Document:

First Amendment to Second Amended and Restated Shareholders Agreement

 Exhibit 10.6 
 FIRST AMENDMENT 
 TO 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 
 THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Amendment”) is made on October 14, 2010 by Five Below, Inc., a Pennsylvania corporation (the
“Company”), to the Second Amended and Restated Shareholders Agreement, dated September 1, 2010 (the “Agreement”), among the Company and the Shareholders. Capitalized terms used and not defined herein shall have
the meanings ascribed to them in the Agreement. 
 WHEREAS, pursuant to the terms of the Investment Agreement, dated
September 1, 2010, by and among the Company, the Purchasers (as defined therein), and the other parties thereto (as amended, the “Investment Agreement”), the Purchasers made an equity investment in the Company in exchange for
shares of Series A Preferred Stock, on the date hereof; 
 WHEREAS, Section 4.6 of the Agreement provides that the Company,
without the consent of any other parties to the Agreement, may amend (i) Exhibit A to the Agreement to update the list of Shareholders, Series A Preferred Shareholders and Significant Common Shareholders, as they exist on the Effective
Date after giving effect to all of the transactions described in the Investment Agreement, and (ii) the definition of Significant Common Shareholders to set forth the number of shares representing 3% of the total Equity Securities outstanding
as of the Advent Closing Date, assuming the conversion of all Equity Securities; and 
 WHEREAS, pursuant to the terms of this
Amendment, the Company desires to amend the Agreement in accordance with Section 4.6 of the Agreement. 
 NOW, THEREFORE,
intending to be legally bound hereby, the Company hereby amends the Agreement as follows: 
 1. Amendment to Exhibit A. The information
reflected in Exhibit A to the Agreement is hereby deleted in its entirety and replaced with the information set forth in Annex 1 hereto. 

2. Amendment to Definition of “Significant Common Shareholder”. Section 1.1(q) of the Agreement is hereby amended by deleting the
definition of “Significant Common Shareholder” in its entirety and replacing it with the following: 

“Significant Common Shareholder” shall mean (i) until the first anniversary of the Advent Closing Date, provided
that if as of such date there are any outstanding indemnity claims under the Investment Agreement, until the date on which the last remaining outstanding indemnity claim is finally resolved, any Shareholder listed under the heading “Significant
Common Shareholders” on the Schedule of Shareholders and any Person who hereafter becomes a Permitted Transferee of such Shareholder, and (ii) at any time thereafter, any Shareholder that alone (or together with any Person who hereafter
becomes a Permitted Transferee of such Shareholder) owns at least 4,073,362 shares of Common Stock, subject to equitable adjustment upon any reverse or forward stock split or similar transaction by the Company. 

 3. Effectiveness and Other Provisions of the Agreement. This Amendment shall be effective as of the
date hereof. Except as expressly amended hereby, the provisions of the Agreement are and shall remain in full force and effect. 
 4.
Governing Law. This Amendment shall be governed by the laws of the Commonwealth of Pennsylvania. 
 [The remainder of this
page is intentionally left blank.] 

  
 2 

 IN WITNESS WHEREOF, this Amendment has been executed by the Company as of the day and
year first written above. 
  

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

	Name:	 	Kenneth R. Bull
	Title:	 	Senior Vice President, Finance

 [Signature Page to the First Amendment to Second Amended and Restated Shareholders Agreement]

 ANNEX 1 
 SCHEDULE OF SHAREHOLDERS 

 EXHIBIT A 
 SCHEDULE OF HOLDERS 
  

			
	SIGNIFICANT COMMON SHAREHOLDERS
		
	1.	  	 David Schlessinger
 c/o Five
Below, Inc.
 1616 Walnut Street
 Suite
400
 Philadelphia, PA 19103
 Fax:
215.546.8099
 E-mail: dschlessinger@fivebelow.com

		
	2.	  	 Thomas Vellios
 c/o Five
Below, Inc.
 1616 Walnut Street
 Suite
400
 Philadelphia, PA 19103
 Fax:
215.546.8099
 E-mail: tvellios@fivebelow.com

		
	3.	  	 LLR Equity Partners II, L.P.

c/o LLR Equity Partners, L.P.
 Cira
Centre
 2929 Arch Street
 Philadelphia,
PA 19104-2868
 Attention: Howard D. Ross

Fax:
 E-mail:
hross@llrpartners.com
  
 With a copy to (which copy shall not
constitute notice):
  
 Pepper Hamilton LLP

3000 Two Logan Square
 18th & Arch Streets

Philadelphia, PA 19103
 Attention: Barry M.
Abelson
 Fax: 215.689.4803
 E-mail:
abelsonb@pepperlaw.com

		
	 4.
	  	 LLR Equity Partners Parallel II, L.P.
 c/o LLR Equity Partners, L.P.
 Cira Centre
 2929 Arch Street
 Philadelphia, PA 19104-2868

Attention: Howard D. Ross
 Fax:

E-mail: hross@llrpartners.com

			
	 	  	 With a copy to (which copy shall not constitute notice):

 
 Pepper Hamilton LLP
 3000 Two Logan Square
 18th & Arch Streets
 Philadelphia, PA 19103
 Attention: Barry M. Abelson

Fax: 215.689.4803
 E-mail:
abelsonb@pepperlaw.com

		
	5.	  	 Blue 9 Fund I, L.P.

#401
 145 Hudson St.

