is no more restrictive
than the covenant set forth in Section 5.10(a) (for clarity, the duration of such non-solicitation/no-hire covenant shall not
exceed three years from the closing date of such Tag-Along Sale or Drag-Along Sale, as applicable) and solely to the same extent
that Buyer agrees to such covenant); <I>provided further</I> that if any such Person is required to provide any indemnities in
connection with such Transfer (other than with respect to the foregoing representations), liability shall (as to such Person)
be expressly stated to be several but not joint and such Person shall not be liable for more than its pro rata share (based on
the number of Units Transferred, in the case of a Tag-Along Sale, and, based on the aggregate Equity Value of all of its Units
Transferred, in the case of a Drag-Along Sale) of any such liability, and (ii) be required to bear its pro rata share (based on
the number of Units Transferred, in the case of a Tag-Along Sale, and, based on the aggregate Equity Value of all of its Units
Transferred, in the case of a Drag-Along Sale) of any escrows, holdbacks or adjustments in purchase price.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the generality of the foregoing or any other provision of this Agreement, it is agreed and understood that in the case
of a Sale of the Partnership (or any other transaction subject to Section 9.01, Section 9.02 or Section 9.03) (including as part
of a transaction provided for in Section 9.01, Section 9.02 or Section 9.03), at the request of Buyer, the transaction will be
structured so that any Corporate Investment Vehicle (or any entity owned by a Corporate Investment Vehicle, including Buyer or </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">another Affiliate of Sycamore Partners III GP, L.P.) is not the seller and rather that the owners of any such Corporate Investment
Vehicle shall sell all (or the applicable portion) of their stock, debt, options
and/or other securities of the Corporate Investment Vehicle(s) (which represent an indirect beneficial interest in the Units to
be transferred) to the applicable buyer for the applicable consideration which otherwise would have been payable in such transaction
with respect to the Units represented thereby. To the extent that any stock, debt, options and/or other securities of any Corporate
Investment Vehicle is to be sold pursuant to the previous sentence, it is agreed and understood that the owners of such stock,
debt, options or other securities issued by such Corporate Investment Vehicle and sold in such transaction shall be entitled to
the same consideration for the transfer of such stock, debt, options or other securities that Buyer would have received if it
had transferred the applicable Units directly. To the extent that any restructuring transaction permitted by this Agreement involves
the sale by the Partnership of any material Subsidiary of the Partnership or material asset, it is agreed and understood that
the Partnership shall engage in any transaction if and to the extent requested by Buyer, to distribute such Subsidiary of the
Partnership or assets in kind to its Partners in a manner to permit any Corporate Investment Vehicle to be a direct owner of interests
in such entity or asset and to effectuate the sale of such Subsidiary or asset in a manner that permits the owners of any Corporate
Investment Vehicles to sell their shares or other interests in such transaction with the proceeds to the owners of the Corporate
Investment Vehicles on such sale equaling the proceeds that Buyer would have received had the Partnership sold such Subsidiary
of the Partnership or asset directly on the same economic terms and distributed the proceeds to its Limited Partners under Section
3.01(a)(i); <I>provided</I> that if L Brands believes that such a distribution and sale would result in L Brands incurring a material
amount of taxable income or gain in excess of the amount of taxable income or gain that L Brands would have recognized had the
Partnership sold the assets directly on the same economic terms as being proposed if the Buyer&rsquo;s proposed distribution occurred
and the Partnership distributed the proceeds as provided in the Agreement, the Partnership, the General Partner acting by the
GP Board, L Brands, and Buyer shall work in good faith to come up with a feasible alternative structure to allow for a distribution
to Buyer in some form to allow for its sale of its Corporate Investment Vehicle and for L Brands to minimize any additional tax
costs from such transaction (as compared to the tax costs if the Partnership had sold its assets and then distributed such proceeds).
Each holder of Units other than such Corporate Investment Vehicle shall be deemed to have consented to (and shall waive any dissenter&rsquo;s
rights, appraisal rights or similar rights in connection therewith, if applicable) and shall otherwise not raise any objections
to, and shall cooperate fully with, any such resulting transfer of shares of equity, debt, options or other securities issued
by such Corporate Investment Vehicle in any transaction described in this Section 9.04(g). None of L Brands&rsquo; consent rights
in Section 4.02 shall be interpreted to allow L Brands to preclude a sale of a Corporate Investment Vehicle (or any restructuring
to allow for such a sale) as contemplated by this Section 9.04(g), and all provisions of Section 9.01, Section 9.02, Section 9.03,
and Section 9.04 shall apply, <I>mutatis mutandis</I>, following any restructuring required to permit a sale of a Corporate Investment
Vehicle as contemplated by this Section 9.04 such that Buyer and L Brands shall have the same rights and obligations as provided
in such sections.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.05.&#9;<I>Preemptive
Rights.</I> (a) The Partnership shall give each of Buyer and L Brands, for so long as each such Person (together with its Permitted
Transferees) holds at least 50% of such Person&rsquo;s Initial Ownership (each such Person that meets such criteria, a &ldquo;<B>Preemptive
Partner</B>&rdquo;), written notice (an &ldquo;<B>Issuance Notice</B>&rdquo;) of any proposed issuance by the Partnership of any
Units, by any Subsidiary of the Partnership of any equity securities of such Subsidiary, or by the Partnership or any Subsidiary
of any securities convertible into or exchangeable for Units or any equity securities of the Partnership or any Subsidiary of
the Partnership) (the &ldquo;<B>New Securities</B>&rdquo;) at least 30 days prior to the proposed issuance date. The Issuance
Notice shall set forth the price at which such New Securities are to be issued and all other material terms and conditions of
such issuance. Subject to Section 9.05(f), each Preemptive Partner shall be entitled to purchase up to such Limited Partner&rsquo;s
Percentage Interest (as determined immediately before giving effect to such issuance) of the aggregate number of New Securities
proposed to be issued (such amount, the &ldquo;<B>Pro Rata Share</B>&rdquo;), at the price and on the terms and conditions specified
in the Issuance Notice.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Preemptive Partner who desires to purchase any or all of its Pro Rata Share of the New Securities specified in the Issuance Notice
shall deliver written notice to the Partnership (each, an &ldquo;<B>Exercise Notice</B>&rdquo;) of its election to purchase such
New Securities within 30 days after its receipt of the Issuance Notice. The Exercise Notice shall specify the number (or amount)
of New Securities to be purchased by such Preemptive Partner and shall constitute exercise by such Preemptive Partner of its rights
under this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 9.05 and a binding agreement of such Preemptive
Partner to purchase, at the price and on the terms and conditions specified in the Issuance Notice, the number (or amount) of
New Securities specified in the Exercise Notice. If, at the termination of such 30-day period, any Preemptive Partner shall not
have delivered an Exercise Notice to the Partnership, such Preemptive Partner shall be deemed to have waived all of its rights
under this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 9.05 with respect to the purchase of such
New Securities. Promptly following the termination of such 30-day period, the Partnership shall deliver to each Preemptive Partner
a copy of all Exercise Notices it received.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Preemptive Partner fails to exercise its preemptive rights under this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
9.05 or elects to exercise such rights with respect to less than such Preemptive Partner&rsquo;s Pro Rata Share, the Partnership
shall notify the other Preemptive Partner, if the other Preemptive Partner has delivered an Exercise Notice to exercise its rights
to purchase its entire Pro Rata Share, that such other Preemptive Partner shall be entitled to purchase from the Partnership all
New Securities with respect to which the other Preemptive Partner shall not have exercised its preemptive rights.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership shall have 90 days from the date of the Issuance Notice to consummate the proposed issuance of any or all of the New
Securities that the Preemptive Partners have not elected to purchase on substantially the same or more favorable (as to the Partnership)
terms and conditions as were set forth in the Issuance Notice with respect to such New Securities at a price not less than the
price set forth in such Issuance Notice; <I>provided</I> that, if such issuance is subject to regulatory approval, such 90-day
period shall be extended until the expiration of five Business Days after all</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">such approvals have been received;
<I>provided further</I> that such issuance shall be consummated within 180 days of the date of the Issuance Notice. If the Partnership
proposes to issue any such New Securities after such 90-day (or 180-day) period, it shall again comply with the procedures set
forth in this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 9.05.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the consummation of the issuance of such New Securities, the Partnership shall issue certificates or other instruments representing
the New Securities (if, in the General Partner acting by the GP Board&rsquo;s discretion, such New Securities are to be certificated)
to be purchased by each Preemptive Partner exercising preemptive rights pursuant to this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
9.05 registered in the name of such Preemptive Partner, against payment by such Preemptive Partner of the purchase price for such
New Securities in accordance with the terms and conditions as specified in the Issuance Notice.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, no Preemptive Partner shall be entitled to purchase New Securities as contemplated by this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
9.05 in connection with (i)&nbsp;issuances of Units or other New Securities (or options to acquire Units or other New Securities)
to officers, directors or service providers of the Partnership or any of its Subsidiaries pursuant to the Equity Plan or any other
incentive compensation agreement, plan or arrangement approved by the General Partner acting by the GP Board, (ii) issuance of
equity securities of any wholly owned Subsidiary of the Partnership to the Partnership or any other wholly owned Subsidiary of
the Partnership, (iii) issuances of Units or other equity securities to a Third Party as consideration for any bona fide, arm&rsquo;s
length direct or indirect merger, acquisition or similar transaction approved by the General Partner acting by the GP Board in
accordance with the provisions of this Agreement including Section 4.02(f), (iv) a transaction or reorganization pursuant to Section
9.06 or (v) issuances of any Units or other equity securities or any securities issued or issuable in respect of Units or other
equity securities by way of conversion, exchange, stock dividend, split or combination, recapitalization, merger, consolidation,
other reorganization or otherwise pursuant to a Public Offering, in each case that is in accordance with the provisions of this
Agreement including Section 4.02(f), if applicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything contained in this Section 9.05, there shall be no liability on the part of the Partnership to any Preemptive Partner
or any other Person if the issuance of New Securities pursuant to this Section 9.05 is not consummated for whatever reason. This
Section 9.05 shall terminate upon the consummation of an IPO.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.06.&#9;<I>IPO.
