Document:

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                                                                   Exhibit 10.18
                             LESLIE'S POOLMART, INC.

                              AMENDED AND RESTATED

                        1997 INCENTIVE STOCK OPTION PLAN

     1.   PURPOSE.

     The Plan is intended to provide an opportunity to key employees and
non-employee directors of the Corporation and its Subsidiaries to acquire Common
Stock of the Corporation pursuant to Incentive Stock Options and Nonstatutory
Stock Options in order to encourage such persons to remain in the employ of the
Corporation and/or its Subsidiaries.

     2.   DEFINITIONS. Unless otherwise defined herein or the context otherwise
requires, the  capitalized terms used herein shall have the following
meanings:

          (a)  "Administrator" shall mean the Board or the Committee, whichever
shall be administering the Plan from time to time in the discretion of the
Board, as described in Section 4 of the Plan.

          (b)  "Board" shall mean the Board of Directors of the Corporation.

          (c)  "Change-in-Control" shall have the meaning given to that term in
the Stockholders Agreement.

          (d)  "Class I Stockholder" shall have the meaning given to that
term in the Stockholders Agreement.

          (e)  "Class II Stockholder" shall have the meaning given to that term
in the Stockholders Agreement.

          (f)  "Code" shall mean the Internal Revenue Code of 1986, as amended.

          (g)  "Commission" shall mean the Securities and Exchange Commission.

          (h)  "Committee" shall mean the committee appointed by the Board in
accordance with  Section 4 of the Plan.

          (i)  "Common Stock" shall mean the $.001 par value Common Stock of the
Corporation and any class of shares into which such Common Stock hereafter may
be converted or reclassified.

          (j)  "Corporation" shall mean LESLIE'S POOLMART, INC., a Delaware
corporation.

          (k)  "Disability" shall mean a medically determinable physical or
mental impairment which has made an individual incapable of engaging in any
substantial gainful

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activity. A condition shall be considered a Disability only if (i) it can be
expected to result in death, or has lasted or can be expected to last for a
continuous period of not less than twelve (12) months, and (ii) the
Administrator, based upon medical evidence, has expressly determined that a
Disability exists.

          (l)  "EBITDA" shall mean the Corporation's annual Consolidated Net
Income, as reflected on its annual audited statement of operations delivered
pursuant to Section 10(e)(ii) of the Stockholders Agreement (i) plus (minus) any
extraordinary or nonrecurring gain (loss); (ii) plus (minus) any gain (loss) due
solely to fluctuations in currency values; (iii) plus provision for taxes; (iv)
plus consolidated interest expense, whether paid or accrued and whether or not
capitalized (and including any amortization of deferred financing costs); (v)
plus any noncash charges for such period (including LIFO charges); (vi) plus
depreciation, amortization (including amortization of goodwill and other
intangibles but excluding amortization of prepaid cash expenses that were paid
in a prior period) and other noncash charges and (vii) plus the amounts paid
during the period pursuant to the Management Agreement dated June 11, 1997
between the Corporation and Leonard Green & Partners, L.P..

          (m)  "Employee" shall mean an individual who is employed (within the
meaning of Section 3401 of the Code and the regulations thereunder) by the
Corporation or a Subsidiary.

          (n) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

          (o)  "Exercise Price" shall mean the price per Share of Common Stock,
determined by the Administrator, at which an Option may be exercised.

          (p)  "Fair Market Value" shall mean the value of one (1) Share of
Common Stock, determined as follows:

               (i)   If the Shares are traded on an exchange or over-the-counter
on the Nasdaq National Market (the "NNM") of the National Association of
Securities Dealers, Inc. Automated Quotation System ("NASDAQ"), (a) if listed on
an exchange, the closing price as reported for composite transactions on the
business day immediately prior to the date of valuation or, if no sale occurred
on that date, then the mean between the closing bid and asked prices on such
exchange on such date, and (b) if traded on the NNM, the last sale price on the
business day immediately prior to the date of valuation or, if no sale occurred
on such date, then the mean between the highest bid and lowest asked prices as
of the close of business on the business day immediately prior to the date of
valuation, as reported in the NASDAQ system;

               (ii)  If the Shares are not traded on an exchange or the NNM but
are otherwise traded over-the-counter, the mean between the highest bid and
lowest asked prices quoted in the NASDAQ system as of the close of business on
the business day immediately prior to the date of valuation or, if on such day
such security is not quoted in the NASDAQ system, the mean between the
representative bid and asked prices on such date in the domestic
over-the-counter market as reported by the National Quotation Bureau, Inc., or
any similar successor organization; and

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               (iii) If neither clause (i) nor (ii) above applies, the fair
market value as determined by the Administrator in good faith. Such
determination shall be conclusive and binding on all persons.

          (q)  "Incentive Stock Option" shall mean an option described in
Section 422 of the Code.

          (r)  "Non-Employee Director" shall mean a member of the Board of
Directors of the Corporation who is not an Employee of
the Corporation.

          (s)  "Nonstatutory Stock Option" shall mean an option granted under
the Plan that is not an Incentive Stock Option.

          (t)  "Option" shall mean any Incentive Stock Option or Nonstatutory
Stock Option granted pursuant to the Plan. An Option shall be granted on the
date the Administrator takes the necessary action to approve the grant. However,
if the minutes or appropriate resolutions of the Administrator provide that an
Option is to be granted as of a date in the future, the date of grant shall be
that future date. Each Option shall vest in accordance with the terms of the
Plan and the applicable Option Agreement.

          (u)  "Option Agreement" shall mean a written stock option agreement
evidencing a particular Option.

          (v)  "Optionee" shall mean a Participant who has received an Option.

          (w)  "Original Plan" shall mean the LESLIE'S POOLMART, INC. 1997
Incentive Stock Option Plan, as amended.

          (x)  "Participant" shall have the meaning assigned to it in Section
5(a) hereof.

          (y)  "Plan" shall mean this LESLIE'S POOLMART, INC. Amended and
Restated 1997 Inventive Stock Option Plan, as it may be amended from time to
time.

          (z)  "Purchase Price" shall mean the Exercise Price multiplied by the
number of Shares with respect to which an Option is exercised.

          (aa) "Retirement" shall mean the voluntary cessation of employment by
an Employee upon the attainment of age sixty-five (65) and the completion of not
less than twenty (20) years of service with the Corporation or a Subsidiary.

          (bb) "Revolving Line of Credit" shall mean the Corporation's current
revolving line of credit.

          (cc) "Section 16 Participant" shall mean a Participant who is (or, in
the opinion of the Administrator, may be) generally subject to the Section 16
Requirements with respect to purchases and sales of Common Stock or other equity
securities of the Corporation.

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          (dd) "Section 16 Requirements" shall mean those obligations and
requirements imposed by Sections 16(a) and 16(b) of the Exchange Act and the
rules of the Commission promulgated thereunder.

          (ee) "Securities Act" shall mean the Securities Act of 1933, as
amended.

          (ff) "Share" shall mean one share of Common Stock, adjusted in
accordance with Section 10 of the Plan (if applicable).

          (gg) "Stockholders Agreement" shall mean that certain Stockholders
Agreement and Subscription Agreement dated June 11, 1997 among the Corporation,
Green Equity Investors II, L.P. and the other persons contemplated thereby.

