Document:

Exhibit

Exhibit 10.54

DOLLAR TREE, INC.

OMNIBUS INCENTIVE PLAN

NONSTATUTORY STOCK OPTION AGREEMENT

(EXECUTIVE OFFICERS - TIME VESTING AND PERFORMANCE GOAL)
 

This NONSTATUTORY STOCK OPTION AGREEMENT (the “Agreement”), dated as of ___________ (the “Date of Grant”), is delivered by Dollar Tree, Inc., a Virginia corporation, (the “Company”), to ____________ (the “Grantee”).
 
W I T N E S S E T H:
 
The Dollar Tree, Inc. Omnibus Incentive Plan (the “Plan”) provides for the grant of Nonstatutory Stock Options in accordance with the terms and conditions of the Plan, which are incorporated herein by reference.  The Company has determined that it is in the best interest of the Company and its shareholders to issue a Nonstatutory Stock Option (the “Option”) to the Grantee.  Capitalized terms used in this Agreement and not otherwise defined herein or in the Notice of Grant attached to this Agreement the (“Notice of Grant”) have the meanings set forth in the Plan.
 
1. AWARD AND EXERCISE PRICE.  The Company hereby grants the Grantee an Option to purchase the number of shares of the Company’s Stock as set forth in the Notice of Grant subject to the terms, conditions and restrictions as set forth in the Plan, this Agreement and the Notice of Grant. The Option is not an Incentive Stock Option.  The Exercise Price is the price per share of Stock set forth in the Notice of Grant, which shall be not less than the Fair Market Value of a share of Stock on the Date of Grant.
 
2. EXERCISE.  The Option shall be exercisable, if at all, as the Service Requirements and any other Vesting Criteria set forth in the Notice of Grant are satisfied.

2.1. Termination of Employment.  In the event of Grantee’s Termination of Employment with all Member Companies for any reason other than death, Disability or Retirement (as defined below) prior to the satisfaction of the Vesting Criteria, then the unvested Option or portion there of shall be forfeited as of the date of such Termination of Employment.  For purposes of this Agreement, “Termination of Employment” shall mean a “separation from service” as defined in Treasury Regulation § 1.409A-1(h) and “Member Company” shall mean a “service recipient” as defined in Treasury Regulation § 1.409A-1(h)(3).
 
2.2. Transfer Restrictions.  Your Option may not be transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise, other than by will or by the laws of descent or distribution, and the provisions of this Agreement, the Plan and the Notice of Grant shall be binding upon the executors, administrators, heirs, and successors of the Grantee.  Any levy of any execution, attachment or similar process upon the Restricted Stock Units, shall be null, void and without effect.  Notwithstanding the foregoing, Grantee may designate one or more beneficiaries for receipt of the shares of Stock subject to this Award upon Grantee’s death by delivering a beneficiary designation form to the Company.  A beneficiary designation will not become effective unless it is made on the form approved by the Company and is received by the Company prior to the Grantee’s death.   Further, notwithstanding the foregoing, in accordance with procedures established by the Committee, in its discretion, the Option shall be assignable or transferable by gift or domestic relations order to Grantee’s "family members" as permitted in the General Instructions to Form S-8 under the Securities Act.
 
2.3. Change in Control.  In the event of a Change in Control, Section 14 of the Plan shall apply to the Option and the Committee may take such actions as it deems appropriate pursuant to the Plan, including accelerating vesting of the Option by waiving all or part of the Service Requirements or any other Vesting Criteria set forth in the Notice of Grant and/or limiting the period during which the Option may be exercised. Notwithstanding any provision to the contrary in this Agreement, in the event accelerated vesting or other treatment of the Option is required based on the terms of a retention agreement entered into by and between the Grantee and the Company, the Option shall be treated as required in such agreement.
 
2.4. Dividends.  No cash dividends shall be paid on the Options or Stock subject thereto prior to exercise of the Option.
 

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2.5. Adjustments for Recapitalizations.  In the event of a Transaction (as defined in Section 4.5 of the Plan), the terms of the Option shall be adjusted as set forth in Section 4.5 of the Plan and any additional securities or other consideration received pursuant to such adjustment shall be subject to the restrictions and risk of forfeiture to the same extent as the Option with respect to which such securities or other consideration has been distributed.