</I>(a) Subject to approval by the General Partner acting by the GP Board, the Partnership may effect an IPO from and after the
third anniversary of the Effective Date; <I>provided</I> that notwithstanding any provision in this Agreement to the contrary,
at any time from and after the third anniversary of the Effective Date, Buyer (for so long as it holds more Units than L Brands
(and its Permitted Transferees)), upon written notice to the Partnership, may in its sole discretion, elect to cause the Partnership
to effect an IPO. The General Partner acting by the GP Board shall cause the Issuer to sign a deed of adherence to this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If (i) the
General Partner acting by the GP Board and/or Buyer approve an IPO in accordance with this Agreement and (ii) the IPO is an underwritten
offering and if the GP</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Board also determines it is desirable
that the vehicle to be used for the IPO or Public Offering should be a corporation, each holder of Units (x) will consent to and
vote for a recapitalization, reorganization, exchange and/or other transaction (including a merger or consolidation or conversion)
pursuant to which each holder of Units exchanges their existing equity securities of the Partnership into securities that the
managing underwriters, the General Partner acting by the GP Board and Buyer find acceptable and/or the Partnership converts to
a vehicle that is a corporation (including by becoming a Subsidiary of such vehicle) and (y) will take all necessary or desirable
actions in connection with the consummation of any such recapitalization, reorganization, exchange or other transaction; <I>provided
</I>that the resultant securities that the Limited Partners receive reflect and are consistent with the rights and preferences
set forth in this Agreement as in effect immediately prior to such IPO and determined as if all such securities had been distributed
pursuant to Section 3.01(a)(ii) hereof; <I>provided further</I>, to the extent the Partnership has made any Distributions to the
holders of the Units pursuant to Section 3.01(a)(i) hereof (for the avoidance of doubt, excluding any Distributions pursuant to
Section 3.01(a)(ii) that are applied to reduce the Unreturned Original Cost of Class A Units) and the Catch Up Threshold set forth
in Section 3.01(a)(i)(B) has not been achieved prior to the consummation of the IPO, then each of the holders of L Brands Units
will be entitled to a special Distribution of Issuer Shares (based on the value thereof in the IPO) until the Catch Up Threshold
is achieved. Without limiting the generality of the foregoing, each holder of Units hereby waives any dissenters rights, appraisal
rights or similar rights in connection with any such recapitalization, reorganization or exchange (and at the request of the General
Partner acting by the GP Board or Buyer will execute and deliver further appropriate written evidence of such waiver of such holder&rsquo;s
dissenter&rsquo;s rights, appraisal rights or similar rights in connection with such transaction).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">To the extent
the Partnership is to engage in an IPO or any Public Offering, the Partnership and the General Partner acting by the GP Board
shall, if requested by Buyer, structure any recapitalization, reorganization, exchange or other transaction whereby the Partnership
is to convert to a corporation by using a Corporate Investment Vehicle as the vehicle for the IPO or Public Offering, by allowing
a merger of any Corporate Investment Vehicle(s) into the vehicle used for the IPO or Public Offering, by causing any Corporate
Investment Vehicle(s) to become a Subsidiary of the vehicle used for the IPO or Public Offering, or through another structure
whereby the owners of any Corporate Investment Vehicle(s) become direct owners of the applicable securities of the vehicle to
be used for the IPO or Public Offering; <I>provided</I> that any such transaction shall be structured in a manner to allow the
holders of securities in the Corporate Investment Vehicle to defer taxation on any exchange of securities in the Corporate Investment
Vehicle for securities of the vehicle that is to conduct the IPO or Public Offering; <I>provided further</I> that if L Brands
(or any Permitted Transferee of L Brands) demonstrates to the reasonable satisfaction of the GP Board that such Person would be
a Corporate Investment Vehicle if the word &ldquo;Buyer&rdquo; were replaced with the words &ldquo;L Brands&rdquo; in each instance
where it appears in the definition of &ldquo;Corporate Investment Vehicle&rdquo;, then such Person shall also be permitted to
merge with, become a subsidiary of, or participate in such other structure such that the holders of its securities become direct
owners of the applicable securities of the vehicle used for the IPO or Public Offering, in each case, on substantially the same</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">terms as if such Person were
a Corporate Investment Vehicle (other than terms that an underwriter requests because of the fact that L Brands is or was part
of a larger consolidated income tax group). Each Limited Partner shall consent to and raise no objections to, and cooperate fully
with, any such structure used for the IPO or Public Offering. In connection with any IPO or Public Offering conducted using a
structure described in this paragraph, the owners of equity, debt or options issued by such Corporate Investment Vehicle shall
be entitled to the same consideration (whether in the form of cash, publicly-traded property, non-publicly-traded property, or
any combination thereof) that the Corporate Investment Vehicle would have received had it participated in the Public Offering
in the same manner as the other holders of Units of the Partnership holding the same class of Units held by the Corporate Investment
Vehicle.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The provisions
of this Section 9.06 and all references to the defined term IPO in this Agreement will apply (except where the context otherwise
requires), <I>mutatis mutandis</I>, to any IPO effected through an initial public offering and sale of any equity securities of
any Subsidiary of the Partnership and the liquidation or winding up in connection therewith (including, if requested by Buyer,
to structure any transaction in a manner to allow the owners of any Corporate Investment Vehicle(s) to become direct owners of
securities in the vehicle that will be used for the IPO or Public Offering). To the extent that equity securities of any Person
are distributed to any holders of Units in connection with a liquidation or winding up of the Partnership in connection with such
IPO, such holders hereby agree to enter into a securityholders agreement with such Person and each other holder which contains
restrictions on the Transfer of such equity security and other provisions (including with respect to forfeiture provisions and
vesting and the governance and control of such Person) in form and substance substantially similar to the provisions and restrictions
set forth herein, other than the rights and obligations of this Agreement that expressly terminate upon the consummation of an
IPO.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of Section 9.06(a) hereof, L Brands or Buyer may propose that any IPO be structured as an &ldquo;Up-C&rdquo;
transaction, and if such a proposal is made and each of the General Partner acting by the GP Board, Buyer and L Brands consent
to such proposal (such consent not to be unreasonably withheld, conditioned or delayed), the Issuer and all Limited Partners (at
the Issuer&rsquo;s expense) shall use reasonable best efforts to consult with one another to structure the IPO in accordance with
such proposal, in which case (i) L Brands and Buyer (if such Limited Partner so requests) shall receive rights to exchange its
Units for Issuer Shares that reflect and are consistent with the rights and preferences set forth in this Agreement as then in
effect and with a frequency no less favorable than those to which any other Limited Partner is entitled, (ii) L Brands and Buyer
(and their respective Permitted Transferees), if such Limited Partner so requests, shall be permitted to join a tax receivable
agreement on customary terms with the Issuer, (iii) if requested by Buyer or L Brands, the Issuer and all Limited Partners shall
approve a merger or conversion of the Issuer or one or more of its Subsidiaries with and into a corporation and (iv) the Issuer
shall comply with the requirements of all laws and Governmental Authorities, exchanges and other self-regulatory organizations
that are applicable to, or have jurisdiction over, any such IPO.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the first Public Offering in which Buyer proposes to Transfer any of its Issuer Shares, at least ten days prior to
the initial submission to the SEC of the registration statement for such Public Offering by the Partnership, Buyer shall give
written notice (the &ldquo;<B>Buyer Public Offering Notice</B>&rdquo;) to L Brands if Buyer desires to Transfer in such Public
Offering any Issuer Shares eligible to be sold in such Public Offering. The Buyer Public Offering Notice shall set forth the number
of Issuer Shares (the &ldquo;<B>Buyer Public Offering Securities</B>&rdquo;) that Buyer intends to sell in such Public Offering.
