Document:

EX-10.1

 Exhibit 10.1 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 Richard M. Bracken

 This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) dated August 2, 2013 is entered
into by and between HCA Holdings, Inc. (“HCA” or the “Company”) and Richard M. Bracken (the “Executive”). 
 In connection with the merger pursuant to that certain Agreement and Plan of Merger by and among HCA Inc., Hercules Holding II, LLC and Hercules Acquisition Corporation, dated July 24, 2006 (such
transaction being the “Merger”), the Company entered into an employment agreement with Executive embodying the terms of his employment, effective as of the consummation of the Merger (the “Closing”) on
November 17, 2006, as amended on January 1, 2009 and February 9, 2011 (as amended, the “Original Agreement”); and 
 In connection with the retirement of Executive as the Chief Executive Officer of HCA effective December 31, 2013 (the “Effective Date”) and the continued employment as the Chairman
of HCA, HCA and Executive desire to amend and restate the Original Agreement in its entirety as set forth in this Agreement, such amendment and restatement to be effective as of the Effective Date (except as otherwise provided herein). 

In consideration of the promises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows:

 1. Term of Employment; Effectiveness. Executive shall continue to be employed by HCA Management Services, L.P., an
affiliate of HCA, on the terms and subject to the conditions set forth in this Agreement for a period beginning on the Effective Date and ending on December 31, 2014 (the “Employment Term”). 

2. Position. 
 a. During the Employment Term, Executive shall serve as the Chairman of HCA. In such position, Executive shall have such duties, authority and responsibility as shall be required by and otherwise
attendant to the office of Chairman and such other duties, authority and responsibility as shall be determined from time to time by the Board of Directors of HCA (the “Board”). Executive shall continue to serve as a member of the
Board during the Employment Term. Upon the expiration of the Employment Term or the earlier termination of this Agreement for any reason, Executive shall be deemed resigned as an officer and employee of HCA and its affiliates effective immediately
upon such event. 
 b. During the Employment Term, Executive will devote substantially all of such Executive’s business
time and efforts to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with the rendition of such services either
directly or indirectly, without the prior written consent of the Board; provided that nothing herein shall preclude Executive, subject to the prior approval of the Board, from accepting appointment to or continuing to serve on any board of
directors or trustees of any business corporation or any charitable organization; provided in each case, and in the aggregate, that such activities do not conflict or interfere with the performance of Executive’s duties hereunder or
conflict with Section 7. 

 c. It is the intent of the parties that Executive’s employment as Chairman shall not
cause a “separation from service” with the Company, within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), as of the Effective Date. Accordingly, Executive shall continue to
provide a level of service as an officer and employee of the Company that exceeds 20% of the average level of services performed by the Executive to the Company during the thirty-six month period immediately preceding the Effective Date. 

3. Base Salary. During the Employment Term, HCA shall pay Executive a base salary at the monthly rate of $83,333.33, or such other
amount as mutually agreed by Executive and HCA, payable in accordance with HCA’s normal payroll practices (the “Base Salary”). 
 4. Annual Bonus; Equity Participation. 
 a. Executive shall be entitled to
the full amount of any annual bonus earned, but unpaid, as of the Effective Date for the year ended December 31, 2013 under the HCA Holdings, Inc. 2013 Senior Officer Performance Excellence Program (the “PEP”), which shall be
paid to Executive in accordance with HCA’s normal payroll practices (except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement with HCA). 

b. Executive shall be eligible to earn, pursuant to an annual bonus program to be adopted by the Board, an annual bonus for calendar year
2014 (which shall, to the extent practicable, be paid to Executive in accordance with HCA’s normal payroll practices (except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement with HCA or if
otherwise agreed by HCA and Executive)), with an annualized “target” bonus payout of $750,000, or such other amount as mutually agreed by Executive and HCA, to be determined by the compensation committee of the Board or subcommittee
thereof (the “Compensation Committee”). This bonus opportunity will generally be administered pursuant to the PEP or successor program, except as otherwise determined by the Compensation Committee in the event Executive is not a
“covered officer” pursuant to Section 162(m) of the Code. 
 c. During the Employment Term, Executive shall be
eligible to receive additional grants under, and otherwise to participate in, any equity incentive plan maintained by the Company, pursuant to which, on or about the date the Company grants annual equity awards to its executive officers for calendar
year 2014, Executive shall receive a grant of restricted stock units of HCA with a grant date value of $375,000, which shall vest 100% upon the expiration of the Employment Term or Executive’s sooner voluntary termination for any reason.

 5. Employee Benefits; Business Expenses. 
 a. During the Employment Term: 
 (i) Executive shall be entitled to
participate in HCA’s pension and welfare benefit, deferred compensation, and perquisite plans as in effect from time to 

  
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time for senior executives of HCA other than as provided in Section 5(a)(ii) below (such plans and benefits in which he shall participate, collectively “Employee
Benefits”). The full amount of such accrued benefits shall be paid to Executive under the terms of the relevant plan and any elections properly filed thereunder based on the actual date of Executive’s separation from service.

 (ii) Executive’s earned benefit pursuant to the HCA Supplemental Executive Retirement Plan, as amended
(the “SERP”), shall be frozen effective as of the close of business on December 31, 2013 (the “Freeze Date”). In order to effect such freeze: 