          (hh) "Subsidiary" shall mean any subsidiary corporation as defined in
Section 424(f) of the Code.

     3.   EFFECTIVE DATE.

     The Original Plan was adopted by the Board and approved by the holders of a
majority of the Corporation's outstanding shares of capital stock entitled to
vote effective June 11, 1997. The amendments to the Original Plan, as set forth
in the Plan, were approved by the Board effective April 22, 2003, subject to
approval of the Corporation's stockholders pursuant to Section 15 hereof.

     4.   ADMINISTRATION.

     The Plan shall be administered, in the discretion of the Board from time to
time, by the Board or by a Committee which shall be appointed by the Board. The
Board may from time to time remove members from, or add members to, the
Committee. Vacancies on the Committee, however caused, shall be filled by the
Board. The Board shall appoint one of the members of the Committee as Chairman.
The Administrator shall hold meetings at such times and places as it may
determine. Acts of a majority of the Administrator at which a quorum is present,
or acts reduced to or approved in writing by the unanimous consent of the
members of the Administrator, shall be the valid acts of the Administrator.

     The Administrator shall from time to time at its discretion select the
Employees and Non-Employee Directors who are to be granted Options, determine
the number of Shares to be subject to Options to be granted to each Optionee and
designate such Options as Incentive Stock Options or Nonstatutory Stock Options.

     A Committee or Board member shall in no event participate in any
determination relating to Options held by or to be granted to such Committee or
Board member. The interpretation and construction by the Administrator of any
provision of the Plan or of any Option or Option Agreement shall be final. No
member of the Administrator shall be liable for any action or determination made
in good faith with respect to the Plan or any Option.

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     5.   PARTICIPATION.

          (a)  Eligibility.

          The Optionees shall be such persons (collectively, "Participants";
individually, a "Participant") as the Administrator may select from among the
Employees (who may be officers, whether or not they are directors of the
Corporation) and the Non-Employee Directors; provided however, that the
Administrator may at any time or from time to time designate one or more
Employees who are directors as being ineligible for selection as Participants in
the Plan for any period or periods of time in order to comply with the Section
16 Requirements and provided, further, that Incentive Stock Options may only be
granted to Participants meeting the employment requirements of Section 422 of
the Code.

          (b)  Ten-Percent Stockholders.

          A Participant who owns more than ten percent (10%) of the total
combined voting power of all classes of outstanding stock of the Corporation,
its parent or any of its Subsidiaries, shall not be eligible to receive an
Incentive Stock Option unless (i) the Exercise Price of the Shares subject to
such Option is at least one hundred ten percent (110%) of the Fair Market Value
of such Shares on the date of grant, and (ii) such Option by its terms is not
exercisable after the expiration of five (5) years from the date of grant.

          (c)  Stock Ownership.

          For purposes of Section 5(b) above, in determining stock ownership, a
Participant shall be considered as owning the stock owned, directly or
indirectly, by or for his or her brothers and sisters, spouse, ancestors and
lineal descendants. Stock owned, directly or indirectly, by or for a
corporation, partnership, estate or trust shall be considered as being owned
proportionately by or for its shareholders, partners or beneficiaries. Stock
with respect to which such Participant holds an Option shall not be counted.

          (d)  Outstanding Stock.

          For purposes of Section 5(b) above, "outstanding stock" shall include
all stock actually issued and outstanding immediately after the grant of the
Option to the Optionee. "Outstanding stock" shall not include shares authorized
for issue under outstanding Options held by the Optionee or by any other person.

     6.   STOCK AND VESTING.

          (a)  Number of Shares.

          The stock subject to Options granted under the Plan shall be
Shares of the Corporation's authorized but unissued or reacquired Common Stock.
The aggregate number of Shares which may be issued upon exercise of Options
under the Plan shall not exceed 1,369,730; provided however, that 1,011,495 of
such Shares shall be subject to the vesting requirements of Section 6(b) and
358,235 of such shares shall be subject to the vesting requirements of Section
6(c). The number of Shares subject to Options outstanding at any time shall not
exceed

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the number of Shares remaining available for issuance under the Plan. The
limitations established by this Section 6 shall be subject to adjustment in the
manner provided in Section 10 hereof upon the occurrence of an event specified
in that Section.

          (b)  Tenure Vesting.

          Except as provided in an Option Agreement for a Nonstatutory Option,
1,011,495 Shares in the aggregate subject to Options under the Plan shall vest
and become exercisable with respect to each such Option in three equal annual
installments (subject to rounding to the nearest whole Share) on each of the
first, second and third anniversaries of the date of grant, provided the holder
of such Option is then an Employee or a Non-Employee Director.

          (c)  Performance Vesting.

          358,235 Shares in the aggregate subject to Options under the Plan
shall vest and become exercisable with respect to each such Option in three
equal installments (subject to rounding to the nearest whole Share) if the
holder of such Option is then an Employee and if the following performance
criteria are achieved by the Corporation:

               (i)   Commencing March 31, 1998, one-third of such Shares shall
vest if both (x) EBITDA for the year ending January 3, 1998 ("'97 EBITDA") is at
least $18 million and (y) at least 30 new stores have been opened between the
date of this Plan and March 31, 1998; in the event such Shares do not become
exercisable on March 31, 1998, they will become exercisable commencing March 31,
1999, if (x) '97 EBITDA is at least $17.1 million, (y) the total of '97 EBITDA
and EBITDA for the year ending in December 1998 ("'98 EBITDA") is a least $40
million, and (z) at least 30 new stores have been opened between the date of
this Plan and March 31, 1998; in the event that the such Shares have not become
exercisable pursuant to either of the foregoing alternatives by March 31, 1999,
they shall be forfeited.

               (ii)  Commencing March 31, 1999, an additional one-third of such
Shares shall vest if both (x) '98 EBITDA is at least $22 million and (y) at
least 30 new stores have been opened in the 12 month period ending March 31,
1999; in the event such Shares do not become exercisable on March 31, 1999, they
will become exercisable commencing March 31, 2000, if (x) '98 EBITDA is at least
$20.9 million, (y) the total of '98 EBITDA and EBITDA for the year ending
December 1999 ("'99 EBITDA") is at least $48 million, and (z) at least 30 new
stores have been opened in the 12 month period ending March 31, 1999; in the
event that such Shares have not become exercisable pursuant to either of the
foregoing alternatives by March 31, 2000, they shall be forfeited.

               (iii) Commencing March 31, 2000, the final one-third of such
Shares shall vest if both (x) '99 EBITDA is at least $26 million and (y) at
least 30 new stores have been opened in the 12 month period ending March 31,
2000; in the event such Shares do not become exercisable on March 31, 2000, they
will become exercisable on March 31, 2001 if (x) '99 EBITDA is at least $24.7
million, (y) the total of '99 EBITDA and EBITDA for the year ending December
2000 is at least $55.4 million, and (z) at least 30 new stores have been opened
in the 12 month period ending March 31, 2000; in the event such Shares have not
become exercisable pursuant to either of the foregoing alternatives by March 31,
2001, they shall be forfeited.