L Brands shall have the right, exercisable by written notice given to Buyer within ten days after its receipt of the Buyer Public
Offering Notice, to acquire up to 10% of the Buyer Public Offering Securities, at (i) the offering price for each Buyer Public
Offering Security set forth in the effective registration statement for such Public Offering <I>minus</I> (ii) the amount of the
underwriting discounts and commissions per Buyer Public Offering Security set forth in the effective registration statement for
such Public Offering. If L Brands elects to purchase any of the Buyer Public Offering Securities, L Brands shall purchase and
pay, by wire transfer of immediately available funds to an account designated by Buyer, for such Buyer Public Offering Securities
at the closing of such Public Offering; <I>provided</I> that, if the Transfer of such Buyer Public Offering Securities is subject
to any prior regulatory approval and such approval is not obtained at least two Business Days prior to the closing of such Public
Offering, then Buyer shall be entitled to sell in such Public Offering all of the Buyer Public Offering Securities set forth in
the Buyer Public Offering Notice without regard to this Section 9.06(c). Buyer shall be entitled to sell all Buyer Public Offering
Securities set forth in the Buyer Public Offering Notice in such Public Offering other than those acquired by L Brands pursuant
to this Section 9.06(c).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the first Public Offering in which Buyer Transfers any of its Issuer Shares, L Brands shall have the right (but not
the obligation) to place or offer for sale in such Public Offering a number of its Issuer Shares eligible to be sold in such Public
Offering up to its Pro Rata Public Offering Share, and at the same price and terms as Buyer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 9.07.&#9;<I>General
Partner Matters. </I>(a) A Person will be admitted as a Successor General Partner if and only if such Person is elected to be
a Successor General Partner in the manner described in this Section 9.07 and any such Successor General Partner will continue
the Partnership without commencing winding up.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the earlier of (i) a Sale of the Partnership and (ii) such time that L Brands does not hold any Units, (A) (w) the General
Partner may withdraw as the Partnership&rsquo;s general partner only by delivering a notice of withdrawal to the Limited Partners,
(x) the Limited Partners holding a majority of the Percentage Interest will elect a Successor General Partner as the General Partner,
(y) such Successor General Partner will be admitted to the Partnership as a Successor General Partner only upon the Partnership&rsquo;s
receipt of a written assumption by such Person of all of the General Partner&rsquo;s rights and obligations hereunder and the
filing of a statement in terms of Section 10 of the Act with the Registrar in accordance with the Act and (z) the General Partner
will be deemed to have withdrawn as the Partnership&rsquo;s general partner upon the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">date a Successor General Partner
is admitted to the Partnership pursuant to this clause (A), and (B) the last sentence of Section 2.01(a), Section 4.01, the first
four sentences of Section 4.02(a) and this Section 9.07 shall not be amended without the prior written consent of Buyer and L
Brands.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Limited Partner acknowledges that, as of and following the date hereof, the General Partner may be capitalized with only de minimis
or no funds, and each Limited Partner hereby irrevocably and forever releases and discharges each, and agrees that it will make
no claims against any, direct or indirect member, partner or holder of equity interests in the General Partner based upon any
claims against the General Partner arising under or in connection with this Agreement, including under any &ldquo;veil piercing&rdquo;
or similar theory, and whether due to claims of undercapitalization of the General Partner or otherwise. Each of the direct and
indirect members, partners and holders of equity interests in the General Partner (and their respective heirs, executors, administrators,
successors and assigns) is an express third-party beneficiary of the foregoing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with any Transfer of Units the Partners hereby agree to take any reasonable actions necessary or advisable, as may
be requested by Buyer, for so long as Buyer (and its Permitted Transferees) hold more Units than L Brands (and its Permitted Transferees),
or as otherwise requested by the GP Board, including effecting transfers of the interests in the General Partner without additional
consideration and amending the organizational documents of the General Partner.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
10<FONT STYLE="font-variant: small-caps"><BR>
</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">Registration Rights</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.01.&#9;<I>Demand
Registration</I>. (a) At any time (and from time to time) after the earlier of (x) 180 days after the effective date of the
registration statement for the IPO and (y) the expiration of the period during which the managing underwriters for the IPO shall
prohibit the Issuer from effecting any other public sale or distribution of Registrable Securities, the Issuer shall receive a
request (each such request, a &ldquo;<B>Demand Request</B>&rdquo;) from Buyer or L Brands (each such Person (together with its
permitted assigns, a &ldquo;<B>Requesting Shareholder</B>&rdquo;) that the Issuer effect the registration under the Securities
Act of all or any portion of such Requesting Shareholder&rsquo;s Registrable Securities on Form S-3 (a &ldquo;<B>Short Form Registration</B>&rdquo;)
or, only if the Issuer is not eligible to use Form S-3 at such time, Form S-1 (or any successor form thereto) (a &ldquo;<B>Long
Form Registration</B>,&rdquo; and together with a Short Form Registration, (a &ldquo;<B>Demand Registration</B>&rdquo;), for the
registration of such Registrable Securities, the Partnership shall provide the notices and take the actions set forth in the immediately
following paragraph. Each Demand Request shall specify the aggregate amount of Registrable Securities to be registered and the
intended methods of disposition thereof. Promptly upon delivery of the Demand Request, the Issuer shall as soon as practicable,
and in any event within 90 days, in the case of a request for a Long Form Registration, and within 45 days, in the case of a</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Short Form Registration, in each
case, after the date of the Demand Request, file with the SEC a Registration Statement relating to such Demand Request covering
all Registrable Securities requested to be included in such registration, as specified in the Demand Request (<I>provided</I>,
<I>however</I>, that if a Demand Request is delivered prior to the expiration of the Lock-up Period (as defined below), the Issuer
shall not be obligated to file, but shall be obligated to prepare, such Registration Statement prior to the expiration of the
Lock-up Period) and use its reasonable best efforts to cause such Registration Statement to become effective under the Securities
Act as promptly as reasonably practicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Issuer
shall promptly give notice of any Demand Request at least 20 Business Days prior to the anticipated filing date of the registration
statement relating to such Demand Registration to the other equityholders of the Issuer entitled to exercise registration rights
(together with their respective permitted assigns, (the &ldquo;<B>Shareholders</B>&rdquo;) and shall use its reasonable best efforts
to effect, as expeditiously as possible, the registration under the Securities Act, as detailed above, of:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to the restrictions set forth in <B><I>&lrm;</I></B>Section 10.01(e) and <B><I>&lrm;&lrm;&lrm;</I></B>Section 10.03, all Registrable
Securities for which the Requesting Shareholder has requested registration under this <B><I>&lrm;&lrm;</I></B>Section 10.01; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to the restrictions set forth in <B><I>&lrm;</I></B>Section 10.01(e) and <B><I>&lrm;&lrm;&lrm;</I></B>Section 10.03, all other
Registrable Securities of the same class as those requested to be registered by the Requesting Shareholder that any Shareholder
with rights to request registration under this <B><I>&lrm;&lrm;</I></B>Section 10.01 (all such Limited Partners, together with
the Requesting Shareholder, and any Shareholders participating in a Piggyback Registration pursuant to <B><I>&lrm;&lrm;&lrm;</I></B>Section
10.03, the &ldquo;<B>Registering Shareholders</B>&rdquo;) have requested the Issuer to register by request received by the Issuer
within 15 Business Days after such Shareholders receive the Issuer&rsquo;s notice of the Demand Registration;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">all to the extent necessary to
permit the disposition (in accordance with the Demand Request) of the Registrable Securities so to be registered; <I>provided
</I>that, subject to Section 10.01(d), the Issuer shall not be obligated to effect more than one Demand Request in any six-month
period, and no Requesting Shareholder shall be entitled to make more than three requests for registration pursuant to this Section
10.01, other than Short Form Registrations, for which an unlimited number of requests pursuant to this Section 10.01 shall be
permitted, so long as the Issuer is eligible to use Form S-3 under the Securities Act (or any successor thereto); <I>provided
further</I> that the Issuer shall not be obligated to effect a Demand Request unless the aggregate proceeds expected to be received
from the sale of the Registrable Securities requested to be included in such Demand Request equals or exceeds $100,000,000.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after the expiration of the fifteen-Business Day-period referred to in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;&lrm;&lrm;</FONT>Section
10.01(a)(ii), the Issuer will notify all Registering Shareholders of the identities of the other Registering Shareholders and
the number of Registrable Securities requested to be included therein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall be liable for and pay all Registration Expenses in connection with any Demand Registration, regardless of whether
such Demand Registration is effected; <I>provided</I> that the Issuer shall not be liable for, and the Requesting Shareholder
who made the request for such Demand Registration shall be liable for, any Registration Expenses of any registration begun pursuant
to Section 10.01(a), the request of which is subsequently withdrawn by such Requesting Shareholder unless the withdrawal is based
upon (i) any fact, circumstance, event, change, effect or occurrence that individually or in the aggregate has a material adverse
effect on the Issuer, or (ii) material adverse information concerning the Issuer that the Issuer had not publicly revealed prior
to such request for a Demand Registration or that the Issuer had not otherwise notified such Requesting Shareholder of at the
time of such request. All Selling Expenses incurred in connection with any Demand Registration shall be borne by the Shareholders
of the Registrable Securities so registered pro rata on the basis of the aggregate offering or sale price of the Registrable Securities
so registered.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Demand Registration shall not be deemed to have occurred unless the registration statement relating thereto (i) has become effective
under the Securities Act and (ii) has remained continuously effective until all Registrable Securities of the Registering Shareholders
included in such registration have actually been sold thereunder); <I>provided</I> that such registration statement shall not
be considered a Demand Registration if, after such registration statement becomes effective, such registration statement is interfered
with by any stop order, injunction or other order or requirement of the SEC or other Governmental Authority.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Demand Registration involves an underwritten Public Offering and the managing underwriter advises the Issuer that, in its view,
the number of Registrable Securities requested to be included in such registration exceeds the largest number of Registrable Securities
that can be sold without having an adverse effect on such offering, including the price at which such Registrable Securities can
be sold (the &ldquo;<B>Maximum Offering Size</B>&rdquo;), the Issuer shall include in such registration, in the priority listed
below, up to the Maximum Offering Size:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;first,
all Registrable Securities requested to be included in such registration by any Shareholders pursuant to this Section 10.01 (allocated,
if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Shareholders on the basis of the relative
number of shares of Registrable Securities held by each such Shareholder at such time of determination (<I>provided</I> that any
securities thereby allocated to a Shareholder that exceed such Shareholder&rsquo;s request shall be reallocated among the remaining
requesting Shareholders in like manner)); and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;second,
any securities proposed to be registered by any other Persons (including the Issuer), with such priorities among them as the Issuer
shall determine.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.02.&#9;<I>Shelf
Registration</I>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time after the earlier of (x) 180 days after the effective date of the registration statement for the IPO and (y) the expiration
of the period during which the managing underwriters for the IPO shall prohibit the Issuer from effecting any other public sale
or distribution of Registrable Securities, Buyer or L Brands may make a written request (a &ldquo;<B>Shelf Request</B>&rdquo;)
