Form of Director and Officer Indemnification Agreement



 Exhibit 10.17 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT
(“Agreement”) is made as of this [—] day of [—], 2010, by and between Five Below, Inc., a Pennsylvania corporation (the
“Company”), and [—] (“Indemnitee”). 
 BACKGROUND 
 The Company and Indemnitee recognize the prevalent risk of
corporate shareholder litigation, in general, subjecting directors to the risk of expensive litigation. 
 The Company’s
Board of Directors has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company from certain
liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such
insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to
expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Company’s Second Amended and Restated By-laws (the
“Bylaws”) and Amended and Restated Articles of Incorporation (“Articles of Incorporation”) require indemnification of the directors of the Company. Indemnitee may also be entitled to indemnification
pursuant to the Pennsylvania Business Corporation Law (“PBCL”). The By-laws, Articles of Incorporation and the PBCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby
contemplate that contracts may be entered into between the Company and members of the Board of Directors, officers and other persons with respect to indemnification; 
 Given the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons, it is reasonable, prudent and necessary for the Company
contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not
be so indemnified. 
 This Agreement is a supplement to and in furtherance of the By-laws and Articles of Incorporation and any
resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
 Indemnitee does not regard the protection available under the By-laws and Articles of Incorporation and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or
director without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he be so
indemnified. 
 Indemnitee has certain rights to indemnification and/or insurance provided by [Advent] and certain of its
affiliates (collectively, the “Fund Indemnitors”) which Indemnitee and the Fund Indemnitors intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgement
and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve on the Board of Directors. 







 NOW, THEREFORE, in consideration of Indemnitee’s agreement to serve as an director from
and after the date hereof, the parties hereto agree as follows: 
 1. Indemnification. 

(a) Third Party and Derivative Proceedings. The Company shall indemnify Indemnitee if Indemnitee is or was a party or is
threatened to be made a party to any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, claim, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding
(each a “Proceeding”), whether civil, criminal, administrative or investigative (other than an action by or in the right of the Company or any affiliate of the Company) in which Indemnitee was, is or will be involved as a
party or otherwise, by reason of the fact that Indemnitee is or was a director, officer, trustee, fiduciary, employee or agent of the Company, or any affiliate of the Company, by reason of any action or inaction on the part of Indemnitee while an
officer or director, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, trustee, fiduciary, employee or agent of any other enterprise (“Corporate Status”), in each
case whether or not he is acting or serving in any such capacity at the time any liability or Expense is incurred for which indemnification can be provided under this Agreement, against expenses (including reasonable attorneys’ fees, retainers,
court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding)
(“Expenses”), and all liabilities and loss, including, judgments, penalties, fines and amounts paid in settlement (if such settlement is approved pursuant to Section 2(f)) actually and reasonably incurred by
Indemnitee in connection with such Proceeding so long as the Indemnitee’s actions or omissions are not determined, in a final judicial determination (as to which all rights of appeal have been exhausted or lapsed), to have constituted willful
misconduct or recklessness. 
 (b) Mandatory Indemnification. To the extent that Indemnitee has been successful on the
merits or otherwise in defense of any Proceeding referred to in Section 0 or in defense of any claim, issue or matter therein, Indemnitee shall be indemnified against Expenses actually and reasonably incurred by Indemnitee in connection
therewith. For purposes of this Section 1(b), the term “successful on the merits or otherwise” shall include (i) any termination, withdrawal, or dismissal (with or without prejudice) of any Proceeding against
Indemnitee without any express finding of liability or guilt against him, or (ii) the expiration of a reasonable period of time after the making of any claim or threat of a Proceeding without the institution of the same and without any promise
or payment made to induce a settlement. The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event
that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such Proceeding with or without payment of money or other consideration) it
shall be presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 (c) Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably
incurred by him or on his behalf in connection therewith. 

