8-K/ALeadership ChangesMaterial Agreements

DOLLAR GENERAL CORP 8-K/A Report, Agreement Terminated (Mar 10, 2006)

Filed March 10, 2006For Securities:DG

Summary

This 8-K/A filing from Dollar General Corporation (DG) serves as an amendment to a previous report, primarily updating information regarding the retirement of Stonie R. O’Briant, Executive Vice President of Strategic Initiatives. The key takeaway for investors is the confirmation of Mr. O'Briant's retirement date as April 30, 2006, which terminates his employment agreement with the company. The filing also clarifies the financial implications of his departure, including payments he will receive as per his agreement, such as pro rata salary and vested retirement benefits. Importantly, it notes that Mr. O'Briant will forfeit unvested stock options and restricted stock units but will retain a company car valued at approximately $44,000. Investors should note the potential forfeiture of vested stock options if not exercised within three years of retirement.

Key Highlights

  • 1Amendment No. 1 to Form 8-K filed on March 10, 2006, updates prior reporting on executive departure.
  • 2Stonie R. O’Briant, EVP of Strategic Initiatives, will retire on April 30, 2006.
  • 3Mr. O’Briant's employment agreement will terminate upon his retirement date.
  • 4Mr. O’Briant will receive pro rata base salary and vested retirement benefits (401(k), CDP/SERP) as per his agreement.
  • 5Mr. O'Briant will be transferred title to his company car, valued at approximately $44,000.
  • 6Unvested stock options and restricted stock unit awards will be forfeited by Mr. O'Briant.
  • 7Vested stock options must be exercised within 3 years of retirement to avoid forfeiture.

Frequently Asked Questions

The primary purpose of this filing is to amend a previous Form 8-K to update the retirement date of Stonie R. O’Briant, Executive Vice President of Strategic Initiatives, to April 30, 2006, and to disclose the termination of his employment agreement.

Mr. O'Briant will receive his pro rata base salary through his retirement date, any vested amounts in his 401(k) and CDP/SERP accounts, and any other vested amounts due under separate plans. He will also receive title to his company car, valued at approximately $44,000.

Mr. O'Briant will forfeit the unvested portions of his stock option and restricted stock unit awards. He will also forfeit any vested stock options if they are not exercised within three years of his retirement date.

Mr. O'Briant's employment agreement was extended to the earlier of October 31, 2006, or his retirement date on February 7, 2006.