EX-10.17.8






Exhibit 10.17.8




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 David S.
Congdon (the “Executive”), an individual residing at High Point, North Carolina.



R E C I T A L S:




The Company is engaged 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 President and Chief Operating Officer 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 President and Chief Executive Officer of the Company, 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 disability, death and severance benefits in
addition to those provided by the employee benefit plans of the Company. 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 its President and Chief Executive Officer 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 plus the annual bonus
payable to him under the Company’s executive profit-sharing bonus program described in
Section 6.3.




2.2. “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 $500,000.




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




2.4. “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.




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




2.6. “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 the sale or disposition by the Company of all or
substantially all of the Company’s assets.




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




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




2.9. “Company Welfare Benefit Plans” means the group medical, dental, vision and life
insurance plans or programs (whether insured or self insured, or any combination thereof)
provided by the Company for the benefit of its active employees or former employees and
their dependents. The group medical, dental, and vision plans shall sometimes be referred
to herein as the “Company Health Care Plan” and the group life insurance plan shall
sometimes be referred to herein as the “Company Life Insurance Plan.”




2.10. “Compensation Continuance Period” means the three-year period commencing on the
first day of the calendar month next following the calendar month in which the Termination
Date occurs.




2.11. “Compensation Continuance Termination Event” means the termination of the
Executive’s employment by the Company’s exercise of the Notice Exception, or by the Company
as a result of the Executive’s Total Disability, or by the Executive for Good Reason or by
the Executive’s exercise of the Notice Exception after attaining his 65th
birthday, or, in the event the Company gives notice which causes the Term to be fixed for a
definite three-year period in accordance with Section 5.1, the termination of the
Executive’s employment upon expiration of the fixed Term. In no event shall the termination
of the Executive’s employment as a result of his death or For Cause be treated as a
Compensation Continuance Termination Event.




2.12. “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.




2.13. “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.




2.14. “Excise Tax” means the excise tax on excess parachute payments under Section 4999
of the Code (or any successor or similar provision thereof), including any interest or
penalties with respect to such excise tax.




2.15. “Extended Coverage Period” means the period commencing on the Termination Date
and ending on the earlier of the date of the Executive’s death or the last day of the
calendar month in which he receives his final payment of compensation continuance pursuant
to Section 10.2.




2.16. “Final Average Compensation” means the average of the Executive’s Annual
Compensation for the three (3) calendar years within the five (5) calendar year period next
preceding the calendar year in which falls his Termination Date, which will produce the
highest average; provided, however, that the Executive’s Annual Compensation for his
Termination Year shall be one of the calendar years used to compute his Final Average
Compensation if doing so would result in a higher average.




2.17. “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.




2.18. “Fundamental Disagreement” means a material disagreement between the Executive
and the Board that occurs after a Change of Control and concerns the strategic direction of
the Company or another issue of fundamental importance to the Company, as described in a
written notice provided by the Executive to the Chairman of the Board, provided that (i) the
material disagreement occurs within three (3) years after the Change of Control, (ii) the
Executive is the Chief Executive Officer of the Company at the time of the
Executive’s written notice to the Board, (iii) within sixty (60) days after the date of such
written notice, a majority of the members of the Board who are not members of the family (as
defined in Section 2.6(a)) of the Executive confirm in writing that there exists a material
disagreement with the Board about the strategic direction of the Company or another issue of
fundamental importance to the Company that makes it impracticable for the Executive to
continue to serve as the Chief Executive Officer of the Company, and (iv) there has existed
no For Cause basis for the Executive’s termination during the Term.




