Document:

Amended and Restated Employment Agreement dated June 15, 2007

 EXHIBIT 10.23 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 Leslie’s Poolmart, Inc. 
 Lawrence H. Hayward 
 This Amended and Restated
Employment Agreement (“Agreement”) is made as of June 15, 2007, by and among LESLIE’S POOLMART, INC., a Delaware corporation (“LPM”), LESLIE’S HOLDINGS, INC., a Delaware corporation (“Holdings” and
together with LPM, the “Companies”) and LAWRENCE H. HAYWARD (“Mr. Hayward”). 
 RECITALS 
 A. LPM is a corporation organized under the laws of Delaware. It is engaged in the business of marketing pool supplies and related pool equipment and products.

 B. Holdings was formed in February 2007 and owns 100% of the voting stock of LPM. 
 C. LPM and Mr. Hayward are parties to that certain Amended and Restated Employment Agreement November 21, 2003 and amended January 24, 2005 governing LPM’s employment of Mr. Hayward (the
“Original Agreement”). LPM, Holdings and Mr. Hayward wish to supplement and restate the Original Agreement in its entirety. 
 D. LPM wishes
to continue the employment of Mr. Hayward as Chief Executive Officer and Chairman of the Board of LPM and Holdings wishes Mr. Hayward to serve as its Chief Executive Officer and Chairman of the Board, and Mr. Hayward desires to be so
employed by LPM and to act in such capacities. 
 AGREEMENT 
 Accordingly, the parties agree as follows: 
 1. Employment. LPM agrees to continue to employ Mr. Hayward on the
terms set forth herein and Mr. Hayward accepts such employment. Mr. Hayward will serve as the Chief Executive Officer and Chairman of the Board of each of Holdings and LPM. Mr. Hayward will serve at the will of the Boards of Directors of
the Companies. Mr. Hayward shall be accorded the authority by the Boards of Directors of the Companies commensurate with his position as Chief Executive Officer and Chairman of the Board, and he shall make a good faith effort to act in the best
interests of LPM and Holdings and to perform those duties reasonably assigned to him by the Boards of Directors of the Companies. Mr. Hayward will devote himself full-time to the interests of the Companies and shall not accept other employment
except with the consent of the Boards of Directors of the Companies, although he may serve on boards and committees of other businesses or industrial groups, attend to personal investments, and engage in civic and charitable endeavors, provided that
such activities are not competitive with the business of Company and do not unduly interfere with Mr. Hayward’s attention to his responsibilities under this Agreement. During the Term, the Companies will nominate and recommend
Mr. Hayward as a member of their respective Boards of Directors and Mr. Hayward agrees to serve on each such Board of Directors. 

 2. Location of Employment. Mr. Hayward’s principal place of employment shall be at the executive offices
of LPM or at such other location as mutually agreed upon by the parties. 
 3. Term. The term of employment for Mr. Hayward hereunder will last
for five years (the “Term of Employment”) from the date of this Agreement and the Term of Employment will automatically extend for successive one-year period following the fifth anniversary of such date unless: 
 (a) each of-LPM, on the one hand, or Mr. Hayward, on the other hand, delivers written notice to the other party no later than ninety (90) days
prior to the fifth anniversary of the foregoing date or any subsequent anniversary thereof, as the case may be, of intent not to renew; or 
 (b) Mr. Hayward’s employment is terminated in accordance with Section 4(e) or 4(f)] 
 4. Compensation. 
 (a) Salary. LPM shall pay Mr. Hayward a salary at the annual rate of $517,000.00, less normal withholdings, for each calendar year, prorated
for any portion thereof, payable in substantially equal installments in accordance with LPM’s usual payroll practice, but in no event less frequently than monthly. 
 (b) Bonus. Mr. Hayward shall participate in LPM’s bonus plan applicable to top executives, with a target bonus for each year of not less than 70% of his base salary in effect at the end of such year.
The bonus shall be paid promptly upon completion of LPM’s year-end audit for such year. 
 (c) Cash Allowances. LPM shall pay
Mr. Hayward an annual cash allowance for expenses that relate to his employment but which might be considered partially or wholly personal in nature. The allowance shall be $55,125.00 for 2007, increased annually by 5%, plus the amount
necessary to gross Mr. Hayward up for any and all tax liabilities incurred by Mr. Hayward as result of the allowance (so that Mr. Hayward receives, in 2007 for example, $55,125.00 after payment of applicable taxes). In addition, LPM
shall pay all expenses relating to Mr. Hayward’s reasonable out-of-pocket legal and accounting expenses incurred in connection with the preparation and negotiation of this Agreement, also grossed up for any taxes that may apply.

 (d) Other Benefits. Mr. Hayward shall receive other benefits such as four (4) weeks of vacation each year (accruing
pursuant to LPM’s company policy), personal and sick leave, insurance and other benefits consistent with the then-current policies of LPM and equal to those benefits extended to the most senior executives of LPM. Mr. Hayward will be
provided with office facilities, secretarial support, and business expense reimbursement consistent with the policies of LPM with respect to its most senior executives. 
  

