<SEC-DOCUMENT>0001377739-24-000002.txt : 20240429
<SEC-HEADER>0001377739-24-000002.hdr.sgml : 20240429
<ACCEPTANCE-DATETIME>20240426194527
ACCESSION NUMBER:		0001377739-24-000002
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240429
DATE AS OF CHANGE:		20240426
EFFECTIVENESS DATE:		20240429

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOLLAR GENERAL CORP
		CENTRAL INDEX KEY:			0000029534
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-VARIETY STORES [5331]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				610502302
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			0202

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11421
		FILM NUMBER:		24886083

	BUSINESS ADDRESS:	
		STREET 1:		100 MISSION RIDGE
		CITY:			GOODLETTSVILLE
		STATE:			TN
		ZIP:			37072
		BUSINESS PHONE:		6158554000

	MAIL ADDRESS:	
		STREET 1:		100 MISSION RIDGE
		CITY:			GOODLETTSVILLE
		STATE:			TN
		ZIP:			37072

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TURNER CAL
		DATE OF NAME CHANGE:	19710401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TURNER J L & SON INC
		DATE OF NAME CHANGE:	19710401

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOC Investment Group
		CENTRAL INDEX KEY:			0001377739
		ORGANIZATION NAME:           	
		IRS NUMBER:				203688367

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202 721 6060

	MAIL ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CtW Investment Group
		DATE OF NAME CHANGE:	20061006
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>dg24shletter.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>dg24shletter.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<!--$$/page=-->

<P><A name="page_1"></A></P>

<P>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">SECURITIES &amp; EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">WASHINGTON, D.C.&nbsp;&nbsp; 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</FONT></B></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF REGISTRANT:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> Dollar General Corporation&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> SOC Investment Group, </FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">ADDRESS OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">&nbsp; 1900 L Street, N.W., Suite 900, Washington, D.C.&nbsp;&nbsp; 20036</FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934:</FONT></B></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">__________________________________________________________________________________________________________________________________________________________________________________<FONT style="FONT-SIZE: 12pt" face="Times New Roman">_____</FONT>__</FONT></B></P>

<P style="MARGIN: 0in">&nbsp;</P>

<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P align=center>
<IMG border=0 src="dg24shletterx1x1.jpg"> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>April 29, 2024</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Aptos,Bold,Arial,Helvetica,sans-serif>Please vote AGAINST the Advisory Vote to Approve Named Executive Officer Compensation (Proposal 2) at the Dollar General Corporation (NYSE: DG) annual meeting on May 29, 2024.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Dear Dollar General Corporation shareholders,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>As the Dollar General Corporation (Dollar General) annual meeting approaches, we urge you to vote AGAINST the &#8220;Say-On-Pay&#8221; proposal. This proposal endorses executive compensation practices that raise serious concerns regarding Dollar General's governance, corporate priorities, and treatment of its workforce.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Dollar General is a company that endures continuing reputational risk for its treatment of employees, which adversely affects customer satisfaction, as well as exposing the Company to costly regulatory and litigation risks. In the past year, the Compensation Committee at Dollar General has entered into multiple employment agreements that are favorable to the executive rather than to investors. One of these agreements, made in October 2023, granted a former CEO --who had already accumulated considerable wealth during his decades at the Company -- a generous new option grant. Some of the employment agreements include generous perquisites and language that commit the Company to paying severance in any case other than the most extreme circumstances. These agreements raise questions about the Company's commitment to responsible governance and are particularly problematic given Dollar General&#8217;s increasing reputation as a bad corporate citizen.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Shareholders should focus on the following critical issues:</FONT></P>

