Document:

<PAGE>

                                                                   EXHIBIT 10.24

               LESLIE'S POOLMART, INC. STOCK REPURCHASE AGREEMENT

          This LESLIE'S POOLMART, INC. STOCK REPURCHASE AGREEMENT (this
"Agreement") is entered into as of March 23, 2001, by and between Leslie's
----------
Poolmart, Inc., a Delaware corporation (the "Company"), The McDermott Family
                                             -------
Trust UA March 15, 1990 (the "Seller") and Brian P. McDermott, as an individual
                              ------
("McDermott").
  ---------

                                    RECITALS

          WHEREAS, the Seller owns 166,552 shares (the "Shares") of the Common
                                                        ------
Stock of the Company in the aggregate;

          WHEREAS, McDermott desires to cause Seller to sell to the Company, and
the Company desires to repurchase from the Seller, 55,555 of such shares (the
"Purchased Shares") on the terms and conditions set forth below.
-----------------

                                   AGREEMENT

          NOW, THEREFORE, in consideration of the foregoing recitals and the
covenants, representations and warranties set forth below, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

          1.  Transactions.
              ------------

          (a) Sale and Purchase of the Purchased Shares.  The Seller hereby
              -----------------------------------------
sells to the Company, and the Company hereby purchases from the Seller, the
Purchased Shares, for an aggregate purchase price of $499,995.00 (the "Purchase
                                                                       --------
Price").  Concurrently with the execution and delivery of this Agreement, the
-----
Seller hereby delivers to the Company, and the Company hereby accepts from the
Seller, the certificate(s) evidencing the Purchased Shares held by the Seller
duly endorsed for transfer pursuant to the Assignment Separate From Stock
Certificate attached hereto as Exhibit A, and the Company hereby delivers to the
                               ---------
Seller by wire transfer in immediately available funds, and the Seller hereby
acknowledges receipt from the Company of, the Purchase Price delivered by the
Company.  Seller and McDermott acknowledge and agree that such amount represents
payment in full of the Purchase Price.

          (b) Cancellation of Outstanding Options.  Concurrently with the
              -----------------------------------
execution and delivery of this Agreement, all outstanding options (whether or
not presently exercisable and regardless of the specific option plan of the
Company such options were issued under) to purchase the Company's Common Stock
issued to McDermott (the "Options") shall be cancelled and of no further effect.
                          -------

          (c) Board Resignation.  Concurrently with the execution and delivery
              -----------------
of this Agreement, McDermott hereby resigns from his position as a director on
the Board of Directors of the Company and McDermott shall not thereafter have
any entitlement to be a director, officer or other agent of the Company.

                           Stock Purchase Agreement
<PAGE>

          2.  Waiver of Shareholders Agreement.  For the purposes of the
              --------------------------------
transactions contemplated by this Agreement, the parties hereby waive any and
all restrictions on transfer, rights of first refusal and any other rights or
obligations pursuant to that certain Shareholders Agreement among the Company,
the Seller, McDermott and the other parties thereto dated as of June 11, 1997.
Such waiver shall be effective only as to this Agreement and the transactions
contemplated herein and shall have no effect on the rights of the Company except
as to this Agreement and the transactions contemplated herein.

          3.  Representations and Warranties of Seller and McDermott.  The
              ------------------------------------------------------
Seller and McDermott hereby jointly and severally represent, warrant, covenant
and agree that: (i) each of Seller and McDermott has full legal capacity, power
and authority to enter into this Agreement and carry out the terms and
provisions hereof; (ii) this Agreement has been duly executed and delivered by
each of the Seller and McDermott and is the valid and binding agreement of each
of the Seller and McDermott enforceable against each of the Seller and McDermott
in accordance with its terms; (iii) Seller is legal, record and beneficial
holder of the Shares free and clear of all liens, claims, encumbrances or
adverse interests of any kind; and (iv) following payment of the Purchase Price,
Seller will have delivered legal, record and beneficial title to the Purchased
Shares to the Company free and clear of any and all liens, claims, encumbrances
or adverse interests of any kind.  Seller and McDermott are familiar with the
business and financial condition of the Company and are satisfied by reason of
their own knowledge and investigation, and not in reliance on any express or
implied representation of the Company or any of its directors, officers, agents
or affiliates, as to the sale of the Purchased Shares at the Purchase Price
specified herein.  Seller and McDermott have had access to documents pertaining
to valuation of the Purchased Shares, or have requested and received such
documents.

