Item 1.01 Entry into a Material Definitive Agreement.

As previously disclosed, on August 2, 2021, the separation of Victoria's Secret & Co. (the "Company") from Bath & Body Works, Inc. (formerly known as L Brands, Inc.) ("Bath & Body Works") was completed. The separation of the Company was achieved through Bath and Body Works' distribution (the "Distribution") of 100% of the shares of the Company's common stock to holders of Bath & Body Works common stock as of the close of business on the record date of July 22, 2021.

In connection with the Distribution, on August 6, 2021, the Company entered into indemnification agreements with each of the directors and officers of the Company. The indemnification agreements provide indemnification to each such director or officer, to the fullest extent permitted by applicable law, subject to certain exceptions, against expenses, judgments, fines and other amounts arising from any claims relating to the fact that such person is or was a director or officer, as applicable, and also provides for rights to advancement of expenses.

The foregoing description is a summary of the material terms of the indemnification agreements and is not complete and is subject to, and qualified in its entirety by, the complete text of the Form of Indemnification Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated by reference herein.

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