Document:

Amendment No. 2 to the Stockholders Agreement

 Exhibit 10.1 
 AMENDMENT NO. 2 TO STOCKHOLDERS AGREEMENT 
 This AMENDMENT NO. 2 TO STOCKHOLDERS AGREEMENT
(this “Amendment”) is made and entered into as of June 15, 2006 by and among Leslie’s Poolmart, Inc., a Delaware corporation (the “Company”), GCP California Fund, L.P. (“GCP”),
Leslie’s Coinvestment LLC (together with GCP, the “Green Parties”) and certain other stockholders of the Company. 
 R E C I T A L S 
 WHEREAS, the Company, the Green Parties and certain other stockholders of the Company are parties
to a Stockholders Agreement dated as of January 25, 2005 and amended as of October 25, 2005 (the “Stockholders Agreement”); 
 WHEREAS, pursuant to Section 7.6 of the Stockholders Agreement, the Stockholders Agreement may be amended, modified, supplemented or terminated only by a written instrument signed by each of (i) the Company,
(ii) GCP and (iii) stockholders holding a majority of the Registrable Individual Shares (as defined in the Stockholders Agreement), on a fully-diluted basis; and 
 WHEREAS, subject to and in accordance with the terms of this Amendment, the Company, GCP and the stockholders holding a majority of the Registrable
Individual Shares desire to amend the Stockholders Agreement in certain respects, as more particularly set forth below. 
 A G R E E M E
N T 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
undersigned hereby agree to modify the Stockholders Agreement as set forth below. Except as otherwise provided herein, all capitalized terms used herein shall have the meanings ascribed thereto in the Stockholders Agreement. 
 1. Amendment to the Definition of “Fair Market Value”. The definition of “Fair Market Value,” which appears at the end of Section 2.8 of
the Stockholders Agreement, shall be deleted in its entirety and replaced with the following: 
 “Fair Market Value” means
the value equal to (i) the product of 6.5 and the Consolidated EBITDA (as such term is defined in the Indenture dated as of January 25, 2005 by and between the Company as the issuer and The Bank of New York as the trustee) of the Company
for the four most recent quarters prior to the Call Event; (based upon the Company’s audited or unaudited financial statements, as applicable, and to the extent the Company is then filing periodic reports with the Commission, based upon such
results as included in the last such filing), minus (ii)(A) the aggregate liquidation preference of Preferred Shares as of the most recent completed quarter (which shall include any accrued and unpaid dividends that have been added to the
liquidation preference); (B) the Company’s Indebtedness (as such term is defined in the Amended and Restated Loan and Security Agreement dated as of January 25, 2005 among Leslie’s 

 
Poolmart, Inc., LPM Manufacturing, Inc, Wells Fargo Retail Finance LLC, and other lenders parties thereto (the “Credit Facility”)) as of the most
recent completed quarter; and (C) the average daily balance of the Company’s borrowings under the Credit Facility (without duplicating any amounts included in clause (B) above) for the four most recent quarters prior to the Call
Event; provided, however, that, solely for purposes of Section 2.8(a)(ii), if a Public Offering Event has occurred, the fair market value shall be closing price of the Shares on the applicable stock exchange on the business day
immediately preceding the day on which the fair market value is determined. 
 2. Confirmation of the Stockholders Agreement. Except
as amended or modified hereby, all terms, covenants and conditions of the Stockholders Agreement as heretofore in effect shall remain in full force and effect and are hereby ratified and confirmed in all respects. 
 3. Governing Law. This Amendment shall be governed by and constituted in accordance with the laws of the State of Delaware applicable to contracts
to be made and performed entirely within such State. 
 4. Counterparts. This Amendment may be executed in any number of counterparts,
each of which when executed and delivered shall be deemed to be an original and all such counterparts together, shall constitute one and the same instrument. 
 [signature page follows] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first set forth above.

  

			
	LESLIE’S POOLMART, INC.
		
	By:	 	/s/ STEVEN L. ORTEGA
	Name:	 	Steven L. Ortega
	Title:	 	Executive Vice President

  

					
	GCP CALIFORNIA FUND, L.P.
		
	By:	 	 GCP California Capital, LLC
 Its General
Partner

			
		 	By:	 	/s/ JOHN G. DANHAKL
		 	Name:	 	John G. Danhakl
		 	Title:	 	Manager

  

							
	LESLIE’S COINVESTMENT LLC
		
	By:	 	 LEONARD GREEN & PARTNERS, L.P.
 Its
Manager

			
		 	By:	 	 LGP Management, Inc.
 Its General
Partner

				
		 		 	By:	 	/s/ JOHN M. BAUMER
		 		 	Name:	 	John M. Baumer
		 		 	Title:	 	Vice President

  

	
	INVESTOR HOLDERS:
	
	/s/ MICHAEL J. FOURTICQ
	Michael J. Fourticq

  
  

	
	MANAGEMENT PARTIES:
	
	/s/ LAWRENCE H. HAYWARD
	Lawrence H. HaywardAmendment No. 3 to the Stockholders Agreement