2.19. “Good Reason” means, without the Executive’s express written consent, any of the
following:




(a) a material breach by the Company of any provision of this Agreement;




(b) the failure of the Executive to be elected or re-elected to the Board;




(c) a material reduction by the Company in the Executive’s Base Salary as in
effect as of the date of this Agreement or as the same shall be increased from time
to time;




(d) the liquidation, dissolution, consolidation or merger of the Company or
transfer of all or a significant portion of the Company’s assets unless a successor
or successors (by merger, consolidation or otherwise) to which all or a significant
portion of the assets have been transferred assumes all duties and obligations of
the Company under this Agreement;




(e) the assignment to the Executive of duties inconsistent with the position
and status of the offices and positions of the Company held by the Executive as of
the date of this Agreement;




(f) the exclusion of the Executive from participation in the Company’s employee
benefit plans (other than as a result of the termination of the plan or any other
action of the Company that affects substantially all employees participating in the
plan) in effect as of the date of this Agreement, as the same may be improved or
enhanced from time to time;




(g) the transfer of the Executive’s primary work location to a location that is
more than thirty (30) miles from the Executive’s primary work location immediately
prior to the date of this Agreement or the requirement that the Executive relocate
his principal residence more than thirty (30) miles from the Executive’s primary
work location as of the date of this Agreement;




(h) the requirement by the Company that the Executive travel on Company
business to a substantially greater extent than required immediately prior to the
date of this Agreement; or




(i) the occurrence of a Fundamental Disagreement.




Notwithstanding the foregoing, the occurrence of an event that would otherwise constitute
Good Reason under this Section 2.19 shall cease to be an event constituting Good Reason if
the Executive fails to provide the Company with notice of the occurrence of any of the
foregoing within the thirty (30) day period immediately following the date on which the
Executive first becomes aware (or reasonably should have become aware) of the occurrence of
such event, except that the occurrence of a Fundamental Disagreement shall be governed by
Section 2.18.




2.20. “Individual Policy” means an individual policy of insurance providing coverage
for the Executive and his dependants.




2.21. “Life Insurance Benefit” means ten million dollars ($10,000,000) of life
insurance coverage (the “Coverage”) for the benefit and protection of the Executive’s
family. The Company will pay, or reimburse (in accordance with the procedures for
reimbursement set forth in ARTICLE 7) the Executive for, the premiums for the Coverage up to
the preferred rates (i.e., the rates applicable to nonsmokers whose health,
life-style, family history, and other characteristics are such as to suggest they will
exhibit significantly better than average mortality experience) charged by the insurance
company issuing the life insurance policy providing for such Coverage. In the event the
Company cannot obtain the Coverage at the preferred rates, the Executive may either pay the
premiums for such Coverage in excess of the preferred rates or reduce the Coverage to the
level of coverage that can be obtained at the preferred rates. The Executive shall be the
owner of the life insurance policy issued on the life of the Executive pursuant to this
Section 2.21. See ARTICLE 12.




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




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




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




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




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




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




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




2.29. “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 2.24 and
5.1), the Executive shall serve as President and Chief Executive Officer of the Company on
the conditions herein provided. The Executive shall perform such duties as are customarily
performed by one holding the position of President and Chief Executive Officer 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 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 a director of the Company or
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 his full business time, attention, skill, energies and efforts to the faithful
performance of his duties hereunder and to the business and affairs of the Company and any
subsidiary or affiliate of the Company and 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 14.3, 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.



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, 2011 (except as
otherwise provided in this Section 5.1); (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); (v) the date
the Executive terminates his employment for Good Reason; or (vi) the date of termination as
a result of the Executive’s Total Disability. Notwithstanding the provisions of
subparagraph (i) of this Section 5.1, as of the first day of each calendar month commencing
July 1, 2008, the Term shall be extended automatically, without any further action by the
Company or the Executive, for an additional calendar month unless either party shall notify
the other party in writing that it desires to fix the Term for a definite three-year period.
Such notice shall become effective ninety (90) days after the date the notice is given and
no further automatic monthly extensions of the Term shall occur after such effective date.
All references herein to the “Term” shall include the initial Term and all automatic monthly
extensions as provided in this Section 5.1.




