In a recent SEC filing dated July 5, 2024, Dollar Tree, Inc. (NASDAQ:DLTR) announced the grant of performance-based restricted stock units (PSUs) to Lawrence Gatta, Jr., the Chief Merchandising Officer for Family Dollar. This award is part of the company's 2021 Omnibus Incentive Plan and is contingent upon the achievement of specific performance objectives tied to the strategic review of the Family Dollar business segment.
The PSUs, which have a target value of 14,060 shares or approximately $1.5 million based on the grant date valuation, are scheduled to vest on the third anniversary of the grant, provided Gatta maintains his service with the company until then. Additionally, conditions such as death, disability, or retirement could trigger early vesting at the target level.
The vesting of the PSUs may occur before the third anniversary if certain performance goals are met, potentially increasing the vesting amount up to 166.67% of the target. These objectives are to be determined by Dollar Tree's Board of Directors and are directly related to the review of strategic alternatives for Family Dollar.
Dollar Tree, a retail variety store chain headquartered in Chesapeake, Virginia, is listed on the NASDAQ Global Select Market under the ticker symbol NASDAQ:DLTR. The SEC filing, signed by Jeffrey A. Davis, the Chief Financial Officer of Dollar Tree, confirms the company's commitment to its executive compensation strategy. The information disclosed is based on a press release statement.
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