2.6.        Payment of Exercise Price.    The full Exercise Price for the shares of Stock for which the Option is being exercised must be paid on the date of exercise in cash, check, cash equivalents, one of the additional forms of payment set forth in Section 2.6(a) through (d) below, or any combination of such methods.

    (a)    Tender or Attestation of Shares.    All or part of the Exercise Price of an Option may be paid by tendering, either by actual delivery or by attestation, shares of Stock already owned by Grantee. The Committee shall determine in its sole discretion from time to time the acceptable methods of tendering or attesting to shares of Stock to pay all or part of the Exercise Price of the Option. For purposes of determining the amount of the Exercise Price satisfied through tender or attestation of shares, the shares shall be valued on the date the shares are tendered or attested to in the method approved by the Committee.

    (b)    Broker Assisted Cashless Exercise.    To the extent the Company has established and maintains a cashless exercise program with a securities brokerage firm, Grantee may exercise the Option through a cashless exercise in accordance with the policies and procedures established from time to time in the sole discretion of the Committee. The Company reserves, at any and all times, the right, in the Company's sole and absolute discretion, to establish, decline to approve or terminate any program or procedures for the exercise of the Option by means of a cashless exercise.

    (c)    Net Exercise.    By delivering to the Company a properly executed notice, in a form acceptable to the Committee in its sole discretion, electing a Net Exercise by which Grantee will be issued a number of whole shares of Stock upon the exercise of the Option determined in accordance with the following formula:

N = X(A-B)/A, where

"N" = the number of shares of Stock to be issued to Grantee upon exercise of the Option;

"X" = the total number of shares with respect to which Grantee elects to exercise the Option;

"A" = the Fair Market Value of one (1) share of Stock determined on the exercise date; and

"B" = the Exercise Price per share (as set forth in the Notice of Grant)

    (d)    Other Methods.    The Exercise Price may be paid using such other methods of payment as the Committee, in its sole discretion, deems appropriate from time to time.

3. DEATH, PERMANENT DISABILITY, OR RETIREMENT OF GRANTEE.
 
3.1. Effect of Disability. In the event of Grantee’s Disability prior to an applicable vesting date for the Option or portion thereof, the Service Requirements in the Notice of Grant shall be deemed satisfied as of the date Grantee becomes Disabled; provided; however, that any vesting based on the Performance Goal included in the Vesting Criteria shall be satisfied solely to the extent certified by the Company as indicated in the Notice of Grant.  For purposes of this Agreement, “Disability” shall mean the Grantee has been determined to be disabled under the long-term disability insurance policy of the Company or the Company determines that a qualified medical professional has opined that the grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; provided however, if the Grantee is eligible for Retirement (without regard to any required approval of the Committee), then “Disability” shall mean as defined under Code Section 409A(a)(2)(C) and the regulations promulgated thereunder, and the Grantee shall be deemed to have a Disability on the earliest date that the Grantee is determined to have a Disability either by the Company or as otherwise permitted under Treasury Regulation § 1.409A-3(i)(4)(iii).
 
3.2. Death of Grantee.   In the event of the death of the Grantee, the Service Requirements in the Notice of Grant shall be deemed satisfied as of the date of Grantee’s death; provided; however, that any vesting based on the Performance Goal included in the Vesting Criteria shall be satisfied solely to the extent certified by the Company as indicated in the Notice of Grant.
 
3.3. Retirement.  In the event of the Grantee’s Retirement, the Service Requirements in the Notice of Grant shall be deemed satisfied as of the date of Grantee’s Retirement; provided; however, that any vesting based on the Performance Goal 

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included in the Vesting Criteria shall be satisfied solely to the extent certified by the Company as indicated in the Notice of Grant.  For purposes of this Agreement, “Retirement” shall mean, with the approval of the Committee, the Grantee’s Termination of Employment on or after the date the Grantee attains the age of fifty-nine and a half (59 1⁄2) following at least seven (7) years of Service.  
 
4. SHAREHOLDER RIGHTS. This Option does not entitle you to any rights as a shareholder of the Company unless and until the shares of Stock underlying the Option have been issued to you by registry in book-entry form with the Company, pursuant to exercise of this Option.
 
