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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No.  )

Filed by the Registrantý

Filed by a Party other than the Registranto

Check the appropriate box:

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Preliminary Proxy Statement

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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

ý


Definitive Proxy Statement

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Definitive Additional Materials

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Soliciting Material Pursuant to §240.14a-12


Filed by the Registrant ☒
DOLLAR TREE, INC.

(Name of Registrant as Specified In Its Charter)


(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.



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(3)Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.



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Table

Confidential, for Use of Contents

GRAPHIC

the Commission Only (as permitted by Rule 14a-6(e)(2))


Definitive Proxy Statement

Definitive Additional Materials

Soliciting Material under §240.14a-12
DOLLAR TREE, INC.
500 Volvo Parkway
Chesapeake, Virginia 23320

(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):

No fee required.

Fee paid previously with preliminary materials.

Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.


[MISSING IMAGE: lg_dollartree-pn.jpg]
LETTER TO OUR SHAREHOLDERS
Dear Fellow Shareholders,
You are cordially invited to join us for our 2024 virtual annual meeting of shareholders, which will be held online via webcast on Thursday, June 20, 2024, at 9:00 a.m. Eastern Time. The Notice of Annual Meeting of Shareholders and the Proxy Statement that follow describe the business to be conducted at the meeting. 2023 was a monumental year for Dollar Tree. While we have shared our progress with shareholders along the way, it is appropriate that we take a moment to highlight the work that has been accomplished by our Board and management team during this past year.
Board Oversight of Transformational Change
Starting in 2022 our Board has undergone a period of Board refreshment resulting in the addition of eight new directors with the unique skills and experience needed to transform the Dollar Tree business. One of the first activities of the Board was to identify and hire a new executive management team with the skills needed to drive change. The transition to the new executive leadership team was successfully completed in 2023. Under the leadership of the Chairman and Chief Executive Officer, our new management team is aligned with the Board’s objectives and focused on making improvements in our operations, our stores and the products offered to our customers.
Store Portfolio Optimization
Our stores serve communities across the United States and Canada providing the products that our customers need and want. To ensure that we are operating stores that meet our expectations and the expectations of our customers, we undertook a store portfolio optimization review in 2023. As part of that review, our Board and management team took a hard look at the performance of our stores under the Dollar Tree and Family Dollar brands and announced plans to close 970 underperforming Family Dollar stores and 30 underperforming Dollar Tree stores. We believe that this store portfolio optimization will better position the Company to move forward with stores that align with our brand and business expectations.
Robust Shareholder Engagement
Our Board is constantly focused on actions that are aligned with the best interests of our shareholders. The interests of shareholders are represented on our Board through the Lead Independent Director, the Vice Chairman (who is also an independent director and major shareholder), and overall by the ten out of eleven independent directors that make up our Board. In addition to the shareholder representation on our Board, our Board actively engages in collecting feedback from our shareholders. In 2023 we met with shareholders representing more than 48% of our outstanding shares to discuss subjects ranging from incentive compensation to environmental and social programs. A detailed description of the shareholder feedback received in 2023 and the Board’s response is included on page 32 of the Proxy Statement.
Finally, we want to thank all of you for your support and confidence in the Board. Whether or not you plan to attend the virtual annual meeting, your vote is important, and we encourage you to vote your shares.
Sincerely,
[MISSING IMAGE: sg_richarddreiling-bw.jpg]
[MISSING IMAGE: sg_edwardjkellyiii-bw.jpg]
Richard W. Dreiling
Chairman and Chief Executive Officer
Edward J. Kelly, III
Lead Independent Director



NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
to be held on
Thursday, June 16, 2016

To Our Shareholders:

        We will hold

You are invited to attend the annual meeting of shareholders of Dollar Tree, Inc. which will be held as follows:
Annual Meeting Information
[MISSING IMAGE: ic_time9-pn.jpg]
DATE & TIME
[MISSING IMAGE: tm2025328d25-icon_commvipn.jpg]
VIRTUAL MEETING
(LIVE INTERACTIVE WEBCAST)
[MISSING IMAGE: tm2025328d25-icon_recordps.jpg]
RECORD DATE
Thursday, June 20, 2024
at 9:00 a.m., Eastern Time
www.virtualshareholdermeeting.com/DLTR2024April 12, 2024
Proposals That Require Your Vote
ProposalVoting OptionsBoard
Recommendation
More
Information
Proposal No. 1
Election of Directors
FOR, AGAINST, or ABSTAIN for each Director NomineeFOR each Nominee on the proxy cardPage 80
Proposal No. 2
Advisory Vote on NEO Compensation
FOR, AGAINST, or ABSTAINFORPage 81
Proposal No. 3
Ratification of Appointment of Independent Auditors
FOR, AGAINST, or ABSTAINFORPage 82
Proposal No. 4
Regarding an Independent Board Chairman
FOR, AGAINST, or ABSTAINAGAINSTPage 85
Voting and Participation
The annual meeting will be held exclusively online via a live interactive webcast. Shareholders will be able to listen, vote and submit questions from any location using any internet-connected device. You may submit questions in advance of the meeting at The Founders Inn, 5641 Indian River Road, Virginia Beach, Virginia 23464 on Thursday, June 16, 2016 at 8:00 a.m. local time, forwww.proxyvote.com after logging in with your control number. Questions may also be submitted during the following purposes:

    annual meeting through www.virtualshareholdermeeting.com/DLTR2024. To elect eleven director nomineesbe admitted to the Company's Board of Directors as identified inannual meeting, you must enter the attachedcontrol number found on your proxy statement, each to serve as a director for a one-year term;

    To approve, by a non-binding advisory vote, the compensation of the Company's named executive officers;

    To ratify the selection of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year 2016;

    To approve the material terms of performance goals under the Omnibus Incentive Plan; and

    To act upon any other business that may properly come before the meeting.

card, voting instruction form or notice.

Shareholders of record at the close of business on April 15, 201612, 2024 will receive notice of and be allowed to vote at the annual meeting.

See “Information About the Annual Meeting and Voting” beginning on page 76 for the various ways available for submitting your vote.

We are making the Proxy Statement and the form of proxy first available to shareholders on or about May 7, 2024. We have elected to distribute our proxy materials primarily over the Internet rather than mailing paper copies of those materials to each shareholder. We believe this will increase

ii


shareholder value by decreasing our printing and distribution costs, reducing the potential for environmental impact by conserving natural resources, and allowing for convenient access to and delivery of materials in an easily searchable format. If you would prefer to receive paper copies of our proxy materials, please follow the instructions included in the Notice of Internet Availability of Proxy Materials that is being mailed to our shareholders on or about May 7, 2024.
Your vote is important to us. We To ensure the presence of a quorum at the annual meeting, we encourage you to read the attached proxy statement and then vote your shares promptly by Internet, by phone or sign, dateby signing, dating and returnreturning your proxy card in the enclosed envelope at your earliest convenience.(if you request a paper copy). Sending in your proxy card will not prevent you from voting your shares at the annual meeting, if you desire to do so.

as your proxy is revocable at your option.
By Order of the Board of Directors




LOGO
WILLIAM A. OLD, JR.
Corporate Secretary



Chesapeake, Virginia
May 18, 2016

[MISSING IMAGE: sg_jonathanbleiken-bw.jpg]
Jonathan B. Leiken
Corporate Secretary
Chesapeake, Virginia
May 7, 2024
IMPORTANT NOTICE ABOUT THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 16, 2016

20, 2024

The Company'sCompany’s proxy statement and annual report to shareholders for the fiscal year ended January 30, 2016
February 3, 2024
are available at
http:
https://www.dollartreeinfo.com/corporate.dollartree.com/investors/financial/annuals/


financial-information/annual-reports-proxies.


iii


TABLE OF CONTENTS


TABLE OF CONTENTS
Page

Page

1


Page

PROPOSAL NO. 1: ELECTION OF DIRECTORS

Directors and Nominees

INFORMATION CONCERNING NOMINEES, DIRECTORS AND EXECUTIVE OFFICERS

Vote Required

HOW NOMINEES TO OUR BOARD ARE SELECTED

Shareholder Nominations for Election of Directors

15

INFORMATION ABOUT THE BOARD OF DIRECTORS

16

Director Compensation

16

Meetings of the Board of Directors

18

Committees of the Board of Directors

18

Audit Committee

19

Report of the Audit Committee

19

Compensation Committee

20

Nominating and Corporate Governance Committee

21

CORPORATE GOVERNANCE AND DIRECTOR INDEPENDENCE

22

Independence

22

Corporate Governance Guidelines

22

Board Leadership Structure

22

Majority Vote Standard for the Election of Directors

23

Board's Role in Risk Oversight

23

Code of Ethics

23

Charters of Our Board Committees

23

COMMUNICATING WITH OUR BOARD MEMBERS

24

Shareholder Proposals

24

COMPENSATION OF EXECUTIVE OFFICERS

25

Compensation Committee Report

25

Compensation Committee Interlocks and Insider Participation

25

Compensation Discussion and Analysis

26

Annual Compensation of Executive Officers

43

Summary Compensation Table

43

Grants of Plan-Based Awards

46

Outstanding Equity Awards at Fiscal Year-End

48

Option Exercises and Stock Vested

50

Non-Qualified Deferred Compensation

50

Potential Payments upon Termination or Change of Control

51

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

56

OWNERSHIP OF COMMON STOCK

57

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

59

Equity Compensation Plan Information

59

PROPOSAL NO. 2: ADVISORY VOTE ON EXECUTIVE COMPENSATION PROGRAM

OF NAMED EXECUTIVE
OFFICERS


2


Corporate Governance & Compensation Highlights
Governance or Compensation ItemDollar Tree’s Practice
Board Composition, Leadership and Operations
Number of directors11
Director independence91%
Standing Board committee independence100%
Robust Lead Independent Director RoleYes
Majority voting standard in uncontested director electionsYes
Director resignation policyYes
Board oversight of Company strategy and risksYes
Annually-elected BoardYes
Average director age65
Average director tenure2.9 years
Directors attending fewer than 75% of meetingsNone
Annual Board, committee and individual director evaluation processYes
Independent directors meet without management presentYes
Number of Board meetings held in fiscal 20235
Total number of Board and committee meetings held in fiscal 202331
Sustainability and Corporate Responsibility
Dedicated Board Committee provides oversight of sustainability, corporate responsibility and human capital managementYes
Environmental PolicyYes
Human Rights PolicyYes
Occupational Health and Safety PolicyYes
Political Contribution and Expenditure Policy StatementYes
Corporate Sustainability Report (and Updates)Yes
Climate related disclosures aligned with Taskforce on Climate-Related Financial Disclosures (TCFD) (included in Corporate Sustainability Report)Yes
Vendor code of conductYes

3


Governance or Compensation ItemDollar Tree’s Practice
Other Governance Practices
Code of conduct for directors, officers and associatesYes
Shareholder engagement policyYes
Anti-hedging policyYes
Robust stock ownership policiesYes
Shares pledged by officers and directorsNone
Family relationshipsNone
Independent auditorKPMG LLP
Compensation Practices
Executive compensation programs designed to reward performance, incentivize growth and drive long-term shareholder valueYes
Robust clawback policyYes
Employment agreements for executive officersOnly Chairman & CEO
Incentive awards based on challenging performance targetsYes
Significant portion of compensation at riskYes
Annual risk assessment of compensation policies and practicesYes
Frequency of say on pay advisory voteAnnual
Independent compensation consultantYes
Double-trigger change-in-control provisionsYes
Policy for timing of annual grant of incentive awardsYes
Repricing of underwater optionsNo
Excessive perksNo
[MISSING IMAGE: tm223490d1-fc_comp4cpn.jpg]

4


Our Board
Our Board currently consists of Contents


INFORMATION ABOUT THE ANNUAL MEETING AND VOTING

        Dollar Tree's11 directors with the relevant diversity of skills and experience to oversee the Company, its management, its strategic plan and the execution of that plan. The Board believes that our director nominees, as a group, represent an effective mix of Directors is soliciting your proxy to vote your sharesskills, experiences, diversity and fresh perspectives. The Board has re-nominated all current directors for election at the 2024 annual meeting of shareholders. This proxy statement summarizes the information you needshareholders to know to vote at the meeting.

        We began mailing these proxy materials on or about May 18, 2016 to all shareholders entitled to vote. The Dollar Tree 2015 Annual Report, which includesserve as directors for a one-year term.

Director NameCurrent or Former Principal OccupationDirector
Since
IndependentPublic
Boards
(including
Dollar
Tree)
Richard W. DreilingChairman and Chief Executive Officer of Dollar
Tree, Inc.
2022No2
Cheryl W. GriséFormer Executive Vice President of Northeast Utilities and Chief Executive Officer of its principal operating companies.2022Yes4
Daniel J. HeinrichFormer Chief Financial Officer of The Clorox Company2022Yes1
Paul C. HilalFounder and Chief Executive Officer of Mantle
Ridge LP
2022Yes2
Edward J. Kelly, IIIRetired Chairman of the Institutional Clients Group of Citigroup, Inc.2022Yes3
Mary A. LaschingerFormer Chairman of the Board of Directors and Chief Executive Officer of Veritiv Corporation2022Yes3
Jeffrey G. NaylorFormer Chief Financial Officer of the TJX Companies2018Yes3
Winnie Y. ParkChief Executive Officer of Forever 21
   
2020Yes1
Diane E. RandolphFormer Chief Information Officer of Ulta Beauty2023Yes2
Bertram L. ScottFormer President and Chief Executive Officer of Affinity Health Plan2022Yes4
Stephanie P. StahlFounder of Studio Pegasus LLC and former Global Marketing and Strategy Officer of Coach, Inc.2018Yes3
Strong Independent Board Leadership
Our Board is led by our financial statements, is being sent with this proxy statement.

        The principal executive offices of Dollar Tree are located at,Chairman & CEO, our Vice Chairman and our mailing addressLead Independent Director. As set forth in our Corporate Governance Guidelines, a Lead Independent Director is 500 Volvo Parkway, Chesapeake, Virginia, 23320; telephone: (757) 321-5000.

Whenselected by our independent directors when our Chairman is not independent. In June 2023, Edward J. Kelly, III was re-elected as Lead Independent Director by the independent directors. To ensure the independence of the Board from management, our Corporate Governance Guidelines and where isBy-Laws outline the annual meeting?

        As shown inmany significant powers and duties held by the Notice of Annual Meeting, the 2016 Annual Meeting of Shareholders of Dollar Tree, Inc. will be heldLead Independent Director. For more details, see “Board Leadership Structure” on Thursday, June 16, 2016, at page 16.

The Founders Inn, 5641 Indian River Road, Virginia Beach, Virginia 23464 at 8:00 a.m. local time.

Who is entitled to vote at the meeting?

        You are entitled to vote if you were a shareholder of recordindependence of our common stock as of the close of business on April 15, 2016. Holders of record have one vote for each share held at the close of business on the record date. At that time, there were 235,565,412 shares of Dollar Tree, Inc. common stock outstanding. Votes will be tabulated by our transfer agent, Computershare.

WhatBoard is the difference between a shareholder of record and a beneficial owner of shares held in "street name?"

        If your shares are registered directly in your name with the Company's transfer agent, Computershare, you are a shareholder of record. If your shares are held in an account at a brokerage firm, bank, or similar institution, then you are the beneficial owner of shares held in "street name." The institution holding your account is considered the shareholder of record for purposes of voting at the annual meeting. As the beneficial owner, you have the right to instruct the institution on how to vote the shares held in your account.


Table of Contents

How can I cast my vote?

Shareholder of Record

        If you are a shareholder of record, you may vote in person at the annual meeting, vote by proxy using the enclosed proxy card or vote over the telephone or the Internet.

    To vote in person, we will give you a ballot to vote your shares when you arrive at the meeting.

    To vote using the enclosed proxy card, simply complete, sign, date and return it promptly in the envelope provided.

    To vote by Internet, go to www.investorvote.com/DLTR and follow the steps outlined on the secured website.

    To vote by telephone, dial toll free, 1-800-652-VOTE (8683) within the USA, US territories and Canada any time on a touch tone telephone. Follow the instructions providedalso supported by the recorded message.

    If you vote your sharesstrong leadership roles held by the chairs of our standing committees. The chairs and members of our standing committees are all independent members of our Board. The charters of each of our standing committees (namely, the Audit Committee, the Compensation Committee, the Nominating and Governance Committee, the Finance Committee and the Sustainability and Corporate Social Responsibility Committee) outline duties and responsibilities of each committee to oversee critical and strategically important functions of our business. For more than one time by any method, your shares will be voteddetails, see “Board Committees” on page 17.

5


DIRECTOR NOMINEES
Director Skills Matrix
The tables below describe the key skills and experiences that we believe are essential to oversight of our business and the skills, experience and qualifications of each of our nominees for director. The director biographies beginning on page 8 describe each nominee’s background and relevant experience in accordance with the vote that is received on the latest date.

Internet

Telephone Mail

    GRAPHIC

GRAPHICGRAPHIC

    www.investorvote.com/DLTR
Vote 24/7


1-800-652-VOTE (8683)Cast your ballot, sign your proxy card
and send by pre-paid mail

    Visit www.investorvote.com/DLTR
You will need the 15 digit number
included in your proxy card, voter
instruction form or notice.

Call 1-800-652-VOTE (8683) or the
number on your voter instruction form.
You will need the 15 digit number
included in your proxy card, voter
instruction form or notice.

Send your completed and signed proxy
card or voter instruction form to the
address on your proxy card or voter
instruction form.

Beneficial Owner

    To vote using the enclosed proxy card, simply complete, sign, date and return it promptly in the envelope provided.

    To vote by Internet, go to www.proxyvote.com and follow the steps outlined on the secured website.

    To vote by telephone, dial toll free, 1-800-454-8683 (please note that beneficial shareholders may receive a different number based on their broker).

Table of Contents

    If you vote your shares more than one time by any method, your shares will be voted in accordance with the vote that is received on the latest date.

detail.

Internet

Telephone Mail

    GRAPHIC

GRAPHICGRAPHIC

    www.proxyvote.com
Vote 24/7


1-800-454-VOTE (8683)Cast your ballot, sign your proxy card
and send by pre-paid mail

    Visit www.proxyvote.com
You will need the control number
included in your proxy card, voter
instruction form or notice.

Call 1-800-454-VOTE (8683) or the
number on your voter instruction form.
You will need the control number
included in your proxy card, voter
instruction form or notice.

Send your completed and signed proxy
card or voter instruction form to the
address on your proxy card or voter
instruction form.

        Shareholders who own their shares in street name are not able to vote at the annual meeting unless they have a proxy executed in their favor from the holder of record of their shares.

What are the Board's voting recommendations?

GRAPHICPLEASE VOTE
BOARD
RECOMMENDATION

1The eleven director nominees for the Board of Directors For Each Nominee
2Approval, on an advisory basis, of the compensation of our Named Executive Officers For
3Ratification of the selection of KPMG LLP as our independent registered accounting firm for the fiscal year 2016 For
4Management proposal to approve the material terms of the performance goals under the Omnibus Incentive Plan. For
Director Skills and ExperienceKey Qualifications for Dollar Tree
Executive LeadershipDollar Tree is a large international company. Our directors with executive leadership experience have served as an executive officer of a large public or private company.
Financial ManagementDollar Tree is a publicly traded company that manages its resources responsibly and has an obligation to make accurate financial disclosures. We identified the directors with chief financial officer, chief accounting officer or similar experience or experience on a board overseeing finance, accounting or financial reporting functions, including those directors who qualify as an “audit committee financial expert” under applicable SEC rules.
Consumer/Retail IndustryDollar Tree operates over 16,000 stores that provide retail products to customers in communities across North America. We identified the directors with executive level experience with companies in the consumer or retail industries or experience on the board of directors of a company in the consumer or retail industry.
Marketing/Advertising/ CommunicationsOur Dollar Tree and Family Dollar brands and the branded products sold in our stores are trusted and valued by our customers. We identified the directors with executive level experience in marketing consumer products or experience on the board of directors of a marketing or consumer products company.
Strategic PlanningOur strategic vision and our ability to execute on the vision is important to our ability to grow and deliver long-term value to our shareholders. We identified the directors with experience in developing and executing long-term strategic plans.
OperationsDollar Tree operates over 16,000 retail stores across North America. We identified the directors with experience on the board of directors of a company with large retail operations.
Human Capital ManagementDollar Tree has over 200,000 associates who are a vital resource in the operation of our company. We identified the directors with executive level experience in human resources management or managing a large workforce or experience on a board of directors overseeing those functions.
Information Technology/ CybersecurityDollar Tree leverages information technology tools to operate our business and enhance our customer’s experience and we continue to invest in tools to improve our performance and the security of our information technology systems. We identified the directors with executive level experience in the fields of information technology and cybersecurity or experience on the board of directors of a company that provides information technology or cybersecurity products or services.
Risk ManagementDollar Tree is subject to a variety of risks that we work to manage and mitigate through diligent action and thoughtful leadership. We identified the directors with executive level experience in enterprise risk management or on a board of directors overseeing risk management functions.
Global Sourcing/Supply ChainDollar Tree merchandise is sourced from domestic and international vendors around the world using a network of distribution centers to deliver a high volume of products to our stores. We identify the directors with experience on the board of directors of a company with global supply chain operations.


6


Dreiling
(Chair)
Grise´
HeinrichHilalKellyLaschingerNaylorParkRandolphScottStahl
Director Skills and Experience
Executive Leadership
Financial Management
Consumer/Retail Industry
Marketing/Advertising/Communications
Strategic Planning
Operations
Human Capital Management
Information Technology/Cybersecurity
Risk Management
Global Sourcing/Supply Chain
Director Qualifications
Dollar Tree Independent Director
Dollar Tree Board Tenure (years)22222263<126
Other Public Board Experience
Demographic Background
Age7071685771646553697357
Gender Identity
Male
Female
Ethnicity
White/Caucasian
Black or African American
Asian

7

TABLE OF CONTENTS Can I change my voting instructions before the meeting?

        You may revoke your proxy by sending in a signed proxy card with a later date, providing subsequent telephone or Internet voting instructions, providing a written notice of revocation to the Corporate Secretary of Dollar Tree, Inc. at the address on page 1 prior to the annual meeting or attending the annual meeting to cast your vote in person.


BIOGRAPHIES OF DIRECTOR NOMINEES
RICHARD W. DREILING
Chairman and Chief Executive Officer of Dollar Tree, Inc. | Age 70
[MISSING IMAGE: ph_richard-4clr.jpg]
Director since 2022
Chair of the Board
Board Committees:

None
Other Public Company Board Experience

Lowe’s Companies (since 2012)

Kellanova (formerly known as Kellogg Company) (2016 to 2023)

Aramark (2016 to 2022)

Pulte Group, Inc. (2015 to 2022)
Key Skills, Experience and Expertise:
Mr. Dreiling brings to our Board over 40 years of retail experience at all operating levels. He has strong business development expertise in expanding the footprint and offerings of several retailers. Mr. Dreiling also brings unique experience in the value retail sector gained from his role as the former Chairman and CEO of Dollar General Corporation.
Biography
Mr. Dreiling has served as the Chairman and Chief Executive Officer of Dollar Tree, Inc. since February 2023 and as Executive Chairman from March 2022 to February 2023. Prior to joining Dollar Tree, Inc., Mr. Dreiling served as the Chairman of Dollar General Corporation from 2015 to 2016 and the Chief Executive Officer of Dollar General Corporation from 2008 to 2015. He also served as President, Chief Executive Officer and Chairman of the Board of Directors of Duane Reade Holdings, Inc. from 2005 to 2008; Executive Vice President and Chief Operating Officer of Longs Drug Stores Corp. from 2003 to 2005; Executive Vice President of Marketing at Safeway, Inc. from 2000 to 2003; and President of Vons Co. Inc. from 1998 to 2000. Mr. Dreiling currently serves on the Board of Directors of Lowe’s Companies.
CHERYL W. GRISÉ
Former Executive Vice President of Northeast Utilities and CEO of its principal operating companies | Age 71
[MISSING IMAGE: ph_cheryl-4clr.jpg]
Director since 2022
Independent
Board Committees:

Compensation, Chair

Nominating & Governance
Other Public Company Board Experience

ICF International, Inc. (since 2012)

PulteGroup, Inc. (since 2008)

Metlife, Inc. (since 2004)

Pall Corporation (2007 to 2015)

Dana Holding Corporation (2002 to 2008)
Key Skills, Experience and Expertise:
Ms. Grisé brings to our Board substantial executive leadership experience with a large consumer facing business, a strong governance and legal background and an unusually solid and strong record of leadership in public company boardrooms in many different sectors. She was named by the National Association of Corporate Directors (NACD) to their Top 100, a list of the top 100 most influential directors in the U.S.
Biography
Ms. Grisé is the former Executive Vice President of Northeast Utilities (now known as Eversource Energy) and Chief Executive Officer of its principal operating companies. She held those positions and other senior leadership positions at Northeast Utilities from 1998 to 2007. She currently serves on the Board of Directors of ICF International, Inc., Pulte Group, Inc. and Metlife, Inc.

8


DANIEL J. HEINRICH
Former Chief Financial Officer of The Clorox Company | Age 68
[MISSING IMAGE: ph_danielnew-4clr.jpg]
Director since 2022
Independent
Board Committees:

Audit

Finance, Chair
Other Public Company Board Experience

Lowe’s Companies, Inc. (2021 to 2023)

Aramark (2013 to 2023)

Ball Corporation (2016 to 2022)

Edgewell Personal Care Company
(2012 to 2022)

Advanced Medical Optics (2007 to 2009)
Key Skills, Experience and Expertise:
Mr. Heinrich brings to our Board his substantial experience as a director and executive at consumer-packaged goods companies and consumer-facing businesses. He has extensive executive-level financial knowledge and experience and has developed strong expertise in the areas of strategic business development, risk management, mergers and acquisitions, accounting and information technology. In addition, our Board has determined that Mr. Heinrich qualifies as an Audit Committee financial expert.
Biography
Mr. Heinrich is the former Chief Financial Officer of The Clorox Company. He held that position and other senior leadership positions at The Clorox Company from 2001 to 2011. Prior to that, he served as the Senior Vice President and Treasurer of Transamerica Finance Company from 1996 to 2001; Senior Vice President, Treasurer and Controller of Granite Management Company from 1994 to 1996; Senior Vice President, Controller and Chief Accounting Officer of First Nationwide Bank from 1986 to 1994; and Senior Audit Manager at Ernst & Young from 1978 to 1986.
PAUL C. HILAL
Founder and Chief Executive Officer of Mantle Ridge LP | Age 57
[MISSING IMAGE: ph_paulchilal-4clr.jpg]
Director since 2022
Independent
Vice Chair of the Board
Board Committees:

Compensation

Finance

Nominating & Governance
Other Public Company Board Experience

CSX Corporation (since 2017)

Aramark (2019 to 2023)

Canadian Pacific Railway Limited
(2012 to 2016)
Key Skills, Experience and Expertise:
Mr. Hilal brings to our Board substantial experience enabling companies to successfully effect value-creating change. His experience as a value investor, capital allocator and engaged steward during corporate transformations, in addition to his knowledge of the Company, enables him to contribute to the Board and its mission in unique and extremely valuable ways. Additionally, Mr. Hilal’s experience serving on the boards of multiple public companies will allow him to provide key strategic perspectives to the Board.
Biography
Mr. Hilal is the Founder and Chief Executive Officer of Mantle Ridge LP, an investment fund. Prior to launching Mantle Ridge LP, Mr. Hilal served as a Partner and Senior Investment Professional at Pershing Square Capital Management from 2006 to 2016; Managing Partner at Caliber Capital Management from 2002 to 2005, Partner at Hilal Capital Management from 1998 to 2001, Acting Chief Executive Officer of WorldTalk Communications Corporation from 1999 to 2000. Mr. Hilal currently serves on the Board of Directors of CSX Corporation.

9


EDWARD J. KELLY, III
Retired Chairman of the Institutional Clients Group of Citigroup, Inc. | Age 71
[MISSING IMAGE: ph_edwardjkelly-4clr.jpg]
Director since 2022
Independent
Lead Independent Director
Board Committees:

Audit

Nominating & Governance, Chair
Other Public Company Board Experience

Citizens Financial Group, Inc. (since 2019)

Metlife (since 2015)

CSX Corporation (2002 to 2019)

XL Group (2014 to 2018)
Key Skills, Experience and Expertise:
Mr. Kelly brings to our Board business, strategic, financial and legal acumen and extensive leadership expertise. His experience includes key roles in building a client-centric model and managing the global operations of a major financial institution. In addition, he provides a local perspective as a long-time Virginia resident and lecturer at the University of Virginia School of Law.
Biography
Mr. Kelly is the Former Chairman of the Institutional Clients Group of Citigroup, Inc. He served in that role and other senior leadership positions at Citigroup, Inc. from 2008 to 2014, including Chairman of Global Banking, Vice Chairman, Chief Financial Officer and Head of Global Banking, and President and Chief Executive Officer of Citi Alternative Investments. Prior to Citigroup, Mr. Kelly served as Managing Director of The Carlyle Group from 2007 to 2008, Chairman and Chief Executive Officer of Mercantile Bankshares Corporation from 2001 to 2007, Managing Director of J.P. Morgan from 1995 to 2001, General Counsel of J.P. Morgan from 1994 to 1995 and Partner at Davis Polk & Wardwell, LLP from 1988 to 1994.
MARY A. LASCHINGER
Former Chairman and Chief Executive Officer of Veritiv Corporation | Age 64
[MISSING IMAGE: ph_maryalaschinger-4clr.jpg]
Director since 2022
Independent
Board Committees:

Compensation

Sustainability and CSR
Other Public Company Board Experience

Newmont Corporation (since 2021)

Kellanova (formerly known as Kellogg Company) (since 2012)
Key Skills, Experience and Expertise:
Ms. Laschinger brings to our Board substantial experience as a senior executive at some of the largest companies in the United States. In addition, she has led and served on the board of directors of several major U.S. and foreign companies and institutions, including the Federal Reserve Bank of Atlanta. Through these roles she has gained deep knowledge of risk management, leadership development, compensation and human capital management.
Biography
Ms. Laschinger is the former Chairman and Chief Executive Officer of Veritiv Corporation. She held that position from 2014 to 2020. Prior to Veritiv Corporation, Ms. Laschinger held senior leadership positions at International Paper Company from 2007 to 2014, including Senior Vice President of International Paper Company and President of xpedx distribution company. Ms. Laschinger currently serves on the Board of Directors of Newmont Corporation and Kellanova (formerly known as Kellogg Company). In addition to her service on public company boards, Ms. Laschinger has served on the Board of Directors of the Federal Reserve Bank of Atlanta.

10


JEFFREY G. NAYLOR
Former Chief Financial Officer of The TJX Companies | Age 65
[MISSING IMAGE: ph_jeffrey-4clr.jpg]
Director since 2018
Independent
Board Committees:

Audit, Chair

Finance
Other Public Company Board Experience

Synchrony Financial (since 2014)

Wayfair (since 2018)

Emerald Holding, Inc. (2013 to 2021)

Fresh Market, Inc. (2010 to 2016)
Key Skills, Experience and Expertise:
Mr. Naylor brings to our Board extensive financial and accounting experience gained through his roles as the chief financial officer, director and audit committee chair of multiple large public companies. Mr. Naylor’s experience working as an executive at multiple discount retailers allows him to contribute valuable insight and perspectives in the areas of strategic business development, risk management, accounting and information technology. In addition, our Board has determined that Mr. Naylor qualifies as an Audit Committee financial expert.
Biography
Mr. Naylor is the former Chief Financial Officer of The TJX Companies. He held that position and other executive leadership positions at The TJX Companies from 2004 to 2014, including Senior Executive Vice President, Chief Financial and Administrative Officer, and Senior Executive Vice President, Chief Administrative and Business Development Officer. Prior to that, he served as the Chief Financial Officer of Big Lots, Inc. from 2001 to 2004 and earlier in his career he held senior level positions with Limited Brands, Sears, Roebuck and Co. and Kraft Foods, Inc. Mr. Naylor began his career as a Certified Public Accountant with Deloitte Haskins & Sells. Mr. Naylor is also the Managing Director of his consulting firm, Topaz Consulting LLC. He currently serves on the Board of Directors of Synchrony Financial and Wayfair, Inc.
WINNIE Y. PARK
Chief Executive Officer of Forever 21 | Age 53
[MISSING IMAGE: ph_winnie-4c.jpg]
Director since 2020
Independent
Board Committees:

Compensation

Sustainability and CSR
Other Public Company Board Experience

Sound Point Acquisition Corp. I, Ltd. (2022 to May 2023)

Express, Inc. (2017 to 2022)
Key Skills, Experience and Expertise:
Ms. Park is a retail and marketing leader with deep experience in brand-building, e-commerce, omnichannel specialty retail, merchandising and international expertise. Ms. Park’s experience as a chief executive officer and director of multiple large multi-national retail companies allows her to contribute expert knowledge and strategic insight on the development of our business.
Biography
Ms. Park is the Chief Executive Officer of Forever 21, a role she has held since January 2022. Prior to joining Forever 21, Ms. Park was the Chief Executive Officer of Paper Source, Inc. from 2015 to 2021. In March 2021, Paper Source, Inc. filed a voluntary petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. Under Ms. Park’s leadership Paper Source was acquired by an affiliate of Barnes and Nobles in connection with the completion of the bankruptcy proceedings. Prior to Paper Source Ms. Park was the Executive Vice President, Global Marketing and eCommerce at DFS Group Ltd. Earlier in her career, Ms. Park worked in various senior leadership positions at Levi Strauss & Co. and McKinsey & Company.

11


DIANE E. RANDOLPH
Former Chief Information Officer of Ulta Beauty | Age 69
[MISSING IMAGE: ph_dianeerandolph-4clr.jpg]
Director since 2023
Independent
Board Committees:

Audit

Finance
Other Public Company Board Experience

Shoe Carnival, Inc. (since 2021)

Core Mark Holding Company (2020 to 2021)
Key Skills, Experience and Expertise:
Ms. Randolph brings to our Board substantial experience in the areas of information technology and business transformation, in addition to her experience serving as a director on boards of several public and private companies. Ms. Randolph will provide valuable insight and perspective as the Company develops and implements new technologies and systems.
Biography
Ms. Randolph is the Former Chief Information Officer of Ulta Beauty. She held that position from 2014 to 2020. Prior to that, she served as the Chief Information Officer of Reitmans Canada Limited from 2008 to 2014 and Director of Merchandise Business Process from 2005 to 2008. Earlier in her career she served as Vice President of Software Development at Aptos, LLC (formerly known as STS Systems). Ms. Randolph currently serves on the Board of Directors of the Shoe Carnival, Inc.
BERTRAM L. SCOTT
Former President and Chief Executive Officer of Affinity Health Plan | Age 73
[MISSING IMAGE: ph_bertramlscott-4clr.jpg]
Director since 2022
Independent
Board Committees:

Audit

Sustainability and CSR
Other Public Company Board Experience

Equitable (since 2019)

Lowe’s Companies, Inc. (since 2015)

Becton, Dickinson and Company (since 2002)

AllianceBernstein (2020 to 2022)
Key Skills, Experience and Expertise:
Mr. Scott brings to our Board his substantial corporate governance and business expertise, in addition to extensive experience serving as a director on the boards of several large, complex, publicly-traded companies, as well as serving as chair of several board committees. Mr. Scott draws on his professional experiences to provide perspective to the boards on which he serves with respect to development and the implementation of strategy, mergers and acquisitions, merger integration, and sales and marketing. In addition, the Board has determined that Mr. Scott qualifies as an Audit Committee financial expert.
Biography
Mr. Scott is a retired health care executive who formerly served as the President and Chief Executive Officer of Affinity Health Plan from 2012 to 2014. Prior to that, Mr. Scott served as the President, US Commercial at CIGNA Corporation from 2010 to 2011; and held multiple executive leadership roles at TIAA-CREF from 2000 to 2010, including President and Chief Executive Officer. Mr. Scott currently serves on the Board of Directors of Equitable, Lowe’s Companies, Inc. and Becton, Dickinson and Company.

12


STEPHANIE P. STAHL
Former Global Marketing & Strategy Officer of Coach, Inc. | Age 57
[MISSING IMAGE: ph_stephaniestahl-4c.jpg]
Director since 2018
Independent
Board Committees:

Nominating & Governance

Sustainability and CSR, Chair
Other Public Company Board Experience

Carter’s Inc. (since 2022)

Newell Brands, Inc. (since 2022)

Knoll, Inc. (2013 to 2021)
Key Skills, Experience and Expertise:
Ms. Stahl brings to our Board significant experience in marketing, data analytics, digital strategy, sustainability and brand development. Ms. Stahl has spent her career focused on the retail/consumer sector with extensive experience in developing, executing and optimizing major change initiatives including fundamental business transformation, mergers and acquisitions, and post-merger integrations. She also brings to our Board significant experience in corporate governance, investor engagement and ESG.
Biography
Ms. Stahl is the former Global Marketing and Strategy Officer of Coach, Inc. She held that position from 2012 to 2015. Prior to that, she served as the Chief Executive Officer of Tracy Anderson Mind & Body, LLC from 2010 to 2011, Executive Vice President, Chief Marketing Officer of Revlon, Inc. from 2003 to 2006, Partner and Managing Director of The Boston Consulting Group, Inc. from 1998 to 2003. Ms. Stahl is also the Founder of her investment and advisory company, Studio Pegasus LLC. Ms. Stahl serves on the Board of Directors of Carter’s Inc. and Newell Brands, Inc.

13

TABLE OF CONTENTS What constitutes a quorum?

        A quorum is necessary for the transaction of business at the annual meeting. A quorum exists when holders of a majority of the total number of issued


Nomination and outstanding shares of common stock that are entitled to vote at the annual meeting are present in person or by proxy.

Who will count the votes?

        A representative of Computershare, our transfer agent, will act as the Inspector of Election determine the presence of a quorum and tabulate the votes.

Process

Table of Contents

What is the effect of abstentions and broker non-votes?

        The inspector will treat valid proxies marked "abstain" or proxies required to be treated as broker "non-votes" as present for purposes of determining whether there is a quorum at the annual meeting. A broker "non-vote" occurs when you fail to provide your broker with voting instructions on a particular proposal and the broker does not have discretionary authority to vote your shares on that particular proposal because the proposal is not a "routine" matter under the applicable rules. Abstentions and broker "non-votes" with respect to the matters to be voted on at the 2016 annual meeting will have no effect on the outcome.

        Unless your broker receives appropriate instructions from you, your broker may not use discretionary authority to vote your shares on any of the matters to be considered at the 2016 annual meeting of shareholders other than the ratificationAll of our independent registered public accounting firm. Therefore, we strongly urge you to vote your shares.

If I share an address with another shareholder and we receive only one paper copy of proxy materials, how can I obtain an additional copy of proxy materials?

        In some cases, only one proxy statement is being delivered to multiple shareholders sharing an address unless we have received contrary instructions from one or more of the shareholders. Upon written or oral request, we will deliver a separate copy of the proxy statement to a shareholder at a shared address to which a single copy of the proxy statement was delivered. You can notify our Corporate Secretary at our address on page 1 that you wish to receive a separate copy of the proxy statement in the future, or alternatively, that you wish to receive a single copy of the materials instead of multiple copies. Each shareholder will receive voting instructions relative to their individual holdings, regardless of a shared address.

How can I obtain an additional proxy card?

        If you lose, misplace or otherwise need to obtain a proxy card and youDirectors are a shareholder of record, you should contact Computershare at 1-800-622-6757 (US, Canada, Puerto Rico) or 781-575-4735 (non-US).

        If you hold your shares of common stock in "street name" and therefore are not a shareholder of record, contact your account representative at the broker, bank or similar institution through which you hold your shares.

Where and when will I be able to find the voting results?

        You can find the official voting results on our Form 8-K within four business days after the annual meeting.

Who pays for the costs of the proxy solicitations?

        The cost of soliciting proxies will be borne by us. Proxies may be solicited by officers, directors and regular employees of our company or our affiliates, none of whom will receive any additional compensation for their services. Such solicitations may be made personally, or by mail, facsimile, telephone, telegram or messenger. We will reimburse brokerage firms and other custodians, nominees and fiduciaries for reasonable expenses incurred by them in sending proxy material and annual reports to the beneficial owners of shares in accordance with the schedule of charges approved by the National Association of Securities Dealers, Inc. We have retained Georgeson Inc. to assist with the solicitation of proxies for a fee not to exceed $20,000, plus reimbursement for out-of-pocket expenses.


Table of Contents

PROPOSAL NO. 1—ELECTION OF DIRECTORS

Directors and Nominees

        At the 2016 annual meeting of shareholders, the terms of all directors are expiring: Arnold S. Barron, Macon F. Brock, Jr., Gregory M. Bridgeford, Mary Anne Citrino, H. Ray Compton, Conrad M. Hall, Lemuel E. Lewis, J. Douglas Perry, Bob Sasser, Thomas A. Saunders III, Thomas E. Whiddon and Carl P. Zeithaml. All current directors have been re-nominated for appointment as directors, except J. Douglas Perry, in consideration of his preference not to stand for re-election when his term expires at the 2016 annual meeting of shareholders. As a result, the Board nominates all directors, other than Mr. Perry, to be re-elected for a one-year term. The Board originally appointed Mr. Bridgeford to his seat effective, May 5, 2016. All nominees have indicated their willingness to serve as directors. If a nominee becomes unable to stand for re-election, the persons named in the proxy will vote for any substitute nominee proposed by the Board of Directors.

        Upon the recommendation of the Nominating and Corporate Governance Committee, the Board evaluated its current size, and in May 2016, the Board approved a reduction from twelve directors to eleven directors, to be effective upon an amendment to the Company's by-laws immediately prior to the convening of the 2016 annual meeting of shareholders when Mr. Perry's term expires.

        On January 15, 2015, the Board of Directors adopted and approved amendments to the Company's by-laws to implement a majority voting standard in uncontested director elections. Consequently, a director nominee will be elected annually by a majority of votes cast in uncontested director elections and by a plurality of votes in contested elections. In contested elections,Candidates for nomination by our Board are recommended by our Nominating and Governance Committee. Our Nominating and Governance Committee considers candidates recommended by shareholders and, occasionally, the plurality voting standard continuesCommittee may engage search firms to apply.

        In addition, we haveassist the Committee in identifying potential Board nominees.

As described in our Corporate Governance Guidelines, the Nominating and Governance Committee will consider several factors when considering a corporate governancecandidate for nomination, including:

the candidate’s ability to help the Board create shareholder wealth

the need of the Board for directors having relevant knowledge, diversity of background and experience

the candidate’s ability to represent the interests of shareholders

whether the candidate is a significant shareholder of the Company

the personal qualities of leadership, character and business judgment of the candidate

whether the candidate is free of conflicts and has the time required for preparation, participation and attendance at meetings
Incumbent Directors nominated for reelection are subject to the director resignation policy requiring each director-nomineeincluded in our Corporate Governance Guidelines. Shareholders may recommend candidates for the Nominating and Governance Committee to submitconsider by submitting a resignation letter contingentwritten notice in partaccordance with the procedures described under “Shareholder Nominations of Directors” on his or her failurepage 91.
The election of our Directors is subject to receivethe terms of a majorityStewardship Framework Agreement entered into by the Company and affiliates of Mantle Ridge, LP, a registered investment advisory firm, which has a combined beneficial ownership interest in approximately 6.3% of the votes cast. See page 23Company’s outstanding shares of common stock. Pursuant to the Stewardship Framework Agreement, if Mr. Hilal or a New Director (as defined therein) cannot serve or ceases to serve on the Board during the term of the Stewardship Framework Agreement, Mantle Ridge will have the right to designate a replacement, subject to certain conditions set forth in the Stewardship Framework Agreement. The Stewardship Framework Agreement is more fully described in, and is attached as an exhibit to, the Company’s Current Report on Form 8-K filed on March 8, 2022 with the SEC.
Board Diversity
The Board values diversity, in its broadest sense, reflecting, but not limited to, geography, gender, age, sexual orientation, race, ethnicity, national origin, and life experience and is committed to a policy of inclusiveness. The Nominating and Governance Committee is responsible for making recommendations regarding the size, composition and diversity of the Board and its committees, and seeks to include women and minority candidates in the qualified pool from which Board candidates are chosen.
The reconstitution of the Board in March 2022 resulted in the appointment of a diverse group of directors, including Cheryl Grisé, Mary Laschinger and Bertram Scott. In 2023 the Board continued its tradition of considering women and minority candidates and appointed, Diane Randolph, a female director from among a pool of diverse candidates. Our Board now includes five women, one of whom is a person of color, and a second minority member.
The following chart summarizes certain self-identified personal characteristics of our directors, in accordance with Nasdaq Listing Rule 5605(f). Each term used in the table has the meaning given to it in the rule and related instructions. As indicated in the chart, the Company more than meets Nasdaq’s diversity requirements.

14


BOARD DIVERSITY MATRIX (AS OF MAY 1, 2024)
BOARD SIZE:
Total number of directors11
FEMALEMALENON-
BINARY
DID NOT
DISCLOSE
GENDER
Part I: Gender Identity
Directors5600
Part II: Demographic Background
African American or Black0100
Alaskan Native and Native American0000
Asian1000
Hispanic or Latinx0000
Native Hawaiian or Pacific Islander0000
White4500
Two or More Races or Ethnicities0000
LGBTQ+0
Did Not Disclose Demographic Background0
Board Tenure and Refreshment
The Board does not believe it should formally limit the number of terms for which an individual may serve as a director at the outset of a director’s appointment. Directors who have served on this policy.

Vote Required

        Our directors are electedthe Board for an extended period of time can provide valuable insight into the operations and future of the Company and matters of Board oversight based on their experience with and understanding of the Company’s history, policies and objectives. Nevertheless, the Board strongly values fresh insight and novel approaches provided by new or recently appointed directors.

In the past several years, the Board has been engaged in an effort to achieve a "majority" vote in uncontested elections such as this election. Each director nominee shall be elected by a vote“fit-for-purpose” Board which has included the retirement and replacement of the majority of our incumbent directors. The current tenure profile of our Board consists of two directors with five to ten years in tenure and nine directors with less than five years in tenure.
Board Commitments
Our Board is comprised of members with valuable experience gained from service on the votes cast with respect to the director nominee. Abstentions and shares held by brokers that are not votedboards of directors of other public companies, including companies in the retail industry. When making its recommendations for director nomination, the Nominating and Governance Committee considers the value of experience gained through service on other boards and conducts a rigorous review of the demands that such service may have on the director’s time. As set forth in our Corporate Governance Guidelines, as a general rule, the Nominating and Governance Committee will not recommend the election or reelection of an individual who (i) serves on more than four public company boards, other than the Company, or (ii) serves as the chief executive officer of a public company and serves on more than two public company boards, other than the Company. All of our nominees satisfy this rule.
In 2024 our Nominating and Governance Committee oversaw an annual performance review of our Board and its members that considered a number of factors including meeting attendance, preparation and director engagement with the Board and management. As part of this process, the Committee and the Board assessed our nominees for reelection and affirmed that each nominee has demonstrated that they are capable of devoting the necessary time to successfully meet their duties and otherwise fulfill the responsibilities required of directors will have no effect.


THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"
EACH OF THE NOMINEES FOR DIRECTOR.


Table of Contents


INFORMATION CONCERNING NOMINEES, DIRECTORS AND EXECUTIVE OFFICERS

in 2024, taking into account their principal occupation and membership and leadership positions on other boards.

NOMINEES


ARNOLD S. BARRON
Private Investor; corporate director

Chairman of the
Compensation Committee


Mr. Barron, age 68, was the Senior Executive Vice President, Group President of The TJX Companies, Inc. from 2004 until his retirement in January 2009. His employment with The TJX Companies began in 1979. He held the positions of Executive Vice President, Chief Operating Officer, The Marmaxx Group (2000-2004), Senior Vice President, Group Executive, TJX (1996-2000), Senior Vice President, General Merchandising Manager, T.J. Maxx (1993-1996). From 1979 to 1993, he held several other executive positions within The TJX Companies, Inc.

With more than thirty years of experience in senior management, operations and retail merchandising in the U.S., Canada and Europe, Mr. Barron brings a tremendous combination of skills and experience spanning areas key to our business.

Mr. Barron became a director of Dollar Tree in March 2008. He previously served on the Board of rue21, inc. from 2009 through 2013.



GREGORY M. BRIDGEFORD
Private Investor; corporate director


Mr. Bridgeford, age 61, served as the Chief Customer Officer of Lowe's Companies, Inc. from 2012 to 2014 until his retirement. His employment with Lowe's began in 1982 where he held various senior level positions, including Executive Vice President of Business Development (2004-2012), Senior Vice President of Business Development (1999-2004), Senior Vice President of Marketing (1998-1999), Senior Vice President and General Merchandising Manager (1994-1998), Vice President of Merchandising (1989-1994), Vice President of Corporate Development (1986 - 1989), and Director of Corporate Development (1982-1986).

Mr. Bridgeford brings to our Board more than thirty years of experience in the areas of customer experience, merchandising, marketing, advertising and communications, strategic planning and business process improvement.

Mr. Bridgeford became a director of Dollar Tree in May 2016. Mr. Bridgeford was originally recommended for election to the Board by the Nominating and Corporate Governance Committee.

Table of Contents




MACON F. BROCK, JR.
Non-Executive Chairman
Dollar Tree, Inc.


Mr. Brock, age 74, has been Chairman of the Board since 2001 and a director since 1986. He served as the Chief Executive Officer from 1993 to 2003. From 1986, when he co-founded Dollar Tree, until 2001, he served as President. Until 1991, he was an officer and director of K&K Toys, Inc. Mr. Brock earned his B.A. from Randolph-Macon College and served as a Captain in the U.S. Marine Corps. He is a past Chairman of Randolph-Macon College.

As the company's co-founder, Chairman of the Board and former Chief Executive Officer, Mr. Brock brings to our Board an intimate knowledge of our business coupled with experience in strategic business development, store operations, logistics, procurement, risk management, sales, marketing and other matters. His service on the Board also ensures that the Company's unique culture and historical commitment to the core values of its customers is preserved. The Board also benefits from his service on the Nominating and Corporate Governance Committee and Compensation Committee of Lumber Liquidators, Inc.

Mr. Brock has served on our Board since 1986. He also serves on the Board of Lumber Liquidators, Inc. He previously served on the Board of rue21, inc. from 2010 through 2013 and he served on the Board of Landmark Communications from 2004 through 2009.



MARY ANNE CITRINO
Senior Advisor,
Corporate Advisory Services
The Blackstone Group

Member of the Audit
Committee; Member of the
Nominating and Corporate
Governance Committee


Ms. Citrino, age 57, has been the Senior Advisor in the Corporate Advisory Services group at The Blackstone Group, a global investment and advisory firm, since 2015. She served as its Senior Managing Director since 2004. Previously, Ms. Citrino was employed at Morgan Stanley for over twenty years. During her years there, she served as the Global Head of Consumer Products Investment Banking, Co-Head of Health Care Services Investment Banking, and a Mergers and Acquisitions Analyst.

With more than thirty years of experience in investment banking, extensive experience in mergers and acquisitions, together with her competence in critical financial analysis and successful record in a variety of business dealings, Ms. Citrino brings essential skills and a unique perspective to the Board.

Ms. Citrino was appointed as a director of Dollar Tree in 2005. She also serves on the Boards of Health Net, Inc., Hewlett Packard, Inc. and Royal Ahold.
15





H. RAY COMPTON
Private investor; corporate
director

Member of the Nominating
and Corporate Governance
Committee; Member of the
Compensation Committee


Mr. Compton, age 73, has been a director since 1986. Mr. Compton was Executive Vice President from 1998 to 2002 and Chief Financial Officer from 1986 to 1998. He retired as a full-time employee in 2002 and became fully retired in 2004. From 1979 until 1991, he was employed in similar roles with K&K Toys, Inc. Prior to 1979, he was associated for fifteen years with a manufacturing company in various accounting and management positions.

Having served as a director for thirty years and a former Chief Financial Officer, Mr. Compton brings to the Board a deep understanding of the company's history and unique business model. In addition, Mr. Compton's extensive experience in management, finance and accounting, coupled with his past service as Chairman of the Audit Committee for Hibbett Sports, Inc., is a vital asset to our Board.

Mr. Compton has been a director of Dollar Tree since 1986. He previously served on the Board of Hibbett Sports, Inc. from 1997 to 2005.



CONRAD M. HALL
Private investor; corporate
director

Member of the Audit Committee; Member of the Compensation Committee


Mr. Hall, age 72, served as the President and Chief Executive Officer of Dominion Enterprises, a leading media and marketing information services company from 2006 until his retirement in January 2009. Prior to 2006, he served as the President and Chief Executive Officer of Trader Publishing Company since April 1991. From 1989 to 1991, he served as the President of Landmark Target Media, Inc. Mr. Hall joined Landmark Communications, Inc. in 1970 where he held various senior positions, including Executive Vice President and Chief Financial Officer from 1985 to 1989. He also served as the Vice President of The Virginian-Pilot and The Ledger-Star division of Landmark from 1977 to 1981.

Mr. Hall's experience as a former Chief Executive Officer and his demonstrated success in new business development is of immense value to the Board, especially as we continue to evaluate growth opportunities. He also brings to the Board more than thirty years of operational expertise, extensive experience in information technology, strategic planning, human resources, and a solid financial background.

Mr. Hall became a director of Dollar Tree in January 2010. He previously served as a director for Dominion Enterprises and Landmark Communications, Inc. from 2006 through 2009. He also served on the Board of Trader Publishing Company from 1991 through 2006.
CORPORATE GOVERNANCE AND OUR BOARD

Board Meetings and Attendance

Table

The Board of Contents

Directors has scheduled four regular meetings in 2024 and recently held one of these meetings in March 2024. In addition, the Board will hold special meetings when Company business requires, and informational update calls are periodically conducted during the year.


LEMUEL E. LEWIS
Private investor; corporate
director

Member of the Audit Committee


Mr. Lewis, age 69, is President of LocalWeather.com, a web-based privately-held media company he founded in 2008. He served as the Executive Vice President and Chief Financial Officer of Landmark Communications,  Inc. from 2000 until his retirement in 2006. From 1981 to 2000, he held several other senior positions with Landmark Communications.

Mr. Lewis brings to the Board many years of experience in accounting, finance, human resources, mergers and acquisitions, and business unit operations. The Board also benefits from his valuable financial experience as a former Chief Financial Officer and his service on other Boards, including the Audit Committee Chairman of Markel Corporation and Audit Committee Chairman of Owens & Minor. In addition, our Board has determined that Mr. Lewis qualifies as an Audit Committee financial expert.

Mr. Lewis became a director of Dollar Tree in July 2007. He also serves on the Boards of Markel Corporation and Owens & Minor Inc. He served as Chairman of the Board for the Federal Reserve Bank of Richmond from 2008 through 2010 and was the Chairman of its Audit Committee from 2005 to 2008. He previously served on the Board of Landmark Communications from 2006 through 2008.



BOB SASSER
Chief Executive Officer
Dollar Tree, Inc.


Mr. Sasser, age 64, has been Chief Executive Officer since 2004 and previously served as the President and Chief Executive Officer from 2004 to 2013. He was Dollar Tree's President and Chief Operating Officer from 2001 to 2003 and Chief Operating Officer from 1999 to 2000. Previously, from 1997 to 1999, he served as Senior Vice President, Merchandise and Marketing of Roses Stores, Inc. From 1994 to 1996, he was Vice President, General Merchandise Manager for Michaels Stores, Inc. Prior to 1994, he held several positions at Roses Stores, Inc., ranging from Store Manager to Vice President, General Merchandise Manager.

Mr. Sasser's demonstration of outstanding leadership skills, business acumen, commitment to excellence, and his major contributions to the company's growth and success as the Chief Executive Officer of Dollar Tree, provides essential insight and guidance to our Board. In addition, the Board benefits from Mr. Sasser's forty-three years of retail experience.

Mr. Sasser was elected to our Board in 2004. He served on the Board of The Fresh Market, Inc. from 2012 to April 2016.
In fiscal 2023, the Board met five times, the Nominating and Governance Committee met five times, the Audit Committee met seven times, the Compensation Committee met six times, the Finance Committee met four times and the Sustainability and Corporate Social Responsibility Committee met four times. Each member of the Board attended more than 75% of all Board meetings and meetings of committees of which he or she was a member.