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 (e) Severance. If Mr. Hayward’s employment is terminated by LPM for any reason other
than Mr. Hayward’s death, disability, Just Cause (as defined below), or pursuant to LPM’s retirement policy, and not withstanding any remaining portion of the Term, LPM shall pay him a lump-sum cash amount equal to 200% of the sum of
(i) his base salary in effect at the time of termination, (ii) the greater of his target bonus for such year and the average of his bonuses for the prior five years, (iii) an amount equal to the monthly premium payable by
Mr. Hayward for health and medical-care insurance coverage of Mr. Hayward and his dependents for coverage period required under COBRA and (iv) an amount equal to the monthly premium payable by Mr. Hayward for health and
medical-care insurance coverage of Mr. Hayward and his dependents for coverage period after the expiration of COBRA period multiplied by 12, provided, however, that the amount of such premium will be capped at 150% of the premium
that was payable under COBRA. Such payment shall be made at the time Mr. Hayward’s employment terminates or at such later time as the amount of such payment becomes reasonably determinable. For the purpose of this section, a termination
for “Just Cause” shall mean a termination of employment for any of the following reasons: 
 (i) Mr. Hayward’s conviction
of a felony, without the right of further appeal, which has an adverse impact on LPM or which involves the material misappropriation of LPM’s assets; 
 (ii) an intentional or grossly negligent violation by Mr. Hayward of any reasonable policy of the Board of Directors of LPM that results in material damage to LPM and which, if such violation is curable, after
notice to do so, Mr. Hayward fails to correct within a reasonable time; 
 (iii) the performance of services by Mr. Hayward for any
other company, entity, or person which directly competes with LPM during the time Mr. Hayward is employed by LPM, without the written approval of the Board of Directors of LPM. 
 Further, Mr. Hayward shall be entitled to all of the severance set forth in this Section 3(e) if Mr. Hayward terminates his employment with
LPM for “Good Reason.” Mr. Hayward shall be entitled to terminate his employment for “Good Reason” only upon: 
 (i)
written notice of such termination to LPM, effective within 30 days after being notified that Mr. Hayward is required by LPM to relocate from his existing home due to the relocation of the corporate office beyond a 25-mile radius of the current
office location in Phoenix, AZ; or 
 (ii) written notice of such termination to LPM, provided such notice is given no later than 15 days from
the earlier of (1) the date of execution of a definitive agreement for or the consummation of a Change of Control (provided that the termination will only be effective upon consummation of the Change of Control) and (2) the consummation of
a Change of Control. “Change of Control” shall mean (i) GCP California Fund, L.P. (“GCP”) and its Affiliates (which term shall mean any entity that is controlled by the same individuals who control Leonard Green &
Partners, L.P.) shall cease to beneficially own, directly or indirectly, a 
  

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 majority of the voting securities of LPM, (ii) a merger or consolidation of Holdings or LPM or
(iii) the sale of substantially all of the assets of LPM, in each case in a transaction or series of related transactions as a result of which a majority of the voting securities of LPM cease to be beneficially owned (directly or indirectly) by
GCP or any of its Affiliates. 
 (f) Disability or Death. “Disability.” For purposes of this Agreement, Executive will
be considered “disabled” when Executive is unable to perform the essential functions of Executive’s job, with or without reasonable accommodation, for a period of 12 workweeks or more in a rolling 12-month period. Executive
acknowledges that, given Executive’s position, it would be unreasonable and/or an undue hardship for LPM to be without an individual able to perform the essential functions of Executive’s position for any longer period of time. If
Mr. Hayward’s employment is terminated as a result of disability or in the case of death, Mr. Hayward or his estate shall be entitled to receive (i) any unpaid base salary that had been earned or would have been earned through
the end of the month of termination; (ii) 18 months of Mr. Hayward’s base salary paid in installments in accordance with LPM’s normal payroll procedures; and (iii) a pro-rata portion of the greater of his target bonus or the
bonus to which he would otherwise have been entitled for the year, based on the number of months in the year of termination during which he was employed, to be paid at such time bonuses are paid to other executives; (iv) a pro-rata portion of
his cash allowance for the year, (v) any reimbursements to which he is entitled; (vi) compensation for unused vacation; (vii) continuation of health insurance coverage for Mr. Hayward’s dependents at LPM’s expense for
18 months under COBRA; and (viii) any other amounts or benefits due after the termination of employment under the terms of other agreements, awards, plans’ arrangements, policies or programs. 
 5. Reimbursement for Expenses. During the term of this Agreement, if LPM’s executive offices are relocated to a location beyond a 25 mile radius of
metropolitan Phoenix, Arizona, LPM shall reimburse Mr. Hayward for his increase in travel, housing and living expenses incurred as a result of such relocation, in addition to the reimbursement of those business expenses set forth in
Section 3 above. 
 6. Representation of Mr. Hayward. Mr. Hayward represents and warrants that execution or delivery of this Agreement,
or his performance hereunder will conflict with, or result in a breach of, any obligation, contract, agreement, covenant or instrument to which he is a party. 
 7. Dispute Resolution. This Agreement shall be governed and construed in accordance with the laws of the state of Mr. Hayward’s principal place of employment. Mr. Hayward and LPM agree that any and all disputes,
controversies or claims of any nature between them including, without limitation, any disputes arising out of or concerning this Agreement, Mr. Hayward’s employment or his termination shall be determined exclusively by final and binding
arbitration before a single arbitrator located in the same county as Mr. Hayward’s principal place of employment, administered by the American Arbitration Association (“AAA”) under the National Rules For Resolution Of Employment
Disputes of the AAA, and that judgment upon the award of the arbitrator may be rendered in any court of competent jurisdiction. This includes any claims Mr. Hayward may have against LPM or against LPM’s officers, directors, employees or
agents in 
  