<UL>

<LI>

<P align=justify><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>The &#8220;rehire option awards&#8221; are unnecessary given Vasos&#8217; ownership stake in the Company,</FONT> <FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>as well as the wealth he has accumulated during his prior time with the Company. The strike</FONT> <FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>price of the award is an insult to long-term shareholders. </FONT><FONT color=#0d0d0d size=2 face=Aptos,Arial,Helvetica,sans-serif>This type of grant, along with other</FONT> <FONT color=#0d0d0d size=2 face=Aptos,Arial,Helvetica,sans-serif>generous perquisites, creates an imbalance in executive compensation that does not align</FONT> <FONT color=#0d0d0d size=2 face=Aptos,Arial,Helvetica,sans-serif>with long-term shareholder interests.</FONT></P>

<LI>

<P align=justify><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>The new agreement with the CEO also includes an excessive perquisite for personal use of</FONT> <FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>corporate aircraft. This unusual level of an unnecessary perquisite raises questions about</FONT> <FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>the responsible use of Company resources.</FONT></P>

<LI>

<P align=justify><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>The Compensation Committee enters into an excessive number of employment</FONT> <FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>agreements that guarantee severance under broad circumstances and include language</FONT> <FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>that virtually guarantees that severance will eventually be paid.</FONT></P>

<LI>

<P align=justify><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>The generous executive compensation stands in stark contrast to the low wages and poor</FONT> <FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>working conditions reported by Dollar General employees. The Company reports that its</FONT></P></LI></UL></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_2"></A><BR>

<a name="_bclPageBorder2"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; median employee for 2023 was paid $18,657.</FONT><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Dissatisfied employees lead to dissatisfied customers and ultimately to a loss of share value.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>The SOC Investment Group works with pension funds sponsored by unions affiliated with the Strategic Organizing Center, a coalition of unions representing millions of members, to enhance long term shareholder value through active ownership. These funds have over $250 billion in assets under management and are Dollar General shareholders. We previously joined a group of shareholders who attempted to engage the Company in November 2023 regarding Dollar General&#8217;s third-party health and safety assessment.</FONT></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=Aptos,BoldItalic,Arial,Helvetica,sans-serif>The Company signed a generous employment agreement with the former CEO with an unusual award and unnecessary perquisites.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Todd Vasos first became CEO of Dollar General in June 2015. He served as CEO until November 2022 and then became a Senior Advisor until his retirement in April 2023. According to Equilar, Vasos realized $182,750,913 in total compensation between 2015 and 2021, just a fraction of his time at the Company. Soon after his retirement, Vasos was hired back by the Company and given a grant of 250,000 &#8220;rehire&#8221; options on October 17, 2023, then valued at $7,952,550. The exercise price for those options was $117.33 per share. In sharp contrast, in January 2023, Dollar General traded for approximately $248.00. The &#8220;rehire options&#8221; were thus granted at a price close to the lowest price over the prior four trading years. In other words, if the price rises to even part of the way to the January price, Vasos could benefit greatly, even as long-term shareholders continue to see the stock trading below the price they bought it at.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>This is the first instance where we have encountered the term &#8220;re-hire options&#8221; within any employment agreement, and a search of Full-Text-EDGAR reveals it has never appeared in any proxy statement. Options have fallen out of favor with many investors, who fear an excessively short-term focus on share price. Equilar reports that while 50.4 percent of large companies granted options in 2018, the percentage had fallen to 37.6 percent by 2022. We, like other investors, are concerned that options may focus a company on short term share price rather than long term performance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>One advantage of hiring a former executive could be that they have established an ownership stake over a long career that provides increased alignment with shareholder interests. However, Vasos has sold the majority of the stock he was awarded over the years, at a much higher strike price than the recent option grant. For instance, on September 1, 2022 Vasos exercised 66,514 options at a strike price of $154.53 and 30,745 options at a strike price of $193.55.</FONT><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>As of March 15, 2022, Vasos had been granted but had neither exercised nor sold 315,811 options and 173,845 performance</FONT></P>