TableWe expect each of Contents

our directors to attend the annual meeting of our shareholders. All of the then incumbent directors were in attendance at the 2023 annual meeting of our shareholders.


THOMAS A. SAUNDERS III
President, Ivor & Co., LLC

Lead Independent Director;
Chairman of the Nominating
and Corporate Governance
Committee


Mr. Saunders, age 79, has been the President of Ivor & Co., LLC, a private investment company, since 2000. He was a founder of Saunders Karp & Megrue Partners, L.L.C., ("SKM") which controlled the SK Equity Fund, L.P., once a major investor in Dollar Tree. SKM merged with Apax Partners in 2005. Before founding SKM in 1990, he was a Managing Director of Morgan Stanley & Co. from 1974 to 1989. Mr. Saunders is the recipient of the 2008 National Humanities Medal and a recipient of the highest awards bestowed by the Marine Corps University Foundation, the New-York Historical Society, the Virginia Military Institute and the Darden Graduate School of Business at the University of Virginia.

Mr. Saunders brings to the Board valuable financial expertise, including extensive experience in investment banking and a solid understanding of the capital markets. As a company director for twenty-three years and lead independent director for the past nine years, Mr. Saunders also brings to the Board critical leadership skills and a deep understanding of our business. The Board also benefits from his service on the Nominating and Corporate Governance Committee and Compensation Committee of Hibbett Sports, Inc.

Mr. Saunders has been a Dollar Tree director since 1993. He also serves on the Board of Hibbett Sports, Inc. and previously served on the Board of Teavana Holdings, Inc. from 2011 to 2012.



THOMAS E. WHIDDON
Private investor; corporate
director

Chairman of the Audit
Committee


Mr. Whiddon, age 63, from 2004 to 2013 was an Advisory Director of Berkshire Partners, LLC (a private equity firm), and as such, served in interim executive operating roles for various Berkshire portfolio companies from 2004 to 2006. Previously, he was Executive Vice President of Lowe's Companies, Inc. from 1996 until his retirement in 2003. During this time, he served as Executive Vice President of Logistics and Technology from 2000 to 2003 and Executive Vice President, Chief Financial Officer from 1996 to 2000. Prior to his tenure at Lowe's, he served as the Chief Financial Officer and Treasurer of Zale Corporation from 1994 to 1996. From 1986 to 1993, he served as the Treasurer of Eckerd Corporation.

Having served as Chief Financial Officer and Treasurer of successful large public retail companies, coupled with his many years of experience in public accounting, Mr. Whiddon brings to our Board extensive financial expertise. In addition, our Board has determined that Mr. Whiddon qualifies as an Audit Committee financial expert. His service on the Board and a number of Committees of Carter's Inc. and Sonoco Products Company, Inc. further enhances his contributions to our Board. He also brings a fresh perspective to Dollar Tree's logistics and technology focus.

Mr. Whiddon has been a member of our Board since 2003. He currently serves as a director of Sonoco Products Company, Inc. and Carter's Inc.
Independence

TableDollar Tree is committed to principles of Contents

good corporate governance and the independence of a majority of our Board from the management of our Company. With the exception of Mr. Dreiling, all members of our Board have been determined by our Board to be independent directors within the applicable listing standards of the Nasdaq Stock Market. All members of our Audit Committee, our Compensation Committee and our Nominating and Governance Committee are independent under Nasdaq listing standards.


CARL P. ZEITHAML
Dean, McIntire School of
Commerce
University of Virginia

Member of the Compensation
Committee


Dr. Zeithaml, age 66, is the Dean of the McIntire School of Commerce at the University of Virginia. He is also a Professor in the Management Area specializing in strategic management. He joined the McIntire School in 1997, after eleven years on the faculty in the Kenan-Flagler Business School at the University of North Carolina-Chapel Hill.

Dr. Zeithaml provides the Board with expertise in strategic management with an emphasis on competitive strategy, corporate governance and global strategy. He brings to the Board extensive educational experience and a strong understanding of risk management.

Dr. Zeithaml became a director of Dollar Tree in July 2007.
The independent members of our Board meet regularly multiple times each year in private sessions without management present. In addition, the Lead Independent Director, who has been granted robust leadership powers, may call special meetings of the independent members without management present.

Board Leadership Structure


OTHER DIRECTORS (Not Standing for Re-Election)



J. DOUGLAS PERRY
Chairman Emeritus
Dollar Tree, Inc.


Mr. Perry, age 68, became Chairman Emeritus of the Board in 2001. He had been Chairman of the Board since 1986 when he co-founded Dollar Tree. He also served as Chief Executive Officer from 1986 to 1993. He retired as an employee and officer of the company in 1999. Until 1991, he was an executive officer of K&K Toys, Inc. which he, along with Mr. Brock, Mr. Compton and Mr. Perry's father, built from the company's original single store to 136 stores.

As the company's co-founder, former Chairman and Chief Executive Officer, Mr. Perry brings to the Board vital leadership and executive management skills. His deep understanding and knowledge about our business and its history helps ensure that we remain committed to the culture, core values and principals upon which the company was built.

Mr. Perry has served on our Board since 1986.
Our Board is led by our Chairman and CEO, our Vice Chairman and our Lead Independent Director. As set forth in our Corporate Governance Guidelines, a Lead Independent Director is selected by our independent directors when our Chairman is not independent. In June 2023, Edward J. Kelly, III was re-elected as Lead Independent Director by the independent directors. Under our guidelines, the Lead Independent Director has clearly defined and robust leadership authority and responsibilities, including:




EXECUTIVE OFFICERS
(Other than those listed above)




DAVID JACOBS
Chief Strategy Officer
Dollar Tree, Inc.


Mr. Jacobs, age 47, has been the Chief Strategy Officer of Dollar Tree since 2012. He was the Senior Vice President of Strategic Planning from 2009 to 2012, and Vice President of Strategic Plannning from 2006 to 2009. From 1996 to 2006, he held a number of positions with The Boston Consulting Group, a leading global strategic management consulting firm, including Partner from 2003 to 2006. From 1994 to 1996, he was an attorney at Weil, Gotshal & Manges, LLC.



JOSHUA JEWETT
Chief Information Officer
Dollar Tree, Inc.


Mr. Jewett, age 46, has been the Chief Information Officer of Dollar Tree since March 2016 and has strategic and operational responsibility for all aspects of Information Technology. From August 2002 to February 2016, he served as the Senior Vice President—Chief Information Officer of Family Dollar Stores. Prior to his employment with Family Dollar, he served as the Senior Director for Answerthink, Inc., an international management consulting firm.
conferring regularly with the Chairman & CEO and the Vice Chairman;

Table

in conjunction with the Chairman and the Vice Chairman, supporting a strong Board culture and encouraging director participation by fostering an environment of Contents



MICHAEL MATACUNAS
Chief Administrative Officer
Dollar Tree, Inc.


Mr. Matacunas, age 49, joined Dollar Tree in 2013 as the Chief Administrative Officer. Prior to joining Dollar Tree, he was the Chief Executive Officer of The Parker Avery Group (a consultancy serving retailers) from 2007 to June 2013. Previously, he served as the Vice President of Manhattan Associates, Inc. from 2005 to 2006 and from 2003 to 2005 he served as the Vice President of Evant, Inc., a retail software and services company that was acquired by Manhattan Associates, Inc. Prior to Evant, he served in a number of senior level positions where he gained expertise in merchandising, supply chain, organizational development, and technology.



GARY A. MAXWELL
Chief Supply Chain Officer
Dollar Tree, Inc.


Mr. Maxwell, age 54, joined Dollar Tree in 2015 as the Chief Supply Chain Officer. From 2013 to 2015, he was the President and Founder of Maxwell Value Chain, Inc, a company that provided replenishment services and supply chain improvement consultation to retail suppliers. He joined Dollar Tree after a 14-year career at Walmart Stores, Inc. where he held various senior level positions. This included serving as the Senior Vice President of the Global Business Process Team from 2012 to 2013. From 2007 to 2011, he held the position of Senior Vice President of International Supply Chain. From 2003-2006, he was the Senior Vice President of U.S. Merchandise Replenishment and the Vice President of U.S. Logistics Engineering from 2001 to 2002. From 1999-2000, he served as the Vice President of Sam's Club Logistics. Prior to Walmart, he worked for Caldors from 1993-1999 as the Senior Vice President of Merchandise Distribution and Replenishment. Throughout his career, he gained expertise in global supply chain management, international logistics, merchandise distribution and replenishment, inventory management, process improvement and strategic planning.



WILLIAM A. OLD, JR.
Chief Legal Officer
Dollar Tree, Inc.


Mr. Old, age 62, joined Dollar Tree as the Chief Legal Officer in 2013. Prior to joining Dollar Tree, he was the Vice President and Director at Williams Mullen, P.C. from 2004 to 2013. He previously represented Dollar Tree as its primary outside counsel since 1985.



GARY M. PHILBIN
President & Chief Operating
Officer
Family Dollar Stores, Inc.


Mr. Philbin, age 59, became President and Chief Operating Officer of Family Dollar Stores in July 2015. From March 2007 to July 2015, he was the Chief Operating Officer of Dollar Tree. He previously served as our Senior Vice President of Stores since December 2001. He joined Dollar Tree after a thirty year career in the retail grocery industry. This included serving as the Chief Executive Officer, President and Chief Merchandising Officer of Grand Union from 1997 through the year of the company's sale in 2000. Prior to Grand Union, he held senior executive level positions with SuperValu from 1996 to 1997, and A&P, from 1993 to 1996. In his career, Mr. Philbin held roles in both merchandising and operations at the corporate level. His career started with the Kroger Company where he held increasing positions of responsibility over a twenty year career.

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JASON REISER
Executive Vice President—Chief
Merchandising Officer
Family Dollar Stores, Inc.


Mr. Reiser, age 48, has been Executive Vice President—Chief Merchandising Officer of Family Dollar Stores since 2014. From July 2013 to January 2014, he was the Senior Vice President of Merchandising. Prior to joining Family Dollar, he was employed by Walmart Stores, Inc. for seventeen years in a variety of roles, including as Merchandising Vice President, Health & Family Care of Sam's Club from November 2010 to June 2013, as Vice President, Health & Wellness Operations and Compliance of Sam's Club from May 2010 to November 2010, and as Senior Category Director of Walmart from May 2009 to May 2010.



ROBERT H. RUDMAN
Chief Merchandising Officer
Dollar Tree, Inc.


Mr. Rudman, age 65, has been Chief Merchandising Officer of Dollar Tree since June 2003. Prior to joining Dollar Tree, he served as President/CEO and minority shareholder of Horizon Group USA from 2000 to June 2003. From 1996 to 2000, Mr. Rudman was President/CEO of his own consulting company, VQ International Inc. From 1991 until 1996, Mr. Rudman was Executive Vice President/Chief Merchandise Officer of Michaels Stores. Prior to joining Michaels, Mr. Rudman served in a number of positions in a wide variety of retail formats, gaining the majority of his experience in merchandise and marketing.



BARRY SULLIVAN
Executive Vice President—Store Operations
Family Dollar Stores, Inc.


Mr. Sullivan, age 52, has been the Executive Vice President of Store Operations of Family Dollar Stores, Inc. since October 2007. From May 2005 to October 2007, he was the the Senior Vice President of Store Operations. From September 2002 to May 2005, he was the Vice President of Store Operations.



KEVIN S. WAMPLER
Chief Financial Officer
Dollar Tree, Inc.


Mr. Wampler, age 53, has been the Chief Financial Officer of Dollar Tree since December 2008. Prior to joining Dollar Tree, he served as Executive Vice President, Chief Financial Officer and Assistant Secretary for The Finish Line, Inc. from October 2003 to November 2008. Mr. Wampler held various other senior positions during his fifteen-year career at The Finish Line, including Senior Vice President, Chief Accounting Officer and Assistant Secretary from 2001 to 2003. Mr. Wampler, a Certified Public Accountant, was employed by Ernst and Young LLP from 1986 to 1993.



MICHAEL A. WITYNSKI
Chief Operating Officer
Dollar Tree, Inc.


Mr. Witynski, age 53, has been Chief Operating Officer of Dollar Tree since August 2015. He was the Senior Vice President of Retail Stores from 2010 to 2015. Prior to joining Dollar Tree, he held executive positions at Shaw's Supermarkets and Supervalu, Inc. during his 29-year career in the grocery industry.



FAMILY RELATIONSHIPS

        Mr. Brock is married to Mr. Perry's sister. There are no additional family relationshipsopen dialogue and constructive feedback among the directors and facilitating communication across Board committees and among the Chairman & CEO, the Vice Chairman, the Board as a whole and Board committees (including the chairs of Board committees);


communicating feedback from the Board regarding the performance of the Chairman & CEO;

presiding at shareholder and Board meetings in the event that the Chairman & CEO or the Vice Chairman are absent or unable to act or if designated by the Vice Chairman in accordance with our bylaws;

setting the agenda for and presiding over executive officers.


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solely independent directors, and with the power to call meetings of the independent directors, with the expectation that the Lead Independent Director will also coordinate feedback and follow-up as appropriate with the Chairman & CEO, the Vice Chairman, and the chairpersons of


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HOW NOMINEES TO OUR BOARD ARE SELECTED

        Candidates


relevant Board committees and other directors, as appropriate, concerning matters discussed among the independent directors;

in conjunction with the Chairman & CEO and the Vice Chairman, setting the agenda for electionmeetings of the Board, advising the Chairman & CEO and the Vice Chairman as to the Board’s information needs and working with the Chairman & CEO and Vice Chairman as needed to coordinate and provide direction, feedback, changes, input and approval regarding Board meeting agendas, schedules and materials in order to support Board deliberations and enable sufficient time for discussion of all agenda items;

assisting the Chairman & CEO and Vice Chairman with issues that concern the Board;

remaining well-informed about senior management and succession plans; and

being available, consistent with the Shareholder Engagement Policy described beginning on page 22, for consultation and direct communication with shareholders when appropriate.
The Board has determined that its current leadership structure is the most appropriate for Dollar Tree and its shareholders. Mr. Dreiling is a distinguished retail executive with extensive, highly relevant retail industry experience at all operating levels, including success in the dollar store segment as the CEO and Chair of Dollar General Corporation from 2008 to January 2016. As the Chairman and CEO, Mr. Dreiling is in an ideal position to provide critical leadership to our business on strategic initiatives and to serve as a bridge between the Board and the operating organization. The role of Directorsthe Lead Independent Director, as described above, facilitates the active engagement of our independent directors in the various aspects of the Board’s work and governance. We believe the functioning of our Board is enhanced by having Mr. Dreiling as Chairman and CEO, Mr. Hilal as Vice Chairman and Mr. Kelly as Lead Independent Director.
As part of the Company’s ongoing commitment to corporate governance, the Board annually considers its leadership structure and the role of the Lead Independent Director.
Board Committees
The Board has five standing committees, each comprised solely of independent directors. These committees operate under written charters which are nominated by our Nominating and Corporate Governance Committee and ratified by our full Board of Directors for consideration byavailable under the shareholders. The Nominating and Corporate Governance Committee operates under a charter, which is availableInvestors tab on our corporate website at http://www.dollartreeinfo.com/investors/corporate/. Acorporate.dollartree.com. The current Board committees and committee assignments are as follows:
DirectorIndependent
Director
Audit
Committee
Compensation
Committee
Nominating
and
Governance
Committee
Finance
Committee
Sustainability
and CSR
Committee
Richard W. Dreiling
Cheryl W. Grisé
C
Daniel J. Heinrich
C
Paul C. Hilal
Edward J. Kelly, IIILD
C
Mary A. Laschinger
Jeffrey G. Naylor
C
Winnie Y. Park
Diane E. Randolph
Bertram L. Scott
Stephanie P. Stahl
C
    LD = Lead Independent DirectorC = Committee Chair = Member    

17


Description of Committees
Audit Committee
7 meetings held in Fiscal 2023
Primary duties and responsibilities:

Financial Reporting and Internal Control Structure. Monitoring the Company’s financial reporting processes and internal control systems and overseeing the Company’s audit processes and strategies.

Independent Auditor. Appointing and evaluating the Company’s independent auditor, including pre-approving audit and non-audit fees to be paid to the independent auditor.

Internal Audit. Overseeing the Company’s internal audit processes, including participating in the planning of the audit efforts of the internal audit and finance departments.

Enterprise Risk Assessment. Reviewing the Company’s practices with respect to risk assessment and risk management, including financial, operational, information security, data privacy, business continuity and legal and regulatory risks.

Compliance and Ethics. Reviewing the Company’s legal compliance processes and disclosures and systems of internal controls relating to legal compliance and ethics.

Related Party Transactions. Reviewing and overseeing any related party transactions and the reporting of any related party transactions.
Committee Members

Jeffrey Naylor (Chair)

Diane Randolph

Daniel Heinrich

Bertram Scott

Edward Kelly, III
Independence and Financial Expertise: The Board, after review of each individual’s employment experience and other relevant factors, has determined that all members of the committee satisfy the applicable standards of the Nasdaq Stock Market and SEC regulations for membership on the Audit Committee and that Daniel Heinrich, Edward Kelly, III, Jeffrey Naylor and Bertram Scott are qualified as audit committee financial experts within the meaning of SEC regulations.
Compensation Committee
6 meetings held in Fiscal 2023
Primary duties and responsibilities:

Executive Compensation. Establishing the compensation philosophy, structures and arrangements for our executive officers, including reviewing and approving our executive compensation benefits and programs.

Compensation of Directors. Reviewing and recommending to the Board the benefits and compensation plans and programs for the independent members of the Board.

Independent Compensation Consultant. Retaining independent compensation consultants to advise the Committee when appropriate.

Human Capital Management. Reviewing our initiatives with respect to diversity, equity and inclusion and human capital management, talent development and retention of key personnel.

Compensation Risk Assessment. Reviewing the Company’s incentive compensation policies and practices to assess whether such policies or practices encourage excessive risk-taking.

Executive Stock Ownership. Reviewing the executive officers’ stock ownership levels to ensure compliance with the Company’s stock ownership policy.
Committee Members

Cheryl Grisé (Chair)

Winnie Park

Paul Hilal

Mary Laschinger
Independence: All members of the committee satisfy the independence standards of the Nasdaq Stock Market and SEC regulations.

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Nominating and Governance Committee
5 meetings held in Fiscal 2023
Primary duties and responsibilities:

Board Composition and Governance Structure. Reviewing and making recommendations to the Board on the size, composition and diversity of the Board and overseeing our governance structure, including the structure of the Board and the governing documents and policies.

Board Candidates. Identifying, screening and recommending candidates to be nominated or appointed by the Board, including the re-nomination of any currently serving director.

Lead Independent Director. If the Chairman of the Board is not independent, recommending an independent director to be appointed as Lead Independent Director.

Committee Assignments. Reviewing periodically the membership and Chair of each committee of the Board and recommending committee assignments to the Board, including rotation or reassignment of any Chair or committee member.

Conflicts and Waivers. Reviewing and resolving requests for waivers from directors of any provision of the Company’s Code of Business Conduct and any actual or potential conflicts of interest between the Company and any member of the Board.

Annual Performance Evaluations. Establishing processes for use by each of the Board’s standing committees to conduct annual self-assessments and leading the Board in its annual performance self-assessment.

Shareholder Engagement. Overseeing the Company’s shareholder engagement policy, monitoring shareholder communications with the Board on topics related to governance and recommending to the Board any actions the Committee deems appropriate.
Committee Members

Edward Kelly, III (Chair)

Stephanie Stahl

Cheryl Grisé

Paul Hilal
Independence: All members of the committee satisfy the independence standards of the Nasdaq Stock Market.
Finance Committee
4 meetings held in Fiscal 2023
Primary duties and responsibilities:

Capital Structure. Reviewing and advising the Board on the Company’s capital structure and allocation.

Financial Transactions. Reviewing and advising the Board on significant financing and related transactions.

Real Estate Transactions. Reviewing and advising the Board on financial considerations relating to the leasing, purchase, sale, conveyance and other acquisition and disposition of stores, facilities and real property.

New Store Openings. Reviewing and evaluating new store openings and performance.

Annual Budget. Reviewing and advising the Board on the annual operating plan and capital budget and advising the Board on major capital projects and commitments.

Acquisitions and Divestitures. Reviewing and advising the Board on acquisitions and divestitures and supporting the Board’s review with management of previously effected acquisitions and divestitures.
Committee Members

Daniel Heinrich (Chair)

Diane Randolph

Paul Hilal

Jeffrey Naylor
Independence: All members of the committee are independent.

19


Sustainability and Corporate Social Responsibility (CSR) Committee
4 meetings held in Fiscal 2023
Primary duties and responsibilities:

Sustainability. Overseeing our strategies, policies and initiatives with respect to environmental issues and impacts, including climate change, plastics and packaging, waste and chemical management.

Corporate Responsibility. Overseeing our strategies, policies and initiatives with respect to social issues and impacts, including those related to associate health and safety, workplace environment and culture, philanthropy, and community and governmental engagement and relations.

Human Capital Management. Overseeing our strategies and policies related to human capital management, including matters such as diversity, equity, and inclusion, recruiting and selection, and talent development and retention of the Company’s workforce.

Corporate Sustainability Disclosures. Reviewing our disclosures relating to sustainability, human capital and corporate responsibility topics, including our Corporate Sustainability Report.

Shareholder and Stakeholder Engagement. Overseeing our approach to shareholder and stakeholder engagement on sustainability and corporate responsibility matters.

Company Performance. Monitoring our performance against selected external sustainability and human capital indexes and internal metrics.
Committee Members

Stephanie Stahl (Chair)

Bertram Scott

Mary Laschinger

Winnie Park
Independence: All members of the committee are independent.
Board’s Role in Risk Oversight
Our Board is actively involved in overseeing enterprise risk, primarily through the assistance of its committees, which address the risks within their areas of responsibility as provided in the committee charters or otherwise delegated by the Board to those committees. Each committee reports matters relating to risk to the full Board as necessary. In addition, the Lead Independent Director is responsible for facilitating director input and discussion regarding risks to the Company’s business.
[MISSING IMAGE: fc_boardofdirectors-bw.jpg]

20


Oversight of Information Security Risk Management
The security of information shared with us by our customers, vendors and associates is important to us. We employ a comprehensive multi-layer approach in the implementation of our cybersecurity practices, including systems designed to prevent, detect and manage material risks from unauthorized access to our digital information systems.
The Board’s oversight of the Company’s information security and data privacy systems and processes and our investments in information technology infrastructure is monitored and overseen by our Audit Committee and Finance Committee. Our Audit Committee oversees the Company’s management of risks relating to information security and data privacy. The Audit Committee receives regular updates from management throughout the year on cybersecurity topics, including reports on the Company’s risk exposures related to information security and data privacy as well as any relevant mitigation or remediation tactics being implemented. Our Chief Information Security Officer serves as the designated executive leader for cyber or data-related incident response activities. Our Finance Committee monitors the Company’s investments in information technology systems. Our information technology team led by our Chief Information Officer has invested in internal and external resources to support and enhance our technology infrastructure over the next several years. The Finance Committee receives regular updates on our information technology investments and management’s plans for improving our systems and processes.
Oversight of Environmental and Social Sustainability and Responsibility
Dollar Tree is committed to environmental and social sustainability for our associates, customers and our communities. Our Board and management recognize the importance of assessing and planning for the potential impact of climate change and other sustainability and social risks of our business. The Sustainability and CSR Committee is primarily responsible for oversight of the Company’s social, environmental and safety programs affecting our associates, our customers and other stakeholders. The Sustainability and CSR Committee receives regular reports on a range of human capital management topics including talent development and retention, diversity and inclusion and associate engagement surveys and activities. The Sustainability and CSR Committee also provides guidance and oversight in the development of our environmental and social goals and strategies and improvements in our workplace safety programs.
The development and implementation of our social and environmental strategies and initiatives is led by members of our executive leadership team and by our Chief Sustainability Officer with engagement and support by business leaders throughout our organization. We report on our environmental and social sustainability strategies, initiatives and progress in our annual Corporate Sustainability Report which may be found on our website along with relevant policies. In 2023 Dollar Tree announced a commitment to set our ambition to achieve net zero Scope 1, 2 and 3 emissions by 2050 and to announce 1.5 degree aligned near-term Scope 1, 2 and 3 emissions reduction targets. More information about our climate related goals and efforts will appear in the Company’s 2024 corporate sustainability report and on our website.
Code of Business Conduct
Our Board has adopted a Code of Business Conduct for all our associates, including our directors, officers and employees, including our Chief Executive Officer and senior financial officers. The Code of Business Conduct reflects our commitment to conducting business in an ethical and lawful manner. Among other things, our Code of Business Conduct addresses such topics as honesty and integrity, workplace safety and belonging, relationships with our customers and our vendors, sustainability and environmental responsibility, compliance with laws, and the protection of Company assets.
Our Code of Business Conduct may be viewed at our investor relations website. In addition, a printed copy of the charter is availableCode will be provided to all shareholdersany shareholder upon request addressed to our Corporate Secretary at the address on page 1. All members of the committee are independent under the standards established by the NASDAQ Stock Market.

        Our Nominating and Corporate Governance Committee will consider candidates recommended by shareholders. Shareholders may recommend candidates for Nominating and Corporate Governance Committee consideration by submitting such recommendation using the methods described under the "Shareholder Nominations for Election of Directors" section on page 15 and "Communicating with our Board Members" on page 24. In making recommendations, shareholders should be mindful of the discussion of minimum qualifications set forth in the following paragraph. Although a recommended individual may meet the minimum qualification standards, it does not imply that the Nominating and Corporate Governance Committee necessarily will nominate the person so recommended by a shareholder.

        In evaluating candidates for election to the Board, our Nominating and Corporate Governance Committee shall take into account the qualifications of the individual candidate as well as the composition of the Board as a whole.

        Among other things, the Committee shall consider:

    the candidate's ability to help the Board create shareholder value,

    the candidate's ability to represent the interests of shareholders,

    the business judgment, experience and acumen of the candidate,

    the need of the Board for directors having certain skills and experience,

    other business and professional commitments of the candidate,

    the number of other boards on which the candidate serves, including public and private company boards, and

    retail experience.

        Our Nominating and Corporate Governance Committee gives consideration to potential candidates who would represent diversity on the Board with respect to professional background, experience, expertise, age, gender, and ethnicity.

        Our Nominating and Corporate Governance Committee identifies nominees in a number of ways. The Nominating and Corporate Governance Committee from time to time engages search firms to assist the committee in identifying potential Board nominees, and we pay such firms a fee for conducting such searches. Another method is the recommendation of a current member of the Board, who personally knows and has an understanding of the qualifications of a proposed nominee. An additional method involves an awareness of persons who are successful in business, whether personally known to a member of the Board or not. We may contact such persons from time to time to ask whether they would be willing to serve. If they are willing, then the Nominating and Corporate Governance Committee conducts significant amounts of due diligence to ensure that a nominee


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possesses the qualifications, qualities and skills outlined above. As mentioned above, our Nominating and Corporate Governance Committee will consider recommendations from shareholders on the same basis as other candidates.

Shareholder Nominations for Election of Directors

        Shareholders generally can nominate persons to be directors by following the procedures set forth in our bylaws. In short, these procedures require the shareholder to deliver a written notice containing certain required information in a timely manner to our Corporate Secretary at the address on page 1. To be timely, the notice must be sent either by personal delivery or by United States certified mail, postage prepaid, and received no later than 120 days in advance of the anniversary date of the proxy statement for the previous year's annual meeting. If no annual meeting was held in the previous year, or the date of the applicable annual meeting has been changed by more than 30 days from the date contemplated at the time of the previous year's proxy statement, notice must be sent not less than 90 days before the date of the applicable annual meeting. The notice must contain the information required by our bylaws about the shareholder proposing the nominee and about the nominee. A copy of our bylaws can be found online at http://www.dollartreeinfo.com/investors/corporate/.

        Each shareholder's noticesubmitted to the Corporate Secretary must include, among other things:

    the name andat our corporate headquarters address, of recordwhich is 500 Volvo Parkway, Chesapeake, VA 23320.

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Any amendments to, or waivers of, the Code of Business Conduct applicable to our directors, executive officers, principal accounting officer or controller or persons performing similar functions, will be posted on our investor relations website.
Shareholder Engagement Policy
Dollar Tree believes that effective corporate governance includes regular, constructive conversations with our shareholders. The Board’s commitment to shareholder who intendsengagement is reflected in the Shareholder Engagement Policy included in its Corporate Governance Guidelines. Under the policy, our senior executive officers and the Investor Relations Department are primarily responsible for our communications and engagement with shareholders and the investment community. Our Vice President of Corporate Governance serves as the primary liaison with shareholders on governance matters and our Chief Sustainability Officer regularly engages with shareholders and other stakeholders on environmental and social matters. Management is responsible for promptly reporting to make the nomination;

a representationBoard all material shareholder comments and feedback it receives.
Our Board also believes that in appropriate cases, Board-level participation in dialogue with shareholders on matters of significance can be an effective means of promoting mutual understanding and enabling the Board to be informed as to shareholder is a shareholderperspectives. Our Chairman and Chief Executive Officer regularly participates in dialogue with shareholders and on certain matters the Lead Independent Director or the Chairs of recordrelevant Board committees may also participate.
Shareholders and other interested parties seeking to engage with us may send correspondence by mail to Dollar Tree Board of our company's capital stock and intends to appear in personDirectors, c/o Corporate Secretary, 500 Volvo Parkway, Chesapeake, VA 23320, or by proxy at such meetingemail to nominate the person or persons specified in the notice;

the class and number of shares of our capital stock beneficially owned by the shareholder; and

a description of all arrangements or understandings between such shareholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nomination or nominations are to be made by such shareholder.

        For each person nominated, the notice to the Corporate Secretary must also include, among other things:

    the name, age, business address and, if known, residence address, of the nominee;

    his or her principal occupation or employment;

    the class and number of shares of our capital stock beneficially owned by such person;

    any other information relating to such person that is required to be disclosed in solicitations of proxies for election of directors or is otherwise required by the rules and regulations of the Securities and Exchange Commission promulgated under the Securities Exchange Act of 1934, as amended; and

    the written consent of such person to be named in the proxy statement as a nominee and to serve as a director if elected.
CorpSecy@DollarTree.com.


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TABLE OF CONTENTS
INFORMATION ABOUT THE BOARD OF DIRECTORS

Director Compensation


DIRECTOR COMPENSATION
Director compensation is established by the Board of Directors and periodically reviewed. In 2013,The table below sets out the Board determined that eachcompensation structure for non-employee director—that is, everydirectors in fiscal year 2023. The non-employee director other than Macon Brockcompensation was designed to:

Simplify and Bob Sasser—will receive an annual retainer of $180,000, payable quarterly in advance. The amountstreamline non-employee director compensation

Provide for at least 50% of the annual retainer remainedto be awarded as equity, consistent with market practice and good governance and to align directors’ interests with those of shareholders

Recognize the same in fiscal 2015. responsibility and workload expected of the Chairs of the standing Committees and the Lead Independent Director, while generally maintaining an overall market competitive level of non-employee director compensation

Support an equitable allocation of Committee Chair and member responsibility and workload
In addition, the Audit Committee chair will receive $30,000 and Audit Committee members will receive $20,000;September 2023, the Compensation Committee, chair will receive $30,000with the support of its compensation consultant, Meridian Compensation Partners, completed a peer benchmarking review of the non-employee director compensation program and Compensation Committee members will receive $15,000;determined that the Nominating and Corporate Governance Committee chair will receive $15,000 andcompensation program was aligned with the Nominating and Corporate Governance Committee members will receive $10,000. The Lead Director will receive an additional $35,000. market.
Compensation ElementNon-Employee Director
Compensation
Retainer
•Annual cash retainer $150,000
•Annual equity award $150,000
•Total annual retainer $300,000
Lead Independent Director$50,000
Audit Committee Chair$40,000
Compensation Committee Chair$35,000
Nominating and Governance Committee Chair$35,000
Finance Committee Chair$30,000
Sustainability and Corporate Social Responsibility
Committee Chair
$30,000
Committee MembersNo committee member fees (except for service on ad-hoc committees)
Meeting FeesNo meeting fees
The Board may also authorize additional fees for ad hoc committees, if any. Fees are paid quarterlyIn November 2023, the Board authorized the payment of a special service fee for the directors who served on an ad-hoc committee created to oversee certain litigation and compliance related matters. The special service fee in advance.the amount of $25,000 for Mr. Kelly, the committee chair, and $20,000 for Ms. Stahl, Messrs. Heinrich and Scott is included in the table below. We do not offer non-equity incentives or pension plans to non-employee directors.

        Under our shareholder-approved 2013 Director Deferred Compensation Plan (DDCP), directors

Directors may elect to defer receipt of all or a portion of their boardBoard and committee fees to be paid at a future datedate. Prior to June 30, 2023 deferral elections were made pursuant to the 2013 Director Deferred Compensation Plan (the “2013 Deferral Plan”). The 2013 Deferral Plan permitted the deferral of fees in either cash, shares of common stock, or non-statutory stock options. Beginning July 1, 2023, deferral elections were made pursuant to the Non-Employee Director Deferred Compensation Program

23


(the “Deferral Program”). The Deferral Program operates in conjunction with, and under the authority of, the 2021 Omnibus Plan and allows deferral of fees into cash or shares of common stock.
The 2013 Deferral Plan and the Deferral Program are similar except that the Deferral Program does not offer stock or to defer all oroptions as a portionform of their fees into non-statutory stock options.payment. Under both the 2013 Deferral Plan and Deferral Program, deferral elections must be made by December 31 for the deferral of fees in the next calendar year and must state the amount or portion of fees to be deferred; whether and to what extent fees are to be deferred in cash or shares or paid in the form of options;payment, the date on which payment will commence and in the case of deferral into cash or shares,stock, whether the pay outpayout shall be in installments or lump sum; and the date on which such pay out will commence. In the case of deferrals into options, the number of options to be credited is calculated by dividing the deferred fees by 33% of the closing price on the first day of each calendar quarter, which is the date of grant. The options bear an exercise price equal to the closing price on the date of grant and are immediately exercisable.sum. Deferrals into cash or stock are recorded in unfunded and unsecured book-entry accounts. Deferred shares to be credited are calculated by dividing the deferred fees by the closing price on the first day of each calendar quarter. If cash dividends are declared, deferred share accounts are credited with a corresponding number of deferred shares, based on the market price on the dividend date. In the case of deferrals into a deferred cash account, interest is credited to the account at the beginning of each quarter based on the 30-year Treasury Bond rate then in effect (an average of 2.88% in 2015). Seeeffect. In the Director's Compensation Table below for a descriptioncase of deferrals ininto options made under the current fiscal year.

        In March 2013 Director Deferred Compensation Plan, the Board instituted a guideline requiring directorsnumber of options to hold Dollar Tree stock, not including stockbe credited was calculated by dividing the deferred fees by 33% of the closing price on the date of deferral. The options bear an exercise price equal to at least $300,000 in value, measured as ofthe closing price on the date the stock was acquired, within four years of election by the shareholders. As of January 30, 2016, all of our directors owned shares in excess of this amount, with the exception of our newest director, Gregory M. Bridgeford, who joined the Board in May 2016. Consistent with prior years, despite the directors owning shares in excess of this guideline, a majority of the directors have consistently chosen to defer a meaningful portion of their annual cash retainer as shares of common stock or as options (ranging from 60% to 100% of total compensation for participating directors during 2015). See the Director's Compensation Table below for a description of deferrals in the 2015 fiscal year.

        In November of 2013, we replaced Mr. Perry's consulting agreement with a post-retirement benefit agreement that provides for annual fees of $30,000 to be paid to himdeferral and ensure his eligibility in our group health plans at his cost. Mr. Perry no longer provides advisory services to the Company as of November 2013.

are immediately exercisable.

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        Mr. Compton, who retired as a full-time employee in 2002 and as a part-time employee in 2004, has a post-retirement benefit agreement that provides for $30,000 to be paid to him annually and allows him to participate in our group health plans at his cost. Mr. Compton does not provide advisory services to the Company.

The following table shows compensation paid to each personnon-employee director who served as a director during fiscal year 2015. (Bob Sasser and Howard Levine's2023. Directors who serve as executive officers of the Company do not receive director compensation (compensation information for Richard Dreiling can be found beginning on page 43 of this document)51).

Name
Fees Earned
or
Paid in Cash

($)(1)
Stock Awards
($)(2)
All Other
Compensation

($)(3)
Total
($)
Thomas W. Dickson(4)37,500         —37,500
Cheryl W. Grisé         185,000         150,000         335,000
Daniel J. Heinrich200,000150,000350,000
Paul C. Hilal(5)
Edward J. Kelly, III260,000150,000410,000
Mary A. Laschinger150,000150,000300,000
Jeffrey G. Naylor190,000150,000340,000
Winnie Y. Park150,000150,000300,000
Diane E. Randolph93,904131,918225,822
Bertram L. Scott170,000150,000320,000
Stephanie P. Stahl200,000150,000350,000

Name


Fees Earned
or
Paid in Cash
($)(1)




Stock Awards
($)(2)


All Other
Compensation
($)(3)



Total
($)

Arnold S. Barron

$210,000$$$210,000

Macon F. Brock, Jr.

550,00027,288577,288

Mary Anne Citrino

210,000210,000

H. Ray Compton

205,00030,000235,000

Conrad M. Hall

215,000215,000

Lemuel E. Lewis

200,000200,000

J. Douglas Perry

180,00030,000210,000

Thomas A. Saunders III

230,000230,000

Thomas E. Whiddon

210,000210,000

Carl P. Zeithaml

195,000195,000

(1)

This column shows amounts earned for retainers and fees, including fees paid for service on standing and ad hoc committees, not reduced for deferrals.

(2)

This column includes the grant date fair market value of shares granted (i) on July 1, 2023 to all non-employee directors who were serving on July 1, 2023 in the aggregate amount of $550,000$150,000 pursuant to the annual director equity awards, and (ii) on October 1, 2023 to Ms. Randolph, the newly appointed non-employee director, in the aggregate amount $131,918 as a pro rata grant of the annual director equity award for 6,731 service-based restricted stock units grantedservice beginning on March 27, 2015August 15, 2023. The number of shares were determined by dividing the value of the equity award by the Company’s closing share price on the date of grant ($143.50 on July 1, 2023 and $106.45 on October 1, 2023).
(3)
Non-employee directors occasionally receive perquisites provided by or paid by us. During fiscal year 2023, these perquisites included, samples of our products, temporary use of Company office space and transportation for his services as Chairman.

(3)
This column includes post-retirementthe non-employee director or certain of their

24


family members. Any incremental cost to the Company of said perquisites, if any, is reported under “All Other Compensation.” The aggregate value of all benefits paidprovided to each non-employee director in fiscal year 2023 was less than $10,000.
(4)
Mr. ComptonDickson did not stand for reelection at the 2023 annual shareholders’ meeting held on June 13, 2023.
(5)
Mr. Hilal has waived all fees and Mr. Perry,stock awards for service as more fully described in the narrative accompanying this table. In addition, see "Certain Relationships and Related Transactions" on page 56 of this proxy. This column also includes Mr. Brock's "all other compensation" that shows: perquisites in the amount of $27,288 for both a car allowance and executive term life insurance.director.

The following table shows, for each of our non-employee directors, amounts deferred in fiscal year 2015 under our DDCP,2023, the number of shares underlying those deferrals and the aggregate


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number, as of January 30, 2016,February 3, 2024, of outstanding stock options, including those awarded prior to 2005 and options obtained through deferral of fees (all of which are fully vested), and deferred shares:

Name
Amounts
Deferred in

2023
($)
(1)
Shares
Underlying
Amounts
Deferred in

2023
(#)
Total
Deferred
Shares (#)
Options
Outstanding,
including
Options
Acquired
through
Deferral of
Fees (#)
Total Shares
Underlying
Options
and Deferred
Amounts (#)
Thomas W. Dickson
Cheryl W. Grisé   335,0002,4494,9384,938
Daniel J. Heinrich210,0001,5113,3273,327
Paul C. Hilal
Edward J. Kelly, III300,0002,1844,6404,640
Mary A. Laschinger150,0001,0452,2582,258
Jeffrey G. Naylor221,2501,5997,3752,80310,178
Winnie Y. Park37,500263263263
Diane E. Randolph131,9181,2391,2391,239
Bertram L. Scott150,0001,0452,2582,258
Stephanie P. Stahl350,0002,5529,6239,623

Name






Amounts
Deferred in
2015
($)(1)










Shares
Underlying
Amounts
Deferred in
2015
(#)(2)









Total
Deferred
Shares (#)








Options
Outstanding,
including Options
acquired through
Deferral of Fees (#)









Total Shares
Underlying Options
and Deferred
Amounts (#)
 
​ ​ ​ ​ ​ 
���

Arnold S. Barron

 $178,500 2,343 16,804  16,804 

Mary Anne Citrino

  210,000  2,759  58,332    58,332 

H. Ray Compton

      

Conrad M. Hall

  215,000  2,825  18,858    18,858 

Lemuel E. Lewis

 200,000 2,628 44,787  44,787 

J. Douglas Perry

      1,671    1,671 

Thomas A. Saunders III

 230,000 9,158  176,850 176,850 

Thomas E. Whiddon

           

Carl P. Zeithaml

 117,000 1,537 21,695  21,695 

(1)

This column shows the dollar amount of retainers and fees deferred in 20152023 under the DDCP.2013 Deferral Plan or the Deferral Program. Directors may choosewere permitted to defer a portion or all of their fees into a deferred cash account, common stock equivalents (which we call "deferred shares"“deferred shares”) or options, as more fully described in the narrative in this section. Note
Director Stock Ownership Requirements
In November 2022, the Board enhanced its stock ownership guidelines to require that not all deferred amounts shown in this column are representedeach non-employee director should hold Dollar Tree stock worth no less than five (5) times the annual cash retainer paid to directors, valued on the date such director acquired the stock. Vested stock or stock units beneficially owned by underlying sharesthe director, including stock or stock units held in the next column, todirector deferred compensation programs, are counted in meeting the extent that feesguidelines, but unexercised stock options are deferred into a cash account. In 2015, we credited $371 to Mr. Perry's deferred cash account (to which he did not contribute in 2015).

(2)
Shares in this column represent deferred shares and incounted toward meeting the case of Mr. Saunders, deferral into options. Compensation expense related to these options, valued by the same method as that used for option grants to employees, is recorded upon grant; $329,086 was recorded in 2015.

Meetings of the Board of Directors

        The Board of Directorsrequirement. Under our policy, each director has scheduled four regular meetings in 2016 and will hold special meetings when company business requires. During 2015, the Board held six formal meetings and undertook action by unanimous consent on three occasions. Informational update calls are periodically conducted during the year. Each member of the Board attended at least 75% of all Board meetings and meetings of committees of whichfive (5) years after he or she was a member.

Committees of the Board of Directors

        The Board of Directors has established an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee. The memberships and functions of these committees are set forth below. The Board does not have a standing Executive Committee. Other committees may be established to consider non-routine matters as the Board deems necessary.


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Audit Committee

        The Audit Committee has four members: Thomas E. Whiddon (Chairman), Mary Anne Citrino, Conrad M. Hall and Lemuel E. Lewis. The functions of this committee include:

    reviewing management's assessment of our internal control over the financial reporting process;

    reviewing results of internal control testing related to Section 404 of the Sarbanes-Oxley Act of 2002;

    reviewing our quarterly and annual financial statements;

    reviewing the audit efforts of our independent auditors and internal audit department;

    reviewing related party transactions; and

    selecting the independent auditors and any independent counsel or other advisers it deems necessary.

        The Audit Committee met in person or via teleconference nine times in 2015. In addition, the Chairman of the committee conducted periodic updates with the independent auditors and/or financial management.

        Our Board has reviewed the composition of the Audit Committee and determined that the independence and financial literacy of its members meet the listing standards of the NASDAQ Stock Market and regulations of the Securities and Exchange Commission. In addition, our Board has determined that the chairman of our Audit Committee, Thomas Whiddon, and Audit Committee member Lemuel Lewis, by virtue of their careers serving as Chief Financial Officers for large companies as well as other experience, qualify them as "audit committee financial experts," within the meaning of applicable regulations of the SEC, promulgated pursuant to the Sarbanes-Oxley Act of 2002.

Report of the Audit Committee

        The Audit Committee's main purpose (in accordance with its written charter adopted by the Board of Directors) is to assist the Board of Directors in fulfilling its oversight responsibilities regarding the quality and integrity of the accounting, auditing and financial reporting practices of the company.

        In connection with these responsibilities, the Audit Committee:

    met with management and the head of our internal audit department to discuss the company's risk management, control, and governance processes;

    discussed with counsel our compliance with NASDAQ listing requirements and other securities regulations;

    met with management and KPMG LLP, our independent registered public accounting firm, to review and discuss the quarterly and annual financial statements of the company for the fiscal year ended January 30, 2016;

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    discussed with KPMG LLP the matters required by Public Company Accounting Oversight Board Auditing Standard No. 1301 (Communications with Audit Committees);

    discussed with KPMG LLP the quality, not just the acceptability, of our accounting principles;

    received from KPMG LLP written disclosures and the letter regarding its independence as required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountants' communications with the Audit Committee concerning independence;

    reviewed and approved KPMG LLP's fees for audit, audit-related and tax services; and

    discussed with KPMG LLP any relationships that may impact their objectivity and independence.

        Based upon the reviews and discussions referred to above, the Audit Committee recommendedfirst elected to the Board to meet the director stock holding requirements. As of Directors thatApril 2024 all of the audited financial statements for the fiscal year ended January 30, 2016 be includeddirectors are in the company's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission.

SUBMITTED BY THE AUDIT COMMITTEE

Mary Anne CitrinoConrad M. HallLemuel E. LewisThomas E. Whiddon

Compensation Committee

        The Compensation Committee has four members: Arnold S. Barron (Chairman), H. Ray Compton, Conrad M. Hall and Carl P. Zeithaml.

        The functions of this committee include:

    overseeing our compensation and benefit practices;

    establishing the compensation arrangements for our executive officers;

    administering our executive compensation plans and Employee Stock Purchase Plan;

    administering and considering awards under our stock-and equity-based compensation plans; and

    reviewing annually executives' stock ownership levels to ensure compliance with the Company's executive ownership policy.

        The Compensation Committee met in person or via teleconference five times in 2015. In addition, the Chairman engaged in numerous in-depth discussions with members of management.

        All members of the Compensation Committee meet the independence requirements of the Nasdaq Stock Market and regulations of the Securities and Exchange Commission. The report of the Committee, together with our Compensation Discussion and Analysis and information regarding executive compensation, can be found beginning on page 25.


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Nominating and Corporate Governance Committee

        The Nominating and Corporate Governance Committee has three members: Thomas A. Saunders III (Chairman), Mary Anne Citrino and H. Ray Compton. The purpose of this committee is to advise the Board of Directors on the composition, organization and effectiveness of the Board and its committees, and on other issues relating to the corporate governance of the company. The committee's primary duties and responsibilities are to:

    recommend candidates to be nominated by the Board, including the re-nomination of any currently serving director, to be placed on the ballot for shareholders to consider at the annual shareholders meeting;

    if the Chairman of the Board is not independent, recommend an independent director to be considered by the Board to be appointed as Lead Director;

    recommend nominees to be appointed by the Board to fill interim director vacancies;

    review periodically the membership and Chair of each committee of the board and recommend committee assignments to the board, including rotation or reassignment of any Chair or committee member;

    monitor significant developments in the regulation and practice of corporate governance and of the duties and responsibilities of each director;

    lead the Board in its biennial performance evaluation;

    evaluate and administer our Corporate Governance Guidelines and recommend changes to the Board;

    review our governance structure;

    recommend policies for compensation and equity ownership guidelines for Board members who are not executive officers, as well as expense reimbursement policies;

    review annually the directors'Company’s stock ownership levels to ensure compliance with our director target ownership policy;

    monitor annually the education of Board members on matters related to their service on the Board; and

    advises the Board on its composition, committees, structure, practices and self-evaluation.

        The Nominating and Corporate Governance Committee met in person or via teleconference on four occasions in 2015. During 2015, the committee continued to review potential candidates for Board seats in order to further enhance the Board's effectiveness. For further information on the committee, its composition and procedures, please see the discussion beginning on page 14.

guidelines.


25

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CORPORATE GOVERNANCE AND DIRECTOR INDEPENDENCE

Independence

        Dollar Tree is committed to principles of good corporate governance and the independence of a majority of our Board of Directors from the management of our company. The following nine directors have been determined by our Board to be independent directors within the applicable listing standards of the NASDAQ Stock Market throughout 2015 (or since his appointment in the case of Mr. Bridgeford): Arnold S. Barron, Gregory M. Bridgeford, Mary Anne Citrino, H. Ray Compton, Conrad M. Hall, Lemuel E. Lewis, Thomas A. Saunders III, Thomas E. Whiddon, and Carl P. Zeithaml. Mr. Perry will not stand for re-election at the 2016 annual shareholder meeting. When his term expires, nine of our eleven directors will be independent.

        All members of our Audit Committee, our Compensation Committee and our Nominating and Corporate Governance Committee are independent under NASDAQ listing standards. Our Board has reviewed the various relationships between members of our Board and the company and has affirmatively determined that none of our directors or nominees has material relationships with Dollar Tree, other than Messrs. Brock, Perry and Sasser who are or were members of management or were paid consultants. See "Information about the Board of Directors" on page 16 and "Certain Relationships and Related Transactions" on page 56 for a discussion of relationships between the company and certain directors.

        If the slate of directors proposed to be elected at the 2016 annual meeting of shareholders is elected, all committees of our Board will continue to be comprised solely of independent directors. The basis for an independence determination by our Board is either that the director has no business relationship other than his or her service on our Board, or that while a director may have some involvement with a company or firm with which we do business, our Board has determined that such involvement is not material and does not violate any part of the definition of "independent director" under NASDAQ listing standards. None of our current executives sit on any of our committees.

        At the regular meetings of our Board of Directors, a private session, without management present, is conducted by the non-management members of our Board.

Corporate Governance Guidelines

        We adopted formal Corporate Governance Guidelines, a copy of which is available online at www.DollarTreeinfo.com in the Investor Relations section.

Board Leadership Structure

        Our corporate guidelines state that, in the event our Chairman is not an independent director, the Board shall name a Lead Director who is independent. Because Macon F. Brock, Jr., our Chairman, is not independent, our Board appointed Thomas A. Saunders III as Lead Director in May 2007, upon the recommendation of the Nominating and Corporate Governance Committee. Since 2007, the Board has annually confirmed him in this role. Mr. Saunders' role is similar to that of an Independent Chairman. As our Lead Director, he has clearly defined leadership authority and responsibilities, including: setting the agenda for and presiding over executive sessions of solely independent directors; conferring with the Chief Executive Officer and Chairman; communicating feedback from the Board regarding the CEO's performance; working with the Chairman to set the Board agenda; and remaining well-informed about senior management and succession plans. We believe that as Lead Director, Mr. Saunders has been effective at enhancing the overall independent functioning of the Board.



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        After careful consideration, the Board determined that its current leadership structure is the most appropriate for Dollar Tree and its shareholders. As part of the company's ongoing commitment to corporate governance, the Board periodically considers its leadership structure and the role of the Lead Director.

Majority Vote Standard for the Election of Directors

        Our Corporate Governance Guidelines also set forth our procedure if a director-nominee does not receive a majority of the votes cast in an uncontested election. Prior to an election, each director-nominee submits a resignation letter, contingent upon such individual failing to receive more than 50% of the votes cast in an uncontested election. In such event, the resignation would be considered by the Nominating and Corporate Governance Committee, which would recommend to the Board what action to take with respect to the resignation.

Board's Role in Risk Oversight

        The Board of Directors is actively involved in overseeing enterprise risk, primarily through the assistance of its Audit Committee whose charter requires that its members be knowledgeable of and inquire about risk related to the company's business. The company's Internal Audit Department conducts an annual investigation and evaluation of enterprise risk which focuses on four primary areas essential to the successful operation of the company: 1) strategic, 2) financial, 3) operational and 4) governance. The Internal Audit department reports its findings to and answers inquiries of the Audit Committee. The Committee Chair then shares this information with the full Board at its next meeting and responds to its directors.

        The Audit Committee also engages in dialogue and receives updates at or between its meetings from the Vice President of Internal Audit, the Chief Financial Officer, Chief Legal Officer and the Chief Executive Officer on matters related to risk. The Committee shares appropriate information with the Board, either at its next meeting or by other more immediate communication. In addition, the Company's Disclosure Committee meets at least quarterly and monitors internal controls over financial reporting and ensures that the company's public filings contain discussions about risks our business faces, all of which is reported to the Board. In addition to the Audit Committee, other committees of the Board consider risk within their areas of responsibility. In setting executive compensation, the Compensation Committee considers risks that may be implicated by our compensation programs and endeavors to set executive compensation at a level that creates incentives to achieve long-term shareholder value without encouraging excessive risk-taking to achieve short-term results. The Nominating and Corporate Governance Committee annually reviews the Company's corporate governance guidelines and their implementation. Each committee reports its findings to the full Board.

Code of Ethics

        Our Board has adopted a Code of Ethics for all our employees, officers and directors, including our Chief Executive Officer and senior financial officers, which was recently reviewed and approved by the Board on January 14, 2016. A copy of this code may be viewed at our corporate website, www.DollarTreeinfo.com, in the Investor Relations section of the site, under the heading "Corporate Governance." In addition, a printed copy of our Code of Ethics will be provided to any shareholder upon request submitted to the Corporate Secretary at the address on page 1.

Charters of our Board Committees

        The charters of our Board committees are available on our corporate website, www.DollarTreeinfo.com, in the Investor Relations section of the site, under the heading "Corporate Governance." In addition, printed copies of any of our Board committee charters will be provided to any shareholder upon request submitted to the Corporate Secretary at the company's address on page 1.


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COMMUNICATING WITH OUR BOARD MEMBERS

        Our shareholders may communicate directly with our Board of Directors. You may contact any member of our Board, any Board committee or any chair of any such committee by mail. To do so, correspondence may be addressed to any individual director, the non-management directors as a group, any Board committee or any committee chair by either name or title. All such mailings are to be sent in care of "Corporate Secretary" at our corporate headquarters address, which is 500 Volvo Parkway, Chesapeake, VA 23320. To communicate with our directors electronically, emails may be sent to CorpSecy@DollarTree.com.

        Mail received as set forth in the preceding paragraph may be examined by the Corporate Secretary from the standpoint of security and for the purpose of determining whether the contents actually represent messages from shareholders to our directors. Depending upon the facts and circumstances outlined in the correspondence, the Corporate Secretary will forward the communication to the Board, or any director or directors, provided that the contents are not in the nature of advertising, promotions of a product or service, or patently offensive material.

        In addition, any person who desires to communicate financial reporting or accounting matters specifically to our Audit Committee may contact the Audit Committee by addressing a letter to the chairman of the Audit Committee at our corporate headquarters address, noted above, or electronically to AuditChair@DollarTree.com. Communications to our Audit Committee may be submitted anonymously, if sent by mail, addressed to the Audit Committee Chair. All correspondence will be examined by the Corporate Secretary and/or Internal Audit from the standpoint of security and depending upon the facts and circumstances outlined in the correspondence, the communications will be forwarded to our Audit Committee or Audit Committee Chair for review and follow-up action as deemed appropriate.

        In 2009, we created the position of Vice President, Corporate Governance. This officer serves as the liaison with our shareholders on governance matters. We established this position to provide a more direct channel for communications with shareholders, to ensure an open dialogue on an ongoing basis and to promote increased understanding of industry standards for best practices in corporate governance as they evolve.

        We expect each of our directors to attend the annual meeting of our shareholders. All of the then incumbent directors were in attendance at the 2015 annual meeting of our shareholders.