  
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 (d) Indemnification of Appointing Stockholder. If (i) Indemnitee is or was
affiliated with one or more private equity funds that has invested in the Company (an “Appointing Stockholder”), and (ii) the Appointing Stockholder is, or is threatened to be made, a party to or a participant in any
Proceeding relating to or arising by reason of Appointing Stockholder’s appointment of or affiliation with Indemnitee, including, without limitation, any claim of misappropriation or infringement of intellectual property relating to the
Company, any alleged false or misleading statement or omission made by the Company (or on its behalf) or its employees or agents, or any allegation of inappropriate control or influence over the Company or its Board of Directors, officers, equity
holders or debt holders, then the Appointing Stockholder will be entitled to indemnification hereunder for Expenses to the same extent as Indemnitee, and the terms of this Agreement as they relate to procedures for indemnification of Indemnitee and
advancement of Expenses shall apply to any such indemnification of Appointing Stockholder. The rights provided to the Appointing Stockholder under this Section 1(d) shall (i) be suspended during any period during which the
Appointing Stockholder does not have a representative on the Company’s Board of Directors and (ii) terminate on an initial public offering of the Company’s Common Stock; provided, however, that in the event of any such
suspension or termination, the Appointing Stockholder’s rights to indemnification will not be suspended or terminated with respect to any Proceeding based in whole or in part on facts and circumstances occurring at any time prior to such
suspension or termination regardless of whether the Proceeding arises before or after such suspension or termination. The Company and Indemnitee agree that the Appointing Stockholder is an express third party beneficiary of the terms of this
Section 1(d). 
 2. Expenses and Indemnification Procedure. 

(a) Advancement of Expenses. Notwithstanding any provision of this Agreement to the contrary, but subject to
Section 2(b), the Company shall advance all reasonable out-of-pocket Expenses incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of any Proceeding referenced in Section 1(a) within ten
(10) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. Advances shall include any and all reasonable Expenses incurred
pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. This Section 2(a) shall not apply to any claim made by Indemnitee
for which indemnity is excluded pursuant to Section 9 hereof. 
 (b) Undertaking to Repay Expenses. In the
event that it shall ultimately be determined that Indemnitee is not entitled to be indemnified for the Expenses paid by the Company pursuant to Section 2(a) or otherwise or was not entitled to be fully indemnified, Indemnitee shall repay
to the Company such amount of the advanced Expenses or the appropriate portion thereof. Any advances and undertakings to repay pursuant to this Section 2(a) shall be unsecured and interest free. 

(c) Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to his right to be indemnified under this
Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement. Notice to the Company shall be directed to the Company at the following
address (or such other address as the Company may from time to time designate in writing to Indemnitee). Notwithstanding the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely
fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company. 

Five Below, Inc. 

1616 Walnut Street 
 Suite 400 

  
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 Philadelphia, PA 19103 

Attn: David Schlessinger and Thomas Vellios 
 Fax: 215.546.8099 
 E-mail: dschlessinger@fivebelow.com;
tvellios@fivebelow.com 
 With a copy to (which copy shall not constitute notice): 

Pepper Hamilton LLP 
 3000 Two Logan Square 
 Eighteenth and Arch Streets 

Philadelphia, PA 19103 
 Attn: Barry M. Abelson 
 Fax: 215.689.4803 

E-mail: abelsonb@pepperlaw.com 
 Notice shall be deemed received on the third business day after the date postmarked if sent by domestic certified or registered mail, properly addressed; otherwise, notice shall be deemed received when
such notice shall actually be received by the Company. In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s power. 

