LESLQ 8-K

Leslie's, Inc. (LESLQ)

8-K 2026-10-05 For: 2005-10-02

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Added on October 05, 2026

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001 per share	LESL	The Nasdaq Global Select Market


Exhibit No.		Description

10.1		Super-Priority Secured Debtor-In-Possession Term Loan Credit Agreement, dated as of October 2, 2026 among the Company Parties, the Financial Institutions party thereto, as DIP Lenders, and Alter Domus (US) LLC, as Administrative Agent and Collateral Agent.

10.2		Senior Secured, Super-Priority Debtor-In-Possession Credit Agreement, dated as of October 2, 2026 among the Company Parties, Bank of America, N.A., as Administrative Agent, U.S. Bank National Association, as Co-Collateral Agent, the Other Lenders party thereto, BofA Securities, Inc. and U.S. Bank National Association, as Joint Lead Arrangers and Joint Bookrunners.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


LESLIE’S, INC.

By:				/s/ Benjamin Lindquist
Name:				Benjamin Lindquist
Title:				Senior Vice President, General Counsel & Corporate Secretary


		Page
ARTICLE 1 DEFINITIONS			1
Section 1.01	Defined Terms		1
Section 1.01	Classification of DIP Term Loans and Borrowings		38
Section 1.02	Terms Generally		38
Section 1.03	Accounting Terms; GAAP		39
Section 1.04	Effectuation of Transactions		40
Section 1.05	Timing of Payment or Performance		41
Section 1.06	Times of Day		41
Section 1.07	Currency Equivalents Generally		41
Section 1.08	Cashless Rollovers		42
Section 1.09	Certain Calculations and Tests		42
Section 1.10	Guarantees and Collateral		42
Section 1.11	Divisions		42
Section 1.12	Interest Rates		42

ARTICLE 2 THE CREDITS			43
Section 2.01	Commitments		43
Section 2.02	DIP Term Loans and Borrowings		43
Section 2.03	Requests for Borrowings		45
Section 2.04	[Reserved]		45
Section 2.05	[Reserved]		45
Section 2.06	[Reserved]		45
Section 2.07	Funding of Borrowings		45
Section 2.08	Type; Interest Elections		46
Section 2.09	Termination and Reduction of Commitments		47
Section 2.10	Repayment of DIP Term Loans; Evidence of Debt		47
Section 2.11	Prepayment of DIP Term Loans		48
Section 2.12	Fees and Premiums		50
Section 2.13	Interest		50
Section 2.14	Alternate Rate of Interest		52
Section 2.15	Increased Costs		54
Section 2.16	Break Funding Payments		55
Section 2.17	Taxes		56
Section 2.18	Payments Generally; Allocation of Proceeds; Sharing of Payments		61
Section 2.19	Mitigation Obligations; Replacement of DIP Lenders		63
Section 2.20	Illegality		64
Section 2.21	Defaulting DIP Lenders		65
Section 2.22	Priority and Liens		66

ARTICLE 3 REPRESENTATIONS AND WARRANTIES			67
Section 3.01	Organization; Powers		67
Section 3.02	Authorization; Enforceability		67


Section 3.03	Governmental Approvals; No Conflicts	67
Section 3.04	No Material Adverse Effect	68
Section 3.05	Properties	68
Section 3.06	Litigation and Environmental Matters	68
Section 3.07	Compliance with Laws	69
Section 3.08	Investment Company Status	69
Section 3.09	Taxes	69
Section 3.10	ERISA	70
Section 3.11	Disclosure	70
Section 3.12	[Reserved]	70
Section 3.13	Capitalization and Subsidiaries	70
Section 3.14	[Reserved]	70
Section 3.15	Labor Disputes	71
Section 3.16	Federal Reserve Regulations	71
Section 3.17	OFAC; USA PATRIOT Act; Beneficial Ownership and FCPA	71
Section 3.18	Chapter 11 Cases; Orders	72

ARTICLE 4 CONDITIONS		72
Section 4.01	Closing Date	72
Section 4.02	Final DIP Term Loans	75