Shareholder Proposals for the 2017 Annual Meeting

        Shareholder proposals for the annual meeting of shareholders to be held in 2017 will not be included in our proxy statement for that meeting unless received by us at our principal executive offices in Chesapeake, Virginia, on or prior to close of business on January 18, 2017. Such proposals must contain the information and meet the requirements set forth in our by-laws and in Rule 14a-8 of the Securities and Exchange Commission relating to shareholder proposals. See page 15 for additional requirements for the submission of shareholder nominations to the Board. Notice of a shareholder proposal submitted outside of the processes of Rule 14a-8 will be considered untimely after January 18, 2017. If notice of such a shareholder proposal is received by us after such date, then the proxies we solicit for next year's annual meeting may confer discretionary authority to vote on any shareholder proposals that were not submitted in a timely manner, without including a description of such proposals in the proxy statement for that meeting.


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COMPENSATION OFCOMMITTEE REPORT
ON
EXECUTIVE OFFICERS

Compensation Committee Report on Executive Compensation

        The Compensation Committee of our Board of Directors is responsible for developing, overseeing and implementing our compensation program for executive officers. In carrying out its responsibilities, each year the Compensation Committee reviews and recommends to the independent members of the Board the approval of the compensation of our Chief Executive Officer and the Committee approves the compensation of our other executive officers. The Compensation Committee is committed to a pay-for-performance policy that guides its discussions and determinations with respect to executive compensation.

        In structuring compensation for executives, the Compensation Committee seeks to attract, motivate and retain executive talent and to offer greater rewards for superior individual and corporate performance. To achieve these goals, the Compensation Committee provides a mix of annual and long-term compensation that will align the short- and long-term interests of our executives with those of our shareholders. In 2015, the Compensation Committee established base salaries, approved targets and awards under an annual cash incentive plan and made long-term incentive awards, the vesting of which are subject to our achieving a target level of performance and the executives remaining with us over a specified period of time. The Committee also approved a new peer group consisting of 19 companies that represents the market in which Dollar Tree now competes for talent after its merger with Family Dollar.

        A discussion of the principles, objectives, components and determinations of the Compensation Committee is included in the Compensation Discussion and Analysis that follows this Compensation Committee report. The specific decisions of the Compensation Committee regarding the compensation of named executive officers are reflected in the compensation tables and narrative that follow the Compensation Discussion and Analysis.

COMPENSATION

The Compensation Committee has reviewed the following Compensation Discussion and Analysis and discussed it with our management. Based on this review and discussion, the Compensation Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in the company'sCompany’s proxy statement for the 20162024 annual meeting of shareholders.

SUBMITTED BY THE COMPENSATION COMMITTEE

Cheryl W. Grisé (Chair)Paul C. HilalMary A. LaschingerWinnie Y. Park

COMPENSATION DISCUSSION AND ANALYSIS
Introduction
This Compensation Discussion and Analysis (“CD&A”) focuses on how our Named Executive Officers (“NEOs”) were compensated for fiscal 2023 and how their fiscal 2023 compensation aligned with our pay for performance philosophy. Our NEOs for fiscal 2023 are listed below.
2023 Named Executive Officers
Richard DreilingChairman and Chief Executive Officer
Jeffrey DavisChief Financial Officer
Michael Creedon, Jr.Chief Operating Officer
Lawrence Gatta, Jr.Chief Merchandising Officer—Family Dollar
Richard McNeelyChief Merchandising Officer—Dollar Tree
In order to present our executive compensation program in an understandable manner, the CD&A has been organized into the following sections:
A.
Executive Summary—an overview of key accomplishments and improvements implemented in 2023.
B.
Compensation Principles—the fundamental tenets upon which our compensation program is built.
C.
Components of Executive Compensation—the specific elements of the 2023 executive compensation program.
D.
Compensation Governance—key policies that govern the operation of the plans.
It is important to read the CD&A in conjunction with the detailed tables and narrative descriptions under “Executive Compensation Tables” beginning on page 51 of this proxy statement.
This CD&A includes the following important information:

a detailed description of our redesigned 2023 Executive Compensation Program
Page 29

a summary of our robust 2023 shareholder outreach, the feedback received and the Company’s response
Page 31

an analysis and discussion showing the alignment of pay and performance for our Chief Executive Officer
Page 36

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A.
EXECUTIVE SUMMARY
Fiscal 2023 was the second year of our transformational journey which included improvements in our products, pricing, store conditions and business operations. In 2023, we began testing and implementation of our new rotacart delivery process to streamline our truck unloading and store delivery process. We expanded the rollout of our new programs to improve store standards, working conditions and workplace safety. We continued the expansion of our multi-price initiatives under the Dollar Tree banner which began with our introduction of $3 and $5 products in select discretionary categories and has been expanded to $3, $4 and $5 frozen and refrigerated products and a wide assortment of other consumable and discretionary products. We initiated a comprehensive store portfolio optimization review which included a strategic assessment of our stores based on current market conditions, individual store performance and other factors and identified 970 underperforming Family Dollar stores and 30 underperforming Dollar Tree stores for closure. The store portfolio optimization impacted our 2023 financial performance; resulting in the recognition of impairments and related charges in the amount of $2,640.1 million. By making these strategic improvements and incurring these expenses in 2023 we have made meaningful improvements in the health of our business, the operation of our stores and our customer’s shopping experience.
Our ability to successfully execute this transformation requires highly skilled leadership. In 2022 and 2023, our Board of Directors assembled a new team of executive leaders with the skills and experience needed, including the addition of Jeffrey Davis, our Chief Financial Officer; Michael Creedon, our Chief Operating Officer; Jennifer Hulett, our Chief People and Communications Officer; Lawrence Gatta, our Chief Merchandising Officer—Family Dollar; Robert Aflatooni, our Chief Information Officer; Michael Kindy, our Chief Supply Chain Officer and Jonathan Leiken, our Chief Legal Officer and Corporate Secretary. Starting in 2023, Richard Dreiling was appointed to lead our new executive team as our Chief Executive Officer in addition to his role as the Chairman of our Board. As Chairman and CEO Mr. Dreiling provides critical leadership to our business and serves as a bridge between our Board and our operating organization. These leadership changes have positioned the Company to advance the Company’s strategic initiatives.
Our associates are a vital part of our success. We recognize that to be successful our associates must be well trained, highly motivated and fully supported by our business. In 2023, we continued our commitment to building our culture by reinforcing our values of serving with accountability, inspiring belonging, championing empowerment, operating with excellence and acting with integrity. These values are embedded into our ways of working and exemplified through our associate engagement strategy in 2022 and 2023, including associate surveys, improved issues reporting and communication platforms and frequent communication from our leadership team on our values, strategies and performance. We have also focused on making meaningful improvements in our business and our associate experience through simplifying work.

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2023 Business Performance
We are one of North America’s leading operators of discount variety stores, operating more than 16,700 discount variety retail stores under the names of Dollar Tree, Family Dollar and Dollar Tree Stores Canada. Highlights for fiscal 2023 include:
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Delivering Value to Shareholders
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In 2023, our Compensation Committee implemented incentive programs to reward executives for superior performance relative to goals that align the interests of executives with the long-term interests of our shareholders. Improvements to revenue growth and operating income and our total shareholder return, relative to peers, are all components of our new compensation program for 2023.

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New Compensation Program for 2023
In 2022, our Compensation Committee undertook a comprehensive review of our executive compensation program to assess the compensation elements and practices that would be needed to attract and retain the best executive leadership team to drive transformational change. The Compensation Committee met multiple times to consider program design and implementation, shareholder input received through the engagement process, and current market practices with respect to executive compensation. The changes resulting from the review are designed to increase the Company’s ability to attract and retain high-performing executives, enhance pay-for-performance alignment, support the Company’s culture, and align with the Company’s transformational growth strategy and shareholder expectations.
The revised compensation program includes multiple metrics for the short-term and long-term incentive program, and a blend of incentive vehicles designed to motivate and align the executive leadership team with the strategic objectives of the Company and the interests of shareholders. To support Dollar Tree’s transformational growth strategy, we considered it critical to have significant incentive focus not just on operating profit, but on profitable growth. The changes to our incentive program are described in detail below and include the addition of total revenue as a metric for short and long-term incentives, and adjusted earnings per share and total shareholder return relative to peers as new metrics for our long-term incentive program. The inclusion of a revenue metric in both the annual and long-term incentive plans is critical to ensure that management is focused on strategies to drive profitable growth in the short term with a strong focus on growth that is sustainable over the long term.
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Framework of our 2023 Executive Compensation Program
Arnold S. Barron
H. Ray ComptonConrad M. HallBase SalariesCarl P. ZeithamlThe Compensation Committee increased base salaries based on various factors, including job performance and market benchmarking.
Annual Cash Incentive Performance Plan
The Compensation Committee diversified and broadened the metrics, adding total revenue (weighted 40%) to support the Company’s strategic focus on profitable growth.

Through a rigorous process the Committee set goals, thresholds and maximums and payout curves for each performance metric that are designed to be motivating and challenging.

The total revenue metric has a threshold payout for performance at 95% of target and a maximum payout for performance at 105% of target.

The operating income metric (weighted 60%) has a threshold payout for performance at 85% of the target and a maximum payout for performance at 112.5% of target.

There is an adjusted operating income hurdle of $1,500 million (73% of target) which must be achieved for any payout to be earned under the plan.
Long-Term Incentive Program Design
The Compensation Committee expanded and revised the mix of equity incentive awards to consist of 50% performance-based restricted stock units (“PSUs”), 30% service-based restricted stock units (“RSUs”) and 20% stock options.

The PSU awards are the largest incentive designed to reward exceptional performance in achieving the Company’s strategic objectives.

The stock option awards link a portion of our executive’s compensation directly to stock price appreciation and vest ratably over a three-year period from the grant date.

The RSU awards align with share price, add balance to the long-term incentive mix and support executive retention. The RSUs vest ratably over a three-year period from the grant date.
Long-Term Incentive Awards—PSU Goal
The Compensation Committee diversified and broadened the performance metrics for PSUs to include the following metrics measured over a three-year cumulative period:

Adjusted earnings per share (weighted 60%)

Adjusted total revenue (weighted 40%)

Modified by total shareholder return (“TSR”), relative to peers (+/- 25%)


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Compensation Committee Interlocks and Insider Participation

        No memberof Chief Executive Officer

Mr. Dreiling was appointed Chief Executive Officer of the Company effective January 29, 2023. Upon the recommendation of the Compensation Committee isafter receiving the advice of Meridian Compensation Partners, the Committee’s independent compensation consultant, the Board determined that Mr. Dreiling’s annual base salary for his services as Chairman and Chief Executive Officer will be $1,350,000 (the peer group median) and his target annual incentive, under the management incentive compensation plan, will be 175% of his base salary (also the peer group median).
As disclosed in our 2022 and 2023 Proxy statements, in March 2022, as a current or former officermaterial inducement to persuade Mr. Dreiling to take an active operating leadership role and employment with Dollar Tree as Executive Chairman and to fully align his interests with the interests of shareholders over the long-term, the Board entered into a five-year executive agreement with Mr. Dreiling and granted him an option to purchase 2,252,587 shares of Dollar Tree or any of our subsidiaries, except H. Ray Compton who was an officer of the company until his retirement in 2004. In addition, none of the members of the Compensation Committee has or had any relationship with the company during fiscal 2015 that requires disclosure in accordance with the applicable rules of the Securities and Exchange Commission relating to compensation committee interlocks and insider participation.


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Compensation Discussion and Analysis

Financial Highlights for Fiscal Year 2015

    On July 6, 2015, the Company completed the acquisition of Family Dollar Stores, Inc. ("Family Dollar") for cash consideration of $6.8 billion and the issuance of 28.5 million shares of the Company's common stock valued at $2.3 billion based onwith a per-share exercise price of $157.17, the closing trading price of the Company'sDollar Tree common stock on July 2, 2015. Family Dollar became a direct, wholly-owned subsidiaryMarch 18, 2022. The option award vests ratably over the five-year term of his executive agreement. In light of the Company. Under the acquisition, the Family Dollar shareholders received $59.60 in cash and 0.2484 shares of the Company's common stock for each share of Family Dollar common stock they owned, plus cash in lieu of fractional shares (the "Merger Consideration"). Each outstanding performance share right ("PSR") of Family Dollar common stock was canceled in exchange for the right of the holdergrant, Mr. Dreiling is not eligible to receive additional long-term equity incentive awards for his service as Chief Executive Officer.
2023 Shareholder Outreach
Each year we ask our shareholders to participate in an advisory vote on our executive compensation programs (the “Say on Pay Vote”) and our Compensation Committee carefully considers the Merger Consideration (the "PSR Payment"). Additionally, outstanding Family Dollar stock options and restricted stock units were converted into mirror awards exercisable or to be earned in the Company's common stocklevel of voting support and the Company assumed certain employment agreements with officersfeedback received from shareholders. At the 2023 annual meeting, ~57% of Family Dollar.

The Company's consolidated net sales increased $6.90 billion to $15.50 billion from $8.60 billionour shareholders cast votes in support of our Say on Pay Vote. While we were pleased that the prior year. The additionmajority of Family Dollar sales after July 6, 2015 represented $6.16 billion of the increase;

Same-stores sales, for the Dollar Tree segment, increased 2.5% on a constant currency basis, compared to a 4.4% increase for fiscal year 2014. Adjusted for the impact of Canadian currency fluctuations, the same-store sales increase was 2.1%;

Gross profit increased $1.62 billion to $4.66 billion from $3.03 billion in the prior year.

Net income decreased $316.8 million compared to the prior year, resulting in net income of $1.26 per diluted share. Adjusted net income decreased from $645.6 million to $518.2 million and adjusted diluted earnings per share decreased from $3.12 to $2.32. Included in fiscal 2015 results are $73.0 million of markdown expense for Family Dollar related to SKU rationalization and planned liquidations and $170.2 million for Family Dollar related to the amortization of the stepped up inventory basis, amortization of intangible assets, higher levels of depreciation expense resulting from purchase accounting, and severance and integration costs.

2015 Executive Compensation Overview

        We are committed to a pay-for-performance policy for our executives that appropriately balances each executive's total compensation between cash and non-cash and short and long-term components, while ensuring that a significant portion of pay is performance-based and therefore, at risk. We believe thatshareholders approved our executive compensation program, combinedwe recognize that the level of support was much lower than the Company would like.

To better understand our shareholders’ perspectives, we conducted an in-depth outreach process during the fall of 2023. We requested meetings with our top 50 shareholders who, in the aggregate, represented over 80% of our outstanding shares. Twenty of these shareholders, representing more than 48% of our outstanding shares, agreed to meet with us. The shareholder engagement effort included members of our Board, our Chief Sustainability Officer and members of our Investor Relations, Human Resources and Legal teams. 80% of the 20 meetings were attended by either the Chair of our Compensation Committee, our Vice-Chair or our Lead Independent Director. These engagement sessions were opportunities for Dollar Tree’s Board members to hear directly from shareholders on topics including compensation, environmental, social and governance matters.
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Shareholder Feedback
Shareholder feedback on our regular executive compensation program, as revised and implemented in 2023, including our annual and long-term incentive plans was overwhelmingly supportive. Shareholder feedback on the one-time inducement award made to Mr. Dreiling in 2022 was mixed. Shareholders that were supportive of the inducement award shared comments indicating that they regarded the award as performance based, appropriate for the 5-year performance period and aligned with value creation for shareholders. Shareholders that were not supportive of the inducement award shared comments with some indicating that they prefer performance stock ownership guidelines, effectively linkunits to stock options and others expressing concern with the quantum of the award.
While the discussions were primarily listening sessions, we reemphasized the extraordinary circumstances that prompted the one-time award and assured our shareholders that the Board would consider their feedback and that the Company would communicate a clear response.

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Company Response
The table below summarizes the compensation related themes that arose from the feedback provided by shareholders and the Company’s response.
What We HeardOur Perspective/ Our Response
Compensation Discussion
Inducement Award to Dreiling
While the majority of shareholders agreed with the Company’s rationale for providing the inducement grant, some shareholders had concerns with the magnitude of the grant, that similar grants of this magnitude would be made in the future, that the grant should have been tied to performance, or that the grant would not provide retention in the current market.

Our Compensation Committee has confirmed that the inducement award was a one-time grant designed to attract and incentivize an extraordinary leader with a proven track record and the skills needed to lead the transformation of our Company.

Our Compensation Committee has confirmed that future grants of this nature will not be made absent truly extraordinary circumstances.

We recognize that some shareholders would have preferred the use of performance stock units rather than options. We believe that the high strike price ($157.17 per share) of the options awarded under the inducement grant makes the award equivalent to a performance award and provides an incentive for Mr. Dreiling to build meaningful long-term shareholder value and aligns his interests with the interests of shareholders.

We believe that the inducement grant is a long-term incentive that appropriately motivates Mr. Dreiling. Absent a material change in circumstances, Mr. Dreiling will continue not to participate in the Company’s long-term incentive award program, and we believe that no further action is needed to retain him.
2023 Executive Compensation Program
The 2023 Say on Pay vote was based on compensation paid under our 2022 compensation program. In 2023, we launched a new incentive program which was previewed in our 2023 Proxy. We asked our shareholders for feedback on our newly redesigned 2023 incentive program.
The feedback provided was almost universally positive with most shareholders expressing strong support for the Company’s annual incentive design and metrics, long term incentive award mix, metrics and three-year performance periods. Some shareholders provided suggestions regarding performance metrics that the Company could consider in the future.

In 2023, our Compensation Committee redesigned our executive compensation program to include multiple performance metrics for our short- and long-term incentives and expanded the types of equity granted under our long-term incentive program. The new program is designed to motivate our leadership team during our period of transformation to align our executives with long-term shareholder value creation and profitable growth.

Given the very positive feedback on our current program, the Company concluded that no changes to the incentive program are needed at this time. We will, of course, continue to consider appropriate metrics, including potential return metrics, other financial metrics and sustainability metrics, as the Company progresses with its strategic initiatives.

A detailed description of the design of our 2023 Executive Compensation Program and the Company’s rationale for the structure and metrics chosen for the program is provided under the section entitled “Components of Executive Compensation” beginning on page 37.

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In addition to feedback on compensation, shareholders provided feedback on environmental and social matters. This feedback was shared with our Sustainability and Corporate Social Responsibility Committee. While we provide regular and detailed corporate sustainability reporting on the Company’s ongoing efforts to address the environmental and social issues that are central to our business, we have provided a brief summary of the environmental, social and governance (ESG) themes that were the focus of many of the shareholder meetings. The table below summarizes the feedback received and the Company’s response.
What We HeardOur Perspective/ Our Response
ESG Discussion
Climate Change
Shareholders are pleased to see that the Company has committed to setting Net-Zero targets.

Additional details regarding the Company’s science-based targets and climate strategy will be provided in the Company’s 2024 Corporate Sustainability Report.
Worker Safety
Shareholders wish to understand the Company’s plans to improve worker safety.

Worker safety has been a focus for the Company in 2022 and 2023 and will continue to be an area of focus in 2024. The Company has developed a team of experts in the area of worker safety who are focused on implementing a multi-dimensional plan to address worker safety in our stores.
Worker Welfare
Shareholders are concerned with the health and welfare of our workers, including our associates ability to obtain fair wages and benefits.

We plan to conduct a benefits assessment to identify the programs that would be most valuable for associates working in our stores. Please refer to our Corporate Sustainability Report and corporate website for updates on our associate benefits programs.
Diversity Equity and Inclusion
Shareholders are generally interested in the Company’s culture and diversity equity and inclusion programs

In 2022 and 2023, we hired a Chief Sustainability Officer and a diversity team and engaged in a strategic planning process to develop our diversity, equity and inclusion strategy.
Human Capital Metrics
Disclose additional data on human capital metrics that are important to the Company’s business

We are committed to implementing new technology to gain additional detail regarding human capital metrics that are important to our business, and we will consider ways to communicate the insights gained over time.

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B.
COMPENSATION PRINCIPLES
Our Compensation Program Philosophy and Objectives
CEO Compensation
In 2022, Mr. Dreiling joined Dollar Tree as our Executive Chairman under an inducement grant of stock options that vest ratably over a five-year period. This long-term incentive was designed to fully align his interests with the long-term interests of our executive officersshareholders and to operate as an incentive for Mr. Dreiling to drive the transformational change that is expected to generate long-term shareholder value. Our Compensation Committee determined that a unique incentive plan was appropriate considering Mr. Dreiling’s critical role and exceptional experience. At the start of fiscal year 2023, our Board appointed Mr. Dreiling to be our Chief Executive Officer, which has allowed him to directly drive the transformational change that is vital to the success of our Company. Our Compensation Committee determined that, as CEO, (i) Mr. Dreiling should participate in the Company’s short-term incentive program, (ii) in light of the inducement grant made in 2022, he should not participate in the Company’s long-term incentive program, and (iii) the inducement grant made in 2022 continues to be an appropriate long-term incentive to motivate Mr. Dreiling and to fully align his interests with the interests of our shareholdersshareholders.
Executive Compensation Program
For 2023, the Compensation Committee established a new executive compensation program (the “2023 Executive Compensation Program”) that is based on a pay-for-performance philosophy that links a significant portion of the executive’s total compensation to the Company’s performance and focusesshare price.
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The principal objectives of our compensation philosophy are to:

align the interests of executives with those of shareholders;

tie pay to performance;

focus executives on the long-term growth and profitability of our business, without encouraging excessive risk-taking.

        The following provides an overviewbusiness;


recognize and reward achievement of executive compensation actions in fiscal 2015:

    The Compensation Committee approved base salary increases and cash bonus payouts for our named executive officers;

    The Compensation Committee approved long-term equity incentive awards in the form of performance-based restricted stock units to each of our named executive officers;

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    The Compensation Committee approved target award values for each of our named executive officers under the Company's three-year long-termcorporate performance plan made available under the Company's Omnibus Incentive Plan;

    The Compensation Committee approved a new peer groupgoals that represents the market in which Dollar Tree now competes for talent post-merger; and

    create sustainable shareholder value;
The Compensation Committee approved an equity grant and established a corporate bonus target for members of the Family Dollar executive management team (none of whom were named executive officers) for the period beginning on August 30, 2015 and ending on January 30, 2016. These decisions were made to support the Company's efforts to maintain leadership continuity following the closing of the merger, successfully integrate both companies and align the interests of the leadership team with those of our shareholders.

        In addition to the executive compensation actions taken in fiscal 2015, the Company made changes to its executive leadership team in connection with the merger with Family Dollar. Gary Philbin was named President and Chief Operating Officer of Family Dollar in July of 2015 and continues to report to Bob Sasser, the Chief Executive Officer of Dollar Tree. Howard Levine, the former Chief Executive Officer of Family Dollar, remained with the Company after the merger in order to assist with the integration and provide support to Mr. Sasser. After completing this role, Mr. Levine stepped down as the Chief Executive Officer effective January 15, 2016. Mr. Philbin continues to lead Family Dollar.

        Mr. Philbin is the most senior executive officer responsible for the Family Dollar banner and the second most senior officer in the overall combined enterprise. In March 2016, the Compensation Committee increased Mr. Philbin's compensation. See page 37 for more details.

Governance of Executive Compensation Program

Objectives of Our Compensation Program

        The Compensation Committee has adopted a pay-for-performance policy for executive officers that balances each executive's total compensation between cash and non-cash, and current and long-term, components. The principal objectives of our compensation policies are to:

    align executive pay with shareholders' interests;

    provide executive pay that is competitive among our peer group;

    recognize individual initiative and achievements;


attract, motivate and retain highly qualified executives; and


unite the executive management team to a common objective.

        We are committedobjective; and


provide executive pay that is competitive with market.

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Target Pay Mix
Consistent with our desire to good corporate governancealign pay and engageperformance, our Compensation Committee used the primary pay elements of our 2023 Executive Compensation Program (base salary, annual incentives and long-term incentives) to develop a target pay package for each executive that is more heavily weighted towards variable or at-risk pay. As illustrated below, a significant portion of the pay is performance-based and therefore variable and at risk, which directly aligns the pay outcomes for our executives with the performance of the Company. To further align the 2023 Executive Compensation Program with long-term shareholder value, the Committee believes that long-term incentive compensation should be a substantial majority of our executive’s total compensation. In 2023, Mr. Dreiling, our CEO, participated in the following best practices as partshort-term incentive plan under the Executive Compensation Program. Mr. Dreiling’s long-term incentive was provided in the inducement award made to him in 2022, therefore, he does not participate in the long-term incentive plan under the Executive Compensation Program.
CEO Pay Mix
The CEO’s 2023 compensation is comprised of our executive compensation program:

    Tiebase salary and annual bonus which, together with the long-term incentive awarded in 2022, provides for an incentive program that is primarily variable, at-risk and aligned with shareholder’s interests.
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Other NEO Pay Mix under the 2023 Executive Compensation Program
Under the 2023 Executive Compensation Program, the average pay mix for the NEOs (other than the CEO) is comprised of base salary, annual bonus, performance stock units, restricted stock units and stock options which provides for a substantialsignificant portion of executive compensation that is variable, performance-based and at-risk.
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Alignment of Pay and Performance
Our 2023 Executive Compensation Program is grounded in a pay-for-performance philosophy to Company performance;

Provide capped annual and long-term incentive awards;

Provide modest perquisitesalign pay outcomes with sound business rationale;

Maintain retention agreements with our named executive officers that require a "double trigger" change in control in order for severance benefits to become payable;

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    Maintain stock ownership requirements that align the interests of our executives with those of our shareholders;

    Prohibit hedging and short sales by executive officers and directors;

    Conduct an annual risk assessment of our compensation policies and practices; and

    Conduct an annual shareholder advisory vote on executive compensation.

        The chart below shows the percentage breakdown of the 2015 Total Direct Compensation for our current named executive officers.


CEO Total Direct
Compensation


Other NEO Total Direct
Compensation


GRAPHIC



GRAPHIC

GRAPHIC

Role of the Compensation Committee

shareholders. The Compensation Committee consists entirelyregularly reviews compensation outcomes to ensure that our incentive plans operate to effectively align compensation with performance and with the creation of non-employee, independent memberslong-term shareholder value.

The total compensation for the CEO of our BoardCompany in 2023, 2022, 2021 and 2020 (as reported in the Summary Compensation Table for each respective year), is generally aligned with the performance of Directorsthe Company during those periods. In addition to the changes in performance year over year, the change in the compensation of our CEO in 2023 is due in part to the unique compensation arrangement with Mr. Dreiling and operates underthe introduction of our new 2023 Executive Compensation Program, including the addition of total revenue as a written charter approved byperformance metric.
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Performance goals in both our short- and long-term incentive plans are set at challenging levels, to incentivize achievement of performance goals that drive long-term, sustainable shareholder value growth. When financial targets and performance goals are not met, performance-based incentive payments for our executives result in lower or zero payouts. We set relatively steep pay and performance curves for our short- and long-term incentive plans to give our executives meaningful downside risk and upside benefit if performance falls short of or exceeds the Board. target. This aligns the executive’s pay with shareholder experience and expectations.

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C.
Components of Executive Compensation
Executive Compensation Program Overview
The Compensation Committee has the direct responsibility to review and recommend to the independent members of the Board the approval of theadopted a compensation of our Chief Executive Officer and to determine and approve the compensation of the other named executive officers. The Compensation Committee has historically consulted, and expects to continue to consult, with the Chief Executive Officer and senior management, as well as an external compensation consultant retained by the Compensation Committee when deemed appropriate, in the exercise of its duties. Notwithstanding such consultation, the Compensation Committee retains absolute discretion over all compensation decisions with respect to the named executive officers.

Role of the Chief Executive Officer in Compensation Decision-Making

        In general, at the Compensation Committee's request, our Chief Executive Officer may review and recommend the compensation structure and awardsprogram for the other named executive officers to the Compensation Committee or its consultants. The Chief Executive Officer also provides information to the Compensation Committeethat balances each executive’s total compensation between fixed and its consultants regarding the job performance and overall responsibilities of the other named executive officers. He makes no recommendations concerning his own compensation to the Compensation Committee or its consultants. The Chief Executive Officer does not possess the right to call a meeting of the Compensation Committee, but the Compensation Committee would likely convene a meeting at his request. The Chief Executive Officer does not vote on


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executive compensation matters nor is he present when his compensation is being discussed or approved.

Role of the Compensation Consultant

        Pursuant to its written Charter, the Compensation Committee has the authority to engage the services of outside independent advisers. Aon Hewitt LLC was retained in the spring of 2010 to assist the Compensation Committee in determining the appropriateness and competitiveness of our executive compensation program. The Compensation Committee continues to engage Aon Hewitt on an ad hoc basis for executive compensation consulting services. No executive officer had the authority to direct the work of Aon Hewitt with regards to its work with the Compensation Committee. The Compensation Committee bears ultimate responsibility for approving the compensation of all named executive officers.

        In fiscal 2015, the Compensation Committee engaged Aon Hewitt to provide executive compensation consulting services. The Company paid $200,991 to Aon Hewitt for these services. With respect to additional services, the Company paid Aon Hewitt $14,087 for compensation services related to the acquisition of Family Dollar. In addition, Aon Risk Services, Inc. ("Aon Risk"), an affiliate of Aon Hewitt, provided insurance brokerage services to the Company for which it received commissions. The Company paid $1,052,000 for the insurance brokerage services in fiscal 2015 for both the Dollar Tree and Family Dollar segments. From July 6, 2015 to the end of our 2015 fiscal year, the Company paid $754,745 to Aon Hewitt for services related to benefits administration and $791,461 for services in connection with leave administration in the Family Dollar segment.

        The decision to engage Aon Hewitt and Aon Risk for these additional services to the Company was made by management in the Dollar Tree and Family Dollar segments, respectively, and the approval of the Compensation Committee or Board of Directors was not required or requested. However, the Compensation Committee has reviewed its relationship with the consultant, taking into consideration the six independence factors set forth in Rule 10C-1 under the Securities Exchange Act of 1934. The Committee also reviewed the internal guidelines adopted by Aon Hewitt to guard against any potential conflict of interest and ensure its consultants provide only independent advice, regardless of fees paid to the firm. Based on its review, the Compensation Committee has identified no conflicts of interest and believes the additional services provided to management by Aon Hewitt and Aon Risk do not impair the objectivity of the advice rendered by Aon Hewitt to the Compensation Committee on executive compensation matters.

        Further information on the Compensation Committee's procedures for determining executive compensation is included in its Charter which can be found at our corporate website, www.DollarTreeinfo.com, in the Investor Relations section of the site, under the heading "Corporate Governance."

Assessment of Risk

        We have reviewed our compensation policies and practices for all employees and concluded that such policies and practices are not reasonably likely to have a material adverse effect on our company.

Say on Pay Votes

        In compliance with Section 14A of the Securities Exchange Act of 1934, the Company asks the shareholders to approve, on an advisory basis, the compensation of our named executive officers as disclosed in the Company's proxy statement (commonly known as "Say on Pay"). The Company believes that Say on Pay is an important means by which shareholders may express their views


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regarding the Company's executive compensation and has decided to hold a Say on Pay advisory vote on an annual basis.

        During our June 2015 annual shareholders' meeting, we provided our shareholders with an advisory vote to approve the compensation of our named executive officers. The Company received an overwhelming support of 96% for its Say on Pay proposal. The Compensation Committee believes the results of these Say on Pay votes reflect our shareholders' approval of our executive compensation program. Therefore, the Compensation Committee did not make any changes to its executive compensation program as a result of the 2015 Say on Pay votes.

Executive Compensation Principles

        Our executive compensation program consists of base salaries, cash bonus incentives, and long-term incentives generally in the form of cash and restricted stock units. These components of executive compensation are used together to strike an appropriate balance between cash and stock compensationat-risk and between short-term and long-term incentives. We expect a significant portionincentive components.

The 2023 Executive Compensation Program consisted of an executive's total compensation to be at risk,market-competitive base salary tied both to our annual and long-term performance as well as to the creationexecutive’s individual performance, experience and scope of shareholder value. In particular, we believe that short-termresponsibility; an annual cash incentive compensation should be tied directly to both corporate performancebonus opportunity under our Management Incentive Compensation Plan (MICP) and individual performance for the fiscal year, including the achievement of identified goals as they pertain to the areas of our operations for which the executive is personally responsible and accountable. In contrast, we believe that long-term incentive compensation should reward an executive for his or her contribution to our long-term corporate performance and shareholder value. Under our policy, performance above targeted standards results in increased total compensation, and performance below targeted standards results in decreased total compensation.

        We differentiate compensation to executives based on the principle that total compensation should increase with an executive's position and responsibility, while at the same time, a greater percentage of total compensation should be tied to corporate and individual performance, and therefore be at risk, as position and responsibility increases. Thus, executives with greater roles and responsibilities associated with achieving our performance targets should bear a greater proportion of the risk if those goals are not achieved and should receive a greater proportion of the reward if our performance targets are met or surpassed. In addition, as an executive's position and responsibility increases, the use of long-term incentive compensation should increase as a percentage of total compensation because our senior executives have the greatest influence on our strategic performance over time.

        The difference between the compensation of the Chief Executive Officer and the other named executive officers is due to a variety of factors, including his unique role as primary architect of the Company's strategic vision, as well as his responsibility for achievement of the Company's operational goals. Accordingly, he receives a higher base salary, higher annual bonus incentives and higher long-term equity incentives as a productin the form of his greater authority, responsibilityPSUs, RSUs and oversight.

How Executive Pay Levels are Determined

        The Compensation Committee reviews our executive compensation program every year and periodically conducts an in-depth market analysis of executive compensation as it determines is necessary to ensure that our compensation programs meet our objectives. Decisions by the Compensation Committee relating to the compensation of our executive officers are reported to the full Board of Directors. The Compensation Committee considers recommendations of the Chief Executive Officer with respect to the compensation of other executives but makes its own determinations in all cases.


stock options.

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        In determining the compensation of our executive officers, the Compensation Committee evaluates total overall compensation, as well as the mix of salary, cash bonus incentives and equity incentives, using a number of factors including the following:

    our financial and operating performance, measured by attainment of specific strategic objectives and operating results;

    the duties, responsibilities and performance of each executive officer, including the achievement of identified goals for the year as they pertain to the areas of our operations for which the executive is personally responsible and accountable; and

    historical cash and equity compensation levels.

        Amounts realizable from prior compensation, including equity awards, are not generally considered in setting current year compensation.

        In fiscal 2015, the Compensation Committee, with the assistance of Aon Hewitt, approved a new peer group which consists of the following 19 companies that we believe are similarly situated to Dollar Tree post-merger and represent the markets in which we compete for executive talent:

2023 Executive Compensation Program



Bed Bath & Beyond,  Inc.





McDonalds Corporation



Best Buy Co. Inc.

Nordstrom, Inc.

CarMax, Inc.

Rite Aid Corporation

Dollar General Corporation

Ross Stores, Inc.

Gap, Inc.

Staples, Inc.

Genuine Parts Company

Starbucks Corporation

Kohl's Corporation

Sysco Corporation

L Brands, Inc.

TJX Companies, Inc.

Lowe's Companies, Inc.

YUM! Brands, Inc.

Macy's Inc.

ElementVehicle Description & Strategic Role
Base Salary

Helps attract and retain executives through market-competitive base pay

Based on individual performance, experience and scope of responsibility
Annual Cash
Bonus Incentive

Encourages achievement of short-term financial performance metrics that create shareholder value

Cash bonus incentives in 2023 were based 60% on adjusted operating income and 40% on adjusted total revenue goals which are designed to promote profitable growth
Long-Term
Equity Incentive
Awards

Long-term incentive compensation composed of equity awards: 50% in PSUs, 30% in RSUs and 20% in stock options

PSUs incentivize executives to drive financial performance toward long-term objectives

PSUs awarded in 2023 were based on three-year cumulative goals for earnings per share (weighted 60%), total revenue (weighted 40%), with a three-year relative TSR modifier (+/- 25%)

RSU awards create a retention incentive through multi-year vesting and robust stock ownership guidelines

Stock options motivate executives to deliver long-term sustained share price performance

        The peer group was developed based primarily upon Dollar Tree's industry and size. Revenue growth and market capitalization were selected as the appropriate size filters. Aon Hewitt assisted the Compensation Committee with identifying positions comparable to those of our named executive officers and providing the Committee with benchmarking data for both total direct compensation and each element of total direct compensation within the peer group. This analysis provided the Committee with a perspective on Dollar Tree's pay-for-performance relationship relative to its peers. The Committee does not target a specific market data percentile for total direct compensation or individual components of compensation but rather reviews data from the peer group companies as a point of reference to help ensure that our overall compensation remains competitive.

Components of Executive Compensation

        The executive compensation program consists of three principal components: base salary, annual bonus incentives and long-term incentives. The Compensation Committee considers these components individually and reviews the overall distribution between them but does not target specific allocation percentages or amounts.

        While

In addition, we do not offer executives a pension plan, each executive may elect to defer a portion of his or her annual cash compensation into our Non-Qualified Deferred Compensation Plan, which is further described in the Non-Qualified Deferred Compensation Table and narrative disclosure following this discussion. We also provide our executives with the benefits that are commonly available


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to our full-time associates, including participation in our profit-sharing and 401(k)retirement savings plan, employee stock purchase plan, health, dental and vision plans and various insurance plans, including disability and life insurance. For the Family Dollar segment, the Company provides similar benefits to its executive officers, except the Company currently maintains a separate 401(k) savings plan and deferred compensation plan for each of the segments.

        We extend to our executives a limited number of perquisites, including a monthly car allowance, in recognition of the extensive travel required in managing a business of our size; the reimbursement for up to $3,000 in tax and financial planning to assist executives in managing their financial situations; an executive physical, in order to ensure the health and continuity of our executive team; and an employer-paid portable term life insurance plan for executives, which includes a one times base annual salary benefit. For the Family Dollar segment, the Company continues to offer the legacy Family Dollar perquisites to its executive offers which include executive supplemental disability insurance coverage, group disability insurance and financial planning assistance. We believe the nature and amounts of all perquisites provided to our named executive officers are reasonable and that they support our expectations of an engaged and productive executive team.

        Our compensation and benefits programs provide basic economic security for our employees at a level consistent with competitive practices to help retain a highly skilled and qualified workforce, including at the executive level. The annual bonus and long-term incentive compensation programs are designed to reward performance measured against goals and standards established by the Compensation Committee, to encourage executives to increase shareholder value by focusing on growing revenue and earnings, generating cash flow and efficiently deploying capital, and to ensure retention of key personnel.

        The principal components of executive compensation and the rationale and methodology for each are further described below. Specific information on the amounts and types of compensation earned by the named executive officers during 2015, 2014 and 2013 can be found in the Summary Compensation Table and other tables and narrative disclosures following this discussion.

Base Salary

Our base salary philosophy is to provide reasonable current income to our named executive officers in amounts that willat a market competitive level to attract and retain individuals with a broad, proven track record of performance. To accomplish this objective, we provide base salaries that are intended to be competitive relative to similar positions at comparable companies. Base salaries are reviewed annually, and adjustments are made as required to recognize outstanding individual performance, increased individual experience, expanded dutiesscope of role or changes in the competitive marketplace.

The Compensation Committee, with the assistance of Aon Hewitt,Meridian, approved base salary amounts for the executive officers, other than Mr. Dreiling, in March 2023. In determining the base salaries for 2023, the Compensation Committee considered market data from the peer group and retail industry peers, data on salary increases for executives and other relevant internal factors such as individual

37


performance, scope of responsibility and retention. As a result of this review the base salaries of the named executive officers (other than Mr. Dreiling) were increased as follows: Mr. Davis 3.1%, Mr. Creedon 5.9%, Mr. Gatta 4.3% and Mr. McNeely 18.2%.
The Compensation Committee, with the assistance of Meridian, approved the base salary for Mr. Dreiling in January 2023 in connection with his appointment as Chief Executive Officer. The base salary for Mr. Dreiling was determined during its March 2015 meetingbased on market data from the Company’s peer group to be approximately at the median of the peer group. The Committee noted that Mr. Dreiling’s salary was lower than the salary that would typically be paid to a CEO of his experience and record of performance but considered this to be appropriate in-light of the inducement award granted to him in 2022.
Annual Cash Bonus Incentives
We provide our executive officers with the opportunity to annually earn cash incentives under the MICP. These incentives are designed to encourage the achievement of corporate financial objectives and to reward our executive officers for the significant impact they make on our corporate results.
2023 Bonus Opportunities
Executive bonus opportunities are set as a percentage of salary. In 2023, the Compensation Committee determined that the payment of annual cash bonuses for the named executive officers would receive base salary increases in order to keep salaries at competitive levels. Base salaries paid to our named executive officers in fiscal 2015 are contained in the Summary Compensation Table in this Proxy Statement.

Annual Bonus Incentives

        Executivesbe based on two metrics: enterprise adjusted operating income (weighted 60%) and certain salaried associates have the opportunity to earn an annual cash bonus under our Management Incentive Compensation Plan (MICP)enterprise adjusted total revenue (weighted 40%). The MICP is intended to provide2023 incentive bonuses that are reasonable in relation totargets were set using the paymentmarket data provided from the peer group and our assessment of base salaries and overall compensation to executives, reward executives for superior performance and are expected to be competitive.

appropriate targets within our management structure.

The Company performance goals for the annual cash bonus incentive are generally based on U.S.derived from operating income and total revenue targets defined byin the annual budget as approved by the Board of Directors at the beginning of the fiscal year. The


TableThus, these performance goals are consistent with the Board’s overall outlook of Contents

the Company’s potential performance over a one-year horizon. The performance targets are intended to be challenging but achievable with significant effort and serve to focus our management team on a common goal while aligning efforts with shareholder interests.

        The MICP target is expressed as a percentage of salary. At

In prior years, the executive level, the target is weighted more heavily toward corporate performance, thereby more closely aligning executives' interests with the interests of shareholders. As described above,annual cash bonus was determined based only on adjusted operating income. In March 2023, the Compensation Committee establishesadded adjusted total revenue to the MICP corporate performance metrics used in fiscal 2023 to reward growth that is both profitable and sustainable. The metrics chosen for the annual cash bonus incentive plan are designed to encourage achievement of financial performance that is strategically important and creates sustainable shareholder value, and they are important metrics for evaluating the performance of retail companies. The definitions of adjusted operating income and adjusted total revenue used by the Committee are provided on page 40.

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Annual incentive awards in 2023 were determined as follows:
[MISSING IMAGE: tm2025328d25-fc_basepms.jpg]
2023 Corporate Performance Metrics
The Compensation Committee set the adjusted operating income target which is generally derived fromfor 2023 at $2,046.5 million and the adjusted total revenue target for 2023 at $30,307.9 million based on the annual budget approved by the Board of Directors at the beginning of the fiscal year. Individual performance goals are based onTo receive a payout under the area over which the executive has influence and may include items such as improvement in same-store sales, opening of new stores, development of new strategies, reduction in specified costs, etc.

        For 2015, incentive bonuses were targeted at 120% of base salary for the Chief Executive Officer, 90% of base salary for the President and Chief Operating Officer and 70% of base salary for all other named executive officers. Of that amount, 85% is linked to a specified U.S.adjusted operating income target and 15% to individual performance. In order for an executive to receive any bonus,metric, we must achieve at least 85% of the adjusted operating income target. Oncetarget and to receive a payout under the adjusted total revenue metric, we must achieve at least 95% of the total revenue target, provided however that no payout will be paid for either metric if the adjusted operating income is below $1,500 million (73% of the target).

Corporate Performance Goals for NEOs
The following tables summarize potential payout percentages for MICP awards based on the percentage of the adjusted operating income target and adjusted total revenue target attained. Potential payouts for adjusted operating income performance (60% of the potential MICP payout) increase on a payout curve that ranges from a payout of 0% for achieving less than 85% of the target is reached, paymentperformance to a payout percentage of 200% for a portionachieving at or above 112.5% of target performance. Potential payouts for adjusted total revenue performance (40% of the bonuspotential MICP payout) increase on a payout curve that ranges from a payout of 0% for the corporate performance component is made. Maximum bonus is earned with performance achieved at 125%achieving less than 95% of target (see table below).

        The following table illustrates the variation that can occur at differing levels of corporate performance compared to target, based on salary percentages applied to bonuses for 2015:

% of Corporate
Performance
Target Attained




Portion of
Executive's
Corporate
Performance
Bonus Deemed
Earned






Corporate
Performance
Component
as a percent of
salary (CEO)
(120% target)(1)






Corporate
Performance
Component as a
percent of salary
(President and COO)
(90% target)(1)






Corporate
Performance
Component
as a percent of
salary (other
executives)
(70% target)(1)







Below 85.0%

0.0%0.0%0.0%0.0%

85.0%

25.0%25.50%19.13%14.88%

90.0%

50.0%51.00%38.25%29.75%

95.0%

75.0%76.50%57.38%44.63%

100.0%

100.0%102.00%76.50%59.50%

105.0%

125.0%127.50%95.63%74.38%

110.0%

150.0%153.00%114.75%89.25%

115.0%

175.0%178.50%133.88%104.13%

120.0%

200.0%204.00%153.00%119.00%

125.0% or above

225.0%229.50%172.13%133.88%

(1)
Represents the corporate performance component of 85% multiplied by the level of bonus deemed earned multiplied by the target bonus level.
performance to a payout percentage of 200% for achieving at or above 105% of the target performance.

Adjusted Operating Income
(60% of potential MICP payout)
% of Corporate
Performance
Target
Attained
Potential Payout
Percentage
Below 85.0%0%
85%50%
90%66.7%
95%83.3%
100%100%
105%140%
110%180%
112.5% or above200%
Adjusted Total Revenue
(40% of potential MICP payout)
% of Corporate
Performance
Target
Attained
Potential Payout
Percentage
Below 95.0%0%
95%50%
97.5%75%
100%100%
102.5%150%
105% or above200%

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The MICP bonuses relating to performance in a given fiscal year are paid in the following year when annual financial results are available, upon approvalgenerally in March or April. The amount of the MICP awards must be determined and approved by the Compensation Committee generally in April.which considers the Company’s overall financial results and the level of performance achievement. The Compensation Committee may, revisein its sole discretion, decrease the target amount to account for unusual factors such as, but not limited to,of MICP awards that may otherwise be payable upon the acquisition of a company, expenses related to changes in accounting rules and non-cash charges. Any modification is carefully considered by the Committee and applied only in special circumstances that warrant the modification. The Compensation Committee did not exercise such discretion with respect to the 2015 bonus payments.


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        We believe that our performance goals are sufficiently difficult as to represent a challenge for our management, while remaining reasonably attainable. Any portionattainment of the bonuses described above may be paid through the Omnibus Incentive Plan in order to preserve the Company's deduction under Section 162(m) of the Internal Revenue Code. In such event, the additional restrictions of the Omnibus Incentive Plan shall apply to the applicable payments.

        For 2015, the operating income target was $1,182,900,000 for our U.S. operations, which reflected our strategic plan. performance goals.

The definition of adjusted operating income and adjusted total revenue approved by the Compensation Committee for purposes of measuring the 20152023 target performance under the MICP excludes results from our Canadian business and operations. Additionally, because ofOperating Income (as calculated in accordance with GAAP) the proposed acquisition of Family Dollar, the 2015 target performance also excludes any costs, expenses, or chargeseffects relating to or resulting from:from the merger,following, to the borrowingextent unbudgeted and approved by the Compensation Committee: (i) Canadian currency fluctuations; (ii) changes in accounting policies, practices and pronouncements; (iii) non-cash goodwill and intangible impairment charges; (iv) expenses incurred with respect to future mergers, acquisitions, or paymentdivestitures; (v) any cost or expense in excess of merger consideration,$5 million in the divestitureaggregate related to (a) uninsured natural disasters or casualties, or (b) legal disputes or governmental proceedings; (vi) lease costs, expenses, asset write-offs, incentive compensation, and severance related to closed stores or distribution centers; and (vii) future changes in laws or regulations.
The Committee may, in determining performance achievement, adjust the performance goal or results as it deems necessary or appropriate. In considering adjustments to performance, the Committee applies the target definition above based on guiding principles including, without limitation, avoiding rewarding or penalizing management for unexpected events; aligning incentives with long-term business strategy and best interests of assetsstakeholders; providing flexibility to deal with unexpected events so that rigorous performance goals can be set; considering holistic performance in cash bonus incentive payouts; and the integration of the combined companies; and the operating income or loss attributable to Family Dollar on or after the merger ("Merger Effects"). avoiding penalizing management for making tough decisions that would negatively impact incentives.
During its March 20162024 meeting, the Compensation Committee certified thatdetermined the following Company achieved a U.S.performance for fiscal 2023:
Metric
2023
Target(1)
($)
2023
Achievement(1)
($)
% of Target
Achieved
% of Payout
per Metric
Weighting
(%)
Total
Weighted
Payout

(%)
Adjusted Operating Income(2)$2,046.5$1,784.887.21%57.37%60%34.42%
Adjusted Total Revenue(3)$30,307.9$30,603.8100.98%119.60%40%47.84%
Total100%82.26%
(1)
Dollars in millions.
(2)
The target definition of adjusted operating income provided above allows for adjustments of $1,165,100,000certain items within the discretion of the Compensation Committee. This measure has been adjusted for 2023, in fiscal 2015, which reflected anconsideration of the principles above, to exclude $2,666.7 million for certain costs and expenses related to non-cash goodwill and intangible impairment charges, Canadian currency fluctuations, uninsured natural disasters, settlements of legal disputes and governmental proceedings, and store closures associated with our store portfolio optimization review. See Appendix A on page A-1 for a reconciliation of our GAAP results to adjusted operating income, a non-GAAP financial measure used for incentive payout purposes.
(3)
The target definition of adjusted total revenue provided above allows for adjustments of certain items within the discretion of the Compensation Committee. No adjustments were made in the measurement of achievement of 98.50% of the fiscal 2015 annual incentive bonusadjusted total revenue performance goal. Accordingly, a payout of 92.50% offor 2023.

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Based upon the corporatedeterminations described above, the Compensation Committee authorized 2023 cash performance portion ofbonuses under the annual incentive bonus target amount was made to each named executive officer. The actual bonus amount earned in fiscal 2015 and paid in April of 2016 to each of ourMICP for the named executive officers is reflected in the "Non-Equity Incentive Plan Compensation" columnas follows:
ExecutiveBonus Target as
% of Base Salary
Amount of
Target
Bonus
Total Payout %Corporate
Performance
Bonus
Earned
Richard Dreiling175%$2,362,50082.26%$1,943,393
Jeffrey Davis100%825,00082.26%678,645
Michael Creedon, Jr.100%900,00082.26%740,340
Lawrence Gatta, Jr.100%730,00082.26%600,498
Richard McNeely100%974,00082.26%801,212
Long-Term Incentives
The largest component of the Summary Compensation Table on page 43our executive compensation program consists of the Company's proxy statement.

        As described earlier, 85% of the annuallong-term equity incentive bonus is based on corporate performance while 15% of the annual incentive bonus is based on individual performance. At the beginning of each fiscal year, individual goals are established and approved for each named executive officer.awards. For the Chief Executive Officer of Dollar Tree, factors considered by2023, the Compensation Committee when determining the individual performance portionawarded a mix of his 2015 bonus fell within the following goal categories: leadership and organizational developmentequity incentive awards granted pursuant to support the combined enterprise, implementation of shared services, succession planning, strategic planning and integration of Family Dollar, sales growth in the U.S and Canada, and supply chain initiatives to support the growth and volume projections for the combined enterprise. At the March 2016 meeting, the Compensation Committee conducted an evaluation of the Chief Executive Officer's performance based on the categories outlined above to determine the extent to which his individual goals were achieved, found they were substantially achieved and approved the amount of his 2015 annual incentive bonus as listed in the Summary Compensation Table on page 43 of the proxy statement.

        For other named executive officers, factors considered in determining the individual performance portion of the bonus paid were based on the area over which the executive is responsible and were generally aligned with the strategic direction of the Company. Fiscal 2015 year-end performance evaluations were conducted for each named executive officerour 2021 Omnibus Incentive Plans, consisting of both subjective50% PSUs with three-year cumulative performance metrics (referred to herein as “2023 Three-Year PSUs”), 30% RSUs and objective criteria20% stock options (with the RSU and certain core competencies on which allstock option awards vesting ratably over a three-year period from the date of grant).

We believe that long-term performance-based equity incentives provide our executives with a strong link to our long-term performance, create an ownership culture to help align the interests of our employees are evaluated. For the Chief Financial Officer, the factors considered fell within the goal categories of Family Dollar integration and oversight of Finance integration teams and financial reporting, SG&A cost reduction and oversight of capital structure, shrink reduction, and oversight of systems and process improvements relating to accounting controls and operational effectiveness. For the President and Chief Operating Officer of Family Dollar, the goal categories were Family Dollar integration, sales and operating margin growth, corporate synergies, customer experience initiatives, operational effectiveness and organizational development.

        For the Chief Merchandise Officer of Dollar Tree, the goal categories were sales growth and new store productivity in the U.S. and Canada, inventory productivity, organizational development and


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operational effectiveness. For the Chief Administrative Officer, the goal categories were Family Dollar integration, organizational development, recruiting and retention, oversight of Information Technology department and strategies, corporate synergies, SG&A improvement and supply chain initiatives. In March 2016, the evaluations were reviewed and accepted by the Compensation Committee, with input from the Chief Executive Officer. Each named executive officer received an overall goal score that fell within the "meet expectations" or "exceed expectations" performance rating for fiscal 2015.

Long-Term Incentives

        In connection with our acquisition of Family Dollar, we assumed its 2006 Incentive Plan ("2006 Plan"). Stock options and restricted stock units that were outstanding under the 2006 Plan immediately prior to the consummation of the merger were assumed by the Company and converted into awards exercisable or to be earned in the Company's common stock. The Company determined that it would not make any new grants from this Plan. Currently, the Compensation Committee provides equity incentives to executives through the Omnibus Incentive Plan. The Omnibus Incentive Plan permits the grant of stock options, stock appreciation rights, stock awards, performance stock awards, incentive awards and stock units. Long-term incentives generally have been made available to executives in the form of cash and restricted stock units. These awards provide executives with an opportunitythose of our shareholders, and promote retention. The Committee structured the long-term incentive program with a blend of “at-risk” incentives designed to accumulate our common stock and associated wealth related to that ownership.

        The Compensation Committee's objective in granting equity incentives is to balance the mix to achieve alignment with shareholder interests while also focusing on retention and stock ownership. Restricted stock and restricted stock units provide more immediate value to associates, including executives, even in advance of stock price appreciation, with the opportunity for increased value as the stock price increases. Restricted stock and restricted stock units also provide the opportunity for executives to acquire our shares and are therefore useful for retention and motivation. In addition, all equity incentives vest over multiple years. Multiyear vesting focuses executives on consistent long-term growth in shareholder value and requires executives to remain employed with us for extended periods to receive the full benefit of the awards. Multiyear performance goals support consistent growth in shareholder value across a longer time horizon.

        In March 2015, the Committee approved the dollar value of performance-based restricted stock units granted tomotivate our executives that will vest ratably over three years. These awards are subject to the achievement of 80% of the target U.S. operating income for fiscal 2015. Thus, the awards are tied to performance measures thatand align executives'their interests with those of our shareholders and time-based equity awards designed to promote retention and to focus our executives on creating long-term shareholder value. Stock options were also added as a tool to incentivize executives to create shareholder value through stock price appreciation. The long-term incentive awards are fullygenerally set at risk. market levels based upon the peer data.

The Compensation Committee certifiedgenerally grants equity-based awards on an annual basis, and at other times as the Committee deems appropriate, including for newly hired or promoted executive officers or in extraordinary circumstances. The Compensation Committee determines the aggregate monetary grant value of executive officers’ equity-based awards taking into account, among other things, our pay mix targets, the desired mix of equity-based vehicles, the executive officer’s contribution to Company performance, competitive compensation levels and dilution or pool limits.
Mr. Dreiling does not participate in the long-term incentive plan. In March 20162022, we granted a stock option of 2,252,587 shares of Dollar Tree common stock with a per-share exercise price of $157.17, the closing trading price of Dollar Tree common stock on March 18, 2022, to Mr. Dreiling as an inducement award in connection with his employment as our Executive Chairman. In light of this stock option granted to Mr. Dreiling, which was intended by the Company to be a multi-year award, Mr. Dreiling is not eligible to receive additional long-term equity incentive awards for his service as Executive Chairman or Chief Executive Officer. The Compensation Committee has determined that an added benefit of including stock options in the 2023 Executive Compensation Program is that it increases the alignment between Mr. Dreiling and the executive management team.
2023 Three-Year PSUs
Beginning in 2023, the Compensation Committee changed the performance goal establishedmetric for PSUs to a three-year cumulative measure based on two metrics: adjusted earnings per share (weighted 60%) and adjusted total revenue (weighted 40%) and modified by the Company’s relative total shareholder return measured against the Company’s compensation benchmarking peer group. The incentive targets

41


for the 2023 Three-Year PSUs were set using our understanding of general market conditions, our long-range plans, investor expectations and our assessment of appropriate targets for management.
Target Opportunities.   In 2023, the Compensation Committee made grants of performance-based restricted stock units granted to each of our named executive officers on March 27, 2015, was met. The amounts listed in "Estimated Future Payouts Under Equity Incentive Plans" column of the Grants of Plan-Based Awards Table on page 46 reflect the actual number of units approved and granted, which will vest in approximately three equal installments beginning on March 27, 2015, provided the named executive officers remain continuously employed with the Company through the vesting dates.

