Document:

<PAGE>

                                                                   Exhibit 4.7.4

                          THIRD AMENDMENT AND AGREEMENT

         THIS THIRD AMENDMENT AND AGREEMENT ("Agreement") is made as of the 31st
day of May, 2002, by and among WACHOVIA BANK, NATIONAL ASSOCIATION, a national
banking association (formerly known as First Union National Bank) with offices
at 300 North Greene Street, 5th Floor, Greensboro, North Carolina 27401
("Bank"); OLD DOMINION FREIGHT LINE, INC., a Virginia corporation with its
principal place of business at 500 Old Dominion Way, Thomasville, North Carolina
27360 ("Company"); and ODIS, INC., a Delaware corporation ("Guarantor").

                                   WITNESSETH:

         WHEREAS, the Company and the Bank are parties to a certain Credit
Agreement dated as of May 31, 2000 (the "Credit Agreement"), pursuant to which
the Bank extended to the Company financial accommodations in the form of a
revolving line of credit in the original maximum principal amount of Fifty
Million Dollars ($50,000,000) (the "Revolving Loans") and a standby letter of
credit facility in the original maximum principal amount of Twelve Million Five
Hundred Thousand Dollars ($12,500,000);

         WHEREAS, capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Credit Agreement;

         WHEREAS, the Revolving Loans are evidenced by that certain Revolving
Credit Note dated May 31, 2000, executed by the Company in favor of the Bank in
the original maximum principal amount of Fifty Million Dollars ($50,000,000)(the
"Note");

         WHEREAS, the Obligations are guaranteed by that certain Guaranty
Agreement dated May 31, 2000, executed by the Guarantor in favor of the Bank
(the "Guaranty");

         WHEREAS, the documents and instruments evidencing and/or securing the
foregoing indebtedness, as heretofore amended, are referred to herein
collectively as the "Loan Documents;"

         WHEREAS, the Bank, the Borrower and the Guarantor executed that certain
First Amendment and Agreement dated February 1, 2001, amending certain of the
Loan Documents as provided therein;

         WHEREAS, the Bank, the Borrower and the Guarantor executed that certain
Second Amendment and Agreement dated May 31, 2001, amending certain of the Loan
Documents as provided therein;

         WHEREAS, the Borrower has requested that the Bank increase the
available amount of the Letter of Credit Facility, and the Bank has agreed to
provide such additional financing subject to the terms and conditions of this
Agreement; and

<PAGE>

         NOW THEREFORE, for value received and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

1.       Amendment to Credit Agreement.
         -----------------------------

         (a) The definition entitled "Letter of Credit Facility Commitment" in
Section 1.1 of the Credit Agreement is amended in its entirety to read as
follows:

         "`Letter of Credit Facility Commitment' shall mean Twenty Million
Dollars ($20,000,000)."

         (b) The definition entitled "Termination Date for Letter of Credit
Facility" in Section 1.1 of the Credit Agreement is amended in its entirety to
read as follows:

         "`Termination Date for Letter of Credit Facility' shall mean the
earliest of:

              (i)    May 30, 2003;

              (ii)  The date of termination of the Letter of Credit Facility by
        Bank after the occurrence of an Event of Default;

              (iii) Such date of termination of the Letter of Credit Facility as
        is mutually agreed upon by Bank and Borrower; and

              (iv) The date that all Obligations have been paid in full and Bank
is no longer obligated to issue Letters of Credit hereunder."

         (c) The following Schedules to the original Credit Agreement are hereby
amended by replacing such Schedules with the corresponding Schedules attached
hereto:

Schedule 1.1A     Letters of Credit

Schedule 6.9      Places of Business and Principal Place of Business
Schedule 6.22A    Capitalized Leases
Schedule 8.3      Funded Debt
Schedule 8.4      Permitted Liens

         2. Ratification. Except as the same have been amended hereby, the
Credit Agreement, the Note, the Guaranty, and the other Loan Documents shall in
all respects remain in full force and effect and are in all respects hereby
ratified and affirmed, and the amendments effected by this Agreement shall not
constitute a novation of any of the Borrower's or the Guarantor's obligations
under such documents. Each of such documents shall be deemed to be amended as
necessary to the extent necessary to be consistent with the amendments effected
by this Agreement.

