Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
L Brands, Inc. (the "Company") issued a press release on May 19, 2021 announcing
that it has appointed Wendy C. Arlin, age 50, as Executive Vice President and
Chief Financial Officer of the Company, effective as of August 2021. The
Company's current Chief Financial Officer, Stuart B. Burgdoerfer, who previously
announced his plan to retire from the Company, will step down as the Company's
Chief Financial Officer upon his retirement on August 2021. A copy of the press
release is attached hereto as Exhibit 99.1 and is incorporated by reference
herein.
Ms. Arlin has served as Senior Vice President, Finance and Controller at L
Brands, Inc. since 2005. Prior to her employment with L Brands, Ms. Arlin served
as an Audit Partner at KPMG from 2003 to 2005. Ms. Arlin worked for KPMG from
1993 to 2005.
In connection with her appointment as Executive Vice President and Chief
Financial Officer, Ms. Arlin's base salary will be increased to $750,000 per
year, her target annual cash incentive opportunity will be set at 90% of her
base salary and her annual equity award, granted under the Company's 2020 Stock
Option and Performance Incentive Plan, will initially be set at 100% of her base
salary and be delivered in time-based restricted stock units that vest in
installments over three years (30% year 1, 30% year 2, 40% year 3), in each case
subject to continued employment through the applicable vesting dates. In
addition, Ms. Arlin will receive a restricted stock grant relating to her
promotion under the Company's 2020 Stock Option and Performance Incentive Plan
with a value of $750,000 that vests in installments over three years (30% year
1, 30% year 2, 40% year 3) subject to Ms. Arlin's continued employment with the
Company through the applicable vesting dates.
Ms. Arlin has no family relationship with any of the Company's directors or
executive officers. Ms. Arlin has no direct or indirect material interest in any
related party transaction required to be disclosed pursuant to Item 404(a) of
Regulation S-K.
Item 9.01. Financial Statements and Exhibits.
Exhibit Press Release dated May 19, 2021 entitled "L Brands Appoints
99.1 Chief Financial Officers for Bath & Body Works and Victoria's
Secret Standalone Businesses."
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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