5.2. Termination by Giving Notice. If either party hereto desires to terminate the
Executive’s employment prior to the expiration of the Term, such party shall give not less
than ninety (90) days written notice of such desire to the other party specifying the date
of termination (the “Notice Exception”). Notwithstanding the foregoing, the Company shall
not 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 John R. 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 5.6. If the Company is terminating the Executive for a
reason described in Section 2.17(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.




5.4. Good Reason. The Executive may terminate his employment at any time for Good
Reason (the “Good Reason Exception”). If the Executive desires to terminate his employment
for Good Reason, he shall give notice to the Company as provided in Section 5.6. If the
Executive is terminating for a reason described in Section 2.19(a), (b), (c), (e), (f), (g)
or (h), the Company shall have thirty (30) days after notice has been given to it to cure
the reason given in the notice. If the reason for the Executive’s exercise of his right to
terminate is timely cured by the Company to the satisfaction of the Executive, the
Executive’s notice shall become null and void. Nothing contained herein or in this Section
5.4 shall limit the ability of the Company to enforce its rights under this Agreement to the
extent that there is a disagreement as to the basis for the applicability of the Good Reason
Exception or cure under the Good Reason Exception.




5.5. 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 5.6.




5.6. 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 for Good Reason,
shall be communicated by Notice of Termination to the other party hereto. For purposes of
Sections 5.3, 5.4 and 5.5, 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 a showing of 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.




5.7. 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 three-year Term), (iii)
(termination under Notice Exception), (v) (termination for Good Reason) or (vi)
(termination as a result of Total Disability) of Section 5.1, the rights of the
Executive shall be as provided in ARTICLES 6 (compensation), 7 (reimbursements), 9
(other employee benefits), 10 (termination compensation), 11 (welfare and retirement
benefits), 12 (life insurance), 14 (covenants), 16 (attorneys’ fees), 18
(indemnification) and 26 (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 and surviving spouse shall be as provided in ARTICLES 6
(compensation), 7 (reimbursements), 9 (other employee benefits), 10 (termination
compensation), 12 (life insurance), 16 (attorneys’ fees), 18 (indemnification) and
26 (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), 14
(covenants), 18 (indemnification) and 26 (corporate merger). In no event shall the
Executive be entitled to the benefits provided in ARTICLES 10, 11, 12, 13 and 16 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 AND SECRETARIAL ASSISTANCE. 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 Company further agrees to furnish the Executive during the Term
with an office and such secretarial assistance as shall be suitable to the character of the
Executive’s position with the Company and adequate for the performance of his duties hereunder.
The Company further agrees that the Executive may use during the Term the Company’s airplane or
airplanes for personal use in accordance with the general policy of the Company as adopted from
time to time by the Board. The Company further agrees to pay on behalf of the Executive during the
Term the membership dues and initiation fees for the Executive’s membership in a private club or
clubs in accordance with the general policy of the Company as adopted from time to time by the
Board. The Company further agrees to provide the Executive during the Term with an automobile for
his use. 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. Monthly Compensation. Upon the expiration of the Term for any reason, the
Executive shall be entitled to receive his Base Salary through the last day of the month in
which the Termination Date occurs (the “Base Salary Payments”). The Base Salary Payments
shall be paid to the Executive in a lump sum on the first day of the seventh
(7th) calendar month following the calendar month in which the Termination Date
occurs.




10.2. Compensation Continuance. In addition to the compensation provided for in
Section 10.1, upon the occurrence of a Compensation Continuance Termination Event, the
Executive shall be entitled to receive during the Compensation Continuance Period an annual
benefit equal to his Final Average Compensation. If the Compensation Continuance Termination
Event is the termination of the Executive’s employment by the Company as a result of the
Executive’s Total Disability, the Executive’s Final Average Compensation shall be reduced by
any amounts actually paid to the Executive during the Compensation Continuance Period under
any Company sponsored long-term disability policy or any long-term disability policy on the
life of the Executive for which the Company paid the premiums. The Executive’s Final
Average Compensation shall be paid in accordance with the payroll schedule for salaried
personnel of the Company. Notwithstanding the foregoing, the Executive’s Final Average
Compensation payable during the first six months of the Compensation Continuance Period
shall be paid to the Executive in a lump sum as of the first day of the seventh
(7th) calendar month of the Compensation Continuance Period. Thereafter, all
payments of Final Average Compensation shall be payable in accordance with the payroll
schedule for salaried personnel of the Company.