(A) For clarity, the amount determined under Section 3.1(a)(i) or 3.1(b)(i) of the SERP, as applicable, will be
determined based on the Executive’s Years of Service and Pay Average (each as defined in the SERP) as of the Freeze Date, and will not increase based on service completed or Compensation (as defined in the SERP) earned by the Executive after
such date. In addition, the offset amount determined under Section 3.1(a)(ii) or 3.1(b)(ii) of the SERP, as applicable, will be the life annuity amount calculated as of the Freeze Date, produced by the sum of the employer-provided amount for
the Executive of (1) the Executive’s accrued benefits under the Qualified Plans as of the Freeze Date, (2) the Executive’s Qualified Plans’ Distribution Amount as of the Freeze Date, (3) the Executive’s accrued
benefit under the Nonqualified Plan as of the Freeze Date, and (4) the Executive’s Nonqualified Plan Distribution Amount as of the Freeze Date, utilizing the Actuarial Factors to convert any such benefit or amount to a life annuity (each
capitalized term referred to in this sentence and not otherwise defined herein, as defined in the SERP). The Executive’s Benefit (as defined in the SERP) will be payable in the form of a single lump-sum payment that is the actuarial equivalent
of the Benefit determined under the preceding provisions of this Section 5(a)(ii) calculated using the Actuarial Factors; 
 (B) Notwithstanding anything in the SERP to the contrary, and subject to Section 5.1(b) of the SERP, the survivor benefit payable to the Executive’s surviving spouse under Section 5.1(a) of
the SERP shall be a single lump-sum payment equal to the Executive’s lump-sum Benefit determined under this Section 5(a)(ii). If the Executive otherwise qualifies for the survivor benefit under Section 5.1(a) of the SERP but is
not survived by his spouse, or if the Executive’s surviving spouse is entitled to the survivor benefit under Section 5.1(a) of the SERP but dies before payment of her benefit has been made, the Executive’s Benefit as determined under
this Section 5(a)(ii) will be paid to the estate of the last to survive of the Executive or his spouse in a single lump-sum payment equal to the Executive’s Benefit determined under this Section 5(a)(ii). Such payment
will be made as soon as administratively feasible following the Executive’s death (but no later than the
15th day of the third month following the month of the
Executive’s death); and 

  
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 (C) Notwithstanding anything in the SERP to the contrary, the Actuarial
Factors used for all purposes under the SERP with respect to the Executive’s Benefit shall be (a) interest at the long-term applicable federal rate under Code Section 1274(d) as of November 1, 2012, and (b) the applicable
Code Section 417(e)(3) mortality table as of the Freeze Date. 
 (iii) Reasonable business expenses incurred
by Executive in the performance of Executive’s duties hereunder shall be reimbursed by HCA in accordance with HCA’s policies. During the Employment Term, HCA shall also provide Executive with Director’s and Officer’s
indemnification and insurance coverage to the extent that the Board determines to be reasonable, in its sole discretion, for a company of the nature and size of HCA. 
 b. All reimbursements and in-kind benefits described in this Section 5 shall be made within the time periods set forth in Treasury Reg. § 1.409A-3(i)(1)(iv) to the extent applicable.

 6. Retirement; Termination. Notwithstanding any other provision of this Agreement, the options, stock appreciation
rights or restricted share units granted under the 2006 Stock Incentive Plan for Key Employees of HCA Holdings, Inc. and its Affiliates, as amended and restated (collectively, the “New Equity”), HCA’s shareholder’s
agreement or any other related agreements executed by Executive in connection with the Closing (such agreements, excluding this Agreement, collectively, the “Equity Agreements”), the provisions of this Section 6 shall
exclusively govern Executive’s rights upon termination of employment with the Company and its affiliates; provided that, except as modified below, the Equity Agreements shall remain in full force and effect in accordance with their
terms. 
 a. Effective as of the expiration of the Employment Term or Executive’s sooner voluntary termination for any
reason (including by reason of death or disability, but other than for Good Reason (as defined below)): 
 (i)
Executive shall be entitled to receive: 
 (A) any Base Salary earned, but unpaid, through the date of termination; 

(B) any annual bonus earned, but unpaid, for the year ended December 31, 2013 under the PEP as of the date of termination, paid in
accordance with Section 4(a) (except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement with HCA); 
 (C) a pro rata portion of the annual bonus, if any, that Executive would have been entitled to receive pursuant to Section 4(b) hereof for the year in which the termination occurs, based upon
HCA’s actual results for the year of termination and the percentage of the year that shall have elapsed through the date of Executive’s termination of employment, payable to Executive pursuant to Section 4(b) had
Executive’s employment not terminated; 

  
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 (D) reimbursement, within sixty (60) days following submission by Executive to HCA of
appropriate supporting documentation, for any unreimbursed business expenses properly incurred by Executive in accordance with HCA policy prior to the date of Executive’s termination; so long as claims for such reimbursement (accompanied by
appropriate supporting documentation) are submitted to HCA within ninety (90) days following the date of Executive’s termination of employment; 
 (E) continued coverage under HCA’s group health plans (on substantially the same basis as such coverage was provided immediately prior to Executive’s termination of employment) for Executive and
his spouse as of the date of this Agreement until, in each case, the Executive and his spouse attains 65 years of age; and 

(F) such Employee Benefits (including applicable disability, death, accrued vacation pay and SERP benefits as provided in
Section 5(a)(ii)) as to which Executive may be entitled under the employee benefit plans of HCA. 
 (ii) For the
avoidance of doubt, Executive shall continue to vest in any New Equity grants through continued service during the Employment Term. Each grant of Executive’s vested New Equity will remain exercisable until the earlier to occur of (a) the
date that is eighteen (18) months following the termination of Executive’s employment with the Company and (b) the expiration of the original ten year term of the respective grants of such vested New Equity in accordance with the
terms of the applicable Equity Agreements. 
 b. If Executive’s employment is terminated by the
Company without Cause (other than by reason of Executive’s disability), or if Executive voluntarily resigns with Good Reason, Executive shall be entitled to receive the amounts and benefits described in Section 6(a) above, plus,
subject to Executive’s execution and delivery of a general release of claims against the Company and its affiliates in a form reasonably acceptable to the Company and Executive’s continued compliance with the provisions of Sections
7 and 8, an amount (if any) equal to the Executive’s Base Salary that would have been otherwise payable through the end of the Employment Term (which additional amount shall be paid no later than sixty (60) days following the
date of Executive’s termination of employment, provided, that the general release described above shall have been received by the Company and all applicable revocation periods shall have expired by such sixtieth (60th) day; and, provided further, that if Executive’s
employment terminates within the last sixty (60) days of a calendar year, if necessary to comply with Section 409A of the Code, such payment shall not be made prior to the first day of the next succeeding calendar year; and, provided
further, that in the event any amounts must be paid over the two year period described in Section 7(c)(iii)(B) of the Original Agreement in order to comply with Section 409A of the Code, such payments shall be made in compliance with
Section 409A of the Code (including any exceptions thereto as provided in Section 10(n) hereof)). 
 c. If
Executive’s employment is terminated by the Company for Cause, Executive shall only be entitled to receive the amounts and benefits described in Section 6(a)(i) above, except that amount provided in Section 6(a)(i)(C)
(relating to annual bonus) shall not be paid. Following such termination of Executive’s employment by the Company for Cause, except as set forth in this Section 6(c) or the Equity Agreements, Executive shall have no further rights
to any compensation or any other benefits from the Company or any of its affiliates; provided that Executive’s vested New Equity will remain exercisable for one hundred and eighty (180) days following the termination of
Executive’s employment. 

