Summary of Dollar General Corporation Life Insurance Program for Executive Officers
Dollar General Corporation provides a life insurance program for its salaried employees, including executive officers. Under this program, executive officers receive a death benefit equal to 2.5 times their annual base salary, up to $3 million. The coverage may be provided through various types of insurance policies or directly from company assets, at the company's discretion. The company also covers any taxes on premiums or imputed income for its officers. Some policies may build cash value, which can benefit either the company or the individual, depending on the policy terms.
Summary of
Dollar General Corporation Life Insurance Program
as Applicable to Executive Officers
Dollar General Corporation (the "Company") has established a life insurance program for salaried employees. Currently, a death benefit equal to 2.5 times the employee’s annual base salary, up to a maximum of $3 million, is provided to a limited group of salaried employees, including the Company’s executive officers. A lesser death benefit is provided to other groups of salaried employees.
The life insurance coverage offered through the program may be provided through a variety of means, including individual (which may be owned by the individual or by the Company) or group policies with universal, whole or term insurance, or through payment out of the Company’s general assets, as determined by the Company in its sole discretion. In addition, certain of these policies may accumulate a cash value which may inure to the benefit of either the Company or the individual. Regardless of the method for providing the coverage, the Company grosses up payments to cover any required taxes on premiums or imputed income for salaried employees of the Company serving as officers.