        In June of 2011, the Compensation Committee approved a new three-year long-term performance program ("LTPP"). The program provides for payments contingentbased upon the achievement of a cumulative performance goal that is measured over a three-year performance period. Provided that performance is met, the award is settled in both cashcumulative adjusted earnings per share and restricted stock units. As further discussed below, the LTPP program has historically used Company operating results as its performance goal. Because of the pending acquisition of Family Dollar,adjusted total revenue target for the 2015 awards, the Compensation Committee decided to adopt achievement of a specified level of corporate synergies as the three-year goal during the transition and integration of the companies.


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        2013 LTPP Grants and 2015 Supplemental Grants.    In March 2013, the Compensation Committee approved awards to our named executive officers under the LTPP ("2013 LTPP Grants"). The target value of the award was divided equally between cash and restricted stock units and the target number of restricted stock units was calculated using the fair market value of a share of Dollar Tree stock on March 22, 2013. The pay-out also ranged between zero percent (0%) and two hundred percent (200%) of the officer's individual target award based on the level at the which Company achieves its three-year U.S. operating income goal for the performance period beginning on February 3, 2013 and ending on January 30, 2016 ("2013 LTPP Goal"). However, because the acquisition of Family Dollar was not yet contemplated as of the grant date, the 2013 LTPP Goal did not exclude any costs, expenses, or deductions relating to or resulting from possible mergers, acquisitions or business combinations pursued by or involving the Company ("Merger Costs") or any income that may be attributable to Family Dollar during the performance period.fiscal years 2023-2025. The Compensation Committee concluded that maintaining the 2013 LTPP Grants in their original form would undermine the Committee's goals and create skewed incentives for covered officers.

        Because amending the 2013 LTPP Goal would have jeopardized deductibility of the awards under Section 162(m) of the Code, in April 2015, the Compensation Committee canceled the 2013 LTPP Grants and approved new awards ("2015 Supplemental Grants") with a new operating income goal of $1.1553 billion for the one-year period ending January 30, 2016 ("2015 Supplemental Goal"). This new award represents the difference between the original 2013 LTPP cumulative operating income goal of $3.2234 billion and $2.0681 billion (the operating income achieved during fiscal years 2013 and 2014). The 2015 Supplemental Goal equals the amount remaining in the final year of the 2013 LTPP Goal, giving credit for actual Company performance utilizing an operating income definition that excludes both Merger Costs and income from Family Dollar. As such, the 2015 Supplemental Grants exactly replicate the incentive structure of the 2013 LTPP Grants had those awards excluded the effect of the then-unknown and unforeseeable Family Dollar merger when they were granted. Furthermore, the Committee believes that the 2015 Supplemental Awards maintain a very challenging and appropriate goal for executives.

        During the March 2016 meeting, the Compensation Committee certified that the Company achieved a U.S. operating income of $1.1651 billion which reflected an achievement of 100.8% of the 2015 Supplemental LTPP Goal. Accordingly, a payout of 100% ofestablished the target value of the 2015 Supplemental LTPP Grants was made to2023 Three-Year PSU opportunity for each namedof our executive officer in 2016. The actual number of restricted stock units approved and granted to the named executive officers were as follows: 6,404 RSUs to Bob Sasser; 4,269 RSUs to Kevin Wampler; 5,305 RSUs to Gary Philbin; 4,269 RSUs to Robert H. Rudman and 3,677 to Mike Matacunas. For the cash component, the amounts paid are included in the "Non-Equity Incentive Plan Compensation" column under the Summary Compensation Table on page 43.

        2014 LTPP Grants.    On March 12, 2014, the Compensation Committee approved awards to our named executive officers under the LTPP ("2014 LTPP Grants"). The target value of the award was divided equally between cash and restricted stock units.officers. The target number of restricted stock unitsPSUs was calculateddetermined by dividing the target restricted stock unit award value (which represents fifty percent of the total target award value)value by the fair market value of a share of Dollar Tree stock on April 1, 2014. Under the 2014 LTPP Grants, each named executive officerdate of grant. This award will havenot vest, if at all, until the opportunitycompletion of the 2025 fiscal year. In consideration of the long-term incentive award made to earn between zero percent (0%)Mr. Dreiling in 2022, the Compensation Committee did not include Mr. Dreiling in the Company’s long-term incentive program for 2023 and two hundred percent (200%)therefore he did not receive a 2023 Three-Year PSU award in fiscal 2023.

▶   Payout Curves.   The Compensation Committee set the three-year cumulative adjusted earnings per share and adjusted total revenue targets at levels requiring achievement of his individual target awardsignificant financial performance, based on the level atCompany’s annual budget and long-term plan. The Compensation Committee adopted payout curves for each performance metric which determine the which Company achieves its three-year U.S. operating income goal foramount to be paid depending on actual performance. In addition to the performance period beginningmetrics described above, the 2023 Three-Year PSU payout is subject to a modifier based on February 2, 2014 and ending on January 28, 2017. For purposesthe Company’s total shareholder return compared to the total shareholder return of the 2014 LTPP Grants, operating income excludes results from our Canadian businessCompany’s peer group.
2023 RSUs and operations and any Merger Costs. Payouts are made as soon as practicable following the end of the three-year

Stock Options

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performance cycle and the certification of the performance achievement and corresponding award by the Compensation Committee.

        2015 LTPP Grants.    On April 23, 2015,Beginning in 2023, the Compensation Committee approved awards to our named executive officers under the LTPP ("2015 LTPP Grants"). The award shall be measured over three years by the achievement of sustainable corporate synergies of $300 million that provide ongoing benefitsadded RSUs and stock options to the shareholders of the Company aslong-term incentive program. The RSUs and stock options vest in approximately equal installments over a result of its merger with Family Dollar, measured based upon the incremental and ongoing impact to operating income in the amount of the stated goal, with each officer having the opportunity to earn an amount between zero percent (0%) and two hundred percent (200%) of his individual target award. Synergies are to be generated from identifiable actions and programs which can be verified by the Compensation Committee and are based on the pro forma annualized future impact of such specific actions or programs. Specific costs incurred to achieve the synergies, including all one-time costs associated with planning for and integrating Family Dollar into the Company, are not taken into account in measuring synergies.

        The following is the payout schedule for the 2015 LTPP Grant, which is calculated on a linear basis. For every 1% the achievement falls below target, the payout is reduced by 5%. For every 1% the achievement exceeds target, the payout is increased by 2%. The maximum payout is 200% of target.

2015 LTPP Grant with Three-Year Synergy Target of $300 Million

Achievement

​Target (in Millions)



​Payout Percentage



85%$25525%
90%$27050%
95%$28575%
100%$300100%
110%$330120%
120%$360140%
130%$390160%
140%$420180%
150%$450200%

        The LTPP provides an incentive tied to our long-term performance while bringing our target total direct compensation for our named executive officers to more competitive levels. Using goals of cumulative operating income (for past awards) and corporate synergies (for 2015 awards) captures achievement over consecutive three-year performance periods and aligns with the Company's long-term strategic planning and our shareholders' interests.

Awards to President

        During the Compensation Committee meetings held in March 2016, the Committee discussed the contributions and the expanded leadership role of Gary Philbin, the President of the combined enterprise and the newly appointed President and Chief Operating Officer of Family Dollar Stores. Since taking the leadership role at Family Dollar in July 2015, Mr. Philbin has had a demonstrated impact on the Family Dollar banner's performance, including the successful achievement of initial post-merger budgetary, synergy, and transition goals. Additionally, Mr. Philbin has had a direct impact on the total shareholder returns during his tenure as President. As of January 30, 2016, the Company total shareholder returns were 14.4%, 26.9% and 26.1% on a one, three and five-year basis respectively, which outperformed each of the S&P 500, Dow Jones Industrial Average and the Company's peer group over the same time horizon.


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        The Committee believes Mr. Phiblin's continuing leadership will be critical to both the future growth of Family Dollar and the development and execution of the combined enterprise's strategic plan to improve profitability and capture expected synergies. The Committee believes it is in the shareholders best interest to provide an appropriate incentive for Mr. Philbin to achieve special long-term operational goals that will help drive long-term shareholder value and establish a vesting structure that will promote retention.

        In light of Mr. Philbin's contributions and his critical role in positioning Family Dollar and the combined enterprise for further growth and improvements, the Compensation Committee granted him a one-time grant of 62,484 performance-based restricted stock units on March 18, 2016. The number of restricted stock units was determined by dividing the $5 million award value by the Company's closing share price on the date of grant, March 18, 2016. In designing the award, the Committee sought input from Aon Hewitt. The Committee targeted an award that will cliff vest one hundred percent (100%) in 2021, on the fifth anniversary of the grant date,period provided that Mr. Philbin satisfies 100% of the three-year operating income performance criteria andrecipient remains continuously employed with the Company through the vesting date. Economically,dates, unless vesting is accelerated due to death, disability or retirement. The Compensation Committee established the target value of the RSU and stock options for each of our executive officers as a percentage of the total target incentive award. The number of RSUs was determined by dividing 30% of the total target award value by the fair market value of a share of Dollar Tree stock on the date of grant. The number of stock options was determined by dividing 20% of the total target award value by the fair market value of one stock option on the date of grant calculated using the Black Scholes option-pricing method. The stock options were awarded at a strike price that is equal to the closing price on the date of grant and have a ten-year expiration period. In consideration of the long-term incentive award made to Mr. Dreiling in 2022, the Compensation Committee did not include Mr. Dreiling in the Company’s long-term incentive program for 2023 and therefore he did not receive RSU and stock option awards in fiscal 2023.

2021 Three-Year PSUs
In 2021, the Company’s long-term incentive program included the award equatesof performance-based restricted stock unit awards with three-year cumulative performance metrics (referred to approximately $1.0 million perherein as the “2021 Three-Year PSU Awards”). The 2021 Three-Year PSU Awards provided for vesting upon the achievement of the three-year cumulative performance goal. As described in more detail below, the Compensation Committee in 2021 granted 2021 Three-Year PSU Awards to the named executive officers that participated in the long-term incentive program at that time. In March 2024, our Compensation Committee certified the three-year performance achievement of the 2021 Three-Year PSU Awards.
Target Opportunities.   In 2021, the Compensation Committee made grants of PSUs based upon a three-year cumulative enterprise adjusted total sales goal for fiscal years 2021-2023. The target number of PSUs to be awarded under the 2021 Three-Year PSU Awards was determined by dividing the target award value by the fair market value of a share of Dollar Tree stock on the date of grant. Messrs. Creedon, Davis, Dreiling and Gatta were not employed with the Company in 2021 and did not receive the 2021 Three-Year PSU Awards.

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Performance Metric.   The Compensation Committee used three-year cumulative adjusted Total Sales as the performance metric. For purposes of the 2021 Three-Year PSU Awards, the target definition of adjusted Total Sales allowed for the exclusion of the effects relating to or resulting from: (i) changes in accounting policies, practices and pronouncements; and (ii) future mergers, acquisitions, or divestitures. The Compensation Committee made no adjustments in its determination of the Company’s achievement under this metric.
Payout Curve.   The Compensation Committee adopted a payout curve which determines the amount to be paid depending on actual performance within the threshold, target and maximum levels described in the table below.
Achievement
Level
Performance
Achievement %
Earning %
Threshold97%50%
Target100%100%
Maximum104%200%
Performance Achieved.   The Compensation Committee set the three-year cumulative adjusted total sales target of $81,200 million. In March 2024, the Compensation Committee determined the Company’s actual performance and the corresponding performance achievement percentage and earning percentage relative to the 2021-2023 performance goal as described in the table below.
Performance MetricThresholdTargetMaximumActual
Results
($ in millions)
Three-Year adjusted Total Sales
(2021-2023)
$78,800$81,200$84,448$85,209.6
% of Target97%100%104%104.9%
The overall three-year performance achievement percentage of 104.9% resulted in an earned percentage of 200%. Based on this outcome, Mr. McNeely earned 8,252 PSUs in respect of his 2021 Three-Year PSU Award.
Retirement, Deferred Compensation and Pension Plans
We do not have any defined benefit or pension plans that provide for payments based on an executive’s salary and/or years of service. In addition, we have not adopted a supplemental executive retirement plan or other “excess plan” that pays benefits to highly compensated executives. Instead, we offer the following two arrangements to allow executives to actively participate in funding their retirement plans.
Executives are eligible to participate in the Dollar Tree Retirement Savings Plan. At the end of the year, representing approximately 23%the Board may approve a discretionary profit-sharing contribution to be made to all eligible employees, including executive officers. In addition, executives may elect to defer a portion of their cash compensation into 401(k) retirement accounts. As of January 1, 2019, the Board has authorized us to match 100% of 401(k) deferrals up to 5% of an individual’s cash compensation.
The Dollar Tree and Family Dollar Supplemental Deferred Compensation Plan allows certain officers and executives, including our named executive officers, to defer receipt of up to 50% of their base salary and up to 100% of their bonus payments. The plan is a nonqualified plan and the Company does not fund, make any contributions to, or provide any interest rate subsidy for the plan. The plan allows executives to save for retirement in a tax-effective way at a minimal cost to the Company. Plan participants may invest their deferred compensation in any one or a combination of the plan’s investment funds. The deferred amounts and earnings thereon are payable to participants, or designated beneficiaries, at either specified future dates, or upon separation of service or death. The future

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payment obligations under the plan are our general unsecured obligations. Although the amounts deferred are deposited into a trust, the trust belongs to us, rather than the executives, and is subject to the claims of our creditors.
Long-term incentive awards are made to executives under our long-term incentive program pursuant to form award agreements that contain provisions that provide for the vesting and payment of PSUs, RSUs and stock options in the event of retirement. These award agreements contain terms that define the requirements for receiving retirement treatment, including age and minimum service requirements. Under awards made in 2022 and prior years, an executive who retired from the Company having attained the age of 5912 with a minimum of seven years of service would generally be eligible for (i) full vesting of awards of RSUs and PSUs with a one-year performance period, and (ii) pro rata vesting of awards of PSUs with a three-year performance period based on the number of months worked during the performance period subject to the executive’s completion of the first year of service in the performance period.
Beginning with long-term incentive awards made under our long-term incentive program in 2023, we changed our definition of retirement to support retention, succession planning and attraction of mid-career executives. Under the new definition, retirement treatment is only available to executives who: attain the age of 5912 with a minimum of two years of service, provide advance notice to the Company to fully support the transition to their successor and abide by non-compete and other covenants. The new retirement definition enhances the retention value of equity awards by requiring executives to provide advance notice of retirement, in addition to meeting the age and service requirements. Under the new retirement definition, if the requirements for retirement treatment are met, then all unvested long-term incentive awards made in or after 2023 continue to vest in accordance with the award vesting schedule and performance criteria in the same manner and at the same time as if the retiring executive continued to be employed by the Company, except that with respect to a PSU award with a three-year performance period, the executive must complete at least the first year of the performance period to qualify for retirement treatment.
Mr. Philbin's 2015 total target direct compensation.TheDreiling’s long-term incentive is the stock options granted to him in 2022 and the vesting of his stock options are determined by the terms of his executive agreement.
Termination or Change in Control Arrangements
We have change in control Retention Agreements with our executive officers, except Mr. Dreiling and Mr. McNeely. The Compensation Committee’s intent with these agreements is to take reasonable steps to retain key management personnel and to minimize disruption to the Company in the event of a potential change in control. Under these agreements, severance benefits are payable only upon the occurrence of both a change in control of the Company and the executive’s termination without “cause” or resignation for “good reason,” as defined in the agreements (commonly known as a “double trigger”). The Compensation Committee believes it is appropriate to provide double-trigger severance benefits because it aligns executives’ interests with the interests of shareholders without providing an undue benefit to executives who continue to be employed following a change-in control transaction.
We also have form Executive Agreements that provide for a release and restrictive covenants to protect the Company, including a covenant not to compete. The Company has entered into these form Executive Agreements with all of its executive officers except Mr. Dreiling, whose Executive Agreement contains provisions specific to his employment with the Company. In consideration for the restrictive covenants set forth in the form Executive Agreements, the Company agreed to provide a base salary continuation benefit and a portion of the monthly health insurance premiums for a period of up to twenty-four months (or until the executive becomes employed if less than the applicable salary continuation period) in the event the executive’s employment is terminated without “cause” ​(as defined in the agreement) or on account of the executive’s death or disability.
In addition, we have equity compensation plans that contain provisions that may convey benefits to our executive officers and other plan participants upon termination or a change in control.

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Generally, the provisions address the treatment of awards upon separation from the Company due to death, disability or retirement, or due to a change in control, as defined within the plans or applicable award willagreements.
The overall structure of our change in control arrangements and other post-termination benefits is consistent with our compensation objectives to attract, motivate and retain highly talented executives. We believe these arrangements preserve morale and productivity, provide a long-term commitment to job stability and financial security, and encourage retention in the face of the potential disruptive impact of an actual or potential change in control.
For additional information on our termination and change in control arrangements, and the potential payments that may be recoupedmade to our named executive officers upon termination or a change in certain events wherecontrol, see “Potential Payments Upon Termination or Change in Control” beginning on page 57.

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D.
COMPENSATION GOVERNANCE
Compensation Best Practices
We seek to align our executives’ interests with those of our long-term shareholders and to follow sound corporate governance practices.
Compensation PracticeDollar Tree’s Compensation Policies and Actions
Pay for PerformanceA significant portion of targeted direct compensation is linked to the financial performance of key metrics. See “Executive Summary—New Compensation Program for 2023” on page 29, and “Compensation Principles—Target Pay Mix” on page 35.
Clawback policyOur clawback policy requires mandatory reimbursement of excess incentive compensation from any executive officer if the Company’s financial statements are restated due to material noncompliance with financial reporting requirements under the securities laws. This policy is in compliance with SEC and Nasdaq listing standards that became effective in 2023. See “Recoupment (“Clawback”) Policy” below.
Robust stock ownership guidelinesOur executive stock ownership guidelines are aligned with current market practices and enhance alignment with shareholders’ long-term interests. See “Executive Stock Ownership Guidelines” below.
No hedging or pledging of Dollar Tree securities or holding Dollar Tree securities in margin accountsOur policy prohibits executive officers and Board members from hedging their ownership of our stock and holding our stock in a margin account. None of our executive officers and directors engaged in transactions involving the pledging of Company stock during fiscal 2023. See “Policy Against Hedging of Company Stock” and “No Pledges of Company Stock” below.
No excise tax gross-upsWe do not provide excise tax gross-up payments.
Double-trigger provisionsEquity awards under our equity incentive plan and all change in control Retention Agreements with executive officers include a “double-trigger” vesting provision upon a change in control. See “Termination or Change in Control Arrangements” on page 44.
No repricing or cash buyout of underwater stock options without shareholder approvalOur equity incentive plan prohibits modifications to stock options and stock appreciation rights to reduce the exercise price of the awards, or replacing awards with cash or another award type, without shareholder approval.
Role of the Compensation Committee
The Compensation Committee of the Board of Directors is responsible for developing, overseeing and implementing the Company’s pay-for-performance compensation program for executive officers.
The Compensation Committee consists entirely of non-employee, independent members of our Board of Directors and operates under a written charter approved by the Board. The Compensation Committee has the responsibility to review and recommend, for approval by the independent members

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of the Board, the compensation of the Chief Executive Officer and Executive Chairman, including the determination of performance metrics and goals and the achievement of performance criteria is subsequently revised. The award is designedgoals, and to be fully tax deductible under Section 162(m) ofreview and approve the Internal Revenue Code and was issued undercompensation arrangements for the Company's shareholder-approved Omnibus Incentive Plan.

Company’s other executive officers.

The Compensation Committee also granted Mr. Philbin a one-timeconsiders shareholder feedback, market practices, compensation principles and receives advice from an independent external compensation consultant. However, the Compensation Committee is ultimately responsible for all compensation decisions with respect to the named executive officers.
In determining the compensation of our executive officers, the Compensation Committee evaluates total overall compensation, as well as the mix of salary, cash bonus incentives and equity incentives, using a number of $185,000factors including:

our financial and operating performance, measured by attainment of specific strategic objectives and operating results;

the compensation practices of our peers; and

our historical cash and equity compensation levels.
Compensation Committee Interlocks and Insider Participation
No member of the Compensation Committee has ever been an officer or employee of the Company. In addition, none of the members of the Compensation Committee has or had any relationship with the Company during fiscal 2023 that requires disclosure in accordance with the applicable SEC rules relating to compensation committee interlocks and insider participation.
Role of the Chief Executive Officer in Compensation Decision-Making
The Compensation Committee consults with our Chief Executive Officer on March 9, 2016. Mr. Philbin participatedthe compensation structure and awards for the other named executive officers. The Chief Executive Officer participates in the development of business plans and annual budgets, and corresponding performance metric goals and provides information regarding the job performance and overall responsibilities of the other named executive officers. He makes no recommendations concerning his own compensation and does not vote on executive compensation matters nor is he present when his compensation is being discussed or approved.
Role of the Compensation Consultant
Pursuant to its written Charter, the Compensation Committee has the authority to engage the services of outside independent advisers. Since March 2022, the Compensation Committee has engaged Meridian Compensation Partners as its compensation consultant to provide independent advice to the Compensation Committee in determining the appropriateness and competitiveness of our executive compensation program. The Compensation Committee has determined that Meridian meets the six independence factors set forth in Rule 10C-1 under the Securities Exchange Act of 1934 and Nasdaq listing standards and that Meridian could provide objective advice to the Compensation Committee. Meridian has not provided any other services to the Company during fiscal 2023 and no executive officer had the authority to direct the work of Meridian with regards to its work with the Compensation Committee. The Compensation Committee bears ultimate responsibility for approving the compensation of all named executive officers.
Role of Shareholder Say-on-Pay Votes
The Compensation Committee values the feedback received from shareholders through our annual non-binding Say on Pay Vote. At our 2023 annual shareholders’ meeting our Say on Pay Vote passed, with approximately 57% support. In response to this lower than desired shareholder vote, we

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engaged in an extensive shareholder outreach process during the fall of 2023. The shareholder discussions were primarily listening sessions designed to understand shareholder’s views on the compensation awards made in 2022 and the new 2023 Executive Compensation Program. We were pleased to find that shareholder feedback on our 2023 Executive Compensation Program was overwhelmingly positive. Shareholder feedback on the inducement award made to Mr. Dreiling in 2022 was mixed. A detailed description of the shareholder feedback and the Company’s response is provided under the section entitled “2023 Shareholder Outreach” on page 31.
Use of Peer Group
The Company’s market position relative to its peers is an important factor used by the Compensation Committee when evaluating its compensation program. In September 2022, the Compensation Committee, with the assistance of Meridian, reviewed and evaluated the Company’s peer group used for executive compensation benchmarking. The peer selection criteria focused on:

Publicly traded retailers with brick-and-mortar operations

Headquartered in the United States

Who were within a comparable range of revenues and market capitalization

Direct competitors for talent
Based on that review, the Committee determined that the fiscal 2023 peer group should be comprised of 16 companies, including five new peers and 11 existing peers.
Albertsons Companies, Inc.Rite Aid Corporation
AutoZone, Inc.Ross Stores, Inc.
BJ’s Wholesale Club Holdings, Inc.Target Corporation
Burlington Stores, Inc.The Gap, Inc.
Dollar General CorporationThe Kroger Co.
Lowe’s Companies, Inc.The TJX Companies, Inc.
Macy’s, Inc.Tractor Supply Company
Nordstrom, Inc.Walgreens Boots Alliance
Dollar Tree MICPis positioned at approximately the median of the peer group in terms of revenue size and most of the companies are within one-third to three times Dollar Tree’s size in terms of revenue.
Assessment of Risk
The Compensation Committee has responsibility for fiscal 2015establishing our compensation philosophy and his payout wasobjectives, determining the structure, components and other elements of our programs and reviewing and approving the compensation of our NEOs. In addition, an important objective of our overall executive compensation program is to reduce any incentives that may influence executives to take imprudent risks that might harm the Company or our shareholders. The Compensation Committee annually assesses the risk of our compensation program. In 2023, the Compensation Committee’s advisor also conducted an independent review of the risks associated with the Company’s compensation programs. The Compensation Committee has overseen the establishment of a number of controls that address compensation-related risk and serve to mitigate such risk, including stock ownership guidelines for executive officers, a clawback policy, and prohibitions on the hedging of Dollar Tree stock

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or holding Company stock in a margin account. As a result, we have reviewed our compensation policies and practices for all employees and concluded that such policies and practices are not reasonably likely to have a material adverse effect on our Company.
Recoupment (“Clawback”) Policy
The Company has a robust clawback policy that requires mandatory reimbursement of excess incentive compensation from any current or former executive officer if the Company’s financial statements are restated due to material noncompliance with financial reporting requirements under the securities laws. The amount to be recovered will be the excess of incentive compensation paid to the executive based on Family Dollar's performance becausethe erroneous data over the incentive compensation that would have been paid to the executive had it been based on the restated results. Recoupment would cover any excess compensation received during the three completed fiscal years immediately preceding the date of which the Company is required to prepare the accounting restatement. This policy was established beforeupdated by our Board in June 2023 and complies with SEC rules and the merger closed. However, as Presidentlisting standards of Family Dollar, he was directly responsible for Family Dollar exceeding its financial goals. The bonus rewards Mr. Philbin for that achievement.

the Nasdaq Stock Market effective in 2023. This policy is in addition to our existing clawback policy covering the Company’s Chief Executive Officer and Chief Financial Officer under the 2011 and 2021 Omnibus Incentive Plans.

Timing of Long-Term Incentive Awards

Our grant policy for equity awards establishes April 1 as the date of the annual grant for future years, subject to modification in response to certain events such as an early Easter, as determined in advance of the award date.each year. Awards of equity incentives to new officers occur atare made on the timelast business day of the person's appointment as an officer, no earlier thanCompany’s fiscal month which follows the first day of employment.month that includes the hire date. The Compensation Committee may, in its discretion, make grants that vary from these guidelines if there is a compelling business reason, but in every case the Committee is required to complete its approval of the equity awards prior to the date of the grant. On June 17, 2015, the Compensation Committee exercised such discretion to make equity awards to certain Family Dollar executives (none of whom is a current or former named executive officer of the Company) that were contingent upon the closing of the merger. The Compensation Committee structured these awards so that the full number of shares subject to the award would only be earned if the executives remained employed and provided services to the Company through each of the vesting dates. Similar to the terms and conditions for the awards of our other executive officers, the awards will vest ratably over three years. The grant date for these retention awards was the last business day of the fiscal period following the fiscal period that included the closing date of the merger, August 28, 2015.

        The Compensation Committee will not award equity incentives when in possession of potentially material non-public information. The exercise price for option awards is the closing price on the date of grant, or, if the market is closed, the previous day's closing price.

We believe that the beginning of April is an appropriate time during the year to make grants of equity awards and that a consistent application of our granting practices from year to year regardless of other events is also appropriate. The awards granted by the Compensation Committee are designed to create incentives for the


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creation of long-term shareholder value and contain delayed vesting provisions that prevent recipients from taking advantage of short-term fluctuations in the market price of our common stock. We have not planned in the past, nor do we plan in the future, to time the release of material non-public information for the purpose of affecting the value of executive compensation.

Executive Stock Ownership Guidelines
The Compensation Committee has adopted executive stock ownership guidelines to encourage executives to have a long-term equity stake in Dollar Tree, align their interests with shareholders and mitigate potential compensation-related risk. The executive stock ownership program encourages and expects our executive officers to attain designated stock ownership levels over a five-year period. The stock ownership guidelines for our executive officers are as follows:
Current PositionMultiple of Salary
Chief Executive Officer6x
Chief Financial Officer3x
Chief Operating Officer3x
Chief Merchandising Officer3x
Other Chief-Level Officers2x
The types of stock ownership that qualify toward the ownership guidelines under our policy include direct stock ownership, shares held in trust or by a spouse or dependents, shares held in retirement accounts, PSUs where performance has been certified, unvested RSUs and unvested restricted stock. Stock options do not count toward the stock ownership guidelines. As of April 1, 2024, all of our named executive officers are in compliance with the stock ownership guidelines. For additional

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information regarding the number of shares of stock beneficially owned by our named executive officers, see “Ownership of Common Stock” on page 73.
Policy Against Hedging Company Stock

To further the corporate governance objective of encouraging alignment of the interests of our executive officersassociates and directors with stockholders'shareholders’ interests in the long-term performance of the Company, the Company'sCompany’s Insider Trading Policy prohibits executiveall officers, directors and directorsemployees from entering into hedging transactions and from engaging in short sales related to the Company'sCompany’s stock. The Policy also prohibits engaging in or trading any publicly-traded puts, calls or other derivative instruments involving the Company's securities. Additionally, executiveCompany’s securities except as permitted by the Policy or the Board.
No Pledges of Company Stock
Our Insider Trading Policy prohibits officers, directors and directors may not holdemployees from holding Dollar Tree stock in a margin account.

Executive Stock Ownership

        The Compensation Committee adopted an executive target ownership program that encourages certain In addition, none of our executive officers to attain designated stock ownership levels over a five-year period. The amount expected to be retained forand directors engaged in transactions involving the Chief Executive Officer is 100,000 shares and varies between 12,000 to 30,000 for other executive officers, depending on the executive's position. The types of stock ownership that qualify toward the ownership requirement under our policy include direct stock ownership, unvested restricted stock units and unvested restricted stock. As of January 30, 2016, all of our named executive officers' stock ownership levels exceeded the requirements of the stock ownership guidelines.

        Prior to the merger, the Chief Executive Officer of Family Dollar was required to hold 6x annual base salary while other executives under the Family Dollar banner were required to maintain ownership of 3x annual base salary within six years of the executives' promotion to their current officer level. These requirements remain unchanged for the executives under the Family Dollar banner, except the acquisition date of July 6, 2015 is the beginning of the new six year term for the current executives. Until the executives achieve the ownership goals, they will be required to retain 25% of the net value (after the exercise price of any options and after applicable taxes) of any equity award in Dollar Tree's stock.

Impact of Accounting and Tax Treatments on Compensation Program Design

        The Compensation Committee considers the accounting and tax impact of its overall compensation programs in order to balance the cost to the company with the potential benefits as compensation tools.

        Section 162(m) of the Internal Revenue Code imposes a limitation on the deductibility of non-performance-based compensation in excess of $1 million paid to named executive officers of public companies. As noted above, the Compensation Committee has adopted a policy of pay-for-performance and has taken appropriate steps to cause relevant grants and awards under our equity incentive plans to be performance-based. We intend to qualify executive compensation for deductibility under Section 162(m) to the extent consistent with our best interests and the interests of our shareholders. Since our corporate objectives may not always be consistent with the requirements of full deductibility, we may enter into compensation arrangements under which payments are not deductible under Section 162(m). We currently believe that we should be able to continue to manage our executive compensation program for the named executive officers to preserve the related federal income tax deductions, although individual exceptions may occur from time to time.


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        The Compensation Committee also reviews the accounting impact of the various forms of compensation, with the goal of ensuring that our compensation practices remain competitive while also being cost-effective.

Retirement, Deferred Compensation and Pension Plans

        We do not have any defined benefit or pension plans that provide for payments based on an executive's salary and/or years of service. In addition, we have not adopted a supplemental executive retirement plan or other "excess plan" that pays benefits to highly compensated executives. Instead, we offer the following two alternatives to allow executives to actively participate in funding their retirement plans.

        Executives in the Dollar Tree segment are eligible to participate in our Profit Sharing and 401(k) Retirement Plan. At the end of the year, the Board may approve a discretionary profit-sharing contribution to be made to all eligible employees, including executive officers. In addition, executives may elect to defer a portion of their cash compensation into 401(k) retirement accounts. The Board has authorized us to match 100% of 401(k) deferrals up to 4% of an individual's cash compensation. Under our Non-Qualified Deferred Compensation Plan, executives in the Dollar Tree segment may elect to defer a portion of their annual cash compensation to be distributed at a future date in accordance with the relevant deferral election. The program allows executives to save for retirement in a tax-effective way at minimal cost to us. Plan participants may invest their deferred compensation in any one or a combination of the plan's investment funds. In most cases, the deferred amounts plus earnings are paid out upon the participant's retirement or termination of employment. The future payment obligations under the plan are our general unsecured obligations. Although the amounts deferred are deposited into a trust, the trust belongs to us, rather than the executives, and is subject to the claims of our creditors.

Family Dollar 401(k) and Deferred Compensation Plan

        Executives under the Family Dollar banner are eligible to participate in Family Dollar's 401(k) Retirement Plan. Family Dollar provides a matching contribution equal to the following formula: 100% match to the participant's first 3% of base salary and bonus contributions and 50% match to the participant's next 2% of base salary and bonus contributions for a maximum contribution of 4% of base salary and bonus pay, subject to limits established by the plan and Internal Revenue Code of 1986, as amended.

        The Family Dollar Compensation Deferral Plan allows allows certain employees, including executives, to elect to defer receipt of up to 50% of their base salary and up to 75% of their bonus payments. Family Dollar does not fund, make any contributions to, or provide any interest rate subsidy for the Deferred Compensation Plan.

Change in Control Agreements

        Our equity plans and our deferred compensation plan contain provisions that may convey benefits to our executives and other plan participants upon a change in control. Generally, the provisions address the management of account values upon separation from us due to death, disability or retirement, or due to a change in control, as defined within the plans.

        In March 2007, the Compensation Committee established change-in-control retention agreements with certain executive officers, including our named executive officers, that provide for payment in the event of a termination resulting from a change in control of the company. The Compensation


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Committee's intent with these agreements is to take reasonable steps to retain key management personnel and to minimize disruption in the event of a change in control. Under these agreements, severance benefits would be payable only if the executive is terminated without cause or resigns for good reason, as defined in the agreement (commonly known as "double trigger"). Benefits payable are limited to 2.5 times salary plus bonus (as defined in the agreements) for the Chief Executive Officer and 1.5 times for other named executive officers. Any amounts payable are intended to be tax deductible under applicable tax regulations and payments are capped so that they do not trigger excise taxes.

        The structure of change in control arrangements and post-termination benefits is consistent with our compensation objectives to attract, motivate and retain highly talented executives. These arrangements preserve morale and productivity, provide a long-term commitment to job stability and financial security, and encourage retention in the face of the potential disruptive impact of an actual or potential change in control, death or disability. The post-termination vesting benefit under our equity compensation plans also secures the value of previously granted compensatory awards against forfeiture solely because of retirement.

        The change in control arrangements ensure that the interests of the executives will be materially consistent with the interests of shareholders when considering corporate transactions. The Compensation Committee determined that the multiples applied to base compensation upon a change of control should be consistent with the limits specified by tax deductibility for "parachute payments" as well as with principles of good corporate governance promulgated by major proxy advisory firms and institutional investors. The multiple applicable to the Chief Executive Officer's retention agreement is higher to reflect the greater importance the Compensation Committee places on his management role and responsibility. Details related to these change-in-control retention agreements are more fully discussed below, under "Potential Payments Upon Termination or Change of Control."

Agreements with Howard Levine

        In December 2012, Family Dollar entered into an employment agreement (the "Employment Agreement") with Howard Levine. The Employment Agreement provides that, in the event of a termination of employment without cause or for good reason (as defined in the Employment Agreement) within 24 months following a change in control, such as the merger, Mr. Levine will receive a lump sum severance payment equal to 36 times the sum of (a) his highest monthly base salary during the period beginning immediately prior to the change in control through his termination of employment and (b) the monthly equivalent of the average of the annual cash bonus award paid in the preceding three fiscal years under the Family Dollar Stores, Inc. 2006 Incentive Plan Guidelines for Annual Cash Bonus Awards (the "Incentive Plan Guidelines"). Family Dollar will also provide Mr. Levine with subsidized COBRA benefits for 18 months pursuant to the Employment Agreement. Mr. Levine is also entitled to these payments in the event his employment is terminated within 24 months following a change in control due to his death or disability. The severance payments payable upon a change in control are subject to adjustment in the event of the imposition of certain tax provisions.

        Certain of the terms and provisions of the Employment Agreement were modified by the "Retention Letter" entered into by Mr. Levine with the Company in July 2014 in connection with the signing of the merger agreement. The Retention Letter provides that, following the closing of the merger, Mr. Levine will continue to serve as the Chief Executive Officer of Family Dollar, reporting directly to the Chief Executive Officer of Dollar Tree. In addition, pursuant to the merger agreement, the Company agreed to nominate Mr. Levine to its Board of Directors at the closing of the merger.


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        Pursuant to the Retention Letter, following the closing of the merger, Mr. Levine will (a) receive an annual base salary of at least $1,150,000, (b) receive an annual target incentive opportunity under the terms of the MICP of at least 100% of his annual base salary, which will be based in part on performance measures related to Family Dollar, (c) receive, for periods of his employment following August 31, 2015, an annual long-term performance plan grant with a target opportunity of $600,000 and an annual restricted stock unit performance-based grant of $2,000,000 (with the first of such grants to be made no later than the Company's regular 2016 grant cycle) and (d) be eligible to participate in the other compensation and employee benefit plans applicable to similarly situated executives of the Company. The Company also agreed that it will, following the closing of the merger, reimburse reasonable legal fees incurred by Mr. Levine in connection with the negotiation of the Retention Letter, up to a maximum of $45,000.

        Additionally, during the period from the closing of the merger until the second anniversary thereof (the "Second Anniversary"), Mr. Levine has agreed to waive his right to terminate his employment for good reason under his Employment Agreement based on certain changes to his position as a result of the merger, specifically pursuant to (i) a material diminution in his authority, duties, or responsibilities (including Mr. Levine no longer reporting solely and directly to the Board of Directors of Family Dollar) and (ii) a material diminution in the budget over which Mr. Levine retains authority. He would still be entitled to receive the change in control severance benefits provided under the Employment Agreement and all then outstanding unvested equity awards that were granted to Mr. Levine prior to the closing of the merger would vest in full and Family Dollar options would remain outstanding and exercisable for their full terms if during such two-year period his employment were terminated by reason of his death or disability, by the Company without cause or by him under the clauses of his "Good Reason" definition that he did not waive (as well as in the event of a material breach of the Company's obligations under the Retention Letter and his ceasing to serve on the Board of Directors of the Company due to the Company's failure to nominate him).

        Mr. Levine has also agreed to waive certain other rights under the Employment Agreement, including a reimbursement for taxes under Section 409A of the Internal Revenue Code, and has agreed that the Employment Agreement will terminate immediately following the Second Anniversary (except in respect of the restrictive covenants contained therein). In consideration for the foregoing, Mr. Levine will be entitled to the change in control severance benefits and equity award acceleration described above upon any termination of employment at or following the Second Anniversary, subject to his execution of a release of claims and his continued compliance with the restrictive covenants set forth in his Employment Agreement.

        The Retention Letter also provides that, during the 30-month period following the closing of the merger, Mr. Levine will not, and will not cause any trust controlled by him to, sell, pledge or transfer in any way, any shares of Dollar Tree common stock received in the merger (subject to certain exceptions for corporate transactions approved by the Board of Directors of Dollar Tree and philanthropic or estate planning purposes). Notwithstanding the foregoing, however, on the first anniversary of the closing of the merger and on each six-month anniversary thereafter, 25% of the shares of Dollar Tree common stock held by Mr. Levine as of the closing of the merger shall cease to be subject to the transfer restrictions described in the previous sentence.

        Upon Mr. Levine's resignation as an officer of the Company effective January 15, 2016, he became entitled to the severance payments described above which are reflected in the "All Other Compensation" column under the Summary Compensation Table on page 43.

        On April 19, 2016, Mr. Levine resigned from the Board of Directors of the Company. Mr. Levine had been subject to restrictions on the salepledging of Company stock described above. These restrictions have


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been eased to allow him to sell no more than 500,000 shares during any five-trading day period since he no longer serves as an officer or director of the Company.

fiscal 2023.


50


EXECUTIVE COMPENSATION TABLES
Summary Compensation of Executive Officers

Table

In the following table, we summarize the compensation earned during fiscal years 2015, 20142023, 2022 and 20132021 by our Chief Executive Officer, our Chief Financial Officer, each of our three other most highly compensated executive officers who earned more than $100,000 in total compensation for services rendered in all capacities during 2015, 2014 and 2013, and an additional executive officer who would have been included in the foregoing but for the fact that he was notwere serving as an executive officer on January 30, 2016.officers of the Company at the end of the fiscal year ended February 3, 2024. We refer to these sixfive individuals in this proxy statement as the "Named Executive Officers."

named executive officers or NEOs.

The compensation that we pay to our named executive officers is determined as described above in our "Compensation“Compensation Discussion and Analysis"Analysis” section and in the tables that follow.

Summary Compensation Table

        (For

(For the Fiscal Years ended February 3, 2024, January 30, 2016,28, 2023, and January 31, 2015 and February 1, 2014.)

29, 2022)
Name and
Principal
Position
Year
Salary
($)(1)
Bonus
($)
Stock
Awards

($)(2)
Option
Awards

($)
Non-Equity
Incentive
Plan
Compensation

($)(1)(3)
All Other
Compensation

($)(4)
Total
($)
Richard Dreiling
Chairman and Chief
Executive Officer
20231,350,0001,943,39367,3733,360,766
2022865,385135,583,21221,182136,469,779
2021
Jeffrey Davis
Chief Financial
Officer
2023825,0001,799,830449,959678,64543,0153,796,449
2022269,712300,0001,999,977177,4956,6412,753,825
2021
Michael Creedon, Jr.(5)
Chief Operating Officer
2023892,308500,0002,079,896519,968740,34065,0494,797,561
2022277,8851,200,000182,87315,2601,676,018
2021
Lawrence Gatta, Jr.
Chief Merchandising
Officer—Family Dollar
2023725,3851,759,779439,991600,49832,0683,557,721
2022525,0001,599,892451,85084,8632,661,605
2021
Richard McNeely(6)
Chief Merchandising
Officer—Dollar Tree
2023950,92315,0001,759,779439,991801,21297,6194,064,524
2022820,30890,0001,799,805531,892257,7833,499,788
2021800,00052,5001,799,814584,10064,4463,300,860

Name and Principal
Position                        


Year

Salary
($)(1)


Bonus
($)(2)


Stock
Awards
($)(3)



Non-Equity
Incentive
Plan
Compensation
($)(1)(4)





All Other
Compensation
($)(5)



Total
($)
Bob Sasser2015$1,585,577$5,803,264$2,080,320$60,549$9,529,710

Chief Executive

2014$1,505,769$4,104,531$2,140,773$63,415$7,814,488

Officer

20131,410,5773,839,7681,909,92958,089$7,218,363

Kevin Wampler


2015


635,577




1,695,764



617,121




51,452



2,999,914

Chief Financial

2014570,1921,249,783628,65454,4812,503,110

Officer

2013545,1921,140,273499,46556,3802,241,310

Gary Philbin


2015


971,154




2,438,906



1,258,725




56,568



4,725,353

President and Chief

2014830,7691,780,8061,000,65257,3023,669,529

Operating Officer

2013738,8461,749,799796,62453,0803,338,349

Robert H. Rudman


2015


692,307




1,726,563



645,165




61,647



3,125,682

Chief Merchandising

2014656,1541,357,425682,64259,2692,755,490

Officer

2013636,1541,253,591555,26254,9182,499,925

Michael Matacunas


2015


537,500




1,247,773



550,639




40,269



2,376,181

Chief Administrative

2014483,077949,917324,76642,3491,800,109

Officer

2013274,038150,000899,826182,258215,3061,721,428

Howard Levine


2015


666,388











11,838,299

(6)


12,504,687

Former Chief

2014      

Executive Officer of

2013      

Family Dollar Stores

       

Footnotes to the Summary Compensation Table:


Our annual bonus plan qualifies as a "non-equity incentive plan" for purposes of this table. Earnings under our deferred compensation plan result from the executives' investments
The “Change in mutual funds commonly available to investors generally. The "Option Awards" and "Change in Pension

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    Value and Non-Qualified Deferred Compensation Earnings"Earnings” columns are omitted as all amounts are zero.

(1)

Executives may defer up to 50% of their salaries and up to 100% of their annual incentive bonus under the Dollar Tree's Non-QualifiedTree and Family Dollar Supplemental Deferred Compensation Plan. Under Family Dollar's Non-Qualified Deferred Compensation Plan, executive may defer 50% of their base salary and up to 75% of their bonus payments; anyAny such deferrals under each of the Plans are included in the appropriate column of this table and shown in the Deferred Compensation table.

(2)
This column includes a signing bonus paid Earnings under these deferred compensation plans result from the executives’ investments in mutual funds commonly available to Michael Matacunas in 2013 connection with his employment offer.

(3)
investors generally.
(2)
Pursuant to SEC rules, this column represents the aggregate grant date fair value during the last three fiscal years of restricted stock units (RSU)(“RSUs”) and performance-based restricted stock units (“PSUs”) computed in accordance with FASB ASC Topic 718 related to the annual spring grant (RSU awards)(i) PSU awards made in 2021 and 2022 based on achievement of a one-year performance goal (“One-Year PSUs”), (ii) PSU awards made in 2021, 2022 and 2023 based on achievement of three-year cumulative performance goals (“Three-Year PSUs”), (iii) out-of-cycle grants made under the three-year long-term performance program ("LTPP"). The Compensation Committee determined that the LTPP awards would be made 50% in cashconnection with a promotion or hiring, and 50% in performance-based(v) for fiscal 2021, restricted stock units.units awarded to Mr. McNeely in March 2021 for retention purposes. We are required to report the equity portion of theThree-Year PSU award at the beginning of the LTPPThree-Year PSU cycle even though, should it be earned, it will not be paid until the end of the cycle. The cash portion of the LTPP award is not reported until earned at the end of the cycle. Both the cash and equity portions of the LTPP awardThree-Year PSU awards are earned only if performance conditions are met and themet. The final payment amount, if any, will range from 0%37.5% to 200% of the stated target.250%. The amounts shown in this column assume performance at target.target for Three-Year PSU awards. Fair value for the RSUequity awards isare calculated using the closing price of our stock on the date of grant. In the event the highest level of performance is achieved, the aggregate grant date fair value for the fiscal year 20152023 Three-Year PSU awards would be as follows: $2,291,578follows for Kevin WamplerMessrs. Davis, Creedon, Gatta and $1,795,642 for Michael Matacunas. Pursuant to FASB ASC Topic 718, due to Bob Sasser's, Gary Philbin'sMcNeely, respectively: $2,249,859, $2,599,978, $2,199,904 and Bob Rudman's retirement-eligible status, the fair value of each of their 2015 awards is calculated at the date of grant and is not modified to reflect actual performance; therefore, the fair values remain the same as those included in this column even in the event of maximum performance.

$2,199,904. Amounts shown in this column do not correspond to the actual value that will be realized by the named executives. Additional information regarding FASB ASC Topic 718 calculations related to these awards is included in footnote 10 of our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2016.February 3, 2024. See the Grants of Plan-Based Awards Table for information on


51


awards made in 2015.

(4)
2023. Mr. Dreiling does not participate in the Company’s long-term incentive program, and therefore, did not receive awards of RSUs or PSUs in 2022 or 2023.
(3)
The amounts in this column represent the annual bonusamount of cash that we pay under our Management Incentive Compensation Plan ("MICP"(“MICP”) and the cash bonus that we pay under our Long-Term Performance Plan ("LTPP")which qualifies as a “non-equity incentive plan” for awards conditioned upon achieving a three-year performance goal, as discussed in the Compensation Discussion and Analysis section.purposes of this table. The amounts listed were earned in the years shown, but paid after the end of the fiscal year, upon approval by the Compensation Committee.
(4)
The amounts reported in the All Other Compensation column reflect, for each named executive officer, the sum of (i) the incremental cost to the Company of all perquisites and other personal benefits; (ii) the amount contributed by the Company to the Company’s 401(k) plan; and (iii) the dollar value of life insurance premiums paid underby the MICPCompany with respect to Messrs. Sasser, Wampler, Philbin, Rudmanlife insurance for the benefit of a named executive officer. Other than perquisites and Matacunas were $1,780,320, $417,121, $823,725, $445,165 and $350,639 respectively. Cash bonuses paid under the 2015 Supplemental LTPP to Messrs. Sasser, Wampler, Philbin, Rudman and Matacunas were $300,000, $200,000 $250,000, $200,000, and $200,0000 respectively. See "2013 LTPP Grants and 2015 Supplemental Grants" section in our Compensation Discussion and Analysisother personal benefits, discussed below, none of these items for a detailed discussion of our awards under the 2015 Supplemental LTPP. This column also includes a one-time cash bonus paid toany named executive officer exceeded $10,000 except 401(k) matching contributions for Mr. PhilbinMcNeely in the amount of $185,000. See page 37 for a more detailed discussion.$16,731.

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(5)
"All Other Compensation" includes the amounts paid to named executives shown in the following table (amounts paid to Howard Levine are discussed and shown separately in the table below). Perquisites include car allowances related to travel, financial and tax planning, executive physicals, executive term life insurancehealth care services, relocation, and relocation,personal use of the corporate aircraft, none of which individually exceeded the greater of $25,000 or 10% of the total amount of perquisites and personal benefits for each officer, except the relocation costs incurred by Mr. Creedon in either 2015, 2014,the amount of $38,189 and the aggregate incremental cost of the personal use of the Company’s aircraft in fiscal year 2023 by Messrs. Dreiling and McNeely in the amount of $28,307 and $50,884, respectively. Pursuant to our corporate aircraft policy, personal use of the Company’s aircraft is limited to the following: (i) the Chief Executive Officer and Executive Chairman are permitted use of the Company’s aircraft for non-business purposes for up to 80 hours each per fiscal year, and (ii) on a limited basis executive leaders may be permitted personal use of the Company’s aircraft or 2013, exceptto have family members accompany them on business trips on the Company’s aircraft. In addition, in 2023, Mr. McNeely was authorized to use the Company’s corporate aircraft to make two trips per month to his home in Tennessee, a practice that Michael Matacunas who joinedwas discontinued in March 2023.
The Company calculated the incremental cost to the Company in July of 2013 had perquisites that included $115,800the personal use of the Company aircraft based on published industry rates by Conklin & deDecker Associates, Inc. for relocationvariable operating costs, including fuel, landing, catering, handling, aircraft maintenance and $75,922 for relocation gross-ups during fiscal year 2013. Effective in March 2009,pilot travel costs. Fixed costs such as maintenance not related to personal travel, depreciation of the company discontinuedaircraft, pilot salaries or cost of insurance and administrative services, are excluded. The Company does not provide tax gross-ups on all perquisites, except for business-related relocation expenses. CarA car allowance is intended to compensate executives for the use of their personal vehicles in conducting companyCompany business. However, as we do not require our executives to account for their business or personal use, we include the entire amounts in our disclosures. Pursuant to our new corporate aircraft policy approved by
(5)
The amount shown in the Board of Directors to be effective on January 1, 2016,Bonus column for Mr. Sasser, Mr. Brock, and Mr. Philbin, are permitted use Dollar Tree's aircraft for non-business purposes for up to 80 hours each perCreedon in fiscal year. In exceptional circumstances, they may, in their discretion offer available seating to others. The Company, in turn, will impute incremental costs2023 represents the cash sign-on bonus paid to Mr. Sasser,Creedon in 2023 in connection with his initial offer of employment.
(6)
The amount shown in the Bonus column for Mr. Brock and Mr. Philbin the value of such personal use as taxable income. This value shall be determined under the Standard Industry Fare Level formula (or other method) approved by the Internal Revenue Service. Prior to January 1, 2016, Dollar Tree's aircraft policy permitted Mr. Sasser and Mr. Brock to use the Company's leased corporate jet for non-business purposes and they each reimbursed the company for all variable costs relating to their plane usage. Because they reimbursed all incremental costs related to their usage in fiscal 2015, no amounts relating to the plane were included in "All Other Compensation."

NEOPerquisites

Profit Sharing &
401k Match


Total
Bob Sasser$30,514$30,035$60,549
Kevin Wampler21,43630,01651,452
Gary Philbin26,30330,26556,568
Robert H. Rudman31,72029,92761,647
Michael Matacunas21,06519,20440,269
(6)
With respect to Howard Levine, "All Other Compensation" includes contributions to the 401(k) Plan, long-term disability coverage, executive supplemental disability coverage and term life insurance post-merger. Amounts include the incremental costs to Family Dollar of Mr. Levine's personal use of Family Dollar aircraft. Pursuant to the agreements with Family Dollar prior to the merger, this column also includes: (i) a change in control paymentMcNeely represents monthly cash retention payments paid to Mr. Levine in an amount equal to his target bonus paidMcNeely. These retention payments ceased at target levelthe end of performance pursuant to the terms of the Family Dollar 2006 Stock Incentive Plan and Incentive Plan Guidelines, (ii) a severance payment pursuant to Mr. Levine's employment agreement based on termination without cause within two years following the closing and (iii) amounts that represent the vesting of 176,934 stock options and 26,648 restricted stock units that accelerated pursuant to the terms of Mr. Levine's employment agreement. The column also includes $45,000 for director fees paid quarterly in advance for the first calendar quarter of 2016, after Mr. Levine stepped down as the Chief Executive Officer of Family Dollar, and prior to his resignation from the Board on April 19, 2016.
March 2023.