  
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 d. For purposes of this Agreement, “Good Reason” shall mean: 

(i)(I) a reduction in Executive’s Base Salary or bonus opportunities (taking into consideration equity grants under
Section 4(c) hereunder as well) or (II) the reduction of benefits payable to Executive under the SERP as modified by Section 5(a)(ii), in each case other than any isolated, insubstantial and inadvertent failure by the
Company that is not in bad faith and is cured within ten (10) business days after Executive gives the Company written notice of such event; or 
 (ii) a substantial diminution in Executive’s title, duties and responsibilities, other than any isolated, insubstantial and inadvertent failure by the Company that is not in bad faith and is cured
within ten (10) business days after Executive gives the Company written notice of such event; or 
 (iii) a transfer of
Executive’s primary workplace to a location that is more than twenty (20) miles from his or her workplace as of the date of this Agreement. 
 For avoidance of doubt, Executive’s change in title, duties, responsibilities, compensation (including Base Salary and bonus opportunities) and benefits as contemplated by this Agreement shall not be
deemed Good Reason for purposes of the Original Agreement (or this Agreement). 
 e. For purposes of this Agreement,
“Cause” shall mean Executive’s: 
 (i) willful and continued failure to perform his or her material
duties with respect to the Company or it subsidiaries which continues beyond ten (10) business days after a written demand for substantial performance is delivered to Executive by the Company (the “Cure Period”); or 

(ii) willful or intentional engaging by Executive in material misconduct that causes material and demonstrable injury, monetarily or
otherwise, to the Company or its affiliates; or 
 (iii) conviction of, or a plea of nolo contendere to, a crime
constituting (x) a felony under the laws of the United States or any state thereof or (y) a misdemeanor for which a sentence of more than six months’ imprisonment is imposed; or 

(iv) willful and material breach of the Equity Agreements, or Executive’s engaging in any action in breach of the covenants set
forth in Section 7, which continues beyond the Cure Period (to the extent that, in the Board’s reasonable judgment, such breach can be cured). 
 For purposes of this Section 6(e), an action will not be considered “willful” unless taken in bad faith or without the reasonable belief that it was in the best interest of HCA.

  
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 f. Board/Committee Resignation. Upon termination of Executive’s employment for
any reason, Executive agrees to resign, as of the date of such termination and to the extent applicable, from the board of directors (and any committees thereof) of the Company or any of the Company’s affiliates to which the Executive was
appointed as a result of Executive’s employment with the Company. 
 7. Non-Competition; Non-Solicitation.

 a. Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its affiliates
and, accordingly, agrees as follows: 
 (i) During the Employment Term and, for a period of twenty-four (24) months
following the date Executive ceases to be employed hereunder for any reason (the “Restricted Period”), Executive will not directly or indirectly: 
 (A) engage in any business that competes with the business of the Company or its affiliates (including businesses which the Company or its affiliates have specific plans to conduct in the future, as to
which the Company or its affiliates have taken steps towards commencing and as to which Executive has participated in such planning) in any geographical area where the Company or its affiliates manufactures, produces, sells, leases, rents, licenses
or otherwise provides its products or services (a “Competitive Business”); 
 (B) enter the employ of, or
render any services to, any Person (or any division or controlled or controlling affiliate of any Person) who or which engages in a Competitive Business; 
 (C) acquire a financial interest in, or otherwise become actively involved with, any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal,
agent, trustee or consultant; or 
 (D) interfere with, or attempt to interfere with, business relationships (whether formed
before, on or after the date of this Agreement) between the Company or any of its affiliates and customers, clients, or suppliers of the Company or its affiliates. 
 (ii) Notwithstanding anything to the contrary in this Agreement, Executive may, directly or indirectly own, solely as an investment, securities of any Person engaged in the business of the Company or its
affiliates which are publicly traded on a national or regional stock exchange or quotation system or on the over-the-counter market if Executive (x) is not a controlling person of, or a member of a group which controls, such person and
(y) does not, directly or indirectly, own 5% or more of any class of securities of such Person. 
 (iii) During the
Restricted Period, Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly: 
 (A) solicit or encourage any employee of the Company or its affiliates to leave the employment of the Company or its affiliates; or 

  
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 (B) hire any such employee who was employed by the Company or its affiliates as of the date
of Executive’s termination of employment with the Company or who left the employment of the Company or its affiliates coincident with, or within one year prior to, the termination of Executive’s employment with the Company. 

