EX-10.17.7






Exhibit 10.17.7




AMENDED AND RESTATED

EMPLOYMENT AGREEMENT




THIS EMPLOYMENT AGREEMENT (the “Agreement”), made and entered into on the 28th day of May,
2008, to be effective as of the 1st day of June, 2008, by and between OLD DOMINION FREIGHT LINE,
INC. (the “Company”), a corporation organized and existing under the laws of the State of Virginia
and having its principal office at Thomasville, North Carolina, and John R. Congdon (the
“Executive”), an individual residing at Richmond, Virginia.



R E C I T A L S:




The Company is engaged principally in the business of transporting general commodities such as
consumer goods and textiles in less-than-truckload shipments. The Executive is experienced in, and
knowledgeable concerning, all aspects of the business of the Company. The Executive has heretofore
been employed by the Company as its Senior Vice President pursuant to the terms of an Employment
Agreement dated May 17, 2004 (the “Predecessor Agreement”). The Company desires to continue to
employ the Executive as a Senior Vice President, and the Executive desires to continue to be
employed by the Company in that capacity. Furthermore, the Company desires to provide for the
Executive certain severance benefits. The Company and the Executive desire to amend and restate
the Predecessor Agreement to reduce to writing and to clarify and more clearly state the terms of
their new understanding concerning the Executive’s continued employment by the Company as a Senior
Vice President pursuant to the terms of this Agreement.



NOW, THEREFORE, in consideration of the mutual covenants and obligations herein and the
compensation the Company agrees herein to pay the Executive, and of other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company and the Executive agree as
follows:



ARTICLE 1. EFFECT OF PRIOR AGREEMENTS. This Agreement expresses the whole and
entire agreement between the parties with reference to the employment of the Executive and
supersedes and replaces any prior employment agreements (including, without limitation, the
Predecessor Agreement), understandings or arrangements (whether written or oral) between the
Company and the Executive. Without limiting the foregoing, the Executive agrees that this
Agreement satisfies any rights he may have had under any prior agreement or understanding
(including, without limitation, the Predecessor Agreement) with the Company with respect to his
employment by the Company.



ARTICLE 2. DEFINITIONS. Wherever used in this Agreement, including the
Recitals and this ARTICLE 2, the following terms shall have the meanings set forth below (unless
otherwise indicated by the context):




2.1. “Annual Compensation” means the Executive’s Base Salary, bonuses, fees for
professional services and other amounts received (without regard to whether or not an amount
is paid in cash) for services performed for the Company to the extent the amounts are
includible in the Executive’s gross income.




2.2. “Base Amount” means the Executive’s average Annual Compensation for his taxable
years within the Base Period. The Base Amount shall at all times be determined in
accordance with Section 280G of the Code and the Regulations issued thereunder.




2.3. “Base Period” means the period consisting of the most recent five (5) taxable
years of the Executive ending before the date of the Change of Control of the Company.




2.4. “Base Salary” means the annual base salary payable to the Executive as the same
may be adjusted as provided in Section 6.1. The Base Salary in effect as of January 1, 2008
is $250,000.




2.5. “Board” means the Board of Directors of the Company.




2.6. “Business” means any business engaged in, any service provided by, or any product
produced by the Company, including, but not limited to, the business of transporting general
commodities such as consumer goods and textiles in less-than-truckload shipments.




2.7. “Cause Exception” means the right of the Company, as described in Section 5.3, to
discharge the Executive at any time For Cause.




2.8. “Change of Control” means and will be deemed to have occurred on the earliest of
the following dates which occurs after June 1, 2008:




(a) the date any person or group of persons (as defined in Section 13(d) and 14(d) of
the Securities Exchange Act of 1934) together with its affiliates, excluding employee
benefit plans of the Company, is or becomes (or publicly discloses that such person or group
is or has become), directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3
promulgated under the Securities Exchange Act of 1934) of securities of the Company
representing thirty-five percent (35%) or more of the combined voting power of the Company’s
then outstanding voting securities; provided, however, that the event described in this
subparagraph (a) shall not be deemed to be a Change of Control by virtue of the beneficial
ownership, or the acquisition of beneficial ownership, of voting securities by (i) any
employee benefit plan sponsored or maintained by the Company or by a person controlled by
the Company; (ii) any underwriter (as such term is defined in Section 2(a)(11) of the
Securities Act of 1933) that beneficially owns voting securities temporarily in connection
with an offering of such securities; (iii) the Executive; or (iv) any member of the family
of the Executive unless the Executive, acting in good faith, provides written notice to the
Company that the Executive believes, and within twenty (20) business days after the Company
receipt of the Executive’s notice a majority of the independent members of the Board of
Directors determines, that the beneficial ownership of voting securities by such family
member creates a substantial threat to corporate policy and effectiveness. For the purpose
of clause (iii) above, “family” means any lineal descendent, including adoptive
relationships, of Earl E. Congdon or John R. Congdon, any spouse of the foregoing and any
trust established by or for the benefit of any of the foregoing, and “independent” shall
have the meaning set forth in the corporate governance rules of the principal exchange on
which the Company’s common stock is listed; or




(b) the date when, as a result of a tender offer or exchange offer for the purchase of
securities of the Company (other than such an offer by the Company for its own securities),
or as a result of a proxy contest, merger, share exchange, consolidation or sale of assets,
or as a result of any combination of the foregoing, individuals who at the beginning of any
two (2) year period during the Term constitute the Board, plus new directors whose election
or nomination for election by the Company’s shareholders is approved by a vote of at least
two-thirds (2/3) of the directors still in office who were directors at the beginning of
such two-year period (“Continuing Directors”), cease for any reason during such two-year
period to constitute at least two-thirds (2/3) of the members the Board; or




(c) the effective date of a merger, share exchange or consolidation of the Company with
any other corporation or entity regardless of which entity is the survivor, other than a
merger, share exchange or consolidation which would result in the voting securities of the
Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or being converted into voting securities of the surviving or acquiring entity)
at least sixty percent (60%) of the combined voting power of the voting securities of the
Company or such surviving or acquiring entity outstanding immediately after such merger or
consolidation; or




(d) the effective date of a complete liquidation or winding-up of the Company; or




(e) the effective date of the sale or disposition by the Company of all or
substantially all of the Company’s assets; or




(f) the date of a filing of a petition in bankruptcy of the Company, whether voluntary
or involuntary.