10.3. Release. In consideration of the Compensation Continuance payable to the
Executive pursuant to this ARTICLE 10, 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.



See ARTICLE 11 for special benefits the Executive may be entitled to receive under the Company
Welfare Benefit Plans upon the expiration of the Term.



ARTICLE 11. SPECIAL WELFARE BENEFITS.




11.1. Continued Participation in Company Health Care Plan. In addition to the other
benefits provided for in this Agreement, the Executive shall be entitled to the following
benefits:




(a) The Executive shall be entitled to participate (treating the Executive as
an “active employee” of the Company for this purpose) in the Company Health Care
Plan during the Extended Coverage Period (the “Continuation Coverage”). The
Company, consistent with sound business practices, shall use its best efforts to
provide the Executive and his dependents with the Continuation Coverage under the
Company Health Care Plan, including, if necessary, amending the applicable
provisions of the Company Health Care Plan and negotiating the addition of any
necessary riders to any group health insurance contract. During the Extended
Coverage Period, the Executive shall pay the entire premium required for the
Continuation Coverage under the Company Health Care Plan. During the first eighteen
(18) months of the Extended Coverage Period, the premium required for the
Continuation Coverage shall be equal to the premium required by the continuation of
coverage requirements of Section 4980B of the Code and Part 6 of Title I of the
Employee Retirement Income Security Act of 1974, as amended (“COBRA”) for such
Continuation Coverage (the “COBRA Rate”). During the remainder of the Extended
Coverage Period, the premium required for the Continuation Coverage shall be the
greater of the COBRA Rate or the actuarially determined cost of the Continuation
Coverage as determined by an actuary selected by the Company.




(b) If at any time during the Extended Coverage Period the Company is unable
for whatever reason to provide the Executive with the Continuation Coverage under
the Company Health Care Plan, the Company, consistent with sound business practices,
shall use its best efforts to provide the Executive coverage under an Individual
Policy of health insurance providing coverage which is substantially identical to
the Continuation Coverage to be provided under the Company Health Care Plan. In
such event, the Executive shall pay the entire premium charged for coverage of the
Executive and his dependents under the Individual Policy.




(c) The Continuation Coverage provided to the Executive and his dependents
pursuant to this Section 11.1 is intended to satisfy the continuation of coverage
requirements of COBRA. In the event that the period of Continuation Coverage
expires prior to the end of the period of continuation coverage to which the
Executive and his dependents would be entitled under COBRA (the “COBRA Period”), the
Executive and/or his dependents may elect continuation coverage under COBRA (“COBRA
Coverage”) for the remainder of the COBRA Period. The Executive and/or his
dependents shall be responsible for paying the full amount of the premium charged
for such COBRA Coverage under the Company Health Care Plan at the COBRA Rate.
Notwithstanding the foregoing provisions of this Section 11.1, in the event that the
Continuation Coverage for whatever reason does not satisfy the continuation of
coverage requirements of COBRA, the Executive and/or his dependents shall be
entitled to elect COBRA Coverage in lieu of the Continuation Coverage described in
this Section 11.1. In such event, the Executive and/or his dependents shall be
responsible for paying the full amount of the premium charged for such COBRA
Coverage under the Company Health Care Plan at the COBRA Rate.




(d) During the Extended Coverage Period, the Company shall pay to the Executive
a monthly special benefit as determined pursuant to the provisions of this paragraph
(d) (the “Special Benefit”). The amount of the monthly Special Benefit shall be
equal to the amount of the monthly premium actually paid by the Executive for the
Continuation Coverage for the Executive and his dependents required by this Section
11.1. The Special Benefit shall be payable on the 20th day of each
calendar month during the Extended Coverage Period, or within ten (10) business days
thereafter.