<HR align=left width="20%">



<P style="TEXT-ALIGN: left"></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>This equates to $9.30 per hour for a 40-hour work week.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Todd J. Vasos Form 4 filed on September 2, 2022, </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>available at </FONT></I><U><FONT color=#467886 size=2 face=Aptos,Arial,Helvetica,sans-serif>https://www.sec.gov/Archives/edgar/data/1243183/000106299322019138/xslF345X03/form4.xml</FONT></U><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>.</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_3"></A><BR>

<a name="_bclPageBorder3"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>shares.</FONT><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>In this year&#8217;s proxy statement, however, the Company reports Vasos owning 221,402 options other than those granted in October 2023, as well as 53,118 performance shares. In other words, Vasos appears to have sold 94,409 options and 120,727 performance shares by the time he received the rehire options. While the use of performance shares may be justified if the associated metrics are sufficiently challenging, stock options are not sufficiently performance linked making the benefit shareholders would gain from the Company issuing additional options less clear.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>In addition, the contract promises reimbursements to Vasos of up to &#8220;$500,000 per calendar year (prorated for the 2023 calendar year) for personal air travel to and from his residences and for personal visits with his immediate family members in locations within the continental United States.&#8221;</FONT><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Such a provision in an employment contract is extraordinarily rare. Of Dollar General&#8217;s peers, which include companies with a much larger market capitalization, none paid this level of perquisites last year.</FONT></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=Aptos,BoldItalic,Arial,Helvetica,sans-serif>The Compensation Committee has entered into an excessive number of employment agreements that include problematic language.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Most of Dollar General&#8217;s self-selected peer companies have moved away from formal employment agreements or limit such agreements to their CEOs and possibly one other high-level executive or grandfathered executives.</FONT><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>For example, Lowe&#8217;s proxy statement explicitly states that they do not enter into employment agreements with executives. Similarly, Walgreens Boots Alliance&#8217;s proxy statement explains the existence of one of their few employment agreements as being grandfathered in: &#8220;Formal employment agreements are a competitive market practice in Monaco, where Ms. Barra was a resident when she entered into her employment agreement.&#8221;</FONT><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>While these agreements may have been the competitive market practice in Monaco, they are no longer considered a competitive market practice in the United States, yet Dollar General has entered into five such agreements.</FONT></P>

<HR align=left width="20%">



<P style="TEXT-ALIGN: left"></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Includes 78,852 performance shares earned and 79,293 PSUs unearned as of that date. Dollar General 2023 Proxy Statement on Form DEF14A, pg. 36, </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>available at </FONT></I><U><FONT color=#467886 size=2 face=Aptos,Arial,Helvetica,sans-serif>https://www.sec.gov/ix?doc=/Archives/edgar/data/0000029534/000110465923044057/tm2228297d2_def14ahtm</FONT></U></P>

<P style="TEXT-ALIGN: left"><SUP>4</SUP> Todd J. Vasos, <FONT lang=EN-US style="FONT-SIZE: 10pt" face=Aptos,sans-serif>2023 Employment Contract, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Aptos,sans-serif>available at</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Aptos,sans-serif> https://content.edgar-online.com/ExternalLink/EDGAR/0001104659-23-108865.html?hash=31d39dc9792f150e557f925cc7b596300f52f27719d9f73a2e64de33dfb59b68&amp;dest=tm2328316d1_ex99-1_htm#tm2328316d1_ex99-1_htm. </FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>SOC Investment Group reviewed the most recently filed proxy statements (as of 4/23/2024) for the following companies listed as compensation peers by Dollar General: AutoZone, Dollar Tree, O'Reilly Auto Sysco, Tractor Supply, Best Buy, Kroger, Ross Stores, Target, Walgreens, CarMax, Lowe's, Starbucks and TJX.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Walgreens Boots Alliance, Inc., 2024 Proxy Statement on Form DEF14a, p. 85, </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>available at </FONT></I><U><FONT color=#467886 size=2 face=Aptos,Arial,Helvetica,sans-serif>https://www.sec.gov/ix?doc=/Archives/edgar/data/1618921/000130817923001069/wba4243631-def14a.htm</FONT></U><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>.</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_4"></A><BR>

