Leslie's (LESL) CEO Receives 99,138 RSUs; Disposes 27,562 Shares at $0.341

Rhea-AI Filing Summary

Jason McDonell, Chief Executive Officer and Director of Leslie's, Inc. (LESL), reported transactions on 09/09/2025. The filing shows an award of 99,138 Restricted Stock Units (RSUs) and the grant increases his total RSU holdings to 297,414, which will vest in three equal tranches on September 9, 2026, September 9, 2027, and September 9, 2028, subject to continued service. The RSUs convert to one share of common stock upon vesting. The report also discloses a disposition of 27,562 shares at a price of $0.341, leaving 71,576 shares beneficially owned following that disposition. The form is signed by an attorney-in-fact on behalf of Mr. McDonell.

Positive

• Grant of 99,138 RSUs increases long-term alignment between the CEO and shareholders through multi-year vesting
• Total RSU holdings of 297,414 establish a clear retention mechanism across 2026-2028
• Vesting schedule disclosed (Sept 9, 2026; Sept 9, 2027; Sept 9, 2028) provides transparency on future potential share issuance

Negative

• Disposition of 27,562 shares at $0.341 reduces immediate beneficial ownership to 71,576 shares
• Form 4 lacks context on the purpose of the sale (e.g., liquidity needs or diversification), so investor interpretation is limited

Insights

Financial Analyst

TL;DR: Routine executive equity compensation with modest sale; no immediate change to company fundamentals.

The Form 4 documents a time-based RSU grant of 99,138 units and a contemporaneous sale of 27,562 shares at $0.341. The RSU grant vests over three years and will convert 1:1 to common stock on vesting, raising total RSUs to 297,414. From a financial standpoint, this is a common retention and alignment tool for senior executives rather than an operational signal. The disclosed sale reduces his immediate share count to 71,576 but does not, by itself, indicate a change in corporate performance or capital structure.

Corporate Governance Expert

TL;DR: Standard executive compensation disclosure; structured vesting supports retention objectives.

The filing shows standard governance practices: an RSU grant with multi-year vesting tied to continued service, and a reported sale of common stock. Multi-year vesting aligns the CEO with long-term shareholder interests. The Form 4 is properly signed by an attorney-in-fact and discloses relationship roles

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McDonell Jason

(Last) (First) (Middle)

2005 EAST INDIAN SCHOOL ROAD

(Street)

PHOENIX AZ 85016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Leslie's, Inc. [ LESL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share	09/09/2025		M		99,138	A	$0	99,138	D
Common Stock, par value $0.001 per share	09/09/2025		F		27,562	D	$0.341	71,576	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	09/09/2025		M			99,138	(2)	(2)	Common Stock	99,138	$0	297,414	D

Explanation of Responses:

1. Each Restricted Stock Unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Issuer's Common Stock.

2. Represents a grant of RSUs, of which 297,414 will vest on September 9, 2026, September 9, 2027, and Septmeber 9, 2028, subject to Mr. McDonell's continuous employment or service with the Issuer or an affiliate until the applicable vesting date.

	/s/ Benjamin Lindquist, as Attorney-in-Fact for Jason McDonell	09/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What transactions did Jason McDonell report on the Form 4 for LESL?

The filing reports a grant of 99,138 RSUs and a sale/disposition of 27,562 shares at $0.341 on 09/09/2025.

How many RSUs does Jason McDonell hold after the reported grant?

Following the reported grant, Mr. McDonell beneficially owns 297,414 RSUs, which convert 1:1 to common shares upon vesting.

When do the newly reported RSUs vest?

The RSUs vest in three equal tranches on September 9, 2026, September 9, 2027, and September 9, 2028, subject to continued service.

What is the conversion ratio for the RSUs reported in the Form 4?

Each Restricted Stock Unit represents the contingent right to receive one share of Leslie's, Inc. common stock upon vesting.

Who signed the Form 4 for Jason McDonell?

The Form 4 was signed by Benjamin Lindquist as Attorney-in-Fact for Jason McDonell on 09/09/2025.