New York, NY 10013
 Attention: Steven
Tuttleman
 Fax: 212.798.0401
 E-mail:
instar@earthlink.net
  
 With a copy to (which copy shall not
constitute notice):
  
 Blank Rome LLP

One Logan Square
 130 North 18th
Street
 Philadelphia, PA 19103-6998

Attention: Steven Dubow
 Fax:
215.832.5755
 E-mail: Dubow@BlankRome.com

  

			
	SERIES A 8% CONVERTIBLE PREFERRED SHAREHOLDERS
		
	1.	  	Advent International GPE VI Limited Partnership
	 2.
	  	Advent International GPE VI-A Limited Partnership
	 3.
	  	Advent International GPE VI-B Limited Partnership
	 4.
	  	Advent International GPE VI-C Limited Partnership
	 5.
	  	Advent International GPE VI-D Limited Partnership
	 6.
	  	Advent International GPE VI-E Limited Partnership
	 7.
	  	Advent International GPE VI-F Limited Partnership
	 8.
	  	Advent International GPE VI-G Limited Partnership
	 9.
	  	Advent Partners GPE VI 2008 Limited Partnership
	 10.
	  	Advent Partners GPE VI 2009 Limited Partnership
	 11.
	  	Advent Partners GPE VI 2010 Limited Partnership
	 12.
	  	Advent Partners GPE VI – A Limited Partnership
	 13.
	  	 Advent Partners GPE VI – A 2010 Limited Partnership
  

	 	  	 Notices to any of the above listed Series A 8% Convertible Preferred Shareholders should be sent to:

 
 c/o Advent International Corporation

75 State Street, Floor 29

			
	 	  	 Boston Massachusetts 02109

Attn: Steven Collins, Andrew Crawford
 Fax:
617.951.0568, 212.461.6503
 E-mail: scollins@adventinternational.com
 acrawford@adventinternational.com
  
 with a copy to (which copy shall not constitute notice):
  
 Weil, Gotshal & Manges LLP
 100 Federal Street

Boston, Massachusetts 02110
 Attention: Marilyn
French
 Fax: 617.772.8333
 E-mail:
marilyn.french@weil.com

		
	 14.
	  	 Sargent Family Investment, LLCSecond Amendment to Second Amended and Restated Shareholders Agreement

 Exhibit 10.7 
 SECOND AMENDMENT 
 TO 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 
 THIS SECOND AMENDMENT, dated November 22, 2011 (this “Amendment”), to the Second Amended and Restated Shareholders Agreement of Five Below, Inc., dated September 1, 2010 (the
“Original Shareholders Agreement”), as amended by the First Amendment to Shareholders Agreement, dated October 14, 2010 (the “First Amendment” and together with the Original Shareholders Agreement, the
“Amended Shareholders Agreement”), is made by and among Five Below, Inc., a Pennsylvania corporation (the “Company”), and the undersigned shareholders of the Company (the “Consenting Shareholders”).

 WHEREAS, the Company and the Consenting Shareholders desire to amend the Amended Shareholders Agreement in the manner set
forth in this Amendment to expand the size of the Board of Directors to eight (8) members and to make other related changes to the Amended Shareholders Agreement; 
 WHEREAS, the parties to this Amendment have the authority to amend the Amended Shareholders Agreement pursuant to Section 4.6 thereof; and 

NOW, THEREFORE, in consideration of mutual promises and covenants set forth herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Amendment of the Amended
Shareholders Agreement. Effective as of the date hereof, the Amended Shareholders Agreement shall be amended as follows: 

a. Section 3.1(a)(i) of the Amended Shareholders Agreement is hereby deleted and replaced in its entirety with the following:

 (i) five (5) individuals nominated by the Series A Preferred Shareholders holding a majority of the Series A Preferred
Stock held by all Series A Preferred Shareholders, voting together as a separate class (the “Series A Preferred Directors”), one of whom shall be an Independent Director (defined below), who initially shall include David Mussafer,
Steven Collins, Andrew Crawford and Howard Ross (as the Independent Director); and 
 b. Section 3.1(c) of the Amended
Shareholders Agreement is hereby deleted and replaced in its entirety with the following: 
 (c) If all of the then-outstanding
shares of Series A Preferred Stock are converted into Common Stock by the election of the holders of at least a majority of the then-outstanding shares of Series A Preferred Stock prior to an Initial Public Offering of the Common Stock, (i) the
former holders of Series A Preferred Stock 

 
shall continue to be entitled to nominate five (5) individuals to serve on the Board of Directors as provided in Section 3.1(a)(i), as if the Series A Preferred Stock had not been
converted, and (ii) the Common Shareholders (exclusive of the former holders of Series A Preferred Stock who hold Common Stock by reason of such conversion of the Series A Preferred Stock and the shares of Common Stock held by them) shall
continue to be entitled to nominate three (3) individuals to serve on the Board of Directors as provided in Section 3.1(a)(ii) as if the Series A Preferred Stock had not been converted. 