          4.  Representations and Warranties of Company.  The Company
              -----------------------------------------
represents, warrants, covenants and agrees that: (i) it has full power and
authority to enter into this Agreement and carry out the terms and provisions
hereof; (ii) this Agreement has been duly executed and delivered by the Company
and is the valid and binding agreement of the Company enforceable against the
Company in accordance with its terms; and (iii) the Company has full legal
right, power and authority to purchase the Purchased Shares in the manner
provided in this Agreement.  The Company further represents that it has
performed its due diligence review for examination and inspection of all matters
pertaining to its acquisition of the Purchased Shares, including, without
limitation the non-statutory stock option agreement, the Company's 1997
Incentive Stock Option Plan, minutes of the meeting of the Board of Directors,
vesting agreements, all financial and corporate matters and conditions with
respect to the Purchased Shares.  By execution of this Agreement, the Company
has concluded its due diligence with respect to questions concerning said shares
or deemed such questions inconsequential; provided, that the Company's
                                          --------
representations regarding diligence contained herein shall not in any way limit
the accuracy of McDermott's and Seller's representations and warranties
contained in Section 3 hereto.

          5.  No Representation as to Condition of Company.  Neither of the
              --------------------------------------------
Seller, McDermott or the Company is making any representation or warranty as to
the condition (financial or otherwise) or results of operations, prospects or
any other aspect of the Company's operations.

                           Stock Purchase Agreement

                                       2
<PAGE>

     6.  Mutual Release.  Except for their respective obligations,
         --------------
representations, warranties and covenants arising under this Agreement, each of
the Seller and McDermott, on the one hand, and the Company, on the other hand
(for himself or itself, his or its agents, heirs, successors, assigns, executors
and/or administrators) does hereby and forever mutually release and discharge
the other, and the other's past and present parent, subsidiary, sister and
affiliated corporations, divisions or other related entities, including, without
limitation, in the case of the Company, Green Equity Investors II, L.P., Leonard
Green & Partners, L.P., and the respective partners, employees, agents and
affiliates thereof, employee benefit plans and fiduciaries of the foregoing, as
well as the successors, shareholders, partners, officers, directors, heirs,
predecessors, assigns, agents, employees, attorneys and representatives of each
of them, past or present, from any and all causes of actions, actions,
judgments, liens, debts, contracts, indebtedness, damages, losses, claims,
liabilities, rights, interests and demands of whatsoever kind or character,
known or unknown, suspected to exist or not suspected to exist, anticipated or
not anticipated, whether or not heretofore brought before any state or federal
court or before any state or federal agency or other governmental entity, which
any such party has or may have against any released person or entity by reason
of any and all acts, omissions, events or facts occurring or existing prior to
the date hereof, including, without limitation, all claims attributable to the
ownership of the Shares and the Options or the sale or conveyance of the
Purchased Shares under this Agreement (except for the parties' respective
obligations, representations, warranties and covenants arising under this
Agreement), all claims attributable to the employment of McDermott, all claims
attributable to the termination of that employment and all claims arising under
any federal, state or other governmental statute, regulation or ordinance or
common law, such as, for example and without limitation, Title VII of the Civil
Rights Act of 1964 which prohibits discrimination and harassment on the basis of
sex, race, color, national origin and religion, the Civil Rights Act of 1866,
the Age Discrimination in Employment Act which prohibits discrimination on the
basis of age over 40, the California Fair Employment Act which prohibits
discrimination on the basis of race, religion, creed, color, national origin,
ancestry, disability, medical condition, age over 40 and sex, the California
Labor Code, and wrongful termination claims.

     Section 1542 Waiver.  It is further understood and agreed by Seller,
     --------------------
McDermott and the Company that, except for their respective obligations,
representations, warranties and covenants arising under this Agreement, the
foregoing releases extend to all claims, of every nature and kind whatsoever,
known, suspected, or unsuspected, past, present or future, and all rights under
Section 1542 of the California Civil Code, in so far as applicable to this
Agreement, are hereby expressly waived by the Seller, McDermott, the Company and
their respective affiliates.  Said section reads as follows:

          A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES
          NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE
          RELEASE, WHICH, IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED HIS
          SETTLEMENT WITH THE DEBTOR.