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          (d)  Reallocation of Options. Notwithstanding the provisions of
Section 6(c) above, with respect to the 358,235 Shares subject to performance
vesting pursuant to that Section 6(c), in the event the performance criteria set
forth in Subsection 6(c)(i), 6(c)(ii), or 6(c)(iii) are met, any Shares subject
to such criteria which are not subject to an outstanding Option, or which at any
time thereafter remain unexercised upon the expiration or cancellation of an
outstanding Option, shall be available for grant as a "tenure" option pursuant
to Section 6(b), and the number of shares eligible for grant under such section
shall be increased accordingly. By way of example, in the event the goal set
forth in Section 6(c)(i) has been satisfied, any of the 119,415 Options subject
to vesting pursuant to such section that are at that time unallocated or are at
any time restored to the Plan unexercised upon the expiration or cancellation of
an outstanding Option, would be reallocated and available for grant pursuant to
Section 6(b) above.

          (e)  Subsequent Grants. Performance options granted between March 31,
1998 and March 31, 1999 shall vest in two equal installments pursuant to
Subsections (ii) and (iii) below. Performance options granted on or after March
31, 1999 shall vest in one installment in accordance with Subsection (iii)
below, provided, however, that in no event shall the total of all Options
eligible to vest pursuant to Subsection (i) below exceed 119,415, or the total
of all Options eligible to vest pursuant to Subsection (ii) below exceed
119,415, or the total of all Options eligible to vest pursuant to Subsection
(iii) below exceed 119,415.

          (f)  Change-in-Control.

          Notwithstanding anything herein to the contrary, including Section
6(b), 6(c) or 10 hereof, all Options outstanding under the Plan, whether or not
then exercisable, shall vest and become immediately exercisable upon a
Change-in-Control.

     7.   TERMS AND CONDITIONS OF OPTIONS.

          (a)  Stock Option Agreements.

          Each Option shall be evidenced by an Option Agreement in substantially
the form attached hereto as Exhibit A, B or C, as applicable, or as the
Administrator shall from time to time determine. Such Option Agreements shall
comply with and be subject to the terms and conditions set forth in this Section
7.

          (b)  Nature of Option.

          Each Option shall state whether it is an Incentive Stock Option or a
Nonstatutory Stock Option.

          (c)  Optionee's Undertaking.

          Each Optionee shall agree to be bound by the terms of, and shall
become subject to, the Stockholders Agreement.

          (d)  Number of Shares.

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          Each Option shall state the number of Shares to which it pertains and
shall provide for the adjustment thereof in accordance with the provisions of
Section 10 hereof.

          (e)  Exercise Price.

          Each Option shall state the Exercise Price. The Exercise Price shall
be the Fair Market Value on the date of grant; provided however, that in the
case of an Incentive Stock Option granted to an Optionee described in Section
5(b) hereof, the Exercise Price shall be one hundred ten percent (110%) of the
Fair Market Value on the date of grant.

          (f)  Medium and Time of Payment; Notice.

          The Purchase Price may be paid in full by any of the following means
or any combination thereof, in the discretion of the Optionee:

               (i)   in cash or by personal check in United States dollars in
the amount being paid;

               (ii)  if the Corporation has completed an underwritten public
offering of the Shares registered under the Securities Act, by the surrender of
Shares, in good form for transfer to the Corporation, registered in the name of
the Optionee or the successor of the Optionee and having a Fair Market Value on
the date of exercise equal to the amount being paid; and

               (iii) if permitted by the terms of the Corporation's agreements
and securities and if not prohibited by the Sarbanes-Oxley Act of 2002, by
payment of at least fifty percent (50%) of the Purchase Price of the Shares
being purchased in cash or by personal check and/or Shares as in subsection (ii)
above and payment of the balance of the amount being paid by delivery of a
full-recourse promissory note executed by the Optionee or the successor of the
Optionee, which promissory note shall (a) be payable semi-annually as to
interest and shall bear interest at the greater of (x) the prime rate in effect
on the date of exercise (as published in the Pacific Coast Edition of the Wall
Street Journal) plus one percent (1%) or (y) the interest rate on the
Corporation's Revolving Line of Credit plus one percent (1%), (b) be payable as
to principal in eight equal semi-annual installments commencing six months after
exercise, and (c) be secured by a security interest in all of the Shares being
purchased upon such Option exercise (which security interest shall be released
ratably concurrently with amortization of principal) pursuant to which the
Corporation may retain possession of certificates evidencing the Shares subject
to such security interest.

          Each Optionee shall acknowledge that the Corporation may be required
to withhold Federal, state and other income taxes as a result of the exercise of
an Option. Therefore, as a condition to the exercise of an Option, if requested
by the Corporation, the Optionee shall make arrangements satisfactory to the
Corporation to enable it to satisfy such withholding requirements. Payment of
such withholding amount shall be made, at the discretion of the Optionee, (i) by
cash or personal check, (ii) if the Corporation has completed an underwritten
public offering of the Shares registered under the Securities Act, by delivery
of Shares registered in the name of the Optionee or its successor, or by the
Corporation not issuing

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such number of Shares subject to the Option, having a Fair Market Value at the
time of exercise equal to the amount to be withheld or (iii) any combination of
(i) and (ii) above.

          The Optionee shall exercise an Option by completing and delivering to
the Corporation, concurrently with the payment of the Purchase Price in the
manner described above, an exercise notice in such form as the Administrator
shall from time to time determine.

          (g)  Vesting, Term and Non-Transferability of Options.

          Each Option shall state the time or times when all or part thereof
becomes exercisable. No Option, including Incentive Stock Options, shall be
exercisable after the expiration of ten (10) years from the date it was granted.
During the lifetime of the Optionee, the Option shall be exercisable only by the
Optionee or the Optionee's guardian or legal representative and shall not be
assignable or transferable, except that an Optionee may transfer a Nonstatutory
Stock Option in whole or in part without consideration, upon written notice to
the Administrator, to a trustee of a revocable inter vivos trust established by
the Optionee for the benefit of the Optionee during his or her lifetime. In the
event of the Optionee's death, the Option shall not be transferable by the
Optionee other than by will or the laws of descent and distribution or pursuant
to a written beneficiary designation previously presented to and accepted by the
Administrator. Any other attempted alienation, assignment, pledge,
hypothecation, attachment, execution or similar process, whether voluntary or
involuntary, with respect to all or any part of any Option or right thereunder,
shall be void and, at the Corporation's election, may cause all of the
Optionee's rights under the Option to terminate.

          (h)  Cessation of Service

          Each Option Agreement shall state the terms pursuant to which an
Optionee may continue to exercise his or her Options after his or her cessation
of service to the Company.

          (i)  Rights as a Stockholder.

          No Optionee shall have rights as a stockholder with respect to any
Shares covered by an Option until the date of the issuance of a stock
certificate for such Shares. No adjustment shall be made for dividends (ordinary
or extraordinary, whether in cash, securities or other property), distributions
or other rights for which the record date is prior to the date such stock
certificate is issued, except as expressly provided in Section 10 hereof. Each
Option Agreement shall state whether such Optionee is or will become a Class I
Stockholder or a Class II Stockholder upon the exercise thereof. The
Stockholders Agreement specifies certain respective rights of Class I
Stockholders and Class II Stockholders.

          (j)  Modification, Extension and Renewal of Options.