         3. Execution by Guarantor. By its execution below, the Guarantor hereby
consents to the terms and conditions of this Agreement and reaffirms and
ratifies its obligations under the Guaranty, which shall in all respects remain
in full force and effect and is hereby ratified and affirmed. The Guarantor
hereby acknowledges that its obligations under the Guaranty shall include,
without limitation, its guarantee of the Company's obligations to the Bank under
the Note, as amended hereby.

         4. Representations and Warranties.

         (a) The Company hereby affirms each covenant made by it in the Credit
Agreement as if set forth herein in full (together with any modifications
provided for herein), and represents and warrants to the Bank that the
representations and warranties set forth in the Credit Agreement remain true,
correct and complete in all material respects as of the date hereof, except (i)
representations and warranties that relate

<PAGE>

solely to an earlier date or which are no longer true due to an action or event
specifically permitted by the provisions of the Credit Agreement, and (ii)
representations and warranties modified by the Schedules attached hereto, which
representations and warranties are reaffirmed to the extent of the additional
information provided by the Schedules attached hereto. The Guarantor hereby
affirms each representation, warranty and covenant made by it in the Guaranty as
if set forth herein in full.

         (b) Each of the Company and the Guarantor acknowledges and confirms
that there are no defenses, claims or setoffs available to Company or to the
Guarantor which would operate to limit its obligations under the Credit
Agreement, the Note, the Guaranty, or the other Loan Documents to which is a
party thereto, or under any of such documents as amended hereby.

         (c) Each of the Company and the Guarantor covenants, represents and
warrants as follows:

                  (i) each of the Company and the Guarantor has the full
corporate power and authority to enter into this Agreement and the documents and
instruments contemplated hereby to which it is a party and to perform its
obligations hereunder and thereunder; and

                  (ii) no default or event of default under any of the Loan
Documents, or event, condition, act or circumstance which with the giving of
notice or the passage of time or both could constitute a default or event of
default under any of the Loan Documents, has occurred and is continuing on the
date hereof.

         5. Fees and Expenses. The Company shall pay all out-of-pocket expenses,
costs and charges incurred by Bank (including reasonable fees and disbursements
of counsel) in connection with the preparation and implementation of this
Agreement.

         6. Condition Precedent. As express conditions precedent to the
effectiveness of this Agreement, the Company shall (a) provide to the Bank
certified copies of resolutions of the Board of Directors of the Company and the
Guarantor authorizing the execution and delivery of, and performance under, this
Agreement, and a current Certificate of Existence or Good Standing for the
Company and the Guarantor issued by the Secretary of State of Virginia and
Delaware, respectively; and (b) pay to the Bank the $10,000 amendment fee.

                      [BALANCE OF PAGE INTENTIONALLY BLANK]

<PAGE>

IN WITNESS WHEREOF, the undersigned parties have caused this Agreement to be
executed by their duly authorized officers as of the date first above written.

ATTEST:                                OLD DOMINION FREIGHT LINE, INC.

JOEL McCARTY, JR.                      By: J. WES FRYE
-----------------                         --------------------------------------
Secretary                                 Title: Senior Vice President - Finance

[ CORPORATE SEAL ]

ATTEST:                                  ODIS, INC.

JOEL McCARTY, JR.                        By: J. WES FRYE
-----------------                        --------------------------------------
Secretary                                Title: Senior Vice President - Finance

[ CORPORATE SEAL ]

                                         WACHOVIA BANK,
                                         NATIONAL ASSOCIATION

                                         By: ANDREW PAYNE
                                         ---------------------
                                         Title: Vice President

<PAGE>

STATE OF NORTH CAROLINA
COUNTY OF GUILFORD

         In Greensboro on the _____ day of ______________, 2002, before me
personally appeared _________________, _______________ of OLD DOMINION FREIGHT
LINE, INC., known by me to be the party executing the foregoing instrument and
he/she acknowledged said instrument by him/her so executed to be his/her free
act and deed and the free act and deed of Old Dominion Freight Line, Inc.