5. ISSUANCE OF SHARES. The Company will issue the shares of Stock subject to the Option as non-certificated shares in book-entry form registered in Grantee’s name.  The obligation of the Company to deliver shares of Stock upon the exercise of the Option shall be subject to all applicable laws, rules, and regulations and such approvals by governmental agencies as may be deemed appropriate to comply with relevant state and federal securities laws and regulations and the rules of any applicable stock exchange.

6.    Code Section 409A.  This Option is intended to be exempt from Code Section 409A as a stock right granted with an exercise price not less than the Fair Market Value of a share of Stock on the Date of Grant and shall be interpreted as necessary to comply with Section 409A.  Notwithstanding the foregoing, if this Option becomes subject to Section 409A it shall comply with Section 17 of the Plan.
 
7. TAXES; WITHHOLDING OBLIGATION.
 
7.1. Generally. Grantee shall be ultimately liable and responsible for all taxes owed in connection with the Award, regardless of any action a Member Company takes with respect to any tax withholding obligations that arise in connection with the Award. The Member Companies make no representation or undertaking regarding the treatment of any tax withholding in connection with the grant or vesting of the Award or the subsequent sale of shares of Stock issuable pursuant to the Award. Neither the Company nor any Member Company is committed or under any obligation to structure the Award to reduce or eliminate your tax liability.
 
7.2. Payment of Withholding Taxes.
 
7.2.1. Prior to any event in connection with the Option (e.g., exercise) that the Company determines may result in any domestic or foreign tax withholding obligation, whether national, federal, state or local, including any employment or social tax obligation (the “Tax Withholding Obligation”), Grantee must arrange for the satisfaction of the amount of such Tax Withholding Obligation in a manner acceptable to the Company.
 
7.2.2. Unless Grantee chooses to satisfy the Tax Withholding Obligation by some other means in accordance with Section 7.2.3. below, Grantee’s acceptance of this Option constitutes Grantee’s instruction and authorization to the Company, and any brokerage firm determined acceptable to the Company for such purpose, to sell on Grantee’s behalf (including to the Company or any affiliate of the Company through the retention of a portion of the shares of Stock) a whole number of shares of Stock from those shares of Stock issuable to Grantee as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the Tax Withholding Obligation. Such shares of Stock will be sold on the day the Tax Withholding Obligation arises or as soon thereafter as practicable. If applicable, Grantee will be responsible for all brokers’ fees and other costs of sale, and agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale. To the extent the proceeds of such sale exceed Grantee’s Tax Withholding Obligation, the Company agrees to pay such excess in cash to Grantee through payroll as soon as practicable. Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy your Tax Withholding Obligation. Accordingly, Grantee agrees to pay to the Company (or Member Company as applicable) as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of shares of Stock described above.
 
7.2.3. At any time not less than five (5) business days before any Tax Withholding Obligation arises Grantee may elect to satisfy his or her Tax Withholding Obligation by delivering to the Company (or Member Company as applicable) an amount that the Company determines is sufficient to satisfy the Tax Withholding Obligation by (i) wire transfer to such account as the Company may direct, (ii) delivery of a certified check payable to the Company (or Member Company as applicable), or (iii) such other means as the Company may establish or permit.
 
7.2.4. The Company may refuse to issue any shares of Stock to Grantee until Grantee satisfies the Tax Withholding Obligation. To the maximum extent permitted by law, the Company has the right to retain, without notice, from shares of Stock 

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issuable under the Award or from salary or other amounts payable to you, shares of Stock or cash having a value sufficient to satisfy the Tax Withholding Obligation.
 
8. NO EMPLOYMENT RIGHTS.  Nothing in this Agreement shall affect in any manner whatsoever the right or power of a Member Company to terminate Grantee’s employment for any reason, with or without cause.
 
9. MISCELLANEOUS.
 
9.1. Governing Law.  This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the Commonwealth of Virginia, without giving effect to choice of law provisions thereof.  The Circuit Court of the City of Norfolk, Virginia, and the United States District Court, Eastern District of Virginia, Norfolk Division shall be the exclusive courts of jurisdiction or venue for any litigation, special proceedings or other proceedings between the parties that my be brought, or arise out of, in connection with, or by reason of this Agreement and the parties to this Agreement hereby consent to the jurisdiction of such courts.
 
9.2. Entire Agreement; Enforcement of Rights.  The Plan and the Notice of Grant are hereby incorporated by reference in this Agreement.  This Agreement (including the Plan and the Notice of Grant) sets forth the entire agreement and understanding of the parties relating to the subject matter herein.  No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in a writing signed by the Company and the Grantee to this Agreement.  The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party.
 
