POST-RETIREMENT BENEFIT AGREEMENT
(“Agreement”), made this ____ day of June, 2007, by and between H. Ray Compton
(“Mr. Compton”) and Dollar Tree Stores, Inc., a Virginia Corporation
Mr. Compton has contributed
greatly to the success of the Company as a stockholder, director and officer;
Mr. Compton has retired from
employment with the Company but continues to serve as a director;
Company desires to reward Mr.
Compton for his past services to the Company by providing him with a
non-discretionary retirement benefit that does not depend on future
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,
parties agree as follows:
Benefit. In consideration of the Mr.
Compton’s past services to the Company, the Company hereby agrees to pay a
post-retirement benefit to Mr. Compton in the amount of $30,000 per annum during
his lifetime. Such amount shall be paid in equal quarterly
installments. Mr. Compton acknowledges that taxes including, without
limitation, state and federal income tax, social security and Medicare, will
withheld from this amount to the extent required by law. In addition,
for each of their lifetimes, Mr. Compton 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 Mr. Compton or his spouse.
2. Termination. This
Agreement may only be terminated by the written agreement of all parties
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 Mr. Compton 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
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
the parties hereto. Mr. Compton’s spouse is an intended third party
beneficiary of this Agreement.
the following signatures and
seals, effective as of the day and year first above written.
TREE STORES, INC.