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 their capacity as such or otherwise. The arbitrator shall be a former jurist or an attorney with substantial experience
in employment matters and mutually agreed to by the parties in their reasonable discretion. This agreement to arbitrate does not include claims covered by unemployment insurance and workers’ compensation statutes. 
 The arbitrator’s authority and jurisdiction shall be limited to determining the dispute in arbitration in conformity with law to the same extent as if such dispute
were determined as to liability and remedy by a court without a jury. The arbitrator shall render an award which shall include a written statement of opinion setting forth the arbitrator’s findings of fact and conclusions of law.
MR. HAYWARD AND LPM EXPRESSLY WAIVE ALL RIGHTS TO A JURY TRIAL IN COURT ON ALL STATUTORY OR OTHER CLAIMS. 
 8. Golden Parachute Tax Gross-up

 (a) Application of Gross-up. All payments and benefits provided to Mr. Hayward by LPM are intended to be reasonable
compensation for services by Mr. Hayward, and LPM intends that Mr. Hayward receive the full economic benefit of such payments and benefits. In the event that it is determined that any payment or benefit provided by LPM to or for the
benefit of Mr. Hayward, either under this Agreement or otherwise, and regardless of under what plan or arrangement it was made, will be subject to the excise tax imposed by section 4999 of the Code or any successor provision (“section
4999”), LPM will, prior to the date on which any amount of the excise tax must be paid or withheld, make an additional lump-sum payment (the “gross-up payment”) to Mr. Hayward. The gross-up payment will be sufficient, after
giving effect to all federal, state and other taxes and charges (including interest and penalties, if any) with respect to the gross-up payment, to make Mr. Hayward whole for all taxes (including withholding taxes) and any associated interest
and penalties, imposed under or as a result of section 4999. 
 (b) Determinations. Determinations under this Section will Section will
be made by LPM’s tax accountants unless Mr. Hayward has reasonable objections to the use of that firm, in which case the determinations will be made by a comparable firm chosen by Mr. Hayward after consultation with LPM mutually
acceptable to both parties (the firm making the determinations to be referred to as the “Firm”). The determinations of the Firm will be binding upon LPM and Mr. Hayward except as the determinations are established in resolution
(including by settlement) of a controversy with the Internal Revenue Service to have been incorrect. LPM will pay all fees and expenses of the Firm. 
 (c) Controversy with IRS. If the Internal Revenue Service asserts a claim that, if successful, would require LPM to make a gross-up payment or an additional gross-up payment, LPM and Mr. Hayward will cooperate fully in resolving
the controversy with the Internal Revenue Service. LPM will make or advance such gross-up payments as are necessary to prevent Mr. Hayward from having to bear the cost of payments made to the Internal Revenue Service in the course of, or as a
result of, the controversy. The Firm will determine the amount of such gross-up payments or advances and will determine after resolution of the controversy whether Mr. Hayward must return any advances must be returned by Mr. Hayward to
LPM. LPM will bear all expenses of the controversy and will gross Mr. Hayward up for any additional taxes that may be imposed upon Mr. Hayward as a result of its payment of such expenses. 
  

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 (d) Cooperation with LPM. Mr. Hayward shall notify LPM promptly (in any event no less than 10
days following receipt thereof) and in writing of any proposed or final claim by the Internal Revenue Service that, if successful, would require the payment by LPM of any amount under this Section 8. Mr. Hayward shall not pay such claim
prior to the expiration of the thirty (30) calendar day period following the date on which Mr. Hayward gives such notice to LPM (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If LPM
notifies Mr. Hayward in writing prior to the expiration of such period that LPM desires to contest such claim (or if Mr. Hayward pays the related taxes within such shorter period and LPM requests, within such thirty (30)-day period, that
Mr. Hayward claim a refund of some or all of such taxes), then Mr. Hayward shall: 
 (i) give LPM any information reasonably
requested by LPM relating to such claim, 
 (ii) take such action in connection with contesting such claim or claiming such refund as LPM
shall reasonably request in writing from time to time, including accepting legal representation with respect to such claim by an attorney reasonably selected by LPM, 
 (iii) cooperate with LPM in good faith in order effectively to contest such claim or pursue such refund, and 
 (iv) permit LPM to participate in any proceedings relating to such claim; provided, however, that LPM shall bear and pay directly all costs and expenses incurred in connection with such contest or refund claim (including, but only to the
extent reasonably incurred, out-of-pocket costs and expenses incurred by Mr. Hayward), and shall indemnify and hold Mr. Hayward harmless, on an after-tax basis, for any excise tax or income tax imposed as a result of such representation
and payment of costs and expenses. Without limitation on the foregoing provisions of this subsection 8(d), LPM shall control all proceedings taken in connection with such contest, and, at its sole discretion, may pursue or forgo any and all
administrative appeals, proceedings, hearings and conferences with the applicable taxing authority in respect of such claim and may, at its sole discretion, either direct Mr. Hayward to pay the tax claimed and sue for a refund or contest the
claim in any permissible manner, and Mr. Hayward agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as LPM shall determine. If the
advancement described below is permitted under applicable law, LPM may direct Mr. Hayward to pay such claim and sue for a refund, and shall advance the amount of such payment to Mr. Hayward, on an interest-free basis, and shall indemnify
and hold Mr. Hayward harmless, on an after-tax basis, from any excise tax or income tax imposed with respect to such advance or with respect to any imputed income in connection with such advance; and provided, further, that any 
  