(iv) During the Restricted Period, Executive will not, directly or indirectly, solicit or encourage to cease to work with the Company or
its affiliates any consultant then under contract with the Company or its affiliates. 
 b. It is expressly understood and
agreed that although Executive and the Company consider the restrictions contained in this Section 7 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other
restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum
extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as
to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 

8. Confidentiality. 
 a. Executive will not at any time (whether during or after Executive’s employment hereunder): (i) retain or use for the benefit, purposes or account of Executive or any other Person; or
(ii) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company (other than its professional advisers who are bound by confidentiality obligations), any non-public, proprietary or confidential
information – including without limitation trade secrets, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances,
investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals
– concerning the past, current or future business, activities and operations of the Company, its subsidiaries or affiliates and/or any third party that has disclosed or provided any of same to the Company on a confidential basis
(“Confidential Information”) without the prior written authorization of the Board. 
 b. “Confidential
Information” shall not include any information that is (i) generally known to the industry or the public other than as a result of Executive’s breach of this covenant or any breach of other confidentiality obligations by third
parties; (ii) made legitimately available to Executive by a third party without breach of any confidentiality obligation; or (iii) required by law to be disclosed; provided that Executive shall give prompt written notice to the
Company of such requirement, disclose no more information than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment. 

c. Upon termination of Executive’s employment hereunder, Executive shall (i) cease and not thereafter commence use of any
Confidential Information or intellectual 

  
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property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company, its
subsidiaries or affiliates; (ii) immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other
data) in Executive’s possession or control (including any of the foregoing stored or located in Executive’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information or otherwise relate
to the business of the Company, its affiliates and subsidiaries, except that Executive may retain only those portions of any personal notes, notebooks and diaries (including Executive’s personal rolodex) that do not contain any Confidential
Information; and (iii) notify and fully cooperate with the Company regarding the delivery or destruction of any other Confidential Information of which Executive is or becomes aware. 

9. Specific Performance. Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened
breach of any of the provisions of Section 7 or Section 8 would be inadequate and the Company would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees
that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement and
obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. 

10. Miscellaneous. 
 a. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Tennessee, without regard to conflicts of laws principles thereof. 

b. Dispute Resolution. Except as otherwise provided in Section 9 of this Agreement, any controversy, dispute, or claim
arising out of, in connection with, or in relation to, the interpretation, performance or breach of this Agreement, including, without limitation, the validity, scope, and enforceability of this section, may at the election of any party, be solely
and finally settled by arbitration conducted in Nashville, Tennessee, by and in accordance with the then existing rules for commercial arbitration of the American Arbitration Association, or any successor organization and with the Expedited
Procedures thereof (collectively, the “Rules”). Each of the parties hereto agrees that such arbitration shall be conducted by a single arbitrator selected in accordance with the Rules; provided that such arbitrator shall be
experienced in deciding cases concerning the matter which is the subject of the dispute. Any of the parties may demand arbitration by written notice to the other and to the Arbitrator set forth in this Section 10(b) (“Demand for
Arbitration”). Each of the parties agrees that if possible, the award shall be made in writing no more than thirty (30) days following the end of the proceeding. Any award rendered by the arbitrator(s) shall be final and binding and
judgment may be entered on it in any court of competent jurisdiction. Each of the parties hereto agrees to treat as confidential the results of any arbitration (including, without limitation, any findings of fact and/or law made by the arbitrator)
and not to disclose such results to any unauthorized person. The parties intend that this agreement to arbitrate be valid, enforceable and irrevocable. In the event of any arbitration 

  
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with regard to this Agreement, each party shall pay its own legal fees and expenses, provided, however, that the parties agree to share the cost of the Arbitrator’s fees. If Executive
substantially prevails on any of his substantive legal claims, then the Company shall pay all legal fees incurred by Executive to arbitrate the dispute, and all arbitration fees. 

c. Entire Agreement/Amendments. This Agreement contains the entire understanding of the parties with respect to the employment of
Executive hereunder. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement may not be altered,
modified, or amended except by written instrument signed by the parties hereto. 
 d. No Waiver. The failure of a party
to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term
of this Agreement. 
 e. Severability. In the event that any one or more of the provisions of this Agreement shall be or
become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 
 f. Assignment. This Agreement, and all of Executive’s rights and duties hereunder, shall not be assignable or delegable by Executive. Any purported assignment or delegation by Executive in
violation of the foregoing shall be null and void ab initio and of no force and effect. This Agreement may be assigned by the Company to a person or entity which is (i) an affiliate of the Company, so long as such affiliate maintains
sufficient assets to satisfy the Company’s obligation hereunder, (ii) a successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall
become the rights and obligations of such successor person or entity. 
 g. No Set Off; No Mitigation. The Company’s
obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall not be subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Company or its affiliates. Executive shall not be
required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking other employment, taking into account the provisions of Section 7 of this Agreement. 

h. Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 i. Notice. For the
purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three (3) days after it has been mailed
by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either party may have furnished to the other in writing in accordance
herewith, except that notice of change of address shall be effective only upon receipt. 

  
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 If to HCA Holdings, Inc., to 

HCA Holdings, Inc. 
 One Park Plaza 
 Nashville, TN 37203 

Attn: General Counsel 
 Telecopy: (615) 344-1531 
 If to Executive: 

To the Executive’s address of record on the books of the Company. 

j. Prior Agreements. This Agreement supersedes all prior agreements and understandings (including verbal agreements) between
Executive and the Company and/or its affiliates regarding the terms and conditions of Executive’s employment with the Company and/or its affiliates. 
 k. Cooperation. Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events
occurring during Executive’s employment hereunder. The Company shall pay to Executive reasonable fees, and reimburse Executive’s reasonable related business expenses incurred by Executive in connection with Executive’s provision of
such services. This provision shall survive any termination of this Agreement. 
 l. Withholding Taxes. The Company may
withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 m. Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

 n. Compliance with Section 409A. This Agreement is intended to comply with Section 409A of the Code and will
be so interpreted. Furthermore, it is intended that each payment or installment of payments provided under this Agreement is a separate “payment” for purposes of Section 409A of the Code, and that each such payment satisfies, to the
greatest extent possible, an exemption from the application of Section 409A of the Code, including those provided under Treasury Regulations 1.409A-1(b)(4) (regarding short-term deferrals), 1.409A-1(b)(9)(iii) (regarding the two-times, two year
severance exception), and 1.409A-1(b)(9)(v) (regarding reimbursements and other separation pay). Notwithstanding anything herein to the contrary, (i) if at the time of Executive’s termination of employment hereunder Executive is a
“specified employee” as defined in Section 409A of the Code, and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent
the imposition of any accelerated or 

  
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additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments
or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code) and (ii) if
any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, the parties agree to restructure the payments or benefits to comply with
Section 409A of the Code in a manner which does not diminish the value of such payments and benefits to the Executive. 