2.9. “Code” means the Internal Revenue Code of 1986, as amended, and rules and
regulations issued thereunder.




2.10. “Company” means Old Dominion Freight Line, Inc., a Virginia corporation with its
principal offices at Thomasville, North Carolina.




2.11. “Confidential Information” means all information concerning the business of the
Company and its affiliates that is confidential, proprietary or otherwise not generally
available to the public. By way of example, Confidential Information includes, without
limitation, all competitively-sensitive information, all trade secrets, processes,
specifications, data, files, computer programs and related codes, software improvements,
inventions, techniques, business plans, marketing plans, strategies, acquisition prospects,
forecasts, methods, manner of operations, information relating to past, present and
prospective customers and clients, pricing and cost information, new products, other
financial information, employee lists, personnel policies, contracts, digital intellectual
property, information with respect to internal affairs, and all information covered by the
Trade Secrets Protection Act, N.C. Gen. Stat., Chapter 661 §§152-162 (or any successor
thereto). The parties expressly agree that Confidential Information does not exist in
written form only. Notwithstanding the foregoing, “Confidential Information” does not
include information that (i) is or becomes generally available to the public other than as a
result of a disclosure by the Executive in violation of this Agreement, or (ii) is received
by the Executive from another party that did not receive such information directly or
indirectly from the Company or any of its affiliates under an obligation of confidentiality.




2.12. “Customers” means and includes any and all Persons who are customers, patrons or
clients of the Company with respect to the Business and with whom the Executive either had
personal contact or had knowledge that such Persons were customers, patrons or clients of
the Company with respect to the Business.




2.13. “For Cause” means one or more of the following: (i) habitual intoxication by the
Executive which the Board determines in good faith adversely affects the Executive’s ability
to perform his duties under this Agreement; (ii) conviction of the Executive by a court of
competent jurisdiction of, or plea by the Executive of “guilty” or “no contest” to, theft,
fraud or embezzlement from the Company; (iii) conviction of the Executive by a court of
competent jurisdiction of, or plea by the Executive of “guilty” or “no contest” to, a felony
which, as determined in good faith by the Board, constitutes a crime involving moral
turpitude and results in material harm to the Company; (iv) any material act or omission by
the Executive involving gross malfeasance or gross negligence in the performance of his
duties and responsibilities to the Company to the detriment of the Company, all as
determined by the Board in good faith; (v) any diversion by the Executive for his personal
gain of any clearly viable and significant business opportunity from the Company (other than
with the prior written consent of the Board); (vi) any willful violation of any provision of
the Company’s Corporate Governance Guidelines, the Company’s Code of Business Conduct and
Ethics, or any covenant contained in this Agreement; or (vii) the Executive’s material
violation of the requirements of the Sarbanes-Oxley Act of 2002 or any other federal or
state securities law, rule or regulation, including, without limitation, engagement in any
conduct that results in the Executive’s obligation to reimburse the Company for the amount
of any bonus, incentive-based compensation, equity-based compensation, profits realized from
the sale of the Company’s securities or other compensation pursuant to application of the
provisions of Section 304 of the Sarbanes-Oxley Act of 2002. For purposes of this
provision, no act or failure to act on the part of the Executive shall be considered
“willful” unless it is done, or omitted to be done, by the Executive in bad faith or without
a reasonable belief that the Executive’s action or omission was in the best interests of the
Company. For Cause shall not include the Executive’s Total Disability.




2.14. “Notice Exception” means the right, as described in Section 5.2, of either party
to this Agreement to terminate the Agreement upon giving the required written notice.




2.15. “Person” means any individual, partnership, joint venture, corporation, company,
firm, group or other entity.




2.16. “Term” means the term of the Executive’s employment under this Agreement as
provided in Section 5.1.




2.17. “Termination Date” means the date the Term expires pursuant to the provisions of
ARTICLE 5.




2.18. “Termination Year” means the calendar year in which the Term expires.




2.19. “Time Period” means the Term and the twenty-four-month period next following the
expiration of the Term.




2.20. “Trade Area” means the United States of America.




2.21. “Total Disability” means the permanent and total inability, by reason of physical
or mental infirmity, or both, of the Executive to perform his regular and customary duties
with the Company in a satisfactory manner. The determination of the existence or
nonexistence of Total Disability shall be made by the Board, pursuant to a medical
examination by a medical doctor licensed to practice medicine in the State of North Carolina
selected or approved by the Board.



ARTICLE 3. EMPLOYMENT OF EXECUTIVE. Subject to the terms and conditions set
forth in this Agreement, the Company hereby employs the Executive and the Executive hereby accepts
such employment for the period stated in ARTICLE 5 of this Agreement.



ARTICLE 4. POSITION, RESPONSIBILITIES AND DUTIES.