--------------------------------------
          Notary Public

My commission expires:

-------------------------

STATE OF NORTH CAROLINA
COUNTY OF GUILFORD

         In Greensboro on the _____ day of ______________, 2002, before me
personally appeared _________________, _______________ of ODIS, INC., known by
me to be the party executing the foregoing instrument and he/she acknowledged
said instrument by him/her so executed to be his/her free act and deed and the
free act and deed of ODIS, Inc.

--------------------------------------
           Notary Public

My commission expires:

-------------------------

<PAGE>

                                  Schedule 1.1A

                                Letters of Credit

LOC#                  Beneficiary                        Letter of Credit
----                  -----------                        ----------------

S034701               GA SI Guaranty Trust               $   500,000

S039135               Utica Mutual - Deaton                  500,000

SO36413               Pacific Emp Ins Co.                  3,800,000

SO36416               Van Liner Ins Co.                      500,000

SM408316C             Protective Ins Co.                   4,860,000

                                                         $10,160,000

<PAGE>

                                  Schedule 6.9

                             Places of Business and
                           Principal Place of Business

Corporate Headquarters:

500 Old Dominion Way
Thomasville, NC 27360

See listing of terminal locations attached hereto.

<PAGE>

                                 Schedule 6.22A

                               Capitalized Leases
<TABLE>
<CAPTION>

    Lessor                    Description of                    Location            Outstanding
    ------                    --------------                    --------            -----------
                             Leased Property                                          Balance
                             ---------------                                          -------

<S>                                                             <C>                  <C>
TransAmerica      Various trailers obtained through Goggin        Various             $49,049
Business Credit   Truck Line, Inc. acquisition
</TABLE>

<PAGE>

                                  Schedule 8.3

                                   Funded Debt

Debtholder                                                               Amount
----------                                                               ------

See Schedule 1.1A.

See Funded Debt secured by liens noted on
Schedule 8.4.

See Operating Lease noted on Schedule 6.22A.

<PAGE>

                                  Schedule 8.4

                                 Permitted Liens
<TABLE>
<CAPTION>

  Secured Party                              Description of Property              Outstanding Balance   Location
  -------------                              -----------------------              -------------------   --------
<S>                               <C>                                             <C>                   <C>
IBM Credit Corporation            IBM AS/400-740 Processor;                           $  623,854        Corporate
                                  IBM AS/400-740 Processor Upgrade; 9406 SYSTEM
                                  Office UNITS; AS/400 OPERATING SYSTEM; with
                                  various Peripherals and other units

Bank One                          Various Trailers-Carter Acquisition                 $  872,417        various

Total                                                                                 $1,496,271
</TABLE><PAGE>

                                                                   Exhibit 10.16

                          REAL ESTATE PURCHASE CONTRACT

         This REAL ESTATE PURCHASE CONTRACT (hereinafter "Contract) made as of
this 19th day of June, 2002 (the "Effective Date") by and between OLD DOMINION
FREIGHT LINE, INC., A VIRGINIA CORPORATION, or its nominee (the "Buyer"), with a
mailing address of 500 Old Dominion Way, Thomasville, North Carolina 27360 and
ROBERT A. COX, JR., AS TRUSTEE FOR THE EARL E. CONGDON AND JOHN R. CONGDON
IRREVOCABLE TRUST DATED JULY 15, 1975, (the "Seller"), with a mailing address of
P.O. Box 500, Richmond, VA 23218.

                                   WITNESSETH:

         WHEREAS, Seller is the owner of real property, which parcel Seller
desires to sell to Buyer and Buyer agrees to purchase from Seller, upon the
terms and conditions described herein.

         NOW THEREFORE, for and in consideration of the sum of Ten and no/100
DOLLARS ($10.00), the receipt and sufficiency being hereby acknowledged, the
Buyer and Seller have agreed as follows:

1. Description

         Approximately 38.43 acres of real property shown as Map 185, Block 754,
Lot 1 on the Guilford County Tax Maps more fully described in that certain Lease
Agreement dated July 15, 1975 between Seller as Trustee and Buyer as Tenant.