 Exhibit 10.2 
 AMENDMENT NO. 3 
 TO THE STOCKHOLDERS AGREEMENT 
 This Amendment No. 3 (this “Amendment”) to the Stockholders Agreement dated as of January 25, 2005, as amended by Amendment
No. 1, dated as of October 25, 2005 (“Amendment No. 1”) and by Amendment No. 2, dated as of June 15, 2006 (“Amendment No. 2”) (as amended by Amendment No. 1 and Amendment
No. 2, the “Agreement”), by and among Leslie’s Poolmart, Inc., a Delaware corporation (the “Company”), Leslie’s Holdings, Inc. (“Holdings”), GCP California Fund, L.P.
(“GCP”), and the stockholders holding a majority of the Registrable Individual Shares (as defined in the Agreement) is entered into as of this 7th day of February, 2007. Capitalized terms used in this Amendment and not otherwise
defined shall have the meanings ascribed to them in the Agreement. 
 WHEREAS, the parties hereto desire to amend the Agreement
pursuant to Section 7.6 thereof. 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and obligations
hereinafter set forth, the parties hereto hereby agree as follows: 
 Agreement. 
 Section 1. Section 2.7.3 regarding Exempt Transfers is hereby amended and restated as set forth below, which section shall read in its
entirety as follows: 
 2.7.3 Exempt Transfers. The provisions of this Section 2.7 shall not apply to any Transfer of Shares by
any Management Party who is a natural person, or any subsequent Transferee of a Management Party pursuant to this Section 2.7.3, to his or her spouse, any direct lineal descendant or ancestor of such Management Party or his or her spouse
or any vehicle, including but not limited to a trust or a limited liability company, primarily for the benefit of any or all of the foregoing (each such Person, together with such Management Party, is referred to herein as a
“Management Related Person”); provided, however, that in each such case each of the following conditions shall be satisfied: 
 (i) after giving effect to such Transfer, sole voting power with respect to such Transferred Shares shall be held by the Management Party making the Transfer during his lifetime or, after the death of such Management
Party, by one or more Management Related Persons; and 
 (ii) the Transferee of such Transferred Shares shall have executed
and delivered to the Company, as a condition precedent to such Transfer, an instrument or instruments in form and substance satisfactory to the Company confirming that the Transferee agrees to be bound by the terms of this Agreement and accepts the
rights and obligations set forth in this Agreement, and designating an address for notices to such Transferee required or permitted hereunder. 

 Section 2. Any Transfer made prior to the date hereof that was inconsistent with
Section 2.7.3 at the time of such Transfer is hereby ratified and affirmed; provided, however, that each such Transfer must have been of the type that would be consistent with Section 2.7.3 after giving effect to this Amendment.

 Section 3. Effective upon the consummation of the merger (the “Merger”) contemplated by the merger agreement (the
“Merger Agreement”) by and among the Company, Holdings and Leslie’s Merger Sub, Inc. (“Merger Sub”), the Company shall assign any and all of its rights and obligations under the Agreement to Holdings and
Holdings shall assume any and all rights and obligations of the Company under the Agreement. 
 Section 4. Effective upon the
consummation of the Merger, the Agreement shall be amended to replace all references to “Leslie’s Poolmart, Inc.” with references to “Leslie’s Holdings, Inc.” and each use of the word “Company” in the
Agreement shall be deemed to mean Holdings 
 Section 5. This Amendment constitutes the entire agreement among the parties with
respect to the subject matter hereof. Except as set forth in this Amendment, the Agreement remains unchanged and in full force and effect. 
 Section 6. The terms of this Amendment shall be governed by the laws of the state of Delaware regardless of the choice of laws provisions of such state or any other jurisdiction. 
 Section 7. This Amendment may be executed by facsimile and in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute a single instrument. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the date first above written.

  

			
	LESLIE’S POOLMART, INC.
		
	By:	 	/s/ STEVEN L. ORTEGA
	Name:	 	Steven L. Ortega
	Title:	 	Executive Vice President

  

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

  

					
	GCP CALIFORNIA FUND, L.P.
		
	By:	 	 GCP California Capital, LLC
 Its General
Partner

			
		 	By:	 	/s/ JOHN G. DANHAKL
		 	Name:	 	John G. Danhakl
		 	Title:	 	Manager

  

							
	LESLIE’S COINVESTMENT LLC
		
	By:	 	 LEONARD GREEN & PARTNERS, L.P.
 Its
Manager

			
		 	By:	 	 LGP Management, Inc.
 Its General
Partner

				
		 		 	By:	 	/s/ JOHN M. BAUMER
		 		 	Name:	 	John M. Baumer
		 		 	Title:	 	Vice President

  

	
	INVESTOR HOLDERS:
	
	/s/ MICHAEL J. FOURTICQ
	Michael J. Fourticq

  
  

	
	MANAGEMENT PARTIES:
	
	/s/ LAWRENCE H. HAYWARD
	Lawrence H. Hayward

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