U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[_] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
[_] Director [X] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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Common Stock 1,356,714 D
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Common Stock 56,445 I Spouse
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Common Stock 5/10/01 J(1) 16,439,246 D (1) 33,625,784 I CO-TTEE
TCT
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Common Stock 1,293,620 I CO-TTEE
HCT TR
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Common Stock 1,531,180 I CO-TTEE
JST TR
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Common Stock 1,881,036 I CO-TTEE
LJTO TR
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Common Stock 1,881,513 I CU-TTEE
ETC TR
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Common Stock 272,779 I CO-TTEE
DUGAS TR
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Common Stock 82 I CO-EXEC
CTS ESTATE
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(1) See attached sheet
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* If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
(Print or Type Responses)
(Over)
(Form 4-07/99)
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Explanation of Responses:
(1) On May 21, 1998, The Turner Children Trust (the "Trust"), with respect to which Mr. Turner serves as co-trustee, entered into a Forward Purchase Contract and a related pledge agreement with the Dollar General STRYPES Trust, an unaffiliated third party buyer, relating to up to 7,500,000 shares of common stock of Dollar General Corporation. On June 12, 1998, the maximum number of shares subject to the Forward Purchase Contract was increased to 8,417,000 (the "Contract Commitment") as a result of the exercise of an over-allotment option by the underwriters of the STRYPES offering.
Under the Forward Purchase Contract, the number of shares to be delivered by the Trust was based on the average closing price of the common stock on the 20 trading days ending on May 10, 2001 (the "Exchange Price"). The Trust was obligated to deliver on May 14, 2001 a number of shares (or, at the option of the Trust (exercisable prior to May 1, 2001), the cash equivalent) equal to the product of(i) the Contract Commitment multiplied by (ii) the Exchange Amount, which was detenmned as follows:
(a) If the Exchange Price was less than or equal to $53.2406 (the "Equity Appreciation Cap"), the Exchange Amount would be one; and
(b) If the Exchange Price was greater than the Equity Appreciation Cap, the Exchange Amount would be that fraction of a share having a value (based on the Exchange Price) equal to the Equity Appreciation Cap.
As a result of stock splits by Dollar General Corporation after the date of the Forward Purchase Contract, the Contract Commitment was adjusted to 16,439,246 shares and the Equity Appreciation Cap was effectively adjusted to $27.2592.
In consideration therefor, the Trust received an aggregate purchase price of $245,021,649. The Trust delivered to a collateral agent the number of shares equal to the Contract Commitment to secure its obligations under the contract, but retained all dividend and voting rights in the shares prior to settlement. The Trust could accelerate settlement of the Forward Purchase Contract in whole or in part prior to May 14, 2001 under certain circumstances.
On May 14, 2001, the Trust delivered to the Dollar General STRYPES Trust 16,439,246 shares of Dollar General common stock in settlement of its obligations under the Forward Purchase Contract.
/s/ James S. Turner 6/11/2001
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**Signature of Reporting Person Date
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** 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 provided is insufficient, see Instruction 6 for procedure.