POST-RETIREMENT BENEFIT AGREEMENT
Exhibit
10.3
This
POST-RETIREMENT BENEFIT AGREEMENT
(“Agreement”), made this ____ day of June, 2007, by and between H. Xxx Xxxxxxx
(“Xx. Xxxxxxx”) and Dollar Tree Stores, Inc., a Virginia Corporation
(“Company”).
WHEREAS,
Xx. Xxxxxxx has contributed
greatly to the success of the Company as a stockholder, director and officer;
and
WHEREAS,
Xx. Xxxxxxx has retired from
employment with the Company but continues to serve as a director;
and
WHEREAS,
Company desires to reward Xx.
Xxxxxxx for his past services to the Company by providing him with a
non-discretionary retirement benefit that does not depend on future
service.
NOW,
THEREFORE, in consideration of the
premises and covenants contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the
parties agree as follows:
1. Post-Retirement
Benefit. In consideration of the Xx.
Xxxxxxx’x past services to the Company, the Company hereby agrees to pay a
post-retirement benefit to Xx. Xxxxxxx in the amount of $30,000 per annum during
his lifetime. Such amount shall be paid in equal quarterly
installments. Xx. Xxxxxxx acknowledges that taxes including, without
limitation, state and federal income tax, social security and Medicare, will
be
withheld from this amount to the extent required by law. In addition,
for each of their lifetimes, Xx. Xxxxxxx and his spouse shall be fully eligible
to participate in the group health insurance maintained by the Company,
currently the Dollar Tree Stores, Inc. Group Health Benefit Plan or any
successor group health insurance (the “Plan”); provided however, that the cost
of such insurance shall be paid by Xx. Xxxxxxx or his spouse.
2. Termination. This
Agreement may only be terminated by the written agreement of all parties
hereto.
3. Successors
in Interest. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of the
Company. The rights and interests of Xx. Xxxxxxx and his spouse under
this Agreement are personal and not assignable.
4. Miscellaneous. This
Agreement shall be governed by and construed in accordance with the laws of
the
Commonwealth of Virginia. The Consulting Agreement between the
parties hereto dated February 1, 2005 is hereby terminated. This Agreement
constitutes the entire understanding between the parties with respect to the
subject matter hereof. No amendment, modification, or supplement
hereto shall be of any force or effect unless it is in writing and signed by
all
the parties hereto. Xx. Xxxxxxx’x spouse is an intended third party
beneficiary of this Agreement.
WITNESS
the following signatures and
seals, effective as of the day and year first above written.
_/s/
X. Xxx
Compton__________(SEAL)
H.
Xxx Xxxxxxx
DOLLAR
TREE STORES, INC.
By__/s/
Xxx Sasser_
__________(SEAL)
Xxx
Xxxxxx, CEO
