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).
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1. Name and Address of Reporting Person*
Turner Children Trust
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(Last) (First) (Middle)
100 Mission Ridge
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(Street)
Goodlettsville, TN 37072
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Dollar General Corporation (DG)
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
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4. Statement for Month/Year
May 2001
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[_] Director [X] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
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7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by one Reporting Person
[_] Form filed by more than one Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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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 5/10/01 J(1) 16,439,246 D (1) 33,625,784 D
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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 Response) (Over)
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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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") 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 determined 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 (co-trustee) 6/11/2001
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**Signature of Reporting Person Date
** 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.
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