o. Future Change in Control. The Company and the Executive agree to work together in good faith to try to address any issues posed
by Sections 280G and 4999 of the Code that could arise as a result of a change in control of HCA (within the meaning of Section 280G of the Code) that occurs after the Closing. 

p. Equity Adjustment. The Company agrees to indemnify Executive against any adverse tax consequences (including, without
limitation, under Section 409A of the Code), if any, that result from the adjustment by the Company of stock options, stock appreciation rights or restricted stock units held by the Executive in connection with the payment of any extraordinary
cash dividends after the Closing. 
 [Remainder of Page Intentional Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

							
	HCA HOLDINGS, INC.	 		 		 	RICHARD M. BRACKEN
				
	 /s/ John M. Steele
	 		 		 	 /s/ Richard M. Bracken

	 By:     John M. Steele
	 		 		 	
	 Title:  Senior Vice President-Human Resources
	 		 		 	

  
 13EX-10.1

 Exhibit 10.1 
 SEPARATION AND GENERAL RELEASE AGREEMENT 
 THIS SEPARATION AND
GENERAL RELEASE AGREEMENT (this “Agreement”) is made on this 6th day of August, 2013 (the “Effective Date”) by and between David Johnston (the “Executive”) and Five Below, Inc. and its affiliates
(the “Company”). 
 WHEREAS, the Company and the Executive are parties to that certain employment letter
agreement dated May 16, 2012, pursuant to which the Executive agreed to serve as the Chief Operating Officer of the Company in exchange for certain rights and benefits (the “Employment Agreement”); and 

WHEREAS, the Company and the Executive have agreed that his employment with the Company will terminate effective August 31, 2013
(the “Termination Date”); and 
 WHEREAS, the Company has agreed to provide the Executive with certain rights,
subject to the execution of and compliance with this Agreement and the Second Release (as described below). 
 NOW THEREFORE, in
consideration of these premises and the mutual promises contained herein, and intending to be legally bound hereby, the parties agree as follows: 
 1. Services. 
 1.1. The Executive will continue to provide services to the
Company from the Effective Date through the Termination Date, principally with regard to the transition of his duties and responsibilities as directed by the Company’s chief executive officer, and will devote substantially all his business time
and services to the Company during such period. The Company will continue to pay to the Executive his base salary through the Termination Date. 
 1.2. The Executive hereby agrees that his employment with the Company will terminate effective on the Termination Date. In addition, the Executive hereby resigns his membership on any boards and/or
committees of the Company or its subsidiaries effective on the Effective Date. 
 2. Severance; Acknowledgements.

 2.1. The Company, contingent upon the Executive’s execution of this Agreement and the Second Release (as described
below), and his non-revocation of the Second Release, will, except as otherwise provided below: 
 (i) for a
period of six (6) months following the Termination Date (the “Severance Period”) continue to pay to the Executive his base salary (which is, as of the date hereof, $400,000 per year), in accordance with the Company’s
payroll practices as in effect from time to time; 
 (ii) if the Executive validly elects to receive
continuation coverage under the Company’s group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), reimburse the Executive during the Severance Period for the applicable premium
otherwise payable for COBRA continuation coverage to the extent such COBRA premium exceeds the monthly amount charged to active similarly-situated employees of the Company for the same coverage; 

 (iii) cause the non-qualified stock option granted to the Executive
pursuant to the Non-Qualified Stock Option Agreement dated May 23, 2012 between the Company and the Executive to be deemed vested and exercisable, as of the Termination Date, with respect to 43,250 of the shares subject to such option (the
exercise price of such options being $17.00 per share); and 
 (iv) cause the Non-Solicitation, Non-Disclosure,
Non-Compete and Proprietary Information Agreement dated May 16, 2012 by and between the Company and Executive dated May 16, 2012 (the “Restrictive Covenant Agreement”) to be amended to delete Section 1.5 in its
entirety and replace it with the following: “ I agree that for a period of one (1) year from the date of the termination of my employment by the Company for any reason, I will not, either directly or indirectly, on my own behalf or in the
service of, together with, or on behalf of any other person engage or participate, or provide any service to any person that is engaged or plans to engage, in any business that (i) primarily sells at retail product or products at fixed price
points of $10 (or integral multiples thereof) or less, or any combination of one or more price points of $10 (or integral multiples thereof) or less, (ii) primarily sells at retail product or products at fixed priced points of $1 (or integral
multiples thereof) or less (including without limitation the retailer Dollar Tree), or (iii) devotes a majority of its sales area to the retail sale of party goods or is known as a party store (including without limitation Party City).”

 The payments and benefits described in Sections 2.1 (i) through (iv) will be paid or provided, or commence to
be paid or provided, as soon as the Second Release becomes irrevocable. 
 Notwithstanding the foregoing, the payments and
benefits described in Sections 2.1(i) and (ii) will be (a) conditioned on the Executive complying with his obligations under this Agreement, including the transition of his duties and responsibilities as provided in Section 1.1
hereof, and the obligations set forth in the Restrictive Covenant Agreement, including, without limitation, Section 1.5 of the Restrictive Covenant Agreement (as amended), and (b) reduced by any payments or benefits that the Executive
earns as a result of his performance of services (whether as an employee, consultant or otherwise) for any person or entity during the Severance Period (regardless of whether such payments or benefits are actually paid or provided during the
Severance Period). The Executive agrees to promptly disclose to the Company any payments or benefits that he receives as a result of his performance of services for any person or entity during the Severance Period. 

2.2. The Executive hereby acknowledges and agrees that the payments and benefits described in Section 2.1 above are
contingent on (i) his execution and delivery of, and compliance with, this Agreement, and (ii) his execution, delivery and non-revocation of a release agreement substantially in the form attached hereto as Exhibit A (the
“Second Release”) within 21 days following the Termination Date. For avoidance of doubt, if Executive revokes the Second Release, he will have no right to receive the payments and benefits described above in Section 2.1.