to the Issuer to file with the SEC a Shelf Registration Statement, which Shelf Request shall specify the aggregate amount of Registrable
Securities to be registered therein and the intended methods of distribution thereof (any such requested Shelf Registration Statement,
a &ldquo;<B>Shelf Registration</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the delivery of a Shelf Request, the Issuer shall, subject to Section 10.02(f), (i) file as promptly as reasonably practicable
(and, in any event, within 30 days following delivery of such Shelf Request) with the SEC a Shelf Registration Statement (which
shall be an automatic Shelf Registration Statement if the Issuer qualifies at such time to file such a Shelf Registration Statement)
relating to the offer and sale of all Registrable Securities from time to time in accordance with the methods of distribution
stated in the Shelf Request and set forth in the Shelf Registration Statement (<I>provided</I>, <I>however</I>, that if a Shelf
Request is delivered prior to the expiration of the Lock-up Period, the Issuer shall not be obligated to file, but shall be obligated
to prepare, such Shelf Registration Statement prior to the expiration of the Lock-up Period) and (ii) use its reasonable best
efforts to cause such Shelf Registration Statement to become effective under the Securities Act as promptly as reasonably practicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall use its reasonable best efforts to keep any Shelf Registration Statement filed pursuant to Section 10.02(b) continuously
effective under the Securities Act in order to permit the prospectus forming a part thereof to be usable in connection with any
Shelf Take-Down (as defined below) until the date as of which all Registrable Securities have been sold pursuant to the Shelf
Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable
period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder) or otherwise cease to be Registrable Securities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf
Take-Downs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
offering or sale of Registrable Securities pursuant to a Shelf Registration Statement (each, a &ldquo;<B>Shelf Take-Down</B>&rdquo;)
may, subject to Section 10.02(f), be initiated at any time by Buyer or L Brands.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Buyer or L Brands elects by written request to the Issuer, a Shelf Take-Down shall be in the form of an underwritten offering
(such written request, an &ldquo;<B>Underwritten Shelf Take-Down Request</B>&rdquo;) and the Issuer shall amend or supplement
the Shelf Registration Statement for such purpose as soon as practicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
upon delivery of an Underwritten Shelf Take-Down Request, the Issuer shall include in such Shelf Take-Down all such Registrable
Securities that are requested to be included on such Shelf Take-Down.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall be liable for and pay all Registration Expenses in connection with any Shelf Registration and any Shelf Take-Down.
All Selling Expenses incurred in connection with any Shelf Registration and any Shelf Take-Down shall be borne by Buyer or L Brands,
as applicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
notice to the Requesting Shareholder who made the request for such Demand Registration, the Issuer may defer taking action with
respect to a registration pursuant to Section 10.01 or Section 10.02 on two occasions during any period of six consecutive months
for a reasonable time specified in the notice but not exceeding 30 days (which period may not be extended or renewed), if the
Issuer has determined (i) after consultation with an investment banking firm of recognized national standing and such firm shall
have advised the Issuer in writing, that effecting such registration would materially and adversely affect an offering of securities
of the Issuer the preparation of which had then been commenced, (ii) such registration would materially interfere with a significant
acquisition, corporate reorganization, or other similar transaction involving the Issuer, (iii) such registration would require
premature disclosure of material information that the Issuer has a bona fide business purpose for preserving as confidential,
or (iv) such registration would render the Issuer unable to comply with requirements under the Securities Act or Exchange Act.
Any such determination under the foregoing clauses (ii), (iii), or (iv) shall be evidenced by a resolution of the board of directors
of the Issuer and delivered at such time to Investor. Any such deferral shall terminate at such earlier time as the filing or
continued use of the applicable Registration Statement would no longer so affect, interfere, require such premature disclosure
or so render the Issuer unable to comply. The Issuer shall not register any securities for its own account or that of any other
stockholder during the period of such deferral other than an Excluded Registration (as defined below).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.03.&#9;<I>Piggyback
Registration</I>. (a) If at any time following the IPO the Issuer proposes to register any of its equity securities under the
Securities Act (other than a registration on Form S-8, S-4 or F-4, or any successor forms, relating to equity securities issuable
upon exercise of employee stock options or in connection with any employee benefit or similar plan of the Issuer or in connection
with a direct or indirect acquisition by the Issuer of another Person (such registration, an &ldquo;<B>Excluded Registration</B>&rdquo;)),
whether or not for sale for its own account, the Issuer shall each such time give prompt notice at least ten Business Days prior
to the anticipated filing date of the registration statement relating to such registration to each Shareholder, which notice shall
set forth such Shareholder&rsquo;s rights under this Section 10.03 and shall offer such Shareholder the opportunity to include
in such registration statement the number of Registrable Securities of the same class or series as those proposed to be registered
as each such Shareholder may request (a &ldquo;<B>Piggyback Registration</B>&rdquo;), subject to the provisions of <B>&lrm;</B>Section
10.03(b). Upon the request of any such Shareholder made within five (5) Business Days after the receipt of notice from the Issuer
(which request shall</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">specify the number of Registrable
Securities intended to be registered by such Shareholder), the Issuer shall use its reasonable best efforts to effect the registration
under the Securities Act of all Registrable Securities that the Issuer has been so requested to register by all such Shareholders,
to the extent necessary to permit the disposition of the Registrable Securities so to be registered; <I>provided</I> that (i)
if such registration involves an underwritten Public Offering, all such Shareholders requesting to be included in the Issuer&rsquo;s
registration must sell their Registrable Securities to the underwriters selected as provided in <B>&lrm;&lrm;&lrm;</B>Section
10.07(f) on the same terms and conditions as apply to the Issuer or the applicable Requesting Shareholder, as applicable, and
(ii) if, at any time after giving notice of its intention to register any of its equity securities pursuant to this <B>&lrm;&lrm;&lrm;</B>Section
10.03(a) and prior to the effective date of the registration statement filed in connection with such registration, the Issuer
shall determine for any reason not to register such securities, the Issuer shall give notice to all such Shareholders and, thereupon,
shall be relieved of its obligation to register any Registrable Securities in connection with such registration. No registration
effected under this <B>&lrm;</B>Section 10.03 shall relieve the Issuer of its obligations to effect a registration to the extent
required by <B>&lrm;</B>Section 10.01 or Section 10.02. The Issuer shall pay all Registration Expenses in connection with each
Piggyback Registration. All Selling Expenses incurred in connection with any Piggyback Registration shall be borne by the Shareholders
of the Registrable Securities so registered pro rata on the basis of the aggregate offering or sale price of the Registrable Securities
so registered.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Piggyback Registration involves an underwritten Public Offering (other than any Demand Registration, in which case the provisions
with respect to priority of inclusion in such offering set forth in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;&lrm;&lrm;</FONT>Section
10.01(e) shall apply) and the managing underwriter advises the Issuer in writing that, in its view, the number of Registrable
Securities that the Issuer and the Shareholders intend to include in such registration exceeds the Maximum Offering Size, the
Issuer shall include in such registration, in the following priority, up to the Maximum Offering Size:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;first,
so much of the Registrable Securities proposed to be registered for the account of the Issuer as would not cause the offering
to exceed the Maximum Offering Size;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;second,
all Registrable Securities requested to be included in such registration by any Shareholders pursuant to this Section 10.03 (allocated,
if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Shareholders on the basis of the relative
number of shares of Registrable Securities held by each such Shareholder at such time of determination (<I>provided</I> that any
securities thereby allocated to a Shareholder that exceed such Shareholder&rsquo;s request shall be reallocated among the remaining
requesting Shareholders in like manner)); and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;third,
any securities proposed to be registered for the account of any other Persons with such priorities among them as the Issuer shall
determine.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.04.&#9;<I>Withdrawal
Rights</I>. Any Requesting Shareholder having notified or directed the Issuer to include any or all of its Registrable Securities
in a registration statement under the Securities Act shall have the right to withdraw any such notice or direction with respect
to any or all of the Registrable Securities designated by it for registration by giving written notice to such effect to the Issuer
prior to the effective date of such registration statement. In the event of any such withdrawal, the Issuer shall not include
such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable Securities
for all purposes of this Agreement. No such withdrawal shall affect the obligations of the Issuer with respect to the Registrable
Securities not so withdrawn.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.05.&#9;
<I>Lock-Up Agreements</I>. If any registration of Registrable Securities shall be effected in connection with a Public Offering,
no Shareholder shall effect any public sale or distribution, including any sale pursuant to Rule 144, of Registrable Securities
(except as part of such Public Offering) during the period beginning 14 days prior to the effective date of the applicable registration
statement until the earlier of (i) such time as the Issuer and the managing underwriter shall agree and (ii) 180 days (the &ldquo;<B>Lock-up
Period</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.06.&#9;<I>Limitation
on Grant of Future Registration Rights</I>. From and after the date of this Agreement, the Issuer shall not, without the consent
of Buyer and L Brands, enter into any agreement with any Person, including any holder or prospective holder of any securities
of the Issuer, giving any registration rights (i) the terms of which are more favorable than, senior to or conflict with, the
registration rights granted to Buyer and L Brands hereunder or (ii) permitting such Person to exercise a demand registration right;
<I>provided</I> that the Issuer may enter into an agreement granting such rights if such agreement provides Buyer and L Brands
with piggyback rights consistent with those granted to Buyer and L Brands hereunder, and, if such agreement contains any provisions
granting rights to participate in an underwritten offering, then Buyer and L Brands shall participate with such other holders
on a <I>pro rata</I> basis; and <I>provided</I>, <I>further</I>, that the Issuer may enter into an agreement granting such demand
rights in connection with the issuance of securities of the Issuer pursuant to (i) a bona fide material acquisition, disposition
or other similar transaction involving the Issuer or any of its Subsidiaries, (ii) an exchange of indebtedness of the Issuer into
equity and (iii) a proposed resale of convertible securities of the Issuer by any holder thereof, in each case, to the extent
that the entering into of such an agreement is customary in a transaction of the type contemplated.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.07.&#9;<I>Registration
Procedures</I>. Unless otherwise specified in this Article 10, whenever Shareholders request that any Registrable Securities be
registered pursuant to this Article 10, subject to the provisions of this Article 10, the Issuer shall use its reasonable best
efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition
thereof as promptly as reasonably practicable, and, in connection with any such request:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt"></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall, as promptly as reasonably practicable, prepare and file with the SEC a registration statement on any form for which
the Issuer then qualifies or</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">that counsel for the Issuer shall
deem appropriate and which form shall be available for the sale of such Registrable Securities to be registered thereunder in
accordance with the intended method of distribution thereof, and use its reasonable best efforts to cause such filed registration
statement to become and remain effective for a period of not less than three years or for the period set forth in this Agreement.