(d) Procedure. Any indemnification provided for in Section 1 and this Section 2 shall be made as promptly
as practicable, but in no event later than 45 days after receipt of the written request of Indemnitee, coupled with appropriate documentation to support the requested payment. If a claim under this Agreement, under any statute, or under any
provision of the Articles of Incorporation or Bylaws providing for indemnification is not paid in full by the Company within 45 days after receipt of a fully documented written request for payment thereof has first been received by the Company,
Indemnitee may, but need not, at any time thereafter bring an action against the Company to recover the unpaid amount of the claim and, subject to Section 13, Indemnitee shall also be entitled to be paid for the Expenses of bringing such
action. The Company shall not oppose Indemnitee’s right to seek any such action. It shall be a defense to any such action (other than an action brought to enforce a claim for Expenses incurred in connection with any Proceeding in advance of its
final disposition) that Indemnitee has not met the standards of conduct which make it permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed, but the burden of proving such defense shall be on the Company,
and Indemnitee shall be entitled to receive interim payments of Expenses pursuant to Section 2(a), and the Company shall promptly make such interim payments of Expenses, unless and until such defense may be finally adjudicated by court
order or judgment from which no further right of appeal exists. Each of the parties hereto intend that if the Company contests Indemnitee’s right to indemnification, the question of Indemnitee’s right to indemnification shall be for the
court to decide, and neither the failure of the Company (including, at the election of the Board of Directors, its Board of Directors, any committee or subgroup of the Board of Directors, independent legal counsel, or its shareholders) to have made
a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct required by applicable law, nor an actual determination by the Company (including, at the election of the
Board of Directors, its Board of Directors, any committee or subgroup of the Board of Directors, independent legal counsel, or its shareholders) that Indemnitee has not met such applicable standard of conduct, shall create a presumption that
Indemnitee has or has not, as the case may be, met the applicable standard of conduct. The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 2 that the procedures and presumptions of
this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement. 

  
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 (e) Notice to Insurers. If, at the time of the receipt of a notice of claim pursuant
to Section 2(b), the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in
the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

 (f) Selection of Counsel. If the Company shall be obligated under Section 1 or Section 2 to
pay the Expenses of any Proceeding against Indemnitee, the Company shall be entitled to assume the defense of such Proceeding (other than a Proceeding involving criminal proceedings, in which case the Indemnitee shall be entitled to assume the
defense of such Proceeding and the Company shall have the right to employ separate counsel at Company’s expenses), with counsel consented to by indemnittee, such consent not being unreasonably withheld, upon the delivery to Indemnitee of
written notice within five (5) business days following receipt of notice from Indemnitee pursuant to Section 2(b); provided that (x) the Company shall have acknowledged in writing to the Indemnitee its unqualified
obligation to indemnify the Indemnitee as provided hereunder, (y) the Company must conduct such defense actively and diligently thereafter to preserve its rights in this regard. After delivery of such notice, approval of such counsel by
Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of any other counsel subsequently incurred by Indemnitee with respect to the same Proceeding; provided
that (i) Indemnitee shall have the right to employ separate counsel in any such Proceeding at Indemnitee’s expense; and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized by the Company,
(B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (C) the Company shall not, in fact, have employed counsel to assume the
defense of such proceeding, then the reasonable fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. 
 (g) Settlements. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effected without its written consent. The Company shall
not settle any action or claim in any manner which would impose any penalty or limitation on Indemnitee, or which does not provide for a full, unqualified and final release of all claims asserted against Indemnitee, without Indemnitee’s written
consent. Neither the Company nor the Indemnitee will unreasonably withhold consent to any proposed settlement so long as such proposed settlement provides for a full, unqualified and final release of all claims asserted against Indemnitee and does
not impose any penalty or limitation on Indemnitee. If the Company settles a claim that is made jointly against the Company and any directors or officers, the Company shall use commercially reasonable efforts to settle the entire claim on behalf of
all parties named in the complaint. 
 (h) Change in Control. 

(i) If, at any time subsequent to the date of this Agreement, there is a Change in Control, then upon the request of Indemnitee, the
Company shall cause the determination of indemnification and advances required by Section 2 to be made by a third party (mutually agreed upon by the parties or failing such agreement, as determined by the Chief Judge of the Federal
District Court for the Eastern District of Pennsylvania). The fees and expenses incurred by the third party in making the determination of indemnification and advances shall be borne solely by the Company. 

(ii) For purposes of this Agreement, a “Change in Control” shall mean (i) a merger or consolidation of the
Company with any other entity, or an acquisition by any third party of securities of the Company representing more than fifty percent of the combined voting power of the Company’s then outstanding securities, other than a merger or
consolidation which would result in the voting securities of 

  
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the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other governing body of
such surviving entity, or (ii) the approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets.