11.2. Continued Participation in Company Life Insurance Plan. In addition to the other
benefits provided for in this Agreement, the Executive shall be entitled to participate
(treating the Executive as an “active employee” of the Company for this purpose) in the
Company’s Life Insurance Plan during the Extended Coverage Period. The Company shall pay
the premium for coverage of the Executive under the Company Life Insurance Plan.



ARTICLE 12. SPECIAL LIFE INSURANCE BENEFIT WHILE EMPLOYED. In order to
provide an additional incentive to the Executive to continue in the employment of the Company and
to provide greater financial security to the Executive’s family, the Executive shall be entitled to
receive the Life Insurance Benefit during the Term. The Life Insurance Benefit shall be provided
in addition to any other death or similar benefits provided for in ARTICLES 9 and 13. In no event
shall the Company pay the premiums for the Life Insurance Benefit following the termination of the
Executive’s employment for any reason.



ARTICLE 13. DEATH FOLLOWING TERMINATION OF EMPLOY-MENT AND BEFORE RECEIPT OF ANY
OR ALL PAYMENTS DUE. In the event the Executive becomes entitled to receive payments pursuant
to ARTICLE 10, and he dies prior to receiving any or all of the payments to which he is due, then
such remaining payments shall be payable as provided in this ARTICLE 13.




13.1. Surviving Spouse. If the Executive dies with a surviving spouse, then such
remaining payments shall be made to his surviving spouse (the “spouse”). If the spouse dies
prior to receiving any or all of the payments to which she is due, then such remaining
payments shall be made in accordance with the provisions of Section 13.2 of this Article, as
if the spouse had not survived the Executive.




13.2. No Surviving Spouse. If the Executive dies without a surviving spouse, then such
remaining payments shall be made to the beneficiary or beneficiaries (which may include
individuals, trusts or other legal entities) designated by the Executive on the form
attached hereto as Exhibit B and filed with the Company prior to his death (the “Beneficiary
Designation Form”). If the Executive fails to designate a beneficiary or fails to file the
Beneficiary Designation Form with the Company prior to his death, the remaining payments
shall be made to his estate. If a named beneficiary entitled to receive payments pursuant
to the Beneficiary Designation Form dies at a time when additional payments still remain to
be paid, then and in any such event, such remaining payments shall be paid to the other
primary beneficiary or beneficiaries named by the Executive who shall then be living or in
existence, if any, otherwise to the contingent beneficiary or beneficiaries named by the
Executive who shall then be living or in existence, if any; otherwise to the estate of the
Executive.



ARTICLE 14. 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 14, following the
termination of the Executive’s employment:




14.1. 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 14.1 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 14.1
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 14.1 shall not be subject to liquidation or exchange for any other benefit.




14.2. 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.




14.3. 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.




14.4. Failure to Comply. In the event that the Executive shall fail to comply with any
provision of this ARTICLE 14, and such failure shall continue for ten (10) days following
delivery of notice thereof by the Company to the Executive, all rights of the Executive and
any person claiming under or through him to the payments or benefits described in this
Agreement shall thereupon terminate and no person shall be entitled thereafter to receive
any payments or benefits hereunder. In addition to the foregoing, in the event of a breach
by the Executive of the provisions of this ARTICLE 14, 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.




