# EDGAR Filing Document

**Accession Number:** 0000935703
**File Stem:** 0001104659-25-068081
**Filing Date:** 2025-7
**Character Count:** 17448
**Document Hash:** 8430a226146daaa2b6ce08b7d021f54a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-068081.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001104659-25-068081

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DOLLAR TREE, INC.
- **CENTRAL INDEX KEY:** 0000935703
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-VARIETY STORES [5331]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 541387365
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-50167
- **FILM NUMBER:** 251124814

**BUSINESS ADDRESS:**
- **STREET 1:** 500 VOLVO PARKWAY
- **STREET 2:** N/A
- **CITY:** CHESAPEAKE
- **STATE:** VA
- **ZIP:** 23320
- **BUSINESS PHONE:** (757) 321-5000

**MAIL ADDRESS:**
- **STREET 1:** 500 VOLVO PARKWAY
- **CITY:** CHESAPEAKE
- **STATE:** VA
- **ZIP:** 23320

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DOLLAR TREE INC
- **DATE OF NAME CHANGE:** 20080328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DOLLAR TREE STORES INC
- **DATE OF NAME CHANGE:** 19950117
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mantle Ridge LP
- **CENTRAL INDEX KEY:** 0001695459

**ORGANIZATION NAME:**
- **EIN:** 813048123
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 712 FIFTH AVENUE, SUITE 17F
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 646-762-8540

**MAIL ADDRESS:**
- **STREET 1:** 712 FIFTH AVENUE, SUITE 17F
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

## Exhibit 99.11

**Exhibit 99.11**

**TRADING DATA**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Entity** | &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**No. of Shares** | &nbsp;&nbsp;**Price/ Premium per Share** | &nbsp;&nbsp;**Strike Price** | &nbsp;&nbsp;**Expiration Date** | &nbsp;&nbsp;**Security** |
| &nbsp;&nbsp;MR Cobalt Offshore Fund AB LLC | &nbsp;&nbsp;7/11/2025 &nbsp;&nbsp;Exercise<sup>(1)</sup> | &nbsp;&nbsp;900360 | &nbsp;&nbsp;$55.87 | &nbsp;&nbsp;$98.00 | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;American style call option exercisable into physically settled forward |
| &nbsp;&nbsp;MR Cobalt Offshore Fund CB 02 LLC | &nbsp;&nbsp;7/11/2025 &nbsp;&nbsp;Exercise<sup>(1)</sup> | &nbsp;&nbsp;636151 | &nbsp;&nbsp;$67.86 | &nbsp;&nbsp;$81.00 | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;American style call option exercisable into physically settled forward |

---

(1) As described in Item 1 of the Amendment, upon settlement of the Options Exercise, the PSF-Option Agreements shown in
 this table were exercised for Deemed PSF Agreements relating to an equal number of shares of Common Stock. The per-share forward
 price for each such Deemed PSF Agreement is the sum of the Premium per Share and Strike Price shown above (subject to certain
 adjustments in accordance with the Deemed PSF Agreements); the relevant Mantle Ridge Fund will also pay a financing charge at
 settlement of the Deemed PSF Agreement.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**Dollar Tree, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.01 per share**

*(Title of Class of Securities)*

**256746108**

*(CUSIP Number)*

**Paul C. Hilal**<br>Mantle Ridge LP<br>712 Fifth Avenue, Suite 17F<br>New York City NY 10019<br>646-762-8540

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/11/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **256746108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Mantle Ridge LP** | Name of reporting person<br>**Mantle Ridge LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13640904.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13640904.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13640904.00** | Aggregate amount beneficially owned by each reporting person<br>**13640904.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.5%** | Percent of class represented by amount in Row (11)<br>**6.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** *All percentage calculations set forth herein are based upon the aggregate of 208,695,818 shares of Common Stock outstanding as of June 2, 2025, as reported in Dollar Tree's Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on June 4, 2025.

| **CUSIP No.** | **256746108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MR Cobalt Advisor LLC** | Name of reporting person<br>**MR Cobalt Advisor LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13640904.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13640904.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13640904.00** | Aggregate amount beneficially owned by each reporting person<br>**13640904.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.5%** | Percent of class represented by amount in Row (11)<br>**6.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** *All percentage calculations set forth herein are based upon the aggregate of 208,695,818 shares of Common Stock outstanding as of June 2, 2025, as reported in Dollar Tree's Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on June 4, 2025.

| **CUSIP No.** | **256746108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Paul C. Hilal** | Name of reporting person<br>**Paul C. Hilal** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**100.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13640904.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**100.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13640904.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13641004.00** | Aggregate amount beneficially owned by each reporting person<br>**13641004.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.5%** | Percent of class represented by amount in Row (11)<br>**6.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** *All percentage calculations set forth herein are based upon the aggregate of 208,695,818 shares of Common Stock outstanding as of June 2, 2025, as reported in Dollar Tree's Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on June 4, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.01 per share

**(b) Name of Issuer:**
Dollar Tree, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
500 Volvo Parkway, Chesapeake, VA, 23320

This Amendment No. 5 (this "Amendment") amends and supplements the Schedule 13D filed by the Reporting Persons with the SEC on November 12, 2021 (as amended and supplemented by that certain Amendment No. 1 filed by the Reporting Persons with the SEC on December 10, 2021, by that certain Amendment No. 2 filed by the Reporting Persons with the SEC on January 18, 2022, by that certain Amendment No. 3 filed by the Reporting Persons with the SEC on March 8, 2022 and by that certain Amendment No. 4 filed by the Reporting Persons with the SEC on December 21, 2023, the "Initial 13D"), relating to their beneficial ownership in the Issuer. Except to the extent set forth in this Amendment, all information disclosed in the Initial 13D remains unchanged. Capitalized terms not defined in this Amendment shall have the respective meanings ascribed to them in the Initial 13D.

The information set forth in response to each separate item below shall be deemed to be a response to all Items where such information is relevant. The Initial 13D is hereby amended as follows:

Item 1. SECURITY AND ISSUER

Item 1 is hereby amended and supplemented by the addition of the following:

On July 11, 2025, the Mantle Ridge Funds that are party to the PSF-Option Agreements and the CSF-Option Agreements (the "Participating MR Funds") effected the transactions described below. The transactions left the Reporting Persons' beneficial ownership of, and economic exposure to, the Common Stock of the Company unchanged. The Participating MR Funds funded the exercise by borrowing under the Loan Agreement described herein, which does not have any triggers or margin call requirements relating to the price of the Common Stock.

The Participating MR Funds exercised all of such PSF-Option Agreements and CSF-Option Agreements (collectively, the "Exercised Option Agreements" and such exercise, the "Options Exercise"), which were scheduled to expire on July 18, 2025, and elected to settle such Exercised Option Agreements in the following manner:  Upon payment of the applicable strike price for such Exercised Option Agreements in an aggregate of amount of $889,614,157, the Participating MR Funds are deemed to have entered into cash-settled forward transactions (the "Deemed CSF Agreements") and physically-settled forward transactions (the "Deemed PSF Agreements"), respectively, on the terms set forth in the CSF-Option Agreements and PSF-Option Agreements filed as Exhibits 99.4 and 99.5 to that certain Amendment No. 2 filed by the Reporting Persons with the SEC on January 18, 2022.

Such Deemed CSF Agreements and Deemed PSF Agreements reference a number of shares of Common Stock equal to the number that underlie the exercised CSF Option Agreements and PSF Option Agreements, as applicable.

After giving effect to the Options Exercise, the number of shares of Common Stock beneficially owned by Mantle Ridge, MR Cobalt Advisor and Paul Hilal has remained unchanged, such that Mantle Ridge and MR Cobalt Advisor each continues to beneficially own an aggregate 13,640,904 shares of Common Stock, and Mr. Hilal continues to beneficially own an aggregate 13,641,004 shares of Common Stock. These shares represent approximately 6.5% of the outstanding shares of Common Stock as of June 2, 2025, based on the disclosure set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on June 4, 2025.

As noted above, after giving effect to the Options Exercise, the aggregate number of shares of Common Stock to which Mantle Ridge, MR Cobalt Advisor and Mr. Hilal are economically exposed has remained unchanged. Each of Mantle Ridge and MR Cobalt Advisor continues to retain a total economic exposure to 23,296,508 shares of Common Stock and Mr. Hilal continues to retain a total economic exposure to 23,296,608 shares of Common Stock, in the aggregate representing approximately 11.2% of the outstanding shares of Common Stock as of June 2, 2025, based on the disclosure set forth in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on June 4, 2025.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) is hereby amended and supplemented by the addition of the following:

Information about the number and percentage of shares of Common Stock beneficially owned by the Reporting Persons is set forth in Item 1, and that information is incorporated by reference herein.

**(b)**
Item 5(b) is hereby amended and supplemented by the addition of the following:

Information about the number and percentage of shares of Common Stock beneficially owned by the Reporting Persons is set forth in Item 1, and that information is incorporated by reference herein.

**(c)**
Item 5(c) is hereby amended and supplemented by the addition of the following:

(c) All transactions in Common Stock, Physically Settled Forward Agreements and PSF-Option Agreements effected during the past sixty days on behalf of the Mantle Ridge Funds over which the Reporting Persons have investment discretion are set forth on Exhibit 99.11 hereto and that information is incorporated by reference herein.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is hereby amended and supplemented by the addition of the following:

The information set forth under Item 1 relating to the Exercised Options Agreements, Deemed PSF Agreements and Deemed CSF Agreements and under Item 3 relating to the Loan Agreement is hereby incorporated by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Mantle Ridge LP

**Signature:** By: Mantle Ridge GP LLC, its general partner, PCH MR Advisor Holdings LLC, its managing member, /s/ Paul C. Hilal

**Name/Title:** Paul C. Hilal, Sole Member

**Date:** 07/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MR Cobalt Advisor LLC

**Signature:** By: Mantle Ridge LP, its sole member, Mantle Ridge GP LLC, its general partner, PCH MR Advisor Holdings LLC, its managing member, /s/ Paul C. Hilal

**Name/Title:** Paul C. Hilal, Sole Member

**Date:** 07/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Paul C. Hilal

**Signature:** /s/ Paul C. Hilal

**Name/Title:** Paul C. Hilal

**Date:** 07/15/2025