The Issuer shall also, as promptly as reasonably practicable, prepare and file with the SEC such amendments (including post-effective
amendments) and supplements to such registration statement and the prospectus used in connection with such registration statement
as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered
by such registration statement in accordance with the Requesting Shareholders&rsquo; intended method of distribution set forth
in such registration statement and as may be necessary to keep the registration statement continuously effective for the period
set forth in this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to filing a registration statement, including a Shelf Registration Statement, or prospectus or any amendment or supplement thereto,
the Issuer shall, if requested, furnish to each participating Shareholder and each underwriter, if any, of such Registrable Securities
covered by such registration statement copies of such registration statement as proposed to be filed, and thereafter the Issuer
shall furnish to such Shareholder and underwriter, if any, such number of copies of such registration statement, each amendment
and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus
included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus
filed under Rule 424, Rule 430A, Rule 430B or Rule 430C under the Securities Act and such other documents as such Shareholder
or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Shareholder.
Each Shareholder shall have the right to request that the Issuer modify any information contained in such registration statement,
amendment and supplement thereto pertaining to such Shareholder and the Issuer shall use its reasonable best efforts to comply
with such request; <I>provided</I> that the Issuer shall not have any obligation to so modify any information if the Issuer reasonably
expects that so doing would cause the prospectus to contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the filing of any registration statement including a Shelf Registration Statement, covering such Registrable Securities, the Issuer
shall (i) respond as promptly as reasonably practicable to any comments received from the SEC and request acceleration of effectiveness
as promptly as reasonably practicable after it learns that the SEC will not review the registration statement or after it has
satisfied comments received from the SEC, (ii) cause the related prospectus to be supplemented by any required prospectus supplement,
and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (iii) comply with the provisions of the Securities
Act with respect to the disposition of all such Registrable Securities covered by such registration statement </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">during the applicable
period in accordance with the intended methods of disposition by the Shareholders thereof set forth in such registration statement
or supplement to such prospectus and (iv) promptly
notify each Shareholder holding Registrable Securities covered by such registration statement of any stop order issued or threatened
by the SEC or any state securities commission and take all reasonable actions required to prevent the entry of such stop order
or to remove it if entered.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall use its reasonable best efforts to (i) register or qualify such Registrable Securities covered by such registration
statement under such other securities or &ldquo;blue sky&rdquo; laws of such jurisdictions in the United States as any Registering
Shareholder holding such Registrable Securities reasonably (in light of such Shareholder&rsquo;s intended plan of distribution)
requests and (ii) cause such Registrable Securities to be registered with or approved by such other Governmental Authorities as
may be necessary by virtue of the business and operations of the Issuer and do any and all other acts and things that may be reasonably
necessary or advisable to enable such Shareholder to consummate the disposition of such Registrable Securities owned by such Shareholder;
<I>provided</I> that the Issuer shall not be required to (A) qualify generally to do business in any jurisdiction where it would
not otherwise be required to qualify but for this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
10.07(d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall immediately notify each Registering Shareholder holding such Registrable Securities covered by a registration statement,
at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event
requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of
such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available
to each such Shareholder and file with the SEC any such supplement or amendment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
In any Public Offering resulting from the exercise of a Demand Registration, Buyer and L Brands shall mutually agree upon the
managing underwriter in connection with such Public Offering, which selection shall be subject to the approval of the Issuer,
not to be unreasonably withheld or delayed, and (ii) the Issuer shall select all other underwriters in connection with any Public
Offering. In connection with any Public Offering, the Issuer shall enter into customary agreements (including an underwriting
agreement in customary form, including indemnification and contribution provisions substantially to the effect and to the extent
provided in this Article 10) and take such all other actions as are reasonably required in order to expedite or facilitate the
disposition of such Registrable Securities in any such Public Offering, including any required filing and the engagement of a
&ldquo;qualified independent underwriter&rdquo; in connection with the qualification of the underwriting arrangements with FINRA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall furnish to each underwriter participating in such registration, if any, a signed counterpart, addressed to such underwriter,
of (i) an opinion of counsel to the Issuer, (ii) a &ldquo;negative assurances letter&rdquo; of the legal counsel </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">representing the
Issuer for the purposes of such registration, and (iii) a comfort letter and &ldquo;bring-down&rdquo; comfort letter from the Issuer&rsquo;s
independent public accountants, each in customary form and covering such
matters of the kind customarily covered by opinions, letters or comfort letters, as the case may be, as the managing underwriter
therefor reasonably requests.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer may require each Shareholder promptly to furnish in writing to the Issuer such information regarding the distribution of
the Registrable Securities as the Issuer may from time to time reasonably request and such other information as may be legally
required in connection with such registration.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Shareholder agrees that, upon receipt of any notice from the Issuer of the happening of any event of the kind described in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
10.07(e), such Shareholder shall forthwith discontinue disposition of Registrable Securities pursuant to the registration statement
covering such Registrable Securities until such Shareholder&rsquo;s receipt of the copies of the supplemented or amended prospectus
contemplated by <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 10.07(e), and, if so directed by
the Issuer, such Shareholder shall deliver to the Issuer all copies, other than any permanent file copies then in such Shareholder&rsquo;s
possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the Issuer
shall give such notice, the Issuer shall extend the period during which such registration statement shall be maintained effective
(including the period referred to in Section 10.07(a)) by the number of days during the period from and including the date of
the giving of notice pursuant to <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section 10.07(e) to the
date when the Issuer shall make available to such Shareholder a prospectus supplemented or amended to conform with the requirements
of <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;&lrm;</FONT>Section 10.07(e).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall use its reasonable best efforts to list all Registrable Securities covered by a registration statement on any securities
exchange or quotation system on which any of the Registrable Securities are then listed or traded.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall have appropriate officers of the Issuer (i) prepare and make presentations at any &ldquo;road shows&rdquo; and before
analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and
(iii) otherwise use their reasonable best efforts to cooperate as reasonably requested by the Requesting Shareholders or the underwriters
in the offering, marketing or selling of the Registrable Securities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall, in connection with a customary due diligence review, make available for inspection by the Requesting Shareholder,
any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained
by the Requesting Shareholder or underwriter (collectively, the &ldquo;<B>Offering Persons</B>&rdquo;), all financial and other
records and pertinent corporate documents and properties of the Issuer and its Subsidiaries, and cause the officers, directors
and employees of the Issuer and its Subsidiaries to supply all information and participate in customary due diligence sessions
in each case reasonably requested by any such representative, underwriter, counsel or accountant in connection with such Registration
Statement; <I>provided</I>, <I>however</I>, that any information that is not generally publicly </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">available at the time of delivery
of such information shall be kept confidential by such Offering Persons unless (i) disclosure of such information is required
by court or administrative order or in connection
with an audit or examination by, or a blanket document request from, a regulatory or self-regulatory authority or auditor, (ii)
disclosure of such information, in the reasonable judgment of the Offering Persons, is required by law or applicable legal process
(including in connection with the offer and sale of securities pursuant to the rules and regulations of the SEC), (iii) such information
is or becomes generally available to the public other than as a result of a non-permitted disclosure or failure to safeguard by
such Offering Persons in violation of this Agreement or (iv) such information (A) was known to such Offering Persons (prior to
its disclosure by the Issuer) from a source other than the Issuer when such source, to the knowledge of the Offering Persons,
was not bound by any contractual, legal or fiduciary obligation of confidentiality to the Issuer with respect to such information,
(B) becomes available to the Offering Persons from a source other than the Issuer when such source, to the knowledge of the Offering
Persons, is not bound by any contractual, legal or fiduciary obligation of confidentiality to the Issuer with respect to such
information or (C) was developed independently by the Offering Persons or their respective representatives without the use of,
or reliance on, information provided by the Issuer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.08.&#9;<I>Indemnification
by the Issuer</I>. The Issuer agrees to indemnify and hold harmless each Shareholder owning any Registrable Securities covered
by a registration statement, its officers, directors, employees and Agents, and each Person, if any, who controls such Shareholder
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all Indemnifiable
Losses caused by or relating to any untrue statement or alleged untrue statement of a material fact contained in any such registration
statement or prospectus relating to such Registrable Securities (as amended or supplemented if the Issuer shall have furnished
any amendments or supplements thereto) or any preliminary prospectus or free writing prospectus (as defined in Rule 405 under
the Securities Act) relating thereto, or caused by or relating to any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such Indemnifiable
Losses are caused by or related to any such untrue statement or omission or alleged untrue statement or omission so made based
upon information furnished in writing to the Issuer by such Shareholder or on such Shareholder&rsquo;s behalf expressly for use
therein. The Issuer also agrees to indemnify any underwriters of the Registrable Securities, their officers and directors and
each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act on substantially the same basis as that of the indemnification of the Shareholders provided in this <B>&lrm;</B>Section 10.08.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.09.&#9;<I>Indemnification
by Participating Shareholders</I>. Each Shareholder holding Registrable Securities included in any registration statement agrees,
severally but not jointly, to indemnify and hold harmless the Issuer, its officers, directors, employees and Agents and each Person,
if any, who controls the Issuer within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, to the
same extent as the foregoing indemnity from the Issuer to such Shareholder, but only with respect to </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">information furnished in
writing by such Shareholder or on such Shareholder&rsquo;s behalf expressly for use in any registration statement or prospectus
relating to the Registrable Securities, or any amendment
or supplement thereto, or any preliminary prospectus. Each such Shareholder also agrees to indemnify and hold harmless underwriters
of the Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification
of the Issuer provided in this <B>&lrm;</B>Section 10.09. As a condition to including Registrable Securities in any registration
statement filed in accordance with this Article 10, the Issuer may require that it shall have received an undertaking reasonably
satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters with
respect to similar securities. No Shareholder shall be liable under this <B>&lrm;</B>Section 10.09 for any Indemnifiable Losses
in excess of the net proceeds realized by such Shareholder in the sale of Registrable Securities of such Shareholder to which
such Indemnifiable Losses relate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.10.&#9;<I>Conduct
of Indemnification Proceeding</I>. In the event that any claim, action, suit or proceeding is conducted, brought, threatened or
asserted involving any Person (an &ldquo;<B>Indemnified Party</B>&rdquo;) in respect of which indemnity may be sought pursuant
to this <B>&lrm;&lrm;</B>Article 10 the Person against whom such indemnity may be sought (the &ldquo;<B>Indemnifying Party</B>&rdquo;).