          Within the limitations of the Plan, the Administrator may modify an
Option, extend or renew outstanding Options or accept the cancellation of
outstanding Options (to the extent not previously exercised) for the granting of
new Options in substitution therefor. The foregoing notwithstanding, no
modification of an Option shall, without the consent of the Optionee, alter or
impair any rights or obligations under any Option previously granted.

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          (k)  Other Provisions.

          An Option Agreement authorized under the Plan may contain such other
provisions not inconsistent with the terms of the Plan (including, without
limitation, restrictions upon the exercise of the Option) as the Administrator
may, in its discretion, deem advisable.

     8.   LIMITATION OF ANNUAL AWARDS.

     The aggregate Fair Market Value (determined as of the date an Option is
granted) of the Shares with respect to which Incentive Stock Options are
exercisable for the first time by any Optionee during any calendar year under
the Plan and all other plans maintained by the Corporation, its parent or its
Subsidiaries, shall not exceed $100,000.

     9.   TERM OF PLAN.

     Options may be granted pursuant to the Plan until the tenth anniversary of
the effective date of the Plan referred to in Section 3.

     10.  EFFECT OF CERTAIN EVENTS.

          (a)  Adjustments.

          If the outstanding shares of Common Stock are increased, decreased or
exchanged for or converted into cash, property or a different number or kind of
shares or securities, or if cash, property or shares or securities are
distributed in respect of such outstanding securities, in either case as a
result of a reorganization, merger, consolidation, recapitalization,
restructuring, reclassification, Common Stock dividend or other distribution,
stock split, reverse stock split, spin-off or the like, or if substantially all
of the property and assets of the Corporation are sold, then the Administrator
shall make appropriate and proportionate adjustments in (i) the number and type
of shares or other securities or cash or other property that may be acquired
pursuant to Options theretofore granted under this Plan and the exercise price
of such Options, and (ii) the maximum number and type of shares or other
securities that may be issued pursuant to Options thereafter granted under this
Plan provided, however, that notwithstanding the foregoing, such aggregate
number of Shares shall be subject to adjustment under this Section 10(a) only to
the extent that such will not affect the status of any Options intended to
qualify as "performance based compensation" under Section 162(m) of the Code and
will not cause Incentive Stock Options to be treated as Nonstatutory Stock
Options.

          (b)  Merger, Sale of Assets, Liquidation.

          If the Corporation shall merge with another corporation and the
Corporation is the surviving corporation in such merger and under the terms of
such merger the shares of Common Stock outstanding immediately prior to the
merger remain outstanding and unchanged, each outstanding Option shall continue
to apply to the Shares subject thereto and shall also pertain and apply to any
additional securities and other property, if any, to which a holder of the
number of Shares subject to the Option would have been entitled as a result of
the merger. If the Corporation sells or disposes of all or substantially all of
its assets or merges (other than a merger of the type described in the
immediately preceding sentence) or consolidates with or into

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another corporation or entity, this Plan and each Option shall terminate upon
the effectiveness of such transaction if, but only if, the Optionee will be
entitled to receive and receives, in exchange for the Shares issued upon the
exercise of such Option prior to such effectiveness, along with all other
holders of Common Stock, (i) cash, (ii) fully marketable securities (subject
only, in the case of an Optionee that is an affiliate of the Corporation, any
restriction imposed by generally accepted accounting principles on the
disposition of capital stock received in such transaction in order that such
transaction may be accounted for as a pooling of interests), or (iii) any
combination of cash and fully marketable securities, in each case for the same
per share consideration and in the same ratio as all other holders of Common
Stock.

          An Option exercised in contemplation of the consummation of the sale
of all substantially all of the assets of the Corporation or a merger (other
than a merger of the type described in the first sentence of the immediately
preceding paragraph) or consolidation of the Corporation with another
corporation, may be conditioned upon such sale, merger or consolidation becoming
effective.

          (c)  Extraordinary Dividends.

          If the Corporation declares a dividend or makes any other distribution
on its Common Stock, other than a regular periodic cash dividend payable out of
retained earnings, whether such dividend or distribution is payable in cash or
kind, it shall reserve and set aside out of such dividend or distribution a
sufficient sum or amount to pay to each Optionee, upon the exercise of his or
her Option, and upon such exercise such Optionee shall be entitled to receive in
addition to the Shares and other securities to which such Optionee would be
entitled upon such exercise, the same per share amount that such Optionee would
have received had such Optionee exercised such Option in full prior to the
record date for the payment of such dividend or distribution and been a record
holder of all Shares so issuable on such record date and on the date such
dividend or distribution was paid (together with any additional cash, securities
or other property to which such holder would have been entitled if he or she
continued to hold such dividend or distribution from the payment date until the
actual exercise of such Option).

          (d)  Adjustment Determination.

          To the extent that the foregoing adjustments relate to
securities of the Corporation, such adjustments shall be as determined
reasonably and in good faith by the Administrator, whose determination shall be
conclusive and binding on all persons.

          (e)  Limitation on Rights.

          Except as expressly provided in this Section 10, the Optionee shall
have no rights by reason of any subdivision or consolidation of shares of stock
of any class, the payment of any stock dividend or any other increase or
decrease in the number of shares of stock of any class or by reason of any
dissolution, liquidation, merger or consolidation or spin-off of assets or stock
of another corporation, and any issue by the Corporation of shares of stock of
any class, or securities convertible into shares of stock of any class, shall
not affect, and no adjustment by reason thereof shall be made with respect to,
the number or Exercise Price of Shares subject to an Option. The grant of an
Option pursuant to the Plan shall not affect in any way the right or

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power of the Corporation to make adjustments, reclassifications, reorganizations
or changes of its capital or business structure, to merge or consolidate or to
dissolve, liquidate, sell or transfer all or any part of its business or assets.

     11.  SECURITIES LAW REQUIREMENTS.

          (a)  Legality of Issuance.

          No Shares shall be issued upon the exercise of any Option unless and
until the Corporation has determined that:

               (i)   it and the Optionee have taken all actions required to
register the offer and sale of the Shares under the Securities Act, or to
perfect an exemption from the registration requirements thereof;

               (ii)  any applicable listing requirement of any stock exchange on
which the Common Stock is listed has been satisfied; and

               (iii) any other applicable provision of state or Federal law has
been satisfied.

          (b)  Restrictions on Transfer; Representations of Optionee; Legends.

          Regardless of whether the offer and sale of Shares under the Plan has
been registered under the Securities Act or has been registered or qualified
under the securities laws of any state, the Corporation may impose restrictions
upon the sale, pledge or other transfer of such Shares (including the placement
of appropriate legends on stock certificates) if, in the judgment of the
Corporation and its counsel, such restrictions are necessary or desirable in
order to achieve compliance with the provisions of the Securities Act, the
securities laws of any state or any other law. In the event that the sale of
Shares under the Plan is not registered under the Securities Act but an
exemption is available which requires an investment representation or other
representation, each Optionee shall be required to represent that such Shares
are being acquired for investment, and not with a view to the sale or
distribution thereof, and to make such other representations as are deemed
necessary or appropriate by the Corporation and its counsel. Stock certificates
evidencing Shares acquired under the Plan pursuant to an unregistered
transaction shall bear the following restrictive legend and such other
restrictive legends as are required or deemed advisable under the provisions of
any applicable law:

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES
     LAWS OF ANY JURISDICTION. SUCH SECURITIES MAY NOT BE OFFERED, SOLD, OR
     OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT PURSUANT TO (i) A
     REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES THAT IS EFFECTIVE
     UNDER SUCH ACT OR APPLICABLE STATE SECURITIES LAW, OR (ii) ANY EXEMPTION
     FROM REGISTRATION UNDER SUCH ACT, OR APPLICABLE STATE SECURITIES LAW,
     RELATING TO THE DISPOSITION OF SECURITIES,

                                       12

<PAGE>

     INCLUDING RULE 144, PROVIDED AN OPINION OF COUNSEL IS FURNISHED TO THE
     COMPANY, IN FORM AND SUBSTANCE REASONABLE SATISFACTORY TO THE COMPANY, TO
     THE EFFECT THAT AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
     AND/OR APPLICABLE STATE SECURITIES LAW IS AVAILABLE.