9.3. Severability.  If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith.  In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.
   
9.4. Notices.  Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally or sent by telegram or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address as set forth below or as subsequently modified by written notice.
 
9.5. Successors and Assigns.  The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns.  The rights and obligations of Grantee under this Agreement may only be assigned with the prior written consent of the Company.
 
9.6. Disclosure of Information.  In the event the Committee determines that the Grantee has materially violated the provisions of this Section 9.6, the Grantee shall immediately forfeit all unvested Restricted Stock Units.  The Grantee recognizes and acknowledges that the Company’s trade secrets, confidential information, and proprietary information, including customer and vendor lists and computer data and programs (collectively “Confidential Information”), are valuable, special and unique assets of the Company’s business, access to and knowledge of which are essential to the performance of the Grantee’s duties. The Grantee will not, before or after his date of Termination of Employment, in whole or in part, disclose such Confidential Information to any person or entity or make such Confidential Information public for any purpose whatsoever, nor shall the Grantee make use of such Confidential Information for the Grantee’s own purposes or for the benefit of any person or entity other than the Company under any circumstances before or after the Grantee’s date of Termination of Employment; provided that this prohibition shall not apply after the Grantee’s date of Termination of Employment to Confidential Information that has become publicly known through no action of the Grantee. The Grantee shall consider and treat as the Company’s property all memoranda, books, records, papers, letters, computer data or programs, or customer lists, including any copies thereof in human- or machine-readable form, in any way relating to the Company’s business or affairs, financial or otherwise, whether created by the Grantee or coming into his or her possession, and shall deliver the same to the Company on the date of Termination of Employment or, on demand of the Company, at any earlier time.
 
32579861_4

103Exhibit

Exhibit 10.55

CONFIDENTIAL TREATMENT REQUESTED

Confidential material has been separately filed with the Securities and Exchange Commission under an application for confidential treatment. Terms for which confidential treatment has been requested have been omitted and marked with an asterisk [*]
Executive Agreement
In consideration of the employment offer, compensation, and benefits (including specifically the stock based award included therein) set forth in the Offer of Employment dated December 5, 2016 (the “Offer Letter”) to Duncan Mac Naughton (“Executive”), which the Executive acknowledges to be good and valuable consideration for the Executive’s obligations hereunder, the Executive and Family Dollar Stores, Inc., its parent, Dollar Tree, Inc. and each of their subsidiaries (collectively, the “Company”) hereby agree as follows: 
		
	1.
	Effective Date.  This Agreement shall become effective the first day of Executive’s employment with the Company as the President of Family Dollar Stores, Inc. (the “Effective Date”), which is currently expected to be on or around December 30, 2016.

		
	2.
	Covenants.  The following covenants are several and survive the termination of the other provisions of this Executive Agreement (the “Agreement”) and survive the termination of Executive’s employment for any reason. 

		
	a.
	Confidential Information. Executive understands and acknowledges that during the course of his employment by the Company, he will have access to and learn about Confidential Information belonging to the Company, including Family Dollar Stores, Inc., Dollar Tree, Inc. and their affiliates and subsidiaries.  

For purposes of this Agreement, "Confidential Information" is all information not generally known to the public and developed or maintained by the Company or its agents in spoken, printed, electronic or any other form or medium, relating directly or indirectly to the Company’s: business processes, practices, methods, policies, plans, operations, strategies, agreements, contracts, transactions, potential transactions, know-how, trade secrets, intellectual property, works-in-process, databases, systems, vendor and supplier information, financial information, accounting information, accounting records, legal information, marketing information, advertising information, pricing information, credit information, design information, personnel information, market studies, sales information, revenue, costs, customer information, manufacturing information, transportation and logistics information, and factory lists of the Company or of any other person or entity that has entrusted information to the Company in confidence. 
Executive understands that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise identified or treated as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the information is known or used. 
Executive understands and acknowledges that the Company has invested, and continues to invest, substantial time, money, and specialized knowledge into developing its resources, creating and developing its vendor base, increasing its customer base, expanding the number of geographic markets in which it operates, training its executives, developing best operational practices, and negotiating highly competitive prices in the discount retail sector so as to provide the best value possible to its customers.  Executive understands and acknowledges that as a result of these ongoing efforts, the Company has created, and continues to use and create, Confidential Information. This Confidential Information provides the Company with a competitive advantage over others in the marketplace, and it is essential to the Company’s success moving forward.  