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 extension of the statute of limitations relating to payment of taxes for the taxable year of
Mr. Hayward with respect to which such contested amount is claimed to be due (other than any such extension arising by operation of law) is limited solely to such contested amount or issues. Furthermore, LPM’s control of the contest shall
be limited to issues with respect to which the payment under this Section 8 would be payable hereunder, and Mr. Hayward shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or
any other taxing authority. 
 (e) If, after the receipt by Mr. Hayward of a payment under this Section 7 or an amount advanced by
LPM pursuant to subsection 7(d), Mr. Hayward becomes entitled to receive any refund with respect to the excise tax to which such payment relates or with respect to such claim, Mr. Hayward shall promptly pay to LPM the amount of such refund
(together with any interest paid or credited thereon after Taxes applicable thereto), less any taxes required to be paid by Mr. Hayward with respect to the receipt thereof. If, after the receipt by Mr. Hayward of an amount advanced by LPM
pursuant to this Section 7 a determination is made that Mr. Hayward shall not be entitled to any refund with respect to such claim and LPM does not notify Mr. Hayward in writing of its intent to contest such denial of refund prior to
the expiration of thirty (30) calendar days after LPM’s receipt of notice of such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall be offset, to the extent
thereof, against the amount of payment required to be paid. LPM may request that Mr. Hayward pursue a refund of any payment under this Section 7, and in such case the provisions of subsection 7(d) and this subsection 7(e) shall govern the
pursuit of such refund. 
 (f) Notwithstanding any other provision of this Section 7, LPM may, in its sole discretion, withhold and pay
over to the Internal Revenue Service or any other applicable taxing authority, for the benefit of Mr. Hayward, all or any portion of any payment and Mr. Hayward hereby consents to such withholding. 
 (g) LPM’s obligations under this Section 7 will survive the termination of the Employment Period and any termination of this Agreement.
Mr. Hayward shall cooperate as reasonably requested by LPM in order to reduce the amount of any payments or benefits to Mr. Hayward that would be subject to the tax imposed by section 4999. 
  

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 9. Entire Agreement/Modifications. This Agreement constitutes the entire agreement of the parties with respect to
Mr. Hayward’s employment with LPM. It supersedes any prior agreement, statement or representation. It may be modified only by written instrument executed by the party against which the modification is asserted. Failure to require
performance of any provision shall not affect the right at a later time to enforce the same. No waiver by either party of a breach, whether by conduct or otherwise, shall be construed as a further or continuing waiver of any such breach. Termination
of Mr. Hayward’s employment at any time will not terminate those provisions of this Agreement imposing obligations that, by character or design must be performed after such termination of the employment. 
 10. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 11. Assignabilitv: Third Party Beneficiary: 
 (a) Subject to the provisions of Section 4(e) above, in the event that Holdings or LPM shall merge or consolidate with any other partnership, limited liability company, corporation, or business entity or all or
substantially all LPM’s business or assets shall be transferred in any manner to any other partnership, limited liability company, corporation or business entity, such successor shall thereupon succeed to, and be subject to, all rights,
interests, duties, obligations of, and shall thereafter be deemed for all purposes hereof to be, LPM hereunder. 
 (b) This Agreement is
personal in nature and none of the parties hereto shall, without the written consent of the other, assign or transfer this Agreement or any rights or obligations hereunder, except by operation of law or pursuant to the terms of Section 11
(a) above. 
 (c) Nothing expressed or implied herein is intended or shall be construed to confer upon or give to any person, other than
the parties hereto, any right, remedy or claim under or by reason of this Agreement or of any term, covenant or condition hereof. 
 12. Confidentiality
and Non-Solicitation. The parties recognize that Mr. Hayward will have access to trade secrets and proprietary information of Holdings and LPM, and they recognize that should such information be revealed to a competitor, Holdings and LPM
would be materially damaged in an amount difficult to calculate. During the term of this Agreement and thereafter, Mr. Hayward promises not to disclose or use or induce or assist in the disclosure or use any of the above information except for
the benefit of Holdings and LPM. Accordingly, Mr. Hayward agrees that for one (1) year after termination of his employment with Holdings and LPM, regardless of the reason for such termination, he shall not, directly or indirectly, on his
behalf or the behalf of any other person or entity, solicit any customers of LPM to cease to do business or to reduce the amount of business with LPM or to do business with another company that is a competitor of LPM or solicit any person who is an
employee of Holdings or LPM to terminate such employment. 
  

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 13. Withholding. All amounts or benefits payable hereunder shall be subject to applicable tax withholding, and the
withholding of any such amounts shall be treated as payment thereof to Mr. Hayward for purposes of determining whether all amounts required hereunder to be paid have been paid. Withholding of tax from any non-cash amounts or benefits that are
subject to withholding may be made from cash amounts otherwise payable to Mr. Hayward. 
 (Signature Page Follows) 
  

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

					
	LESLIE’S POOLMART, INC:
		
	By:	 	 /s/ Steven L. Ortega

		 	Name:	 	Steven L. Ortega
		 	Title:	 	Executive Vice President/CFO
	
	LESLIE’S HOLDINGS, INC:
		
	By:	 	 /s/ Steven L. Ortega

		 	Name:	 	Steven L. Ortega
		 	Title:	 	Executive Vice President/CFO
	
	 /s/ LAWRENCE H. HAYWARD

	LAWRENCE H. HAYWARD

  

 10Amended and Restated Executive Employment Agreement dated June 15 2007

 EXHIBIT 10.24 
 AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 
 This Amended and Restated Employment Agreement
(“Agreement”), dated as of June 15, 2007 (the “Effective Date”), is made by and among Leslie’s Poolmart, Inc. (the “Company”), Leslie’s Holdings, Inc., a Delaware corporation (“Holdings”
and, together with the Company, the “Companies”) and Steven L. Ortega (“Executive”). 
 RECITALS 
 A. The Company is a corporation organized under the laws of Delaware. It is engaged in the business of marketing pool supplies and related pool equipment and products.