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED,
     SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS SUCH
     TRANSFER COMPLIES WITH THE PROVISIONS OF THE STOCKHOLDERS AGREEMENT DATED
     AS OF JUNE 11, 1997, A COPY OF WHICH IS ON FILE AT THE OFFICES OF THE
     COMPANY.

     Any good faith and reasonable determination by the Corporation and its
counsel in connection with any of the matters set forth in this Section 11 shall
be conclusive and binding on all persons.

          (c)  Registration or Qualification of Securities.

          Except as provided in the Stockholders Agreement, the Corporation may,
but shall not be obligated to, register or qualify the sale of Shares under the
Securities Act or any other applicable law.

          (d)  Exchange of Certificates.

          If, in the opinion of the Corporation and its counsel, any legend
placed on a stock certificate representing Shares sold under the Plan is no
longer required, the holder of such certificate shall be entitled to exchange
such certificate for a certificate representing the same number of Shares but
without such legend.

     12.  AMENDMENT OF THE PLAN.

     The Board may from time to time, with respect to any Shares at the time not
subject to Options, suspend or discontinue the Plan or revise or amend it in any
respect whatsoever except that, without the approval of the Corporation's
stockholders, no such revision or amendment shall:

          (a)  Except as provided in Section 10(a), increase the number of
Shares which may be issued under the Plan;

          (b)  Change the designation in Section 5 with respect to the class of
persons eligible to receive Options; or

          (c)  Amend this Section 12 to defeat its purpose.

     13.  EXCHANGE ACT.

                                       13

<PAGE>

     If the Common Stock is registered under the Exchange Act, the Plan shall be
amended by the Administrator from time to time to the extent necessary or
advisable, in the judgment of the Administrator after having consulted with
Corporation's counsel, to enable Section 16 Participants to obtain the benefits
of such exclusions or exemptions from the Sections 16 Requirements as may be
established by the Commission from time to time by rule, regulation,
administrative order or interpretation (whether such interpretation is made by
the Commission or staff) with respect to (i) the receipt of Options, (ii) the
exercise, modification, extension, cancellation, exchange, termination or
expiration of Options, (iii) the purchase of Common Stock upon the exercise of
Options, (iv) the sale of Common Stock received upon the exercise of Options,
and (v) the administration of this Plan. Anything in the Plan to the contrary
notwithstanding, such amendments may be made without approval of the
Corporation's stockholders unless and to the extent that, in the judgment of the
Administrator after consulting with the Corporation's counsel, stockholder
approval of such an amendment is a prerequisite to effectuating a desired
exclusion or exemption from the Section 16 Requirements.

     14.  APPLICATION OF FUNDS.

     The proceeds received by the Corporation from the sale of Common Stock
pursuant to the exercise of an Option will be used for general corporate
purposes.

     15.  APPROVAL OF STOCKHOLDERS.

     The amendments to the Original Plan, as set forth in the Plan, shall be
subject to approval by the affirmative vote of the holders of a majority of the
Corporation's outstanding shares of capital stock. Any further amendment
described in Section 12 shall also be subject to approval by the Corporation's
stockholders.

     16.  EXECUTION.

     To record the adoption of amendments to the Original Plan, as set forth in
the Plan, by the Board as of April 22, 2003, the Corporation has caused an
authorized officer to affix the corporate name hereto.

                                       LESLIE'S POOLMART, INC.

                                       By: /s/ Donald J. Anderson
                                           ------------------------------------
                                           Donald J. Anderson
                                           Chief Financial Officer and Secretary

                                       14<PAGE>

                                                                   Exhibit 10.19

                               EXCHANGE AGREEMENT

     THIS EXCHANGE AGREEMENT (including the Exhibits hereto, this "Agreement"),
dated as of May 16, 2003, by and between LESLIE'S POOLMART, INC., a Delaware
corporation (the "Company"), and the undersigned holder of the Company's 10-3/8%
Senior Notes due 2004 (the "Holder").

                                   WITNESSETH:
                                   -----------

     WHEREAS, the Holder owns the aggregate principal amount set forth on
Schedule 1 hereto (the "Holder's Interest") of the Company's 10-3/8% Senior
Notes due 2004 (the "Old Notes") issued pursuant to the Indenture (the "Old
Indenture"), dated as of June 11, 1997 between the Company and Bank of New York,
as successor by merger to U.S. Trust Company of California, N.A., as Trustee
(the "Trustee");

     WHEREAS, Holder desires to transfer to the Company all of Holder's right,
title and interest in, to and under the Old Notes, in exchange for the issuance
of the Company's 10 3/8 % Series A Senior Notes due 2008 (the "Series A Notes")
to be issued in accordance with Section 1 herein and pursuant to an Indenture,
to be dated as of May 21, 2003, between the Company and the Trustee in
substantially the form of Exhibit B, which form is marked to show changes from
the Old Indenture (the "New Indenture"). Such exchange made hereby and effected
in accordance with this Agreement is sometimes referred to herein as the
"Exchange."

     NOW, THEREFORE, the parties hereto agree as follows:

     1.   Terms of Exchange

          (a)  The Series A Notes have been offered and will be issued to the
Holder pursuant to a private placement exemption from the registration
requirements of the Securities Act of 1933, as amended (the "Act").

          (b)  In the Exchange, $1,000 in principal amount of Series A Notes
will be issued for each $1,000 in principal amount of Old Notes exchanged
pursuant to this Agreement. The terms of the Series A Notes will be identical to
those of the Old Notes in all material respects, except that (i) the maturity of
the Series A Notes will be July 15, 2008, (ii) the basket amount for calculating
permitted restricted payments in Section 4.03 of the New Indenture will be reset
to zero (iii) the test for determining whether the Company may incur additional
indebtedness in Section 4.04 of the New Indenture will require interest coverage
of at least 2.5 to 1.0 and (iv) the Series A Notes will not be redeemable prior
to July 15, 2005, at which time they will be redeemable at a redemption price of
102.594%, which price will decrease to 100% on and after July 15, 2006; provided
that prior to July 15, 2005 up to $20 million in principal amount of such Notes
may be redeemed with cash proceeds from one or more public equity offerings at a
price of 110.375%, so long as at least $20 million in principal amount of the
Series A Notes is outstanding after such redemptions.