c. Section 3.4 of the Amended Shareholders Agreement is hereby deleted and replaced in its entirety with the following: 

3.4 Entire Board. The Company and the Shareholders shall take all action, do all things and execute and deliver all documents,
including the approval of any amendment to the Bylaws, as may be reasonably necessary to ensure that the number of directors constituting the entire Board of Directors is eight (8). 

2. Effect of Amendment. This Amendment shall be construed in connection with and as part of the Amended Shareholders Agreement,
and except as amended hereby, all of the terms and conditions of the Amended Shareholders Agreement shall continue in full force and effect and are hereby ratified and confirmed in all respects. Any and all notices, requests, certificates and other
instruments executed and delivered after the execution and delivery of this Amendment may refer to the Amended Shareholders Agreement without making specific reference to this Amendment, but nevertheless all such references shall include this
Amendment unless the context otherwise requires. 
 3. Defined Terms. Capitalized terms used herein and not otherwise
defined herein shall have the meanings ascribed to them set forth in the Amended Shareholders Agreement. 
 4. Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without regard to principles of conflicts of laws. 
 5. Counterparts. This Amendment may be executed, including by facsimile or electronic signature, in two or more counterparts, each of which when so executed shall be deemed to be an original and
all of which together shall constitute one and the same instrument. 
 [Signature Pages Follow] 

  
 -2-

 IN WITNESS WHEREOF, the undersigned have executed this Second Amendment to the Second
Amended and Restated Shareholders Agreement of Five Below, Inc. as of the day and year first written above. 
  

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

		 	Name:	  	Kenneth R. Bull
		 	Title:	  	Senior Vice President and Secretary
		
		 	 /s/ David Schlessinger

		 	David Schlessinger
		
		 	 /s/ Thomas Vellios

		 	Thomas Vellios
		
		 	LLR Equity Partners II, L.P.
		 	LLR Equity Partners Parallel II, L.P.
			
		 	By:	  	LLR Capital II, L.P., its General Partner
				
		 		  	By:	  	LLR Capital II, LLC, its General Partner
					
		 		  		  	By:	  	 /s/ Howard D. Ross

		 		  		  	Name:	  	Howard D. Ross
		 		  		  	Title:	  	Member

 [Second Amendment to Second A&R Shareholders Agreement – Five Below, Inc.] 

													
		 	Advent International GPE VI Limited Partnership
		 	Advent International GPE VI-A Limited Partnership
		 	Advent International GPE VI-B Limited Partnership
		 	Advent International GPE VI-F Limited Partnership
		 	Advent International GPE VI-G Limited Partnership
			
		 	By:	  	GPE VI GP Limited Partnership, General Partner
				
		 		  	By:	  	Advent International LLC, General Partner
					
		 		  		  	By:	  	Advent International Corporation, Manager
						
		 		  		  		  	By:	  	 /s/ Steven Collins

		 		  		  		  	Name:	  	Steven Collins
		 		  		  		  	Title:	  	Vice President & Managing Director
		
		 	Advent International GPE VI-C Limited Partnership 
		 	Advent International GPE VI-D Limited Partnership
		 	Advent International GPE VI-E Limited Partnership
			
		 	By:	  	GPE VI GP (Delaware) Limited Partnership, General Partner
				
		 		  	By:	  	Advent International LLC, General Partner
					
		 		  		  	By:	  	Advent International Corporation, Manager
						
		 		  		  		  	By:	  	 /s/ Steven Collins

		 		  		  		  	Name:	  	Steven Collins
		 		  		  		  	Title:	  	Vice President & Managing Director
		
		 	Advent Partners GPE VI 2008 Limited Partnership
		 	Advent Partners GPE VI 2009 Limited Partnership
		 	Advent Partners GPE VI 2010 Limited Partnership
		 	Advent Partners GPE VI – A Limited Partnership
		 	Advent Partners GPE VI – A 2010 Limited Partnership
			
		 	By:	  	Advent International LLC, General Partner
				
		 		  	By:	  	Advent International Corporation, Manager
					
		 		  		  	By:	  	 /s/ Steven Collins

		 		  		  	Name:	  	Steven Collins
		 		  		  	Title:	  	Vice President & Managing Director

 [Second Amendment to Five Below Second A&R Shareholders Agreement]

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