NEO

401k Match

Aircraft

Change in
Control
Payment



Severance
Pay


COBRA
Premiums


Director
Fees


Restricted
Stock
Units



Stock
Options


Total

Howard Levine

$2,735$25,560$1,223,308$5,183,343$21,186$45,000$2,006,594$3,330,573$11,838,299


52



Grants of Plan-Based Awards Table

NameGrant Date
Compensation
Committee
Action
Date
(1)
Estimated Future Payouts
Under Non-Equity Incentive
Plans
Estimated Future Payouts
Under Equity Incentive
Plans
All Other
Stock
Awards:
Number of
Shares of
Stock or
Units

(#)
All Other
Option
Awards:
Number of
Securities
Underlying
Options

(#)
Exercise
or Base
Price of
Option
Awards
($/Sh)
Grant Date
Fair Value
of Stock
and Option
Awards

($)(6)
Threshold
($)
Target
($)
Maximum
($)
Threshold
(#)
Target
(#)
Maximum
(#)
Richard Dreiling
(2)
1,181,2502,362,5004,725,000
Jeffrey Davis
(2)
412,000825,0001,650,000
03/31/202303/30/20237,584(3)143.55449,959
03/31/202303/30/20234,702(4)674,972
03/31/202303/30/20233,918(5)7,836(5)15,673(5)1,124,858
Michael Creedon, Jr.
(2)
450,000900,0001,800,000
03/31/202303/30/20238,764(3)143.55519,968
03/31/202303/30/20235,433(4)779,907
03/31/202303/30/20234,528(5)9,056(5)18,112(5)1,299,989
Lawrence Gatta, Jr.
(2)
365,000730,0001,460,000
03/31/202303/30/20237,416(3)143.55439,991
03/31/202303/30/20234,597(4)659,899
03/31/202303/30/20233,831(5)7,662(5)15,325(5)1,099,880
Richard McNeely
(2)
487,000974,0001,948,000
03/31/202303/30/20237,416(3)143.55439,991
03/31/202303/30/20234,597(4)659,899
03/31/202303/30/20233,831(5)7,662(5)15,325(5)1,099,880

    

Compensation
Committee


Estimated Future Payouts
Under Non-Equity Incentive
Plans
 




Estimated Future Payouts
Under Equity Incentive
Plans
 









All Other
Stock
Awards:
Number
of Shares of Stock











All Other
Option
Awards:
Number of
Securities
Underlying










Exercise
or Base
Price of
Option







Grant Date
Fair Value
of Stock
and Option
 
Name 

Grant
Date




Action
Date(1)




Threshold
($)




Target
($)




Maximum
($)




Threshold
(#)




Target
(#)




Maximum
(#)




or Units
(#)




Options
(#)




Awards
($/Sh)




Awards
($)(6)
 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 
Bob Sasser  (2)$408,000 $1,920,000 $3,960,000      $ $ 
  (3)106,250 425,000 850,000        
  (3)75,000 300,000 600,000        
 3/27/2015 3/11/2015     62,775(4)62,775(4)   4,873,474 
 4/23/2015 4/23/2015    1,311(5)5,246(5)10,492(5)   423,963 
 4/23/2015 4/23/2015    1,601(5)6,404(5)12,808(5)   505,826 
Kevin Wampler    (2) 96,720  455,000  938,470               
     (3) 62,500  250,000  500,000               
      (3) 50,000  200,000  400,000                      
   3/27/2015  3/11/2015          13,460(4) 13,460(4)       1,099,951 
   4/23/2015  4/23/2015           771(5) 3,086(5) 6,172(5)          249,981 
   4/23/2015  4/23/2015           1,067(5) 4,269(5) 8,538(5)       345,832 
Gary Philbin  (2)191,250 900,000 1,856,250        
  (3)75,000 300,000 600,000        
  (3)62,500 250,000 500,000        
 3/27/2015 3/11/2015     22,025(4)22,025(4)   1,709,889 
 4/23/2015 4/23/2015    926(5)3,703(5)7,406(5)   299,259 
 4/23/2015 4/23/2015    1,326(5)5,305(5)10,610(5)   429,758 
Robert H. Rudman    (2) 104,160  490,000  1,010,660               
     (3) 62,500  250,000  500,000               
      (3) 50,000  200,000  400,000                      
   3/27/2015  3/11/2015          14,680(4) 14,680(4)       1,139,989 
   4/23/2015  4/23/2015           771(5) 3,086(5) 6,172(5)          249,409 
   4/23/2015  4/23/2015        1,067(5) 4,269(5) 8,538(5)       337,164 
Michael Matacunas  (2)81,840 385,000 794,090        
  (3)62,500 250,000 500,000        
  (3)50,000 200,000 400,000        
 3/27/2015 3/11/2015     8,565(4)8,565(4)   699,932 
 4/23/2015 4/23/2015    771(5)3,086(5)6,172(5)   249,967 
 4/23/2015 4/23/2015    919(5)3,677(5)7,354(5)   297,874 
Howard Levine    (7) 410,192  820,385  1,640,769               

Footnotes to the Grants of Plan-Based Awards Table:

(1)

The date of grant for the relevant award is established by the Compensation Committee during a regularly scheduled meeting or by written consent.

(2)

Our Management Incentive Compensation Plan (MICP) is considered a "non-equity“non-equity incentive plan." MICP targets are established by the Compensation Committee early in the fiscal year and amounts payable are determined and paid in the following year, when annual results are available, upon approval by the Compensation Committee. For 2015,2023, bonuses were targeted at 120%175% of salary for the CEO, 90%Chairman and Chief Executive Officer, 100% of salary for the PresidentChief Financial Officer, Chief Operating Officer and COO and 70% for other Named Executivethe Chief Merchandising Officers, with corporate performance representing 85%100% of the goal. Earned amounts, toBonuses authorized by the extent not otherwise deferred under our Non-Qualified Deferred Compensation Plan,Committee are paid after the end of the relevant fiscal year.year unless deferred by the executive under our Dollar Tree and Family Dollar Supplemental Deferred Compensation Plan. See "Annual“Annual Cash Bonus Incentives"Incentives” in our Compensation Discussion and Analysis for a detailed discussion of our MICP.

(3)
Pursuant to our Long Term Performance
Represents stock options awarded on March 31, 2023 under the 2021 Omnibus Incentive Plan (LTPP), the Compensation Committee approved three-year performance based total target award values for each of our Named Executive Officers and the award was divided equally between a performance bonus and restricted stock units. The amounts included in this row represent the fifty percent (50%) granted as a performance bonus. The percentagepart of the target performance bonus earnedCompany’s 2023 long-term incentive program. The stock options will bevest in three approximately equal installments over three years provided the named executive officers remain continuously employed with the Company through the vesting dates, unless vesting is accelerated due to death, disability or retirement. The options have a ten-year term and an exercise price per share that is equal to the closing price of the Company’s stock on the date of grant ($143.55).

53


(4)
Represents RSUs awarded on March 31, 2023 as part of the Company’s 2023 long-term incentive program. These RSUs will vest in approximately three equal installments over three years provided that the named executive officer remains with the Company through the vesting dates, unless vesting is accelerated due to death, disability or retirement.
(5)
Represents awards of 2023 Three-Year PSUs awarded as part of the Company’s 2023 long-term incentive program. These PSUs will vest based on the level at which the Company achieves its three yearthree-year cumulative performance goalgoals for the performance period from February 1, 2015January 29, 2023 through the third anniversary of the effective date of the Company's merger with Family Dollar.January 31, 2026. The amount of the payment if earned will range

Table of Contents

    from 0%50% to 200% of stated target and will be paid in 2018,2026 when the achievement level is available and certifieddetermined by the Committee. The amounts presented in the last row of this column for each Named Executive Officer represent the 2015 Supplemental Grant awarded on April 23, 2015. See "Long-Term Incentives-2013 LTPP Grants and 2015 Supplemental Grants" section in our Compensation Discussion and Analysis for a detailed discussion of these awards.

(4)
Represents awards of performance-based restricted stock units that will vest in approximately three equal installments over three years only upon the certification by the Compensation Committee that the company achieved its fiscal 2015 performance target goal and upon the executives remaining with the company through the vesting dates.

(5)
Represents the performance-based equity portion of the award granted under the LTPP that is based on a three-year performance cycle beginning on February 1, 2015 through the third anniversary of the effective date of the Company's merger with Family Dollar and will cliff vest in fiscal year 2018 only upon certification by the Compensation Committee that the company achieved its performance goal. The number of shares presented in the last row of the column for each Named Executive Officer represent the performance-based equity portion of the award granted under the 2015 Supplemental Grant. See "Long-Term Incentives-2013 LTPP Grants and 2015 Supplemental Grants" section in our Compensation Discussion and Analysis for a detailed discussion of these awards.

(6)

This column shows the full grant date fair value under FASB ASC Topic 718 of performance-based restricted stock units (PSUs), performance-based restricted stock units underoption, RSU and PSU awards. For the three-year LTPPRSU and PSU awards awarded on March 31, 2023 the 2015 Supplemental Grant that were granted in 2015. For PSUs and the LTPP equity grant, fair value is calculated using the closing price of our stock on the grant date. The closing price of our stock for the PSUs granted on March 27, 2015date which was $81.71. The closing price of our stock the for three-year LTPP and the 2015 Supplemental Grant that were granted on April 23, 2015 was $81.01. Pursuant to FASB ASC Topic 718, upon an executive becoming retirement eligible, the expense that is associated with any unvested RSU awards are fully expensed as of the date of the executive's retirement eligibility.$143.55. Additional information regarding FASB ASC Topic 718 calculations related to these awards is included in footnote 10 of our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2016. These amounts reflect our accounting expense, and do not correspond to the actual value that may be realized by the named executives.

(7)
The 2015 Target Bonus for Family Dollar was based on achievement of the operating income goal for the period beginning on August 30, 2015 and ending on January 30, 2016. Howard Levine's bonus was targeted at 120% of his base salary. Due to Mr. Levine's employment ending prior to the completion of the performance period, his 2015 Target Bonus was forfeited. Prior to his termination of employment, he was eligible to receive a performance-based equity grant for fiscal 2016 during the Company's routine grant cycle.
February 3, 2024.


54


Outstanding Equity Awards at Fiscal Year End Table

The following table provides information on the holdings of stock option and stock awards by the named executives at the end of the fiscal year. This table includes unexercised and unvested option awards, unvested RSUsRSU awards, and PSUs with service requirements that have not been met.unvested PSU awards. Each equity grant is shown separately for each named executive. The vesting schedule for each grant is shown in the footnotes following this table, based on the award date. The market value of the stock awards is based on the closing market price of our stock as of January 30, 2016,February 2, 2024, which was $81.32.$138.71. For additional information about the option awards and stock awards, see the description of equity incentive compensation in the Compensation Discussion and Analysis.

   Option Awards(1) 

Stock Awards  

Name




Award
Date









Number of
Securities
Underlying
Unexercised
Options
(#)
Exercisable














Number of
Securities
Underlying
Unexercised
Options
(#)
Unexercisable















Equity Incentive
Plan Awards:
Securities
Underlying
Unexercised
Unearned
Options
(#)












Option
Exercise
Price
($)







Option
Expiration
Date










Number of
Shares or
Units of
Stock That
Have Not
Vested
(#)















Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($)

















Equity Incentive
Plan Awards:
Number of
Unearned
Shares, Units or
Other Rights
That Have Not
Vested
(#)




















Equity Incentive
Plan Awards:
Market or
Payout Value
of Unearned
Shares, Units
or Other
Rights That
Have Not
Vested
($)
 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 

Bob Sasser

 3/14/2008 64,002   $8.91 3/14/2018  $  $ 

 6/13/2012      187,740(4)15,267,017   

 3/22/2013      26,686(2)2,170,105   

 4/1/2014      50,820(2)4,132,682   

 4/1/2014        6,670(3)542,404 

 3/27/2015        62,775(2)5,104,863 

 4/23/2015        5,246(3)426,605 

 4/23/2015        6,404(3)520,773 

Kevin

  
3/22/2013
  
  
  
  
  
  
6,692

(2)
 
544,193
  
  
 

Wampler

  4/1/2014            12,704(2) 1,033,089     

  4/1/2014                4,764(3) 387,408 

  3/27/2015                13,460(2) 1,094,567 

  4/23/2015                3,086(3) 250,953 

  4/23/2015                4,269(3) 347,155 

Gary Philbin

 

3/22/2013

 



 



 



 



 



 


9,607

(2)


781,241

 



 


 

 6/10/2013      1,004(2)81,645   

 4/1/2014      20,327(2)1,652,992   

 4/1/2014        5,717(3)464,906 

 3/27/2015        22,025(2)1,791,073 

 4/23/2015        3,703(3)301,128 

 4/23/2015        5,305(3)431,403 

Robert H.

  
3/22/2013
  
  
  
  
  
  
8,006

(2)
 
651,048
  
  
 

Rudman

  4/1/2014            15,247(2) 1,239,886     

  4/1/2014                4,764(3) 387,408 

  3/27/2015                14,680(2) 1,193,778 

  4/23/2015                3,086(3) 250,953 

  4/23/2015                4,269(3) 347,155 

Michael

 

8/2/2013

 



 



 



 



 



 


4,290

(2)


348,863

 



 


 

Matacunas

 4/1/2014      8,894(2)723,260   

 4/1/2014        4,764(3)387,408 

 3/27/2015        8,565(2)696,506 

 4/23/2015        3,086(3)250,953 

 4/23/2015        3,677(3)299,014 

Howard

  
10/4/2011
  
113,040

(5)
 
  
  
51.49
  
10/4/2016
  
  
  
  
 

Levine

  10/9/2012  99,435(5)     67.95  10/9/2017           

  10/15/2013  115,015(5)     68.92  10/15/2018         

  10/14/2014  78,095(5)     76.97  10/14/2024         

NameAward
Date
Option AwardsStock Awards
Number of
Securities
Underlying
Unexercised
Options

(#)
Exercisable
Number of
Securities
Underlying
Unexercised
Options

(#)
Unexercisable
Equity
Incentive
Plan Awards:
Securities
Underlying
Unexercised
Unearned
Options

(#)
Option
Exercise
Price

($)
Option
Expiration
Date
Number of
Shares or
Units of
Stock That
Have Not
Vested

(#)
Market
Value of
Shares or
Units of
Stock That
Have Not
Vested

($)
Equity
Incentive
Plan Awards:
Number of
Unearned
Shares, Units or
Other Rights
That Have Not
Vested

(#)
Equity
Incentive
Plan Awards:
Market or
Payout Value of
Unearned
Shares, Units or
Other Rights
That Have Not
Vested

($)
Richard Dreiling3/19/2022450,5171,802,070 (1)157.1703/19/2032
Jeffrey Davis11/25/20226,608(2)916,596
3/31/20237,584(3)143.5503/31/2033
3/31/20234,702(4)652,214
3/31/20233,918(5)543,466
Michael Creedon, Jr.11/25/20225,286(6)733,221
3/31/20238,764(3)143.5503/31/2033
3/31/20235,433(4)753,611
3/31/20234,528(5)628,079
Lawrence Gatta, Jr.7/1/20224,727(7)655,682
7/1/20222,559(8)354,959
3/31/20237,416(3)143.5503/31/2033
3/31/20234,597 (4)637,650
3/31/20233,831(5)531,398
Richard McNeely3/16/20213,658(7)507,401
3/16/20214,126(8)572,317
4/1/20225,212(7)722,957
4/1/20222,822(8)391,440
3/31/20237,416(3)143.5503/31/2033
3/31/20234,597(4)637,650
3/31/20233,831(5)531,398


55


Footnotes to Outstanding Equity Awards Table:

(1)
Options were awarded
On March 19, 2022, Mr. Dreiling was granted a one-time award of options to Bob Sasserpurchase 2,252,587 shares of Company common stock with an exercise price per share of $157.17 as an employment inducement in 2008 will expire ten yearsconnection with his appointment as Executive Chairman. The stock option has a ten-year term and is scheduled to vest in equal installments on each of the first five anniversaries of the grant date, subject to Mr. Dreiling’s continued employment with the Company through each vesting date. The stock option was granted separate and apart from dateour authority to grant awards of grant, or earlier for reasons other than death, disability or retirement.

stock options under our 2021 Omnibus Incentive Plan.
(2)

The PSUs awarded during theCompensation Committee approved a sign-on award to Mr. Davis of 2015 fiscal year are based on the achievement of certain performance goals for fiscal year ending January 30, 2016 andRSUs that will vest in three approximately two equal installments over threetwo years upon the Compensation Committee certification in March

Table of Contents

    2016provided that performance was met and provided the Named Executive Officers remain continuously employedMr. Davis remains with the companyCompany through the vesting dates. dates, unless vesting is accelerated due to death or disability.

(3)
The Compensation Committee certifiednamed executive officers that participated in the Company’s 2023 long term incentive program (Messrs. Davis, Creedon, Gatta and McNeely), were awarded stock options on March 2015 and March 2014 that the PSUs awarded in 2014 and 2013 achieved the established performance goal in fiscal years ended January 31, 2015 and February 1, 2014, respectively. These awards2023. The stock options will vest in three approximately equal installments over three years provided the NEOsnamed executive officers remain continuously employed with the companyCompany through the vesting dates.

(3)
dates, unless vesting is accelerated due to death, disability or retirement.
(4)
The performance-based restricted stock units grantednamed executive officers that participated in the Company’s 2023 long term incentive program (Messrs. Davis, Creedon, Gatta and McNeely), were awarded RSUs on April 23, 2015 underMarch 31, 2023. The RSUs will vest in three approximately equal installments over three years provided the LTPP arenamed executive officers remain continuously employed with the Company through the vesting dates, unless vesting is accelerated due to death, disability or retirement.
(5)
On March 31, 2023, the named executive officers that participated in the Company’s 2023 long term incentive program (Messrs. Davis, Creedon, Gatta and McNeely), were awarded 2023 Three-Year PSUs that vest based on the achievement of a three-year cumulative adjusted earnings per share and total revenue goals for the performance period beginning on January 29, 2023 and ending on January 31, 2026, with a relative cumulative total shareholder return modifier during the performance period. The amount of payment, if earned, will range from 50% to 200% of stated target and will be paid in 2026, when the achievement level is available and approved by the Committee.
(6)
The Compensation Committee approved a sign-on award to Mr. Creedon of RSUs that will vest in approximately three equal installments over three years provided that Mr. Creedon remains with the Company through the vesting dates, unless vesting is accelerated due to death or disability.
(7)
In 2022 and 2021 the named executive officers that participated in the Company’s long-term incentive program were awarded One-Year PSUs that vest based on the achievement of the established one-year performance goal for performance in fiscal years ended January 28, 2023 and January 29, 2022, respectively. In March 2023 and March 2022, the Compensation Committee determined the Company’s achievement of the established performance goals for performance in fiscal years ended January 28, 2023 and January 29, 2022, respectively, for the One-Year PSUs awarded in 2022 and 2021 respectively. The One-Year PSUs will vest in three approximately equal installments over three years provided the named executive officers who received these awards remain continuously employed with the Company through the vesting dates, unless vesting is accelerated due to death, disability or retirement.
(8)
In 2022 and 2021 the named executive officers that participated in the Company’s long-term incentive program were awarded PSUs that vest based on the achievement of a three-year cumulative performance goal based on corporate synergiestotal sales for the performance period beginning on(January 28, 2023 to February 1, 20152025 and ending on the third anniversary of the effective date of the Company's merger with Family Dollar.January 31, 2021 to February 3, 2024, respectively). The amount of payment for the 2022 Three-Year PSUs, if earned, will range from 0%50% to 200% of stated target and will be paid in 2018,2025 when the achievement level is available and certifiedapproved by the Committee. The performance-based restricted stock units granted on April 1, 2014 underCommittee determined in March 2024 that the LTPP are based onCompany exceeded the achievement of a three-year cumulativemaximum performance goal for the performance period beginning on February 2, 2014 and ending on January 28, 2017. The amount of payment, if earned, will range from 0% to 200% of stated target and will be paid in 2017, when the achievement level is available and certified by the Committee. In April 2015, the Compensation Committee canceled the 2013 grants under the LTPP and approved new awards on April 23, 2015 (2015 Supplemental Grant) with a new one-year performance goal for the period ending on January 30, 2016 that equals the amount remaining in the final year of the three-year performance period, giving credit for actual Company performance utilizing an operating income definition2021 Three-Year PSUs and that excludes both income and costs relating tosuch PSUs were earned, as described in the combination with Family Dollar. See "Long-Term Incentives-2013 LTPP Grants and 2015 Supplemental Grants" in our Compensation Discussion and Analysis for a detailed discussion of our awards under the LTPP. The amount of payment, if earned, will range from 0% to 200% of stated target and will be paid in 2016, when the achievement level is available and certified by the Committee.

(4)
The award will vest one hundred percent (100%) on the fifth anniversary of the grant date only upon certification by the Compensation Committee that the one-year of positive net income performance criteria is achieved and Mr. Sasser remains continuously employed with the Company through the vesting date. In September of 2013, the Compensation Committee certified that the net income performance target was met for the award.

(5)
Pursuant to the Merger Agreement, each option to purchase shares of Family Dollar common stock that was outstanding immediately prior to the effective date of the merger was converted into an option to purchase shares of Dollar Tree common stock determined by multiplying the number of shares of Family Dollar common stock subject to such option by the Award Exchange Ratio of 1.0 at an exercise price per share determined by dividing the original per share exercise price of the option by the Award Exchange Ratio of 1.0. Following Mr. Levine's termination of employment on January 15, 2016, the vesting of the following number of shares was accelerated pursuant to the terms of Mr. Levine's employment agreement and are included in the columns above: 29,830 stock options from the 10/9/2012 award, 69,009 stock options from the 10/15/2013 award and 78,095 stock options from the 10/14/2014 award.
Analysis.


56


Option Exercises and Stock Vested Table

In the table below, we list information on the exercise of options and the vesting of restricted stock units during the fiscal year ended January 30, 2016.February 3, 2024. The value realized on exercise of options represents the spread between the sale price and the option strike price at the time of exercise. The value realized on vesting of RSUs reflects the fair market value of the shares at the time of vesting.

NameOption AwardsStock Awards
Number of Shares
Acquired on
Exercise

(#)
Value Realized
on Exercise

($)
Number of Shares
Acquired on
Vesting

(#)
Value Realized
on Vesting

($)
Richard Dreiling
Jeffrey Davis6,608775,251
Michael Creedon, Jr.2,643310,077
Lawrence Gatta, Jr.2,363339,091
Richard McNeely38,2345,460,947

Option Awards



Stock Awards

Name


Number of Shares
Acquired on
Exercise
(#)




Value Realized
on Exercise
($)



Number of Shares
Acquired on
Vesting
(#)




Value Realized
on Vesting
($)

Bob Sasser

$84,407$6,945,749

Kevin Wampler

60,000$3,894,13224,0181,975,057

Gary Philbin

34,9512,869,781

Robert H. Rudman

27,7602,283,168

Michael Matacunas

8,736696,208

Howard Levine

Non-Qualified Deferred Compensation

Named executive officers may elect to defer a portionup to 50% of their base salary and up to 100% of their annual incentive bonus under our Non-Qualifiedto the Dollar Tree and Family Dollar Supplemental Deferred Compensation (NQDC) Plan, an unfunded, non-qualified plan.deferred compensation plan (“NQDC”). Elections to defer amounts earned during the next calendar year are due by December 31 of each year and are irrevocable. Deferred amounts are held for each participant in separate individual accounts in an irrevocable rabbi trust. Executives'Executives’ accounts are credited with earnings or losses based on the rate of return of mutual funds selected by the executive, which he or she may change at any time. A deferral period and payment date must be irrevocably specified at election for each separate annual deferral. This deferral period must be at least two years in length and the payment date can be any date on or after that point. Alternately, the payment can be tied to termination of employment, including retirement. The executive must also make an irrevocable election regarding payment terms, which may be either a lump sum, or in specified annual installments. Hardship withdrawals are available for unforeseeable emergency financial hardship situations, such as for an unexpected illness, accident or property loss. If a participant dies before receiving the full value of the deferral account balances, the designated beneficiary would receive the remainder of that benefit in the same payment form as originally specified (i.e., lump sum or installments). Executives are fully vested in their accounts and in the event the NQDC Plan is terminated upon a change in control of the company,Company, the executives'executives’ entire account balances will be distributed.


Table of Contents

In the following table, we provide detailed information regarding accumulated amounts for our executives under our NQDC Plan.

Name
Executive
Contributions
in Last FY

($)
Registrant
Contributions
in Last FY

($)
Aggregate
Earnings
in Last FY

($)
Aggregate
Withdrawals/

Distributions
($)
Aggregate
Balance
at Last

FYE
($)
Richard Dreiling
Jeffrey Davis
Michael Creedon, Jr.
Lawrence Gatta, Jr.    10,978146,91819,345177,240
Richard McNeely

Name


Executive
Contributions
in Last FY
($)(1)




Registrant
Contributions
in Last FY
($)(2)




Aggregate
Earnings
in Last FY
($)(3)




Aggregate
Withdrawals/
Distributions
($)




Aggregate
Balance at
Last FYE
($)

Bob Sasser

$$$$$

Kevin Wampler

106,005(49,065)552,849

Gary Philbin

(79,510)530,762

Robert H. Rudman

Michael Matacunas

Howard Levine(4)

89,651(93,222)2,162,711

Footnotes to Non-Qualified Deferred Compensation Table:

(1)
Executives may defer a portion of their base salary and up to 100% of their annual incentive bonus into the NQDC Plan. The amounts contributed are included in their respective columns in the Summary Compensation Table.

(2)
We have not provided a match or other company-funded contribution, although the NQDC Plan allows us to do so.

(3)
Amounts deferred into the NQDC Plan are invested into select mutual funds, according to the instructions of the participating executive. Earnings shown reflect market gains and losses and may vary from year to year depending on the performance of the underlying funds.

(4)
Amounts listed above for Mr. Levine's contributions and losses represent amounts beginning from July 6, 2015 through fiscal year end.

Potential Payments upon Termination or Change ofin Control

        We do not generally have arrangements with our named executive officers that provide for payments

Our Executive Agreements and benefits following termination of employment. We have change in control agreementsRetention Agreements with our named executive officers as discussed below. We also have an obligation to make payments and provide certain benefits to our named executive officers under some of our incentive plans resulting from termination of employment upon the occurrence of certain events such as a change of control or termination due to retirement, death or disability. Generally, these benefits are limited to the accelerated vesting of outstanding unvested equity awards, as further described under "Equity Compensation Plans" on page 53. Also see the "Change in Control Agreements" section on page 53 under the Compensation, Discussion and Analysis for more information on potential payments upon termination or change of control.

        The following tables summarize the benefits payable to each of our named executive officers and certain awards, plans and programs in which our named executive


57


officers participate provide for benefits or payments upon certain employment termination events, including in connection with a change in control.
Retention Agreements. The Company has Retention Agreements with certain executive officers, including each of the named executive officers other than Richard Dreiling and Richard McNeely. The Retention Agreements provide for severance benefits which are payable only upon the occurrence of both a change in control of the Company and the executive’s termination without “cause” or resignation for “good reason,” as defined in the agreements (commonly known as a “double trigger”). The Retention Agreements provide for a severance payment of 1.5 times the executives base salary. These agreements also contain a clawback provision and certain restrictive covenants which apply under certain circumstances.
Executive Agreements. The Company has certain Executive Agreements with its named executive officers, other than Mr. Dreiling, that provide for a release and restrictive covenants to protect the Company, including a covenant not to compete, in consideration for which the Company agreed to provide a base salary continuation benefit and payment of a portion of monthly health insurance premiums for the benefit period set forth in the Executive Agreement in the event the executive’s employment is terminated without “cause” ​(as defined in the agreement) or on account of the executive’s death or disability. An executive is not entitled to the benefits provided by the Executive Agreement if the triggeringexecutive retires, voluntarily resigns for any reason or receives payments under the change in control Retention Agreements. The Executive Agreements provide a salary continuation period of 24 months (or until the executive becomes employed if less than the applicable salary continuation period).
On March 19, 2022, the Company entered into an Executive Agreement with Mr. Dreiling governing his service as Executive Chairman. The Executive Agreement provided an annual base salary of $1,000,000, an inducement award of stock options, the ability to participate in employee welfare and benefit plans and programs and provides the benefits described below in the event had occurredof certain termination events. On January 25, 2023, Mr. Dreiling’s Executive Agreement was amended to reflect, among other things, Mr. Dreiling’s additional role as Chief Executive Officer of the Company effective January 29, 2023. The amendment increased Mr. Dreiling’s annual base salary to $1,350,000 during the period he serves as Chief Executive Officer and made him eligible for an annual cash incentive bonus under the MICP. Upon a termination of Mr. Dreiling’s employment by the Company without “cause” or by Mr. Dreiling for “good reason” ​(each as defined in the agreement), Mr. Dreiling will receive, subject to continued compliance with the restrictive covenants in the agreement and execution and non-revocation of a separation agreement containing a release of claims, (i) continued base salary for 24 months following termination (or, if shorter, through the end of the term), (ii) payout of any earned annual cash incentive bonus based on the lastterms of the MICP, and (iii) accelerated vesting of an additional number of options of his March 19, 2022 stock option award that would have vested through the 365th day after Mr. Dreiling’s termination had his employment not terminated and assuming daily vesting of fiscal year 2015. These tables include those itemssuch award, or, if such termination is within six months prior to, or two years following, a “change in control” ​(as defined in the agreement), accelerated vesting of the pro rata portion of such option award that would have vested at the next anniversary of the award’s grant date, plus accelerated vesting of one additional tranche of such option award. Upon termination of Mr. Dreiling’s employment due to his death or disability (as defined in the agreement), Mr. Dreiling will be eligible to receive accelerated vesting of an additional number of options of such March 19, 2022 option award that would have vested through the 365th day after Mr. Dreiling’s termination had his employment not terminated and assuming daily vesting of such award. Upon Mr. Dreiling’s retirement (as determined in the sole discretion of the Board), Mr. Dreiling will be eligible to receive accelerated vesting of the pro-rata portion of such March 19, 2022 option award that would have vested at the next anniversary of the award’s grant date. Mr. Dreiling’s Executive Agreement contains certain covenants by which would provide incremental valueMr. Dreiling is bound, including covenants not to compete with or solicit employees of the Company for a specified period following the termination of Mr. Dreiling’s employment.
Equity Plans. Our equity compensation plans contain provisions that may convey benefits to our executives and other plan participants upon a change in control. Generally, the provisions address the treatment of awards upon separation from the Company due to death, disability or retirement, or due

58


to a change in control, as defined within the plans. The Company’s 2021 Omnibus Incentive Plan, the principal plan under which we currently make awards, provides that in the event of a change in control, awards do not automatically vest, although the Compensation Committee may accelerate the vesting or exercisability of an award in its sole discretion. In addition, the 2021 Omnibus Incentive Plan provides that, unless otherwise set forth in an award agreement, separate employment agreement or retention agreement, in the event of the involuntary termination of an employee’s service with the Company without “cause” within twenty-four months after a change in control of the Company, the following will occur: (i) all of the employee’s outstanding options and stock appreciation rights become vested and exercisable, (ii) all restrictions and conditions of all restricted stock awards and RSUs held by the employee lapse and (iii) all performance units and any other awards held by such employee are deemed to be fully earned at the participant’s target level.
The benefits and payments arising under these agreements and plans for our named executive officers (other than Mr. Dreiling) are discussed below, except to the executive. In additionextent a benefit or payment is available generally to all salaried employees and does not discriminate in favor of our executive officers or to the amounts shownextent already discussed under “Nonqualified Deferred Compensation” above. The benefits and payments arising under Mr. Dreiling’s Executive Agreement, including salary continuation and vesting of options upon termination of employment or a change in control, are described under “Executive Agreements.”

Payments Upon Termination Due to Death, Disability or Retirement
If a named executive officer’s employment with us terminates due to death, disability or retirement (as defined in the sections below, executives are entitledapplicable agreements):
Salary Continuation. Under the Executive Agreement, in the event of death or disability (not retirement) the executive receives a base salary continuation benefit together with payment of all or a portion of monthly medical insurance premiums (if elected by the executive) for the benefit period.
Annual bonus. The annual cash bonus under the MICP will not be paid.
Stock options. Our form of stock option agreement provides that in the event of an executive’s termination of employment due to receive compensation that has been outlineddeath, the option will become fully vested and exercisable on the date of death. In the event of the executive’s termination of employment due to disability (as defined in previous tables,the stock option agreement), the option will continue to vest and become exercisable in accordance with the vesting and exercise schedule set forth in the notice of grant, as though the executive had not had a termination of employment. Options may be exercised until the ten-year anniversary of the grant date if the executive’s termination of employment was due to death or disability, unless such options have expired earlier. The benefits and payments arising under Mr. Dreiling’s Executive Agreement, including salary throughcontinuation and vesting of options upon termination of employment, are described under “Executive Agreements” on page 58.
Service-based restricted stock units. Our form of restricted stock unit agreement provides that in the event of an executive’s termination of employment due to death, the service-based vesting requirements of service-based restricted stock units shall be deemed satisfied and the restricted stock units shall be fully vested. In the event of the executive’s termination of employment due to disability or retirement (as those terms are defined in the restricted stock unit agreement), the restricted stock units will continue to vest in accordance with the vesting dates set forth in the notice of grant.
Performance-based restricted stock units. Service-based vesting requirements shall be deemed satisfied, but no payment is made unless and until performance-based criteria are determined to be satisfied by the Compensation Committee. Under the performance-based RSU awards with three-year performance criteria awarded in 2021 and 2022, payout upon retirement

59


shall be pro rated based on the monthly periods elapsed in the performance period at the time of retirement, with no payout at all if retirement occurs during the first year of the performance period.

Payments Upon a Voluntary Termination by the Executive
In the event of voluntary termination by an executive, the annual MICP bonus will not be paid and unvested restricted stock unit awards (both performance based and service-based) are cancelled. Stock options will be exercisable for the number of shares for which it was exercisable on the date of termination, earned bonus (if any), and accumulated balances in the Non-Qualified Deferred Compensation Plan (if any).


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Termination by Company "for cause"

        In the event of termination "for cause," generally defined as criminal misconduct, gross neglect of dutiesbut no further vesting or violations of law or policy, no additional benefits are payable to any executive and vested but unexercised options are immediately forfeited.

Termination by Company without cause or by Executive for any reason

        RSUs that previously vested converted to common stock on their vesting and remain the property of the executive after termination. In the event of termination by Dollar Tree without cause or by the executive for any reason, except in connection with death, disability, retirement or change in control, unvested restricted stock units and unvested options are cancelled.exercisability will occur. Options that have vested previouslyprior to voluntary termination, and other than at a time when cause exists, remain exercisable for 90 daysthree months after termination, but not beyond the normal expiration date, usually ten years after grant. date. As noted above, special provisions apply to equity awards if the voluntary termination qualifies as a retirement. The benefits and payments arising under Mr. Dreiling’s Executive Agreement, including salary continuation and vesting of options upon retirement, are described under “Executive Agreements” on page 58.

See the Outstanding Equity Awards Table for details.

Death, Disability or Retirement or“Payments After a Change in ControlControl” for a discussion of resignation by a named executive officer for good reason in connection with a change in control.


Payments Upon Involuntary Termination by the Company
The payments to be made to a named executive officer upon involuntary termination vary depending upon whether termination is with or without Termination

Name


Unvested Stock
Awards(1)


Performance-Based
Options and
Stock Awards(2)



Bonus Award
under Long-Term
Performance
Plan(3)




Total

Bob Sasser

$21,569,805$6,594,645$1,075,000$29,239,450

Kevin Wampler

1,577,2832,080,084700,0004,357,367

Gary Philbin

2,515,8782,988,510850,0006,354,388

Robert H. Rudman

1,890,9342,179,295700,0004,770,229

Michael Matacunas

1,072,1231,633,881700,0003,406,004

“cause” ​(as defined in the applicable agreements).
(1)
UnderInvoluntary Termination with Cause. Upon an involuntary termination with cause, a named executive officer receives no benefits under the termsExecutive Agreement or the change in control Retention Agreement. The annual cash bonus under the MICP will not be paid, and awards of our outstandingvested and unvested stock award agreements,options and unvested service-based restricted stock units vestand performance-based restricted stock units are immediately forfeited.
Involuntary Termination without Cause. Upon an involuntary termination without cause, the following applies to the named executive officers, other than Mr. Dreiling, (unless the termination is in full in the event of the executive's death, disability or retirement. Uponconnection with a change in control, whetherwhich is discussed below):

The annual cash bonus under the MICP will not be paid.

A base salary continuation benefit, together with payment of all or not resultinga portion of monthly medical insurance premiums (if elected by the executive) for the benefit period, will be paid under the Executive Agreement.

The following treatment for incentive awards:

Stock options. Under our form of option agreement unvested options shall be forfeited while vested options generally may be exercised for a period of one year from the date of termination of employment unless such options have expired earlier. See “Executive Agreements” for a discussion of the benefits and payments arising under Mr. Dreiling’s Executive Agreement upon the occurrence of a termination without cause.

Performance-based restricted stock units awards. Unearned and unvested awards shall be forfeited and cancelled unless otherwise provided by the applicable agreements.
See “Payments After a Change in Control” for a discussion of termination without cause of a named executive officer in connection with a change in control.

60



Payments After a Change in Control
The Company has no agreement, plan or arrangement that provides for payments to a named executive officer in connection with a change in control of the Company unless the named executive officer’s employment with us is also terminated. This is known as a “double trigger.” If the employment of a named executive officer is either (i) involuntarily terminated by the Company without cause or (ii) voluntarily terminated with good reason, in each case within two years following a change in control (or in certain cases during the six months before a change in control), then in addition to earned but unpaid salary, the named executive officers that are under the Company’s form Retention Agreement shall receive the following:
Annual Bonus. Any earned but unpaid bonus under the MICP will be paid. In addition, for the year in which termination occurs—for which no MICP bonus will have been certified—a pro rata annual bonus calculated from the three-year average of previously earned cash bonuses is paid.
Severance Payment. An amount equal to one and a half times the sum of the Reference Salary and Reference Bonus (as defined in the change in control Retention Agreement) will be paid.
Benefit Continuation. Continued participation in the medical, dental, health and life insurance plans for an applicable period.
Stock options, PSU and RSU awards. All service-based conditions shall be deemed to have been satisfied, but no payment is made on such equity awards unless and until performance-based criteria are determined to be satisfied by the Compensation Committee may accelerate vesting of RSUs in its discretion. TheCommittee.
However, the benefits described above amounts assume that, in all cases, unvested RSUs become vested. RSUs convertare capped to common stock on their vesting and remain the propertyextent any would be subject to the excise tax imposed by Section 4999 of the executive after termination. The marketInternal Revenue Code. In that case, the present value of stock awards isthe aggregate amount of all such Payments shall not exceed 2.99 times the named executive officer’s “base amount” ​(as defined in Section 280G(b)(3) of the Code).
The occurrence of a change in control does not otherwise impact payments to be made, if any, upon a termination of employment due to death, disability, retirement or voluntary termination by the employee (other than for good reason) or involuntary termination for cause.
Potential Payout Amounts Assuming Termination as of Fiscal Year End
The following tables reflect potential payments to each named executive officer in various termination and change in control scenarios. The following additional conditions and assumptions apply:

Amounts are based on compensation, benefit and equity levels in effect on, and assuming the applicable termination event occurred as of, the end of our fiscal year, Saturday, February 3, 2024.

For stock valuations, we have used the closing price of our stock on the Nasdaq Global Select Market on Friday, February 2, 2024 ($138.71).

The tables below report only amounts that are increased, accelerated or otherwise paid or owed as a result of the applicable scenario and thus exclude earned but unpaid base salary through the employment termination date and stock options, PSU and RSU awards that had vested prior to the event and any deferred compensation plan benefits. For more information, see “Nonqualified Deferred Compensation” above.

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Where applicable, the tables assume that achievement of performance-based criteria in relevant awards are ultimately determined by the Compensation Committee at the target level.

The tables also exclude any amounts that are available generally to all salaried employees and do not discriminate in favor of our executive officers.
Unless otherwise indicated, the amounts shown are merely estimates. We cannot determine actual amounts to be paid until a termination or change in control scenario occurs.

62


Potential Payments to Named Executive Officers Upon Occurrence
of Various Termination Events,
as of January 30, 2016, which was $81.32.

(2)
This column includes PSUsFebruary 3, 2024
(excluding Change in Control)
Below are amounts that would have been payable to our named executive officers upon various termination events determined as if the event occurred on February 3, 2024 and, except as otherwise indicated below, payable under the terms of the Executive Agreement in effect on said date. The table below excludes certain terminations in connection with a change in control (which are shown on the table on page 64). There are no payouts upon voluntary termination by the executive or involuntary termination for whichcause and these termination events are not shown in the table. Except for performance-based awards where actual performance measurements hadachievement has been metdetermined previously by the Compensation Committee, the table below assumes that the performance-based criteria of applicable awards are ultimately determined by the Committee at the target level.
Name
Death
($)
Disability
($)
Retirement
($)(1)
Involuntary
Termination
without Cause

($)
Richard Dreiling
Salary continuation(2)2,700,0002,700,000n/a2,700,000
Award vested due to event:(3)
Service-based & Performance-based RSUsn/a
Options(4)
n/a
Total2,700,0002,700,000n/a2,700,000
Jeffrey Davis
Salary continuation(2)1,665,8981,665,898n/a1,665,898
Award vested due to event:(3)
Service-based & Performance-based RSUs(5)
2,655,7422,655,742n/a
Optionsn/a
Total4,321,6404,321,640n/a1,665,898
Michael Creedon
Salary continuation(2)1,821,0501,821,050n/a1,821,050
Award vested due to event:(3)
Service-based & Performance-based RSUs (5)
2,742,9902,742,990n/a
Optionsn/a
Total4,564,0404,564,040n/a1,821,050
Lawrence Gatta, Jr.
Salary continuation(2)1,488,3541,488,354n/a1,488,354
Award vested due to event:(3)
Service-based & Performance-based RSUs2,711,0872,711,087n/a
Optionsn/a
Total4,199,4414,199,441n/a1,488,354
Richard McNeely
Salary continuation(2)1,696,0261,696,026n/a1,696,026
Award vested due to event:(3)
Service-based & Performance-based RSUs3,894,5613,894,5613,764,035
Options
Life Insurance proceeds(6)450,000n/an/an/a
Total6,040,5875,590,5873,764,0351,696,026
(1)
Messrs. Creedon, Davis, Dreiling and Gatta did not qualify for retirement as of February 3, 2024, the enddate for the analysis provided in this table.
(2)
Represents the aggregate amount of the fiscal yearbase salary continuation benefit and payment of all or a portion of the executive’s monthly medical insurance premiums during the salary continuation period, assuming the executive elected to receive such medical insurance coverage for its maximum duration. The severance benefit is not payable upon retirement.

63


(3)
Represents the value of unvested service-based RSUs and performance-based RSUs based on the closing price on Friday, February 2, 2024 ($138.71). Under the performance-based RSU awards with three-year performance criteria, service-based vesting requirements shall be deemed satisfied upon the executive’s death, disability or retirement, but which had not yet been certifiedno payment is made until achievement of the performance-based criteria is determined by the action of the Compensation Committee. In addition, service requirementsin the case of retirement, under the performance-based RSU awards with three-year performance criteria awarded in 2021 and 2022, payout for these awards had not been satisfied as ofretirement is pro rata with the time elapsed under the performance period, with no payout for a retirement before the end of the fiscal year.first year of the performance period.
(4)
Mr. Dreiling’s Executive Agreement provides for accelerated vesting of his stock option award granted on March 19, 2022 in the event of his termination of employment without cause or resignation for Good Reason (as defined in the agreement), or in the event of his death, disability or retirement. The value of the accelerated options for each event identified in the table is based on the spread between the closing price of the Company’s common stock on Friday, February 2, 2024, which was $138.71, and the exercise price of the option, which is $157.17 per share. For additional information on the vesting of Mr. Dreiling’s stock option, see “Executive Agreements” on page 58.
(5)
In 2022, Mr. Creedon and Mr. Davis each received an initial sign-on equity grant of service-based RSUs, with vesting conditioned on continued employment through the respective vesting periods. The award agreement provides that the vesting requirements are deemed satisfied in the event of death, disability or retirement, but any unvested portion of the award is forfeited if employment terminates for any other reason (except in connection with a change in control).
(6)
In the event of death, the named executive officer’s beneficiary will receive payments under our executive life insurance program.
Potential Payments to Named Executive Officers Upon Occurrence
of “Double Trigger” / Change in Control, as of February 3, 2024
Where a named executive officer is involuntarily terminated by the Company without cause or resigns with good reason, in each case within two years following a change in control (or in certain cases during the six months before a change in control), then the named executive officer shall receive the following amounts. Please note that the table assumes that (i) a qualifying change in control has occurred, (ii) performance-based criteria of applicable awards are ultimately determined by the Compensation Committee at the target amount, and (iii) the termination of the executive occurred as of February 3, 2024.
Name
Severance
Payment
(1)
Bonus(2)
Earned but
Unpaid

MICP
Pro-Rata
Calculated
Bonus
RSUs and
Options Vested
Due to Event
(3)
Total
Richard Dreiling(4)2,700,0002,700,000
Jeffrey Davis1,892,466678,6452,655,7425,226,606
Michael Creedon, Jr.2,059,085740,3402,742,9905,542,145
Lawrence Gatta, Jr.1,896,755600,4982,711,0875,208,121
Richard McNeely(4)1,696,0263,894,5615,590,587
(1)
The Retention Agreements with our executives (other than Mr. Dreiling and Mr. McNeely) provide for a severance payment in the amount of 1.5x the sum of the executive’s reference salary and reference bonus amounts. This column also includes the target valuecost of equity awards grantedcontinued health benefits provided under the three-year LTPP for which performance measurements had not yet been met.agreement. The actual amount of severance shown in the LTPP award that vests may vary between 0% and 200% depending upon achievement by executives of the applicable performance goals.

This column includestable for Mr. Dreiling reflects a one-time special retention award granted to Mr. Sasser on June 13, 2012. The award includes a five-year service requirement for vesting and a one-year performance requirement. The Compensation Committee certified24-month salary continuation benefit payable in September of 2013 that the net income performance requirement was met. In the event of Mr. Sasser's death or disability, the service requirements will be deemed fully satisfied. Uponconnection with a change in control, subject to continued compliance with the Compensation Committee may acceleraterestrictive covenants set forth in his Executive Agreement.

(2)
Under the vestingRetention Agreements, if there are amounts earned but unpaid under our MICP, then these shall be paid out, together with a pro rata calculated bonus for the fiscal year in which termination occurs. Because this table assumes termination occurs as of the award in its sole discretion.

last day of the fiscal year, it shows actual MICP amounts earned for the completed fiscal year. At such date, there would be no pro rata bonus allocable to the new fiscal year.

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(3)
This column reflects the target
The value of performance bonuses grantedunvested equity awards that become payable under the LTPP. The actual amount ofscenario described based on the performance bonus that vests may vary between 0% and 200% depending upon achievement by executives of the applicable performance goals.

Equity Compensation Plans

        Each of the named executive officers has outstanding awards under our equity plans, including the Omnibus Incentive Plan, 2004 Executive Officer Equity Plan and the 2003 Equity Incentive Plan. Eachclosing market price of our plans includes provisions that may accelerate awards made to a named executive officer under such plan if certain termination and change in control events occurred. Our equity incentive plans cover grants tostock as of February 3, 2024, which was $138.71. The value of accelerated options is based on the named executive officers and certain other associates and consultants of certain incentives and rewards, including stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock, performance shares and performance units.

        Underspread between the Omnibus Incentive Plan, which is the only plan from which we currently make awards, accelerated vesting of equity awards upon a change in control shall occur in the event of an involuntary termination of service not for cause or for good reason within twenty-four months after a change in control. However, the Compensation Committee retains the discretion to accelerate the vesting of equity awards upon a change in control whether or not resulting in termination. "Change in control" is defined as:

    the sale, lease, exchange or other transfer of all or substantially all of our assets (in one transaction or in a series of related transactions) to a corporation that is not controlled by us,

    the approval by our shareholders of any plan or proposal for our liquidation or dissolution,

    a successful tender offer for our common stock, after which the tendering party holds more than a stated percentage of our issued and outstanding common stock, or

    a merger, consolidation, share exchange, or other transaction to which we are a party pursuant to which the holders of all of the shares$138.71 closing price of our common stock outstanding prior to such transactionon February 3, 2024 and the exercise price of the option.
(4)
Mr. Dreiling and McNeely do not hold, directly or indirectly, a stated percentage of the outstanding shares of the surviving company after the transaction.

        As of June 19, 2008, the definition of change of control as defined in the award agreements with named executive officers is triggered only by an actual change of control (and not merely shareholder approval of such change). In addition, the portion of the definition relating to a change in voting power uses a "greater than 50%" threshold instead of "greater than 30%."

        Generally, our award agreements provide for acceleration of vesting or the cancellation of forfeiture upon, and a mechanism for exercise or settlement within a reasonable time after death, disability or retirement.

Change in Controlhave Retention Agreements

        The Compensation Committee established change-in-control retention agreements with certain executive officers, including the named executive officers, that provide for payment therefore, in the event of a termination resulting from a change in control of the company. The Compensation Committee's intent with these agreements is to take reasonable steps to retain key management personnel and to


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minimize disruption in the event of a change in control. Agreements were drafted and signed in March 2007 with the following provisions:

    Severance benefits would be paid upon a change in control, only upon an executive's termination without cause or resignation for good reason (as defined inseverance would be paid pursuant to the agreement) (commonly known as "double trigger").

    Severance benefits include a multiple (2.5 times for the CEO,terms of their respective Executive Agreements.

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PAY RATIO DISCLOSURE
Pursuant to Item 402(u) of Regulation S-K and 1.5 times for other named executive officers)Section 953(b) of the combinationDodd-Frank Act, we present below the required ratio of the highest rateannual total compensation of salary previously paid to the executive plus the average of the prior three years' bonus amounts (with certain limits); a pro rata bonusour Chief Executive Officer for the year of termination; and medical continuation coverage for a limited period of time after termination.

"Changefiscal 2023, as reported in control" is defined to include (1) the change in incumbent directors; (2) acquisition of more than a stated percentage of outstanding shares by one person or a group of affiliated persons; (3) a merger or consolidation; and (4) a liquidation and dissolution.

        In June 2008, the company updated its Corporate Governance Guidelines to reflect that all retention agreements entered into with named executive officers after June 19, 2008 or the modification of any existing agreements, shall be subject to the requirement that an actual change of control shall be required (and not merely shareholder approval of such change) and the portion of the definition relating to a change in voting power shall use a "greater than 50%" threshold instead of "greater than 30%."

Change in Control with Termination

Name


Change in
Control
Benefit



Earned but
Unpaid
Bonus(1)



Value of
Unvested
Options and
Stock Awards(2)




Value of
Performance-
Based Options
and Stock
Awards(3)





Bonus Award
under
Long-Term
Performance
Plan(4)





Total

Bob Sasser

$8,325,852$1,780,320$21,569,805$6,594,645$1,075,000$39,345,622

Kevin Wampler

1,557,620417,1211,577,2832,080,084700,0006,332,108

Gary Philbin

2,588,001823,7252,515,8782,988,510850,0009,766,114

Robert H. Rudman

1,701,535445,1651,890,9342,179,295700,0006,916,929

Michael Matacunas

1,331,554350,6391,072,1231,633,881700,0005,088,197

(1)
The amounts in this column represent the annual bonus that we pay under our Management Incentive Compensation Plan. The amounts listed were earned in the year shown, but paid after the end of the fiscal year.

(2)
Value of unvested options and stock awards is based on fair market value as of fiscal year end. See also preceding table under death, disability or retirement.

(3)
This column reflects the value of unvested performance-based options and PSUs based on fair market value as of fiscal year end. The related performance goal had been met as of the end of the fiscal year but the awards had not been certified by action of the Compensation Committee. In addition, service requirements for these awards had not been satisfied as of the end of the fiscal year. This column includes the target value of equity awards granted under the three-year LTPP for which performance measurements and service requirements had not yet been met. The actual amount of the LTPP award that vests may vary between 0% and 200% depending upon

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    achievement by executives of the applicable performance goals. This column also includes a one-time retention award granted to Mr. Sasser on June 13, 2012.

(4)
This column reflects the target value of the performance bonus granted under the LTPP. The actual amount of the performance bonus that vests may vary between 0% and 200% depending upon achievement by executives of the applicable performance goals.

Actual Post-Employment Compensation and Benefits

        Upon Mr. Levine's departure from the Company effective January 15, 2016, he became entitled to certain severance and other benefits in accordance with his employment agreement and retention letter, as described in the "Agreements with Howard Levine" discussion on page 41. The actual post-employment compensation and benefits payable to Mr. Levine are reflected in the "All Other Compensation" column under the Summary Compensation Table of this proxy statement, to the annual total compensation of our median employee (excluding the Chief Executive Officer). In addition, we are providing a supplemental pay ratio that excludes part-time, temporary and footnote 6 theretoseasonal employees, which we believe provides a more representative comparison of the Chief Executive Officer’s annual total compensation to the median employee’s annual total compensation.

Pay Ratio Methodology
In determining the median employee, we included all U.S. employees who were employed by the Company on February 3, 2024, the date we selected to identify our employees for purposes of the pay ratio calculation. We excluded all 4,423 associates who are employed in Canada and other jurisdictions outside of the United States, as they represent less than five percent (5%) of our total workforce. We then compiled compensation information for the period beginning on January 29, 2023 through February 3, 2024. Out of a total population of 207,431 employees, 138,262 were part-time employees and 4,021 were either temporary or seasonal workers.
The SEC’s rules for identifying the median employee and calculating the pay ratio based on that employee’s annual total compensation allow companies to adopt a variety of methodologies, to apply certain exclusions and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices. Therefore, we chose to use regular salary and wages, as reflected in our payroll records, as our consistently applied compensation measure. We excluded bonuses and equity from our calculation, as these compensation components are not widely distributed among our workforce.
We annualized the compensation for all permanent employees who worked for the Company less than the full year (such as new hires during the year and employees on an unpaid leave of absence during the measurement period). We did not annualize the compensation for temporary or seasonal positions and we did not make full-time equivalent adjustments for employees. With respect to part-time workers who worked less than the measurement period, we calculated wages using the hourly rate for each associate and a reasonable estimate of the average number of hours worked by our part-time workforce. We did not make any cost-of-living adjustments in identifying the median employee.
Based on our methodology, we determined that our median employee in fiscal 2023 was a part-time hourly store associate located in the United States.
Required Pay Ratio
The Chief Executive Officer’s total annual compensation for fiscal 2023, as reported in the Summary Compensation Table on page 43.


Table51 of Contentsthis proxy statement, was $3,360,766 and the median employee’s total annual compensation for fiscal 2023 was $15,955, resulting in an estimated pay ratio of 211:1.




determination of our median employee and the calculation of the annual total compensation of our median employee. Our large population of 142,283 part-time, temporary and seasonal workers out of a total population of 207,431 employees of the Company has the effect of lowering the annual total compensation for our median employee. We believe that a pay ratio that uses only full-time employees as of February 3, 2024 (excluding the Chief Executive Officer) for purposes of determining our median employee provides a more representative comparison of the Chief Executive Officer’s annual total compensation to the median employee’s annual total compensation.
We identified the median employee for purposes of the supplemental pay ratio using the same methodology as the required pay ratio. Applying this methodology to our full-time employees at February 3, 2024, we determined that our median employee in fiscal 2023 was a full-time Assistant Store Manager located in the United States with total annual compensation in the amount of $36,703. As a result, the ratio of the total annual compensation of the Chief Executive Officer, in the amount of $3,360,766 for fiscal 2023, to the median full-time employee’s total annual compensation for fiscal 2023, was estimated to be 92:1.
We are committed to good corporate governance practices, and we believe our compensation program and philosophy are designed to attract and retain good talent, motivate our associates and recognize individual achievements.