 B. Holdings was formed in February 2007 and owns 100% of the voting stock of the Company. 
 C. Executive and the Company are parties to that Executive Employment Agreement April 22, 2005 and amended July 1, 2005 governing the Company’s employment of Executive (the “Original
Agreement”). The Company, Holdings and Executive wish to supplement and restate the Original Agreement in its entirety. 
 D. The Company wishes to
continue the employment of Executive as Chief Financial Officer of the Company and Holdings wishes Mr. Ortega to serve as its Chief Financial Officer, and Executive desires to be so employed by the Company and to act in such capacities.

 The parties agree as set forth below: 
 1. Employment.
The Company agrees to continue to employ Executive to render the services specified herein on the terms and conditions and for the compensation herein provided, and Executive accepts such employment. 
 2. Term. The term of employment of Executive commenced on the date of the Original Agreement (the “Start Date”) and will last for five years (the
“Term of Employment”) from the Start Date. The Term of Employment will automatically extend for successive one-year periods following the fifth anniversary of the Start Date, unless: 
 (a) The Company or the Executive delivers written notice to the other party no later than ninety (90) days prior to the fifth anniversary of this
Agreement or any subsequent anniversary of the Start Date as the case may be, of intent not to renew; or 
 (b) Executive’s employment is
terminated in accordance with Sections 5, 6 or 7. 
 Any extension under this section shall be considered part of the “Term.” 
 3. Position and Duties. During the Term of Employment, Executive will serve as Executive Vice President and Chief Financial Officer of Holdings and the Company.
Executive will have responsibilities and authority, and perform executive duties, appropriate to his position. Excluding periods of vacation and sick leave, Executive is to devote substantially his full attention and time to his responsibilities to
Holdings and the Company. However, he may serve 

 on boards and committees of other businesses or industrial groups, attend to personal investments, and engage in civic
and charitable endeavors, provided that such activities are not competitive with the business of Company and do not unduly interfere with Executive’s attention to his responsibilities under the Agreement. During the Term, the Companies will
nominate and recommend Executive for reelection to the Boards of Directors of the Companies at each appropriate meeting of stockholders and Executive agrees to serve on the Boards of Directors of the Companies. 
 If, during the Term, the Company offers, and the Executive accepts, a position different than that described in Section 3, and such new position represents a
Material Diminution in position or requires Relocation (as those terms are defined in Section 6(b)), then the Executive shall have no more than 60 days after beginning work in such new position to exercise the Good Reason termination clause
under Section 6(b); following which 60-day period, if he has not then so terminated, Executive shall be deemed to have thereafter waived all rights to terminate for Good Reason in respect of such Material Diminution or Relocation. 

4. Compensation and Benefits. 
 (a) Base
Salary. Executive’s base salary will be no less than $330,750 less normal withholdings per year, paid in accordance with Company’s standard payroll practices. 
 (b) Executive Bonus Plan. Executive will participate in Company’s bonus plan applicable to its senior executives. Executive’s target
bonus will be at least 60% of his base salary in effect for the fiscal year and the plan shall provide for a minimum bonus of 50% of target upon achievement of threshold performance. The annual bonus thereafter will be paid in accordance with
Company’s standard bonus payment practices. 
 (c) Expenses. Executive shall be entitled to receive prompt reimbursement for all
expenses reasonably and necessarily incurred by Executive in performing his duties hereunder, in accordance with the Company’s then existing practices and policies for executives and subject to the approval of the Chairman of the Board or his
designee. 
 (d) Cash Allowance. Company will pay Executive an annual cash allowance for expenses that relate to his employment which
might be considered partially or wholly personal in nature. The allowance will be $16,500.00 for 2007, increased annually by 5%, plus an amount equal to the Federal, state and local taxes he will incur as a result of such payment. The Cash Allowance
will be paid to Executive at the same time as it is regularly paid to other executives entitled to a comparable benefit. 
 (e) Benefit
Plans and Other Fringe Benefits. Executive shall be eligible to participate in any medical, dental, life insurance, disability, retirement, profit-sharing, savings, stock option plan or stock-based compensation plans made generally available by
the Company to executives of the Company presently or in the future, subject to and on a basis consistent with the terms, conditions and administration of any such plan. In addition, Executive shall be entitled to vacation and sick leave benefits in
accordance with the policies applicable to other senior executives of the Company, provided however that Executive shall be entitled to not less than four (4) weeks paid vacation each calendar year. Permission to exceed the maximum accrual of
vacation hours must be approved in writing by the Chairman of the Board of the Company. 
  