          Each of the Seller, McDermott and the Company hereby acknowledge that
he or it may hereafter discover facts different from, or in addition to, those
which he or it now believes to be true with respect to the released claims, and
agrees that this Agreement and the releases

                           Stock Purchase Agreement

                                       3
<PAGE>

contained herein shall be and remain effective in all respects notwithstanding
such different or additional facts or the discovery thereof.

          7.  Miscellaneous.
              --------------

     7.1  Further Assurances.  Each party hereto shall execute and deliver such
          ------------------
further instruments and take such further actions as the other party hereto may
reasonably request in order to carry out the intent of this Agreement.

     7.2  Successors and Assigns.  This Agreement shall not be assignable by any
          ----------------------
of the parties hereto.  This Agreement shall inure to the benefit of and be
binding upon, the successors, assigns, heirs, executors and legal
representatives of the parties hereto.

     7.3  Governing Law.  This Agreement shall be governed by and construed in
          -------------
accordance with the internal laws of the State of California without regard to
conflict of laws.  The venue of any action instituted under this Agreement shall
be proper in Los Angeles County, California, and each party hereby waives any
objection to venue.

     7.4  Entire Agreement.  This Agreement constitutes the entire agreement
          ----------------
between the parties hereto with regard to the subject matter hereof and shall
supersede all previous or contemporaneous oral or written negotiations,
commitments or understandings with regard to the subject matter hereof.

     7.5  Modification.  The provisions of this Agreement may be modified,
          ------------
amended or waived only by a writing executed by both parties hereto.

     7.6  Headings.  Captions of the Sections of this Agreement are for
          --------
convenience only and shall not be considered or referred to in resolving
questions of interpretation or construction of this Agreement.

     7.7  Severability.  Any provision of this Agreement that is deemed invalid,
          ------------
illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and
subject to this paragraph be ineffective to the extent of such invalidity,
illegality or unenforceability, without affecting in any way the remaining
provisions hereof in such jurisdiction or rendering that or any other provisions
of this Agreement invalid, illegal or unenforceable in any other jurisdiction.
If any covenant should be deemed invalid, illegal or unenforceable because its
scope is considered excessive, such covenant shall be modified so that the scope
of the covenant is reduced only to the minimum extent necessary to render the
modified covenant valid, legal and enforceable.

     7.8  Third Party Beneficiaries.  Except for rights given to releasees
          -------------------------
specified in Section 6 hereof, no person shall be deemed a third party
beneficiary of this Agreement.

     7.9  Consulting Agreement.  The parties hereto agree that on the date
          --------------------
hereof, that certain Consulting Agreement, dated as of December 31, 1999, by and
between McDermott and the Company (the "Consulting Agreement"), is terminated
and of no further effect.

                           Stock Purchase Agreement

                                       4
<PAGE>

     7.10  Transfer Costs.  The Company shall incur all reasonable transfer
           --------------
costs, if any, associated with the repurchase and cancellation of the Purchased
Shares and the Options hereunder, together with any reasonable transfer costs
associated with cancelling and reissuing the purchased shares pursuant to that
certain Stock Purchase Agreement Among Individuals, by and among Seller,
McDermott, Green Equity Investors II, L.P., Lawrence H. Hayward and Donald J.
Anderson, dated of even date herewith (the "Stock Purchase Agreement Among
Individuals"); provided, that nothing herein shall obligate the Company to pay
               --------
for any party's legal fees (other than the Company's legal fees) in connection
with this Agreement or in connection with the Stock Purchase Agreement Among
Individuals.

     7.11  Counterparts.  This Agreement may be executed in counterparts, each
           ------------
of which shall be deemed an original and all of which shall be deemed to
constitute one and the same instrument.

     7.12  Authority.  Each of the signatories hereto warrants and represents
           ---------
that he or she is competent and authorized to enter in to this Agreement on
behalf of the party for whom he or she purports to sign.

     7.13  Non-Disparagement.  Seller and McDermott, on the one hand, and the
           -----------------
Company, on the other hand, covenant and agree that each will not disparage the
other with respect to the subject of this Agreement and the terms therein,
including but not limited to, disparaging the Company or its services,
executives, agents, or business reputation, nor disparaging McDermott concerning
his termination by Company, his services with the Company and matters relating
to his employment.

