Document:

Form of Restricted Stock Award Agreement

 Exhibit 10.54 
 2006 ITT EDUCATIONAL SERVICES, INC. 
 EQUITY COMPENSATION PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 This Agreement (“Agreement”), effective as of the      day of                     ,
2        , is by and between ITT Educational Services, Inc. (“Company”) and
                     (“Grantee”). 
 The Grantee now serves the Company or a Subsidiary as either an Employee or a Non-Employee Director, and in recognition of the Grantee’s valued services, the Company, through the Company, desires to provide an
opportunity for the Grantee to increase his or her stock ownership in the Company pursuant to the provisions of the 2006 ITT Educational Services, Inc. Equity Compensation Plan (“Plan”). 
 In consideration of the terms and conditions of this Agreement and the Plan, the terms of which are incorporated as a part of this Agreement, the parties
agree as follows: 
 1. Grant of Restricted Stock. The Company hereby awards the Grantee
                     Shares of Restricted Stock. 
 2. Representations of the Grantee. The Grantee hereby (a) accepts the Award of Restricted Stock described in paragraph 1 of this Agreement, (b) agrees that the Restricted Stock will be held by him or
her and his or her successors subject to (and will not be disposed of except in accordance with) all of the restrictions, terms and conditions contained in this Agreement and the Plan, and (c) agrees that any certificates issued for the
Restricted Stock may bear the following legend or such other legend as the Company, from time to time, deems appropriate: 
 “The
transferability of this certificate and the shares represented hereby are subject to the terms and conditions (including forfeiture) contained in the 2006 ITT Educational Services, Inc. Equity Compensation Plan (“Plan”) and an award
agreement entered into between the registered owner and ITT Educational Services, Inc. Copies of the Plan and award agreement are on file in the office of the Secretary of ITT Educational Services, Inc.” 
 3. Vesting/Period of Restriction. Subject to the terms of the Plan and this Agreement, including paragraph 8 below, the Period of Restriction will
expire, restrictions on the Restricted Stock will lapse, and all of the Shares of Restricted Stock subject to this Award will become fully vested and not subject to forfeiture at the time the Company selects below: 
                      (a) on
                         , 2         (time-based restriction –
at least 3 years); or 
                      (b) on the date or dates the Performance Measures are achieved, as specified in Attachment A to this Agreement
(performance-based restriction – at least one year). 
 4. Non-transferability. Except as otherwise provided in this Agreement or
the Plan, the Grantee may not sell, assign, transfer, pledge or otherwise dispose of or encumber any of the Shares of Restricted Stock, or any interest therein, until the Period of Restriction expires, upon which the restrictions will lapse and his
or her rights in the Shares will vest. Any purported sale, assignment, transfer, pledge or other disposition or encumbrance in violation of this Agreement or the Plan will be void and of no effect. 
 5. Issuance of Certificates. The Company, in its discretion, may either (i) make a bookkeeping entry that reflects the Restricted Stock
granted pursuant to this Award, and refrain from issuing stock certificates to the Grantee until the Period of Restriction expires or the restrictions otherwise lapse, (ii) issue, at 
  