 (i) Primacy of Indemnification. The Company hereby acknowledges that Indemnitee has certain rights to indemnification,
advancement of expenses and/or insurance provided by the Fund Indemnitors. The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to
advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the
full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Articles of Incorporation or Bylaws (or any other agreement between the
Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and, (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors
for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought
indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the
Company. The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 2(i). 
 3. Additional Indemnification Rights. 
 (a) Scope. Notwithstanding
any other provision of this Agreement, the Company shall indemnify Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Articles of
Incorporation, the Bylaws or by statute. In the event of any change, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Pennsylvania corporation to indemnify a member of its board of directors,
such changes shall be, ipso facto, within the purview of Indemnitee’s rights and Company’s obligations under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Pennsylvania
corporation to indemnify a member of its board of directors, such changes (to the extent not otherwise required by such law, statute or rule to be applied to this Agreement) shall have no effect on this Agreement or the parties’ rights and
obligations hereunder. 
 (b) Non-exclusivity. The indemnification provided by this Agreement shall not be deemed
exclusive of any rights to which an Indemnitee may be entitled under the Articles of Incorporation, Bylaws, any agreement, any vote of shareholders or disinterested directors, the Pennsylvania Business Corporation Law of 1988, as amended, or
otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity while holding such office, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or
omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any
other right or remedy. 

  
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 4. Continuation of Indemnity. All agreements and obligations of the Company contained herein shall
continue during the period Indemnitee is a director, officer, employee or agent of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of any other enterprise) and shall continue thereafter, so
long as Indemnitee shall be subject to any possible claim or threatened, pending or completed action, suit or proceeding, whether civil, criminal or investigative, by reason of the fact that Indemnitee was a director, officer, employee or agent of
the Company or serving in any other capacity referred to herein. 
 5. Partial Indemnification. If Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines or penalties actually or reasonably incurred by him in the investigation, defense, appeal or settlement of any Proceeding, but not
for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses, judgments, fines or penalties to which Indemnitee is entitled. 
 6. Mutual Acknowledgment. Each of the Company and Indemnitee acknowledges that, in certain instances, federal law or public policy may override applicable state law and prohibit the Company from
indemnifying its directors under this Agreement or otherwise. For example, each of the Company and Indemnitee acknowledges that the Securities and Exchange Commission (the “SEC”) has taken the position that indemnification is
not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for certain ERISA violations. 
 7. Officer and Director Liability Insurance. The Company shall, from time to time, make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy
or policies of insurance with reputable insurance companies providing the directors of the Company with coverage for losses from wrongful acts, or to ensure the Company’s performance of its indemnification obligations under this Agreement.
Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against the protection afforded by such coverage. In all policies of directors’ and officers’ liability insurance, Indemnitee shall be
insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s directors. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain
such insurance if the Company determines in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to the amount of coverage provided, if the coverage provided by such insurance is
limited by exclusions so as to provide an insufficient benefit, or if Indemnitee is covered by similar insurance maintained by an affiliate of the Company. 
 8. Severability. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company’s
inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. The provisions of this Agreement shall be severable as provided in this Section 8. If this Agreement or
any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not have been
invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms. 
 9. Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement: 
 (a) Claims Initiated by Indemnitee. To indemnify or advance Expenses to Indemnitee with respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense
(such as by counterclaim, cross-claim or third-party claim), except with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or


  
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otherwise as required under the Pennsylvania Business Corporation Law of 1988, as amended, but such indemnification or advancement of Expenses may be provided by Company in specific cases if the
Board of Directors, at its sole discretion, finds it to be appropriate; 
 (b) Lack of Good Faith. To indemnify
Indemnitee for any Expenses incurred by Indemnitee with respect to any Proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by
Indemnitee in such proceeding was made in bad faith or was frivolous; 
 (c) Insured Claims. To indemnify Indemnitee for
Expenses or liabilities of any type whatsoever (including judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) which have been paid directly to Indemnitee by an insurance carrier under a policy of officers’ and
directors’ liability insurance maintained by the Company except with respect to any excess beyond the amount paid under any insurance policy; provided, that the foregoing shall not affect the rights of Indemnitee or the Fund Indemnitors
set forth in Section 2(i); 
 (d) Claims Under Section 16(b). To indemnify Indemnitee for expenses or
the payment of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Exchange Act, or any similar successor statute; 
 (e) Illegal Activity. To indemnify Indemnitee if a court of competent jurisdiction finally adjudges that such indemnification is illegal, including by virtue of such indemnification being in
violation of public policy or any provision of law. 
 10. Interpretation; Construction of Certain Phrases. 