Failure to provide notice shall not affect the Indemnifying Party&rsquo;s obligations hereunder except to the extent the Indemnifying
Party is materially prejudiced thereby. The Indemnifying Party shall assume the defense of any such Registration Proceeding and,
in connection therewith, shall retain counsel reasonably satisfactory to the Indemnified Party, at the Indemnifying Party&rsquo;s
expense. In any such Registration Proceeding, the Indemnified Party shall have the right to retain its own counsel at its own
expense; <I>provided</I> that the fees and expenses of such Indemnified Party&rsquo;s counsel shall be at the expense of the Indemnifying
Party if (i) the Indemnifying Party and such Indemnified Party shall have mutually agreed to the retention of such counsel or
(ii) in the reasonable judgment of such Indemnified Party representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them. It is understood that the Indemnifying Party shall not, in respect
of the legal expenses of any Indemnified Party in connection with any Registration Proceeding or related Registration Proceedings
in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel)
for all such Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any Registration Proceeding
effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with such consent
or if there be a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify each Indemnified Party, to the extent
provided in <B>&lrm;</B>Section 10.08 or <B>&lrm;</B>Section 10.09, from and against all Indemnifiable Losses by reason of such
settlement or judgment. The Indemnifying Party shall not effect any settlement of any pending or threatened Registration Proceeding
in respect of which any Indemnified Party is seeking indemnification hereunder without the prior written consent of such Indemnified
Party (which consent shall not be unreasonably withheld or delayed by any such Indemnified Party), unless such settlement includes
an unconditional release of such Indemnified </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Party
from all liability and claims that are the subject matter of such Registration Proceeding.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.11.&#9;<I>Contribution</I>.
(a) If the indemnification provided for in this Article 10 is unavailable to the Indemnified Parties in respect of any Indemnifiable
Losses, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid
or payable by such Indemnified Party as a result of such Indemnifiable Losses (i) as between the Issuer and the Shareholders holding
Registrable Securities covered by a registration statement on the one hand and the underwriters on the other, in such proportion
as is appropriate to reflect the relative benefits received by the Issuer and such Shareholders on the one hand and the underwriters
on the other, from the offering of the Registrable Securities, or if such allocation is not permitted by Applicable Law, in such
proportion as is appropriate to reflect not only the relative benefits but also the relative fault of the Issuer and such Shareholders
on the one hand and of such underwriters on the other in connection with the statements or omissions that resulted in such Indemnifiable
Losses, as well as any other relevant equitable considerations, and (ii) as between the Issuer on the one hand and each such Shareholder
on the other, in such proportion as is appropriate to reflect the relative fault of the Issuer and of each such Shareholder in
connection with such statements or omissions, as well as any other relevant equitable considerations. The relative benefits received
by the Issuer and such Shareholders on the one hand and such underwriters on the other shall be deemed to be in the same proportion
as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received
by the Issuer and such Shareholders bear to the total underwriting discounts and commissions received by such underwriters, in
each case as set forth in the effective registration statement for such registration. The relative fault of the Issuer and such
Shareholders on the one hand and of such underwriters on the other shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Issuer and such Shareholders or by such underwriters. The relative fault of the Issuer on the one
hand and of each such Shareholder on the other shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by such party, and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer and the Shareholders agree that it would not be just and equitable if contribution pursuant to this Section 10.11 were
determined by pro rata allocation (even if the underwriters were treated as one entity for such purpose) or by any other method
of allocation that does not take account of the equitable considerations referred to in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
10.11(a). The amount paid or payable by an Indemnified Party as a result of the Indemnifiable Losses referred to in <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;&lrm;</FONT>Section
10.11(a) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred
by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions
of this Section 10.11, no underwriter shall be required to contribute any amount in excess of the amount by which the total price
at </FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">which the Registrable
Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any
Indemnifiable Losses that such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission, and no Shareholder shall be required to contribute any amount in excess of the
amount by which the total price at which the Registrable Securities of such Shareholder were offered to the public (less
underwriters&rsquo; discounts and commissions) exceeds the amount of any Indemnifiable Losses that such Shareholder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No
Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any Person who was not guilty of such fraudulent misrepresentation. Each Shareholder&rsquo;s obligation
to contribute pursuant to this Section 10.11 is several in the proportion that the proceeds of the offering received by such
Shareholder bears to the total proceeds of the offering received by all such Shareholders and not joint.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.12.&#9;<I>Participation
in Public Offering</I>. No Shareholder may participate in any Public Offering hereunder unless such Shareholder (i) agrees to
sell such Shareholder&rsquo;s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions
of this Agreement in respect of registration rights.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.13.&#9;<I>Cooperation
by the Issuer</I>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Shareholder shall transfer any Registrable Securities pursuant to Rule 144, the Issuer shall cooperate, to the extent commercially
reasonable, with such Shareholder and shall provide to such Shareholder such information as such Shareholder shall reasonably
request to enable Buyer or L Brands to transfer Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Issuer shall use reasonable best efforts to furnish forthwith, but in any event within three Business Days following receipt of
a request therefor from Buyer or L Brands, to the Issuer&rsquo;s transfer agent an opinion of counsel that unlegended stock certificates
(or its equivalent) may be issued in respect of any Registrable Securities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
a view to making available the benefits of Rule 144 to each of Buyer and L Brands, the Issuer agrees that, for so long as such
Person owns Registrable Securities, the Issuer will use its reasonable best efforts to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
and keep public information available, as those terms are understood and defined in Rule 144, at all times after the date of this
Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt"></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
with the SEC in a timely manner all reports and other documents required of the Issuer under the Exchange Act; and</FONT></P></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;so
long as such Person owns any Registrable Securities, furnish to such Person upon written request a written statement by the Issuer
as to its compliance with the reporting requirements of the Exchange Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.14.&#9;<I>Transfer
of Registration Rights</I>. Each of Buyer and L Brands, and each of its Permitted Transferees, may assign some or all of its rights
under this Article 10 to (i) any Permitted Transferee of such Shareholder or (ii) any third party Transferee of its Registrable
Securities; <I>provided </I>that in either case such Transferee agrees in writing to be bound by the provisions of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 10.15.&#9;<I>Termination
of Registration Rights</I>. Buyer and L Brands shall be entitled to the rights included under this Article 10 until such time
as Buyer and L Brands, respectively, no longer has &ldquo;beneficial ownership&rdquo; of any Registrable Securities for purposes
of Rule 13d-3 or Rule 13d-5 under the Exchange Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
11<FONT STYLE="font-variant: small-caps"><BR>
</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">Termination, Winding Up and Dissolution</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.01.&#9;<I>Termination
and Winding Up</I>. The Partnership shall commence winding up, and the affairs of the Partnership shall be wound up upon the first
to occur of the following:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
affirmative vote of the General Partner acting by the GP Board approving such termination, winding up and dissolution, if such
termination, winding up and dissolution is required by Applicable Law;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
affirmative vote of the General Partner acting by the GP Board approving such termination, winding up and dissolution, upon the
General Partner acting by the GP Board&rsquo;s good faith determination that such winding up and dissolution is in the best interests
of the Limited Partners; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
order of a court of competent jurisdiction for the winding up and dissolution of the Partnership pursuant to the Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Except as
otherwise set forth in this <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Article 11, the Partnership is
intended to have perpetual existence. The death, retirement, resignation, expulsion, bankruptcy or dissolution of a Limited Partner
or the occurrence of any other event that terminates the continued status of a Limited Partner as a partner in the Partnership
shall not in and of itself cause a termination and winding up of the Partnership, and the Partnership shall continue in existence
subject to the terms and conditions of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.02.&#9;<I>Winding
up and Dissolution</I>. Promptly upon the commencement of the winding up of the Partnership, the General Partner acting by the
GP Board shall act as liquidator or may appoint one or more Managers or Limited Partners as liquidator. The </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">liquidator shall proceed
diligently to wind up the affairs of the Partnership and make final distributions as provided herein and in the Act. The
costs of liquidation shall be borne as an expense of the Partnership. Until final distribution, the liquidator shall continue
to operate the properties of the Partnership with all of the power and authority of the General Partner acting by the GP
Board. The steps to be accomplished by the liquidator are as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
liquidator shall pay, satisfy or discharge from the assets of the Partnership all of the debts, liabilities and obligations of
the Partnership (including all expenses incurred in liquidation) or otherwise make reasonable provision for payment and discharge
thereof (including the establishment of a cash fund for contingent liabilities in such amount and for such term as the liquidator
may reasonably determine).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything else contained in this Agreement, the liquidator may withhold, in their discretion, from any Distributions to any Limited
Partner (i) any amounts then due from such Limited Partner to the Partnership or any of its Subsidiaries, and apply the amounts
withheld to pay the amounts then due and (ii) any amounts required to pay any Taxes and related expenses that the liquidator determines
to be properly attributable to such Limited Partner (including withholding taxes and interest, penalties and expenses incurred
in respect thereof) and apply the amounts withheld to pay the Taxes or expenses attributable thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
promptly as practicable after winding up, the liquidator shall (i) determine, in its discretion, the fair market value of the
assets (the &ldquo;<B>Liquidation Assets</B>&rdquo;) of the Partnership that are available for distribution pursuant to this Section
(the &ldquo;<B>Liquidation FMV</B>&rdquo;), (ii) determine the amounts to be distributed to each Limited Partner in accordance
with Section 3.01(a)(i) and (iii) deliver to each Limited Partner a statement (the &ldquo;<B>Liquidation Statement</B>&rdquo;)
setting forth the Liquidation FMV and the amounts and recipients of such Distributions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as the Liquidation FMV and the proper amounts of Distributions have been determined in accordance with <FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT>Section
11.02(c), the liquidator shall promptly distribute the Liquidation Assets to the holders of Units in accordance with Section 3.01(a)(i),
as modified hereby. Any non-cash Liquidation Assets shall first be written up or down to their Liquidation FMV, and any income,
gain or loss created as a result thereof shall be allocated in accordance with Section 3.02. In making distributions of any Liquidation
Assets to any group of Limited Partners, the liquidator shall allocate each type of Liquidation Asset (i.e., cash or cash equivalents,
equity securities, etc.) among the Limited Partners ratably based upon the aggregate amounts to be distributed with respect to
the Units held by each Limited Partner in accordance with Section 3.01(a)(i). Notwithstanding the foregoing, if the amount that
would be distributed in an actual liquidation of the Partnership in respect of any Class A Unit as governed by this Section 11.02
would exceed (i) the Original Cost with respect to such Class A Unit; <I>plus</I> (ii) the aggregate amount of Net Income (or
items of income or gain for the year of an actual liquidation) allocated with respect to such Class A Unit (including in the year
of the Distribution under this Section 11.02); <I>less</I> (iii) all prior Distributions (other than Tax Distributions not treated
as advances) received with respect to such Class A Unit (such </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">amount being, the <B>&ldquo;Liquidation Cap Amount&rdquo;</B>),
the actual amount distributed in an actual liquidation to the holder of any such Class A Unit with respect to such Class A Unit
shall equal the Liquidation Cap Amount for such Class A Unit and the amount that would have been distributed to
the holder of such Class A Unit with respect to such Class A Unit (but for the application of the Liquidation Cap Amount) shall
be distributed to the other Limited Partners as provided in Section 3.01(a)(i) (taking into account the limitations of this sentence).
Notwithstanding any other provision of this Agreement to the contrary, the Partnership shall, to the extent permitted by applicable
provisions of the Code regarding maintaining Capital Accounts, allocate Net Income and Net Loss for each Taxable Year (and allocate
items of income, gain, loss, or deduction (including from the adjustments to the non-cash Liquidation Assets) that consist of
Net Income or Net Loss for the Taxable Year of any liquidation governed by this Section 11.02) so as to minimize the effect of
the application of the Liquidation Cap Amount for all Class A Units.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
distribution of cash or property to a Limited Partner in accordance with the provisions of this Section 11.02 constitutes a complete
return to the Limited Partner of its Capital Contributions and a complete distribution to the Limited Partner with respect to
its interest in the Partnership. To the extent that a Limited Partner returns funds to the Partnership, it has no claim against
any other Limited Partner for those funds.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.03.&#9;<I>Notice
of Dissolution</I>. On completion of the distribution of the Partnership&rsquo;s assets as provided herein, the Partnership is
terminated (and the Partnership shall not be terminated prior to such time), and the liquidator (or such other Person as the Act
may require or permit) shall file a notice of dissolution with the Registrar in accordance with the Act, cancel any other filings
made pursuant to this Agreement that are or should be canceled and take such other actions as may be necessary to dissolve the
Partnership. Upon the filing of the notice of dissolution, the Partnership is dissolved. The Partnership shall be deemed to continue
in existence for all purposes of this Agreement until it is dissolved pursuant to this <B>&lrm;</B>Section 11.03.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.04.&#9;<I>Reasonable
Time for Winding Up</I>. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Partnership
and the liquidation of its assets pursuant to <B>&lrm;</B>Section 11.02 in order to minimize any losses otherwise attendant upon
such winding up.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.05.&#9;<I>Return
of Capital only from Partnership Assets</I>. The liquidator shall not be personally liable for the return of Capital Contributions
or any portion thereof to the Limited Partners (it being understood that any such return shall be made solely from the Partnership&rsquo;s
assets).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 11.06.&#9;<I>Termination
of Agreement upon Dissolution; Survival of Rights</I>. All provisions of this Agreement shall terminate upon dissolution of the
Partnership, except as expressly provided otherwise herein (it being agreed that Sections <B>&lrm;</B>4.06, 4.07<B>&lrm;</B>,
5.01, 12.09, 12.10 and <B>&lrm;</B>12.11 and this <B>&lrm;</B>Section 11.06 shall survive dissolution of the Partnership).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Article
12<FONT STYLE="font-variant: small-caps"><BR>
</FONT></FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">General Provisions</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.01.&#9;<I>Power
of Attorney</I>. (a) Each Limited Partner hereby constitutes and appoints the General Partner with full power of substitution,
as such Person&rsquo;s true and lawful agent and attorney-in-fact, with full power and authority in such Person&rsquo;s name,
place and stead, to execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (i) this Agreement,
all certificates and other instruments and all amendments thereof in accordance with the terms hereof which the General Partner
deems appropriate or necessary to form, qualify, or continue the qualification of, the Partnership as an exempted limited partnership
in the Cayman Islands and in all other jurisdictions in which the Partnership may conduct business or own property; (ii) subject
to <B>&lrm;</B>Section 4.02(f), all instruments which the General Partner deems appropriate or necessary to reflect any amendment,
change, modification or restatement of this Agreement in accordance with its terms; and (iii) all conveyances and other instruments
or documents which the General Partner deems appropriate or necessary to reflect the termination, winding up and dissolution of
the Partnership pursuant to the terms of this Agreement, including a notice of dissolution.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing power of attorney is irrevocable and is intended to secure a proprietary interest of the General Partner and the performance
of the obligations of each Limited Partner hereunder, and shall survive and not be affected by the death, disability, incapacity,
dissolution, bankruptcy, insolvency or termination of any Limited Partner and the Transfer of all or any portion of such Limited
Partner&rsquo;s Units or partnership interest in the Partnership and shall extend to such Limited Partner&rsquo;s heirs, successors,
assigns and personal representatives.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.02.&#9;<I>Title
to Partnership Assets</I>. The Partnership&rsquo;s assets shall be deemed to be held by the General Partner upon trust as an asset
of the Partnership in accordance with the Act, and no Limited Partner, individually or collectively, shall have any ownership
interest in such assets or any portion thereof. All assets of the Partnership shall be recorded as the property of the Partnership
on its books and records.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.03.&#9;<I>Creditors</I>.