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 5. Termination of Employment by Company. 
 (a) Termination For Cause. Executive’s employment with the Company may be terminated at any time by the Boards of Directors of the Companies
for cause. The Company will pay to Executive within 30 days of termination for cause (i) any unpaid base salary that has been earned at the time of such termination; (ii) a pro-rata portion of the cash allowance for the year less any
amount previously disbursed in that year, (iii) any reimbursements to which he was entitled; (iv) compensation for accrued but unused vacation; (v) and any other amounts or benefits due after the termination of employment under the terms
of other agreements, awards, plans’ arrangements, policies or programs. 
 (b) “Cause”. For purposes of this Agreement,
“Cause” means: 
 (i) Executive’s breach of this Agreement or of a material Company policy; 
 (ii) the engaging by Executive in willful, reckless or grossly negligent misconduct; or 
 (iii) Executive’s indictment, charge, conviction or guilty plea (or plea of nolo contendere) with respect of an offense involving moral turpitude or
a felony. 
 (iv) Executive failing or refusing to perform any material obligation or to carry out the reasonable directives of the
Executive’s supervisor consistent with his duties under Section 3, and the Executive fails to cure the same within a period of 10 days after written notice of such failure is provided to the Executive by the Company. 
 (c) Termination Without Cause. Executive’s employment may be terminated without cause at any time by the Board of Directors of the Company
without any required period of notice. However, if Executive’s employment is terminated without cause, the Company shall pay or provide the following payments and benefits to executive (subject to applicable withholding): 
 (i) all amounts and benefits specified in Section 5(a) above; 
 (ii) 200% of the sum of (A) Executive’s base salary in effect at the time of the termination, plus (B) his target bonus for the year of termination to be paid in accordance with Company’s normal
payroll procedures and as a lump sum in respect of the amount attributable to the first 12 months after termination of employment, paid to Executive no later than 14 days after the termination date; 
 (iii) Company will reimburse Executive for the premium payable by him for health and medical-care insurance coverage of Executive and his dependents under
COBRA for a period of 18 months after the termination, or as otherwise required by law; and 
 (iv) The Executive shall be entitled to
independent, offsite, executive career transition and outplacement services provided by a nationally recognized outplacement firm, including one-on-one coaching covering reemployment, 
  

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 career changes, entrepreneurial/consulting ventures, etc., and access to comprehensive office and
administrative services for a period not to exceed six months following Executive’s termination of employment. Such outplacement services will be provided by an organization selected mutually by the Executive and the Company and paid for by the
Company. 
 6. Executive Termination. 
 (a) Voluntary Termination. During the Term, the Executive may terminate his employment for any reason upon not less than 30 days prior written notice to the Company and Holdings; provided, that the Companies may accelerate the
Executive’s employment termination date to the date on which the Executive gives the Company notice of termination or on any date between such dates. If the Company accelerates the Executive’s termination date, the Executive shall be paid
the amounts and benefits specified in Section 5(a) above as if he had worked the entirety of the actual notice period, but not in excess of 30 days. 
 (b) Good Reason Termination. Notwithstanding paragraph 6(a), the Executive may terminate his employment for “Good Reason” in accordance with and during the period specified in Section 3 above
upon 15 day’s prior notice to the Company. For this purpose, “Good Reason” shall be deemed to exist if 
 (i) there is a
material diminution in title and/or duties, responsibilities or authority of the Executive (“Material Diminution”); 
 (ii) the
Company requires the Executive to move to another location of the Company or any affiliate and the distance between the new job site is at least 50 miles away from Metropolitan Phoenix, Arizona (“Relocation”); 
 (iii) there is a willful failure or refusal by the Company to perform any material obligation under this Agreement; or 
 (iv) there is a reduction in the Executive’s Base Salary or annual bonus target amount. 
 In each such case, the Executive shall provide the Company and Holdings with written notice of the grounds for a Good Reason termination, and the Companies shall have a
period of 10 days to cure after receipt of the written notice. Resignation by the Executive following the Companies’ cure or before the expiration of the 10-day cure period shall constitute a voluntary resignation and not a termination for Good
Reason. If, during the Term, the Executive terminates his employment for Good Reason, the Executive will be entitled to the amounts and benefits provided in Sections 5(c)(i) through (iv). 
 7. Mitigation. Executive agrees that upon any termination pursuant to Section 5(c) hereof, Executive shall have a duty to mitigate his damages to the extent
required hereunder. Executive will not be obligated to actively seek employment or to accept employment unsatisfactory to Executive. Moreover as to the first twelve months of salary payments, and the pro rata portion corresponding to such twelve
months in respect of the bonus payments provided for above, the deduction provided in the next sentence will not apply. Thereafter, and with prospective effect Executive agrees that if he obtains other employment before the payments set forth in

  