 2.3. The Executive acknowledges that except as otherwise specifically provided herein: (i) he has no further entitlement
under the Employment Agreement, (ii) the cessation of his employment by the Company will not entitle him to any other severance pay or benefits under the Employment Agreement or under any other severance or similar arrangement maintained by the
Company, and (iii) the Company will not have any other liability or obligation to him (other than with respect to the Executive’s right to exercise the vested portion of his stock option during the ninety (90) day period following the
Termination Date). The Executive further acknowledges that, in the absence of his execution of this Agreement and the Second Release, the payment and rights specified above in Sections 2.1 would not otherwise be due to him. 

  
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 3. Release and Covenant Not to Sue. 

3.1. In consideration of the Company’s agreement to continue to employ the Executive through the Termination Date, the Executive on
his own behalf and together with his heirs, assigns, executors, agents and representatives hereby generally releases and discharges the Company and its predecessors, successors (by merger or otherwise), parents, subsidiaries, affiliates and assigns,
together with each and every of their present, past and future officers, managers, directors, shareholders, members, general partners, limited partners, insurers, employees and agents and the heirs and executors of same (herein collectively referred
to as the “Releasees”) from any and all suits, causes of action, complaints, obligations, demands, common law or statutory claims of any kind, whether in law or in equity, direct or indirect, known or unknown (hereinafter
“Claims”), which the Executive ever had or now has against the Releasees, or any one of them, occurring up to and including the Effective Date (the “First Release”). This First Release specifically includes, but is
not limited to: 
 3.1.1. any and all Claims for wages and benefits including, without limitation, salary, stock
options, stock, royalties, license fees, health and welfare benefits, severance pay, vacation pay, and bonuses, including without limitation, any such claim under his Employment Agreement; 

3.1.2. any and all Claims for wrongful discharge, breach of contract, whether express or implied, and Claims for breach of
implied covenants of good faith and fair dealing; 
 3.1.3. sex, age, national origin, sexual orientation,
veteran status, disability and/or handicap, in violation of any federal, state or local statute, ordinance, judicial precedent or executive order, including, but not limited to, claims for discrimination under the following statutes: Title VII of
the Civil Rights Act of 1964, 42 U.S.C. §2000e et seq.; the Civil Rights Act of 1866, 42 U.S.C. §1981; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §621
et seq.; the Older Workers Benefit Protection Act 29 U.S.C. §§ 623, 626 and 630; the Rehabilitation Act of 1972, as amended, 29 U.S.C. §701 et seq.; the Americans with Disabilities Act of 1990, 42 U.S.C. §12101
et seq. (“ADEA”); the Family and Medical Leave Act of 1993, 29 U.S.C. §2601, et seq.; the Fair Labor Standards Act, as amended, 29 U.S.C. §201, et seq.; the Fair Credit Reporting Act, as amended,
15 U.S.C. §1681, et seq.; and the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. §1000, et seq. (“ERISA”) or any comparable federal, state or local statute, regulation or ordinance;

 3.1.4. any and all Claims under any federal or state statute relating to employee benefits or pensions;

 3.1.5. any and all Claims in tort, including, but not limited to, any Claims for assault, battery,
misrepresentation, defamation, interference with contract or prospective economic advantage, hostile work environment, intentional or negligent infliction of emotional distress, duress, loss of consortium, invasion of privacy and negligence; and

 3.1.6. any and all Claims for attorneys’ fees and costs. 

3.2. The Executive expressly represents that he has not filed a lawsuit or initiated any other administrative proceeding against any
Releasee. The Executive further promises not to initiate a lawsuit or to bring any other claim against any Releasee. This First Release will not prevent the Executive from filing a charge with the Equal Employment Opportunity Commission (or similar
state agency) or participating in any investigation conducted by the Equal Employment Opportunity 

  
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Commission (or similar state agency); provided, however, that any claims by the Executive for personal relief in connection with such a charge or investigation (such as reinstatement or
monetary damages) would be barred. Nothing in this First Release shall preclude or prevent the Executive from filing a lawsuit which challenges the validity of this First Release solely with respect to the Executive’s waiver of any Claims
arising under the ADEA. However, the Executive acknowledges that this First Release applies to all Claims he has under the ADEA and that, unless this First Release is held to be invalid, all of his claims under the ADEA shall be extinguished.
Additionally, the Executive does not release or discharge the Releasees from any of the obligations owed to him pursuant to any tax qualified pension plan of the Company in which the Executive participated. 

3.3. The Executive understands that the release of Claims contained in this First Release extends to all of the aforementioned Claims and
potential Claims which arose on or before the Effective Date, whether now known or unknown, suspected or unsuspected, and that this constitutes an essential term of this Agreement. The Executive further understands and acknowledges the significance
and consequences of this Agreement and of each specific release and waiver, and expressly consents that this First Release shall be given full force and effect to each and all of its express terms and provisions, including those relating to unknown
and uncompensated Claims, if any, as well as those relating to any other Claims specified herein. 
 3.4. All remedies at law or
in equity shall be available to the Releasees for the enforcement of this Agreement and the First Release. This Agreement and First Release may be pleaded as a full bar to the enforcement of any Claim that the Executive may assert against the
Releasees. 
 4. Non-Disparagement. The Executive shall not, directly or indirectly, make or publish any disparaging
statements (whether written or oral), including, without limitation, with respect to his employment or the termination of that employment, regarding the Company, its subsidiaries or their respective affiliates, or their respective directors,
officers, agents, or stockholders. The Company’s Board of Directors and executive officers shall not, directly or indirectly, make or publish any disparaging statements (whether written or oral), including, without limitation, with respect to
Executive’s employment or the termination of that employment, regarding the Executive. 
 5. Advice of Counsel. The
Executive is hereby advised to seek the advice of counsel prior to signing this Agreement. The Executive hereby acknowledges that the Executive is acting of his own free will, that he has been afforded a reasonable time to read and review the terms
of this Agreement, and that he is voluntarily executing this Agreement with full knowledge of its provisions and effects. 
 6.
Challenge. If the Executive violates or challenges the enforceability of any provision of this Agreement, no further payments, rights or benefits under this Agreement will be due to the Executive. 

