Leslie's, Inc. — Director's Dealing 2020

Oct 31, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Leslie's, Inc. (LESL)
CIK: 0001821806
Period of Report: 2020-10-28

Reporting Person: Weddell Steven M (See Remarks.)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-10-28	Options to purchase shares	$	A	735295	Acquired		Common Stock, par value $0.001 per share (735295)	Direct

Footnotes

F1: Represents options to purchase shares ("Options") that will vest and become exercisable as follows, subject to the Reporting Person's continued employment through the applicable vesting date: (i) two-thirds of the Options will be subject to time vesting (the "Time Vesting Options") and will vest in equal 25% installments on each of the first four anniversaries of October 28, 2020, such that all of the Time Vesting Options will be fully vested on October 28, 2024; and (ii) one-third of the Options will be subject to performance vesting (the "Performance Vesting Options"), whereby (a) 50% of the Performance Vesting Options will vest if, and only if, the Issuer achieves the net income target established by the Issuer's board of directors for fiscal year 2021 and (b) the remaining 50% of the Performance Vesting Options will vest if, and only if, the Issuer achieves the net income target established by the Issuer's board of directors for fiscal year 2022.

F2: All of the Options will expire upon the earliest of: (i) October 28, 2030; (ii) twelve months after the Reporting Person's termination of employment or service due to death; (iii) immediately upon termination of the Reporting Person's employment or service for "cause"; or (iv) ninety days after the Reporting Person's termination of employment or service for any reason not specified in the foregoing (ii) or (iii).