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Confidential Information shall not include information that is generally available to and known by the public at the time of disclosure to Executive, provided that such disclosure is through no direct or indirect fault of Executive or anyone acting on Executive’s behalf.
		
	i.
	Disclosure and Use Restrictions.  Executive agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate, or make available Confidential Information, or allow it to be disclosed, published, communicated, or made available, in whole or part, to any entity or person whatsoever (including other executives of the Company not having a need to know such information); (iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media, or other resources containing any Confidential Information, or remove any such documents, records, files, media, or other resources from the premises or control of the Company, except as required in the performance of Executive’s authorized employment duties to the Company or with the prior consent of Executive’s supervisor; and (iv) to immediately return and not retain, in any form, any such Confidential Information upon the termination of Executive’s employment with the Company. Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid subpoena or order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or subpoena/order. The Executive shall promptly provide written notice of any such order to the Company’s Chief Legal Officer.

Executive understands and acknowledges that Executive’s obligations under this Agreement with regard to any particular Confidential Information shall commence immediately upon Executive’s first having access to such Confidential Information and shall continue during and after Executive’s employment by the Company until such time as such Confidential Information has become public knowledge other than as a result of Executive’s breach of this Agreement or breach by those acting in concert with Executive or on Executive’s behalf.

		
	ii.
	Notice of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016.  Notwithstanding any other provision of this Agreement, Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (iii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.

		
	b.
	Covenant Not to Compete.  

		
	i.
	Acknowledgment. Executive understands that the senior nature of his position gives him access to and knowledge of Confidential Information and places him in a position of trust and confidence with the Company and, further, that the improper use or disclosure by Executive of Confidential Information is likely to result in unfair or unlawful competitive activity.  Executive understands and acknowledges that his experience and expertise relating to the business of a retailer are unique and specialized, and that the Company’s ability to reserve these talents for the exclusive knowledge and use of the Company is of great competitive importance and commercial value to the Company.

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CONFIDENTIAL TREATMENT REQUESTED

Confidential material has been separately filed with the Securities and Exchange Commission under an application for confidential treatment. Terms for which confidential treatment has been requested have been omitted and marked with an asterisk [*]

		
	ii.
	Non-Competition. Because of the Company’s legitimate business interest as described herein and the good and valuable consideration offered to Executive in the Offer Letter, during Executive’s employment and for a [*] period beginning on the last day of Executive’s employment with the Company, Executive agrees and covenants that he will not engage in any Prohibited Activity (as defined below) [*] for a Competitor (as defined below) [*]. This restrictive covenant applies whether Executive’s employment is terminated by Executive or by the Company for any reason or no reason. 

1.    For purposes of this non-compete, "Prohibited Activity" is [*].  

A “Competitor” is defined as: [*]

2.    Nothing herein shall prohibit Executive from purchasing or owning less than five percent (5%) of the publicly traded securities of any corporation, provided that such ownership represents a passive investment and that Executive is not a controlling person of, or a member of a group that controls, such corporation. 

		
	c.
	Non-Piracy of Company Executives.  Executive agrees and covenants that, for a period of two years from the termination of Executive’s employment with the Company, Executive shall not directly or indirectly solicit, hire, recruit, or attempt to hire or recruit, any Company Executive, or induce the termination of employment of any Company Executive.  “Company Executive” means any person who at the time of, or within three months immediately prior to, the solicitation, hiring, recruitment, or inducement, was employed by the Company at a Director level or more senior position.  The types of communication prohibited by this provision explicitly include all forms of oral, written, or electronic communication, including, but not limited to, communications by email, regular mail, express mail, telephone, fax, instant message, and social media.  

		
	d.
	Non-Disparagement.  Executive agrees and covenants that, during his employment and for 5 years after the termination of his employment, he will not make, publish, or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments, or statements concerning the Company, or any of its executives, directors, and officers.  This Section does not, in any way, restrict or impede Executive from exercising protected rights to the extent that such rights cannot be waived by agreement, including but not limited to Executive's Section 7 rights under the NLRA, right to make a complaint or charge with or respond to an inquiry from any government agency, or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation, or order.  

		
	e.
	Acknowledgment. Executive acknowledges and agrees that the services Executive will render to the Company are of a special and unique character; that Executive will obtain knowledge and skill relevant to the Company’s industry, methods of doing business, and merchandising and marketing strategies by virtue of Executive’s employment; and that the restrictive covenants and other terms and conditions of this Agreement are reasonable and reasonably necessary to protect the legitimate business interests of the Company. 

