Dollar General 2008 Annual Report Download - page 160
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158
• The named executive officer may not engage in any communications to persons
outside Dollar General which disparages Dollar General or interferes with our
existing or prospective business relationships.
Voluntary Termination without Good Reason. If the named executive officer resigns
without good reason, he or she will forfeit all unvested equity grants and all vested but
unexercised options (other than Rollover Options). Rollover Options are fully exercisable and
generally may be exercised for 3 months from the termination date unless they expire earlier or
unless we repurchase them, on a per share basis, at a per share price equal to the lesser of (1) the
fair market value of one of our shares, minus the per share exercise price of a Rollover Option or
(2) the sum of (x) $5.00 per share (the “Base Price”) plus (y) the applicable percentage (e.g.,
20% for each anniversary of July 6, 2007 or each anniversary of the grant date, depending upon
the executive officer) of the excess of the fair market value of one of our shares over the per
share Base Price, minus (z) the per share exercise price of a Rollover Option.
Payments Upon Involuntary Termination
The payments to be made to a named executive officer upon involuntary termination vary
depending upon whether termination is with or without “cause”. For purposes of each named
executive officer, “cause” generally means (as more fully described in the applicable
employment agreement):
• Attendance at work in a state of intoxication or in possession of any prohibited drug
or substance which would amount to a criminal offense;
• Assault or other act of violence;
• Any act involving fraud or dishonesty;
• Any material breach of any SEC or other law or regulation or any Dollar General
policy governing securities trading or inappropriate disclosure or "tipping";
• Any activity or public statement, other than as required by law, that prejudices Dollar
General or reduces our good name and standing or would bring Dollar General into
public contempt or ridicule; or
• Conviction of, or plea of guilty or nolo contendere to, any felony whatsoever or any
misdemeanor that would preclude employment under our hiring policy.
For purposes of determining treatment of a named executive officer’ s Rollover Options,
“cause” means, to the extent that our Compensation Committee determines that it is directly and
materially harmful to our business or reputation:
• A felony conviction or the failure to contest prosecution of a felony; or
• Willful misconduct or dishonesty.