4.1. Position and Responsibilities. During the Term (as defined in Sections 2.16 and
5.1), the Executive shall serve as a Senior Vice President on the conditions herein
provided. The Executive shall perform such duties as are customarily performed by one
holding the position of a Senior Vice President and shall additionally render such other
services and duties as may be reasonably assigned to him from time to time by the Company,
consistent with his position. The Executive shall at all times report to the President and
Chief Executive Officer. The Executive, at the pleasure of the Board, shall serve as
Vice-Chairman of the Board.




4.2. Duties. In addition to having the responsibilities described in Section 4.1,
during the Term, the Executive shall also serve, if elected, as an officer and director of
any subsidiary or affiliate of the Company. During the Term and except for illness,
vacation periods in accordance with the Company’s established policy, and leaves of absence
in accordance with the Company’s established policy, the Executive shall devote such of his
business time, attention, skill, energies and efforts as are necessary and appropriate to
enable him to faithfully perform his duties hereunder and to attend to the business and
affairs of the Company and any subsidiary or affiliate of the Company. The Executive shall
not during the Term be employed in any other business activity, whether or not such activity
is pursued for gain, profit or other pecuniary advantage; provided, however, that (i) with
the approval of the Board, the Executive may serve, or continue to serve, on the boards of
directors of, and hold any other offices or positions in, companies or organizations, which,
in the Board’s judgment, will not present any conflict of interest with the Company or any
of its subsidiaries or affiliates or divisions, or materially affect the performance of the
Executive’s duties pursuant to this Agreement and (ii) subject to the restrictions of
Section 11.3, the Executive shall not be prevented from investing his personal assets in any
business, where the form or manner of such investment will not require substantial services
on the part of the Executive in the operation of the business in which such investment is
made. It is expressly understood and agreed that nothing in this Agreement or, in
particular, this Section 4.2 shall in any way limit, restrict or prohibit the Executive’s
service to or involvement with the management and operation of Old Dominion Truck Leasing,
Inc.



ARTICLE 5. TERM.




5.1. Term of Employment. The Term shall commence as of June 1, 2008, and shall
continue until the earliest to occur of the following: (i) May 31, 2010; (ii) the date of
death of the Executive; (iii) the specified date of termination under the Notice Exception
(as defined in Section 5.2); (iv) the date of termination under the Cause Exception (as
defined in Section 5.3); or (v) the date of termination as a result of the Executive’s Total
Disability.




5.2. Termination by Giving Notice. Except as otherwise provided herein, if either
party hereto desires to terminate the Executive’s employment, such party shall give not less
than one hundred and twenty (120) days written notice of such desire to the other party
specifying the date of termination (the “Notice Exception”). Notwithstanding the foregoing,
in the event the Executive desires to terminate his employment within twelve (12) months
following a Change of Control, the Executive is not required to provide the Company with one
hundred and twenty (120) days notice of his desire to do so, but instead may do so by giving
notice to the Company as provided in Section 5.5. In no event shall the Company invoke the
Notice Exception during any period of Total Disability of the Executive. A decision by the
Company to terminate the Executive pursuant to the Notice Exception shall be by action of
the Board, and the Executive agrees that neither he nor any member of his family shall vote
with respect to this decision. For this purpose, “family” means any lineal descendent,
including adoptive relationships, of Earl E. Congdon or David S. Congdon, any spouse of the
foregoing and any trust established by or for the benefit of any of the foregoing.




5.3. Termination for Cause; Automatic Termination. The Company shall at all times have
the right to discharge the Executive For Cause (the “Cause Exception”). If the Company
desires to discharge the Executive under the Cause Exception, it shall give notice to the
Executive as provided in Section 5.5. If the Company is terminating the Executive for a
reason described in Section 2.13(iv) or (v), the Executive shall have thirty (30) days after
notice has been given to him to cure the reason given in the notice. If the reason for the
Company’s exercise of its right to terminate the Executive is timely cured by the Executive
to the satisfaction of the Board, the Company’s notice shall become null and void. Nothing
contained herein or in this Section 5.3 shall limit the ability of the Executive to enforce
his rights under this Agreement to the extent that there is a disagreement as to the basis
for the applicability of the Cause Exception or cure under the Cause Exception. A decision
by the Company to terminate the Executive pursuant to the Cause Exception shall be by action
of the Board, and the Executive agrees that neither he nor any member of his family (as
defined in Section 2.8(a)) shall vote with respect to this decision.




5.4. Total Disability. The Company may terminate the Executive’s employment as a
result of the Executive’s Total Disability. If the Company desires to terminate the
Executive as a result of his Total Disability, it shall give notice to the Executive as
provided in Section 5.5. A decision by the Company to terminate the Executive as a result
of his Total Disability shall be by action of the Board, and the Executive agrees that
neither he nor any member of his family (as defined in Section 2.8(a)) shall vote with
respect to this decision.




5.5. Notice of Termination. Any termination by the Company under the Cause Exception
or as a result of the Executive’s Total Disability or by the Executive by exercise of the
Notice Exception within twelve (12) months following a Change of Control, shall be
communicated by Notice of Termination to the other party hereto. For purposes of Sections
5.2, 5.3 and 5.4, a “Notice of Termination” means a written notice which (i) indicates the
specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated, and (iii) if the termination date
is other than the date of receipt of such notice, specifies the effective date of
termination. The failure by the Executive or the Company to set forth in the Notice of
Termination any fact or circumstance which contributes to the reason given for the
termination of the Executive’s employment shall not waive any right of the Executive or the
Company hereunder or preclude the Executive or the Company from asserting such fact or
circumstance in enforcing the Executive’s or the Company’s rights hereunder.