         The Property shall also include all of Seller's rights, privileges and
easements appurtenant to the land and all other easements, rights-of-way or
appurtenances used in connection with the beneficial use and enjoyment of the
land and the improvements constructed thereon or thereunder. Seller shall convey
or cause all such rights to be conveyed to Buyer at closing, free and clear of
all liens and encumbrances, with the exception of the Permitted Exceptions, as
defined herein.

2. Purchase Price

         a.  The consideration for the Property shall be Six Million Dollars
($6,000,000.00) (the "Purchase Price").

         b.  Buyer shall pay the Purchase Price to the Owner in the following
manner:

         (1) Upon the execution of the Contract by both parties, Buyer shall
remit $10,000.00 as an earnest money deposit (the "Deposit") on account of the
Purchase Price to Keziah, Gates &

<PAGE>

Samet, to be held in escrow in an interest bearing account by the Title company
chosen by Buyer until the closing of title, at which time the "Deposit" shall be
paid to the Seller.

Buyer's escrow deposit shall be promptly returned to Buyer if closing does not
occur through no fault of Buyer, or if the contract contingencies or Seller's
representations and warranties are not then complied with.

         (2) At Closing Buyer shall pay the balance of the Purchase Price by
wire transfer or certified check, at Buyer's election.

3. Title Insurance

         Buyer shall, at Buyer's expense, promptly following execution of this
contract by Seller, order a title insurance commitment (the "Commitment"),
issued by a Title Insurance Company of Buyer's choice, indicating that at
Closing such title insurance company will issue its Owner's Title Insurance
Policy at standard rates in favor of Buyer in the amount of the Purchase Price,
insuring marketable title to the Property, free and clear of all dower and
similar rights and all encroachments, liens, encumbrances and restrictions,
except for zoning restrictions of record which do not interfere with Buyer's
intended use of the Property, taxes not yet due and payable and easements of
record which do not interfere with Buyer's intended use of the Property (the
"Permitted Exceptions"). Said title insurance policy shall be issued immediately
upon the closing, showing good and marketable title to be in the Buyer. Buyer
shall pay the premium for the title insurance policy.

         If such title insurance commitment discloses defects in title, Buyer
shall notify Seller in writing of such defects in title. If Seller does not
remedy such defects in title within thirty (30) days of such notice, Buyer may
take one or more of the following actions:

         (a) grant Seller an additional thirty (30) days to remedy such defects;

         (b) complete the purchase and accept title as Seller is able to convey,
unless such defects are delinquent real estate taxes or assessments or mortgages
for an ascertainable amount placed against the Property by Seller at the time of
Seller's acquisition of the Property, in which case that amount may be deducted
from the Purchase Price and paid at Closing to remove such defect;

         (c) In the event Seller fails to remedy such defects after the
expiration of any additional extension period pursuant to paragraph 3(a) above,
declare this Contract null and void upon written notice to Seller and terminate
this agreement, in which event the Deposit, shall be refunded to Buyer. Upon
making such refund, this Contract shall be deemed canceled and neither party
shall have any further claim against the other by reason hereof.

4. Representations of Seller

         The Seller makes the following representations:

         (a) Seller is the owner of the Property, with full power and authority
to enter this Contract and sell the Property based upon the terms and conditions
herein:

<PAGE>

         (b) Seller shall convey the Property by transferable and recordable
Special Warranty Deed.

         (c) Seller has received no notice of condemnation or eminent domain
proceeding against the Property or any part thereof.

         (d) Seller is not a party to any litigation affecting the property or
the Seller's right to sell the Property or any party thereof, and the Seller
knows of no litigation or threatened litigation affecting the Property, or any
part thereof.

         (e) Seller has received no notice of any violations of zoning,
building, fire, safety or health codes with respect to the Property. A copy of
Seller's Certificate of Occupancy or equivalent will be provided to Buyer prior
to closing.

         (f) As of the Effective Date there are no existing leases encumbering
the Property except the lease with Buyer under which Buyer presently occupies
the Property (the "Lease"), which shall be terminated at closing, and Seller
shall refrain from entering into any leases or granting any option to purchase
the Property from and after the Effective Date. Seller represents that there are
no options to purchase or rights of refusal held by anyone.

