Amendment dated March 13, 2023 to Employment Letter Agreement dated April 16, 2012 by and between Kenneth R. Bull and Five Below, Inc

Your “Position” is changed to “Chief Operating Officer” effective immediately, and your duties and responsibilities in that position shall be such as are assigned to you by the Board of Directors or the Chief Executive Officer from time to time. Until such time as the Board of Directors and Chief Executive Officer so determine, you shall remain in the additional roles of Chief Financial Officer and Treasurer and you shall continue to serve as the Company’s principal accounting officer. The removal of any or all of these additional roles shall not be considered a material change or diminution of duty under your Employment Agreement or the Company’s severance policies.

Your “Compensation” is restated as follows: “Effective March 12, 2023, you will be paid an annual base salary of $750,000, payable in accordance with the Company’s regular payroll practices, which annual base salary will be subject to annual review for increase by the Company’s Board of Directors (the “Board of Directors”) or the Compensation Committee of the Board of Directors (the “Compensation Committee”). The Compensation Committee may, in its sole discretion, approve payment of bonuses to you.

Additionally, in connection with your promotion, the Compensation Committee approved (i) a target annual bonus opportunity for you for fiscal year 2023 equal to 100% of your base salary, and (ii) a fiscal 2023 long-term incentive award to you comprised of 3,112 time-based restricted stock units and 9,336 performance based-restricted stock units at target (each subject to the Company’s standard award agreements for these grants with the vesting terms specified therein).

Agreed on this 13^th day of March, 2023:

/s/ Kenneth R. Bull

Kenneth R. Bull