                           Stock Purchase Agreement

                                       5
<PAGE>

          In witness whereof, the undersigned have executed this Agreement
effective as of March 23, 2001.

                              -----------------------------------
                              Brian P. McDermott, individually

                              The McDermott Family Trust UA March 15, 1990

                              By:
                                 --------------------------------
                                 Brian P. McDermott, Trustee

                              By:
                                 -------------------------------
                                 Manette J. McDermott, Trustee

                              LESLIE'S POOLMART, INC.,

                              a Delaware corporation

                              By:
                                 -------------------------------
                                 Donald J. Anderson

                                 Executive Vice President, Chief Financial
                                 Officer and Secretary

                  Signature Page to Stock Purchase Agreement
<PAGE>

                                   EXHIBIT A
                                   ---------

                   ASSIGNMENT SEPARATE FROM STOCK CERTIFICATE

STATE OF ARIZONA      )
                      )              KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF MARICOPA    )

     For value received, The McDermott Family Trust UA March 15, 1990, does
hereby sell, assign and transfer unto Leslie's Poolmart, Inc., a Delaware
corporation (the "Corporation"), 55,555 shares of the Common Stock, par value
$0.001 per share, of the Corporation, standing in its name on the books of the
Corporation represented by Certificate No. __ herewith, and does hereby
irrevocably constitute and appoint the Secretary of the Corporation as its
attorney to transfer the said stock on the books of the Corporation with full
power of substitution in the premises.

Dated: March 23, 2001             The McDermott Family Trust UA March 15, 1990

                                  By:
                                     -------------------------------
                                     Brian P. McDermott, Trustee

                                  By:
                                     -------------------------------
                                     Manette J. McDermott, Trustee

In Presence of:
               ----------------------------<PAGE>

                                                                   EXHIBIT 10.25

                   STOCK PURCHASE AGREEMENT AMONG INDIVIDUALS

     THIS STOCK PURCHASE AGREEMENT AMONG INDIVIDUALS (this "Agreement"), dated
as of March 23, 2001, is made by and among Brian P. McDermott, as an individual
("McDermott"), The McDermott Family Trust UA March 15, 1990 ("Seller"), Lawrence
H. Hayward ("Hayward"), Donald J. Anderson ("Anderson") and Green Equity
Investors II, L.P. ("Green").  (Green, Hayward and Anderson shall sometimes
collectively be referred to herein as the "Purchasers".)

                                    RECITALS

     A.  Seller holds 166,552 shares of the Common Stock (the "Shares"), of
Leslie's Poolmart, Inc., a Delaware corporation (the "Company") and McDermott
wishes to cause Seller to sell a portion of such shares to each of the
Purchasers, and each of the Purchasers wishes to purchase a portion of such
shares (hereinafter, the "Purchased Shares") on the terms and conditions set
                          ----------------
forth herein.

                                   AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1.  Agreement to Purchase and Sell.  Contemporaneously with the execution
         ------------------------------
of this Agreement, Seller shall sell, transfer, convey, assign and deliver to
each of the Purchasers, and each of the Purchasers shall purchase, acquire and
accept from Seller, the number of shares set forth after each Purchaser's
respective signature hereto for the purchase price set forth underneath such
signature.

     2.  Purchase Price.  Upon delivery of the documents referenced in Section 3
         --------------
below, each Purchaser shall pay the amount set forth underneath his/its
respective signature hereto by wire transfer in immediately available funds,
representing payment in full for the Purchased Shares (at an aggregate purchase
price of $998,973.00).

     3.  Delivery of Certificate and Assignments.  Concurrently with the
         ---------------------------------------
execution of this Agreement, Seller shall deliver the share certificate
representing the Purchased Shares, properly endorsed and together with the
Assignments Separate from Certificate in the forms attached hereto as Exhibits
A-C, to the Company with instructions to transfer the Purchased Shares to the
Purchasers in the amounts set forth on the signature page hereto on the books of
the Company and the Company shall issue new stock certificates as appropriate.