<a name="_bclPageBorder4"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>On April 8, only three days after filing the proxy statement, the Company informed investors that it had entered into four employment agreements that virtually guarantee severance will be paid.</FONT><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>7 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>The Dollar General contracts offer severance payment of two times salary and bonus in a broad variety of circumstances, including &#8220;within 60 days after the Company&#8217;s failure to offer to renew, extend or replace the Employment Agreement.&#8221; In other words, the Company is constrained from simply allowing an employment agreement to expire.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Furthermore, these severance provisions are structured in a way that may obscure their full financial impact from shareholders. The severance payments are spread across various types of compensation and over time, thus reducing their visibility in the summary compensation table. Besides a lump sum payment of two times their annual bonus, these executives will also receive continued base salary payments for 24 months. This design &#8211; as well as the failure to mention the upcoming renewal of the employment agreements in the proxy statement -- raises concerns about transparency and the Compensation Committee's accountability.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>In 2023, the Company paid two large severance payments to departing executives.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>To put the size of the award in perspective, we can compare what the executives received </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>for leaving </FONT></I><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>the Company to what a median employee was paid </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>for continuing to work </FONT></I><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>at the Company. The severance payment for Antonio Zuazo, Former Executive Vice President, Global Supply Chain, of $2,835,747was the equivalent to the pay of more than 150 of the median employees of Dollar General for a year&#8217;s work. The cash severance payment to departing CEO Jeffery Owen was $5,625,000.</FONT><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>8 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>That is the equivalent of the pay of more than 300 median employees working for a year at the median pay of $18,657.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>It is clear that Dollar General's executive compensation practices deviate from industry standards and prioritize executive interests over those of the broader workforce and shareholders. These practices warrant shareholder opposition to ensure that the Company's governance structure aligns with principles of fairness, accountability, and sustainable growth.</FONT></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=Aptos,BoldItalic,Arial,Helvetica,sans-serif>Dollar General&#8217;s treatment of workers exposes it to both liability and reputational risks.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>In September 2023, Dollar General was the first Company the Labor Department added to its Severe Violator Enforcement Program, when the program was expanded to include companies &#8220;that willfully or repeatedly violated safety standards.&#8221; Douglas L. Parker, Assistant Secretary of Labor for Occupational Safety and Health, was quoted in a </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>New York Times </FONT></I><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>piece as saying, &#8220;What</FONT></P>

<HR align=left width="20%">



<P style="TEXT-ALIGN: left"></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>7 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>We note that the prior contracts expired March 31, 2024, but the proxy statement made no mention of that date.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>8</FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Dollar General, 2024 Proxy Statement on Form DEF14A, p. 48, </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>available at </FONT></I><U><FONT color=#467886 size=2 face=Aptos,Arial,Helvetica,sans-serif>https://www.sec.gov/ix?doc=/Archives/edgar/data/29534/000110465924044304/tm2332854d3_def14a.htm</FONT></U><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>; Covered under Form of COO/Executive Vice President Employment Agreement, 8-K filed April 8, 2021, </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>available at </FONT></I><U><FONT color=#467886 size=2 face=Aptos,Arial,Helvetica,sans-serif>https://www.sec.gov/ix?doc=/Archives/edgar/data/0000029534/000155837023004574/dg-20230203x10k.htm</FONT></U><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>.</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_5"></A><BR>