5.6. Rights of Executive Upon Termination of Employment.




(a) Following the date the Term expires on account of one of the terminating events
described in subparagraphs (i) (expiration of the fixed Term), (iii) (termination under
Notice Exception), or (v) (termination as a result of Total Disability), the rights of the
Executive shall be as provided in ARTICLES 6 (compensation), 7 (reimbursements), 9 (other
employee benefits), 10 (termination compensation), 11 (covenants), 12 (attorneys’ fees), 14
(indemnification) and 22 (corporate merger).




(b) Following the date the Term expires on account of the Executive’s death as provided
in subparagraph (ii) of Section 5.1, the rights of the Executive’s personal representative
shall be as provided in ARTICLES 6 (compensation), 7 (reimbursements), 9 (other employee
benefits), 10 (attorneys’ fees), 14 (indemnification) and 22 (corporate merger).




(c) Following the date the Executive is terminated For Cause as provided in
subparagraph (iv) of Section 5.1, the rights of the Executive shall be as provided in
ARTICLES 6 (compensation), 7 (reimbursements), 9 (other employee benefits), 11 (covenants),
14 (indemnification) and 22 (corporate merger). In no event shall the Executive be entitled
to the benefits provided in ARTICLES 10 and 12 in the event his employment is terminated by
the Company For Cause.



ARTICLE 6. COMPENSATION. For all services rendered by the Executive during
the Term, including without limitation, services as an executive, officer, director (except fees
and reimbursements to which all members of the Board, or a subsidiary or affiliate of the Company,
are generally entitled) or member of any committee of the Company or of any subsidiary, affiliate,
or division thereof, the Company shall pay the Executive as compensation the following:




6.1. Base Salary. The Executive shall be paid for his services during the Term the
Base Salary, payable in appropriate installments to conform with regular payroll dates for
salaried personnel of the Company. The Executive’s Base Salary shall be reviewed annually
in accordance with the standard payroll practices and procedures of the Company applicable
to its executive officers.




6.2. Discretionary Bonus. In addition to the Base Salary provided for in Section 6.1,
the Executive shall be entitled to such bonus or bonuses, if any, as may be awarded to the
Executive from time to time by the Board. Any such bonus shall be payable in the manner
specified by the Board at the time any such bonus is awarded.




6.3. Incentive Bonus. In addition to the Base Salary provided for in Section 6.1, the
Executive shall be entitled to participate in the Company’s executive profit-sharing bonus
program (also referred to as the “XPS” program or the “Performance Incentive Plan,” or both)
and receive such bonuses as may be awarded to the Executive from time to time under such
program. Any such bonuses shall be payable in the manner specified in such program.




6.4. Other Plans. In addition to the Base Salary and bonuses provided for in Sections
6.1, 6.2, and 6.3, the Executive shall be entitled to participate in any other bonus or
incentive plans of the Company (whether now in existence or hereinafter established) in
which other senior executives of the Company are entitled to participate.



ARTICLE 7. REIMBURSEMENT OF EXPENSES. The Company recognizes that the
Executive will incur, from time to time, expenses for the benefit of the Company and in furtherance
of the Company’s business, including, but not limited to, expenses for entertainment, travel and
other business expenses consistent with the Company’s past practices. During the Term, the
Executive will be reimbursed for his reasonable expenses incurred for the benefit of the Company in
accordance with the established policy of the Company as adopted from time to time by the Board.
To receive such reimbursement, the Executive must present to the Company an itemized accounting, in
such detail as the Company may reasonably request, of such expenditures, and all reimbursements
must be made no later than the end of the calendar year following the calendar year in which the
expense was incurred. In the event of the termination of the Executive’s employment for any
reason, the Company shall reimburse the Executive (or in the event of death, his personal
representative) for expenses incurred by the Executive on behalf of the Company prior to the
Termination Date to the extent such expenses have not been previously reimbursed by the Company.
The expenses eligible for reimbursement under this ARTICLE 7 in any calendar year shall not affect
any expenses eligible for reimbursement or in-kind benefits to be provided in any other calendar
year. The Executive’s rights under this ARTICLE 7 shall not be subject to liquidation or exchange
for any other benefit.



ARTICLE 8. VACATION AND SICK LEAVE. The Executive shall be entitled to
vacation and sick leave during the Term, commensurate with his position and in accordance with the
Company’s established policy for senior executives as adopted from time to time by the Board. The
Executive shall continue to receive the compensation provided for in ARTICLE 6 during the time of
his vacation and sick leave.



ARTICLE 9. OTHER EMPLOYEE BENEFITS. The Executive shall be entitled to
participate in any and all retirement, medical, dental, vision, disability, life insurance,
long-term disability insurance, nonqualified deferred compensation and tax-qualified retirement
plans or any other plans or benefits offered by the Company to its senior executives generally, if
and to the extent the Executive is eligible to participate in accordance with the terms and
provisions of any such plan or benefit program. Nothing in this ARTICLE 9 is intended, or shall be
construed, to require the Company to institute any particular plan, program or benefit. Benefits
payable pursuant to this Agreement shall be in addition to benefits payable to the Executive under
all other employee benefit plans or programs of the Company.



ARTICLE 10. TERMINATION COMPENSATION.