         (g) Seller has not entered into any other transaction for the sale or
lease of the Property.

         (h) Seller has received no notice of environmental violations affecting
the Property. Seller has no notice or actual knowledge that the Property is not
in compliance with all applicable federal, state and local laws, administrative
rulings, regulations and regulatory approvals relating to the protection of the
environment.

         (i) Seller has received no notification that it is a potentially
responsible party under section 107 of the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 ("CERCLA"). Seller has not received
notification from any state or local government under any similar provisions of
state or local law.

         (j) Since Buyer presently occupies the Property and is aware of its
condition the premises shall be delivered to Buyer "as is" at closing.

5. License to Inspect and Survey

         (a) Because Buyer has occupied the property as a Lessee since July 15,
1975 and has operated its trucking facility upon said property since that time,
it is not necessary for Buyer to do the usual inspections with regard to
topographical surveys, soil analysis or environmental conditions. Having full
knowledge of the conditions on the property improvements thereon Buyer accepts
same "as is".

         In addition, as a part of the consideration herein, Buyer agrees that
it will indemnify and hold Seller harmless from any claims, demands, actions,
fines, penalties or violations which may arise as the result of environmental
contamination which require remediation by any municipal, county or federal
agency.

<PAGE>

         (b) Buyer at its sole cost and expense may have the Property surveyed
by a licensed surveyor acceptable to Buyer. The plat of the survey shall show
all recorded easements and physical encroachments and shall be certified to
Buyer and its title insurance company.

6. Contingencies

         Seller's performance under this Contract is contingent upon Seller's
ability to effect a tax deferred exchange in connection with the conveyance of
the property upon terms and conditions which are acceptable to Seller.

7. Closing

         Closing shall take place at any time after July 1, 2002 but no later
than October 1, 2002 upon Seller giving Buyer at least 5 days notice of its
intention to close (the "Closing Date"), provided closing shall not take place
before all the foregoing terms and conditions of this Contract have been
satisfied. The Closing shall take place at a location mutually acceptable to
Seller and Buyer. If the date of Closing falls on a holiday or weekend, the
closing date shall fall on the next business day after the holiday or weekend
day. The closing date may be extended upon agreement in writing by both parties.

8. Management Pending Closing

         Buyer, as Lessee from Seller and the sole occupant, shall comply with
all of its obligations under the Lease.

         Seller agrees:

         (a) Not to enter into any new lease without Buyer's consent.

         (b) Not to enter into any contract or agreement that would encumber the
Property after Closing without Buyer's consent.

         (c) To advise Buyer of any notice it receives of any action or claim
that would materially and adversely affect the property.

9. Conveyance

         Seller shall convey the Property by transferable and recordable Special
Warranty Deed with the Property being transferred free and clear of all liens
and encumbrances, except for the Permitted Exceptions, or as agreed to by Buyer
after review of the Commitment.

10. Documents to be Delivered by Seller for Closing

         Documents delivered shall include, but shall not be limited to:

         (a) Special Warranty Deed or its equivalent, executed, acknowledged and
delivered by Seller to Buyer at Closing conveying title to the Property;

<PAGE>

         (b) Any necessary documentation to permit the issuance of an owner's
policy of title insurance, under the terms and conditions of this Contract;

         (c) Owner's affidavit and other documents customarily requested by the
Title Company, for issuance of title insurance as provided herein.

11. Costs

         The respective parties' costs associated with this transaction shall be
as follows: SELLER - Deed preparation, conveyance or transfer fees, and Seller's
attorney's fees. BUYER - The cost of a survey, the cost of title search and
premium for an owner's policy of title/mortgage insurance, recording fees any
environmental investigations and Buyer's attorney fees.