<a name="_bclPageBorder5"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>we have found time and time again at Dollar General stores is that there are obvious, preventable hazards that are putting workers at risk.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Understaffed stores contribute to customer dissatisfaction, increased safety risk, and high turnover rates. In March 2024, an example of this became evident when employees at a Dollar Store in Wisconsin walked out and left signs on the door with their complaints. Images of one sign, which read -- &#8220;The store is closed. The whole team has walked away due to a lack of appreciation, being overworked, and being underpaid&#8221; -- were widely shared across social media platforms.</FONT><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>9 </FONT></SUP><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>Bloomberg </FONT></I><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>interviewed dozens of Dollar General employees in 14 states for an article titled &#8220;Why Dollar General Just Might Be the Worst Retail Job in America,&#8221; who described the stores as, &#8220;dirty, miserable and dangerous.&#8221;</FONT><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>10</FONT></SUP></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>The actual pay received by a median employee may be less than the already paltry figures that Dollar General disclosed in its proxy statement and used to calculate its CEO to worker pay ratio of 1:521. The proxy notes that: &#8220;we used W-2 Box 5 Medicare wages for the period from February 4, 2023 (the first day of our 2023 fiscal year) through February 2, 2024 (the last day of our 2023 fiscal year), with such amounts annualized for those permanent employees who did not work for the full year.&#8221; Moreover, while Dollar General does not disclose any annual employee turnover or retention metric, it is clear from third party reporting that the Company regularly loses employees to higher paying employers, such as McDonalds.</FONT><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>11 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>With the median pay employee pay at Target disclosed as $25,993 and Walgreen&#8217;s disclosed as $34,763, Dollar General&#8217;s wages appear to make it challenging for the Company to stay competitive in attracting employees, even amongst its own peer group.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Dollar General cannot continue to operate as a "poster child" for poor employment practices while offering lavish employment agreements to executives. We strongly encourage you to vote AGAINST the &#8220;Say-On-Pay&#8221; proposal and advocate for a more balanced approach to executive compensation and employee treatment.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>THIS IS NOT A PROXY SOLICITATION AND NO PROXY CARDS WILL BE ACCEPTED</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>P</FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>lease execute and return your proxy card according to Dollar General&#8217;s instructions</FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>.</FONT></B></P>

<HR align=left width="20%">



<P style="TEXT-ALIGN: center"></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>9 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Limehouse, Jonathan, &#8220;Dollar General employees at Wisconsin store make a statement by walking out: &#8216;We Quit!&#8217; &#8221; </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>USA Today</FONT></I><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>, March 13, 2024, </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>available at </FONT></I><U><FONT color=#467886 size=2 face=Aptos,Arial,Helvetica,sans-serif>https://www.usatoday.com/story/news/nation/2024/03/13/dollar-general-employees-quit-mineral-point-wisconsin/72955933007/</FONT></U><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>10 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Eidelson, Josh and Case, Brendan, &#8220;Why Dollar General Might Just Be the Worst Retail Job in America,&#8221; </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>Bloomberg</FONT></I><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>, September 20, 2023, </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>available at </FONT></I><U><FONT color=#467886 size=2 face=Aptos,Arial,Helvetica,sans-serif>https://www.bloomberg.com/news/features/2023-09-20/dollar-general-employees-say-it-s-a-terrible-place-to-work</FONT></U><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>11 </FONT></SUP><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>Bitter, Alex, &#8220;How Dollar General's troubles have snowballed into cluttered aisles and stores forced to close by fire marshals,&#8221; </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>Business Insider</FONT></I><FONT size=2 face=Aptos,Arial,Helvetica,sans-serif>, June 11, 2023, </FONT><I><FONT size=2 face=Aptos,Italic,Arial,Helvetica,sans-serif>available at </FONT></I><U><FONT color=#467886 size=2 face=Aptos,Arial,Helvetica,sans-serif>https://www.businessinsider.com/dollar-general-workers-hours-cut-employee-shortage-leads-to-clutter-2023-5.</FONT></U></P></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>dg24shletterx1x1.jpg
<TEXT>
begin 644 dg24shletterx1x1.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$0$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
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M49IVEL<^*J4)Q3IK4DK-BU)WUR;3S&H2--P;/)X!_K6E6!;_ /(Y77_7(?\
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>1OL=EV,/E4GG*_X4PN6:*:C;U# ,,]F&#12&?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
