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DOLLAR TREE, INC. 8-K Report, Executive Changes (Jul 9, 2024)

Reports
Leadership Changes
Filing Date
Filed July 9, 2024
Period End
July 5, 2024
Security
DLTR
In the record · 2016–202610-K1210-Q328-K227

DLTR filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 227 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’16Sep ’16
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Material agreement8-K · Mar ’26Mar ’26

01—Abstract

Summary

Summary of the 8-K filed July 9, 2024. Cited figures are marked; the original filing is the authoritative source.

Dollar Tree, Inc. (DLTR) announced a special performance award granted to its Chief Merchandising Officer—Family Dollar, Lawrence Gatta, Jr. This award, comprised of performance-based restricted stock units (PSUs), is designed to incentivize the executive and align his interests with the company's strategic direction, particularly concerning the Family Dollar business segment.

The PSUs have a target value of $1.5 milliona, equivalent to 14,060 shares, with vesting scheduled for the third anniversary of the grant, contingent upon continued service.

02—Key points

Key Highlights

  1. Special performance award granted to Lawrence Gatta, Jr., Chief Merchandising Officer—Family Dollar.
  2. Award consists of performance-based restricted stock units (PSUs).
  3. Target value of the award is $1.5 million, equating to 14,060 shares.
  4. Vesting is tied to continued service and is scheduled for the third anniversary of the grant date (July 5, 2024).
  5. Earlier vesting at target is possible upon death, disability, or retirement.
  6. Potential for vesting to occur prior to the third anniversary, at target or up to 166.67% of target, based on the Board of Directors' assessment of strategic review objectives for the Family Dollar business segment.
  7. Award is made under the Company's 2021 Omnibus Incentive Plan.

03—Questions

Frequently Asked Questions

  1. What is the nature of the award granted to Lawrence Gatta, Jr.?

    Lawrence Gatta, Jr., the Chief Merchandising Officer—Family Dollar, received a special performance award in the form of performance-based restricted stock units (PSUs). This award is subject to the standard Performance-Based Restricted Stock Unit Agreement under Dollar Tree's 2021 Omnibus Incentive Plan.

  2. What is the financial value and vesting schedule of the PSU award?

    The PSUs have a target value of $1.5 million, which corresponds to 14,060 shares based on the grant date value. The target vesting date is the third anniversary of the grant (July 5, 2027), provided the executive remains in service. Early vesting at target is also stipulated for events like death, disability, or retirement.

  3. Are there any performance-based conditions for accelerated vesting?

    Yes, the PSUs can vest earlier than the third anniversary, potentially at target or up to 166.67% of the target value. This accelerated vesting is contingent upon the Company's Board of Directors determining that specific performance objectives related to the strategic review of the Family Dollar business segment have been achieved.

  4. Why is this award significant for investors?

    This award is significant as it directly links executive compensation to the strategic performance and potential outcomes of the Family Dollar business segment, including a review of strategic alternatives. The structure suggests an effort to retain key leadership and incentivize performance during a potentially transformative period for Family Dollar.

04—Continue

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