12. Notices

         All notices related to this transaction shall be deemed to be effective
when mailed, postage prepaid by United States, certified or registered mail,
return receipt requested, or delivered by personal delivery, telegram or express
courier service, or by telecopier to the numbers listed below:

BUYER:                                      SELLER:
Old Dominion Freight Line, Inc.             Robert A. Cox, Jr., Trustee
Attn:  Joel B. McCarty, Jr.                 Attn:  Robert A. Cox, Jr.
500 Old Dominion Way                        P.O. Box 500
Thomasville, NC 27360                       Richmond, VA 23218
Phone:  (336)822-5231                       Phone:   (804)771-9547
Fax:    (336)822-5289                       Fax:     (804)644-0957

13. Brokerage

         The parties acknowledge that no real estate agent, broker or company
has been used in this transaction by either party and no party has taken any
actions which would give rise to a claim for any commission. Seller shall
indemnify, hold harmless and defend Buyer against any claim initiated by any
broker, the Brokers, any agent or real estate company contacted by, representing
or claiming to represent Seller on the Property and claiming any real estate fee
arising out of, related to, or involved in this transaction. Buyer shall
indemnify, hold harmless and defend Seller against any claims initiated by
agent, broker or real estate company contacted by or representing Buyer for any
real estate fee arising out of, or in any way related to this transaction. These
reciprocal indemnities shall include the costs of discharging any lien and the
cost of defending any litigation, including reasonable attorney's fees (the
party to be indemnified shall have the right to choose its own counsel), and the
parties agree to indemnify and hold harmless each other with respect to said
claims.

14. Governing Law

         The provisions and covenants contained in this Contract shall be
governed and construed under the laws of the State of North Carolina.

<PAGE>

15. No Recording

         Neither party shall record this contract or a memorandum of this
Contract, and if either party attempts to record this contract or a memorandum
of this Contract, the non-recording party may terminate this Contract without
further liability to the recording party.

16. Entirety of the Agreement

         This Agreement consists of these seven (7) typewritten pages. There are
no other Agreements, conditions or understandings between the parties. All
understandings and agreements heretofore have been merged into this Contract,
which fully and completely expresses the Contract of the parties.

17. Default by Buyer

         In the event that settlement has not occurred or cannot occur by
October 1, 2002 or such later closing date as agreed to by the parties in
writing due to Buyer having defaulted hereunder by failing to observe or perform
any of the provisions, conditions, or covenants of Buyer as set forth in the
Agreement after ten (10) days prior written notice, Seller may hold and/or
declare Buyer in default of this Agreement by giving written notice thereof;
whereupon, the Earnest Money paid herein shall be paid to Seller at its request
as liquidated damages or Seller (provided it is not in default hereunder) may
sue Buyer for specific performance of this Agreement in accordance with the
terms hereof but Seller may not do both.

18. Default by Seller

         In the event that Seller shall default hereunder by failing to observe
or perform any of the provisions, conditions, or covenants of Seller as set
forth in this Agreement after ten (10) days prior written notice, Buyer may hold
and/or declare Seller in default of this Agreement by giving written notice
thereof; whereupon Buyer shall have the option of either waiving said default or
terminating this Agreement without further liability or obligation of either
party whereupon this Agreement shall become null and void and the Earnest Money
shall be paid to Buyer at its request or Buyer may sue Seller for specific
performance of this Agreement in accordance with the terms hereof but Buyer may
not do both.

19. Tax-Deferred Exchange

         Because Seller desires to effect a tax-deferred exchange in connection
with the conveyance of the Property, Buyer and Seller agree to cooperate in
effecting such exchange, provided, however, that the exchanging party shall be
responsible for all additional costs associated with such exchange, and provided
further, that a non-exchanging party shall not assume any additional liability
with respect to such tax-deferred exchange. Seller and Buyer shall execute such
additional documents, at no cost to the non-exchanging party, as shall be
required to give effect to this provision.

<PAGE>

IN WITNESS WHEREOF, intending to be legally bound, the parties warrant that they
have the authority to execute this document and legally bind their respective
corporation to the terms and conditions contained herein.

(SELLER):                                     BUYER):

Robert A. Cox, Jr., as Trustee                Old Dominion Freight Line, Inc.
For the Earl E. Congdon and
John R. Congdon Irrevocable
Trust dated July 15, 1975

BY:  ROBERT A. COX JR.                        BY:     JOEL B. McCARTY, JR.
     ------------------                            ----------------------------
     Robert A. Cox, Jr.                       Name:   Joel B. McCarty, Jr.
                                              Title:  Sr. Vice President,
                                                      General Counsel/Secretary

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