14.5. Reasonableness of Restrictions. The Executive and the Company have each
carefully read the provisions of this ARTICLE 14 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 14) 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 14 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 14
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 15. PARACHUTE PAYMENTS. Notwithstanding anything in this Agreement to
the contrary, in the event that the Company’s outside, independent accountants shall determine that
any amount paid or distributed to the Executive pursuant to this Agreement (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, the
Agreement Payments shall be reduced, eliminated, or postponed in such amounts as are required to
reduce the aggregate “present value” (as that term is defined in Section 280G(d)(4) of the Code) of
such Agreement Payments to one dollar less than an amount equal to three times the Executive’s
“base amount” (as that term is defined in Section 280G(b)(3)(A) and (d)(1) and (2)) to the end that
the Executive is not subject to the Excise Tax with respect to the Agreement Payments. To achieve
such required reduction in the aggregate present value, the Company shall determine what items of
compensation (payable under this Agreement) constituting the parachute payments shall be reduced,
eliminated or postponed, the amount of such reduction, elimination or postponement, and the period
of each such postponement. The Company shall promptly notify the Executive of its determinations.
If an amount has been paid or distributed to the Executive which should not have been paid or
distributed 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.



ARTICLE 16. 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 16 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 17. 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 18. 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 19. 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 20. 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 21. 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 21 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 22. 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 23. 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 24. 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 25. 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 26. 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 27. 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 28. 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:



David S. 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:



David S. Congdon



1030 Rockford Road



High Point, North Carolina 27262



Fax Number: (336) 883-7384



(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



(c) If to the Chairman of the Board:



Chairman of the Board of Directors



c/o 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 28. 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 29. MODIFICATION OF AGREEMENT. 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 29 may not be waived
except as herein set forth.



ARTICLE 30. 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 31. MITIGATION. The Executive shall not be required to mitigate the
amount of any payment provided for in ARTICLE 10 by seeking other employment or otherwise, and,
subject to the provisions of ARTICLES 14 and 15, 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 32. 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 33. 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 34. 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/ David S. Congdon


David S. Congdon



OLD DOMINION FREIGHT LINE, INC.



By: /s/ Earl E. Congdon

Name: Earl E. Congdon

Title: Executive Chairman




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




EXHIBIT B




BENEFICIARY DESIGNATION




OLD DOMINION FREIGHT LINE, INC.




Subject to and in accordance with the provisions of ARTICLE 13 of the AMENDED AND RESTATED
EMPLOYMENT AGREEMENT between the undersigned, DAVID S. CONGDON (the “Executive”), and OLD DOMINION
FREIGHT LINE, INC., dated      , 2008 (the “Employment Agreement”), the Executive hereby
designates the following beneficiary(ies) entitled, upon the death of the Executive, to any
compensation continuance benefits payable under ARTICLE 10 of the Employment Agreement following
his death (the “death benefit”):




	 	(A)	 	Primary Beneficiary(ies): In equal shares to those of the following
beneficiary(ies) who are living or in existence at the Executive’s death:





	 	 	 	 	 
	Name

	 	Relationship
	 	Address
	 

	 	 
	 	 







	 	(B)	 	Contingent Beneficiary(ies): If there is no primary beneficiary living
or in existence at the Executive’s death, then in equal shares to those of the
following beneficiary(ies) who are living or in existence at the Executive’s death:





	 	 	 	 	 
	Name

	 	Relationship
	 	Address
	 

	 	 
	 	 






****************************************************




This Beneficiary Designation Form supersedes and revokes all beneficiary designations, if any,
previously made by the Executive but is not intended to, and does not, supercede or revoke any of
the provisions of ARTICLE 13 of the Employment Agreement. To the extent any conflict exists
between the provisions of this Beneficiary Designation Form and ARTICLE 13 of the Employment
Agreement, the Employment Agreement shall prevail. It is the intent of the Executive that this
Beneficiary Designation Form shall be subject to, and governed by, the provisions of ARTICLE 13 of
the Employment Agreement.



This Beneficiary Designation Form may be changed by executing and delivering a new designation
to the Compensation Committee.



This Beneficiary Designation Form is signed in duplicate, and one executed copy shall be
retained by Old Dominion Freight Line, Inc. and one shall be retained by the Executive.



     


David S. Congdon



DATED:


     



OLD DOMINION FREIGHT LINE, INC.



By:      

Name:

Title:




DATED:


     




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