7. Miscellaneous. 
 7.1. No Admission of Liability. This Agreement is not to be construed as an admission of any violation of any federal, state or local statute, ordinance or regulation or of any duty owed by the
Company to the Executive. There have been no such violations, and the Company specifically deny any such violations. 
 7.2.
No Reinstatement. The Executive agrees that he will not apply for reinstatement with the Company or its affiliates, nor seek in any way to be reinstated, re-employed or re-hired by the Company after the Termination Date. 

  
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 7.3. Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the Company and the Executive and their respective successors, permitted assigns, executors, administrators and heirs. The Executive may not make any assignment of this Agreement or any interest herein, by operation of law or otherwise.
The Company may assign this Agreement to any successor to all or substantially all of their respective assets or business by means of liquidation, dissolution, merger, consolidation, transfer of assets, or otherwise. 

7.4. Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and
valid under applicable law. However, if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provision, and this Agreement will be
reformed, construed and enforced as though the invalid, illegal or unenforceable provision had never been herein contained. 

7.5. Entire Agreement; Amendments. Except as otherwise provided herein, this Agreement contains the entire agreement and
understanding of the parties hereto relating to the subject matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and understandings of every nature relating to the subject matter hereof (including, without
limitation, the Employment Agreement). This Agreement may not be changed or modified, except by an agreement in writing signed by each of the parties hereto. 
 7.6. Waivers. The waiver by either party of any right hereunder or of any breach by the other party will not be deemed a waiver of any other right hereunder or of any other breach by the other
party. No waiver will be deemed to have occurred unless set forth in a writing. No waiver will constitute a continuing waiver unless specifically stated, and any waiver will operate only as to the specific term or condition waived. 

7.7. Governing Law and Enforcement. This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania without
regard to the conflict of law principles of any jurisdiction. Any legal proceeding arising out of or relating to this Agreement will be instituted in a state or federal court in Commonwealth of Pennsylvania and the Employee hereby consents to the
personal and exclusive jurisdiction of such court(s) and hereby waives any objection(s) that he may have to personal jurisdiction, the laying of venue of any such proceeding and any claim or defense of inconvenient forum. 

7.8. Counterparts and Facsimiles. This Agreement may be executed, including execution by facsimile signature, in multiple
counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and the Executive has executed this Agreement, in each case on the date first above written. 
  

			
	FIVE BELOW, INC.
		
	By:	 	 /s/ Kenneth R. Bull

		 	Name: Kenneth R. Bull
		 	Title: Chief Financial Officer & Secretary
	
	DAVID JOHNSTON
	
	 /s/ David Johnston

  
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 EXHIBIT A 
 SECOND RELEASE 
 THIS SECOND RELEASE is for and in consideration of the
rights to be provided to David Johnston (the “Executive”) in connection with the Separation and General Release Agreement dated             , 2013 by and between Five
Below, Inc. and its affiliates (the “Company”) and the Executive (the “First Release”), which rights are conditioned on the Executive’s execution and delivery of this Second Release: 

1. Consideration. The Executive acknowledges that: (i) the payment and benefits described in Section 2.1 of the First
Release are the only payments and benefits to which the Executive is entitled as a result of the cessation of his employment with the Company, (ii) he has no entitlement under the Employment Agreement (as defined in the First Release) or any
severance or similar plan, program or arrangement maintained by the Company, and (iii) except as otherwise provided specifically in the First Release, the Company does not have any other liability or obligation to him. The Executive further
acknowledges that, in the absence of his execution of this Second Release, the payments and benefits described in Section 2.1 of the First Release would not otherwise be due to him. 

2. Release and Covenant Not to Sue. In consideration of the payments and benefits described in Section 2.1 of the First
Release, the Executive on his own behalf and together with his heirs, assigns, executors, agents and representatives hereby generally releases and discharges the Company and its predecessors, successors (by merger or otherwise), parents,
subsidiaries, affiliates and assigns, together with each and every of their present, past and future officers, managers, directors, shareholders, members, general partners, limited partners, insurers, employees and agents and the heirs and executors
of same (herein collectively referred to as the “Releasees”) from any and all suits, causes of action, complaints, obligations, demands, common law or statutory claims of any kind, whether in law or in equity, direct or indirect,
known or unknown (hereinafter “Claims”), which the Executive ever had or now has against the Releasees, or any one of them, occurring up to and including the date of this Second Release. This Second Release specifically includes,
but is not limited to: 
 2.1. any and all Claims for wages and benefits including, without limitation, salary, stock options,
stock, royalties, license fees, health and welfare benefits, severance pay, vacation pay, and bonuses, including without limitation, any such claim under his Employment Agreement; 

2.2. any and all Claims for wrongful discharge, breach of contract, whether express or implied, and Claims for breach of implied
covenants of good faith and fair dealing; 
 2.3. any and all Claims for alleged employment discrimination on the basis of race,
color, religion, sex, age, national origin, sexual orientation, veteran status, disability and/or handicap, in violation of any federal, state or local statute, ordinance, judicial precedent or executive order, including, but not limited to, claims
for discrimination under the following statutes: Title VII of the Civil Rights Act of 1964, 42 U.S.C. §2000e et seq.; the Civil Rights Act of 1866, 42 U.S.C. §1981; the Civil Rights Act of 1991; the Age Discrimination in
Employment Act of 1967, as amended, 29 U.S.C. §621 et seq.; the Older Workers Benefit Protection Act 29 U.S.C. §§ 623, 626 and 630; the Rehabilitation Act of 1972, as amended, 29 U.S.C. §701 et seq.; the
Americans with Disabilities Act of 1990, 42 U.S.C. §12101 et seq. (“ADEA”); the Family and Medical Leave Act of 1993, 29 U.S.C. §2601, et seq.; the Fair Labor Standards Act, as amended, 29 U.S.C.
§201, et seq.; the Fair Credit Reporting Act, as amended, 15 U.S.C. §1681, et seq.; and the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. §1000, et seq. (“ERISA”) or any
comparable federal, state or local statute, regulation or ordinance; 