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 Section 5(c)(ii) have been fully paid, any further payments under Section 5(c)(ii) will be reduced by the
amounts payable to Executive from such new employment. Executive further agrees that if in the event Executive obtains other employment before the expiration of the eighteen-month period noted in Section 5(c)(iii), under which Executive and his
dependents would be provided health and medical-care insurance coverage under such employer’s benefit plans or policies, then the Company’s obligation to continue health and medical-care insurance coverage under Section 5(c)(iii)
shall immediately cease and terminate. 
 8. Death and Disability. 
 (a) Disability. If Executive should become disabled from performing his duties hereunder for a period exceeding the maximum leave allowed under the Family and Medical Leave Act (“FMLA”) and any
analogous state law, the Company may terminate Executive’s employment upon thirty (30) days’ written notice. It is agreed that given the nature of Executive’s position it would not be reasonable for the Company to provide for a
leave for a longer period of time. In the event of such termination, the Company shall pay to Executive the amounts described in Section 5(a) above. Executive’s rights under any benefit plan as described in Section 4(f) will be those
rights accorded to any terminated employee under the plan provisions and applicable law. 
 (b) Death. If Executive should die during
the Term of Employment, his estate will receive the payments described in Section 5(a) above, and in addition, Executive’s target bonus for the fiscal year. 
 9. Confidentiality and Trade Secrets. Executive recognizes that he will have access to trade secrets and proprietary information (the “Company Information”) of Holdings and the Company and any
affiliate of either (a “Company Affiliate”), and he recognizes that should such information be revealed to a competitor, Company would be materially damaged in an amount difficult to calculate. Except in the performance of his duties to
Holdings and the Company, Executive shall not, during the Term of Employment and at all times thereafter, directly or indirectly for any reason whatsoever, disclose or use any such Company Information. All records, files, drawings, documents,
equipment and other tangible items, wherever located, relating in any way to or containing Company Information, which Executive has prepared, used or encountered or shall in the future prepare, use or encounter, shall be and remain Company’s
sole and exclusive property and shall constitute Company Information. Upon the expiration of the Term of Employment or earlier termination of this Agreement, or whenever requested by the Company, Executive shall promptly deliver to Company any and
all of Company Information and copies thereof, not previously delivered to Company, that may be in the possession or under the control of Executive. The foregoing restrictions shall not apply to the use, divulgence, disclosure or grant of access to
Company Information to the extent, but only to the extent, (i) expressly permitted or required pursuant to any other written agreement between or among Executive and Company (and/or Company Affiliates), (ii) such Company Information which has
become publicly known and made generally available through no wrongful act of Executive or of others who were under confidentiality obligations as to the item or items involved, or (iii) Executive is required to disclose Company Information by
or to any court of competent jurisdiction or any governmental or quasi-governmental agency, authority or instrumentality of competent jurisdiction; provided, that Executive shall, prior to any such disclosure, immediately notify the Company of such
requirement; provided, further, that Company shall have the right, at its expense, to object to such disclosures and to seek confidential treatment of any Company Information to be so disclosed on such terms as it shall determine. 
  

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 10. Return of All the Company’s Property and Documents. Upon the termination of his employment, Executive
immediately will return to the Holdings and the Company all property of the Companies, including, without limitation, all documents and information, however maintained (including computer files, tapes and recordings), concerning Holdings or the
Company or acquired by Executive in the course and scope of his employment (excluding only those documents relating to Executive’s own salary and benefits), any laptop computer, Company-owned automobile(s), keys, access cards or credit cards.

 11. Noninterference. 
 (a) The
Executive agrees that during the Term of Employment and for two (2) year subsequent to termination of Executive’s employment with the Company for any reason (the “Non-Compete Term”) the Executive shall not: 
 (i) Either directly or indirectly, for himself or on behalf of or in conjunction with any other person, persons, company, firm, partnership, corporation,
business, group or other entity (each, a “Person”), engage in any Competing Business, whether as an employee, consultant, partner, principal, agent, representative, stockholder or other individual, corporate, or representative capacity, or
render any services or provide any advice or substantial assistance to any such Person that engages in a Competing Business. “Competing Businesses” shall include any business which derives material revenue from the sale of swimming pool
products or the service of swimming pools. 
 (ii) Either directly or indirectly, for himself or on behalf of or in conjunction with any other
Person, solicit, hire or divert any Person who is, or who is, at the time of termination of the Executive’s employment, or has been within six (6) months prior to the time of termination of Executive’s employment, an employee of the
Company or any Company Affiliate for the purpose or with the intent of enticing such employee away from the employ of the Company or any Company Affiliate. 
 (iii) Either directly or indirectly, for himself or on behalf of or in conjunction with any other Person, solicit, hire or divert any Person who is, or who is, at the time of termination of the Executive’s
employment, or has been within six (6) months prior to the time of termination of Executive’s employment, a customer or supplier of the Company or any Company Affiliate for the purpose or with the intent of (A) inducing or attempting
to induce such Person to cease doing business with the Company or any Company Affiliate or (B) in any way interfering with the relationship between such Person and the Company or any Company Affiliate. 
 (b) The covenants in this Section 11 are severable and separate, and the unenforceability of any specific covenant shall not affect the provisions of
any other covenant. Moreover, in the event any court of competent jurisdiction shall determine that the scope, time or territorial restrictions set forth herein are unreasonable, then it is the intention of the parties that such restrictions be
enforced to the fullest extent that such court deems reasonable, and the Agreement shall thereby be reformed to reflect the same. 
  