ARTICLE 5 AFFIRMATIVE COVENANTS		76
Section 5.01	Financial Statements and Other Reports	77
Section 5.02	Existence	81
Section 5.03	Payment of Taxes	81
Section 5.04	Maintenance of Properties	81
Section 5.05	Insurance	81
Section 5.06	Inspections	82
Section 5.07	Maintenance of Books and Records	82
Section 5.08	Compliance with Laws	83
Section 5.09	Environmental	83
Section 5.10	[Reserved]	83
Section 5.11	Use of Proceeds	83
Section 5.12	Covenant to Guarantee Obligations and Provide Security	84
Section 5.13	[Reserved]	86
Section 5.14	Further Assurances	87
Section 5.15	Milestones	87
Section 5.16	Bankruptcy Matters	87
Section 5.17	Cash Management Order	88
Section 5.18	Transformation Committee	88

ARTICLE 6 NEGATIVE COVENANTS		88
Section 6.01	Indebtedness	88
Section 6.02	Liens	92
Section 6.03	[Reserved]	96
Section 6.04	Restricted Payments; Restricted Debt Payments	96
Section 6.05	Burdensome Agreements	100


Section 6.06	Investments	101
Section 6.07	Fundamental Changes; Disposition of Assets	103
Section 6.08	[Reserved]	106
Section 6.09	Transactions with Affiliates	106
Section 6.10	Conduct of Business	107
Section 6.11	Amendments of or Waivers with Respect to Restricted Debt	108
Section 6.12	Fiscal Year	108
Section 6.13	Permitted Activities of Holdings	108
Section 6.14	Amendments of Organizational Documents	109
Section 6.15	Variances	109
Section 6.16	Bankruptcy Matters	109
Section 6.17	Minimum Liquidity	110
Section 6.18	Assumption or Rejection of Contracts or Leases	110
Section 6.19	Formation of Subsidiaries	110
Section 6.20	Consulting Engagement	110

ARTICLE 7 EVENTS OF DEFAULT		110
Section 7.01	Events of Default	110

ARTICLE 8 THE AGENTS		115

ARTICLE 9 MISCELLANEOUS		126
Section 9.01	Notices	126
Section 9.02	Waivers; Amendments	129
Section 9.03	Expenses; Indemnity	132
Section 9.04	Waiver of Claim	134
Section 9.05	Successors and Assigns	134
Section 9.06	Survival	142
Section 9.07	Counterparts; Integration; Effectiveness	142
Section 9.08	Severability	143
Section 9.09	Right of Setoff	143
Section 9.10	Governing Law; Jurisdiction; Consent to Service of Process	143
Section 9.11	Waiver of Jury Trial	144
Section 9.12	Headings	145
Section 9.13	Confidentiality	145
Section 9.14	No Fiduciary Duty	146
Section 9.15	Electronic Execution of Assignments and Certain Other Documents	147
Section 9.16	Several Obligations	147
Section 9.17	USA PATRIOT Act	147
Section 9.18	Disclosure of Agent Conflicts	147
Section 9.19	Appointment for Perfection	148
Section 9.20	Interest Rate Limitation	148
Section 9.21	Intercreditor Agreements	148
Section 9.22	Conflicts	148
Section 9.23	Release of Guarantors	149
Section 9.24	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	149
Section 9.25	Certain ERISA Matters	150


SCHEDULES:

Schedule 1.01(a)	–	Commitment Schedule
Schedule 1.01(b)	–	[Reserved]
Schedule 1.01(c)	–	Material Real Estate
Schedule 1.01(d)	–	Administrative Agent’s Office
Schedule 3.05	–	Fee Owned Real Estate Assets
Schedule 3.06	–	Litigation and Environmental Matters
Schedule 3.09	–	Taxes
Schedule 3.13 Schedule 5.15	– –	Subsidiaries Milestones
Schedule 6.01	–	Existing Indebtedness
Schedule 6.02	–	Existing Liens
Schedule 6.06	–	Existing Investments
Schedule 6.07	–	Certain Dispositions
Schedule 9.01	–	Borrower’s Website Address for Electronic Delivery

EXHIBITS:

Exhibit A	–	Form of Assignment and Assumption
Exhibit B	–	Form of Borrowing Request
Exhibit C	–	Form of Compliance Certificate
Exhibit D	–	Form of Interest Election Request
Exhibit E	–	[Reserved]
Exhibit F	–	[Reserved]
Exhibit G	–	Form of Promissory Note
Exhibit H	–	Form of DIP Collateral Agreement
Exhibit I	–	[Reserved]
Exhibit J	–	[Reserved]
Exhibit K	–	[Reserved]
Exhibit L-1	–	Form of U.S. Tax Compliance Certificate (For Foreign DIP Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Exhibit L-2	–	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Exhibit L-3	–	Form of U.S. Tax Compliance Certificate (For Foreign DIP Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
Exhibit L-4	–	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)


LESLIE’S, INC, as Holdings

By:		/s/ Jeffrey White
Name:		Jeffrey White
Title:		Chief Financial Officer and Treasurer

LESLIE’S POOLMART, INC, as the Borrower

By:		/s/ Jeffrey White
Name:		Jeffrey White
Title:		Chief Financial Officer and Treasurer

ALTER DOMUS (US) LLC, as Administrative Agent and Collateral Agent

By:		/s/ Matthew Trybula
Name:		Matthew Trybula
Title:		Head of Legal, Commercial Transactions

[LENDERS]

By:
Name:
Title:


		Page

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

Section 1.01	Defined Terms		2
Section 1.02	Terms Generally		43
Section 1.03	Accounting Terms; GAAP		44
Section 1.04	Currencies		44
Section 1.05	Letter of Credit Amounts		44
Section 1.06	Joint and Several Liability of Borrowers for Obligations		45
Section 1.07	Parent Borrower		45
Section 1.08	Deliveries		45
Section 1.09	Administrative Agent and Co-Collateral Agent		45
Section 1.10	[Reserved]		45
Section 1.11	Interest Rates		45

ARTICLE II

THE REVOLVING CREDIT COMMITMENTS AND CREDIT EXTENSIONS

Section 2.01	Revolving Credit Commitments		46
Section 2.02	Termination or Reduction of Revolving Credit Commitments		46
Section 2.03	[Reserved]		47
Section 2.04	[Reserved]		47
Section 2.05	Borrowings, Conversions and Continuations of Loans		47
Section 2.06	Swing Line Commitment		49
Section 2.07	Procedure for Swing Line Borrowing; Refunding of Swing Line Loans		49
Section 2.08	[Reserved]		50
Section 2.09	Prepayments		50
Section 2.10	Interest		51
Section 2.11	Fees		52
Section 2.12	Computation of Interest and Fees		52
Section 2.13	Evidence of Debt		53
Section 2.14	Payments Generally; Administrative Agent’s Clawback		53
Section 2.15	Sharing of Payments by Lenders		55
Section 2.16	Letters of Credit Commitment		55
Section 2.17	Procedure for Issuance of Letter of Credit		57
Section 2.18	L/C Fees and Other Charges		57
Section 2.19	L/C Participations		58
Section 2.20	Letters of Credit Reimbursement Obligation of the Borrowers		59
Section 2.21	Letters of Credit Obligations Absolute		59
Section 2.22	Letter of Credit Payments		60
Section 2.23	Letter of Credit Applications		60
Section 2.24	Defaulting Lender Adjustments		60


ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

Section 3.01	Taxes	62
Section 3.02	Illegality	65
Section 3.03	Inability to Determine Rates	65
Section 3.04	Increased Costs	67
Section 3.05	Compensation for Losses	68
Section 3.06	Mitigation Obligations; Replacement of Lenders	69
Section 3.07	Survival	69