     4.  Representations and Warranties.
         ------------------------------

     (a) Seller and McDermott hereby jointly and severally represent and warrant
to Purchasers as follows, which representations and warranties shall survive the
consummation of the transactions contemplated by this Agreement:
<PAGE>

          (i)  (A) each of Seller and McDermott has full legal capacity, power
     and authority to enter into this Agreement and carry out the terms and
     provisions hereof; (B) this Agreement has been duly executed and delivered
     by each of the Seller and McDermott and is the valid and binding agreement
     of each of the Seller and McDermott enforceable against the Seller and
     McDermott in accordance with its terms; (C) Seller is legal, record and
     beneficial holder of the Shares free and clear of all liens, claims,
     encumbrances or adverse interests of any kind; and (D) following payment of
     the purchase price specified on the signature page hereto, Seller will have
     delivered legal, record and beneficial title to the Purchased Shares to the
     Purchasers free and clear of any and all liens, claims, encumbrances or
     adverse interests of any kind.

          (ii) Seller and McDermott are familiar with the business and financial
     condition of the Company and are satisfied by reason of their own knowledge
     and investigation, and not in reliance on any express or implied
     representation of the Company or any of its directors, officers, agents or
     affiliates, as to the sale of the Purchased Shares at the purchase price
     specified in Section 2 hereof.  Seller and McDermott have had access to
     documents pertaining to valuation of the Purchased Shares, or have
     requested and received such documents.

     (b) Purchasers hereby represent and warrant to Seller and McDermott as
follows, which representations and warranties shall survive the consummation of
the transactions contemplated by this Agreement:

          (i) Purchasers have performed their due diligence review, examination
     and inspection of all matters pertaining to their acquisition of the
     Purchased Shares, including, without limitation, the non-statutory stock
     option agreement, the Company's 1997 incentive stock option plan ("the
     Plan") minutes of the meetings of the Board of Directors of the Company,
     vesting agreements, all financial, and corporate matters and conditions
     respecting the Purchased Shares.  By execution of this Agreement,
     Purchasers have concluded all of their due diligence with respect to
     questions concerning said Purchased Shares, or deemed such questions
     inconsequential; provided, that Purchasers' representation to the foregoing
     shall not in any way limit the accuracy of Seller's representations and
     warranties contained in Section 4(a)(i) hereto.

     5.  (a)  Mutual Release.  Except for their respective obligations,
              --------------
representations, warranties and covenants arising under this Agreement, each of
the Purchasers, one the one hand, and the Seller and McDermott, on the other
hand (for himself or itself, his or its agents, heirs, successors, assigns,
executors and/or administrators) does hereby and forever mutually release and
discharge the other, and the other's past and present parent, subsidiary, sister
and affiliated corporations, divisions or other related entities, including,
without limitation, in the case of Green, Leonard Green & Partners, L.P., and
the respective partners, employees, agents and affiliates thereof, employee
benefit plans and fiduciaries of the foregoing, as well as the successors,
shareholders, partners, officers, directors, heirs, predecessors, assigns,
agents, employees, attorneys and representatives of each of them, past or
present, from any and all causes of actions, actions, judgments, liens, debts,
contracts, indebtedness, damages, losses, claims, liabilities, rights, interests
and demands of whatsoever kind or character, known or unknown, suspected to
exist or not suspected to exist, anticipated or not anticipated, whether or

                           Stock Purchase Agreement

                                       2
<PAGE>

not heretofore brought before any state or federal court or before any state or
federal agency or other governmental entity, which any such party has or may
have against any released person or entity by reason of any and all acts,
omissions, events or facts occurring or existing prior to the date hereof,
including, without limitation, all claims attributable to the ownership of the
Shares and the Options or the sale or conveyance of the Purchased Shares under
this Agreement (except for the parties' respective obligations, representations,
warranties and covenants arising under this Agreement), all claims attributable
to the employment of McDermott, all claims attributable to the termination of
that employment and all claims arising under any federal, state or other
governmental statute, regulation or ordinance or common law, such as, for
example and without limitation, Title VII of the Civil Rights Act of 1964 which
prohibits discrimination and harassment on the basis of sex, race, color,
national origin and religion, the Civil Rights Act of 1866, the Age
Discrimination in Employment Act which prohibits discrimination on the basis of
age over 40, the California Fair Employment Act which prohibits discrimination
on the basis of race, religion, creed, color, national origin, ancestry,
disability, medical condition, age over 40 and sex, the California Labor Code,
and wrongful termination claims.