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 (c) All of the covenants in this Section 11 shall be construed as an agreement independent of any
other provision in this Agreement, and the existence of any claim or cause of action of the Executive against Holdings or the Company whether predicated on this Agreement or otherwise shall not constitute a defense to the enforcement by Holdings or
the Company of such covenants. It is specifically agreed that the period following the termination of the Executive’s employment with the Company during which the agreements and covenants of the Executive made in this Section 11 shall be
effective, shall be computed by excluding from such computation any time during which the Executive is in violation of any provision of this Section 11. 
 (d) Notwithstanding any of the foregoing, if any applicable law, judicial ruling or order shall reduce the time period during which the Executive shall be prohibited from engaging in any competitive activity described
in Section 11 hereof, the period of time for which the Executive shall be prohibited pursuant to Section 11 hereof shall be the maximum time permitted by law. 
 12. Arbitration. Executive, Holdings and the Company agree that any and all disputes, controversies, or claims arising out of or related to this Agreement or its breach, including without limitation, disputes,
claims, or controversies concerning the validity of this Agreement, in whole or in part, shall be determined exclusively by final and binding arbitration before a single arbitrator in Phoenix Arizona administered by JAMS pursuant to its Employment
Arbitration Rules & Procedures and subject to JAMS Policy on Employment Arbitration Minimum Standards of Procedural Fairness, and that judgment upon the award of the arbitrator may be rendered in any court of competent jurisdiction. The
arbitrator shall be selected from a list of arbitrators provided by JAMS with substantial professional experience in employment matters. Company will pay all administration fees associated with the arbitration and the cost of arbitrator, it being
the parties’ intention that Executive not bear any costs that he would not be required to bear in a court proceeding. 
 The arbitrator’s authority
and jurisdiction shall be limited to determining the dispute in arbitration in conformity with law, to the same extent as if such dispute were to be determined as to liability and remedy by a court without a jury. The arbitrator shall render an
award that shall include a written statement of opinion setting forth the arbitrator’s findings of fact and conclusions of law. Holdings, the Company and Executive expressly waive all rights to a jury trial in court on all statutory or other
claims. 
 13. Indemnification. Executive shall be provided with an indemnification agreement on the same terms as the Company’s other senior
executives and shall be covered as an officer and director under any directors’ and officers’ liability insurance policy maintained by the Company or by any affiliate of the Company for the benefit of the officers of the Company.

 14. Assignability; Third Party Beneficiary. 
 (a) In the event the Company shall merge or consolidate with any other partnership, limited liability company, corporation, or business entity or all or substantially all the Company’s business or assets shall be transferred in any
manner to any other partnership, 

  

 7 

 
limited liability company, corporation or business entity, such successor shall thereupon succeed to, and be subject to, all rights, interests, duties,
obligations of, and shall thereafter be deemed for all purposes hereof to be, the Company hereunder. 
 (b) This Agreement is personal in
nature and none of the parties hereto shall, without the written consent of the other, assign or transfer this Agreement or any rights or obligations hereunder, except by operation of law or pursuant to the terms of Section 14(a) above.

 Nothing expressed or implied herein is intended or shall be construed to confer upon or give to any person, other than the parties hereto, any right,
remedy or claim under or by reason of this Agreement or of any term, covenant or condition hereof 
 15. Governing Law. This Agreement was negotiated,
executed and delivered within the State of Arizona, and the rights and obligations of the parties shall be construed, enforced and governed by the laws of the State of Arizona. 
 16. Notice. Any written notice or other document required or permitted to be given under this Agreement, including payments, shall be personally delivered or mailed, by certified mail or by first class U.S.
mail, as follows: 
 If to Executive: 
 Mr. Steven L. Ortega 
 [ADDRESS] 
 If to the Company and Holdings: 
 3925 East Broadway Road, Suite 100 
 Phoenix, Arizona 85040 
 Attn.: Chairman of
the Board 
 Notice shall be deemed to have been given immediately upon personal delivery or on the third business day following placement in the U.S. mail
in the continental United States (or on the fifth business day if placed in the U.S. mail elsewhere in the United States) as specified above. 
 17.
Successors. Any payments and benefits due to Executive under the Agreement that have not been made to Executive at the time of Executive’s death will be made to his surviving spouse or, if none, to his estate. The Agreement will inure to
the benefit of, and be enforceable by, Holdings, the Company and their respective successors and Executive and his beneficiaries, administrators and executors. 
 18. Survival of Obligations. Provisions of this Agreement imposing obligations that, by character, design or otherwise, must be or can be discharged following termination of employment will remain in effect after the end of the Term
of Employment until all such obligations are discharged. 
 19. Counterparts. This Agreement may be executed in counterparts. When each party has
signed and delivered at least one such counterpart, each counterpart shall be deemed an original, 

  

 8 

 
and, when taken together with other signed counterparts, shall constitute one Agreement which shall be binding upon and effective as to all parties. No
counterpart shall be effective until all parties hereto have executed and exchanged an executed counterpart hereof. 
 20. No Waiver. A party’s
failure to enforce any provision or provisions of this Agreement will be provisions, or prevent that party thereafter from enforcing each and every other provision of this Agreement. 
 21. Partial Invalidity. The invalidity or unenforceability of any provision or portion of this Agreement will not affect the validity or enforceability of the other provisions or portions of this Agreement.

 22. Entire Agreement. This Agreement constitutes a single integrated contract expressing the entire agreement of the parties with respect to the
subject matter hereof and supersedes all prior and contemporaneous oral and/or written agreements. There are no other agreements, written or oral, expressed or implied, between the parties hereto concerning the subject matter hereof. This Agreement
may be modified or amended only by an Agreement in writing signed by the parties. 
 23. Representations and Warranties. Each of Holdings and the
Company represents and warrants to Executive that this Agreement has been approved by the Boards of Directors of the Companies. Executive represents and warrants to the Companies that the execution and performance of this Agreement do not and will
not conflict with, violate or give rise to any liability on the part of Executive, Holdings or the Company under any agreement or policy to which Executive is subject or bound. 
 [signature page follows] 
  

 9 

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

					
	 LESLIE’S HOLDINGS, INC.

		
	By:	 	 /s/ Lawrence H. Hayward

		 	Name:	 	Lawrence H. Hayward
		 	Title:	 	Chief Executive Officer
	
	 LESLIE’S POOLMART, INC.

		
	By:	 	 /s/ Lawrence H. Hayward

		 	Name:	 	Lawrence H. Hayward
		 	Title:	 	Chief Executive Officer
	
	 /s/ STEVEN L. ORTEGA

	STEVEN L. ORTEGA

  

 10

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