ARTICLE IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

Section 4.01	Conditions to Effectiveness	69

ARTICLE V

REPRESENTATIONS AND WARRANTIES

Section 5.01	Organization; Powers	72
Section 5.02	Authorization	73
Section 5.03	Enforceability	73
Section 5.04	Governmental Approvals	74
Section 5.05	Title to Properties; Possession Under Leases	74
Section 5.06	Subsidiaries	75
Section 5.07	Litigation; Compliance with Laws	75
Section 5.08	Federal Reserve Regulations	75
Section 5.09	Investment Company Act	75
Section 5.10	Financial Statements	76
Section 5.11	Tax Returns	76
Section 5.12	No Material Misstatements	76
Section 5.13	Environmental Matters	76
Section 5.14	Collateral Documents	77
Section 5.15	Location of Real Property and Leased Premises	77
Section 5.16	Initial Budget	77
Section 5.17	No Material Adverse Effect	78
Section 5.18	Insurance	78
Section 5.19	USA PATRIOT Act; FCPA; OFAC; Anti-Terrorism	78
Section 5.20	Intellectual Property; Licenses, Etc.	79
Section 5.21	Employee Benefit Plans	79
Section 5.22	Deposit Accounts; Credit Card Arrangements.	79
Section 5.23	Chapter 11 Cases	79
Section 5.24	Orders	80
Section 5.25	Petition Date	80


ARTICLE VI

AFFIRMATIVE COVENANTS

Section 6.01	Existence; Businesses and Properties	80
Section 6.02	Insurance	81
Section 6.03	Taxes	81
Section 6.04	Financial Statements	81
Section 6.05	Litigation and Other Notices	85
Section 6.06	Compliance with Laws	86
Section 6.07	Inspection Rights; Books	86
Section 6.08	Use of Proceeds	87
Section 6.09	Compliance with Environmental Laws	87
Section 6.10	Covenant to Guarantee Obligations and Give Security	87
Section 6.11	Further Assurances; Additional Security	88
Section 6.12	Preparation of Environmental Reports	88
Section 6.13	Cash Management	89
Section 6.14	Milestones	90
Section 6.15	Agent’s Advisors; Company Advisors	90
Section 6.16	DIP Term Loan Agreement	91

ARTICLE VII

NEGATIVE COVENANTS

Section 7.01	Indebtedness	91
Section 7.02	Liens	94
Section 7.03	Sale and Lease-Back Transactions	97
Section 7.04	Investments, Loans and Advances	97
Section 7.05	Mergers, Consolidations, Sales of Assets and Acquisitions	99
Section 7.06	Restricted Payments	102
Section 7.07	Transactions with Affiliates	103
Section 7.08	Business of the Borrowers and their Subsidiaries	105
Section 7.09	Limitation on Payments and Modifications of Indebtedness; Modifications of Certificate of Incorporation, By Laws and Certain Other Agreements; etc.	105
Section 7.10	Holdings Covenant	107
Section 7.11	Deposit Accounts	108
Section 7.12	Budget Covenant	108
Section 7.13	Reclamation Claims	108
Section 7.14	Sanctions; Anti-Corruption Laws	108
Section 7.15	Insolvency Proceeding Claims	108
Section 7.16	Bankruptcy Actions	109
Section 7.17	Financial Covenants	109
Section 7.18	Formation of Subsidiaries	109

ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

Section 8.01	Events of Default	109
Section 8.02	[Reserved]	113
Section 8.03	Remedies upon Event of Default	114
Section 8.04	Application of Funds	116



ARTICLE IX

AGENTS

Section 9.01	Appointment and Authority	117
Section 9.02	Rights as a Lender	117
Section 9.03	Exculpatory Provisions	118
Section 9.04	Reliance by Administrative Agent	119
Section 9.05	Delegation of Duties	119
Section 9.06	Resignation of Administrative Agent	119
Section 9.07	Non-Reliance on Administrative Agent, Co-Collateral Agent and Other Lenders	121
Section 9.08	No Other Duties, Etc.	121
Section 9.09	Administrative Agent May File Proofs of Claim	121
Section 9.10	Collateral and Guaranty Matters	122
Section 9.11	Indemnification	123
Section 9.12	Withholding Taxes	123
Section 9.13	Reports and Financial Statements	124
Section 9.14	Recovery of Erroneous Payments	124

ARTICLE X

[RESERVED]