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PAY VERSUS PERFORMANCE
The following information is presented to disclose the relationship between executive “compensation actually paid,” as calculated under applicable SEC rules, and the Company’s financial performance.
Pay versus Performance Table
The following table provides information on the total compensation and compensation actually paid to our principal executive officer and to our other named executive officers, along with the total shareholder return of the Company and our executive compensation peer group, our net income and our adjusted operating income for the fiscal years 2023, 2022, 2021 and 2020. The Company-selected measure for evaluating pay versus performance is adjusted operating income. The Company-selected peer group is the Company’s compensation benchmarking peer group for 2023. The compensation actually paid to our named executive officers has been calculated in a manner consistent with Item 402(v) of Regulation S-K.
Year
Summary
Compensation
Table Total for
Principal
Executive
Officer
(1)
(Dreiling &
Witynski)
Summary
Compensation
Table Total for
Principal
Executive
Officer
(2)
(Philbin)
Compensation
Actually Paid
to Principal
Executive
Officer
(1)
(Dreiling &
Witynski)
Compensation
Actually Paid
to Principal
Executive
Officer
(2)
(Philbin)
Average
Summary
Compensation
Table Total for
Non-Principal
Executive
Officer
NEOs
(3)
Average
Compensation
Actually Paid
to Non-
Principal
Officer
NEOs
(3)(4)(6)
2023$3,360,766$$(12,587,550)$$4,054,064$2,938,499
202213,975,67220,670,37222,391,696(5)22,135,106(5)
202110,249,96815,287,8484,467,4846,925,640
202010,767,8879,474,4788,033,23910,483,3654,826,5935,421,605
Year
Value of Initial Fixed $100
Investment Based on:
Company Net
Income
(dollars in
millions)
Company
Adjusted
Operating
Income
(9)
(dollars in
millions)
Company
Total
Shareholder
Return
(7)
Peer Group
Total
Shareholder
Return
(7)(8)
2023$159.31$156.96$(998.4)$1,784.8
2022172.70154.161,615.42,311.5
2021147.57156.091,327.91,852.6
2020116.76127.021,341.92,186.8
(1)
Richard Dreiling became our principal executive officer at the beginning of fiscal year 2023. Michael Witynski was our principal executive officer from July 20, 2020 through the end of fiscal 2022.
(2)
Gary Philbin was our principal executive officer prior to the beginning of fiscal year 2020 until July 20, 2020.
(3)
The following table sets forth the adjustments made during each year represented in the table above to arrive at compensation actually paid to our principal executive officer during each of the years in question:

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Adjustments to determine compensation actually paid for principal executive officer2023
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table
Deduction for amounts reported under the “Option Awards” column in the Summary Compensation Table
Deduction for fair value of awards granted in a prior year that were forfeited during year
Increase for fair value of awards granted during year that remained unvested at year-end
Increase for fair value of awards granted during year that vested during year
Change in fair value from prior year-end to year-end of awards granted in a prior year that were
outstanding and unvested at year-end
(12,758,656)
Change in fair value from prior year-end to vesting date of awards granted in a prior year that vested during year(3,189,660)
Increase based upon incremental fair value of awards modified during year
Increase based on dividends or other earnings paid during year prior to vesting
(4)
During 2023, our remaining named executive officers consisted of Michael Creedon, Jr., Jeffrey Davis, Lawrence Gatta, Jr., and Richard McNeely. During 2022, our remaining named executive officers consisted of Jeffrey Davis, Kevin Wampler, Richard Dreiling, Lawrence Gatta, Jr., Alasdair James, Thomas O’Boyle, Jr. and Richard McNeely. During 2021, our remaining named executive officers consisted of Kevin Wampler, Bob Sasser, Alasdair James and Richard McNeely. During 2020, our remaining named executive officers consisted of Kevin Wampler, Bob Sasser, Richard McNeely and Thomas O’Boyle, Jr.
(5)
Mr. Dreiling was a NEO for fiscal year 2022 but was not appointed as principal executive officer until the beginning of fiscal year 2023. As a result, Mr. Dreiling’s compensation for 2022 has been included in the amounts for non-principal executive officer NEOs for 2022, including the value of a one-time award of options to Mr. Dreiling to purchase 2,252,587 shares of Company common stock with an exercise price per share of $157.17 as an employment inducement in connection with his appointment as Executive Chairman in March 2022.
(6)
The following table sets forth the adjustments made during each year represented in the table above to arrive at average compensation actually paid to our remaining named executive officers during each of the years in question:
Adjustments to determine compensation actually paid for
remaining named executive officers
2023
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table(1,849,821)
Deduction for amounts reported under the “Option Awards” column in the Summary Compensation Table(462,477)
Deduction for fair value of awards granted in a prior year that were forfeited during year
Increase for fair value of awards granted during year that remained unvested at year-end1,444,647
Change in fair value from prior year-end to year-end of awards granted in a prior year that were outstanding and unvested at year-end(95,344)
Change in fair value from prior year-end to vesting date of awards granted in a prior year that vested during year(152,570)
Increase based upon incremental fair value of awards modified during year
Increase based on dividends or other earnings paid during year prior to vesting
(7)
These columns represent cumulative shareholder return on our common stock and on the Company’s benchmarking peer group for 2023, assuming a fixed investment of $100 on January 31, 2020, in our common stock. The stock price performance shown in the table is not necessarily indicative of future price performance.
(8)
The Company’s benchmarking peer group in 2023 included the following sixteen companies (the “2023 Peer Group”): Albertsons Companies, Inc., Autozone, Inc., BJ’s Wholesale Club Holdings, Inc., Burlington Stores, Inc., Dollar General Corporation, Lowe’s Companies, Inc., Macy’s, Inc., Nordstrom, Inc., Rite Aid Corporation, Ross Stores, Inc., Target Corporation, The Gap, Inc., The Kroger Co., The TJX Companies, Inc., Tractor Supply Company and Walgreens Boots Alliance. The Company’s benchmarking peer group

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in 2021 and 2022 included the following eighteen companies (the “2021/2022 Peer Group”): Bed Bath & Beyond, Inc., Best Buy Co., Inc., BJ’s Wholesale Club Holdings, Inc., Dollar General Corporation, Gap, Inc., Genuine Parts Company, Home Depot, Inc., Kohls Corporation, Lowe’s Companies, Inc., Macy’s Inc., McDonalds Corporation, Nordstrom, Inc., Rite Aid Corporation, Ross Stores, Inc., Starbucks Corporation, Target Corporation, TJX Companies, Inc. and Tractor Supply Company. The Company established the 2023 Peer Group in September 2022 following a review and evaluation, with the assistance of Meridian, of the peer group used for executive compensation, as discussed in “Compensation Discussion and Analysis—Compensation Governance—Use of Peer Group on page 48. Had the Company maintained the 2021/2022 Peer Group in fiscal year 2023 then the cumulative total shareholder return for the 2021/2022 Peer Group, assuming a fixed investment of $100 on January 31, 2020, would have been $120.83, $150.43 , $148.04 and $156.81 in 2020, 2021, 2022 and 2023, respectively.
(9)
Adjusted Operating Income for purposes of our executive compensation program is a non-GAAP measure that adjusts GAAP operating income to exclude the impact of various items to the extent that the amounts related to those items differ from the budget approved by the Board of Directors for the applicable year. The definition of adjusted operating income used by the Committee is provided on page 40.
Relationship Between Pay and Performance
Our short- and long-term incentive program has resulted in a positive alignment between the Company’s cumulative total shareholder return and the compensation actually paid to our chief executive officer and the average of our other remaining named executive officers as a group. As indicated in the table above, the Company’s TSR increased in fiscal 2020, 2021 and 2022 along with the TSR of the Company’s executive compensation peer group. During this period the compensation actually paid to our named executive officers also increased. When the Company’s TSR decreased in 2023 the compensation of our named executive officers decreased as well. The compensation actually paid to our principal executive officer, Mr. Dreiling, in 2023 declined significantly because a substantial portion of the value of his compensation is comprised of stock options awarded to Mr. Dreiling in 2022.
[MISSING IMAGE: bc_return-pn.jpg]

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In 2023, the Company’s net income, the adjusted operating income and the compensation actually paid to our named executive officers all decreased compared to 2020, 2021 and 2022. Net income was not a performance metric that we used in our incentive program in the 2020-2023 period, and therefore net income did not directly affect the amount of compensation actually paid to our executives. Although adjusted operating income was used as the performance metric for our annual cash incentive program and played a role in the level of overall executive compensation for those years, we used adjusted total revenue as an additional metric for our annual cash incentive in 2023. We also used additional performance metrics for our long-term incentive awards, including adjusted EBITDA for the One-Year PSU awards made in 2020, 2021 and 2022 and the Three-Year PSU awards in 2020 and total sales for the Three-Year PSU awards made in 2021 and 2022. The Three-Year PSUs awarded in 2023 were made based on adjusted earnings per share and adjusted total revenue goals for the performance period of 2023 to 2025, subject to a modifier of ±25% based on the Company’s TSR performance relative to its executive compensation peer group. Each of these performance metrics contributed to the compensation of our named executive officers for the applicable fiscal year.
Tabular List of Performance Measures
The following table lists the financial performance measures which in our assessment represent the most important financial performance metrics used by the Company to link compensation actually paid to our named executive officers to Company performance for the most recently completed fiscal year.
Important Financial Performance Metrics
Adjusted Total Revenue
Adjusted Operating Income
Adjusted Earnings Per Share

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INFORMATION ABOUT OUR EXECUTIVE OFFICERS
Set forth below is a list of the Company’s executive officers, including each officer’s name, age and past five years of employment history. Each executive officer is appointed by the Board of Directors and serves at the discretion of the Board.
NameAgeTitle and Employment History
RICHARD W. DREILING70Chairman and Chief Executive Officer since February 2023 and Executive Chairman from March 2022 to February 2023. Prior to Dollar Tree, Mr. Dreiling served as Chairman of the Board of Directors of Dollar General Corporation from 2015 to 2016 and Chairman and Chief Executive Officer of Dollar General Corporation from 2008 to 2015.
ROBERT AFLATOONI54Chief Information Officer since July 2022. From August 2018 to July 2022, Mr. Aflatooni served as Executive Vice President, Chief Information Officer of The Howard Hughes Corporation where he was responsible for leading all information technology strategies and operations across the company’s portfolio. From March 2011 to April 2018, Mr. Aflatooni served as Vice President of IT Operations, Architecture and Merchandising at Dollar General.
MICHAEL CREEDON, JR.48Chief Operating Officer since October 2022. Prior to joining the Company, Mr. Creedon held several executive leadership roles with Advance Auto Parts, Inc., including Executive Vice President of U.S. Stores (March 2021 to October 2022), President, U.S. Stores (March 2020 to March 2021), and President, North Division (February 2017 to March 2020).
JEFFREY DAVIS61Chief Financial Officer since October 2022. From October 2018 to October 2022, Mr. Davis was Chief Financial Officer of Qurate Retail Group, Inc., a leading retailer and media conglomerate. Prior to that, he served as Executive Vice President and Chief Financial Officer of J.C. Penney Company, Inc. from 2017 to 2018.
LAWRENCE GATTA, JR.64Chief Merchandising Officer—Family Dollar since May 2022. Prior to joining the Company, Mr. Gatta worked as Senior Vice President, General Merchandise Manager of Dollar General Corporation from 2009 to 2020.
JENNIFER HULETT44Chief People and Communications Officer since January 2022. From May 2020 to January 2022, Ms. Hulett served as Executive Vice President & Chief Human Resources Officer of Core-Mark International. Prior to that she served as Vice President of Ericsson North America and Chair of the Benefits and Pension Advisory Committee from 2015 to May 2020.
MICHAEL KINDY58Chief Supply Chain Officer since May 2023. Prior to joining the Company, Mr. Kindy served as Executive Vice President of Global Supply Chain of Dollar General Corporation from 2018 to April 2021 and Senior Vice President of Dollar General Corporation from 2016 to 2018.
JONATHAN LEIKEN52Chief Legal Officer and Corporate Secretary since August 2023. Prior to joining the Company, Mr. Leiken served as the Executive Vice President, Chief Legal Officer and Secretary of Diebold Nixdorf, Inc. from 2014 to August 2023. Diebold Nixdorf and certain of its affiliated Dutch entities filed for voluntary bankruptcy and restructuring under US and Dutch law in June 2023 and emerged therefrom in August 2023.
RICHARD McNEELY65Chief Merchandising Officer for Dollar Tree stores since May 2017. Mr. McNeely also served as Enterprise Chief Merchandising Officer from December 2019 to April 2022.

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CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Review of transactionsTransactions with related parties

Related Parties

Under our Code of Ethics,Business Conduct, directors, officers and employees are required to disclose for approval any transactions, activities, interests or relationships that may create a conflict of interest (including financial transactions, investments and receipt of corporate gifts). The Audit Committee annually reviews related party transactions involving directors and named executive officers, questions regardingmatters relating to possible conflicts of interest and other issues related to ethical business practices. The Company adheres to the foregoing policy for potential related personparty transactions, but such policy is not in written form. Approval of suchany related personparty transactions is evidenced by Audit Committee resolutions in accordance with our practice of approving transactions in this manner.

Leases

        We lease a store from DMK Associates, a partnership indirectly wholly-owned by members

Related Party Transactions
Since January 29, 2023, the beginning of Mr. Perry'sour last fiscal year, there have been no transactions, or any currently proposed transaction, between the Company and Mr. Brock's families. Rental payments to DMK Associates, including pass-throughits officers, directors or other related persons that require disclosure under Item 404(a) of common area maintenance, taxes, insurance and utilities, totaled approximately $141,000 and $139,000 for 2015 and 2014, respectively. The store lease expires in March 2017 and we have future rental commitments of $247,451 for this store. While we believe that the terms of this lease is reasonable, their respective terms were not negotiated on an arms-length basis.

        We also leased two stores from trusts owned by Perry family members. Mr. Perry is a trustee of the trusts. The stores are located in shopping centers acquiredRegulation S-K, as adopted by the trusts in 2011 and 2012, subsequent to the Company entering into the leases. Combined lease payments, including pass-through of common area maintenance, taxes and insurance for these stores totaled approximately $257,000 and $291,000 for 2015 and 2014, respectively. The terms of the leases with the trusts were negotiated on an arms-length basis.

SEC.


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TABLE OF CONTENTS Consulting Services

        Michael Matacunas was hired as Dollar Tree's Chief Administrative Officer on July 1, 2013. Prior to his employment with Dollar Tree, Mr. Matacunas was the sole owner of The Parker Avery Group ("PAG"). In connection with the sale of all of his equity interest in PAG in 2013, Mr. Matacunas received, as partial consideration, a promissory note from PAG which remained outstanding on January 30, 2016. PAG provided consulting services to Dollar Tree during 2015 and 2014 for approximately $407,00 and $900,000, respectively. The terms of the services with PAG were negotiated on an arms-length basis.

Retirement Agreement

        In connection with the merger with Family Dollar, the Company assumed a retirement agreement entered into on September 20, 2002 with Mr. Leon Levine, the founder of Family Dollar and father of Howard R. Levine. Pursuant to the retirement agreement, we are currently providing continuing health coverage for Mr. Leon Levine and certain members of his family and use of the Family Dollar aircraft for up to 30 hours per year.

OWNERSHIP OF COMMON STOCK

The table below shows the number of shares of our common stock beneficially owned on April 15, 2016 by:

    1, 2024 by each of the Directorsdirectors and nominees for director;

    each of the Named Executive Officers;

    named executive officers; all Directorsdirectors and Executive Officersexecutive officers as a group; and

    each other person who has reported beneficial ownership of more than five percent of the outstanding common stock.

The address of each Directordirector and Executive Officerexecutive officer of Dollar Tree is c/o Dollar Tree, Inc., 500 Volvo Parkway, Chesapeake, Virginia 23320. Percentage computations are based on 235,565,412218,137,979 shares of our stock outstanding as of April 15, 2016.

1, 2024.
Beneficial Ownership(1)
Directors and Named Executive OfficersSharesPercent
Richard W. Dreiling908,152(2)*
Cheryl W. Grisé6,278(3)*
Daniel J. Heinrich9,552(4)*
Paul C. Hilal13,641,004(5)6.3%
Edward J. Kelly, III4,938(6)*
Mary A. Laschinger21,258(7)*
Jeffrey G. Naylor25,091(8)*
Winnie Y. Park4,432(9)*
Diane E. Randolph1,239(10)*
Bertram L. Scott2,258(11)*
Stephanie P. Stahl12,858(12)*
Michael Creedon, Jr.5,988(13)*
Jeffrey Davis11,831(14)*
Lawrence Gatta, Jr.5,193(15)*
Richard McNeely48,837(16)*
All current directors and executive officers as a group (19 persons)14,715,0646.8%
Beneficial Ownership(1)
Other 5% ShareholdersSharesPercent
The Vanguard Group, Inc.
100 Vanguard Blvd.
Malvern, Pennsylvania 19355
23,798,675(17)
10.9%
Capital World Investors
333 South Hope Street, 55th Floor
Los Angeles, California 90071
17,609,991(18)
8.1%
BlackRock, Inc.
50 Hudson Yards
New York, New York 10001
15,420,175(19)
7.1%
Mantle Ridge LP
712 Fifth Ave., Suite 17F
New York, New York 10019
13,640,904(20)
6.3%

Beneficial Ownership(1)

Directors and Executive Officers


Shares

Percent

Arnold S. Barron

49,442(2)*

Gregory M. Bridgeford

24*

Macon F. Brock, Jr.

3,114,450(3)1.3%

Mary Anne Citrino

72,662(4)*

H. Ray Compton

274,998(5)*

Conrad M. Hall

79,503(6)*

Howard R. Levine

1,606,652(7)*

Lemuel E. Lewis

52,588(8)*

J. Douglas Perry

1,513,642(9)*

Bob Sasser

118,361(10)*

Thomas A. Saunders III

2,549,395(11)1%

Thomas E. Whiddon

22,000*

Carl P. Zeithaml

22,046(12)*

Gary M. Philbin

100,673(13)*

Robert H. Rudman

(14)*

Kevin S. Wampler

128,542(15)*

Michael Matacunas

13,563(16)*

All current Directors and Executive Officers (17 persons)

9,718,5414.1%

Other 5% Shareholders

  

The Vanguard Group, Inc.
100 Vanguard Blvd.
Malvern, Pennsylvania 19355

19,092,357(17)8.1%

Janus Capital Management LLC
151 Detroit Street
Denver, Colorado 80206



18,363,211(18)7.8%

BlackRock, Inc.
55 East 52nd Street
New York, New York 10055

13,397,359(19)5.7%

Lone Pine Capital LLC
Two Greenwich Plaza
Greenwich, Connecticut 06830



13,194,122(20)5.6%

*

less than 1%

Table of Contents

(1)

As used in this table, "beneficial ownership"“beneficial ownership” means the sole or shared power to vote or direct the voting or to dispose or direct the disposition of any security. A person is deemed as of any date

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to have "beneficial ownership"“beneficial ownership” of any security that such person has a right to acquire within 60 days after such date. Any security that any person named above has the right to acquire within 60 days is deemed to be outstanding for purposes of calculating the ownership percentage of such person, but is not deemed to be outstanding for purposes of calculating the ownership percentage of any other person. Deferred shares acquired by our directors through a deferred compensation plan are assumed to be issuable in a lump sum within 60 days if the director were to terminate service within such time.

(2)

Mr. Dreiling received a stock option grant on March 19, 2022 for 2,252,587 shares of the Company’s stock subject to vesting in five equal installments on the anniversary of the grant date provided that certain employment conditions are met. The amount stated in the table includes 7,118 shares of common stock held in Mr. Dreiling’s revocable trust and 901,034 shares underlying the vested portion of the stock option award and excludes 1,351,553 shares underlying the unvested portion of such award.
(3)
Includes 17,4355,278 deferred shares acquired through a deferred compensation plan which are assumed to be issuable if she were to conclude her Board service within 60 days.
(4)
Includes 3,327 deferred shares acquired through a deferred compensation plan which are assumed to be issuable if he were to conclude his Board service within 60 days. Includes 2,170 owned by a family member, over which Mr. Barron may indirectly exercise investment or voting power.

(3)
Includes 488,790The amount stated in the table includes 6,225 shares owned by trusts for the benefit of certain Brock family members, of which Mr. Brock is a trustee, 37,000 shares owned by a private foundation over which Mr. Brock and his wife, Joan P. Brock, exercise shared control, 800,000 sharescommon stock held in Grantor Retained Annuity Trusts, 621,370Mr. Heinrich’s revocable trust.
(5)
Mr. Hilal is the Chief Executive Officer of Mantle Ridge LP and may be deemed to have investment control over the shares owned by Mr. Brock's wife and 63,000described in footnote 20 below, as well as 100 additional shares of common stock of the Company purchased for his own account.
(6)
Includes 4,916 deferred shares acquired through a deferred compensation plan which are assumed to be issuable if he were to conclude his Board service within 60 days upon exercise of stock options, but excludes 16,794 shares underlying otherwise unvested restricted stock units.

(4)
days.
(7)
Includes 58,9622,258 deferred shares acquired through a deferred compensation plan which are assumed to be issuable if she were to conclude her Board service within 60 days.

(5)
(8)
Includes 200,0002,803 shares owned by two separate trusts forissuable upon the benefitexercise of certain Compton family members, over which Mr. Compton may indirectly exercise investment or voting power.

(6)
Includes 10,000 shares owned by a private foundation over which Mr. Hall has the power to votestock options and dispose of the shares on behalf of the foundation, and 19,5035,476 deferred shares acquired through a deferred compensation plan which are assumed to be issuable if he were to conclude his Board service within 60 days.

(7)
(9)
Includes 292,545539 deferred shares acquired through a deferred compensation plan which are assumed to be issuable upon exercise of stock options.

(8)
Represents 45,388if she were to conclude her Board service within 60 days.
(10)
Includes 1,239 deferred shares acquired through a deferred compensation plan which are assumed to be issuable if she were to conclude her Board service within 60 days.
(11)
Includes 2,258 deferred shares acquired through a deferred compensation plan which are assumed to be issuable if he were to conclude his Board service within 60 days.

(9)
(12)
Includes 861,080 shares owned by trusts for the benefit of certain Perry family members, of which Mr. Perry is a trustee and 1,6719,954 deferred shares acquired through a deferred compensation plan which are assumed to be issuable if heshe were to conclude hisher Board service within 60 days.

(10)
(13)
Includes 64,0022,921 shares issuable within 60 days upon the exercise of stock options.
(14)
Includes 2,528 shares issuable upon the exercise of stock options.
(15)
Includes 2,472 shares issuable upon the exercise of stock options.
(16)
Includes 2,472 shares issuable upon the exercise of stock options but excludes 354,548 shares underlying otherwise unvested restricted stock units.

(11)
Includes 63,756 shares owned by irrevocable trusts for the benefit of certain Saunders family members, of which Mr. Saunders is a trustee, and 178,941 shares issuable upon exercise of stock options.

(12)
Represents 22,046 deferred shares acquired through a deferred compensation plan which are assumed to be issuable if he were to conclude his Board service within 60 days.

(13)
Excludes 131,9892,606 shares underlying unvested restricted stock units.
PSUs awarded in fiscal year 2022.

Table of Contents

(14)
Excludes 48,274 shares underlying unvested restricted stock units.

(15)
Excludes 45,563 shares underlying unvested restricted stock units.

(16)
Excludes 38,155 shares underlying unvested restricted stock units.

(17)

Includes shares held or controlled by The Vanguard Group, Inc. and its subsidiaries, Vanguard Fiduciary Trust Company and Vanguard Investments Australia, Ltd.Group. Based on a Schedule 13G/A filed on February 11, 201613, 2024 by The Vanguard Group Inc. for the period ended December 31, 2015.

29, 2023, The Vanguard Group reported sole voting power with respect to 0 shares, shared voting power with respect to 261,222 shares, sole dispositive power with respect to 22,915,206 and shared dispositive power with respect to 883,469 shares.
(18)

Includes shares held or controlled by Janus Capital World Investors, a division of Capital Research and Management LLCCompany, and its subsidiary, INTECHinvestment management subsidiaries and affiliates, including Capital Bank and Trust Company, Capital International, Inc., Capital International Limited, Capital International Sarl, Capital International K.K., Capital Group Private Client Services, Inc. and Capital Group Investment Management.Management Private Limited. Based on a Schedule 13G13G/A filed on February 16, 2016.

7, 2024 by Capital World Investors for the period ended December 29, 2023. Capital World Investors reported sole voting power with respect to 17,609,991 shares and sole dispositive power with respect to 17,609,991 shares.

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(19)

Includes shares held or controlled by BlackRock, Inc. and its subsidiaries, including BlackRock Japan Co. Ltd, BlackRock Advisors (UK) Limited, BlackRock Asset Management Deutschland AG, BlackRock Institutional Trust Company, N.A., BlackRock Fund Advisors, BlackRock Asset Management Canada Limited, BlackRock AdvisorsAperio Group, LLC, BlackRock Financial Management, Inc., BlackRock Investment Management, LLC, BlackRock Investment Management (Australia) Limited, BlackRock (Luxembourg) S.A., BlackRock (Netherlands) B.V., BlackRock Fund Managers Ltd,(Singapore) Limited, BlackRock Advisors (UK) Limited, BlackRock Advisors, LLC, BlackRock Asset Management Canada Limited, BlackRock Asset Management Deutschland AG, BlackRock Asset Management Ireland Limited, BlackRock International Ltd,Asset Management North Asia Limited, BlackRock Asset Management Schweiz AG, BlackRock Financial Management, Inc., BlackRock Fund Advisors, BlackRock Fund Managers Ltd., BlackRock Institutional Trust Company, National Association, BlackRock Investment Management (Australia) Limited, BlackRock Investment Management (UK) Limited, BlackRock Investment Management, LLC, BlackRock Japan Co., Ltd., BlackRock Life Limited and BlackRock Investment Management UK Ltd.Mexico Operadora, S.A. de C.V., Sociedad Operador. Based on a Schedule 13G/A filed on January 26, 2016February 7, 2024 by BlackRock, Inc. for the period ended December 31, 2015.

2023. BlackRock reported sole voting power with respect to 13,971,890 shares and sole dispositive power with respect to 15,420,175 shares.
(20)

Includes shares held or controlled by Lone Pine Capital LLC.Mantle Ridge LP and its affiliates MR Cobalt Advisor LLC and Paul C. Hilal. Based on a Schedule 13G13D/A filed on November 23, 2015.December 21, 2023 by Mantle Ridge LP, Mantle Ridge LP reported shared voting power and shared dispositive power with respect to 13,640,904 shares.


SECTION

Delinquent Section 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Reports

Section 16(a) of the Securities Exchange Act of 1934 requires our directors, officers and persons who own more than 10% of our stock to file reports of ownership and changes in ownership of our stock with the Securities and Exchange Commission and NASDAQ, and to provide us with copies of these reports.

SEC regulations require us to identify anyone who filed a required report late during the most recent fiscal year. Based solely on our review of the reports and written representations furnished to us, we believe that all of these reporting persons complied with their filing requirements for 2015,in 2023 and to date in 2024, except for David JacobsJeffrey Davis, Michael Creedon, Jr., Larry Gatta and Macon F. Brock, Jr.Jeffrey Naylor who each had one Form 4 transaction that was inadvertently filed late.


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TABLE OF CONTENTS Equity Compensation Plan Information


INFORMATION ABOUT THE ANNUAL MEETING AND VOTING
Dollar Tree’s Board of Directors is soliciting your proxy to vote your shares at the 2024 annual meeting of shareholders.
The following table summarizes information regardingprincipal executive offices of Dollar Tree are located at, and our mailing address is, 500 Volvo Parkway, Chesapeake, Virginia, 23320; telephone: (757) 321-5000.
When is the annual meeting?
The annual meeting of shareholders will be held on Thursday, June 20, 2024 at 9:00 a.m. Eastern Time.
How can a shareholder participate in the annual meeting?
We have adopted a virtual format for our annual shareholder meeting again this year. This means that there will be no physical location for the annual meeting and the meeting will be accessible to shareholders only through the Internet. You may participate in the meeting by logging in at www.virtualshareholdermeeting.com/DLTR2024 and entering the control number found on your proxy card, voting instruction form or notice.
All shareholders will be afforded the same rights and opportunities to participate as they would at an in-person meeting. During the annual meeting, shareholders will be able to listen, vote and submit questions from a remote location using an internet-connected device.
A shareholder of record participating in the annual meeting through the meeting web portal will be able to vote during the meeting. If you have voted your shares issuableprior to the start of the annual meeting, your vote has been received by the Company’s inspector of elections and there is no need to vote those shares during the annual meeting, unless you wish to revoke or change your vote. If a shareholder has a question about one of the matters on the agenda to be voted on by the shareholders at the annual meeting, such question may be submitted in advance of the meeting at www.proxyvote.com after logging in with your control number. Questions may also be submitted during the annual meeting through www.virtualshareholdermeeting.com/DLTR2024 at the time the matters are before the annual meeting for consideration.
We encourage you to access the annual meeting before it begins. Online check-in will start shortly before the meeting on June 20, 2024. If you have difficulty accessing the meeting, please call the toll-free number provided on the meeting website at www.virtualshareholdermeeting.com/DLTR2024 for technical assistance.
How are proxy materials being provided to shareholders?
We are providing access to our proxy materials primarily over the Internet rather than mailing paper copies of those materials to each shareholder. A Notice of Internet Availability of Proxy Materials is being mailed on or about May 7, 2024, to all shareholders entitled to vote at the annual meeting. The Notice tells you how to:

View our proxy materials for the annual meeting, including this proxy statement and the Dollar Tree 2023 Annual Report, on the Internet and vote; and

Instruct us to send proxy materials to you by mail or email.
Who is entitled to vote at the annual meeting?
You are entitled to vote if you were a shareholder of record of our common stock as of January 30, 2016,the close of business on April 12, 2024. Holders of record have one vote for each share held at the close of business on the record date. At that time, there were 218,219,749 shares of Dollar Tree, Inc. common stock outstanding.

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What is the difference between a shareholder of record and a beneficial owner of shares held in “street name?”
If your shares are registered directly in your name with the Company’s transfer agent, Computershare, you are a shareholder of record. If your shares are held in an account at a brokerage firm, bank or similar institution, then you are the beneficial owner of shares held in “street name.” The institution holding your account is considered the shareholder of record for purposes of voting at the annual meeting. As the beneficial owner, you have the right to instruct the institution on how to vote the shares held in your account.
How can I cast my vote?
As described below, there are several methods shareholders may use to cast their votes, including voting by mail using a proxy card or voting instruction form. Due to potential delays or disruptions in United States postal service deliveries that may occur prior to the annual meeting, we encourage shareholders to cast their votes for the annual meeting either by Internet or by telephone rather than by mail.
Shareholder of Record
If you are a shareholder of record, you may vote by mail (if you request a paper copy of our proxy materials) or over the telephone or the Internet.

To vote during the annual meeting, you must follow the instructions available on the meeting website at www.virtualshareholdermeeting.com/DLTR2024.

To vote by mail using the proxy card (if you request a paper copy), simply complete, sign, date and return the proxy card promptly in the postage-paid envelope provided.

To vote by Internet, go to www.proxyvote.com and follow the steps outlined on the secured website.

To vote by telephone, dial toll free, 1-800-690-6903 within the US, US territories and Canada any time on a touch tone telephone. Follow the instructions provided by the recorded message.

If you vote your shares more than one time by any method, your shares will be voted in accordance with the vote that is received on the latest date.
Internet
[MISSING IMAGE: tm2025328d25-icon_computebw.gif]
www.proxyvote.com
Vote 24/7
Telephone
[MISSING IMAGE: tm2025328d25-icon_teltephbw.gif]
1-800-690-6903
Mail
[MISSING IMAGE: tm2025328d25-icon_mailbw.gif]
Cast your ballot, date and sign your proxy
card and send by pre-paid mail
Visit www.proxyvote.comCall 1-800-690-6903Return your dated and signed proxy card in
the postage-paid envelope provided.
You will need the 16-digit identification
number included in your proxy card or notice.
You will need the 16-digit identification number included in your proxy card or notice.
Beneficial Owner
If your shares are held in a stock brokerage account or by a trustee, bank or other similar institution, follow the voting instructions on the voting instruction form that you receive from them.

To vote by mail, simply complete, sign, date and promptly return the voting instruction form in the envelope provided by your bank, broker or other nominee.

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To vote by Internet or by telephone, please follow the instructions on the voting instruction form that you received.

If you vote your shares more than one time by any method, your shares will be voted in accordance with the vote that is received on the latest date.
Shareholders who are beneficial owners of shares held in a stock brokerage account or by a bank or other nominee are not able to vote at the annual meeting unless they request and receive a legal proxy from the recordholder of the shares and follow the instructions for voting on the annual meeting website at www.virtualshareholdermeeting.com/DLTR2024.
What are the Board’s voting recommendations?
[MISSING IMAGE: tm2025328d25-icon_checkgpms.jpg]PLEASE VOTE
BOARD
RECOMMENDATION
1The Company’s eleven director nominees for the Board of DirectorsFOR
all nominees
2Approval, on an advisory basis, of the compensation of our named executive officersFOR
3Ratification of the selection of KPMG LLP as our independent registered public accounting firm for the fiscal year 2024FOR
4Regarding an independent board chairmanAGAINST
How will my shares be voted if I submit a proxy or voting instruction card but do not specify how I want to vote?
If you are a recordholder of shares and submit a validly executed proxy card but do not specify how you want your shares to be voted with respect to one or more proposals, then your shares will be voted in accordance with the Board’s recommendations as described above.
If you are a beneficial owner of shares and submit a voting instruction form provided by your broker, trustee, bank or similar institution without specifying how you want your shares to be voted with respect to one or more proposals, the intermediary may only exercise its discretion to vote your shares on discretionary proposals but cannot vote your shares on non-discretionary proposals. All items of business before the 2024 annual meeting other than Item 3 (ratification of the selection of KPMG LLP as our independent registered public accounting firm for the fiscal year 2024) are non-discretionary proposals. Therefore, we strongly urge you to vote your shares on each proposal.
Should any of our Board’s nominees be unable or unwilling to stand for election at the time of the annual meeting, the proxies named on the proxy card may vote for a replacement nominee recommended by the Board of Directors, or the Board may reduce the number of directors to be elected at the annual meeting. At this time, the Board knows of no reason why any of the Board’s nominees would not be able to serve as a director if elected.
As of the date of this proxy statement, the Board of Directors knows of no business other than that set forth above to be transacted at the annual meeting, but if other matters requiring a vote do arise, it is the intention of the proxies named on the proxy card to vote in accordance with their best judgment on such matters.
Can I change my proxy or voting instructions before the meeting?
You may revoke your proxy by sending in a signed proxy card with a later date, providing subsequent telephone or Internet voting instructions, providing a written notice of revocation to the Corporate Secretary of Dollar Tree, Inc. at the address on page 76 prior to the annual meeting or voting

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during the annual meeting through the meeting website. If your shares are held in “street name,” please follow the directions given by the institution that holds your shares to change or revoke your voting instructions.
What constitutes a quorum?
A quorum is necessary for the transaction of business at the annual meeting. A quorum exists when holders of a majority of the total number of issued and outstanding shares of common stock that are entitled to vote at the annual meeting are present through the annual meeting website or by proxy.
Who will count the votes?
A representative of Broadridge Financial Services, will act as the Inspector of Election, determine the presence of a quorum and tabulate the votes cast by proxy or electronically during the meeting.
What is the effect of abstentions and broker non-votes?
The inspector will treat valid proxies marked “abstain” and proxies required to be treated as broker “non-votes” as present for purposes of determining whether there is a quorum at the annual meeting. A broker “non-vote” occurs when you fail to provide your broker, trustee, bank or similar institution with voting instructions on a particular proposal and the broker does not have discretionary authority to vote your shares on that particular proposal because the proposal is not a “routine” matter under the applicable rules. Abstentions and broker “non-votes” with respect to the matters to be voted on at the 2024 annual meeting will have no effect on the outcome of the vote on such matters.
How can I obtain an additional proxy card or voting instruction card?
If you are a recordholder of shares, you may send an email to the Corporate Secretary Office at CorpSecy@DollarTree.com for assistance. If you are a beneficial owner of shares, please contact your account representative at the broker, trustee, bank or similar institution through which you hold your shares.
Where and when will I be able to find the voting results?
You can find the official voting results on our equityForm 8-K filed with the SEC within four business days after the annual meeting.
Who pays for the costs of the proxy solicitations?
The cost of soliciting proxies will be borne by us. Proxies may be solicited by officers, directors and regular employees of our Company or our affiliates, none of whom will receive any additional compensation plans, includingfor their services. Such solicitations may be made personally, or by mail, facsimile, telephone, electronic means or messenger. We will reimburse banks, brokerage firms and other custodians, nominees and fiduciaries for reasonable expenses incurred by them in sending proxy material and annual reports to the beneficial owners of shares in accordance with the schedule of charges approved by the National Association of Securities Dealers, Inc. In addition, we have engaged DF King & Co., Inc., who may assist the Company with the solicitation of proxies for the annual meeting, for a fee not to exceed $30,000, plus reimbursement for out-of-pocket expenses.
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YOUR VOTE IS EXTREMELY IMPORTANT. Even if you plan to attend the annual meeting, please vote your shares by completing, signing and dating the proxy card or voting instruction form and returning it in the postage-prepaid envelope or vote by telephone or the Internet by following the instructions provided on the proxy card or voting instruction form. For additional information, see “How can I cast my vote?” above.

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PROPOSAL NO. 1
ELECTION OF DIRECTORS
Directors and Nominees
The Board has nominated Richard W. Dreiling, Cheryl W. Grisé, Daniel J. Heinrich, Paul C. Hilal, Edward J. Kelly, III, Mary A. Laschinger, Jeffrey G. Naylor, Winnie Y. Park, Diane E. Randolph, Bertram L. Scott and Stephanie P. Stahl for election as directors at the annual meeting to serve for a one-year term. All nominees have indicated their willingness to serve as directors. If a nominee becomes unable to stand for re-election, the persons named in our proxy will vote for any substitute nominee proposed by the Board of Directors, subject to the terms of the Stewardship Framework Agreement.
Pursuant to the Stewardship Framework Agreement, if Mr. Hilal or a New Director (as defined therein) cannot serve or ceases to serve on the Board during the term of the Stewardship Framework Agreement or prior to the annual meeting, respectively, Mantle Ridge will have the right to designate a replacement, subject to certain conditions set forth in the Stewardship Framework Agreement. There are also replacement provisions in the Stewardship Framework Agreement in the event that a Continuing Director (as defined therein) ceases to serve or stand for election at the annual meeting.
Pursuant to the Company’s bylaws, a director nominee will be elected by a majority of votes cast in uncontested director elections. In contested elections, the plurality voting standard will apply.
In addition, our Corporate Governance Guidelines requiring each director nominee to submit a resignation letter contingent in part on his or her failure to receive a majority of the votes cast.
Vote Required
Our directors are elected by a “majority” vote in uncontested elections such as this election. Each director nominee shall be elected by a vote of the majority of the votes cast with respect to the director nominee. A majority of votes cast means that the number of shares of common stock subject to options, restricted stock units, deferred shares and other rights granted to employees, consultants and members of our Board of Directors; the weighted-average exercise price of outstanding options; andcast “FOR” a director’s election must exceed the number of shares remaining available for future award grants under these plans. Additional information regarding our equity compensation plans can be found in footnote 10 of our consolidated


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financial statements included in our Annual Reportvotes cast “AGAINST” such director’s election. Abstentions and broker non-votes will have no effect on Form 10-K for the fiscal year ended January 30, 2016.

Equity compensation plan category


Number of securities to
be issued upon exercise
of outstanding options,
warrants and rights
(a)





Weighted-average
exercise price of
outstanding options,
warrants and rights
(b)





Number of securities
remaining available
for future issuance
under equity
compensation plans
(excluding securities
reflected in
column (a))
(c)

Plans approved by security holders(1)

1,974,073$19.7819,507,620

Plans not approved by security holders(2)


(a)
Amounts represent outstanding options, restricted stock units and deferred ("phantom") shares as of January 30, 2016.

(b)
Not included in the calculation of weighted-average exercise price are (i) 1,485,214 restricted stock units and (ii) 174,382 deferred shares.

(c)
Amounts represent shares remaining available for future awards under all of our equity-based plans, including shares remaining under our qualified Employee Stock Purchase Plan and our 2013 Director Deferred Compensation Plan. Outoutcome of the 19,507,620 shares remaining available for future issuance, 3,406,492 represent the number of shares remaining available for future issuance under our Employee Stock Purchase Plan as of January 30, 2016.

(1)
Equity-based plans approved by our shareholders include: the 2003 Equity Incentive Plan, the 2003 Non-Employee Director Stock Option Plan, the 2013 Director Deferred Compensation Plan, the 2004 Executive Officer Equity Plan, the 2015 Employee Stock Purchase Plan (which replaced a predecessor plan), and the Omnibus Incentive Plan.

(2)
Does not include 722,288 shares to be issued upon the exercise of options with a weighted-average exercise price of $65.30, and 84,207 restricted stock units that were granted under the 2006 Incentive Plan assumed by us in connection with our merger with Family Dollar.
election.
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THE BOARD RECOMMENDS THAT YOU VOTE “FOR” EACH OF THE COMPANY’S NOTMINEES FOR DIRECTOR.


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PROPOSAL NO. 2—ADVISORY VOTE ON EXECUTIVE COMPENSATION PROGRAM

        Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") provides that shareholders will have an opportunity to vote to approve, on an advisory, non-binding basis, the compensation of named executive officers as disclosed in the Proxy Statement in accordance with the SEC's rules, including Section 14A of the Securities Exchange Act of 1934.


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PROPOSAL NO. 2
ADVISORY VOTE ON COMPENSATION
OF NAMED EXECUTIVE OFFICERS
As described in the Compensation Discussion and Analysis, the Company is committed to a pay-for-performance policy. To that end, our executive compensation program is designed to: (1) align executive pay with shareholders'shareholders’ interests; (2) recognize individual initiative and achievements; (3) attract, motivate and retain highly qualified executives; and (4) unite the executive management team to a common objective. We expect a significant portion of an executive'sexecutive’s total compensation to be at risk, tied to both our annual and long-term performance.
Please read our Compensation Discussion and Analysis beginning on page 26 and the tables and narrative that follow for additional details about our executive compensation program.

This proposal, commonly known as a "Say-on-Pay"“Say on Pay” proposal, gives our shareholders the opportunity to express their views on the compensation paid to our named executive officers. This vote is not intended to address any specific item of compensation, but rather the overall compensation of the Company'sCompany’s named executive officers and the philosophy, policies and practices as disclosed in this Proxy Statement.proxy statement. Accordingly, the Company is asking its shareholdershareholders to vote "FOR"“FOR” the following resolution at the 2016 Annual Meeting:

"annual meeting:

RESOLVED, that the Company'sCompany’s shareholders approve, on an advisory basis, the compensation of our named executive officers, as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion and Analysis, the compensation tables and related narrative discussion set forth in this Proxy Statement."

proxy statement.”

Vote Required

        The

Approval of the advisory vote on theour executive compensation program will be passed ifrequires the affirmative vote of a majority of the votes cast "FOR"by shareholders who are present, either in person or by proxy, and entitled to vote at the proposal exceedannual meeting. Abstentions and broker non-votes will have no effect on the votes cast "AGAINST" it.vote. The vote is advisory and will not be binding upon our Board of Directors. However, the Board of Directors and the Compensation Committee value the opinions that our shareholders express in their votes and to the extent there is any significant vote against the proposal, we will consider the shareholders'shareholders’ concerns in making future executive compensation decisions.

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THE BOARD RECOMMENDS THAT YOU VOTE “FOR” THE ADVISORY APPROVAL OF OUR EXECUTIVE COMPENSATION PROGRAM.

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PROPOSAL NO. 3—RATIFICATION OF APPOINTMENT BY THE
AUDIT COMMITTEE OF KPMG LLP AS OUR INDPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM FOR 2016

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PROPOSAL NO. 3
RATIFICATION OF APPOINTMENT OF
INDEPENDENT AUDITORS
Our Audit Committee, which consists entirely of independent directors, has selected KPMG LLP ("KPMG"(“KPMG”) to serve as our independent registered public accounting firm for fiscal year 2016.2024. KPMG has served as our independent registered public accounting firm since 1986.1987. You are being asked to ratify the appointment by our Audit Committee of KPMG as our independent registered public accounting firm for fiscal year 2016.

        Shareholder ratification2024.

As a matter of good governance, the selection of KPMG as the Company's independent registered public accounting firm is not required by the Company's Bylaws or otherwise. The CompanyBoard is submitting the selection of KPMG to its shareholders for ratification as a matter of good corporate governance.ratification. If our shareholders do not ratify the selection of KPMG, the Audit Committee will reconsider whether or not to retain KPMG in the future. However, the Audit Committee is not bound by a vote either for or against the firm. A representative of KPMG will be present at the 2016 Annual Meeting2024 annual meeting of Shareholders.shareholders. The representative will have the opportunity to make a statement and will be available to respond to appropriate questions.

Independent Registered Public Accounting Firm Fees

The table below shows the aggregate fees billed by KPMG for professional services rendered in connection with the audit of our annual financial statements set forth in our Annual Report on Form 10-K for the fiscal years ended January 30, 2016February 3, 2024 and January 31, 2015;28, 2023; the audit of our internal control over financial reporting as of January 30, 2016February 3, 2024 and January 31, 2015;28, 2023; and the review of our unaudited quarterly financial statements set forth in our Quarterly Reports on Form 10-Q for each of our fiscal quarters during 20152023 and 2014,2022, as well as fees paid to KPMG for audit-related work tax compliance, tax planning and other services:

Fiscal 2023Fiscal 2022
Audit fees$4,293,266$3,845,243
Audit-related fees(a)35,00033,500
Tax fees
All other fees(b)7,5007,500
Total fees4,335,7663,886,243

Fiscal 2015

​Fiscal 2014

Audit fees

$4,518,440$1,333,050

Audit-related fees(a)


19,500

663,470

Tax fees




All other fees



12,000

Total fees


4,537,940


2,008,520

(a)

Audit-related fees consist of fees for services related to the audit of financial statements of our employee benefit plan and includes Family Dollar due diligenceplan.
(b)
All other fees for fiscal 2014.2023 relate to fees paid for access to KPMG’s online learning portal.

We did not engage our principal accountants to provide any professional services in connection with operating our information systems or designing or implementing hardware or software that aggregates source data underlying the financial statements or generates information.

All audit work performed by KPMG is approved in advance by our Audit Committee, including the amount of fees due and payable to them for such work. In addition, our Audit Committee also approves all non-audit related work performed by KPMG in advance of the commencement of such work. Our Audit Committee has delegated to the chairmanChair of the committeeCommittee the right to approve such non-audit related assignments between meetings of the committee,Committee, and the chairmanChair then reports on all such approvals at the


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next meeting of the committee,Committee, which considers ratification of such approvals by


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the committee chairman.Committee Chair. In 2015,fiscal 2023, all services provided by KPMG were approved by our Audit Committee in advance of the performance of work by KPMG.

The Audit Committee of our Board has determined that the non-audit services rendered by our independent accountants during our most recent fiscal year are compatible with maintaining their independence.

Report of the Audit Committee
The material in this report is not “soliciting material,” is not deemed “filed” with the SEC, and is not to be incorporated by reference into any filing of Dollar Tree, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
The purpose of the Audit Committee is to assist the Board of Directors in fulfilling its oversight responsibilities regarding the quality and integrity of the accounting, auditing and financial reporting practices of the Company. The Audit Committee operates under a written charter which can be found under the Investors tab on the Company’s website at corporate.dollartree.com. The Company’s management has primary responsibility for establishing and maintaining effective internal control over financial reporting and preparing the Company’s financial statements and disclosures. KPMG LLP, the Company’s independent registered public accounting firm for fiscal 2023, was responsible for performing an independent audit of the Company’s consolidated financial statements and for expressing opinions on the conformity of our consolidated financial statements with accounting principles generally accepted in the United States and on the effectiveness of our internal control over financial reporting.
The Audit Committee is also responsible for appointment, compensation, retention and oversight of the work of the independent auditor, including pre-approving any audit and non-audit service provided to the Company by the independent auditor, periodically reviewing and evaluating the performance of the lead audit partner, as well as reviewing and considering the selection of the lead audit partner. The Audit Committee also periodically considers whether there should be a rotation of the company’s independent registered public accounting firm. In addition to KPMG LLP’s independence from the Company and management, the Audit Committee also considers several other factors in deciding whether to re-engage KPMG LLP, including: the quality of KPMG LLP’s staff, work and quality control; KPMG LLP’s policies related to independence; the results of the inspection of KPMG LLP by the Public Company Accounting Oversight Board (PCAOB); and KPMG LLP’s capability and expertise to perform an audit of the Company’s financial statements and internal control over financial reporting.
In fulfilling its oversight responsibilities, the Audit Committee has reviewed and discussed with management and KPMG LLP the Company’s audited financial statements for the fiscal year ended February 3, 2024. The Audit Committee also discussed with KPMG LLP the matters that are required to be discussed by the applicable requirements of the PCAOB and the Securities and Exchange Commission. The Audit Committee also received the written disclosures and the letter from KPMG LLP required by applicable requirements of the PCAOB regarding KPMG LLP’s communications with the Audit Committee concerning independence, and the Audit Committee has discussed with KPMG LLP that firm’s independence. The Audit Committee has concluded that KPMG LLP’s provision of audit and non-audit services to the Company and its affiliates is compatible with KPMG LLP’s independence. Finally, the Audit Committee discussed with KPMG LLP, with and without management present, the scope and results of KPMG LLP’s audit of such financial statements.
Based on these reviews and discussions, the Audit Committee recommended to the Board of Directors that the audited financial statements referred to above be included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 for filing with the Securities and Exchange Commission. The Audit Committee also has engaged KPMG LLP as our independent registered public accounting firm for the fiscal year ending February 2, 2025 and is seeking ratification of such selection by the shareholders.

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SUBMITTED BY THE AUDIT COMMITTEE
Daniel HeinrichEdward J. Kelly, IIIJeffrey G. NaylorDiane E. RandolphBertram L. Scott
Vote Required

Ratification of the appointment of KPMG LLP as our independent registered public accounting firm for 20162024 requires the affirmative vote of a majority of the votes cast at the Annual Meetingby shareholders who are present, either in person or by proxy.proxy, and entitled to vote at the annual meeting. Abstentions and broker non-votes will have no effect on the vote. Should such shareholder vote not be obtained, the appointment will not be ratified.

OUR BOARD RECOMMENDS A VOTE "FOR"

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THE BOARD RECOMMENDS THAT YOU VOTE “FOR” RATIFICATION OF KPMG LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2024.

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PROPOSAL NO. 4
SHAREHOLDER PROPOSAL REGARDING AN INDEPENDENT BOARD CHAIRMAN
We received the following proposal from Mr. John Chevedden, 2215 Nelson Avenue, No. 205, Redondo Beach, CA 90278, who has represented to us that he is the beneficial owner of Contents

PROPOSAL NO. 4—APPROVAL OF MATERIAL TERMS OF PERFORMANCE
GOALS UNDER OMNIBUS INCENTIVE PLAN

        Weover $25,000 in market value of our common stock.

In accordance with SEC rules we are presenting the text of the proposal and supporting statement in this proxy statement as they were submitted to us. All statements contained in the shareholder proposal and supporting statement are the sole responsibility of the proponent. The shareholder proposal is required to be voted upon at the annual meeting only if properly presented at the annual meeting.
As explained below, our Board unanimously recommends that you vote “AGAINST” the shareholder proposal.
Shareholder Proposal
Proposal 4 — Independent Board Chairman
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Shareholders request that shareholders (1) approvethe Board of Directors adopt an amendment toenduring policy, and amend the Omnibus Incentive Plangoverning documents as necessary in order that was adopted, subject to shareholder approval, by2 separate people hold the Compensation Committee on March 9, 2016, and (2) re-approve the material termsoffice of the performance goals underChairman and the Omnibus Incentive Plan.

        In June 2011, upon recommendationoffice of the CEO.

Whenever possible, the Chairman of the Board the shareholders approved the Omnibus Incentive Plan, including the material termsshall be an Independent Director.
The Board has discretion to select a Temporary Chairman of the performance measures underBoard who is not an Independent Director to serve while the Omnibus Incentive Plan described below. The purposesBoard is seeking an Independent Chairman of the Omnibus Incentive PlanBoard on an expedited basis.
It is a best practice to adopt this policy soon. However this policy could be phased in when there is a contract renewal for our current CEO or for the next CEO transition.
The roles of Chairman and CEO are fundamentally different and should be held by 2 directors, a CEO and a Chairman who is completely independent of the CEO and Dollar Tree. The job of the CEO is to (1) advancemanage the interestscompany. The job of the Chairman is to oversee the CEO.
A Lead director is no substitute for an independent Board Chairman. A lead director can be given a list of duties but there is no rule that prevents the Chairman from overriding the lead director in any of the so-called lead director duties and ignoring the advice of the lead director.
It is more important to have an independent board chairman when the stock price is falling. Dollar Tree stock had fallen from $151 to $123 in a year’s time. Another sign of poor management is that executive pay was rejected by 42% of shares in 2023 when a 5% rejection is often the norm at well performing companies.
Please vote yes:
Independent Board Chairman — Proposal 4

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STATEMENT FROM DOLLAR TREE’S BOARD REGARDING THE SHAREHOLDER PROPOSAL
The Board of Directors recommends a vote “AGAINST” this proposal because it believes our Company and our shareholders are best served by retaining the Board’s flexibility to determine, from time to time on an ongoing basis, who should serve as Chairman of the Board.
Our current board leadership structure best serves Dollar Tree and its shareholders — particularly as the Company executes the transformational change initiatives needed to drive growth and enhance long-term shareholder value.
Our current Board leadership is comprised of our Chairman and CEO, our independent Vice Chairman and our independent Lead Independent Director and independent chairs of each of our standing committees. This design provides effective independent oversight of management and facilitates the Board’s engagement in, and understanding of, the Company’s business. The Company’s Corporate Governance Guidelines provide that the Board shall:

annually consider the Board’s leadership structure and

annually elect a Chairman and a Vice Chairman and, in the event the Chairman is not an independent director, the Board’s independent directors shall annually elect a Lead Independent Director.
The annual evaluation of the Board leadership structure involves an assessment process overseen by the Nominating and Governance committee which is made up entirely of independent directors. The Board takes into consideration governance best practices, shareholder feedback, and the needs and circumstances of the Company and its shareholders, to promote strong, independent Board leadership. In 2024, the Board determined that the Company and its shareholders continue to be best served by providing incentivesa leadership structure in which two out of three top Board leaders are independent directors: while Mr. Dreiling serves as both Chairman and CEO, Mr. Hilal (who is independent) serves as Vice Chairman and Mr. Kelly serves as the Company’s Lead Independent Director, each of whom have robust, well-defined powers and responsibilities as described below.
We believe a combined Chairman and CEO role is particularly important for leading the Company through the business transformation that we began in 2022 as the direct result of feedback received from our shareholders. Early that year, independent members of our Board met with shareholders owning more than 50% of the Company’s outstanding shares to attract, retainunderstand their perspectives on our business strategy and reward persons performingleadership. The dominant view of those shareholders was that the Company should do whatever was necessary to secure Mr. Dreiling’s services as the Company’s top executive for a multi-year period. At that time, our top executive was our non-independent Executive Chairman. In March 2022, we began our transformational journey with a reconstituted Board comprised of seven new directors (including six independent directors). The Company then entered into a five-year agreement to engage Mr. Dreiling’s services to lead our Company on our new path forward as our Executive Chairman. Our Board and our shareholders believed that Mr. Dreiling, a distinguished retail executive with more than 40 years of retail industry experience at all operating levels and a proven record of success in the dollar store segment and other retail market segments, has the unique experience called for by this critical moment in the life of the business. The reconstituted Board led by Mr. Dreiling first embarked on a drive to bring a new executive team to the Company in 2022. Our Board then appointed Mr. Dreiling to the role of CEO to lead our new executive team in the development of a set of multi-year strategic initiatives that we announced in the summer of 2023.
Our ability to successfully implement our transformation, which includes improvements in our products, pricing and associate engagement, requires highly skilled leadership from the Board and the executive leadership team. Mr. Dreiling’s combined service as Chairman and CEO has allowed him to provide critical leadership to our business on strategic initiatives and serve as a bridge between the Board and the operating organization. Mr. Dreiling’s involvement in our day-to-day operations has afforded him in-depth and first-hand knowledge of the principal issues, opportunities and challenges facing our

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Company, which enables him to help focus our directors’ time and attention on the Company’s most critical matters, while concurrently implementing the Board’s oversight role and directly incorporating the Board’s goals, strategies and initiatives in his management of our businesses. The Board believes this integrated leadership approach has enhanced board oversight and effectiveness.
A flexible leadership structure is better for Dollar Tree than the rigid and prescriptive approach mandated by the shareholder proposal.
The Company’s directors have a fiduciary duty to routinely evaluate and determine the most appropriate Board leadership structure for the Company and its subsidiaries; (ii) motivate participants,shareholders in light of Dollar Tree’s specific characteristics or circumstances at any given time. Accordingly, as discussed on page 16 under “Corporate Governance and Our Board — Board Leadership Structure,” the Company’s governing documents provide the Board with the flexibility to determine the optimal leadership structure for the Company, including, when appropriate, separating the positions of Chairman and CEO and appointing an independent Chairman. We believe that the Company and its shareholders benefit from this flexibility, and that the Board is best positioned to make this determination, given its knowledge of the Company’s leadership team, strategic goals, opportunities, and challenges, as well as the expertise and experience of the directors. We believe that it is in the best interests of the Company and our shareholders for the Board to continue to determine the most effective leadership structure for Dollar Tree, rather than impose a rigid one-size-fits-all approach to Board leadership, as called for by meansthis shareholder proposal.
Our board leadership structure includes a strong lead independent director with specifically- enumerated exclusive powers and responsibilities
Our Lead Independent Director is elected annually by the independent directors of appropriate incentives, to contributethe Board. Our Lead Independent Director has a number of specifically-enumerated powers and responsibilities, providing similar leadership, oversight, and benefits to the growthCompany and profitabilitythe Board that would be provided by an independent Chairman. These powers and responsibilities include:

Presiding at all meetings of the Board at which the Chairman and Vice Chairman are not present, including executive sessions of the independent directors;

Serving as liaison between the Chairman and the independent directors;

Approving information sent to the Board;

Approving meeting agendas for the Board;

Approving schedules of meetings to assure that there is sufficient time for discussion of all agenda items;

Communicating feedback from the Board regarding the performance of the Chairman & CEO;

Having the authority to call meetings of the independent directors; and

If requested by major shareholders, making himself available for consultation and direct communication.
In accordance with good governance practices, our Board annually reassesses these powers to align them with the evolving needs and circumstances of the Company and its subsidiaries; (iii) provide incentive compensation opportunities that are competitive with thoseshareholders.
Our board leadership structure benefits from the experiences and qualifications of similar companies;our lead independent director and (iv) further identify participants' interests with thoseour independent vice chairman.
As part of our Board reconstitution in March 2022, Mr. Kelly was elected as the Company’s new Lead Independent Director and Mr. Hilal was appointed as the Company’s Vice Chairman of the

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Board. In 2023, the independent directors of the Company's shareholders through compensation that is basedBoard unanimously re-elected Mr. Kelly to continue serving as the Board’s Lead Independent Director. Through his extensive experience managing the global operations of a major financial institution, serving in leadership roles on several public company boards, and acting as trusted legal counsel to many business enterprises, Mr. Kelly brings to our Board business, strategic, financial and legal acumen and extensive leadership expertise. In his role as Lead Independent Director, Mr. Kelly provides strong guidance and, together with our independent directors, including our independent Vice Chairman, exercises robust and meaningful independent oversight over management.
Mr. Hilal brings to our Board extensive experience as an engaged investor focused on driving value-creating organizational change. Prior to joining our Board, Mr. Hilal as the Company's stock.