          (c)  Effective at the Closing (as defined below), the Holder will
transfer the aggregate principal amount of Old Notes set forth on Schedule 1
hereto in exchange for (i) a like

<PAGE>

aggregate principal amount of Series A Notes and (ii) a cash payment equal to
2.0% of the aggregate principal amount of the Old Notes set forth on Schedule 1
(the "Cash Payment"), together with a cash payment in the amount of accrued
interest on the surrendered Old Notes through the Closing and less any
applicable tax withholding. Upon such exchange, Holder shall assign and convey
unto the Company, its successors and assigns, and the Company shall receive and
accept all right, title and interest of Holder in, to, under and in respect of
the Old Notes.

          (d)  Holder (including subsequent transferees of the Series A Notes)
will have the registration rights set forth in the Registration Rights Agreement
to be dated as of May 21, 2003, by and among the Company, Holder and other
holders of Old Notes in substantially the form of Exhibit A, which form is
marked to show changes from the registration rights agreement pursuant to which
the Old Notes were registered (the "Registration Rights Agreement") for so long
as such Series A Notes constitute "Transfer Restricted Securities" (as defined
in the Registration Rights Agreement). Pursuant to the Registration Rights
Agreement, the Company will agree to file with the Securities and Exchange
Commission (the "Commission") under the circumstances set forth therein, (i) a
registration statement under the Act (the "Exchange Offer Registration
Statement") relating to (A) the Company's 10 3/8 % Series B Senior Notes due
2008 (the "Series B Notes" and, together with the Series A Notes, the "New
Notes") to be offered in exchange for the Series A Notes (such offer to exchange
being referred to as the "Registered Exchange Offer") and/or (ii) a shelf
registration statement pursuant to Rule 415 under the Act (the "Shelf
Registration Statement" and together with the Exchange Offer Registration
Statement, the "Registration Statements") relating to the resale by certain
holders of the Series A Notes, and to use their best efforts to cause such
Registration Statements to be declared effective.

          (e)  The Series A Notes being issued pursuant to this Section 1
pursuant to the Exchange are being issued to refinance the Old Notes for the
Series A Notes, and constitute "Refinancing Indebtedness" as defined in the Old
Indenture relating to the Old Notes.

     2.   Closing. The closing of the transactions contemplated hereby (the
"Closing") shall occur on May 21, 2003 (the "Closing Date") at the offices of
Mayer, Brown, Rowe & Maw, 1675 Broadway, New York, New York 10019, and the
following shall occur at the Closing:

          (a)  Holder shall irrevocably instruct the participant in The
Depository Trust Company ("D.T.C.") System that holds the Old Notes on behalf of
Holder to deliver "free" the Old Notes to the Company via the Company's account
number 1019000411 at Jefferies & Company, Inc. ("Jefferies"), and shall take
such action as is reasonably necessary to cause such delivery to occur by 9
a.m., New York time, on the day prior to the Closing Date. The Company shall
hold such Old Notes in escrow until the Closing. If the Closing does not occur
within two (2) business days of the Closing Date, the Company shall return such
Old Notes to the Holder. Holder shall deliver to the Company at the Closing such
customary tax forms as it may request.

          (b)  The Company shall deliver to the Holder the Series A Notes as set
forth in Schedule 1 hereto duly registered in the name of Cede & Co., as nominee
of D.T.C. and authenticated by the trustee under the New Indenture, with the
legend in the form set forth on the form of Series A Note set forth in New
Indenture.

                                       2

<PAGE>

     The closing of the transactions contemplated hereby shall be expressly
conditioned upon the satisfaction of the General Conditions (as such term is
defined in Section 6) as of the Closing Date. This Agreement shall become
effective upon its execution by both the Holder and the Company.

     The obligations of each party to close pursuant to this Section 2 shall
also be conditioned upon the respective representations and warranties by each
such party herein being true and correct in all material respects as of the
Closing and such representations and warranties shall be deemed to be restated
and remade as of the date of Closing.

     3.   Representations and Warranties of the Company. The Company hereby
represents and warrants to Holder, and its successors and assigns, as of the
date hereof and as of the Closing Date, as follows:

          (a)  The Company has duly authorized the Series A Notes and, when
issued and authenticated in accordance with the terms of the New Indenture and
delivered to and paid for by Holder in accordance with the term hereof, the
Series A Notes will be the legally valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms, except as the
enforceability thereof may be (i) subject to applicable bankruptcy, insolvency,
moratorium, reorganization or similar laws in effect which affect the
enforcement of creditors rights generally and (ii) limited by general principles
of equity (whether considered in a proceeding at law or in equity).

          (b)  The Company is duly organized, validly existing and in good
standing under the laws of Delaware with all requisite corporate power and
authority to execute, deliver and perform its obligations under this Agreement,
the New Indenture, and the Registration Rights Agreement and to consummate the
transactions contemplated herein and therein.

          (c)  The Company has duly authorized the Series B Notes and, when
issued and authenticated in accordance with the terms of the Registered Exchange
Offer and the New Indenture, the Series B Notes will conform to the description
thereof in the applicable Registration Statement, and will be the legally valid
and binding obligations of the Company, enforceable against the Company in
accordance with their terms, except as the enforceability thereof may be (i)
subject to applicable bankruptcy, insolvency, moratorium, reorganization or
similar laws in effect which affect the enforcement of creditors rights
generally and (ii) limited by general principles of equity (whether considered
in a proceeding at law or in equity) .

          (d)  The execution, delivery and performance of this Agreement and all
other instruments and documents to be executed and delivered by the Company in
connection herewith (including the New Indenture and the Registration Rights
Agreement) have been (or will be prior to the Closing) duly authorized by all
necessary corporate proceedings.

          (e)  No authorizations, consents or approvals from, or notifications
to, or filing with, any court or any governmental agency having jurisdiction
over the Company are or will be necessary for the valid execution, delivery or
performance by the Company of this Agreement, except as may be required by the
public reporting requirements applicable to the Old Notes or by the Registration
Rights Agreement.

                                       3

<PAGE>

          (f)  This Agreement, the New Indenture and the Registration Rights
Agreement constitute the legal, valid and binding obligation of the Company
except as may be limited by bankruptcy, reorganization, receivership, insolvency
or similar laws affecting the enforcement of creditors' rights generally and
limitations on the enforcement of equitable remedies.

          (g)  Assuming the satisfaction of the General Conditions, the accuracy
of Holder's representations and warranties, the execution, delivery and
performance of this Agreement and all other instruments and documents to be
executed and delivered by the Company in connection herewith (including the New
Indenture and the Registration Rights Agreement) and the consummation of the
transactions contemplated hereby or thereby by the Company are not (and will not
be) in conflict with or in contravention or violation of any law (including
common law), rule or regulation by which the Company is bound or to which it is
subject or any material agreement to which it is a party or by which it is bound
(including the old Indenture). No proceedings are pending against the Company
or, to the Company's knowledge, without independent investigation, threatened
against the Company before any court, arbitrator or administrative or
governmental body which, in the aggregate, would have a material adverse effect
on Holder's rights and remedies hereunder.

          (h)  The Company will not, as of the Closing, have any Indebtedness
(as defined in the Old Indenture) outstanding pursuant to clause (x) or (xi) of
the definition of Permitted Indebtedness in the Old Indenture.

          (i)  The Company intends to redeem, on or before August 15, 2003, at
par, all Old Notes that remain outstanding on such date.