ARTICLE XI

MISCELLANEOUS

Section 11.01	Amendments, Etc.	125
Section 11.02	Notices; Effectiveness; Electronic Communications	126
Section 11.03	No Waiver; Cumulative Remedies	128
Section 11.04	Expenses; Indemnity; Damage Waiver	128
Section 11.05	Payments Set Aside	130
Section 11.06	Successors and Assigns	130
Section 11.07	Treatment of Certain Information; Confidentiality	133
Section 11.08	Right of Setoff	134
Section 11.09	Interest Rate Limitation	135
Section 11.10	Counterparts; Integration; Effectiveness	135
Section 11.11	Survival of Representations and Warranties	135
Section 11.12	Severability	135
Section 11.13	Replacement of Lenders	135
Section 11.14	Governing Law; Jurisdiction; Etc.	136
Section 11.15	WAIVER OF JURY TRIAL	137
Section 11.16	No Advisory or Fiduciary Responsibility	137
Section 11.17	USA PATRIOT Act Notice	138
Section 11.18	Electronic Execution of Assignments and Certain Other Documents	138
Section 11.19	No Strict Construction	138
Section 11.20	Attachments	138
Section 11.21	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	138
Section 11.22	Acknowledgement Regarding Any Supported QFCs	139
Section 11.23	Order; Intercreditor Agreement	140


SCHEDULES

1.01		Revolving Credit Commitments
1.02		Pre-Petition Letters of Credit
5.04		Governmental Approvals
5.05		Possession under Leases
5.06		Subsidiaries
5.11		Taxes
5.13		Environmental Matters
5.15(1)		Owned Material Real Property
5.15(2)		Leased Material Real Property
5.18		Insurance
5.20		Intellectual Property
5.22(a)		Deposit Accounts
5.22(b)		Processing and Payment Arrangements
6.04		Certain Reporting Requirements
6.12		Subsidiary Guarantors
6.14		Milestones
7.01		Existing Indebtedness
7.02(b)		Existing Liens
7.04(a)		Existing Investments
7.07		Transactions with Affiliates
11.02		Administrative Agent’s Office, Certain Addresses for Notices

EXHIBITS
		Form of

A-1		Committed Loan Notice
A-2		Conversion/Continuation Notice
B		Revolving Credit Note
C		Initial Budget
D		Assignment and Assumption
E		Guarantee and Collateral Agreement
F		Interim Order
G		Borrowing Base Certificate
H		Joinder Agreement
J		United States Tax Compliance Certificate


Date		Percentage
January, February or March		75%
April		The lesser of (x) 90% of the Appraised Value of Eligible Inventory and (y) 75%
May, June, July or August		The lesser of (x) 90% of the Appraised Value of Eligible Inventory and (y) 75%
September		The lesser of (x) 90% of the Appraised Value of Eligible Inventory and (y) 65%
October		The lesser of (x) 90% of the Appraised Value of Eligible Inventory and (y) 50%
November		The lesser of (x) 90% of the Appraised Value of Eligible Inventory and (y) 45%
December		60%


LESLIE’S POOLMART, INC., as the Parent Borrower

By:		/s/ Jeffrey White
		Name: Jeffrey White
		Title: Chief Financial Officer and Treasurer

CORTZ, INC., as a Subsidiary Borrower

By:		/s/ Jeffrey White
		Name: Jeffrey White
		Title: President and Chief Financial Officer

LPM MANUFACTURING, INC., as a Subsidiary Borrower

By:		/s/ Jeffrey White
		Name: Jeffrey White
		Title: President and Chief Financial Officer

LESLIE’S, INC., as Holdings

By:		/s/ Jeffrey White
		Name: Jeffrey White
		Title: Chief Financial Officer and Treasurer

HORIZON SPA & POOL PARTS, INC. RAM CHEMICAL & SUPPLY, INC., as Guarantors

By:		/s/ Jeffrey White
		Name: Jeffrey White
		Title: Chief Executive Officer and Chief Financial Officer

HOT TUB WORKS, LLC POOL PARTS, INC. SPP HOLDING CORPORATION STELLAR MANUFACTURING, LLC, as Guarantors

By:		/s/ Jeffrey White
		Name: Jeffrey White
		Title: President and Chief Financial Officer


Delaware		001-39667		20-8397425


2005 East Indian School Road Phoenix, Arizona		85016