        Section 162(m)chief representative of a major investor in our Company, was instrumental in developing the Internal Revenue Code places a limitplan for our transformation including the proposal to bring Mr. Dreiling to Dollar Tree. As part of $1,000,000 on the amountthis process, the Company may deduct in any one year for compensation paid to its principal executive officer and our other three most highly-compensated executive officers other than its principal financial officer, unlessentered into the compensation qualifies as certain performance-based compensation. Under Section 162(m) of the Internal Revenue Code, we must seek shareholder approval of the material terms of the performance goals under the Omnibus Incentive Plan at five-year intervals to preserve the Company's ability to permit the Compensation Committee to establish annual targets and receive the federal income tax deduction for performance-based compensation provided under the Omnibus Incentive Plan. Those material terms include the employees eligible under the Omnibus Incentive Plan, a description of the business criteria onStewardship Framework Agreement with Mantle Ridge L.P. which, performance goals are based, and the maximum amount of compensation payable under the Omnibus Incentive Plan to any one employee if the performance goals are attained. Each of these aspects of the Omnibus Incentive Plan is described below.

        The amendment to the Omnibus Incentive Plan makes certain changes to the performance goals under the Omnibus Incentive Plan. Those changes are also described below and, under Section 162(m) of the Internal Revenue Code, must be approved by our shareholders to preserve the deductibility of performance-based compensation under the Omnibus Incentive Plan.We are not requesting an increase in the number of shares available for issuance under the Omnibus Incentive Plan. As of April 15, 2016, 18,064,258 shares of our common stock remain available for future awards under the Omnibus Incentive Plan.

Set forth below is a summary of the Omnibus Incentive Plan, which is qualified in its entirety by the specific language of the Omnibus Incentive Plan, as adjusted to reflect the 2-for-1 stock split on June 26, 2012. A copy of the plan is available on the SEC website at www.sec.gov where it is an appendix to the electronic version of this proxy statement.

Performance Goals

        Under the Omnibus Incentive Plan, the Compensation Committee may establish performance programs with fixed goals used to determine eligibility for performance-based compensation, including restricted stock awards, restricted stock units (RSUs), performance bonuses, and performance units and other awards. Those awards are provided only in accordance with its terms, affords the program establishedinvestor the right to appoint a director who serves as the independent Vice Chairman of the Board. Mr. Hilal currently serves in this capacity, and the Board believes this structure promotes a strong independent leadership voice on the Board that aligns with shareholder interests.

Dollar Tree’s strong corporate governance practices demonstrate effective, independent board oversight.
Dollar Tree’s Board is committed to strong corporate governance and engaging with shareholders on an ongoing basis to gather feedback on our leadership structure, corporate governance profile and executive compensation program. Spearheaded by our current Board leadership structure, we have adopted practices and procedures that promote director independence and effective oversight of management and provide shareholders with meaningful rights, including:

Annual Board Elections—The Board is elected annually with a majority voting standard in uncontested director elections and a director resignation policy.

Majority Independent Board—Ten out of eleven of our Board nominees are independent; Mr. Dreiling, our Chairman and CEO, is the only director nominee who is not independent.

Qualified and Active Board—Our Board is comprised of highly-qualified and engaged members with the relevant business experience and skills to provide robust, independent oversight of management.

Independent Standing Board Committees—The Board’s Audit Committee, Compensation Committee. UnderCommittee, Nominating and Governance Committee, Finance Committee and Sustainability and Corporate Social Responsibility Committee are each composed entirely of independent directors. This entrusts to the independent directors the oversight of critical matters across the Company, such as the annual review and evaluation of the CEO’s performance, the evaluation of the Board and its Committees, and executive compensation.

Shareholder Rights—Our shareholders have the right to call special meetings of shareholders and have a market-standard proxy access right.

Thoughtful Board Refreshment—In 2022 we added six new independent directors to our Board, whose new viewpoints and experiences complement the deep knowledge and experience of our longer-tenured directors. In 2023 we added one new independent director with experience in information technology and information security to add to the depth and breadth of our Board’s experience. The Nominating and Governance Committee continually assesses the capabilities of our Board to identify opportunities for further refreshment and enhancement.

Robust Board, Committee and Director Evaluation Process—Our Board conducts an annual self-evaluation to determine whether it and its Committees are functioning effectively.

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In addition, our Nominating and Governance Committee annually evaluates the appropriate skills and experience required of Board members in the context of the current termsmake-up of the Omnibus Incentive Plan,Board, including assessing the performance criteria used in such a program may be based on any one of, or combinationkey skills, experiences, diversity and other qualifications, and independence of the following relating

Board and its members and makes recommendations to the Board accordingly.


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Active Shareholder Engagement Program—In the last year, our management team, together with our Lead Independent Director, Mr. Kelly, engaged in outreach to shareholders representing over 80% of Contents

toour outstanding shares and held meetings with shareholders representing over 48% of our outstanding shares, on a Member Company (the Company, any parentrange of subsidiary, or any Affiliate designated by the Board) or Affiliate (a non-parent company that directly or indirectly controls the Company through one or more intermediaries, or a non-subsidiary that is directly or indirectly controlled by the Company through one or more intermediaries): (i) earnings per share; (ii) earnings (including EBIT or EBITDA); (iii) net earnings; (iv) total shareholder return; (v) return on equity; (vi) return on assets; (vii) return on investment; (viii) return on capital employed; (ix) operating margin; (x) gross margin; (xi) operating income; (xii) pre-tax profit; (xiii) operating cash flow; (xiv) revenue; (xv) revenue growth; (xvi) expenses; (xvii) improvement in or attainment of expense levels; (xviii) improvement in or attainment of working capital levels; (xix) economic value added; (xx) market share; (xxi) cash flow per share; (xxii) share price performance; and (xxiii) debt reduction.

        Partial achievementtopics.


Executive Sessions of the specified criteria may resultIndependent Directors—The independent directors meet in executive session without the paymentpresence of management multiple times throughout the year.
Vote Required
Approval of the shareholder proposal requires the affirmative vote of a majority of the votes cast on the proposal by shareholders who are present, either in person or vesting correspondingby proxy, and entitled to vote at the degree of achievement only as specified in writing by the Compensation Committee. These performance criteria may be stated in absolute terms, relative to one or more peer companies, as increases over past time periods, as ratios (such as earnings per share), or as returns over a period of timeannual meeting. Abstentions and broker non-votes will have no effect on the outcome of the performance goals must be substantially uncertain at the time established by the Committee. The performance goals and periods could vary from participant to participant and from time to time. To the extent required under Section 162(m) of the Internal Revenue Code, the Compensation Committee shall,vote.
[MISSING IMAGE: tm223490d1-ic_against4c.jpg]
THE BOARD RECOMMENDS THAT YOU VOTE “AGAINST” PROPOSAL 4 REGARDING AN INDEPENDENT BOARD CHAIRMAN.

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FORWARD-LOOKING STATEMENTS
This proxy statement contains forward-looking statements within the first 90 daysmeaning of the applicable performance period (or, if shorter, within the maximum period allowed under Section 162(m) of the Internal Revenue Code), define in an objective manner the method of calculating the performance criteria it selects to use for the performance period.

        Except as otherwise permitted by Section 162(m) of the Internal Revenue Code, in no event could any discretionary authority granted to the Compensation Committee under the Omnibus Incentive Plan be used to grant or provide payment in respect of performance compensation awards for which performance goals had not been attained, increase a performance compensation award for any participant at any time after the first 90 days of the performance period (or, if shorter, within the maximum period allowed under Section 162(m) of the Internal Revenue Code) or increase a performance compensation award above the maximum amount payable under the underlying award.

        The Compensation Committee may, in its sole discretion, reduce or eliminate the amount of a performance compensation award earned in a particular performance period, even if applicable performance goals had been attained and without regard to any employment agreement between the Company and a participant.

Eligible Participants

        Any officer, employee, director or consultant (including any prospective officer, employee, director or consultant) of the Company or its subsidiaries is eligible to participate in the Omnibus Incentive Plan. As of April 15, 2016, we had 1,242 eligible participants under the Omnibus Incentive Plan. The Compensation Committee has the sole authority to select persons eligible to receive awards under the Omnibus Incentive Plan. Performance-based awards made to covered employees under the Omnibus Incentive Plan are intended to qualify as performance-based compensation under Section 162(m) of the Internal Revenue Code. For this purpose, covered employees are our chief executive officer and our other three most highly-compensated executive officers other than our chief executive officer and our principal financial officer.


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Award Limits

        The Omnibus Incentive Plan contains the following limits on performance-based compensation:

    Incentive Stock Options (ISOs).  Subject to adjustments that the Compensation Committee may make upon future stock splits, share dividends and certain other transactions, the maximum aggregate number of shares available to grant ISOs is 450,000. As a result of adjustments to date relating to the Company's prior stock splits, that limit has increased to 900,000 shares.

    Options or Stock Appreciation Rights (SARs).  Subject to adjustments that the Compensation Committee may make upon future stock splits, share dividends and certain other transactions, the number of shares available to grant Options or SARS to any one individual may not exceed 450,000 shares during any one fiscal year period. As a result of adjustments to date relating to the Company's prior stock splits, that limit has increased to 900,000 shares for any fiscal year.

    Restricted Stock Awards or RSUs.  Subject to adjustments that the Compensation Committee may make upon future stock splits, share dividends and certain other transactions, the total number of shares that may be granted as restricted stock awards or RSUs intended to qualify as performance-based compensation under Section 162(m) of the Internal Revenue Code to a participant who is a covered employee may not exceed 250,000 shares for any fiscal year. As a result of adjustments to date relating to the Company's prior stock splits, that limit has increased to 500,000 shares for any fiscal year.

    Performance Units.  For performance unit awards that are intended to be performance-based compensation under Section 162(m) of the Internal Revenue Code, no more than $5,000,000 may be granted any one individual during any one fiscal year period.

    Performance Bonuses.  For performance bonuses that are intended to be performance-based compensation under Section 162(m) of the Internal Revenue Code, no more than $5,000,000 may payable to any one individual for a fiscal year. That the maximum performance bonus payable to any eligible individual that becomes designated for a performance bonus after the beginning of a performance period is reduced on a pro rata basis for the number of days during the fiscal year that the individual was not a covered employee designated by the Compensation Committee as eligible for a performance bonus.

Amendment Clarifying Performance Goals

        On March 9, 2016, the Compensation Committee approved the adoption of an amendment to the Omnibus Incentive Plan effective June 16, 2016, subject to approval by our shareholders. The amendment makes the following clarifications to the performance goals on which performance-based compensation under the Omnibus Incentive Plan may be determined:

    Performance goals may be stated in terms of a specified improvement in a performance goal; and

    Performance goals may relate to a Member Company or an Affiliate or any combination of one or more Member Companies or Affiliates.

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General Description of Other Terms of the Omnibus Incentive Plan

Plan Administration

        The Omnibus Incentive Plan will be administered by the Compensation Committee of our board of directors, or such other committee our board designates to administer the Omnibus Incentive Plan. Subject to the terms of the Omnibus Incentive Plan and applicable law, the Compensation Committee has sole authority to administer the Omnibus Incentive Plan, including, but not limited to, the authority to (1) select the persons eligible to receive awards; (2) determine the type or types of awards to be granted; (3) determine the number of shares of common stock to be covered by awards or with respect to which payments, rights or other matters are to be calculated in connection with awards; (4) determine the terms and conditions of any awards; (5) determine the vesting schedules of awards and, if certain performance criteria must be attained in order for an award to vest or be settled or paid, establish such performance criteria and certify whether, and to what extent, such performance criteria have been attained; (6) determine the fair market value of shares under the Omnibus Incentive Plan; (7) determine whether, to what extent and under what circumstances awards may be settled or exercised in cash, common stock, other securities, other awards or other property, or canceled, forfeited or suspended and the method or methods by which awards may be settled, exercised, canceled, forfeited or suspended; (8) prescribe, amend or rescind rules, guidelines and policies relating to the plan or adopt sub-plans or supplements to, or alternative versions of, the Omnibus Incentive Plan, including, without limitation, to comply with laws or regulations of or to accommodate the tax policy, accounting principles or customs of, foreign jurisdictions where persons may be granted awards; (9) interpret, administer, reconcile any inconsistency in, correct any default in and/or supply any omission in, the Omnibus Incentive Plan and any award made under, the Omnibus Incentive Plan; and (10) make any other determination and take any other action that the Compensation Committee deems advisable to the extent not inconsistent with the provisions of the Omnibus Incentive Plan. All action by the Compensation Committee shall be consistent with the Articles of Incorporation and By-Laws of the Company and any applicable state corporate law. The Compensation Committee may, except to the extent prohibited by applicable law or the listing standards of the NASDAQ, allocate all or any portion of its responsibilities and powers to any one or more of its members or to any officer selected by it. However, the Compensation Committee may not delegate its responsibilities and powers if such delegation would cause an award made to an individual subject to Section 1627A of the Securities andAct of 1933, as amended, Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") not to qualify for an exemption from Section 16(b)and the Private Securities Litigation Reform Act of the Exchange Act. In addition, it may not delegate its authority with respect to grants intended to qualify as performance-based compensation, except to the extent permitted by Section 162(m) of the Internal Revenue Code. Any and all actions, decisions or determinations taken1995. Forward-looking statements can be identified by the Compensation Committeefact that they address future events, developments or results and do not relate strictly to historical facts. Any statements contained in exercisethis proxy statement that are not statements of its discretion under the Omnibus Incentive Plan shall be final, binding and conclusive on all persons having an interest therein.

Types of Awards

        The Omnibus Incentive Plan provides for the grant of options intended to qualify as incentive stock options (ISOs) under Section 422 of the Internal Revenue Code, nonqualified stock options (NSOs), stock appreciation rights (SARs), restricted stock awards, restricted stock units (RSUs), performance bonuses, performance units, non-employee director stock options and other equity-based and equity-related awards.

Stock Options

        A stock option is a right to purchase a specific number of shares of common stock under specific terms, conditions and price. Stock options may either be ISOs or NSOs. ISOshistorical fact may be granted onlydeemed to

be forward-looking statements. Forward-looking statements include, without limitation, statements preceded by, followed by or including words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “view,” “target” or “estimate,” “may,” “will,” “should,” “predict,” “possible,” “potential,” “continue,” “strategy,” and similar expressions.

TableFor example, our forward-looking statements include statements regarding our expectations about our business plans, strategies and initiatives; our expectations regarding the impact of Contents

employeesthese initiatives and various management and corporate governance changes on our business prospects, and Board governance and oversight; our plans and expectations relating to strategic investments in key areas of Company or its subsidiaries. NSOs may be granted to employees, directorsour business, including without limitation investments in associate wages, enhanced safety and consultants. The Compensation Committee determines the exercise price of the shares of common stock covered by each stock option (the "Option Exercise Price"), except that the Option Exercise Price may not be less than 100% of the fair market value of common stock on the date such stock option is granted and except that the Option Exercise Price of an ISO granted to a 10% shareholder may not be less than 110% of the fair market value of the common stock on the date such ISO is granted. The aggregate fair market value (determined at the time an ISO is granted) of the common stock with respect to which ISOs are exercisable for the first time by an employee during any calendar year (under all stock option plans of the Company) may not exceed $100,000, or such other amount as may be prescribed under the Internal Revenue Code or applicable regulations and rulings from time to time. The Compensation Committee also sets the term of each stock option, which may not be greater than 10 years; however, in the case of an ISO granted to a 10% shareholder, the term of the option may be not more than five years from the date of grant. The Compensation Committee determines the vesting scheduleworking conditions, improved technology systems, improved store standards and the natureoverall productivity and extentefficiency of any restrictionsour stores; our expectations regarding the role of our Chairman & CEO, management team and Board in driving transformational change and long-term shareholder value creation; our estimates of potential amounts to be imposed on the shares of common stock which may be purchased thereunder. The Compensation Committee may not reprice any option granted under the Omnibus Incentive Plan without the approval of our shareholders. Under the Omnibus Incentive Plan, all ISOs and NSOs may qualify as "performance-based compensation" under Section 162(m) of the Internal Revenue Code.

        The Option Exercise Price for the shares must be paid in full at the time of exercise. Payment may be made by cashto executives upon a termination or cash equivalents or, if permitted in an award agreement, by previously acquired shares of common stock, simultaneous sale through a broker of common stock acquired on exercise, or a combination of the foregoing.

Non-Employee Stock Options

        To the extent approved by the Compensation Committee (or, if required by applicable law, the Board), non-employee director stock options are automatically granted to the non-employee directors of the Company on the business day following each year's annual shareholders meeting (the "Grant Date"). However, non-employee director options will be granted solely at the discretion of the Compensation Committee if either (i) a non-employee director was an employee of the Company at any time during that calendar year that includes the Grant Date or (ii) a non-employee director is first elected to our board of directors after the Grant Date but before the next annual meeting of the shareholders. The exercise price of all non-employee director options is the fair market value of the Company's common stock on the date of grant. The Compensation Committee may not reprice any non-employee director stock options after the Grant Date. Not more than 750,000 shares may be granted as non-employee director stock options. As a result of adjustments to date relating to the Company's prior stock splits, that limit has increased to 1,500,000 shares.

Stock Appreciation Rights

        The Compensation Committee may grant SARs under the Omnibus Incentive Plan. The exercise price for SARs shall not be less than the fair market value of our shares of common stock on the grant date. Upon exercise of a SAR, the holder will receive cash, shares of common stock, other securities, other awards, other property or a combination of any of the foregoing, as determined by the Compensation Committee, equal in value to the excess, if any, of the fair market value of a share of common stock on the date of exercise of the SAR over the exercise price of the SAR. SARs shall vest and become exercisable as set forth in the award agreement. Subject to the provisions of the Omnibus Incentive Plan and the applicable award agreement, the Compensation Committee will determine, at or after the grant of a SAR, the vesting criteria, term, methods of exercise, methods and form of settlement and any other terms and conditions of any SAR. No SAR granted under the Omnibus


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Incentive Plan may be exercised more than ten (10) years after the date of grant. The Compensation Committee may not reprice any SAR granted under the Omnibus Incentive Plan. Under the Omnibus Incentive Plan, all SARs may qualify as "performance-based compensation" under Section 162(m) of the Internal Revenue Code.

        SARs and stock options can be granted at the same time (a "tandem" grant) covering the same or different number of shares but with the same exercise price and are exercisable at the same time. Upon exercise of tandem SARs, the same number of tandem stock options are cancelled, and upon exercising tandem stock options, the same number of related SARs are cancelled.

Restricted Stock Awards and Restricted Stock Units

        Subject to the provisions of the Omnibus Incentive Plan, the Compensation Committee may grant restricted stock awards and RSUs. Restricted stock awards are shares of common stock, the vesting and transferability of which are subject to such requirements as the Compensation Committee may determine. These requirements may include continued services for a specified period and achievement of performance goals. RSUs are grants representing a specified number of hypothetical shares of common stock, the vesting of which is subject to such requirements as the Compensation Committee may determine. These requirements may include continued services for a period of time and achievement of performance goals. For both restricted stock awards and RSUs, if vesting conditions are performance based, then the vesting period must be for a minimum of one year, and if the vesting conditions are not performance based, then the vesting period must be for a minimum period of three years.

        Restricted stock awards and RSUs may not be sold, assigned, transferred, pledged or otherwise encumbered except as provided in the Omnibus Incentive Plan or the applicable award agreement. Restricted stock shall evidence any transfer restrictions in such manner as the Compensation Committee determines.

        An RSU shall be granted with respect to one share of common stock, or have a value equal to the fair market value of one such share. Upon the lapse of vesting conditions applicable to an RSU, the RSU could be paid in cash, shares of common stock, other securities, other awards or other property, as determined by the Compensation Committee, or in accordance with the applicable award agreement.

        In connection with each grant of restricted stock, except as provided in the applicable award agreement, the holder shall be entitled to the rights of a shareholder with respect to such restricted shares, including the right to vote and receive cash dividends. In the event that cash dividends are paid on restricted stock, such dividend payments will be held by the Company and the participant's right to such payments shall vest when the underlying restricted stock vests. A participant to whom RSUs are granted will not have any rights as a shareholder with respect to the units, unless and until they are settled in shares of common stock. Dividend equivalents generally are not paid on RSUs. The Compensation Committee has discretion to provide that RSUs will earn dividend equivalents. Any dividend equivalent paid based on an RSU is converted into additional RSUs and the converted RSUs vest at the same rate as the underlying RSUs on which the dividend equivalent was paid.

Performance Bonuses

        Subject to the provisions of the Omnibus Incentive Plan, the Compensation Committee may grant cash incentive awards payable upon the attainment of performance goals. The performance bonuses are intended to qualify as performance-based compensation under Section 162(m) of the Internal


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Revenue Code, which requirements are described above. Subject to an election duly and validly made by a participant to defer payment of a performance bonus that complies with Internal Revenue Code Section 409A, a performance bonus is paid in cash no later than the April 15th of the Company's fiscal year immediately following the end of the applicable performance period. A participant must be employed by the Company on the payment date in order to receive the performance bonus.

Performance Units

        Subject to the provisions of the Omnibus Incentive Plan, the Compensation Committee may grant to participants performance units as a right to a fixed or variable number of shares of stock, a cash payment for a value of such shares of stock, or dollar denominated units. Performance units may be subject to vesting or other restrictions as the Compensation Committee sets forth in an award agreement. The minimum vesting period for performance units is one year. The performance units may be paid in stock, cash or a combination of both.

Other Awards

        Subject to the provisions of the Omnibus Incentive Plan, the Compensation Committee may grant to participants other equity-based or equity-related compensation awards. The Compensation Committee shall determine the amounts and terms and conditions of any such awards.

Elective Share Withholding

        A participant may elect to have shares withheld in an amount required to satisfy the minimum federal, state and local tax withholding requirements upon the exercise of an option or SAR, the vesting of RSUs or any other taxable event. The shares withheld shall have a fair market value not to exceed the estimated tax liability of the participant with respect to the exercise or vesting.

Transferability

        In general, each award under the Omnibus Incentive Plan is not assignable or transferable other than by will or the laws of descent and distribution. Our board, in its discretion, may grant NSOs to a non-employee director that can be transferred in the form and manner permitted by our board.

Forfeitability; Cancellation and Rescission of Awards; Reimbursements

        Subject to exceptions for death and disability, a participant will forfeit all unexercised options three months after termination of employment or service unless the Compensation Committee determines otherwise. In addition, a participant will immediately forfeit all unexercised options if the participant is terminated for Cause (as defined in the Omnibus Incentive Plan) or if during any period that the options remain exercisable, the participant engages in any act that would constitute Cause. The Compensation Committee may provide in an award agreement that upon certain events, such as termination for Cause, that benefits with respect to an award shall be subject to reduction, cancellation, forfeiture or recoupment. To the extent required under Section 304 of the Sarbanes-Oxley Act of 2002 or the Dodd-Frank Wall Street Reform and Consumer Protection Act, certain participants may be required to reimburse the Company for payments or other incentive compensation received under the Omnibus Incentive Plan.


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Adjustments for Certain Events

        The Compensation Committee will make proportional adjustments to the maximum number of shares of common stock that may be delivered under the Omnibus Incentive Plan and to outstanding awards to reflect stock dividends, recapitalizations, stock splits, reverse stock splits, reorganizations, mergers, consolidations, spin-offs, share combinations or similar corporate transactions or events affecting the common stock of the Company.

Amendment and Termination of the Omnibus Incentive Plan

        Subject to any applicable law or government regulation, the Omnibus Incentive Plan may be amended, modified or terminated by the Compensation Committee at any time. However, no amendment of the Compensation Committee will become effective without shareholder approval if such approval is necessary purposes of Section 162(m) or 422 of the Internal Revenue Code, Rule 16b-3 of the Exchange Act, the rules of the NASDAQ or such other applicable laws, rules or regulations. Except to the extent necessary to conform the Omnibus Incentive Plan or an award agreement to any present or future law, regulations or rules applicable to the Omnibus Incentive Plan, including but not limited to Internal Revenue Code Section 409A, no amendment, suspension or termination of the Omnibus Incentive Plan may adversely affect any then outstanding Awards without the consent of the affected participant.

Change in Control

        The Omnibus Incentive Plan provides that, subject to the terms of an award agreement or a separate employment or retention agreement, in the event of a change in control (as defined in the Omnibus Incentive Plan)event; and our plans, expectations, initiatives, commitments, goals and reporting relating to environmental, social and governance matters, including without limitation climate change, environmental sustainability, product safety, human capital management and diversity, equity and inclusion matters.

A forward-looking statement is neither a prediction nor a guarantee of the Company, each outstanding stock award shall be assumedfuture results, events or an equivalent stock award substituted by the successor corporation. If the successor corporation refuses to assume or substitute the stock awards, the Compensation Committee may provide thatcircumstances. You should not place undue reliance on forward-looking statements, which speak only as of the date the change in control was determinedof this proxy statement. These statements are subject to have occurred:

    any optionsvarious risks and SARs outstanding would become fully exercisable and vested immediately prior to the change in control;

    all restricted stock awards and RSUs will vest in full; and

    all performance units and other awards would be deemed fully earned atuncertainties. For a level determined in the sole discretiondiscussion of the Compensation Committee.

        Inrisks, uncertainties and assumptions that could affect our future events, developments or results, you should carefully review the event“Risk Factors,” “Business” and “Management’s Discussion and Analysis of a changeFinancial Condition and Results of Operations” sections in control,our Annual Report on Form 10-K filed March 20, 2024, and our other filings with the Compensation Committee may, in its sole discretion, accelerate the vesting or exercisability of any stock award. Unless otherwise stated in a participant's award agreement or a separate employment agreement or retention agreement, if the participant is involuntarily terminated without Cause within twenty-four months of a change in control, then (i) the participant's options and SARs will become fully vested and exercisable, (ii) all restricted stock awards and RSUs will become fully vested, and (iii) all performance units and other awards will be deemed fully earned and payable at the target level. Notwithstanding, to the extent an award agreement conditions vesting on satisfaction of performance goals, the award will not vest in full until such performance goals are satisfied.

        In addition, upon a change in control, the Compensation Committee may decide, without the consent of any participant, to cancel all or part of any stock award in exchange for payment in cash,


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stock of a corporation or other business entity that is a party to the change in control, or other property.

Excess Parachute Payments

        Unless a separate employment or retention agreement between the company and a participant provides differently, then in the event that any award results in a benefit or payment under the Omnibus Incentive Plan that is subject to any excise tax pursuant to Internal Revenue Code Section 4999 because the acceleration of the award is treated as an "excess parachute payment" under Internal Revenue Code Section 280G, then the amount of accelerated vesting will be reduced in order to avoid payment of the excise tax imposed under Internal Revenue Code Section 4999.

Term of the Omnibus Incentive Plan.

        No award may be granted under the Omnibus Incentive Plan after March 17, 2021.

Certain Federal Tax Aspects of the Omnibus Incentive Plan

        The following summary describes the federal income tax treatment associated with options awarded under the Plan.

        The summary is based on the law as in effect on April 15, 2016. The summary does not discuss state, local or non-U.S. tax consequences.SEC. The Company does not intend and undertakes no obligation to update or publicly release any revision to any such forward-looking statements, whether as a result of the receipt of new information, the occurrence of subsequent events, a change of circumstance or otherwise.

OTHER MATTERS
Director Nominations and Shareholder Proposals for the summary2025 Annual Meeting using Proxy Access
Our proxy access bylaw permits a shareholder, or a group of shareholders, owning at least three percent (3%) of our outstanding common stock continuously for at least three years, to constitute tax advicenominate and include in our proxy materials director nominees which shall not exceed the greater of two (2) directors or twenty-five percent (25%) of the Board (rounded down), provided that the shareholders and nominees have complied with the requirements set forth in our bylaws. For a description of the procedures to any recipientnominate persons to be director, see “Shareholder Nomination of an award underDirectors” below. Notice of proxy access director nominees must be received no earlier than February 20, 2025 and no later than March 22, 2025. In addition to satisfying the Omnibus Incentive Plan or to anynotice and other person. Each individual should seek tax advicerequirements of our bylaws with respect to the consequencesnomination of participatingdirector candidates, shareholders who intend to solicit proxies in support of director nominees, other than the Company’s nominees, must also comply with the requirements of Rule 14a-19 under the Exchange Act relating to universal proxies.
Shareholder proposals under Rule 14a-8 for other items of business at the annual meeting of shareholders to be held in 2025 will not be included in our proxy statement for that meeting unless

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received by the Corporate Secretary at our principal executive offices in Chesapeake, Virginia, on or prior to close of business on January 7, 2025. Such proposals must contain the information and meet the requirements set forth in our bylaws and in Rule 14a-8 of the under the Securities Exchange Act of 1934 relating to shareholder proposals.
Notice of a shareholder proposal submitted outside of the processes of Rule 14a-8, including nominations of director candidates other than pursuant to the proxy access bylaw described above, must be received by the Corporate Secretary at our principal executive offices in Chesapeake, Virginia no earlier than February 20, 2025 and no later than March 22, 2025.
Shareholder Nomination of Directors
Shareholders generally can nominate persons to be directors by following the procedures set forth in our bylaws. In short, these procedures require the shareholder to deliver a written notice containing certain required information in a timely manner to our Corporate Secretary at our corporate headquarters address, which is located at 500 Volvo Parkway, Chesapeake, VA 23320. The notice must contain all of the information required by our bylaws, including information about the shareholder proposing the nominee and about the nominee. In addition to satisfying the notice and other requirements of our bylaws, shareholders who intend to solicit proxies in support of director nominees, other than the Company’s nominees, must also comply with the requirements of Rule 14a-19 under the Securities Exchange Act of 1934, as amended, relating to universal proxies. A copy of our bylaws can be found online at www.dollartreeinfo.com/corporate-governance.
Each shareholder’s notice to the Corporate Secretary must include, among other things:

the name and address of record of the shareholder who intends to make the nomination;

a representation that the shareholder is a shareholder of record of our Company’s capital stock and intends to appear in person or by proxy at such meeting to nominate the person or persons specified in the Omnibus Incentive Plan from notice;

the class and number of shares of our capital stock beneficially owned by the shareholder; and

a description of all arrangements or understandings between such shareholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nomination or nominations are to be made by such shareholder.
For each person nominated, the notice to the Corporate Secretary must also include, among other things:

the name, age, business address and, if known, residence address, of the nominee;

his or her personal tax advisor.

Incentive Stock Options

        Neither principal occupation or employment;


the grant nor the exercise of an ISO results in taxable income to the optionee for regular federal income tax purposes. However, an amount equal to (i) the per-share fair market value on the exercise date minus the exercise price at the time of grant multiplied by (ii) theclass and number of shares with respectof our capital stock beneficially owned by such person;

any other information relating to whichsuch person that is required to be disclosed in solicitations of proxies for election of directors or is otherwise required by the ISO is being exercised will count as "alternative minimum taxable income" which, depending on the particular facts, could result in liability for the "alternative minimum tax" or AMT. If the optionee does not disposerules and regulations of the shares issued pursuantSEC promulgated under the Securities Exchange Act of 1934, as amended; and

the written consent of such person to be named in the exercise of an ISO until the later of the two-year anniversary of the date of grant of the ISO and the one-year anniversary of the date of the acquisition of those shares, then (a) upon a later sale or taxable exchange of the shares, any recognized gain or loss would be treated for tax purposesproxy statement as a long-term capital gain or lossnominee and (b) the Company would not be permitted to takeserve as a deduction with respect to that ISO for federal income tax purposes.

        If shares acquired upon the exercise of an ISO were disposed of prior to the expiration of the two-year and one-year holding periods described above (a disqualifying disposition), generally the optionee would realize ordinary income in the year of disposition in an amount equal to the lesser of (i) any excess of the fair market value of the shares at the time of exercise of the ISO over the amount paid for the shares or (ii) the excess of the amount realized on the disposition of the shares over the participant's aggregate tax basis in the shares (generally, the exercise price). A deduction would be available to the Company equal to the amount of ordinary income recognized by the optionee. Any further gain realized by the optionee will be taxed as short-term or long-term capital gain and would not result in any deduction by the Company. A disqualifying disposition occurring in the same calendar year as the year of exercise would eliminate the alternative minimum tax effect of the ISO exercise.


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        Special rules may apply where all or a portion of the exercise price of an ISO is paid by tendering shares, ordirector if the shares acquired upon exercise of an ISO are subject to substantial forfeiture restrictions. The foregoing summary of tax consequences associated with the exercise of an ISO and the disposition of shares acquired upon exercise of an ISO assumes that the ISO is exercised during employment or within three months following termination of employment. The exercise of an ISO more than three months following termination of employment will result in the tax consequences described below for NSOs, except that special rules apply in the case of disability or death. An individual's stock options otherwise qualifying as ISOs will be treated for tax purposes as NSOs (not as ISOs) to the extent that, in the aggregate, they first become exercisable in any calendar year for stock having a fair market value (determined as of the date of grant) in excess of $100,000.

Non-Statutory Stock Options

        An NSO (that is, a stock option that does not qualify as an ISO) would result in no taxable income to the optionee or deduction to the Company at the time it is granted. An optionee exercising an NSO would, at that time, realize taxable compensation equal to (i) the per-share fair market value on the exercise date minus the exercise price multiplied by (ii) the number of shares with respect to which the option is being exercised. If the NSO was granted in connection with employment, this taxable income would also constitute "wages" subject to withholding and employment taxes. A corresponding deduction would be available to the Company. The foregoing summary assumes that the shares acquired upon exercise of an NSO option are not subject to a substantial risk of forfeiture.

Plan Benefits

        Since future awards under the Omnibus Incentive Plan are discretionary, it is impossible to determine who will receive awards and in what amounts in the event the Omnibus Incentive Plan is approved. However, it is anticipated that the executive officers and, under some circumstances, other selected employees will continue to receive awards.

        As of April 15, 2016, 315,568 shares were reserved for issuance under the Omnibus Incentive Plan in connection with outstanding stock options, with a weighted average exercise price of $20.23 per share and a weighted-average remaining term of 4.8905 years, and 1,520,367 shares were reserved for issuance as to other awards made pursuant to the Omnibus Incentive Plan. The closing price of our common stock on April 15, 2016, as reported by the Nasdaq Stock Market, was $81.75 per share.

Vote Required

        The proposed amendment to, and re-approval of, the previously approved material terms of the performance goals under the Omnibus Incentive Plan will be adopted at the meeting, if the votes cast "FOR" the proposal exceed the votes cast "AGAINST" it. The proposal does not otherwise change the terms of the performance measures or increase the award limits.

THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"
PROPOSAL 4 APPROVING AN AMENDMENT TO, AND RE-APPROVING, THE MATERIAL
TERMS OF THE PERFORMANCE GOALS UNDER THE OMNIBUS INCENTIVE PLAN.

elected.

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OTHER MATTERS

Copies of Form 10-K Available

We will provide a copy of our Annual Report on Form 10-K for our fiscal year ended January 30, 2016,February 3, 2024, as filed with the Securities and Exchange Commission,SEC, which includes our consolidated financial statements and notes to our

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financial statements, to any shareholder upon written request. The exhibits to the Form 10-K will be furnished upon request and upon payment of the cost of reproduction. Requests should be sent to the Corporate Secretary, at our corporate offices, 500 Volvo Parkway, Chesapeake, Virginia 23320. Our SEC filings, including exhibits, are also available online at our companyCompany website, www.DollarTreeinfo.com, underwww.corporate.dollartree.com/investors/sec-filings.

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Appendix A
Reconciliation of Non-GAAP Financial Measures
(In millions)
(Unaudited)
The “Compensation Discussion and Analysis” above contains certain non-GAAP financial measures, including adjusted operating income, which are used to determine the heading "Investor Relations."

achievement of the performance metrics used for the Company’s incentive programs. These non-GAAP financial measures should not be used as a substitute for GAAP financial measures. The table below provides a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.
Year Ended
(in millions)
February 3,
2024
January 28,
2023
January 29,
2022
Total revenue (GAAP)$30,603.828,331.726,321.2
Cost of sales (GAAP)21,272.019,396.318,583.9
SG&A (GAAP)10,213.66,699.15,925.9
Operating Income (GAAP)(881.8)$2,236.3$1,811.4
SG&A Adjustments:
Incentive compensation adjustments, net2,666.775.241.2
Adjusted Operating Income (Non-GAAP)1,784.82,311.51,852.6


By order of the Board of Directors,



GRAPHIC
William A. Old, Jr.
Corporate Secretary



Chesapeake, Virginia
May 18, 2016
A-1


[MISSING IMAGE: px_24dollartreepxy01pg01-bw.jpg]
DOLLAR TREE, INC.

OMNIBUS INCENTIVE PLAN

(as adjustedINC.500 VOLVO PKWYCHESAPEAKE, VIRGINIA 23320 SCAN TOVIEW MATERIALS & VOTE Use the Internet to transmit your voting instructions and for electronic delivery of information.Prior To The Meeting - Go to www.proxyvote.com or scan the 2-for-1 stock splitQR Barcode aboveHave your proxy card in hand when you access the web site and follow the instructions toobtain your records and to create an electronic voting instruction form. Vote by 11:59 p.m.Eastern Time on June 26, 2012)

1.     Establishment, Purpose and Term of Plan.

1.1  Establishment.    19, 2024.During The Dollar Tree, Inc. Omnibus Incentive Plan (the "Plan")Meeting - Go to www.virtualshareholdermeeting.com/DLTR2024You may vote during the meeting by following the instructions available on the meetingwebsite. Have the information that is hereby established effective as of March 17, 2011, beingprinted in the date the Plan was adoptedbox marked by the Board (the "Effective Date"). The Plan was approved byarrow available andfollow the shareholders of the Companyinstructions.VOTE BY PHONE - 1-800-690-6903Use any touch-tone telephone to transmit your voting instructions up until 11:59 p.m.Eastern Time on June 16, 2011 (the "Approval Date"). The Plan constitutes19, 2024. Have your proxy card in hand when you call and thenfollow the mergerinstructions.VOTE BY MAILMark, sign and date your proxy card and return it in the postage-paid envelope we haveprovided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood,NY 11717. TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: V46771-P05217 KEEP THIS PORTION FOR YOUR RECORDS THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. DETACH AND RETURN THIS PORTION ONLY DOLLAR TREE, INC.The Board of Directors recommends you vote FOR the Dollar Tree, Inc. 2003 Equity Incentive Plan, the Dollar Tree, Inc. 2003 Non-Employee Director Stock Option Plan and the Dollar Tree, Inc. 2004 Executive Officer Equity Plan (the "Prior Plans") effective asfollowing: 1. Election of the Approval Date. Notwithstanding the foregoing, all grants of any awards under the Prior Plans before the Approval Date shall be governed under the terms and conditions of the Prior Plans. This Plan also replaces and supersedes the 2004 Executive Officer Cash Bonus Plan (the "Cash Bonus Plan") as of the Approval Date;provided, however, all grants of any awards under the Cash Bonus Plan before the Approval Date shall be governed under the terms and conditions of the Cash Bonus Plan.

1.2  Purpose.    The purposes of the Plan are to (i) advance the interests of the Company and its shareholdersDirectors For Against Abstain! ! !! ! !! ! !! ! !! ! !! ! !! ! !! ! !! ! !! ! !1a. Richard W. DreilingNominees:1d. Paul C. Hilal1b. Cheryl W. Grisé1c. Daniel J. Heinrich1g. Jeffrey G. Naylor1e. Edward J. Kelly, III1f. Mary A. Laschinger1h. Winnie Y. Park1j. Bertram L. Scott1i. Diane E. Randolph1k. Stephanie P. Stahl! ! ! For Against AbstainFor Against Abstain2. To approve, by providing incentives to attract, retain and reward persons performing services for the Member Companies; (ii) to motivate Participants, by means of appropriate incentives, to contribute to the growth and profitability of the Member Companies; (iii) provide incentive compensation opportunities that are competitive with those of similar companies; and (iv) further identify Participants' interests with thosea non-binding advisory vote, thecompensation of the Company's shareholders through compensation that is based onnamed executiveofficers.3. To ratify the Company's stock. The Company intends that Awards granted pursuant to the Plan be exempt from or comply with Section 409A, and the Plan shall be construed and interpreted as necessary to achieve that intent.

1.3  Term of Plan.    The Plan shall continue in effect until its termination by the Committee;provided, however, that, to the extent required by applicable law, all Awards shall be granted, if at all, within ten (10) years from the date the Plan is adopted by the Board.

2.     Definitions and Construction.

2.1  Definitions.    Whenever used herein, the following capitalized terms shall have their respective meanings set forth below:

    (a)   "Affiliate" means (i) an entity, other than a Parent Corporation, that directly, or indirectly through one or more intermediary entities, controls the Company or (ii) an entity, other than a Subsidiary Corporation, that is controlled by the Company directly or indirectly through one or more intermediary entities. For this purpose, the term "control" (including the term "controlled by") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of the relevant entity, whether through the ownership of voting securities, by contract or otherwise.


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    (b)   "Award" means any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit, Performance Bonus, Performance Unit, or Other Award granted under the Plan.

    (c)    "Award Agreement" means a written or electronic agreement between the Company and a Participant setting forth the terms, conditions and restrictions of the Award granted to the Participant.

    (d)   "Board" means the Board of Directors of the Company.

    (e)    "Cause" means, unless such term or an equivalent term is otherwise defined with respect to an Award in the Participant's Award Agreement or by a written contract of employment or service, any of the following: (i) the Participant's theft, dishonesty, willful misconduct, breach of fiduciary duty for personal profit, or falsification of any Member Company documents or records that has a material adverse effect on a Member Company; (ii) the Participant's material failure to abide by a Member Company's code of conduct or other policies (including, without limitation, policies relating to confidentiality and reasonable workplace conduct); (iii) the Participant's unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate opportunity of a Member Company (including, without limitation, the Participant's improper use or disclosure of a Member Company's confidential or proprietary information); (iv) any intentional act by the Participant which has a material detrimental effect on a Member Company's reputation or business; (v) the Participant's repeated failure or inability to perform any reasonable assigned duties after written notice from a Member Company of, and a reasonable opportunity to cure, such failure or inability; (vi) any material breach by the Participant of any employment, service, non-disclosure, non-competition, non-solicitation or other similar agreement between the Participant and a Member Company, which breach is not cured pursuant to the terms of such agreement; or (vii) the Participant's conviction (including any plea of guilty or nolo contendere) of any criminal act involving fraud, dishonesty, misappropriation or moral turpitude which has a material adverse effect on a Member Company or which impairs the Participant's ability to perform his or her duties with a Member Company.

    (f)     "Change in Control" means, unless such term or an equivalent term is otherwise defined in the Award Agreement of a Participant who is not a "named executive officer" as defined under Item 402(a)(3) of Regulation S-K of the Exchange Act, the occurrence of any of the following:

      i.      The sale, exchange or other transfer of all or substantially all of the assets of the Company (in one transaction or in a series of related transactions) to a corporation that is not controlled by the Company; or

      ii.     The liquidation or dissolution of the Company; or

      iii.    A successful tender offer for the Stock of the Company, after which the tendering party holds more than 50% of the issued and outstanding Stock of the Company; or

      iv.    A merger, consolidation, share exchange, or other transaction to which the Company is a party pursuant to which the holders of all the shares of Stock outstanding prior to such transaction do not hold, directly or indirectly, at least 50% of the outstanding shares of the surviving company after the transaction.


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      Notwithstanding the foregoing:

      v.     With respect to an Employee who entered into a retention agreement with the Company prior to the date the Company's shareholders first approve this Plan, the term "Change in Control" shall have the meaning set forth in such retention agreement and no provision of this Plan shall abrogate any provision or right set forth in such retention agreement; and

      vi.    To the extent that any amount constituting Section 409A Deferred Compensation would become payable under this Plan by reason of a Change in Control, such amount shall become payable only if the event constituting a Change in Control would also constitute a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Section 409A and Treasury Regulations § 1.409A-3(i)(5)(v), (vi) & (vii).

    (g)   "Code" means the Internal Revenue Code of 1986, as amended, and any applicable regulations promulgated thereunder.

    (h)   "Committee" means a committee appointed by the Board pursuant to Section 3 of the Plan.

    (i)     "Company" means Dollar Tree, Inc., a Virginia corporation, or any successor corporation thereto.

    (j)     "Consultant" means a natural person engaged to provide consulting or advisory services (other than as an Employee or a Director) to a Member Company.

    (k)    "Covered Employee" means an Employee who is a "covered employee" as defined under Section 162(m).

    (l)     "Director" means a member of the Board.

    (m)  "Disability" means the permanent and total disability of a person within the meaning of Section 22(e)(3) of the Code.

    (n)   "Dividend Equivalent Right" means the right of a Participant, granted at the discretion of the Committee or as otherwise provided by the Plan, to receive a credit for the account of such Participant in an amount equal to the cash dividends paid on one share of Stock for each share of Stock represented by an Award held by such Participant.

    (o)   "Employee" means any natural person treated as a common law employee in the personnel records of a Member Company. The Company shall determine in the exercise of its discretion whether an individual has become or has ceased to be an Employee and the effective date of such individual's employment or termination of employment, as the case may be. For purposes of an individual's rights, if any, under the terms of the Plan as of the time of the Company's determination of whether or not the individual is an Employee, all such determinations by the Company shall be final, binding and conclusive as to such rights, if any, notwithstanding that the Company or any court of law or governmental agency subsequently makes a contrary determination as to such individual's status as an Employee. Service as a Director or payment of a director's fee by a Member Company shall not be sufficient to constitute "employment" by a Member Company.


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    (p)   "Exchange Act" means the Securities Exchange Act of 1934, as amended.

    (q)   "Fair Market Value" means, as of any date, the value of a share of Stock determined as follows:

      vii.   If the principal market for the Stock is a national securities exchange or the NASDAQ Stock Market, then the "Fair Market Value" as of that date shall be the closing sale price of the Stock on the principal exchange or market on which the Stock is then listed or admitted to trading on such date.

      viii.  If sale prices are not available or if the principal market for the Stock is not a national securities exchange and the Stock is not quoted on the NASDAQ Stock Market, the average between the highest bid and lowest asked prices for the Stock on such day as reported on the NASDAQ OTC Bulletin Board Service or by the National Quotation Bureau, Incorporated or a comparable service.

      ix.    If the day is not a business day, and as a result, paragraphs (i) and (ii) next above are inapplicable, the Fair Market Value of the Stock shall be determined as of the immediately preceding business day. If paragraphs (i) and (ii) next above are otherwise inapplicable, then the Fair Market Value of the Stock shall be determined in good faith by the Committee subject to the applicable requirements, if any, of Section 409A of the Code.

    (r)    "Incentive Stock Option" means an Option intended to qualify (as set forth in the Award Agreement) as an incentive stock option within the meaning of Section 422(b) of the Code.

    (s)    "Insider" means an Officer, a Director of the Company or other person whose transactions in Stock are subject to Section 16 of the Exchange Act.

    (t)     "Insider Trading Policy" means the written policy of the Company pertaining to the purchase, sale, transfer or other disposition of the Company's equity securities by Directors, Officers, Employees or other service providers who may possess material, nonpublic information regarding the Company or its securities.

    (u)    "Member Company" or"Member Companies" means the Company, any Parent Corporation or Subsidiary Corporation and, to the extent designated by the Board, any Affiliate.

    (v)    "Net-Exercise" means a procedure by which the Participant will be issued a number of whole shares of Stock upon the exercise of an Option determined in accordance with the following formula:

        N = X(A-B)/A, where

      "N" = the number of shares of Stock to be issued to the Participant upon exercise of the Option;

      "X" = the total number of shares with respect to which the Participant has elected to exercise the Option;

      "A" = the Fair Market Value of one (1) share of Stock determined on the exercise date; and

      "B" = the exercise price per share (as defined in the Participant's Award Agreement)


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    (w)   "Non-Employee Director" means a Director who, as of the day following each year's date of the annual shareholders meeting, is not an Employee of a Member Company or an Affiliate.

    (x)    "Non-Employee Director Option" means a Nonstatutory Stock Option granted to a Non-Employee Director under Section 6.7 of the Plan.

    (y)    "Nonstatutory Stock Option" means an Option not intended to be (as set forth in the Award Agreement), or which does not qualify as, an incentive stock option within the meaning of Section 422(b) of the Code.

    (z)    "Officer" means any person designated by the Board as an officer of the Company or a Member Company.

    (aa) "Option" means a right granted under Section 6 to purchase Stock pursuant to the terms and conditions of the Plan.

    (bb) "Parent Corporation" means any present or future "parent corporation" of the Company, as defined in Section 424(e) of the Code.

    (cc)  "Participant" means any eligible person under Section 5 who has one or more outstanding Awards.

    (dd) "Performance Bonus" means an Award of a cash bonus under Section 10 of the Plan.

    (ee)  "Performance Criteria" means one or more criteria that the Committee shall select and define for purposes of setting performance goals for a Performance Period. The Performance Criteria that will be used to establish such performance goals may be based on any one of, or combination of, the following relating to a Member Company or Affiliate or any combination of one or more Member Companies or Affiliates: (i) earnings per share; (ii) earnings (including EBIT or EBITDA); (iii) net earnings; (iv) total shareholder return; (v) return on equity; (vi) return on assets; (vii) return on investment; (viii) return on capital employed; (ix) operating margin; (x) gross margin; (xi) operating income; (xii) pre-tax profit; (xiii) operating cash flow; (xiv) revenue; (xv) revenue growth; (xvi) expenses; (xvii) improvement in or attainment of expense levels; (xviii) improvement in or attainment of working capital levels; (xix) economic value added; (xx) market share; (xxi) cash flow per share; (xxii) share price performance; and (xxiii) debt reduction. Performance goals may be stated in terms of an improvement in any of the foregoing. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement only as specified in writing by the Committee.

    (ff)   "Performance Period" means one or more fiscal years of the Company, or such other specific period of time set by the Committee, over which the attainment of one or more performance goals will be measured for the purpose of determining a designated Covered Employee's right to and the payment of an Award.

    (gg) "Restricted Stock Award" means an Award of Stock subject to such restrictions and Vesting Conditions as established by the Committee pursuant to Section 8 of the Plan.

    (hh) "Restricted Stock Unit" means a right granted to a Participant pursuant to Section 9 of the Plan to receive the value of a share of Stock on a date determined in accordance with the provisions of Section 9 and the Participant's Award Agreement.


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    (ii)    "Rule 16b-3" means Rule 16b-3 under the Exchange Act, as amended from time to time, or any successor rule or regulation.

    (jj)    "Section 162(m)" means Section 162(m) of the Code and any successor provision.

    (kk)  "Section 409A" means Section 409A of the Code and any successor provision.

    (ll)    "Section 409A Deferred Compensation" means compensation provided pursuant to the Plan that constitutes deferred compensation subject to and not exempted from the requirements of Section 409A.

    (mm)  "Securities Act" means the Securities Act of 1933, as amended.

    (nn) "Service" means a Participant's employment or service with the Member Companies, whether in the capacity of an Employee, a Director or a Consultant. Unless otherwise determined by the Committee, a Participant's Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant provides service to the Member Companies or a transfer between Member Companies, provided that there is no interruption or termination of the Participant's Service. Furthermore, a Participant's Service shall not be deemed to have terminated if the Participant takes any military leave, sick leave, or other bona fide leave of absence approved by the Company; provided that for purposes of determining whether an Option is an Incentive Stock Option, an Employee's Service will be treated as terminating three (3) months after such Employee went on a leave (or for an Employee with a Disability, one (1) year after such Employee went on leave), unless such Employee's right to return to active employment is guaranteed by statute or contract. Notwithstanding the foregoing, unless otherwise designated by the Company or required by law, a leave of absence shall not be treated as Service for purposes of determining vesting under the Participant's Award Agreement. A Participant's Service shall be deemed to have terminated either upon an actual termination of Service or upon the corporation for which the Participant performs Service ceasing to be a Member Company. Subject to the foregoing, the Company, in its discretion, shall determine whether the Participant's Service has terminated and the effective date of and reason for such termination.

    (oo) "Stock" means the common stock of the Company, as adjusted from time to time in accordance with Section 4.5.

    (pp) "Stock Appreciation Right" means an Award, granted alone or in tandem with an Option, that pursuant to Section 7 of the Plan is designated as a Stock Appreciation Right.

    (qq) "Stock Award" means any Option, Stock Appreciation Right, Restricted Stock Award, and Restricted Stock Unit or, to the extent designated by the Committee in an Award Agreement, any Performance Unit or Other Award.

    (rr)   "Subsidiary Corporation" means any present or future "subsidiary corporation" of the Company, as defined in Section 424(f) of the Code.

    (ss)  "Vesting Conditions" mean those conditions established in accordance with the Plan prior to the satisfaction of which shares subject to an Award remain subject to forfeiture or a repurchase option in favor of the Company upon the Participant's termination of Service.


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2.2  Construction.    Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

3.     Administration.

3.1  Committee.    The authority to operate and administer the Plan shall be vested in a committee appointed by the Board. The Committee shall consist solely of two or more members of the Board who are "outside directors" as defined under Section 162(m), "non-employee directors" as defined under Rule 16b-3, and meet such independence, or other required listing standards, of any applicable securities exchange that is the principal trading market for the Stock or such other requirements of applicable law as the Board determines in its discretion from time to time are necessary for the Committee to administer of the Plan. The initial Committee will be the Compensation Committee of the Board. If, at any time, there is no committee of the Board then authorized or properly constituted to administer the Plan, the Board shall exercise all of the powers of the Committee granted herein, and, in any event, the Board may in its discretion exercise any or all of such powers of the Committee at any time.

3.2  Powers of the Committee.    In addition to any other powers set forth in the Plan and subject to the provisions and limitations of the Plan, the Committee shall have the full and final power and authority, in its discretion:

    (a)   To select from the persons eligible under Section 5.1 those who will receive Awards under the Plan;

    (b)   To determine the type of Award granted, the time or times at which Awards shall be granted and the number of shares of Stock to be subject to each Award;

    (c)    To determine the Fair Market Value of shares of Stock pursuant to the terms of the Plan;

    (d)   To determine the terms, conditions and restrictions applicable to each Award (which need not be identical) and any shares of Stock acquired pursuant thereto, including, without limitation, (i) the exercise or purchase price of shares of Stock pursuant to any Award; (ii) the method of payment for shares purchased pursuant to any Award; (iii) the method for satisfaction of any tax withholding obligation arising in connection with an Award, including by the withholding or delivery of shares of Stock; (iv) the timing, terms and conditions of the exercisability or vesting of any Award or any shares acquired pursuant thereto; (v) the time of the expiration of any Award, (vi) the effect of the Participant's termination of Service on any of the foregoing; and (vii) all other terms, conditions and restrictions applicable to any Award or shares of Stock acquired pursuant thereto not inconsistent with the terms of the Plan;

    (e)    To determine whether an Award will be settled in shares of Stock, cash, or in any combination thereof;

    (f)     To approve from time to time the form of any documents, including but not limited to one or more forms of Award Agreement as it deems advisable for use in the operation and administration of the Plan;

    (g)   To amend, modify, extend, cancel or renew any Award or to waive any restrictions or conditions applicable to any Award or any shares acquired upon the exercise thereof;


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    (h)   To accelerate, continue, extend or defer the exercisability of any Award or the vesting of any shares acquired upon the exercise thereof, including with respect to the period following a Participant's termination of Service;

    (i)     To prescribe, amend or rescind rules, guidelines and policies relating to the Plan, or to adopt sub-plans or supplements to, or alternative versions of, the Plan, including, without limitation, as the Committee deems necessary or desirable to comply with the laws or regulations of or to accommodate the tax policy, accounting principles or custom of, foreign jurisdictions whose citizens may be granted Awards; and

    (j)     To correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement and to make all other determinations and take such other actions with respect to the Plan or any Award as the Committee may deem advisable to the extent not inconsistent with the provisions of the Plan or applicable law.