     Section 1542 Waiver.  It is further understood and agreed by the Seller,
     --------------------
McDermott and the Purchasers that, except for their respective obligations,
representations, warranties and covenants arising under this Agreement, the
foregoing releases extend to all claims, of every nature and kind whatsoever,
known, suspected, or unsuspected, past, present or future, and all rights under
Section 1542 of the California Civil Code, in so far as applicable to this
Agreement, are hereby expressly waived by the Seller, McDermott, the Purchasers
and their respective affiliates.  Said section reads as follows:

          A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES
          NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE
          RELEASE, WHICH, IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED HIS
          SETTLEMENT WITH THE DEBTOR.

     Each of the Seller, McDermott and the Purchasers hereby acknowledge that he
or it may hereafter discover facts different from, or in addition to, those
which he or it now believes to be true with respect to the released claims, and
agrees that this Agreement and the releases contained herein shall be and remain
effective in all respects notwithstanding such different or additional facts or
the discovery thereof.

     (b) Waiver and Amendment of Shareholders Agreement.  For the purposes of
         ----------------------------------------------
the transactions contemplated by this Agreement, the parties hereby waive any
and all restrictions on transfer, rights of first refusal and any other rights
or obligations pursuant to that certain Shareholders Agreement among the
Company, the Seller, McDermott and the other parties thereto dated as of June
11, 1997 (the "Shareholders Agreement").  Such waiver shall be effective only as
to this Agreement and the transactions contemplated herein and shall have no
effect on the rights of the Company except as to this Agreement and the
transactions contemplated herein.  Also concurrently with the execution and
delivery of this Agreement, the Shareholders Agreement shall be deemed amended
to reflect (i) the withdrawal of Seller and McDermott as parties thereto; (ii)
with respect to Hayward and Anderson, to record the number of shares of Common
Stock acquired hereunder by each; and (iii) with respect to Green, to

                           Stock Purchase Agreement

                                       3
<PAGE>

record the additional number of shares of Common Stock acquired by Green
hereunder. Each of Hayward and Anderson hereby agree to continue to be bound by
all of the terms and conditions of the Shareholders Agreement as a Class II
Stockholder for the term thereof.

     6.  Miscellaneous.
         -------------

          (a) This Agreement shall not be assignable by either of the parties
     hereto.  This Agreement shall inure to the benefit of and be binding upon
     the parties hereto and their respective successors and heirs.

          (b) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
     ACCORDANCE WITH, THE INTERNAL LAWS, AND NOT THE LAWS PERTAINING TO CHOICE
     OR CONFLICTS OF LAWS, OF THE STATE OF CALIFORNIA.  The venue of any action
     instituted under this Agreement shall be proper in Los Angeles County,
     California, and each party hereby waives any objection to venue.

          (c) This Agreement may be executed simultaneously in one or more
     counterparts, each of which shall be deemed an original, but all of which
     shall constitute but one and the same instrument.

          (d) This Agreement and the exhibits attached hereto contain the entire
     agreement among the parties hereto with respect to the transactions
     contemplated herein and supersede all previous oral and written and all
     contemporaneous oral negotiations, commitments, writings and
     understandings.

          (e) This Agreement shall not be amended other than by written
     agreement executed by each of the parties hereto.

          (f) The headings contained in this Agreement are for reference
     purposes only and shall not affect in any way the meaning or interpretation
     of this Agreement.

          (g) Each of the signatories hereto warrants and represents that he or
     she is competent and authorized to enter in to this Agreement on behalf of
     the party for whom he or she purports to sign.

          (h) Seller and McDermott, on the one hand, and Purchasers, on the
     other hand, covenant and agree that each will not disparage the other with
     respect to the subject of this Agreement and the terms therein, including
     but not limited to, disparaging the Company or its services, executives,
     agents, or business reputation, nor disparaging McDermott concerning his
     termination by Company, his services with the Company and matters relating
     to his employment.

          (i) Except for rights given to releasees specified in Section 5(a)
     hereof, no person shall be deemed a third party beneficiary of this
     Agreement.

                           Stock Purchase Agreement

                                       4
<PAGE>

          (j) Each party represents that in executing this Agreement he or it
     has relied on legal advice from the attorney of his or its choice and that
     execution of this Agreement is free and voluntary.

