8-K/ALeadership ChangesExhibits & Filings

DOLLAR GENERAL CORP 8-K/A Report, Executive Changes (Dec 6, 2013)

Filed December 6, 2013For Securities:DG

Summary

This Form 8-K/A filing from Dollar General Corporation (DG) serves as an amendment to a previous report, providing crucial details about the compensation package for Todd J. Vasos following his promotion to Chief Operating Officer. The amendment clarifies the financial terms associated with this significant leadership change, offering investors a clearer picture of executive remuneration. The key updates involve an increase in Mr. Vasos's base salary, a higher target for his annual bonus, and the grant of a stock option. These adjustments underscore the company's investment in its senior leadership and signal confidence in Mr. Vasos's role in driving operational performance. Investors can use this information to assess executive compensation alignment with company performance and strategic objectives.

Key Highlights

  • 1Amendment to a prior 8-K filing to provide supplemental compensation information for COO Todd J. Vasos.
  • 2Mr. Vasos's annual base salary increased from $687,107 to $750,000, effective November 4, 2013.
  • 3Target annual bonus increased from 65% to 80% of base salary, prorated from promotion date.
  • 4Awarded a non-qualified stock option to purchase 2,880 shares at $56.48 per share (closing price on grant date).
  • 5The stock option vests in four annual installments starting December 3, 2014, and expires December 3, 2023.
  • 6The compensation adjustments were approved by the Compensation Committee on December 3, 2013.
  • 7An amendment to Mr. Vasos's employment agreement reflecting his new title and salary increase was executed on December 4, 2013.

Frequently Asked Questions

The primary purpose of this amended 8-K filing is to provide details about the compensation package for Todd J. Vasos, which were not fully determined or disclosed in the original 8-K report when he was promoted to Chief Operating Officer.

Mr. Vasos's annual base salary was increased to $750,000, his target annual bonus percentage rose to 80% of his base salary, and he was granted a stock option to purchase 2,880 shares of the company's common stock.

The changes to Mr. Vasos's base salary and his employment agreement are effective as of November 4, 2013. The stock option grant was made on December 3, 2013, and its vesting begins on December 3, 2014.

The stock option grant is a form of long-term incentive compensation designed to align Mr. Vasos's interests with those of shareholders. It allows him to purchase company stock at a set price, potentially benefiting from future stock price appreciation, with vesting over four years.