Dollar General 2006 Annual Report Download - page 142
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after the end of the agreement’ s term (unless we enter into a mutually acceptable severance
arrangement or, in the case of an NEO other than Mr. Perdue, the resignation is a result of the
NEO’ s voluntary retirement or termination or, in the case of Mr. Perdue, the resignation is the
result of his voluntary retirement at or after age 62), in addition to the items identified under
“Payments Regardless of Manner of Termination” above:
• With respect to each NEO other than Mr. Perdue, all unvested equity grants will be
forfeited, vested stock options generally may be exercised for 3 months from the
service termination date unless the options expire earlier, and vested RSUs will settle
in due course.
• With respect to Mr. Perdue, the vesting of all equity grants will accelerate if he
executes a release of certain claims against us and our affiliates in the form attached
to his employment agreement, vested stock options may be exercised for 3 months
from the service termination date unless the options expire earlier, and vested RSUs
will settle in due course.
• The NEO (other than Mr. Perdue) will receive, subject to any 6-month delay in
payment required for tax law compliance, the following upon the execution of a
release of certain claims against us and our affiliates in the form attached to the
NEO’ s employment agreement:
√ Continuation of base salary for 24 months payable in accordance with our
normal payroll cycle and procedures.
√ A lump sum payment equal to 2 times the NEO’ s target incentive bonus
and 2 times our annual contribution for the NEO’ s participation in our
medical, dental and vision benefits program.
√ Outplacement services, at our expense, for 1 year or, if earlier, until other
employment is secured.
Subject to any applicable prohibition on acceleration of payment under Section 409A
of the Internal Revenue Code, we may, at any time and in our sole discretion, elect to
make a lump-sum payment of all these amounts, or all remaining amounts, due as a
result of this type of termination.
• Mr. Perdue will receive the following, subject to any 6-month delay in payment
required for tax law compliance, if he executes a release of certain claims against us
and our affiliates in the form attached to his employment agreement:
√ An amount, payable ratably over a 24 month period in accordance with our
normal payroll cycle and procedures, equal to 2.5 times the sum of his annual
base salary and the greater of his actual annual incentive bonus earned in the
fiscal year immediately prior to his service termination date or his target
incentive bonus for the fiscal year in which his employment terminated.
Subject to any applicable prohibition on payment acceleration under Section
409A of the Internal Revenue Code, we may, at any time and in our sole
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