Bath & Body Works Grants CEO 591,366 Stock Rights

The award may pay 75%, 100%, 150% or 200% of target, with earned units generally reduced 50% if relative total shareholder return is below the 55th percentile.

Rhea-AI Filing Summary

Bath & Body Works, Inc. CEO and director Daniel Heaf acquired 591,366 performance rights in a one-time grant on September 21, 2026; his reported post-grant position was 591,366 rights. The units may be earned at 75%, 100%, 150% or 200% of target based on stock-price hurdles of $40, $60, $80 or $100, respectively, during a four-year performance period. The number earned is generally reduced by 50% if relative total shareholder return is below the 55th percentile of the S&P 1500 Consumer Discretionary Distribution & Retail Index. Earned units generally vest on the fourth anniversary, subject to continued employment.

Insider Trade Summary

Grant/Award: 591,366 shares

Grant/Award 1 txn

Insider Heaf Daniel

Role CEO

Type	Security	Shares	Price	Value
Grant/Award	Performance Rights F1	591,366	$0.00	$0.00

Holdings After Transaction: Performance Rights — 591,366 contracts (Direct)

Footnotes (1)

1. F1. One-time grant of performance share units that may be earned at 75%, 100%, 150% or 200% of the target level based on the achievement of stock price hurdles of $40, $60, $80 or $100, respectively, during a four-year performance period. The number of units earned will generally be reduced by 50% if the Issuer's relative total shareholder return is below the 55th percentile of the S&P 1500 Consumer Discretionary Distribution & Retail Index. Any earned units generally vest on the fourth anniversary of the grant date, subject to the Reporting Person's continued employment.

Key Figures

Performance rights granted: 591,366 rights Performance payout levels: 75%, 100%, 150% or 200% of target Stock-price hurdles: $40, $60, $80 or $100 +3 more

6 metrics

Performance rights granted 591,366 rights One-time grant; reported post-grant position was 591,366 rights

Performance payout levels 75%, 100%, 150% or 200% of target Earned units are based on achievement of stock-price hurdles

Stock-price hurdles $40, $60, $80 or $100 Correspond respectively to 75%, 100%, 150% or 200% of target

Performance period Four years Performance period for the award

Potential unit reduction 50% Generally applies if relative total shareholder return is below the 55th percentile

Relative total shareholder return threshold 55th percentile S&P 1500 Consumer Discretionary Distribution & Retail Index

Key Terms

performance share units, stock price hurdles, relative total shareholder return, vest

4 terms

performance share units financial

"One-time grant of performance share units"

Performance share units are a type of company stock award given to employees that depend on the company meeting specific goals or targets. If these goals are achieved, the employee receives shares or the value of shares; if not, they may receive little or no compensation. This aligns employees’ interests with the company's success and encourages performance that benefits investors.

stock price hurdles financial

"achievement of stock price hurdles"

"Stock price hurdles" are specific price levels that investors watch closely because reaching them can signal a potential change in the stock's future. Think of them like checkpoints in a video game; once the stock hits these levels, it might trigger new buying or selling activity, affecting whether the price goes up or down.

relative total shareholder return financial

"Issuer's relative total shareholder return"

Relative total shareholder return measures how much an investor’s gain from a company — including stock price changes and dividends — beats or lags a chosen benchmark or peer group over a set time. Think of it as a race: it shows whether the company outpaced rivals or the market, which helps investors and boards judge performance, compare returns fairly, and link results to pay or investment decisions.

vest financial

"Any earned units generally vest on the fourth anniversary"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many performance rights did BBWI CEO Daniel Heaf receive?

Bath & Body Works, Inc. CEO and director Daniel Heaf received a one-time grant of 591,366 performance rights on September 21, 2026; his reported post-grant position was 591,366 rights.

What performance conditions apply to BBWI's rights award?

The units may be earned at 75%, 100%, 150% or 200% of target based on stock-price hurdles of $40, $60, $80 or $100, respectively, during a four-year performance period. The number earned is generally reduced by 50% if relative total shareholder return is below the 55th percentile of the S&P 1500 Consumer Discretionary Distribution & Retail Index. Earned units generally vest on the fourth anniversary, subject to continued employment.

Was the BBWI performance-rights award made under a 10b5-1 plan?

No Rule 10b5-1 plan is reported for the award.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/23/2026 - 04:52 PM Accepted by SEC EDGAR 09/23/2026 - 04:52 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Heaf Daniel

(Last) (First) (Middle)

THREE LIMITED PARKWAY

(Street)

COLUMBUS OHIO 43230

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Bath & Body Works, Inc. [ BBWI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Rights	$0.0000	09/21/2026		A		591,366		(1)	09/21/2030	Common Stock, $0.50 par value	591,366	$0.0000	591,366	D

Explanation of Responses:

1. One-time grant of performance share units that may be earned at 75%, 100%, 150% or 200% of the target level based on the achievement of stock price hurdles of $40, $60, $80 or $100, respectively, during a four-year performance period. The number of units earned will generally be reduced by 50% if the Issuer's relative total shareholder return is below the 55th percentile of the S&P 1500 Consumer Discretionary Distribution & Retail Index. Any earned units generally vest on the fourth anniversary of the grant date, subject to the Reporting Person's continued employment.

	Robert J. Tannous, Attorney-in-Fact	09/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)