Executive further acknowledges that the amount of Executive’s compensation and benefits, including his Sign-On Awards, as set forth in his Offer Letter reflect, in part, Executive’s obligations to the Company 

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and the Company’s rights under this Agreement; that Executive has no expectation of any additional compensation or other payment of any kind not otherwise referenced in the Offer Letter; and that Executive will not be subject to undue hardship or an unreasonable restraint on his ability to earn a livelihood by reason of Executive’s full compliance with the terms and conditions of this Agreement or the Company’s enforcement thereof; and that this Agreement is not a contract of employment and shall not be construed as a commitment by either of the Parties to continue an employment relationship for any certain period of time.

Executive’s obligations under each of Sections 2(a)(i), 2(b)(ii), 2(c), and 2(d) above are separable and independently enforceable of each other and of any legal obligations that may exist between the Company and Executive. The real or perceived existence of any claim or cause of action of Executive against the Company, whether predicated on this Agreement or some other basis, will not alleviate Executive of Executive’s obligations under this Agreement and will not constitute a defense to the enforcement by the Company of the restrictions and covenants contained herein.

		
	f.
	Remedies. In the event of a breach or threatened breach by Executive of any of the restrictive covenants of this Agreement, Executive hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages, or other available forms of relief.  The Company may seek any such temporary injunctive relief or other forms of immediate relief related to a breach by Executive of any of the covenants in this Agreement in a court, notwithstanding the Parties’ Mutual Agreement to Arbitrate Claims.

		
	3.
	Governing Law: Jurisdiction and Venue. This Agreement and the Offer Letter, for all purposes, shall be construed in accordance with the laws of the State of North Carolina, without regard to conflicts-of-law principles. Any action or proceeding by either of the Parties to enforce this Agreement or the Offer Letter shall be brought in accordance with the requirements of the Parties’ Mutual Agreement to Arbitrate Claims, except that the Company may seek temporary or permanent injunctive relief or other forms of immediate relief related to a breach by Executive of any of the covenants in this Agreement in the state or federal courts located in Charlotte, North Carolina. 

		
	4.
	Entire Agreement. Unless specifically provided herein, the Offer Letter, this Agreement, and the Mutual Agreement to Arbitrate Claims contain all the understandings and representations between Executive and the Company pertaining to the subject matter hereof and supersede all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter. 

		
	5.
	Modification and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by Executive and by the Chief Executive Officer of the Company. No waiver by either of the Parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the Parties in exercising any right, power, or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power, or privilege.

		
	6.
	No Prior Restraints.  Executive warrants that Executive is not restricted by any contract with a previous employer or any other person or entity from accepting employment with the Company, and that Executive has not signed any restrictive covenant agreement, such as a confidentiality, non-disclosure, non-solicitation, or non-competition agreement, with a previous employer or any other person or entity that would restrict or prohibit Executive’s performance of Executive’s duties for the Company. 

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	7.
	Severability. Should any provision of this Agreement be held by a court or arbitral authority of competent jurisdiction to be enforceable only if modified, or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding on the Parties with any such modification to become a part hereof and treated as though originally set forth in this Agreement.  The Parties further agree that any such court or arbitral authority is expressly authorized to modify any unenforceable provision of this Agreement in lieu of severing the unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional language to this Agreement, or by making any other modifications as it deems warranted to carry out the intent and agreement of the Parties as embodied herein to the maximum extent permitted by law. The Parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set forth herein.

IN WITNESS WHEREOF, the Parties have executed this Agreement this 30th day of December, 2016. 

	
		
	 
	Family Dollar Stores, Inc., 
Dollar Tree, Inc., and their subsidiaries

	 
	

By: /s/ Mike Matacunas__________________
Name: Mike Matacunas
Title: Chief Administrative Officer

	
		
	EXECUTIVE
	 

	

Signature: /s/ Duncan Mac Naughton________

Printed Name: Duncan Mac Naughton________
	 

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