(a) The headings of particular provisions of this Agreement are inserted for convenience only and will not be construed as a part of this
Agreement or serve as a limitation or expansion on the scope of any term or provision of this Agreement. The words “include,” “includes” or “including” shall be deemed to be
followed by the words “without limitation.” The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. 
 (b) For purposes of
this Agreement: 
 (i) references to the “Company” shall include, in addition to the resulting or
surviving corporation, any constituent entity (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers,
and employees or agents, so that if Indemnitee is or was a director, officer, employee or agent of such constituent entity, or is or was serving at the request of such constituent entity as a director, officer, employee or agent of any other
enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent entity if its separate existence had
continued; 
 (ii) references to any “other enterprise” shall include any corporation, trust,
partnership, joint venture, or other entity; 
 (iii) references to “fines” shall include any excise
taxes or penalties assessed on Indemnitee with respect to an employee benefit plan; 

  
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 (iv) references to “serving at the request of the Company” shall
include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, Indemnitee with respect to an employee benefit plan, its participants, or beneficiaries; 

(v) references to “affiliates” shall mean any entity which, directly or indirectly, is in the control of, is
controlled by, or is under common control with, the Company; and 
 (vi) references to “Sections” or
“clauses” shall be to Sections or clauses of this Agreement. 
 11. Counterparts; .pdf or Facsimile Signatures.
This Agreement may be executed in any number of counterparts (including by .pdf or facsimile signature), each of which shall be deemed to be an original and all of which together shall constitute one and the same document. 

12. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and
Indemnitee and Indemnitee’s estate, heirs, legal representatives and assigns. 
 13. Attorneys’ Fees. If any action is
instituted by Indemnitee under this Agreement to enforce or interpret any of the terms hereof, Indemnitee shall be entitled to be paid all court costs and expenses, including reasonable attorneys’ fees, incurred by Indemnitee with respect to
such action, unless as a part of such action, the court of competent jurisdiction determines that each of the material assertions made by Indemnitee as a basis for such action was made in bad faith or was frivolous. In the event of an action
instituted by or in the name of the Company under this Agreement or to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be paid all court costs and expenses, including attorneys’ fees, incurred by
Indemnitee in defense of such action (including with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action the court determines that each of Indemnitee’s material defenses to such
action was made in bad faith or was frivolous. 
 14. Notice. All notices, requests, demands, consents and other communications hereunder
shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, or by facsimile with receipt confirmed (followed by delivery of an original via
overnight courier service). The address for notice to the Company shall be as set forth in Section 2(b), and the address for notice to Indemnitee shall be as set forth on the signature page of this Agreement, or as subsequently modified
in a notice given in accordance with this Section 14. 
 15. Consent to Jurisdiction. The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the Commonwealth of Pennsylvania for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement. Any action or proceeding instituted under or to
enforce this Agreement shall be brought only in the state courts of the Commonwealth of Pennsylvania. 
 16. Subrogation. Except as
provided in Section 2(i), in the event of payment under this Agreement, Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee (other than the Fund Indemnitors), who shall execute all
papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable Company effectively to bring suit to enforce such rights. 

17. Choice of Law. This Agreement shall be governed by and its provisions construed in accordance with the laws of the Commonwealth of
Pennsylvania, as applied to contracts between Pennsylvania residents entered into and to be performed within Pennsylvania. 

  
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 18. Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement
and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the
Company. 
 19. Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless
executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver. 
 20. [Prior Agreement. Notwithstanding any contrary provision contained herein, this Agreement supersedes and
replaces any and all prior written indemnification agreements between the Indemnitee and the Company.] 
 [Signature
page follows] 

  
 10 









 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	FIVE BELOW, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	INDEMNITEE
	
	  

	
	Address for Notice: