# EDGAR Filing Document

**Accession Number:** 0000935703
**File Stem:** 0001104659-25-068079
**Filing Date:** 2025-7
**Character Count:** 16399
**Document Hash:** dda11531c0577efa430cb35e5a1ff37e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-068079.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001104659-25-068079

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250711

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Hilal Paul C
- **CENTRAL INDEX KEY:** 0001413084

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-25464
- **FILM NUMBER:** 251124811

**MAIL ADDRESS:**
- **STREET 1:** MANTLE RIDGE, L.P.
- **STREET 2:** 712 FIFTH AVENUE, SUITE 17F
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** MR Cobalt Advisor LLC
- **CENTRAL INDEX KEY:** 0001893902

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

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-25464
- **FILM NUMBER:** 251124812

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

**MAIL ADDRESS:**
- **STREET 1:** 712 FIFTH AVENUE, 17TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
**REPORTING-OWNER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-25464
- **FILM NUMBER:** 251124813

**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
**ISSUER**: 

**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

**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

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Mantle Ridge LP<br><sub>(Last) (First) (Middle)</sub><br>712 FIFTH AVENUE, SUITE 17F<br><sub>(Street)</sub><br>NEW YORK, NY 10019<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-07-11 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Director by deputization_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>DOLLAR TREE, INC. [ DLTR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>MR Cobalt Advisor LLC<br><sub>(Last) (First) (Middle)</sub><br>712 FIFTH AVENUE, SUITE 17F<br><sub>(Street)</sub><br>NEW YORK, NY 10019<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-07-11 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Director by deputization_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>DOLLAR TREE, INC. [ DLTR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Hilal Paul C<br><sub>(Last) (First) (Middle)</sub><br>712 FIFTH AVENUE, SUITE 17F<br><sub>(Street)</sub><br>NEW YORK, NY 10019<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-07-11 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>DOLLAR TREE, INC. [ DLTR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Call Option on Share Forward Transactions | $98 | 2025-07-11 |  | X<sup>(5)(6)(7)</sup> |  |  | 900360 | 2023-12-19 | 2025-07-18 | Share Forward Transactions | 900360 | $0 | 0 | I | See footnotes<sup>(1)(2)(3)(4)</sup> |
| Share Forward Transactions | 153.87<sup>(10)</sup> | 2025-07-11 |  | X |  | 900360 |  | 2025-07-14 | 2028-07-14 | Common Stock | 900360 | $98 | 900360 | I | See footnotes<sup>(1)(2)(3)(4)</sup> |
| Call Option on Share Forward Transactions | $81 | 2025-07-11 |  | X<sup>(5)(6)(7)</sup> |  |  | 636151 | 2023-12-19 | 2025-07-18 | Share Forward Transactions | 636151 | $0 | 0 | I | See footnotes<sup>(1)(2)(3)(4)</sup> |
| Share Forward Transactions | 148.86<sup>(11)</sup> | 2025-07-11 |  | X |  | 636151 |  | 2025-07-14 | 2028-07-14 | Common Stock | 636151 | $81 | 636151 | I | See footnotes<sup>(1)(2)(3)(4)</sup> |
| Call Option on Cash Settled Share Forward Transactions | $98 | 2025-07-11 |  | X<sup>(8)(9)</sup> |  |  | 2501339 | 2023-12-19 | 2025-07-18 | Cash Settled Share Forward Transactions | 2501339 | $0 | 0 | I | See footnotes<sup>(1)(2)(3)(4)</sup> |
| Cash Settled Share Forward Transactions | 153.87<sup>(10)</sup> | 2025-07-11 |  | X |  | 2501339 |  | 2025-07-14 | 2028-07-14 | Common Stock | 2501339 | $98 | 2501339 | I | See footnotes<sup>(1)(2)(3)(4)</sup> |
| Call Option on Cash Settled Share Forward Transactions | $81 | 2025-07-11 |  | X<sup>(8)(9)</sup> |  |  | 6231104 | 2023-12-19 | 2025-07-18 | Cash Settled Share Forward Transactions | 6231104 | $0 | 0 | I | See footnotes<sup>(1)(2)(3)(4)</sup> |
| Cash Settled Share Forward Transactions | 148.86<sup>(11)</sup> | 2025-07-11 |  | X |  | 6231104 |  | 2025-07-14 | 2028-07-14 | Common Stock | 6231104 | $81 | 6231104 | I | See footnotes<sup>(1)(2)(3)(4)</sup> |

---

### Footnotes:

(1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share.

(2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds").

(3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.

(4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934.

(5) On July 11, 2025, each Mantle Ridge Fund exercised its American-style call option transactions exercisable into share forward transactions that may be cash or physically settled (the "PSF-Option Agreements") with an unaffiliated third-party financial institution (the "Option Counterparty") pursuant to which, upon paying the strike price of such PSF-Option Agreements, each Mantle Ridge Fund and the Option Counterparty were deemed to enter into such share forward transactions (each, a "Deemed PSF Agreement") collectively referencing an aggregate number of shares of Common Stock equal to the number of shares underlying the options exercised.

(6) [continued from FN(5)] Under the terms of the Deemed PSF Agreements, at maturity, subject to certain conditions, the Mantle Ridge Funds will purchase each share of Common Stock underlying its Deemed PSF Agreements at the agreed-upon forward price plus a financing charge, unless the conditions to physical settlement are not satisfied or the Mantle Ridge Funds elect cash settlement, in which case cash settlement will apply and the relevant Mantle Ridge Fund will pay to the Option Counterparty any decrease in, and receive from the Option Counterparty any increase in, the market price of the referenced number of shares of Common Stock during a period determined in accordance with the Deemed PSF Agreement around each valuation date (including if the relevant Mantle Ridge Fund elects to early terminate such Deemed PSF Agreement) compared with the agreed-upon forward price (plus a financing charge), as adjusted to account for any cash dividends or distributions declared by the Issuer.

(7) [continued from FN(6)] The relevant Mantle Ridge Fund may elect to terminate the Deemed PSF Agreement early, in which case the valuation date will occur on such early termination date.

(8) On July 11, 2025, each Mantle Ridge Fund exercised its American-style call option transactions exercisable into cash-settled share forward transactions (the "CSF-Option Agreements") with the Option Counterparty pursuant to which, upon paying the strike price of such CSF-Option Agreements, each Mantle Ridge Fund and the Option Counterparty were deemed to enter into such share forward transactions (each, a "Deemed CSF Agreement") collectively referencing an aggregate number of shares of Common Stock equal to the shares underlying the number of options exercised.

(9) [continued from FN(8)] Under the terms of the Deemed CSF Agreements, at maturity or upon early termination, the Mantle Ridge Funds will pay to the Option Counterparty any decrease in, and receive from the Option Counterparty any increase in, the market price of the referenced number of shares of Common Stock during a period determined in accordance with the Deemed CSF Agreement around each valuation date compared with the agreed-upon forward price (plus a financing charge), as adjusted to account for any cash dividends or distributions declared by the Issuer. The relevant Mantle Ridge Fund may elect to terminate the Deemed CSF Agreement early, in which case the valuation date will occur on such early termination date.

(10) The forward price for the relevant Deemed PSF Agreements or Deemed CSF Agreements, as applicable, is $153.87 (subject to certain adjustments in accordance with the Deemed PSF Forwards or the Deemed CSF Agreements, as applicable), which forward price is rounded to the nearest hundredth and represents the strike price plus a previously paid premium under the relevant PSF-Option Agreement or CSF-Option Agreements, as applicable.

(11) The forward price for the relevant Deemed PSF Agreements or Deemed CSF Agreements, as applicable, is $148.86 (subject to certain adjustments in accordance with the Deemed PSF Agreements or the Deemed CSF Agreements, as applicable), which forward price is rounded to the nearest hundredth and represents the strike price plus a previously paid premium under the relevant PSF-Option Agreement or CSF-Option Agreements, as applicable.

**Signature:** MANTLE RIDGE LP, By: Mantle Ridge GP LLC, its general partner, PCH MR Advisor Holdings LLC, its managing member, /s/ Paul C. Hilal, Sole Member  
**Date:** 2025-07-15

**Signature:** MR COBALT ADVISOR LLC, 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, Sole Member  
**Date:** 2025-07-15

**Signature:** /s/ Paul C. Hilal  
**Date:** 2025-07-15

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**