  
 -1-

 2.4. any and all Claims under any federal or state statute relating to employee benefits or
pensions; 
 2.5. any and all Claims in tort, including, but not limited to, any Claims for assault, battery, misrepresentation,
defamation, interference with contract or prospective economic advantage, hostile work environment, intentional or negligent infliction of emotional distress, duress, loss of consortium, invasion of privacy and negligence; and 

2.6. any and all Claims for attorneys’ fees and costs. 
 The Executive expressly represents that he has not filed a lawsuit or initiated any other administrative proceeding against any Releasee. The Executive further promises not to initiate a lawsuit or to
bring any other claim against any Releasee. This Second Release will not prevent the Executive from filing a charge with the Equal Employment Opportunity Commission (or similar state agency) or participating in any investigation conducted by the
Equal Employment Opportunity Commission (or similar state agency); provided, however, that any claims by the Executive for personal relief in connection with such a charge or investigation (such as reinstatement or monetary damages) would be
barred. Nothing in this Second Release shall preclude or prevent the Executive from filing a lawsuit which challenges the validity of this Second Release solely with respect to the Executive’s waiver of any Claims arising under the ADEA.
However, the Executive acknowledges that this Second Release applies to all Claims he has under the ADEA and that, unless the Second Release is held to be invalid, all of his claims under the ADEA shall be extinguished. Additionally, the Executive
does not release or discharge the Releasees from any of the obligations owed to him pursuant to any tax qualified pension plan of the Company in which the Executive participated. 

3. Acknowledgment. The Executive understands that the release of Claims contained in this Second Release extends to all of the
aforementioned Claims and potential Claims which arose on or before the date of this Second Release, whether now known or unknown, suspected or unsuspected, and that this constitutes an essential term of this Second Release. The Executive further
understands and acknowledges the significance and consequences of this Second Release and expressly consents that this Second Release shall be given full force and effect to each and all of its express terms and provisions, including those relating
to unknown and uncompensated Claims, if any, as well as those relating to any other Claims specified herein. The Executive hereby waives any right or Claim that the Executive may have to employment, reinstatement or re-employment with the Company.

 4. Remedies. All remedies at law or in equity shall be available to the Releasees for the enforcement of this Second
Release. This Second Release may be pleaded as a full bar to the enforcement of any Claim that the Executive may assert against the Releasees. 
 5. Restrictive Covenants. The Executive represents and warrants that he is bound by, and agrees to continue to be bound by, his post-employment obligations set forth in the Restrictive Covenant
Agreement (as defined in, and amended by, the First Release), including, without limitation, Section 1.5 thereof (as amended). 
 6. Non-Disparagement. The Executive shall not, directly or indirectly, make or publish any disparaging statements (whether written or oral), including, without limitation, with respect to his
employment or the termination of that employment, regarding the Company, its subsidiaries or their respective affiliates, or their respective directors, officers, agents, or stockholders. The Company’s Board of Directors and executive officers
shall not, directly or indirectly, make or publish any disparaging statements (whether written or oral), including, without limitation, with respect to Executive’s employment or the termination of that employment, regarding the Executive.

  
 -2-

 7. Advice of Counsel; Revocation Period. The Executive is hereby advised to seek the
advice of counsel prior to signing this Second Release. The Executive hereby acknowledges that the Executive is acting of his own free will, that he has been afforded a reasonable time to read and review the terms of this Second Release, and that he
is voluntarily executing this Second Release with full knowledge of its provisions and effects. The Executive further acknowledges that he has been given at least TWENTY-ONE (21) days within which to consider this Second Release and that he has
SEVEN (7) days following his execution of this Second Release to revoke his acceptance, with this Second Release not becoming effective until the 7-day revocation period has expired. If the Executive elects to revoke his acceptance of this
Second Release, this Second Release shall not become effective (and the Executive shall not be entitled to the payments and benefits set forth in Section 2.1 of the First Release) and the Executive must provide written notice of such revocation
by certified mail (postmarked no later than seven days after the date the Executive accepted this Second Release) to: 
 Kenneth
R. Bull- Chief Financial Officer, Secretary and Treasurer 
 Five Below, Inc. 

1818 Market Street, Suite 1900 
 Philadelphia, PA 19103 
 (215) 546-7909 

8. Challenge. If the Executive violates or challenges the enforceability of any provision of the Restrictive Covenant Agreement,
the First Release or this Second Release, no further payments, rights or benefits under the First Release will be due to the Executive. 
 9. Miscellaneous. 
 9.1. No Admission of Liability. This Second
Release is not to be construed as an admission of any violation of any provincial or federal statute, ordinance or regulation or of any duty owed by the Company to the Executive. There have been no such violations, and the Company specifically
denies any such violations. 
 9.2. No Reinstatement. The Executive agrees that he will not apply for reinstatement with
the Company, or its affiliates, nor seek in any way to be reinstated, re-employed or re-hired by the Company. 
 9.3.
Successors and Assigns. This Second Release shall inure to the benefit of the Company and any successor to all or substantially all of their respective assets or business by means of liquidation, dissolution, merger, consolidation, transfer
of assets, or otherwise. 
 9.4. Severability. Whenever possible, each provision of this Second Release will be
interpreted in such manner as to be effective and valid under applicable law. However, if any provision of this Second Release is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not
affect any other provision, and this Second Release will be reformed, construed and enforced as though the invalid, illegal or unenforceable provision had never been herein contained. 

9.5. Governing Law and Enforcement. This Second Release shall be governed by the laws of the Commonwealth of Pennsylvania without
regard to the conflict of law principles of any jurisdiction. Any legal proceeding arising out of or relating to this Agreement will be instituted in a state or federal court in Commonwealth of Pennsylvania and the Executive hereby consents to the
personal and exclusive jurisdiction of such court(s) and hereby waive any objection(s) that he may have to personal jurisdiction, the laying of venue of any such proceeding and any claim or defense of inconvenient forum. 

  
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 [signature page follows] 

  
 -4-

 IN WITNESS WHEREOF and intending to be legally bound, the Executive has executed this Second
Release on the      day of             , 2013. 
  

	
	DAVID JOHNSTON
	
	  

  
 -5-

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