Dollar General Corporation announced that its board of directors extended the term of CEO David Perdue's employment contract to March 31, 2008 and made various other amendments to that agreement.
The term of Perdue's employment contract with the Company had been scheduled to expire on March 31, 2007.
In addition to the extension of the contract, the Company increased Perdue's base salary by $100,000 and granted him 365,000 restricted stock units that are scheduled to vest ratably over a three year period.
In making the announcement, Gordon Gee, Chairman of the Company's Compensation Committee of the Board of Directors, said, "We are pleased to be able to demonstrate our confidence in David and his efforts to position Dollar General for the future by extending his contract beyond its original term."
The amendments to Perdue's employment contract are summarized in a Form 8-K filed today by the Company with the Securities and Exchange Commission.
The full text of the amended and restated employment agreement also can be viewed as an Exhibit to that Form 8-K.
Perdue has served as the Company's CEO since April 2, 2003 and as the Company's Chairman of the Board since June 2, 2003.
Dollar General Corporation
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