None of the provisions of this Agreement shall be for the benefit of or, to the fullest extent permitted by law, enforceable by
any creditors of the Partnership or any of its Affiliates, and no creditor who makes a loan to the Partnership or any of its Affiliates
may have or acquire (except pursuant to the terms of a separate agreement executed by the Partnership in favor of such creditor)
at any time as a result of making the loan any direct or indirect interest in the Partnership&rsquo;s profits, losses, Distributions,
capital or property other than as a creditor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.04.&#9;<I>Further
Action</I>. The parties shall execute and deliver all documents, provide all information and take or refrain from taking such
actions as may be necessary or appropriate to achieve the purposes of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.05.&#9;<I>Notices</I>.
All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission and
electronic mail (&ldquo;<B>e-mail</B>&rdquo;) transmission, so long as a receipt of such e-mail is requested and received) and
shall be given,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">if to Buyer
or the Partnership, to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">SP VS Buyer LP<BR>
c/o Sycamore Partners Management, L.P.<BR>
9 West 57<SUP>th</SUP> Street, 31<SUP>st</SUP> Floor<BR>
New York, NY 10019<BR>
Attention: Stefan L. Kaluzny<BR>
E-mail: skaluzny@sycamorepartners.com<BR>
<BR></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">with copies
to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">Kirkland &amp; Ellis
LLP<BR>
601 Lexington Avenue&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">New York, NY 10022<BR>
Attention: Sean Rodgers, P.C., Hamed Meshki, P.C., Karen E. Flanagan<BR>
E-mail: sean.rodgers@kirkland.com, hamed.meshki@kirkland.com, karen.flanagan@kirkland.com<BR>
<BR></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">if to L Brands,
to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">c/o L Brands, Inc.<BR>
Three Limited Parkway<BR>
Columbus, Ohio 43230<BR>
Attention: Tim Faber<BR>
E-mail: Tfaber@lb.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">with a copy
to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">Davis Polk &amp; Wardwell
LLP<BR>
450 Lexington Avenue<BR>
New York, New York 10017<BR>
Attention: William H. Aaronson<BR>
E-mail: william.aaronson@davispolk.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">or such other address or facsimile
number as such party may hereafter specify for the purpose by notice to the Partnership. All such notices, requests and other
communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the
place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication
shall be deemed not to have been received until the next succeeding business day in the place of receipt.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Any Person that becomes a Limited
Partner after the date hereof shall provide its address and facsimile number to the Partnership.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.06.&#9;<I>Amendments
and Waivers</I>. (i) Subject to <B>&lrm;</B>Section 2.01, Section 4.02(f) and <B>&lrm;</B>Section 7.05, any provision of this
Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment,
by the Partnership with approval of the General Partner acting by the GP Board and Limited Partners holding at least a majority
of all Units held by the parties hereto at the time of such proposed amendment or modification, or in the case of a waiver, by
the party against whom the waiver is to be effective.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor
shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided
by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.07.&#9;<I>Expenses.
</I>Except as otherwise provided herein or in the other Transaction Documents, all costs and expenses incurred in connection with
this Agreement shall be paid by the party incurring such cost or expense.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.08.&#9;<I>Successors
and Assigns</I>. Subject to <B>&lrm;</B>Section 7.05, the provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns; <I>provided</I> that no party hereto may assign, delegate
or otherwise transfer any of its rights or obligations under this Agreement other than in connection with a Transfer permitted
pursuant to Article 8.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.09.&#9;<I>Governing
Law</I>. This Agreement shall be governed by and construed in accordance with the law of the Cayman Islands, without regard to
the conflicts of law rules of such state.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.10.&#9;<I>Jurisdiction</I>.
The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the Chancery Court of
the State of Delaware and any state appellate court therefrom within the State of Delaware (or if the Chancery Court of the State
of Delaware declines to accept jurisdiction over a particular matter, any federal or state court sitting in the State of Delaware)
and any federal or state appellate court therefrom) (the &ldquo;<B>Chosen Courts</B>&rdquo;), and each of the parties hereto hereby
irrevocably consents to the jurisdiction of the Chosen Courts in any such suit, action or proceeding and irrevocably waives, to
the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought
in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party hereto anywhere in the world,
whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party hereto agrees that service
of</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">process on such party as provided
in <B>&lrm;</B>Section 12.05 shall be deemed effective service of process on such party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.11.&#9;<I>WAIVER
OF JURY TRIA</I>L. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.12.&#9;<I>Counterparts;
Effectiveness</I>. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each
party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party hereto
has received a counterpart hereof signed by the other parties hereto, this Agreement shall have no effect and no party hereto
shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.13.&#9;<I>Entire
Agreement</I>. This Agreement, the GP Agreement and the other Transaction Documents constitute the entire agreement between the
parties hereto with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both
oral and written, between the parties with respect to the subject matter of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.14.&#9;<I>Severability</I>.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental
Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such
a determination, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties hereto as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated
as originally contemplated to the fullest extent possible.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.15.&#9;<I>Specific
Performance</I>. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed
in accordance with the terms hereof and that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches
of this Agreement or to enforce specifically the performance of the terms and provisions hereof in the Chosen Courts, in addition
to any other remedy to which they are entitled at law or in equity.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.16.&#9;<I>Representations
and Warranties of the Limited Partners</I>. Each Limited Partner represents and warrants to the Partnership and each other Limited
Partner, and each Transferee of Units shall be deemed to represent and warrant to the Partnership and each other Limited Partner,
upon the Transfer of Units to such Transferee, that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Corporate
Existence and Power</I>. If such Limited Partner is not an individual, such Limited Partner is an entity duly organized, validly
existing and in good standing (with respect to jurisdictions that recognize such concept) under the laws of its jurisdiction of
organization and has all corporate powers required to carry on its business as now conducted.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Corporate
Authorization</I>. If such Limited Partner is not an individual, the execution, delivery and performance by such Limited Partner
of this Agreement and the consummation of the transactions contemplated hereby by such Limited Partner are within such Limited
Partner&rsquo;s corporate powers and have been duly authorized by all necessary corporate action on the part of such Limited Partner.
This Agreement constitutes a valid and binding agreement of such Limited Partner enforceable against such Limited Partner in accordance
with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting
creditors&rsquo; rights generally and general principles of equity).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governmental
Authorization</I>. The execution, delivery and performance by such Limited Partner of this Agreement and the consummation of the
transactions contemplated hereby by such Limited Partner require no action by or in respect of, or filing with, any Governmental
Authority other than any such action or filing the failure of which to obtain or make would not reasonably be expected to, individually
or in the aggregate, prevent, materially delay or materially impede the performance by such Limited Partner of its obligations
under this Agreement or such Limited Partner&rsquo;s consummation of the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Noncontravention</I>.
The execution, delivery and performance by such Limited Partner of this Agreement and the consummation of the transactions contemplated
hereby by such Limited Partner do not and will not (i) if such Limited Partner is not an individual, violate the certificate of
incorporation, bylaws, articles of formation, operating agreement or similar organizational document of such Limited Partner,
(ii) violate any Applicable Law, (iii) require any consent or other action by any Person under, constitute a default or an event
that, with or without notice or lapse of time or both, would constitute a default under, or give rise to any right of termination,
cancellation or acceleration of any right or obligation of such Limited Partner or to a loss of any benefit to which such Limited
Partner is entitled under, any provision of any material agreement binding upon such Limited Partner, or (iv) result in the creation
or imposition of any lien on any asset of such Limited Partner, except, in the case of clauses (ii) through (iv), as would not
reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impede the performance by
such Limited Partner of its obligations under this Agreement or such Limited Partner&rsquo;s consummation of the transactions
contemplated by this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment</I>.
Such Limited Partner is acquiring the Units being acquired by it for investment for its own account and not with a view to, or
for sale in connection with, any distribution thereof. Such Limited Partner (either alone or together with its advisors) has sufficient
knowledge and experience in financial and business matters so as to be</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">capable of evaluating the merits
and risks of its investment in the Partnership and is capable of bearing the economic risks of such investment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 12.17.&#9;<I>Third
Party Rights</I>. Any Covered Person, Indemnified Party or Person specified in Section 9.07(c) not being a party to this Agreement,
may enforce any rights granted to it pursuant to this Agreement in its own right as if it were a party to this Agreement. Except
as expressly provided herein, a person who is not a party to this Agreement shall not have any rights under the Contracts (Rights
of Third Parties) Law, 2014, as amended, modified, re-enacted or replaced to enforce any term of this Agreement. Notwithstanding
any term of this Agreement, the consent of or notice to any person who is not a party to this Agreement shall not be required
for any termination, rescission or agreement to any variation, waiver, assignment, novation, release or settlement under this
Agreement at any time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[<I>Remainder
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">IN WITNESS
WHEREOF, the undersigned have executed as a deed or caused to be executed as a deed on their behalf this Agreement on the date
first written above.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARTNERSHIP:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;] by its general partner,
    [&#9679;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: black 2px solid; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL PARTNER:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: black 2px solid; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIMITED PARTNERS:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SP VS BUYER LP</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: black 2px solid; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[L BRANDS]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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<SEQUENCE>3
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>lb-20200220_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>8
<FILENAME>0000950103-20-003347-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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    <dei:EntityEmergingGrowthCompany contextRef="From2020-02-20to2020-02-20">false</dei:EntityEmergingGrowthCompany>
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<SEQUENCE>12
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<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.3.a.u2</span><table class="report" border="0" cellspacing="2" id="idp6606195136">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Feb. 20, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb. 20,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-8344<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">L BRANDS, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000701985<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">31-1029810<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Three Limited Parkway<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Columbus<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">OH<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">43230<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(614)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">415-7000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock - $0.50 par value per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">LB<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td>dei:submissionTypeItemType</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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