10.1. Amount. If the Executive’s employment is terminated by the Company by exercise
of the Notice Exception or by the Executive by exercise of the Notice Exception, or as a
result of the expiration of the fixed Term as provided in Section 5.1(i), and such
termination occurs within twelve (12) months following a Change of Control, the Executive
shall be entitled to receive in a lump sum (i) any compensation due but not yet paid through
the Termination Date, plus (ii) an amount equal to three (3) times the sum of his Base
Salary and the annual bonus paid to him for the preceding calendar year under the Company’s
executive profit-sharing bonus program described in Section 6.3, subject to the provisions
of Section 10.2. If the Executive’s employment is terminated by the Company or the
Executive by exercise of the Notice Exception, or as a result of the expiration of the fixed
Term as provided in Section 5.1(i), and such termination does not occur within twelve (12)
months following a Change of Control, or the Executive’s employment is terminated at any
time due to the Executive’s death or Total Disability or by the Company For Cause, the
Executive shall only be entitled to receive in a lump sum any compensation due but not yet
paid through the Termination Date. Any amounts payable to the Executive pursuant to this
ARTICLE 10 shall be paid on the first day of the seventh (7th) calendar month
following the calendar month in which the Termination Date occurs. In the event the
Executive dies prior to receiving any or all of the amounts to which he is due pursuant to
this ARTICLE 10, then such amounts shall be payable to his surviving spouse within thirty
(30) days of the date of the Executive’s death. If the Executive dies without a surviving
spouse, no additional amounts shall be payable pursuant to this ARTICLE 10 following his
death.




10.2. Parachute Payments. Notwithstanding anything in this Agreement to the contrary,
in the event that the Company’s outside, independent accountants shall determine that the
termination compensation payable to the Executive pursuant to Section 10.1 (the “Agreement
Payments”) shall, as a result of a change in the ownership or effective control of the
Company or in the ownership of a substantial portion of the assets of the Company,
constitute a parachute payment within the meaning of Section 280G of the Code, and the
aggregate of such parachute payments and any other amounts paid or distributed to the
Executive from any other plans or arrangements maintained by the Company or its affiliates
(such other payments together with the Agreement Payments shall be referred to as the “Total
Payments”) would more likely than not, in the opinion of the Company’s accountants, cause
the Executive to be subject to the excise tax on excess parachute payments under Section
4999 of the Code (the “Excise Tax”), the termination compensation payable pursuant to
Section 10.1 shall be reduced in such amount as is required to reduce the aggregate “present
value” (as that term is defined in Section 280G(d)(4) of the Code) of the Total Payments to
one dollar less than three (3) times the Executive’s Base Amount to the end that the
Executive is not subject to the Excise Tax. If an amount has been paid to the Executive
which should not have been paid due to the required reduction in aggregate present value,
the Executive shall promptly return such amount to the Company (together with interest at
the rate set forth in Section 1274(b)(2)(B) of the Code). For purposes of determining
whether and the extent to which the Total Payments would more likely than not cause the
Executive to be subject to the Excise Tax, no portion of the Total Payments, the receipt of
which the Executive has effectively waived in writing, shall be taken into account.




10.3. Release. In consideration of the termination compensation payable to the
Executive pursuant to this Section 10.1, the Executive agrees to complete and execute a
General Release and Waiver of Claims (the “Release”), which Release shall be in
substantially the form attached hereto as Exhibit A. Prior to the Executive’s termination
of employment, the Company may modify the Release to conform it to the laws of the local
jurisdiction applicable to the Executive so long as such modification does not increase the
obligations of the Executive thereunder.



ARTICLE 11. POST-TERMINATION OBLIGATIONS. All payments and benefits to the
Executive under this Agreement shall be subject to the Executive’s compliance with the following
provisions during the Term and, except as otherwise provided in this ARTICLE 11, following the
termination of the Executive’s employment:




11.1. Assistance in Litigation. The Executive shall, upon reasonable notice, furnish
such information and assistance to the Company as may reasonably be required by the Company
in connection with any litigation in which it is, or may become, a party, and which arises
out of facts and circumstances known to the Executive. The Company shall promptly reimburse
the Executive for his out-of-pocket expenses incurred during his lifetime in connection with
the fulfillment of his obligations under this Section 11.1 in accordance with its
established policy for making reimbursements as adopted from time to time by the Board, but
in any event no later than the end of the calendar year following the calendar year in which
the expense was incurred. The expenses eligible for reimbursement under this Section 11.1
in any calendar year shall not affect any expenses eligible for reimbursement or in-kind
benefits to be provided in any other calendar year. The Executive’s rights under this
Section 11.1 shall not be subject to liquidation or exchange for any other benefit.




11.2. Confidential Information. The Executive acknowledges that all Confidential
Information has a commercial value in the Company’s Business and is the sole property of the
Company. The Executive agrees that he shall not disclose or reveal, directly or indirectly,
to any unauthorized person any Confidential Information, and the Executive confirms that
such information constitutes the exclusive property of the Company; provided, however, that
the foregoing shall not prohibit the Executive from disclosing such information to third
parties or governmental agencies in furtherance of the interests of the Company or as may be
required by law.




11.3. Noncompetition and Non-Solicitation. The Executive acknowledges and agrees that
during the course of his employment with the Company, he has acquired valuable information
as to the nature and character of the Business and requirements of the Customers, which
information is unique and proprietary to the Company. The Executive covenants and agrees
that during the Time Period he will not, directly or indirectly, on behalf of himself or on
behalf of any Person: (i) call upon any of the Customers who were such at any time during
the twelve-month period ending on the Executive’s Termination Date for the purpose of
providing any product or service similar to that provided by the Company or its affiliates
or solicit, divert or take away or attempt to solicit, divert or take away any of such
Customers; (ii) induce or attempt to induce any Customer who was such at any time during the
twelve-month period ending on the Executive’s Termination Date to patronize any Person that
is engaged in a business similar to the Business; (iii) engage in any business within the
Trade Area which is similar to the Business; and (iv) induce or attempt to induce any
employee of the Company to leave the employ of the Company. In addition, during the Time
Period and within the Trade Area, the Executive shall not be (a) the owner of an equity or
ownership interest in any Person, (b) an officer, director or employee of any Person or (c)
a consultant to any Person which conducts the Business.