     4.   Representations, Warranties and Agreements of Holder. Holder hereby
represents, warrants and covenants to the Company, as of the date hereof and as
of the Closing Date, as follows:

          (a)  Holder is, and at all times prior to the Closing will be, the
sole beneficial owner and Holder's nominee is, and at all times prior to the
Closing will be, the sole legal and record owner, of the Holder's Interest free
and clear of all liens.

          (b)  Holder is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization with all requisite power
and authority to execute, deliver and perform its obligations under this
Agreement and to consummate the transactions contemplated herein.

          (c)  The execution, delivery and performance of this Agreement and all
other instruments and documents to be executed and delivered by Holder in
connection herewith and contained herein and the Registration Rights Agreement,
have been (or will be prior to the Closing) duly authorized by all necessary
proceedings.

          (d)  No authorizations, consents or approvals from, or notifications
to, or filing with, any court or any governmental agency having jurisdiction
over Holder or any other person or entity are or will be necessary for the valid
execution, delivery or performance by Holder of this Agreement or the agreements
contemplated hereby.

                                       4

<PAGE>

          (e)  This Agreement and the Registration Rights Agreement constitute
the legal, valid and binding obligation of Holder except as may be limited by
bankruptcy, reorganization, receivership, insolvency or similar laws affecting
the enforcement of creditors' rights generally and limitations on the
enforcement of equitable remedies.

          (f)  The execution, delivery and performance of this Agreement, the
Registration Rights Agreement and all other instruments and documents to be
executed and delivered by Holder in connection herewith and therewith and the
consummation of the transactions contemplated hereby or thereby by Holder are
not (and will not be) in conflict with or in contravention or violation of any
law (including common law), rule or regulation by which the Holder is bound or
to which it is subject or any material agreement to which it is a party or by
which it is bound. No proceedings are pending against Holder or, to Holder's
knowledge, without independent investigation, threatened against Holder before
any court, arbitrator or administrative or governmental body which, in the
aggregate, would have a material adverse effect on the Holder's Interest or the
Company's rights and remedies hereunder or in respect of the Holder's Interest.

          (g)  Holder is a "qualified institutional buyer" within the meaning of
Rule 144A of the Act or an institutional accredited investor, as defined in Rule
501(a)(1), (2), (3) and (7) under the Act, in either case with such knowledge
and experience in financial and business matters as are necessary in order to
evaluate the merits and risks of an investment in the Series A Notes. Holder
understands that the Series A Notes have not been registered under the Act, or
any state securities laws, and may not be sold, transferred or otherwise
disposed of by Holder without such registration or an exemption therefrom
(including pursuant to Rule 144A to another qualified institutional buyer within
the meaning of Rule 144A of the Securities Act). Except as otherwise indicated
on the signature page below, Holder is a "United States person" within the
meaning of the Internal Revenue Code of 1986, as amended (the "Code"). Holder
understands that unless it is a United States person within the meaning of the
Code and has properly completed and delivered to the Company together with this
Agreement a IRS Form W-9, the payments to be made to it by the Company in
connection with the Exchange may be subject to tax withholding, and hereby
agrees to indemnify the Company for and hold the Company harmless from all loss,
cost and expense it may incur as a result of any such amounts being subject to
tax withholding, whether or not the Company makes any such withholding.

          (h)  Holder (i) is not acquiring the Series A Notes with a view to any
distribution thereof or with any present intention of offering or selling any of
the Series A Notes in a transaction that would violate the Act or the securities
laws of any State of the United States or any other applicable jurisdiction, and
(ii) has not solicited and, unless and until the Series A Notes are registered
under the Act, will not solicit any offer to buy or offer to sell the Series A
Notes by means of any form of general solicitation or general advertising (as
such terms are defined in Regulation D under the Act) or in any manner involving
a public offering within the meaning of the Act.

          (i)  Holder acknowledges that the Company has material, non-public
information regarding the condition (financial and otherwise), results of
operations, businesses, properties, plans (including, without limitation,
proposed acquisitions, divestitures, financings, refinancings (including with
regard to the Exchange), and recapitalizations), and prospects of the

                                       5

<PAGE>

Company (collectively, "Information") and that such Information might be
material to Holder's decision to participate in the Exchange of the Old Notes
for the Series A Notes, become party to this Agreement or be otherwise
materially adverse to the Holder's interests. Holder acknowledges that Holder
has been offered the opportunity to discuss the Company and its affairs and the
Exchange with the Company and its officers, representatives and agents, and that
Holder has declined such offer and discussions. Accordingly, Holder acknowledges
and agrees that the Company shall have no obligation to disclose to Holder any
of such Information. Holder acknowledges that it has been advised that the
Company intends to redeem, on August 15, 2003, at par, all Old Notes that remain
outstanding following the Exchange.

          (j)  Holder acknowledges that: (1) it has received and reviewed this
Agreement, the Registration Rights Agreement, the Old Indenture and the New
Indenture attached hereto; (2) the Company's Report on 10K for the year ended
September 28, 2002; (3) has received or is able to access the Incorporated
Documents; and (4) Holder has been afforded the opportunity to make appropriate
inquiries of the Company in connection with the transactions contemplated by
this Agreement.

          (k)  Holder has consulted its own legal, financial and tax counsel as
it deems appropriate in order to make an informed decision regarding its
exchange of the Old Notes for the Series A Notes, the issuance of Series A Notes
and the other transactions contemplated hereby, including the tax consequences
of the exchanges and the receipt of the Cash Payment and any "original issue
discount" consequences in respect of such transactions. Holder acknowledges that
it has not relied on the Company or its advisors or agents for any tax advice,
and that among other tax consequences of the Exchange, the Cash Payment may
result in "original issue discount" to be included in Holder's income for U.S.
federal income tax purposes over the term of the New Notes or may be treated as
income at the time the Cash Payment is received or accrued in accordance with
Holder's method of tax accounting.

          (l)  Holder is a sophisticated seller and investor with respect to the
Holder's Interest and has adequate information concerning the business and
financial condition of the Company to make an informed decision regarding the
exchange of the Holder's Interest for the Series A Notes pursuant to this
Agreement and has independently and without reliance upon Holder and based on
such information as Holder has deemed appropriate, made its own analysis and
decision to enter into this Agreement, except that Holder has relied upon the
representations and warranties of the Company contained in this Agreement.

          (m)  Holder represents that it has adequate information concerning the
business and financial condition of the Company to make an informed decision
regarding the Exchange and has independently and without reliance upon the
Company or Jefferies made its own analysis and decision to exchange the Old
Notes for the Series A Notes and Cash Payment. Holder hereby waives and
releases, to the fullest extent permitted by law, any and all claims and causes
of action it has or may have against the Company and Jefferies and their
respective affiliates, controlling persons, officers, directors, employees,
representatives and agents, based upon, relating to or arising out of the
nondisclosure of any Information.

          (n)  Holder has not acquired the Series A Notes on behalf, or at the
request, of the Company or any of its affiliates. Holder has not engaged or
employed any broker or finder in

                                       6

<PAGE>

connection with the transactions referred to herein. Holder acknowledges and
confirms that the exchange of the Old Notes for the Series A Notes and Cash
Payment by Holder was privately negotiated in an independent transaction and not
publicly solicited by or on behalf of the Company or any of its affiliates.

