Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously disclosed in the Form 10-K filed by L Brands, Inc. (the "Company") on March 30, 2020, the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of the Company authorized management of the Company to take steps to terminate the L Brands, Inc. Supplemental Retirement Plan (the "SRP") in connection with the sale to SP VS Buyer LP ("Sycamore"), an affiliate of Sycamore Partners Management, L.P., of a 55% interest in Victoria's Secret, with such termination date to be determined.

On June 27, 2020 (the "Termination Date"), the Committee authorized the termination of the SRP. Any remaining benefits and obligations under the SRP are expected to be paid out in full approximately one year following the Termination Date. Pursuant to applicable rules under the Internal Revenue Code, certain other deferred compensation arrangements were simultaneously terminated and liquidated, including any remaining elective deferred stock units and deferral elections under the Company's Stock Award and Deferred Compensation Plan for Non-Associate Directors. In addition, any retirement-eligible associates of the Company who were eligible for special pro rata vesting on any restricted stock units held by such associate will no longer receive pro rata vesting treatment on a retirement following the Termination Date.

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