11.4. Failure to Comply. In the event that the Executive shall fail to comply with any
provision of this ARTICLE 11, the Company shall have and may exercise any and all other
rights and remedies available to the Company at law or otherwise, including but not limited
to obtaining an injunction from a court of competent jurisdiction enjoining and restraining
the Executive from committing such violation, and the Executive hereby consents to the
issuance of such injunction.




11.5. Reasonableness of Restrictions. The Executive and the Company have each
carefully read the provisions of this ARTICLE 11 and, having done so, agree that the
restrictions set forth in this ARTICLE (including, but not limited to, the Time Period
restriction and the Trade Area restriction set forth in this ARTICLE 11) are fair and
reasonable and are reasonably required for the protection of the Company’s interests.
Notwithstanding the foregoing, in the event any part of the covenants set forth in this
ARTICLE 11 shall be held to be invalid or unenforceable, the remaining parts thereof shall
nevertheless continue to be valid and enforceable as though the invalid or unenforceable
parts had not been included therein. In the event that any provision of this ARTICLE 11
relating to Time Period and/or Trade Area shall be declared by a court of competent
jurisdiction to exceed the maximum time period and/or geographical areas of restriction such
court deems reasonable and enforceable, said time period and/or geographical areas of
restriction shall be deemed to become and thereafter be the maximum time period and/or
geographical areas of restriction that such court deems reasonable and enforceable.



ARTICLE 12. ATTORNEYS’ FEES. In the event that the Executive incurs any
attorneys’ fees in protecting or enforcing his rights under this Agreement or under any employee
benefit plans or programs sponsored by the Company in which the Executive is a participant, the
Company shall reimburse the Executive for such reasonable attorneys’ fees and for any other
reasonable expenses related thereto unless, in the case of an action instituted by the Executive,
the Executive had no reasonable basis for his claim and acted in bad faith. Such reimbursement
shall be made within thirty (30) days following final resolution, in favor of the Executive, of the
dispute or occurrence giving rise to such fees and expenses. In no event shall the Executive be
entitled to receive the reimbursements provided for in this ARTICLE 12 if his employment is
terminated by the Company For Cause, or if he acts in bad faith or pursues a claim without merit,
or if he fails to prevail in any action instituted by him or the Company.



ARTICLE 13. DECISIONS BY COMPANY. Any powers granted to the Board hereunder
may be exercised by the Compensation Committee of the Board. Such Committee shall have general
responsibility for the administration and interpretation of this Agreement.



ARTICLE 14. INDEMNIFICATION. The Company shall indemnify the Executive during
his employment and thereafter to the fullest extent permitted by applicable law in respect of any
judgments, fines, settlements, losses, costs or expenses (including reasonable attorneys’ fees) of
any nature related to or arising out of, or in connection with, his activities as an agent,
employee, officer or director of the Company or in any other capacity on behalf of or at the
request of the Company; provided, that in no event shall such indemnity of the Executive at any
time during the period of his employment by the Company be less than the maximum indemnity provided
by the Company at any time during such period to any other officer or director under and
indemnification insurance policy or the bylaws or charter of the Company or by agreement.



ARTICLE 15. SOURCE OF PAYMENTS; NO TRUST. The obligations of the Company to
make payments hereunder shall constitute a liability of the Company to the Executive. Such
payments shall be from the general funds of the Company, and the Company shall not be required to
establish or maintain any special or separate fund, or otherwise to segregate assets to assure that
such payments shall be made, and neither the Executive nor his designated beneficiary shall have
any interest in any particular asset of the Company by reason of its obligations hereunder.
Nothing contained in this Agreement shall create or be construed as creating a trust of any kind or
any other fiduciary relationship between the Company and the Executive or any other person. To the
extent that any person acquires a right to receive payments from the Company hereunder, such right
shall be no greater than the right of an unsecured creditor of the Company.



ARTICLE 16. SEVERABILITY. All agreements and covenants contained herein are
severable, and in the event any of them shall be held to be invalid by any competent court, this
Agreement shall be interpreted as if such invalid agreements or covenants were not contained
herein.



ARTICLE 17. ASSIGNMENT PROHIBITED. This Agreement is personal to each of the
parties hereto, and neither party may assign nor delegate any of his or its rights or obligations
hereunder without first obtaining the written consent of the other party; provided, however, that
nothing in this ARTICLE 17 shall preclude the executors, administrators, or other legal
representatives of the Executive or his estate from assigning any rights under this Agreement to
the person or persons entitled thereto.



ARTICLE 18. NO ATTACHMENT. Except as otherwise provided in this Agreement or
required by applicable law, no right to receive payments under this Agreement shall be subject to
anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or
hypothecation or to execution, attachment, levy, or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and
of no effect.



ARTICLE 19. HEADINGS. The headings of articles, paragraphs and sections
herein are included solely for convenience of reference and shall not control the meaning or
interpretation of any of the provisions of this Agreement.



ARTICLE 20. GOVERNING LAW. The parties intend that this Agreement and the
performance hereunder and all suits and special proceedings hereunder shall be governed by and
construed in accordance with and under and pursuant to the laws of the State of North Carolina
without regard to conflicts of law principles thereof and that in any action, special proceeding or
other proceeding that may be brought arising out of, in connection with, or by reason of this
Agreement, the laws of the State of North Carolina shall be applicable and shall govern to the
exclusion of the law of any other forum. Any action, special proceeding or other proceeding with
respect to this Agreement shall be brought exclusively in the federal or state courts of the State
of North Carolina, and by execution and delivery of this Agreement, the Executive and the Company
irrevocably consent to the exclusive jurisdiction of those courts and the Executive hereby submits
to personal jurisdiction in the State of North Carolina. The Executive and the Company irrevocably
waive any objection, including any objection based on lack of jurisdiction, improper venue or forum
non conveniens, which either may now or hereafter have to the bringing of any action or proceeding
in such jurisdiction in respect to this Agreement or any transaction related hereto. The Executive
and the Company acknowledge and agree that any service of legal process by mail in the manner
provided for notices under this Agreement constitutes proper legal service of process under
applicable law in any action or proceeding under or in respect to this Agreement.