In controlling and managing the operation and administration of the Plan, the Committee shall take action in a manner that conforms to the Articles of Incorporation and By-Laws of the Company and any applicable state corporate law. All questions of interpretation of the Plan, of any Award Agreement or of any other form of agreement or other document employed by the Company in the administration of the Plan or of any Award shall be determined by the Committee and such determinations shall be final, binding and conclusive upon all persons having an interest in the Plan or such Award. Any and all actions, decisions and determinations taken or made by the Committee in the exercise of its discretion pursuant to the Plan, an Award Agreement or other agreement thereunder shall be final, binding and conclusive upon all persons having an interest therein.

3.3  Delegation By Committee.    Except to the extent prohibited by applicable law or the applicable rules of a stock exchange, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any portion of its responsibilities and powers to any Officer selected by it; provided it may not delegate authority to grant Awards to Covered Employees or Insiders except to the extent such delegation complies with Section 162(m) or Rule 16b-3, as applicable. To the extent the Committee delegates authority to any Officer, or any sub-committee containing one or more Officers, to grant Awards to Employees, who are neither Covered Employees nor Insiders, such Officer shall not participate in any decision regarding any grant of an Award to himself or herself. Any allocation or delegation of authority by the Committee may be revoked by the Committee at any time.

3.4  Information to be Furnished to Committee.    The Company and Member Companies shall furnish the Committee with such data and information as it determines may be required for it to discharge its duties. The records of the Company and Member Companies as to a Participant's employment, termination of employment, leave of absence, reemployment and compensation shall be conclusive on all persons unless determined to be incorrect. Participants and other persons entitled to benefits under the Plan must furnish the Committee such evidence, data or information as the Committee considers desirable to carry out the terms of the Plan.

4.     Shares Subject to Plan.

4.1  Maximum Number of Shares Issuable.    Subject to adjustment as provided in Sections 4.2 and 4.5, the aggregate number of shares of Stock that may be delivered under the Plan to Participants and their beneficiaries shall be equal to the sum of (i) Four Million (4,000,000) shares of Stock; (ii) any shares of Stock available for future awards under the Prior Plans after the Approval Date; and (iii) any shares of Stock that are represented by awards granted under the Prior Plans which are


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forfeited, expire or are cancelled without delivery of shares of Stock, or which result in the forfeiture of the shares of Stock back to the Company, after the Approval Date. The shares of Stock to which Stock Awards may be made shall consist of currently authorized but unissued shares, treasury shares, shares of Stock acquired by the Company, including shares purchased on the open market or in private transactions, or any combination thereof.

4.2  Share Counting.    To the extent any shares of Stock of an outstanding Stock Award are not delivered to a Participant or beneficiary because for any reason all or part of a Stock Award is forfeited or cancelled, or if shares of Stock acquired pursuant to a Stock Award subject to forfeiture or repurchase are forfeited or repurchased by the Company for an amount not greater than the Participant's purchase price, then the shares of Stock allocable to the terminated portion of such Stock Award or such forfeited or repurchased shares of Stock shall not be deemed to have been delivered for purposes of determining the aggregate number of shares of Stock under Section 4.1 that may be delivered to Participants and their beneficiaries. Shares of Stock shall not be deemed to have been delivered pursuant to the Plan with respect to any portion of a Stock Award that is settled in cash. If the exercise price of any Option granted under the Plan or a Prior Plan is paid by tender to the Company, or attestation to the ownership, of shares of Stock owned by the Participant, or by means of a Net-Exercise, solely the net number of shares of Stock actually delivered to the Participant shall be deemed delivered for purposes of determining the maximum number of shares deliverable under Section 4.1. Shares of Stock withheld or reacquired by the Company in satisfaction of tax withholding obligations pursuant to Section 15 shall again be available for delivery under the Plan and shall not reduce the number of shares available under Section 4.1.

4.3  Limitations.    The following limitations are imposed on the applicable Awards granted under the Plan:

    (a)   The maximum aggregate number of shares of Stock available to grant Incentive Stock Options to Employees shall be Nine Hundred Thousand (900,000) shares. To the extent required under the Code, the maximum number of shares of Stock available to grant Incentive Stock Options shall not be adjusted as required under Section 4.2 of the Plan.

    (b)   The maximum number of shares available to grant Options or Stock Appreciation Rights to any one individual shall be Nine Hundred Thousand (900,000) shares during any one fiscal year period. If an Option is granted in tandem with a Stock Appreciation Right, such that the exercise of the Option or Stock Appreciation Right with respect to a share of Stock cancels the tandem Stock Appreciation Right or Option right, respectively, with respect to such share, the tandem Option and Stock Appreciation Right with respect to each share of Stock shall be counted as covering but one share of Stock for purposes of applying the limitations of this paragraph (b).

    (c)    For Restricted Stock Awards and Restricted Stock Unit Awards that are intended to be "performance-based compensation" (as that term is used for purposes of Code section 162(m)), no more than Five Hundred Thousand (500,000) shares of Stock may be subject to such Awards granted to any one individual during any one fiscal year period. If, after shares have been earned, the delivery is deferred, any additional shares attributable to dividends during the deferral period shall be disregarded.

    (d)   For Performance Unit Awards that are intended to be "performance-based compensation" (as that term is used for purposes of Code section 162(m)), no more than Five Million Dollars ($5,000,000) may be subject to such Awards granted to any one individual during any one fiscal year period. If, after amounts have been earned with respect to Performance Unit Awards, the delivery of such amounts is deferred, any additional amounts attributable to earnings during the deferral period shall be disregarded.


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    (e)    For Performance Bonuses that are intended to be "performance-based compensation" (as that term is used for purposes of Code Section 162(m)), no more than Five Million Dollars ($5,000,000) shall be payable to any one individual for a fiscal year;provided, however, that the maximum Performance Bonus payable to any eligible individual that becomes designated for a Performance Bonus after beginning of a Performance Period shall be reduced on a pro rata basis for the number of days during the fiscal year that the individual was not a Covered Employee designated by the Committee as eligible for a Performance Bonus.

    (f)     For Option grants to Non-Employee Directors under Section 6.7 of the Plan, no more than One Million Five Hundred Thousand (1,500,000) shares of Stock shall be available for such grants and the number of shares subject to Options granted to each Non-Employee Director on each Grant Date (as defined under Section 6.7) shall be Twenty-Seven Thousand (27,000);provided, however, that the Board may reduce this amount or adopt a formula to determine the number of shares subject to Options to be granted;provided, further, that the number of such shares may not be increased over Twenty-Seven Thousand (27,000) without shareholder approval. Options which may be granted to Non-Employee Directors pursuant to Section 6.7 of the Plan are in addition to any Options which may also be issued to such Non-Employee Directors in lieu of annual fee payments under this Plan.

    (g)    The foregoing limitations will be adjusted proportionately in connection with any adjustments described in Section 4.5 below.

4.4  Performance Criteria.    The Committee may designate whether any Award being granted to any Participant is intended to be "performance-based compensation" as defined under Section 162(m). Any payment of cash, right to shares of Stock or any other distribution of property under any Award designated as performance-based compensation shall be conditioned on the attainment by a Participant of one or more pre-established objective performance goals which shall be set by the Committee based on the Performance Criteria in accordance with the requirements of Section 162(m). No Award that is designated as "performance-based compensation" by the Committee under the terms of the Plan shall be provided or paid to any Participant unless and until the material terms of the Plan have been disclosed and approved by the shareholders of the Company as required from time to time under Treasury Regulation Section 1.162-27(e)(4) or such applicable successor provisions.

4.5  Adjustments for Changes in Capital Structure.    The existence of the Plan, any Award or any Award Agreement shall not affect or restrict the right or power of the Company or its shareholders to make or authorize a corporate transaction or event such as a stock dividend, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, spin-off, combination or other similar corporate transaction or event affecting the Stock with respect to which Awards have been or may be issued under the Plan (any such transaction or event, a "Transaction"). To prevent the dilution or enlargement of benefits or potential benefits intended to be made available under the Plan, in the event of any change to the Stock effected without receipt of consideration through a Transaction, then the Committee shall, in such manner as the Committee deems equitable: (A) make a proportionate adjustment in (a) the maximum number and type of securities as to which Awards may be granted under this Plan, (b) the number and type of securities subject to outstanding Awards, (c) the grant or exercise price with respect to any such Award, (d) the performance targets and goals appropriate to any outstanding Awards, and (e) the per individual limitations on the number of securities that maybe awarded under the Plan (any such adjustment, an "Antidilution Adjustment"); provided, in each case, that with respect to Incentive Stock Options, no such adjustment shall be authorized to the extent that such adjustment would cause such Options to violate Section 422(b) of the Code or any successor provision; with respect to all Options, no such adjustment shall be authorized to the extent that such


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adjustment violates the provisions of Treasury Regulation 1.424-1; with respect to all Awards, no adjustment shall be authorized to the extent such adjustment would violate Section 409A or any successor provisions; with respect to all Awards, no such adjustment shall violate the requirements applicable to Awards intended to qualify for exemption under Section 162(m) of the Code; and the number of shares of Stock subject to any Award denominated in shares shall always be a whole number; or (B) cause any Award outstanding as of the effective date of the Transaction to be cancelled in consideration of a cash payment or alternate Award (whether from the Company or another entity that is a participant in the Transaction) or a combination thereof made to the holder of such cancelled Award substantially equivalent in value to the fair market value of such cancelled Award. The determination of fair market value shall be made by the Committee or the Board, as the case may be, in their sole discretion. Any fractional share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest whole number, and the exercise price per share shall be rounded up to the nearest whole cent. In no event may the exercise price of any Award be decreased to an amount less than the par value, if any, of the stock subject to the Award. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as effected without receipt of consideration by the Company. Any adjustments made hereunder shall be binding on all persons having an interest herein.

5.     Eligibility.

5.1  Persons Eligible for Awards.    Employees, Consultants and Directors are eligible to receive Awards under the Plan. Notwithstanding the foregoing, Incentive Stock Options may be granted solely to Employees; solely Non-Employee Directors may be granted Options under Section 6.7 of the Plan; and Performance Bonuses may be granted solely to Covered Employees. In the case of the grant of an Incentive Stock Option, a person who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company or a Parent Corporation or any Subsidiary Corporation shall not be eligible to hold such Incentive Stock Option unless (i) the exercise price of such Incentive Stock Option is at least 110% of the Fair Market Value of a share of Stock on the date of grant, and (ii) such Incentive Stock Option by its terms is not exercisable after the expiration of five years from the date of grant. For purposes of the previous sentence, in determining stock ownership, the attribution rules of Section 424(d) of the Code shall be applied.

5.2  Participation in Plan.    Awards are granted solely at the discretion of the Committee. Eligible persons may be granted more than one Award. However, eligibility in accordance with this Section shall not entitle any person to be granted an Award, or, having been granted an Award, to be granted an additional Award.

6.     Stock Options.

Options shall be evidenced by Award Agreements specifying the number of shares of Stock covered thereby, in such form as the Committee shall from time to time establish. The provisions of the various Award Agreements entered into under the Plan need not be identical. The Award Agreement shall also specify whether the Option is an Incentive Stock Option or a Nonstatutory Stock Option. If an Option is not designated as an Incentive Stock Option, then the Option shall be a Nonstatutory Stock Option. No Option shall provide for payment of Dividend Equivalents. Award Agreements evidencing Options may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:

6.1  Exercise Price.    Except as otherwise provided in Section 5.1 of the Plan, the exercise price for each Option shall be established in the discretion of the Committee;provided, however, that the exercise price per share for an Option shall be not less than one hundred percent (100%) of the Fair


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Market Value of a share of Stock on the effective date of grant of the Option. Repricing of Options after the date of grant shall not be permitted. Notwithstanding the foregoing, an Option may be granted with an exercise price lower than the minimum exercise price set forth above if such Option is granted pursuant to an assumption or substitution for another option in a manner that would qualify under the provisions of Section 424(a) of the Code.

6.2  Exercisability and Term of Options.    Options shall be exercisable at such time or times, or upon such event or events, and subject to such terms, conditions, Performance Criteria and restrictions as shall be determined by the Committee and set forth in the Award Agreement evidencing such Option;provided, however, that no Option shall be exercisable after the expiration of ten (10) years after the effective date of grant of such Option. Subject to the foregoing, unless otherwise specified by the Committee in an Award Agreement, any Option granted hereunder shall terminate ten (10) years after the effective date of grant of the Option, unless earlier terminated in accordance with its provisions. Notwithstanding the foregoing, no Option granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act shall be first exercisable for any shares of Stock until at least six months following the date of grant of the Option.

6.3  $100,000 Limitation.    To the extent that the aggregate Fair Market Value of shares of Stock (at the time of grant) with respect to which Incentive Stock Options are exercisable for the first time by an Employee in any one calendar year exceeds One Hundred Thousand Dollars ($100,000), the Options or portion of such Options that exceed such limitation (applied in the order in which the Options are granted) shall be treated as Nonstatutory Stock Options notwithstanding any contrary provision in the Award Agreement(s).

6.4  Payment of Exercise Price.    Except as otherwise provided below, the full exercise price for the shares of Stock being exercised must be paid in cash or by check or cash equivalents on the date of exercise. The Committee may approve and set forth in an Award Agreement additional forms of payment, which may include any one, or a combination of, the following:

    (a)   Tender or Attestation of Shares.    All or part of the exercise price of an Option may be paid by tendering, either by actual delivery or by attestation, shares of Stock already owned by the Participant. The Committee shall determine in its sole discretion from time to time the acceptable methods of tendering or attesting to shares of Stock to pay all or part of the exercise price of an Option. For purposes of determining the amount of the exercise price satisfied through tender or attestation of shares, the shares shall be valued on the date the shares are tendered or attested to in the method approved by the Committee.

    (b)   Broker Assisted Cashless Exercise.    To the extent the Company has established and maintains a cashless exercise program with a securities brokerage firm, a Participant may exercise an Option through a cashless exercise in accordance with the policies and procedures established from time to time in the sole discretion of the Committee. The Company reserves, at any and all times, the right, in the Company's sole and absolute discretion, to establish, decline to approve or terminate any program or procedures for the exercise of Options by means of a cashless exercise, including with respect to one or more Participants specified by the Company notwithstanding that such program or procedures may be available to other Participants.

    (c)    Net Exercise.    By delivering to the Company a properly executed notice, in the form approved by the Committee from time to time in its sole discretion, electing a Net Exercise.

    (d)   Other Methods.    The exercise price may be paid using such other methods of payment as the Committee, in its sole discretion, deems appropriate from time to time.


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6.5  Effect of Termination of Service.

    (a)   Option Exercisability.    Subject to earlier termination of the Option as otherwise provided herein and unless otherwise provided by the Committee in an Award Agreement, an Option shall terminate immediately upon the Participant's termination of Service to the extent that it is then unvested and shall be exercisable after the Participant's termination of Service to the extent it is then vested only during the applicable time period determined in accordance with this Section and thereafter shall terminate:

      i.      Disability.    If the Participant's Service terminates because of the Disability of the Participant, the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant's Service terminated, may be exercised by the Participant (or the Participant's guardian or legal representative) at any time prior to the expiration of twelve (12) months after the date on which the Participant's Service terminated, but in any event no later than the date of expiration of the Option's term as set forth in the Award Agreement evidencing such Option.

      ii.     Death.    If the Participant's Service terminates because of the death of the Participant, then the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant's Service terminated, may be exercised by the Participant's legal representative or other person who acquired the right to exercise the Option by reason of the Participant's death at any time prior to the expiration of twelve (12) months after the date on which the Participant's Service terminated, but in any event no later than the date of expiration of the Option's term as set forth in the Award Agreement evidencing such Option.

      iii.    Termination for Cause.    Notwithstanding any other provision of the Plan to the contrary, if the Participant's Service is terminated for Cause or if, following the Participant's termination of Service and during any period in which the Option otherwise would remain exercisable, the Participant engages in any act that would constitute Cause, the Option shall terminate in its entirety and cease to be exercisable immediately upon such termination of Service or such act.

      iv.    Other Termination of Service.    If the Participant's Service terminates for any reason, except Disability, death or Cause, the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant's Service terminated, may be exercised by the Participant at any time prior to the expiration of three (3) months after the date on which the Participant's Service terminated, but in any event no later than the date of expiration of the Option's term as set forth in the Award Agreement evidencing such Option.

    (b)   Extension if Exercise Prevented by Law.    Notwithstanding the foregoing, if the exercise of an Option within the applicable time periods set forth in Section 6.5(a) is prevented by the provisions of Section 14 below, the Option shall remain exercisable until thirty (30) days after the date such exercise first would no longer be prevented by such provisions, but in any event no later than the date of expiration of the Option's term as set forth in the Award Agreement evidencing such Option.

6.6  Transferability of Options.    Except as otherwise provided in Section 6.7 below, during the lifetime of the Participant, an Option shall be exercisable only by the Participant or the Participant's guardian or legal representative. An Option shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant's beneficiaries, except transfer by will or by the laws of descent and


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distribution or by beneficiary form filed with the Company pursuant to Section 19.5 of the Plan. Notwithstanding the foregoing, to the extent permitted by the Committee, in its discretion, and set forth in the Award Agreement evidencing such Option, an Option shall be assignable or transferable by gift or domestic relations order to a Participant's "family members" as permitted in the General Instructions to Form S-8 under the Securities Act.

6.7  Non-Employee Director Options.

    (a)  Grant Dates.    In the event the Committee (or if required by applicable law, the Board) determines to provide for Non-Employee Director Stock Options, such Options shall be granted automatically to each Non-Employee Director on the business day following each year's annual shareholders meeting date (the "Grant Date");provided, however, in any event a grant to a Non-Employee Director who was an Employee at any time during the same calendar year as the Grant Date shall be made solely at the discretion of the Committee. Any Non-Employee Director first elected as a Director after the Grant Date but before the next annual shareholders meeting shall be granted an Option as the Board shall determine in its sole discretion, but in any case covering no more than twice the number of shares granted to Non-Employee Directors on the most recent Grant Date. The Grant Date for an Option granted to a newly elected Non-Employee Director shall be the date of such Director's election to the Board, and the exercise price of such Option shall be the Fair Market Value of a share of Stock on such Grant Date.

    (b)  Exercise Price.    The exercise price per share of Stock covered by each Non-Employee Director Option shall be the Fair Market Value on the Grant Date for a share of Stock. Repricing of Non-Employee Director Options after the Grant Date shall not be permitted.

    (c)   Term.    Unless otherwise determined by the Committee, Non-Employee Director Options shall vest and become exercisable immediately, subject to the provisions of the Plan. Except as otherwise provided in Section 6.7(d), Non-Employee Director Options will expire ten (10) years after the Grant Date.

    (d)  Termination.    In the event that a Non-Employee Director's Service on the Board ceases due to death, disability or Retirement, all outstanding options then held by the Director shall remain exercisable for a period of ten (10) years after the date such option is granted. Retirement shall mean resignation from the Board after completing seven (7) years of Service and attaining age 591/2. Except as otherwise provided by the Board, in the event that a Non-Employee Director's Service on the Board ceases due to resignation, or other voluntary removal, vested and exercisable shares shall remain exercisable for a period of one (1) year following the cessation of Service. In any event, if a Non-Employee Director is involuntarily removed for breach of duty or other Cause, all vested and exercisable Non-Employee Director Options are immediately forfeit. For purposes of this Section 6.7, the Committee will determine in its sole discretion whether a Non-Employee Director has terminated Service due to disability.

    (e)   Nonstatutory Stock Options.    Options granted under this Section 6.7 of the Plan shall be solely Nonstatutory Stock Options.

    (f)    Transferability.    Subject to Board approval, the Board may provide that all or a portion of a Non-Employee Director Option may be granted upon terms that permit transfer of the Option in a form and manner determined by the Board. Any person to whom a Non-Employee Director Option is transferred pursuant to this Section 6.7(f) shall agree in writing to be bound by the terms of the Plan and the Award Agreement for such Non-Employee Director Option as if such


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    transferee had been the original grantee thereto and to execute and/or deliver to the Board any documents as may be requested by the Board from time to time.

    (g)  Exercise/Notices.    Notwithstanding any provision to the contrary in this Section 6, exercise of a Non-Employee Director Option shall be made solely by written notice delivered to the Secretary of the Company. Any written notice required with respect to a Non-Employee Director Option shall be addressed to the Secretary of the Company and shall become effective when it is received by the Company.

7.     Stock Appreciation Rights.

Subject to the terms and conditions of the Plan, Stock Appreciation Rights shall be evidenced by Award Agreements specifying the terms and conditions for such Award in such form as the Committee shall from time to time establish. The provisions of the various Award Agreements entered into under the Plan need not be identical. The Award Agreement for a Stock Appreciation Right will set forth the exercise price, term of the Stock Appreciation Right, the conditions of exercise, vesting and such other terms and conditions as the Committee shall determine in its sole discretion. A Stock Appreciation Right may be granted alone, in addition to other Awards or in tandem with an Option. No Stock Appreciation Award shall provide for the payment of Dividend Equivalents. Award Agreements evidencing Stock Appreciation Rights may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:

7.1  Exercise Price.    The exercise price of each Stock Appreciation Right shall be established by the Committee or shall be determined by a method established by the Committee at the time the Stock Appreciation Right is granted; except that the exercise price shall not be less than 100% of the Fair Market Value of a share of Stock on the date of grant. Repricing of Stock Appreciation Rights after the date of grant shall not be permitted.

7.2  Term.    No Stock Appreciation Right shall be exercisable after the expiration of ten (10) years from the date of its grant or such shorter period specified in the Award Agreement.

7.3  Exercise of Stock Appreciation Right.    Stock Appreciation Rights shall be exercised by providing written or electronic notice to the Company based on such terms and conditions as shall be set forth in the Award Agreement in the sole discretion of the Committee.

7.4  Payment Under Stock Appreciation Right.    Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying together (a) and (b) below:

    (a)  The difference between the Fair Market Value of a share of Stock on the date of exercise and the Fair Market Value of a share of Stock on the date of grant of the Stock Appreciation Right.

    (b)  The number of shares of Stock with respect to which the Stock Appreciation Right is being exercised.

At the discretion of the Committee, settlement upon exercise of all or part of a Stock Appreciation Right may be paid in cash, in shares of Stock, or in any combination of both.

7.5  Tandem with Options.    A Stock Appreciation Right granted in tandem with an Option may be granted at the same time as the Option and shall cover the same or a different number of shares of Stock as the tandem Option but shall have the same exercise price and be exercisable at the same


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time and to the same extent as the tandem Option. Upon exercise of a Stock Appreciation Right granted in tandem with an Option, the related Option shall be cancelled automatically to the extent of the number of the shares of Stock exercised in the tandem Stock Appreciation Right, and if an Option granted in tandem with a Stock Appreciation Right is exercised, the tandem Stock Appreciation Right shall be cancelled automatically to the extent of the number of shares of Stock exercised in the tandem Option.

7.6  Termination of Service.    In the event of a Participant's termination of Service, the Participant may exercise his or her Stock Appreciation Right to the extent set forth in the Award Agreement, but in no event after the date the term of such Stock Appreciation Right expires. If, after termination of Service, a Participant does not exercise his or her Stock Appreciation Right within the time period specified in the Award Agreement or by the applicable expiration date, the Stock Appreciation Right shall terminate.

8.     Restricted Stock Awards.

Restricted Stock Awards shall be evidenced by Award Agreements specifying the number of shares of Stock subject to the Award, in such form as the Committee shall from time to time establish. Restricted Stock Awards may be granted upon such conditions as the Committee shall determine, including, without limitation, upon the attainment of one or more performance goals. Award Agreements evidencing Restricted Stock Awards may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:

8.1  Vesting and Restrictions on Transfer.    Shares of Stock issued pursuant to any Restricted Stock Award shall be made subject to Vesting Conditions based upon the satisfaction of such Service requirements, conditions, restrictions or performance goals as shall be established by the Committee and set forth in the Award Agreement evidencing such Award. Subject to the provisions of Section 14 of the Plan, Vesting Conditions that are performance based shall not lapse for a minimum period of one (1) year, and Vesting Conditions that are non-performance-based shall not lapse in full for a minimum period of three (3) years. Non-performance-based Vesting Conditions may lapse ratably over such three (3) year period as determined in the discretion of the Committee and set forth in an Award Agreement. During any period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting Conditions, such shares may not be sold, exchanged, transferred, pledged, assigned or otherwise disposed of other than as permitted under Sections 4.5 or 14 of the Plan or in the applicable Award Agreement. The Committee, in its discretion, may provide in an Award Agreement that upon the occurrence of one or more events or conditions that all or part of the Vesting Conditions shall be satisfied early and that the transfer restrictions shall lapse with respect to all or part of the shares of Stock subject to the Award. The Committee, in its discretion, may provide in any Award Agreement evidencing a Restricted Stock Award that, if the satisfaction of Vesting Conditions with respect to any shares subject to such Restricted Stock Award would otherwise occur on a day on which the sale of such shares would violate the provisions of the Insider Trading Policy, then satisfaction of the Vesting Conditions automatically shall be determined on the next trading day on which the sale of such shares would not violate the Insider Trading Policy. Upon request by the Company, each Participant shall execute any agreement evidencing the transfer restrictions under this Section 8 prior to the receipt of shares of Stock hereunder and shall promptly present to the Company any and all certificates representing shares of Stock acquired hereunder for the placement on such certificates or appropriate legends evidencing any such transfer restrictions.

8.2  Voting Rights; Dividends and Distributions.    Except as provided in this Section 8.2, Section 8.3 and any Award Agreement, during any period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting Conditions, the Participant shall have all of the rights


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of a shareholder of the Company holding shares of Stock, including the right to vote such shares and to receive all dividends and other distributions paid with respect to such shares. However, in the event of a dividend or distribution paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.5, any and all new, substituted or additional securities or other property (other than normal cash dividends) to which the Participant is entitled by reason of the Participant's Restricted Stock Award shall be immediately subject to the same Vesting Conditions and transfer restrictions as the shares subject to the Restricted Stock Award with respect to which such dividends or distributions were paid or adjustments were made. To the extent that any portion of a Restricted Stock Award is contingent on the achievement of one or more Vesting Conditions, then any cash dividends payable with respect to shares of Stock subject to the Restricted Stock Award shall be held by the Company and shall not be paid to the Participant unless such shares of Stock become vested under the terms of the Restricted Stock Award.

8.3  Effect of Termination of Service.    Unless otherwise provided by the Committee in the Award Agreement evidencing a Restricted Stock Award, if a Participant's Service terminates for any reason, whether voluntary or involuntary (including the Participant's death or disability), then the Participant shall forfeit to the Company any shares acquired by the Participant pursuant to a Restricted Stock Award which remain subject to Vesting Conditions as of the date of the Participant's termination of Service.

8.4  Nontransferability of Restricted Stock Award Rights.    Rights to acquire shares of Stock pursuant to a Restricted Stock Award shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance or garnishment by creditors of the Participant or the Participant's beneficiaries, except transfer by will or the laws of descent and distribution or by a valid beneficiary designation filed with the Company pursuant to Section 19.5 of the Plan. All rights with respect to a Restricted Stock Award granted to a Participant hereunder shall be exercisable during his or her lifetime only by such Participant or the Participant's guardian or legal representative.

9.     Restricted Stock Unit Awards.

Restricted Stock Unit Awards shall be evidenced by Award Agreements specifying the number of Restricted Stock Units subject to the Award, in such form as the Committee shall from time to time establish. The Company may settle payment under a Restricted Stock Unit in cash, shares of Stock or a combination of both. Award Agreements evidencing Restricted Stock Units may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:

9.1  Grant of Restricted Stock Unit Awards.    Restricted Stock Unit Awards may be granted upon such conditions as the Committee shall determine, including, without limitation, upon the attainment of one or more performance goals.

9.2  Purchase Price.    No monetary payment (other than applicable tax withholding, if any) shall be required as a condition of settling a Restricted Stock Unit Award, the consideration for which shall be services actually rendered to a Member Company or for its benefit. Notwithstanding the foregoing, if required by applicable state corporate law, the Participant shall furnish consideration in the form of cash or past services rendered to a Member Company or for its benefit having a value not less than the par value of the shares of Stock issued upon settlement of the Restricted Stock Unit Award.


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9.3  Vesting.    Restricted Stock Unit Awards may be made subject to Vesting Conditions based upon the satisfaction of such Service requirements, conditions, restrictions or performance goal as shall be established by the Committee and set forth in the Award Agreement evidencing such Award. Subject to the provisions of Section 14 of the Plan, Vesting Conditions that are performance based shall not lapse for a minimum period of one (1) year, and Vesting Conditions that are non-performance-based shall not lapse in full for a minimum period of three (3) years. Non-performance-based Vesting Conditions may lapse ratably over such three (3) year period as determined in the discretion of the Committee and set forth in an Award Agreement. The Committee, in its discretion, may provide in an Award Agreement that upon the occurrence of one or more events or conditions that all or part of the Vesting Conditions shall be satisfied early. The Committee, in its discretion, may provide in any Award Agreement evidencing a Restricted Stock Unit Award that if the satisfaction of Vesting Conditions with respect to any shares subject to the Award would otherwise occur on a day on which the sale of such shares would violate the provisions of the Insider Trading Policy, then satisfaction of the Vesting Conditions automatically shall be determined on the next trading day on which the sale of such shares would not violate the Insider Trading Policy.

9.4  Voting Rights, Dividend Equivalent Rights and Distributions.    Participants shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the Committee, in its discretion, may provide in the Award Agreement evidencing any Restricted Stock Unit Award that the Participant shall be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Stock during the period beginning on the date such Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date the Award is settled or the date on which it is terminated. Such Dividend Equivalent Rights, if any, shall be paid by crediting the Participant with additional whole Restricted Stock Units as of the date of payment of such cash dividends on Stock. The number of additional Restricted Stock Units (rounded down to the nearest whole number) to be so credited shall be determined by dividing (a) the amount of cash dividends paid on such date with respect to the number of shares of Stock represented by the Restricted Stock Units previously credited to the Participant by (b) the Fair Market Value per share of the Stock on such date. Such additional Restricted Stock Units shall be subject to the same terms and conditions and shall be settled in the same manner and at the same time as the Restricted Stock Units originally subject to the Restricted Stock Unit Award. In the event of a dividend or distribution paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.5, appropriate adjustments shall be made in the Participant's Restricted Stock Unit Award so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property to which the Participant would be entitled by reason of the shares of Stock issuable upon settlement of the Award, and all such new, substituted or additional securities or other property shall be immediately subject to the same Vesting Conditions as are applicable to the Award.

9.5  Effect of Termination of Service.    Unless otherwise provided by the Committee and set forth in the Award Agreement evidencing a Restricted Stock Unit Award, if a Participant's Service terminates for any reason, whether voluntary or involuntary (including the Participant's death or disability), then the Participant shall forfeit to the Company any Restricted Stock Units pursuant to the Award which remain subject to Vesting Conditions as of the date of the Participant's termination of Service.

9.6  Settlement of Restricted Stock Unit Awards.    Unless otherwise set forth by the Committee in an Award Agreement, on the date on which Vesting Conditions lapse or are otherwise satisfied with respect to Restricted Stock Units, the Company shall issue to a Participant one (1) share of Stock (and/or any other new, substituted or additional securities or other property pursuant to an adjustment described in Section 4.5) or the cash equivalent of the Fair Market Value of such share of Stock for


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each Restricted Stock Unit then becoming vested or otherwise to be settled on such date, subject to the withholding of applicable taxes, if any.

9.7  Nontransferability of Restricted Stock Unit Awards.    The right to receive shares or payment pursuant to a Restricted Stock Unit Award shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant's beneficiaries, except transfer by will or by the laws of descent and distribution or by filing a valid beneficiary designation with the Company pursuant to Section 19.5 of the Plan. All rights with respect to a Restricted Stock Unit Award granted to a Participant hereunder shall be exercisable during his or her lifetime only by such Participant or the Participant's guardian or legal representative.

10.  Performance Bonuses.

10.1  Designation.    The Committee may, in its sole and absolute discretion, designate one or more Covered Employees as eligible to receive a Performance Bonus for a specific Performance Period.

10.2  Terms.    For each designated Covered Employee, within ninety (90) days after the beginning of a Performance Period the Committee shall specify in writing the terms and conditions for the payment of such Performance Bonus to each such Covered Employee for the applicable Performance Period. Such terms and conditions shall (a) set forth objective performance goals related to one or more Performance Criteria, (b) condition the payment of the Performance Bonus on attaining the performance goals as required under Section 162(m), (c) describe the method for computing the amount of the Performance Bonus if the performance goals are met, and (d) set forth the applicable Performance Period. The performance goals may be stated in absolute terms, relative to comparison companies or indices, as increases over past time periods, as ratios (such as earnings per share), or as returns over a period of time, and the outcome of the performance goals must be substantially uncertain at the time established by the Committee. No Performance Bonus will be paid unless the Covered Employee is employed with the Company on the date the Performance Bonus is paid;provided, however, the Committee may set forth in the written terms and conditions for the payment of the Performance Bonus that the Performance Bonus will be paid upon the Covered Employee's death or Disability or upon a Change in Control.

10.3  Committee Certification.    As soon as reasonably practicable after the end of each Performance Period, the Committee shall determine whether the stated performance goal(s) for a Covered Employee have been attained and the amount of the Performance Bonus to be paid to each Covered Employee for such Performance Period and shall certify such determinations in writing. The Committee, in determining the amount of Performance Bonus actually paid to a Covered Employee, shall not have the discretion to increase the amount of the Performance Bonus that otherwise would be payable upon the attainment of the performance goals but may decrease the amount of such Performance Bonus in its sole discretion. Notwithstanding the foregoing, this paragraph shall in no way be construed to preclude the Committee from awarding separate discretionary cash bonuses based on achievements by a Covered Employee that are not related to the attainment of the performance goals upon which payment of the Performance Bonus is conditioned.

10.4  Payment of Performance Bonuses.    Subject to any election duly and validly made by a Covered Employee with respect to the deferral of all or a portion of his or her Performance Bonus that complies with Section 409A, Performance Bonuses shall be paid in cash no later than the 15th day of the third month of the fiscal year of the Company immediately following the end of the Performance Period; provided the Committee shall have sole discretion to determine when during such period the payment shall be made.


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10.5  Compliance with Section 162(m).    All Performance Bonuses paid under the Plan are intended to be "performance-based compensation" under Section 162(m) and the terms of this Plan and any designation or terms and conditions of any payment set forth by the Committee shall be interpreted as necessary to comply with Section 162(m).

11.  Performance Units.    Performance Units may be granted as the right to a fixed or variable number of shares of Stock, a cash payment for the value of such shares of Stock, or dollar denominated units subject to such Vesting Conditions and time of payment as the Committee may determine and as shall be set forth in an Award Agreement;provided; however, that the Vesting Conditions shall not lapse for a minimum period of one (1) year. Performance Units may be paid upon attainment of the applicable performance goals in the Award Agreement in shares of Stock, cash or a combination thereof, as determined in the discretion of the Committee.

12.  Other Awards.    The Committee shall have authority to specify the terms and provisions of other forms of equity-based, equity-related or cash Awards not described above which the Committee determines to be consistent with the purposes of the Plan and the interests of the Company and which may be granted in tandem with, or independent of, other Awards under the Plan.

13.  Standard Forms of Award Agreements.

13.1  Award Agreements.    Each Award shall comply with and be subject to the terms and conditions set forth in the appropriate form of Award Agreement approved by the Committee and as amended from time to time. Any Award Agreement may consist of an appropriate form of notice of grant and a form of agreement incorporated therein by reference, or such other form or forms, including electronic media, as the Committee may approve from time to time.

13.2  Authority to Vary Terms.    The Committee shall have the authority from time to time to vary the terms of any standard form of Award Agreement either in connection with the grant or amendment of an individual Award or in connection with the authorization of a new standard form or forms;provided, however, that the terms and conditions of any such new, revised or amended standard form or forms of Award Agreement are not inconsistent with the terms of the Plan, the Code, or applicable law.

14.  Change in Control.

14.1  Assumption or Substitution.    Except as otherwise specified in an applicable Award Agreement, separate employment agreement or retention agreement, in the event of a Change in Control, each outstanding Stock Award shall be assumed or an equivalent option or award substituted by the successor corporation or a parent or subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the Stock Awards, the Committee may, in its discretion, provide for (a) the Participant to fully vest in and have the right to exercise the Option or Stock Appreciation Right as to all of the shares of Stock, including shares as to which it would not otherwise be vested or exercisable, (b) all restrictions and conditions of any Restricted Stock Award or Restricted Stock Units held by such Participant to lapse, and (c) all Performance Units and any Other Awards held by such Participant to be deemed fully earned at the level determined in the sole discretion of the Committee. If in lieu of assumption or substitution in the event of a Change in Control, a Stock Option or Stock Appreciation Right becomes fully vested and exercisable, the restrictions and conditions on Restricted Stock Awards and Restricted Stock Units lapse, and Performance Units and Other Awards are deemed fully earned at the level determined in the sole discretion of the Committee, then the Committee shall notify the Participant in writing or electronically of the change in the Stock Award and that the Stock Award shall terminate fifteen (15) days from the


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date of such notice (to the extent applicable). For the purposes of this Section 14.1, the Stock Award shall be considered assumed if, following the merger or sale of assets, the award confers the right to purchase or receive on the same terms and conditions as the Stock Award, for each share of Stock subject to the Stock Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Stock for each share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares);provided, however, that if such consideration received in the Change in Control is not solely common stock of the successor corporation or its parent, the Committee may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise or settlement of the Stock Award, for each share of Stock subject to the Stock Award, to be solely common stock of the successor corporation or its parent equal in Fair Market Value to the per share consideration received by holders of Stock in the Change in Control.

14.2  Accelerated Vesting.    In the event of a Change in Control, the Committee may accelerate the vesting or exercisability of a Stock Award in its sole discretion. Unless otherwise set forth in an Award Agreement, separate employment agreement or retention agreement, in the event of the involuntary termination of an Employee's Service with a Member Company not for Cause within twenty-four months after a Change in Control of the Company, the following shall occur: (i) all of such Employee's outstanding Options and Stock Appreciation Rights shall become vested and exercisable, (ii) all restrictions and conditions of all Restricted Stock Awards and Restricted Stock Units held by such Employee shall lapse and (iii) all Performance Units and any Other Awards held by such Employee shall be deemed to be fully earned at the Participant's target level.

14.3  Cash-Out of Stock Awards.    The Committee may, in its discretion and without the consent of any Participant, determine that, upon the occurrence of a Change in Control, each or any Stock Award or a portion thereof outstanding immediately prior to the Change in Control and not previously exercised or settled shall be canceled in exchange for a payment with respect to each vested share (and each unvested share, if so determined by the Committee) of Stock subject to such canceled Stock Award in (i) cash, (ii) stock of a corporation or other business entity that is a party to the Change in Control, or (iii) other property which, in any such case, shall be in an amount having a Fair Market Value equal to the Fair Market Value of the consideration to be paid per share of Stock in the Change in Control, reduced by the exercise or purchase price per share, if any, under such Stock Award. If any portion of such consideration may be received by holders of Stock pursuant to the Change in Control on a contingent or delayed basis, the Committee may, in its sole discretion, determine such Fair Market Value per share as of the time of the Change in Control on the basis of the Committee's good faith estimate of the present value of the probable future payment of such consideration. In the event such determination is made by the Committee, the amount of such payment (reduced by applicable withholding taxes, if any) shall be paid to Participants in respect of the vested portions of their canceled Stock Awards as soon as practicable following the date of the Change in Control and in respect of the unvested portions of their canceled Stock Awards in accordance with the vesting schedules applicable to such Stock Awards.

14.4  Federal Excise Tax Under Section 4999 of the Code.    Unless otherwise set forth by the express terms of an employment or retention agreement between a Participant and a Member Company, in the event that any acceleration of vesting pursuant to an Award and any other payment or benefit received or to be received by a Participant would subject the Participant to any excise tax pursuant to Section 4999 of the Code due to the characterization of such acceleration of vesting, payment or benefit as an "excess parachute payment" under Section 280G of the Code, then the amount of any acceleration of vesting called for under the Award shall be reduced in order to avoid such characterization and payment of any excise tax imposed under Section 4999 of the Code.


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15.  Tax Withholding.

15.1  Tax Withholding in General.    The Company shall have the right to deduct from any and all payments made under the Plan, or to require the Participant, through payroll withholding, cash payment or otherwise, to make adequate provision for, the federal, state, local and foreign taxes, if any, required by law to be withheld by the Member Companies with respect to an Award or the shares acquired pursuant thereto. The Company shall have no obligation to deliver shares of Stock, to release shares of Stock from an escrow established pursuant to a Stock Award Agreement, or to make any payment in cash under the Plan until the Member Companies' tax withholding obligations have been satisfied by the Participant.

15.2  Withholding in Shares.    The Company shall have the right, but not the obligation, to deduct from the shares of Stock issuable to a Participant upon the exercise or settlement of an Stock Award, or to accept from the Participant the tender of, a number of whole shares of Stock having a Fair Market Value, as determined by the Company, equal to all or any part of the tax withholding obligations of the Member Companies. The Fair Market Value of any shares of Stock withheld or tendered to satisfy any such tax withholding obligations shall not exceed the amount determined by the applicable minimum statutory withholding rates.

16.  Compliance with Securities Law.

The grant of Stock Awards and the issuance of shares of Stock pursuant to any Stock Award shall be subject to compliance with all applicable requirements of federal, state and foreign law with respect to such securities and the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, no Stock Award may be exercised or shares issued pursuant to an Stock Award unless (a) a registration statement under the Securities Act shall at the time of such exercise or issuance be in effect with respect to the shares issuable pursuant to the Stock Award or (b) in the opinion of legal counsel to the Company, the shares issuable pursuant to the Stock Award may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance and sale of any shares hereunder shall relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a condition to issuance of any Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company.

17.  Compliance with Section 409A.

All Options and Stock Appreciation Rights granted under the Plan are intended to be exempt from Section 409A as stock rights granted with an exercise price not less than the Fair Market Value of a share of Stock on the date of grant of the Option or Stock Appreciation Right and the Plan and any Award Agreement or other document evidencing a grant of an Option or Stock Appreciation Right shall be interpreted as necessary to comply with Section 409A. Notwithstanding any provision of the


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Plan or any Award Agreement to the contrary, any Award or portion of an Award that is or becomes subject to Section 409A shall comply with the following:

17.1  Awards Subject to Section 409A.    Awards subject to Section 409A may include, but are not limited to:

    (a)   Any Nonstatutory Stock Option that permits the deferral of compensation other than the deferral of recognition of income until the exercise or transfer of the Option or the time the shares acquired pursuant to the exercise of the option first become substantially vested.

    (b)   Any Restricted Stock Unit, Performance Unit, Performance Award or Other Award that provides by its terms that payment will be made or the Award settled upon or after the occurrence of any event that will or may occur later than the end of the Short-Term Deferral Period.

Subject to U.S. Treasury Regulations promulgated pursuant to Section 409A ("Section 409A Regulations") or other applicable guidance, the term "Short-Term Deferral Period" means the period ending on the later of (i) the 15th day of the third month following the end of the Company's fiscal year in which the applicable portion of the Award is no longer subject to a substantial risk of forfeiture or (ii) the 15th day of the third month following the end of the Participant's taxable year in which the applicable portion of the Award is no longer subject to a substantial risk of forfeiture. For this purpose, the term "substantial risk of forfeiture" shall have the meaning set forth in Section 409A Regulations or other applicable guidance.

17.2  Fixed Payment Dates.    Except as otherwise permitted or required by Section 409A Regulations or other applicable guidance, no payment or other distribution in settlement of an Award or portion of an Award subject to Section 409A may commence earlier than:

    (a)   The Participant's "separation from service" (as defined by Section 409A Regulations, including the definition of "service recipient" under Treasury Regulation § 1.409A-1(h)(3));

    (b)   The date the Participant becomes "disabled" (as defined by Section 409A Regulations);

    (c)    The Participant's death;

    (d)   A specified time (or pursuant to a fixed schedule) that is specified by the Committee upon the grant of an Award and set forth in the Award Agreement evidencing such Award;

    (e)    A change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company (as defined by Section 409A Regulations); or

    (f)     The occurrence of an "unforeseeable emergency" (as defined by Section 409A Regulations).

17.3  Specified Employees.    To the extent that a Participant is a "Specified Employee" (as defined by Section 409A Regulations) of the Company, distribution pursuant to Section 17.2(a) in settlement of an Award subject to Section 409A shall be made on the first day of the seventh month after the Participant's separation from service (the "Delayed Payment Date") or, if earlier, the date of the Participant's death. All such amounts that would, but for this paragraph, become payable prior to the Delayed Payment Date shall be accumulated and paid on the Delayed Payment Date. The amount of any payment under an Award that is based on the Fair Market Value of a share of Stock shall be determined at the time the Award vests pursuant to the applicable Award Agreement and not at the


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time of the Delayed Payment Date. No interest shall be paid by the Company on any amount accumulated during the period ending on the Delayed Payment Date.

17.4  No Acceleration of Distributions.    Notwithstanding anything to the contrary herein, this Plan does not permit the acceleration of the time or schedule of any distribution under this Plan pursuant to any Award or portion of an Award subject to Section 409A, except as provided by Section 409A and Section 409A Regulations.

17.5  Interpretation.    To the extent any Award granted under the Plan is subject to, or becomes subject to, Section 409A, the terms of the Plan and the Award Agreement shall be interpreted as necessary to comply with Section 409A and this Section 17.

18.  Amendment or Termination of Plan.

The Committee may amend, suspend or terminate the Plan at any time;provided, however, that any payment or distribution upon settlement of an Award subject to Section 409A upon termination of the Plan shall comply with Section 409A Regulations and all applicable guidance issued thereunder;provided, further, no amendment of the Plan by the Committee shall become effective without approval by the Company's shareholders if such approval is required for compliance with Section 162(m), Section 16b-3 or such other applicable federal or state laws, regulations or rules, or the rules of any stock exchange or market system upon which the Stock may then be listed. No amendment, suspension or termination of the Plan may adversely affect any then outstanding Award without the consent of the Participant;provided, however, that notwithstanding any provision of the Plan or any Award Agreement to the contrary, the Committee may, in its sole and absolute discretion and without the consent of any Participant, amend the Plan or any Award Agreement, to take effect retroactively or otherwise, as it deems necessary or advisable for the purpose of conforming the Plan or such Award Agreement to any present or future law, regulation or rule applicable to the Plan, including, but not limited to, Section 409A of the Code and all applicable guidance promulgated thereunder.

19.  Miscellaneous Provisions.

19.1  Forfeiture Events.

    (a)   The Committee may specify in an Award Agreement that the Participant's rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but shall not be limited to, termination of Service for Cause or any act by a Participant, whether before or after termination of Service, that would constitute Cause for termination of Service.

    (b)   If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then any Participant who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 and who knowingly or through gross negligence engaged in the misconduct, or who knowingly or through gross negligence failed to prevent the misconduct, shall reimburse the Company the amount of any payment in settlement of an Award earned or accrued during the twelve (12) month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document embodying such financial reporting requirement.


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    (c)    To the extent required by the regulations issued by the Securities and Exchange Commission under the Dodd-Frank Wall Street Reform and Consumer Protection Act, executive officers of the Company will be required to reimburse the Company for an incentive compensation that is received from a payment or other settlement of an Award as required by such regulations.

19.2  Provision of Information.    Each Participant shall be given access to information concerning the Company equivalent to that information generally made available to the Company's shareholders.

19.3  Rights as Employee, Consultant or Director.    No person, even though eligible pursuant to Section 5, shall have a right to be selected as a Participant, or, having been so selected, to be selected again as a Participant. Nothing in the Plan or any Award granted under the Plan shall confer on any Participant a right to remain an Employee, Consultant or Director or interfere with or limit in any way any right of a Member Company to terminate the Participant's Service at any time. To the extent that an Employee of a Member Company other than the Company receives an Award under the Plan, that Award shall in no event be understood or interpreted to mean that the Company is the Employee's employer or that the Employee has an employment relationship with the Company.

19.4  Rights as a Shareholder.    A Participant shall have no rights as a shareholder with respect to any shares covered by an Award until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 4.5 or another provision of the Plan.

19.5  Beneficiary Designations.    A Participant's beneficiary shall be the person, persons, or entity designated by the Participant on a properly completed beneficiary designation form submitted to the Company. Such designation may be changed by the Participant without the consent of any previously designated beneficiary. A beneficiary designation will not become effective unless it is made on a form approved by the Company and is received by the Company prior to the Participant's death.

19.6  Delivery of Title to Shares.    Subject to any governing rules or regulations, the Company shall issue or cause to be issued the shares of Stock acquired pursuant to an Award and shall deliver such shares to or for the benefit of the Participant by means of one or more of the following: (a) by delivering to the Participant evidence of book entry shares of Stock credited to the account of the Participant, (b) by depositing such shares of Stock for the benefit of the Participant with any broker with which the Participant has an account relationship, or (c) by delivering such shares of Stock to the Participant in certificate form.

19.7  Fractional Shares.    The Company shall not be required to issue fractional shares upon the exercise or settlement of any Stock Award. In lieu of issuing such fraction of a share of Stock, the Company will be entitled to pay a Participant the Fair Market Value of such fractional share on the business day immediately following the date the Stock Award is exercised or vests.

19.8  Retirement and Welfare Plans.    Neither Awards made under this Plan nor shares of Stock or cash paid pursuant to such Awards shall be included as "compensation" for purposes of computing the benefits payable to any Participant under any Member Company's retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such compensation shall be taken into account in computing such benefits.

19.9  Severability.    If any one or more of the provisions (or any part thereof) of this Plan shall be held invalid, illegal or unenforceable in any respect, such provision shall be modified so as to make it


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valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions (or any part thereof) of the Plan shall not in any way be affected or impaired thereby.

19.10  No Constraint on Corporate Action.    Nothing in this Plan shall be construed to: (a) limit, impair, or otherwise affect the Company's or another Member Company's right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or (b) limit the right or power of the Company or another Member Company to take any action which such entity deems to be necessary or appropriate.

19.11  Unfunded Obligation.    Participants shall have the status of general unsecured creditors of the Company. Any amounts payable to Participants pursuant to the Plan shall be unfunded and unsecured obligations for all purposes. No Member Company shall be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create or constitute a trust or fiduciary relationship between the Committee or any Member Company and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant's creditors in any assets of any Member Company. The Participants shall have no claim against any Member Company for any changes in the value of any assets which may be invested or reinvested by the Company with respect to the Plan.

19.12  Choice of Law.    Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance of the Plan and each Award Agreement shall be governed by the laws of the Commonwealth of Virginia, without regard to its conflict of law rules.

19.13  No Repricing.    Notwithstanding anything in this Plan to the contrary, without prior approval of the Company's shareholders, no amendment or modification may be made to an outstanding Option or Stock Appreciation Award, including, without limitation, by reducing the exercise price or replacing any Option or Stock Appreciation Right with cash or another Award when such amendment or modification would be treated as repricing under the rules of the stock exchange on which the Company's Stock is listed;provided, however, that appropriate adjustments to Options and Stock Appreciation Awards may be made as permitted under Section 4.5 of the Plan.

20.  Shareholder Approval.    The Plan is subject to approval of the Shareholders within twelve (12) months of the Effective Date.


MMMMMMMMMMMM . DOLLAR TREE, INC. Using a black ink pen, mark your votes with an X as shown in this example. Please do not write outside the designated areas. q PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q Proposals — THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” EACH OF THE DIRECTOR NOMINEES LISTED HEREIN AND “FOR” PROPOSALS 2, 3 and 4. + 1. Election of Directors: For Against Abstain For Against Abstain For Against Abstain 01 - Arnold S. Barron 02 - Gregory M. Bridgeford 03 - Macon F. Brock, Jr. 04 - Mary Anne Citrino 05 - H. Ray Compton 06 - Conrad M. Hall 07 - Lemuel E. Lewis 08 - Bob Sasser 09 - Thomas A. Saunders III 10 - Thomas E. Whiddon 11 - Carl P. Zeithaml For Against Abstain ForAgainst Abstain 2. To Approve, on an Advisory Basis, the Compensation of the Company’s Named Executive Officers 4. To Approve the Material Terms of the Performance Goals under the Omnibus Incentive Plan 3. To Ratify the Selectionselection of KPMG LLP as the Company’s Independent Registered Public Accounting Firm Authorized Signatures — This section must be completedCompany'sindependent registered public accounting firm for yourthefiscal year 2024.4. Shareholder proposal regarding an independent BoardChairman.The Board of Directors recommends you vote to be counted. — DateFORproposals 2 and Sign Below3.The Board of Directors recommends you vote AGAINSTproposal 4.NOTE: Such other business as may properly come before themeeting or any adjournment or postponement thereof.! ! !! ! !! ! ! Please sign exactly as your name appearsname(s) appear(s) hereon. Joint owners should each sign. When signing as attorney, executor, administrator, trustee or guardian,other fiduciary, please give full title as such. Jointowners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. Signature [PLEASE SIGN WITHIN BOX] Date (mm/dd/yyyy) — Please print date below. Signature 1 — Please keep signature within(Joint Owners) Date


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Important Notice Regarding the box. Signature 2 — Please keep signature withinAvailability of Proxy Materials for the box. + 1 U P X 2 7 9 1 1 4 2 02D5TB MMMMMMMMM B A Annual MeetingMeeting:The Notice and Proxy Card X IMPORTANT ANNUAL MEETING INFORMATION

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. q PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q Proxy —Statement and Annual Report are available at www.proxyvote.com. V46772-P05217 DOLLAR TREE, INC. 500 Volvo Parkway, Chesapeake, Virginia 23320 PROXYINC.PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS ForDIRECTORSFor the Annual Meeting of Shareholders on June 16, 2016 The20, 2024The undersigned hereby appoints Macon F. Brock, Jr.Richard W. Dreiling and William A. Old, Jr,Jonathan B. Leiken, jointly and severally, each with full power ofpowerof substitution, as proxies, to represent the undersigned and to vote at the 2024 Annual Meeting of Shareholders ofShareholdersof DOLLAR TREE, INC. to be held at The Founders Inn, 5641 Indian River Road, Virginia Beach, Virginia 23464, on Thursday, June 16, 201620, 2024 at 8:9:00 a.m. local time,Eastern Time, through a live webcast atwww.virtualshareholdermeeting.com/DLTR2024, and at any adjournment or postponement thereof, all of the shares ofDollar Tree common stock that the undersigned is entitled to vote on any matters coming beforeeach of the Meeting. Please specify your choice by marking the appropriate box for each matterproposals listed on the reverse side. Any boxes not marked will be voted in accordance withside and anyother matters that may properly come before the recommendations of the Board of Directors. The Proxies cannot vote your shares unless you sign and return this card. ThisAnnual Meeting.This proxy, when properly executed, will be voted in the manner directed hereinherein. If no direction is made, this proxywill be voted "FOR" the election of all director candidates nominated by the Board of Directors on the reverse side,"FOR" proposals 2 and authorizes3, and "AGAINST" proposal 4 on the Proxiesreverse side, and, in the discretion of the persons namedas proxies, with respect to take action in their discretion uponany other matters that may properly come before the Meeting. If no direction is made, thisDollar Tree Annual Meeting or anyadjournment or postponement thereof. This proxy willrevokes all previous proxies.Continued and to be voted “FOR” Proposals 1, 2, 3, and 4. PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.

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signed on reverse side


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