          (o)  Holder acknowledges that it is aware of the so-called insider
trading rules, regulations and law which prohibit sales and purchases of
securities while in possession of material non-public information and the
disclosure of such information to others, and that this Agreement and the
transactions contemplated hereby may constitute such information.

     5.   Costs and Expenses. The Company and Holder shall each be responsible
for their own costs and expenses in connection with the preparation, negotiation
and execution of this Agreement. Jefferies has acted as agent for the Company in
connection with the transactions contemplated hereby and is being paid fees by
the Company.

     6.  Definitions.

     "General Conditions" means the satisfaction of the following:

          (i)   there shall not have been instituted or threatened or be pending
     any action or proceeding before or by any court or governmental, regulatory
     or administrative agency or instrumentality, or by any other person, in
     connection with the Exchange that is, or is reasonably likely to be, in the
     sole judgment of the Company, materially adverse to the business,
     operations, properties, condition (financial or otherwise), assets,
     liabilities or prospects of the Company;

          (ii)  there shall not have occurred any material adverse development,
     in the sole judgment of the Company, with respect to any action or
     proceeding concerning the Company existing on the date hereof;

          (iii) an order, statute, rule, regulation, executive order, stay,
     decree, judgment or injunction shall not have been proposed, enacted,
     entered, issued, promulgated, enforced or deemed applicable by any court or
     governmental, regulatory or administrative agency or instrumentality that,
     in the sole judgment of the Company, would or might prohibit, prevent,
     restrict or delay consummation of either of the Exchange or that is, or is
     reasonably likely to be, materially adverse to the business, operations,
     properties, condition (financial or otherwise), assets, liabilities or
     prospects of the Company;

          (iv)  there shall not have occurred or be likely to occur any event
     affecting the business or financial affairs of the Company that, in the
     sole judgment of the Company, would or might prohibit, prevent, restrict or
     delay consummation of the Exchange or that will, or is reasonably likely
     to, materially impair the contemplated benefits to the Company of the
     Exchange; or

          (v)   the trustee under the New Indenture or the Holders shall not
     have objected in any respect to, or taken any action that could, in the
     sole judgment of the Company, adversely affect the consummation of, the
     Exchange, or shall not have taken any action

                                       7

<PAGE>

     that challenges the validity or effectiveness of the procedures used by the
     Company in the making of the Exchange Offer or the acceptance of, or
     payment for, any of the Old Notes or any of the consents by the Company.

          (vi)  the Company's shall have obtained all consents required under
     the Loan and Security Agreement, dated as of June 22, 2000, by and among
     the Company, LPM Manufacturing, Inc., Wells Fargo Retails Finance LLC, by
     assignment and PNC Bank, National Association, as amended, to the
     consummation of the Exchange and the issuance of the New Notes.

          (vii) Moody's and Standard & Poor's shall issue prospective ratings of
     B2/B-, respectively, on the New Notes and such ratings shall not have been
     withdrawn.

     "Incorporated Documents" means the Quarterly Report on Form 10-Q for the
quarter ended December 28, 2002 filed on February 11, 2003 by the Company with
the Commission pursuant to the Securities Exchange Act of 1934 and the Quarterly
Report on Form 10-Q for the quarter ended March 29, 2003 filed on May 12, 2003
by the Company with the Commission pursuant to the Securities Exchange Act of
1934.

     7.   Entire Agreement; Amendments. This Agreement, together with the
Exhibits hereto, sets forth the entire agreement between Holder and the Company
relating to the transactions contemplated hereby, supersedes all prior
communications and understandings of any nature and may not be supplemented,
altered or waived other than in a writing signed by the parties.

     8.   Notices. Each notice or other communication hereunder shall be in
writing, shall be sent by mail, postage prepaid, messenger, telecopy or
overnight courier, shall be deemed given when delivered to the designated
address or telecopy set forth in Annex I, and in the case of delivery by mail,
five (5) days after deposit in the U.S. Mail (or such other address as Holders
or the Company may designate from time to time to the other party hereto).

     9.   Survival of Representations and Warranties. The representations,
warranties, covenants and agreements of the parties contained herein shall
survive the consummation of the transactions contemplated in this Agreement.

     10.  Further Assurances. Each party shall execute and deliver all further
documents or instruments reasonably requested by the other party in order to
effect the intent of this Agreement and obtain the full benefit of this
Agreement.

     11.  Successors and Assigns. This Agreement shall be binding on, and inure
to the benefit of, the parties hereto and their successors and assigns;
provided, that this Agreement shall not be assigned by either party hereto
without the prior written consent of the other.

     12.  Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO CONFLICTS OF LAW PRINCIPLES.

                                       8

<PAGE>

     13.  Severability. If any provision of this Agreement shall for any reason
be held to be invalid or unenforceable, such invalidity or unenforceability
shall not affect any other provision hereof, but this Agreement shall be
construed as if such invalid or unenforceable provision had never been contained
herein.

     14.  Counterparts. This Agreement may be executed in counterparts, each of
which when so executed shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

     15.  Section Headings. Section headings in this Agreement are included
herein for convenience of reference only and shall not constitute a part of this
Agreement for any purpose.

     16.  Limitations on Liability. The parties hereto acknowledge and agree
that in no event shall any of the partners, officers, directors, shareholders,
members, affiliates, employees, agents or investment managers (collectively,
"Representatives") of any party hereto have any obligation or liability to the
other or any other person for any action taken or omitted by or on behalf of any
party hereto or in connection herewith (such obligation and liability begin the
sole responsibility of such party hereunder). The parties hereto further
acknowledge and agree that all obligations and liabilities of the parties to
this Agreement or in connection herewith are enforceable solely against such
party and its assets and not against the assets of any other party or any
Representatives of any party.

     17.  No Relationship. Nothing contained herein shall establish any
fiduciary, partnership, joint venture or similar relationship between the
parties hereto.

                                       9

<PAGE>

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

                                       LESLIE'S POOLMART, INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       HOLDER:

                                       -----------------------------------------
                                                      [print name]

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                       Wire information for cash payment[s]:

                                       ------------------------------------

                                       ------------------------------------

                                       10

<PAGE>

                                   SCHEDULE 1
                                   ----------
Name of Holder:
               ------------------------
Print Name:
           ----------------------------

Principal Amount of Old Notes being sold:                             $________
Principal Amount of Series A Notes:                                   $________

DTC Participant(s)        DTC Participant(s) Code(s)     Principal Amount of
------------------        --------------------------     -----------------------
                                                         Old Notes Held
                                                         --------------
                                                         by Each DTC Participant
                                                         -----------------------

------------------        --------------------------     -----------------------

------------------        --------------------------     -----------------------

------------------        --------------------------     -----------------------

                                       11

<PAGE>

                                     ANNEX I
                                     -------
          Notice Address:
                         ---------------------------

                         ---------------------------

                         ---------------------------

                         ---------------------------
                         Facsimile No.
                                      --------------
                         Telephone No.
                                      --------------
                         Attention:
                                   -----------------

                                       12

<PAGE>

                                    EXHIBIT A
                                    ---------
                          Registration Rights Agreement

                                       13

<PAGE>

                                    EXHIBIT B
                                    ---------
                                  New Indenture

                                       14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}]]