ARTICLE 21. BINDING EFFECT. This Agreement shall be binding upon, and inure
to the benefit of, the Executive and his heirs, executors, administrators and legal representatives
and the Company and its permitted successors and assigns.



ARTICLE 22. MERGER OR CONSOLIDATION. The Company will not consolidate or
merge into or with another corporation, or transfer all or substantially all of its assets to
another corporation (the “Successor Corporation”) unless the Successor Corporation shall assume
this Agreement, and upon such assumption, the Executive and the Successor Corporation shall become
obligated to perform the terms and conditions of this Agreement.



ARTICLE 23. COUNTERPARTS. This Agreement may be executed simultaneously in
one or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.



ARTICLE 24. NOTICES. All notices, requests and other communications to any
party under this Agreement shall be in writing (including telefacsimile transmission or similar
writing) and shall be given to such party at its address or telefacsimile number set forth below or
such other address or telefacsimile number as such party may hereafter specify for the purpose by
notice to the other party:



(a) If to the Executive:



John R. Congdon



c/o Old Dominion Freight Line, Inc.



500 Old Dominion Way



Thomasville, North Carolina 27360



Fax Number: (336) 822-5289



With a copy to:



John R. Congdon



112 West Square Drive



Richmond, Virginia 23233



Fax Number:      



(b) If to the Company:



Old Dominion Freight Line, Inc.



Attention: General Counsel



500 Old Dominion Way



Thomasville, North Carolina 27360



Fax Number: (336) 822-5289



Each such notice, request or other communication shall be effective (i) if given by mail, 72 hours
after such communication is deposited in the mails with first class postage prepaid, addressed as
aforesaid or (ii) if given by any other means, when delivered at the address specified in this
ARTICLE 24. Delivery of any notice, request, demand or other communication by telefacsimile shall
be effective when received if received during normal business hours on a business day. If received
after normal business hours, the notice, request, demand or other communication will be effective
at 10:00 a.m. on the next business day.



ARTICLE 25. MODIFICATION OF AGREEMENT. Subject to the provisions of ARTICLES
10 and 29, no waiver or modification of this Agreement or of any covenant, condition, or limitation
herein contained shall be valid unless in writing and duly executed by the party to be charged
therewith. No evidence of any waiver or modification shall be offered or received in evidence at
any proceeding, arbitration, or litigation between the parties hereto arising out of or affecting
this Agreement, or the rights or obligations of the parties hereunder, unless such waiver or
modification is in writing, duly executed as aforesaid. The parties further agree that the
provisions of this ARTICLE 25 may not be waived except as herein set forth.



ARTICLE 26. TAXES. To the extent required by applicable law, the Company
shall deduct and withhold all necessary Social Security taxes and all necessary federal and state
withholding taxes and any other similar sums required by law to be withheld from any payments made
pursuant to the terms of this Agreement.



ARTICLE 27. MITIGATION. The Executive shall not be required to mitigate the
amount of the payment provided for in ARTICLE 10 by seeking other employment or otherwise, and, any
payment or benefit to be provided to the Executive pursuant to this Agreement shall not be reduced
by any compensation or other amount earned or collected by the Executive at any time before or
after the termination of the Executive’s employment.



ARTICLE 28. CLAW BACK. The Executive acknowledges that any bonus, incentive
and/or equity based compensation paid to him under or pursuant to the terms of this Agreement or
any other plan or program of the Company will be subject to any recoupment, “claw back” or similar
policy adopted by the Board after the date of this Agreement and reduced to writing, as the same
may thereafter be amended from time to time.



ARTICLE 29. COMPLIANCE WITH CODE SECTION 409A. To the extent applicable, the
parties hereto intend that this Agreement comply with Section 409A of the Code, and all rules,
regulations and other similar guidance issued thereunder (“Code Section 409A”). The parties agree
that this Agreement shall at all times be interpreted and construed in a manner to comply with Code
Section 409A (including compliance with any applicable exemptions from Code Section 409A) and that
should any provision be found not in compliance with Code Section 409A, the parties are
contractually obligated to execute any and all amendments to this Agreement deemed necessary and
required by the Company’s legal counsel to achieve compliance with Code Section 409A or any
applicable exemption. By execution and delivery of this Agreement, the Executive irrevocably
waives any objections he may have to the amendments required by Code Section 409A. The parties
also agree that in no event shall any payment required to be made pursuant to ARTICLE 10 of this
Agreement that is considered deferred compensation within the meaning of Code Section 409A be made
to the Executive unless he has incurred a separation from service (as defined in Code Section
409A). In the event amendments are required to make this Agreement compliant with Code Section
409A, the Company shall use its best efforts to provide the Executive with substantially the same
benefits and payments he would have been entitled to pursuant to this Agreement had Code Section
409A not applied, but in a manner that is compliant with Code Section 409A or any of its
exemptions. The manner in which the immediately preceding sentence shall be implemented shall be
the subject of good faith negotiations of the parties. The parties also agree that in no event
shall any payment required to be made pursuant to this Agreement that is considered deferred
compensation within the meaning of Code Section 409A (and is not otherwise exempt from the
provisions thereof) be accelerated in violation of Code Section 409A. The parties further agree
that any payment that is considered deferred compensation within the meaning of Code Section 409A
(and is not otherwise exempt from the provisions thereof) and is made as a result of a separation
from service cannot commence under Code Section 409A until the lapse of six (6) months after a
separation from service (or death of the Executive, if earlier).