                           Stock Purchase Agreement

                                       5
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
March 23, 2001.

                              ----------------------------------
                              Brian P. McDermott, individually

                              The McDermott Family Trust UA March 15, 1990

                                   By:
                                      -----------------------------
                                      Brian P. McDermott, Trustee

                                   By:
                                      -----------------------------
                                      Manette J. McDermott, Trustee

                                   PURCHASERS:

                                   HAYWARD:

                                   By:
                                      -----------------------------
                                      Lawrence H. Hayward
                                      Number of Shares: 50,000
                                      Purchase Price: $450,000

                                   ANDERSON:

                                   By:
                                      -----------------------------
                                      Donald J. Anderson
                                      Number of Shares: 50,000
                                      Purchase Price: $450,000

                                   GREEN EQUITY INVESTORS II, L.P.:
                                   By: Grand Avenue Capital Partners, L.P.,
                                       its sole general partner

                                   By: Grand Avenue Capital Corporation,
                                       its sole general partner

                                       By:
                                          -----------------------------
                                       Name:
                                       Title:
                                       Number of Shares: 10,997
                                       Purchase Price: $98,973

                  Signature Page to Stock Purchase Agreement
<PAGE>

                                   EXHIBIT A
                                   ---------

                   ASSIGNMENT SEPARATE FROM STOCK CERTIFICATE

STATE OF ARIZONA       )
                       )                 KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF MARICOPA     )

     For value received, The McDermott Family Trust UA March 15, 1990, does
hereby sell, assign and transfer unto Lawrence H. Hayward, an individual, 50,000
shares of the Common Stock, par value $0.001 per share, of Leslie's Poolmart,
Inc., a Delaware corporation (the "Corporation"), standing in its name on the
books of the Corporation represented by Certificate No. __ herewith, and does
hereby irrevocably constitute and appoint the Secretary of the Corporation as
its attorney to transfer the said stock on the books of the Corporation with
full power of substitution in the premises.

Dated: March 23, 2001         The McDermott Family Trust UA March 15, 1990

                              By:
                                 ----------------------------
                                 Brian P. McDermott, Trustee

                              By:
                                 ----------------------------
                                 Manette J. McDermott, Trustee

In Presence of:
               -------------------
<PAGE>

                                   EXHIBIT B
                                   ---------

                   ASSIGNMENT SEPARATE FROM STOCK CERTIFICATE

STATE OF ARIZONA       )
                       )                  KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF MARICOPA     )

     For value received, Brian P. McDermott does hereby sell, assign and
transfer unto Donald J. Anderson, an individual, 50,000 shares of the Common
Stock, par value $0.001 per share, of Leslie's Poolmart, Inc., a Delaware
corporation (the "Corporation"), standing in its name on the books of the
Corporation represented by Certificate No. __ herewith, and does hereby
irrevocably constitute and appoint the Secretary of the Corporation as its
attorney to transfer the said stock on the books of the Corporation with full
power of substitution in the premises.

Dated: March 23, 2001           The McDermott Family Trust UA March 15, 1990

                                  By:
                                     ----------------------------
                                     Brian P. McDermott, Trustee

                                  By:
                                     ----------------------------
                                     Manette J. McDermott, Trustee

In Presence of:
               -----------------------
<PAGE>

                                   EXHIBIT C
                                   ---------

                   ASSIGNMENT SEPARATE FROM STOCK CERTIFICATE

STATE OF ARIZONA      )
                      )                  KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF MARICOPA    )

     For value received, Brian P. McDermott does hereby sell, assign and
transfer unto Green Equity Investors II, L.P., a Delaware limited partnership,
10,997 shares of the Common Stock, par value $0.001 per share, of Leslie's
Poolmart, Inc., a Delaware corporation (the "Corporation"), standing in its name
on the books of the Corporation represented by Certificate No. __ herewith, and
does hereby irrevocably constitute and appoint the Secretary of the Corporation
as its attorney to transfer the said stock on the books of the Corporation with
full power of substitution in the premises.

Dated: March 23, 2001           The McDermott Family Trust UA March 15, 1990

                                By:
                                   -----------------------------
                                   Brian P. McDermott, Trustee

                                By:
                                   -----------------------------
                                   Manette J. McDermott, Trustee

In Presence of:
               --------------------------

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