ARTICLE 30. LIFE INSURANCE BENEFIT. The Company has purchased and currently
owns the following life insurance policies (collectively, the “Policies”) on the life of the
Executive:



	 	 	 
	Issuer

	 	Policy No.
	 

	 	 
	The Northwestern Mutual Life

	 	6204845 (“Policy No. 1”)
	Insurance Company

	 	

	The Northwestern Mutual Life

	 	7040586 (“Policy No. 2”)
	Insurance Company

	 	







The Executive was previously granted the right to designate the beneficiary of $500,000 of the
death benefit payable under Policy No. 1 and $1,500,000 of the death benefit payable under Policy
No. 2 (the “Designation Rights”). The Executive subsequently assigned his Designation Rights to
his spouse, Natalie N. Congdon, on June 20, 1991. The Company shall continue the Policies in full
force and effect and pay all premiums required to be paid under such Policies, if any, during the
period of the Executive’s employment with the Company. Upon the termination of the Executive’s
employment with the Company for any reason other than death, the Designation Rights shall cease as
of the Executive’s Termination Date and neither the Executive nor his spouse shall have any rights
under or in the Policies. Following the Executive’s Termination Date, the Company alone may
exercise all rights under the Policies. The Executive and his spouse, Natalie N. Congdon, shall
take all actions and execute any and all documents as may be necessary or required to relinquish
the Designation Rights as of the Executive’s Termination Date.



ARTICLE 31. RECITALS. The Recitals to this Agreement are incorporated herein
and shall constitute an integral part of this Agreement.



IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first above
written.



EXECUTIVE



/s/ John R. Congdon


John R. Congdon



OLD DOMINION FREIGHT LINE, INC.



By: /s/ David S. Congdon

Name: David S. Congdon

Title: President and Chief Executive Officer




Attest:


/s/ Joel B. McCarty, Jr.


Secretary/Asst. Secretary



1




EXHIBIT A




OLD DOMINION FREIGHT LINE, INC.

EMPLOYMENT AGREEMENT




GENERAL RELEASE AND WAIVER OF CLAIMS




In consideration of the payment by Old Dominion Freight Line, Inc. (the “Company”) of the
termination compensation (the “Termination Compensation”) and other benefits payable to me pursuant
to that certain Amended and Restated Employment Agreement dated      ,      , to which this
Exhibit A is attached (the “Agreement”), I,      agree to and do finally and completely
release and forever discharge the Company and its present and former parents, subsidiaries and
affiliates, and any one or more of their present and former employees, shareholders, officers,
directors or agents (the “Releasees”) from any and all liabilities claims, obligations, demands and
causes of action of any and every kind or nature whatsoever, in law, equity or otherwise, known or
unknown, suspected or unsuspected, disclosed and undisclosed, which I now have, own or hold, or
claim to have, own or hold, or which I may have, own or hold, or claim to have, own or hold,
against each or any of the Releasees arising from or relating to my employment with the Company and
termination of that employment.



This General Release and Waiver of Claims (this “Release”) includes, without limiting the
generality of the foregoing, claims arising under any provision of federal, state federal or local
law, any federal, state or local anti-discrimination statute, ordinance or regulation, the Age
Discrimination in Employment Act of 1967 (the “ADEA”), the Americans with Disabilities Act, the
Family and Medical Leave Act, Title VII of the Civil Rights Act of 1964 and the Civil Rights Act
1991, or the Employee Retirement Income Security Act of 1974, all as amended, or any similar
federal, state or local statutes, ordinances or regulations, or claims in the nature of a breach of
contract, claims for wrongful discharge, emotional distress, defamation, fraud or breach of the
covenant of good faith and fair dealing, tort and wage or benefit claims (other than the
Termination Compensation and other benefits to which I am or become entitled under the Agreement);
provided, however, that this Release does not include actions brought by me (or my personal
representative) to enforce the terms of this Release, including my right to the Termination
Compensation and other benefits to which I am or become entitled under the Agreement, or to secure
benefits under any other employee benefit plan or program of the Company of which I am a
participant, or to seek indemnification under the Company’s bylaws or other corporate governance
documents, or to seek worker’s compensation or unemployment compensation benefits, and this Release
does not apply to any rights or claims that I might have which arise as a result of any conduct
that occurs after the date this Release is signed by me. If I violate the terms of this Release, I
agree to pay the Releasees’ costs and reasonable attorneys’ fees.



I acknowledge that, among other rights subject to this Release, I am hereby waiving and
releasing any rights I may have under the ADEA, that this Release is knowing and voluntary, and
that the consideration given for this Release is in addition to anything of value to which I was
already entitled as an employee of the Company.



As provided by law, I have been advised by the Company to carefully consider the matters
outlined in this Release and to consult with such professional advisors as I deem appropriate,
including a lawyer of my own choice. I acknowledge I have had at least twenty-one (21) days from
my receipt of this Release to consider the terms and conditions set forth herein, and I understand
that I have seven (7) days following my execution of this Release to revoke my signature, in which
event this Release shall not be effective or binding on the parties, and I will not receive the
Termination Compensation described in the Agreement. I further understand fully and acknowledge
the terms and consequences of this Release, and I voluntarily accept them.



ACKNOWLEDGED AND AGREED TO,


INTENDING TO BE LEGALLY BOUND HEREBY:



     


Executive



Dated:      




2