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 a time the Company deems appropriate, stock certificates for the Restricted Stock registered in the Grantee’s name
that the Company or its designee will hold until the Period of Restriction expires or the restrictions otherwise lapse, or (iii) issue, at a time the Company deems appropriate, stock certificates for the Restricted Stock registered in the
Grantee’s name that bear whatever legend the Company determines appropriate, including, but not limited to, the legend in paragraph 2 of this Agreement. If the Company issues stock certificates before the Period of Restriction expires or the
restrictions otherwise lapse, the Grantee will execute and deliver to the Company or its designee a stock power endorsed in blank relating to the Restricted Stock, and the Company or its designee will hold the stock certificates until the Period of
Restriction expires or the restrictions otherwise lapse. To the extent the Grantee vests in the Restricted Stock, the Company or its designee will promptly provide the Grantee (or, in the case of his death, his designated beneficiary, if applicable)
a certificate for the appropriate number of Shares. 
 6. Voting Rights. To the extent permitted or required by Applicable Law, as
determined by the Company, the Grantee may exercise full voting rights with respect to the Shares of Restricted Stock subject to this Award during the Period of Restriction. 
 7. Dividends and Other Distributions. During the Period of Restriction, (i) the Grantee [will/will not] receive all regular cash Dividends
paid with respect to the Shares of Restricted Stock subject to this Award while they are so held, and (ii) all other distributions paid with respect to the Restricted Stock will be credited to the Grantee subject to the same restrictions on
transferability and forfeitability as the Restricted Stock with respect to which they were paid and paid at such time following full vesting as are paid the Shares of Restricted Stock with respect to which the distributions were made. 
 8. Termination of Service. The effect of the Grantee’s termination of employment or service depends on whether the Restricted Stock is
subject to a time-based or performance-based Period of Restriction (as specified in paragraph 3 of this Agreement): 
 a. Time-Based Period
of Restriction. With respect to Restricted Stock with a time-based Period of Restriction, (A) upon termination of the Grantee’s employment or service due to death or Disability, the Period of Restriction with respect to the Restricted
Stock will lapse immediately, (B) upon termination of the Grantee’s employment or service due to Retirement, the Grantee will retain his or her unvested Restricted Stock and the Period of Restriction will lapse in accordance with its
original terms, and (C) upon termination of the Grantee’s employment or service for any reason other than death, Disability or Retirement, the Grantee will forfeit immediately after the termination of employment or service all Shares of
his or her Restricted Stock that are unvested as of the date of termination of employment or service. 
 b. Performance-Based Period of
Restriction. With respect to Restricted Stock with a performance-based Period of Restriction, upon termination of the Grantee’s employment or service for any reason, the Grantee will forfeit immediately after the termination of employment
or service all Shares of his or her Restricted Stock that are unvested as of the date of termination of employment or service. 
 9.
Change in Control. As provided in Section 19 of the Plan, upon the occurrence of a Change in Control, the restrictions applicable to this Award of Restricted Stock may lapse before the expiration of the Period of Restriction in paragraph
3. 
 10. Withholding. Prior to the delivery of any Shares pursuant to this Award, the Company has the right and power to deduct or
withhold, or require the Grantee to remit to the Company, an amount sufficient to satisfy all applicable tax withholding requirements. The Company may permit or require the Grantee to satisfy all or part of the tax withholding obligations in
connection with this Award by (a) having the Company withhold otherwise deliverable Shares, or (b) delivering to the Company Shares already owned for a period of at least six (6) months (or such longer or shorter period as may be
required to avoid a charge to earnings for financial accounting purposes), in each case having a value equal to the amount to be withheld, which shall not exceed the amount determined by the applicable minimum statutory tax withholding rate (or

  

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 such other rate as will not result in a negative accounting impact). For these purposes, the value of the Shares to be
withheld or delivered will be equal to the Fair Market Value as of the date that the taxes are required to be withheld. 
 11. Tax
Election. The Grantee agrees that he or she will not make the election provided for in Code Section 83(b) with respect to any Shares of Restricted Stock granted under this Agreement. 
 12. Notices. All notices and other communications required or permitted under this Agreement shall be written and delivered personally or sent by
registered or certified first-class mail, postage prepaid and return receipt required, addressed as follows: if to the Company, to the Company’s executive offices in Carmel, Indiana, and if to the Grantee or his or her successor, to the address
last furnished by the Grantee to the Company. Notwithstanding the foregoing, though, the Company may authorize notice by any other means it deems desirable or efficient at a given time, such as notice by facsimile or electronic mail (e-mail).

 13. No Employment Rights. Neither the Plan nor this Agreement confers upon the Grantee any right to continue in the employ or
service of the Company or a Subsidiary or interferes in any way with the right of the Company or a Subsidiary to terminate the Grantee’s employment or service at any time. 
 14. Defined Terms. All of the defined terms, or terms that begin with capital letters and have a special meaning for purposes of this Agreement,
have the meaning ascribed to them in this Agreement. All defined terms to which this Agreement does not ascribe a meaning have the meaning ascribed to them in the Plan. 
 15. Plan Controlling. The terms and conditions set forth in this Agreement are subject in all respects to the terms and conditions of the Plan, which are controlling. All determinations and interpretations of
the Company are binding and conclusive upon the Grantee and his or her legal representatives. The Grantee agrees to be bound by the terms and provisions of the Plan. 
 The Company and the Grantee have executed this Agreement as of the date first above written. 
  

			
	  

	
	[GRANTEE SIGNATURE]
		
	Print Name:	 	  

	
	ITT EDUCATIONAL SERVICES, INC.
		
	By:	 	  

		
	Print Name:	 	  

		
	Title:	 	  

  

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 ATTACHMENT A 
 TO 
 RESTRICTED STOCK AWARD AGREEMENT 
 PERFORMANCE-BASED RESTRICTIONS 
  

	I.	Performance Measures 

 Pursuant to the terms of the
Plan and paragraph 3 of this Agreement, the Grantee will vest in this Award of Restricted Stock only upon the achievement, under the terms applicable in part II below, of the following Performance Measures [specify the applicable Performance
Measures and the date as of which the Period of Restriction begins]: 
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
  

	II.	Period of Restriction 

 The Period of Restriction,
and the correlating vesting schedule, that the Company selects below applies to the Grantee’s Award of Restricted Stock: 
  

	         1.	Period of Restriction – Prorated Vesting. The Period of Restriction for this Award is
                     years (at least one), beginning on the date specified in part I above. After the Period of Restriction expires, the
Company will determine the percentage of achievement for the Performance Measures in part I above. Based upon that determination, the Grantee will vest in a percentage of the Award of Restricted Stock in accordance with the following schedule
[below is an example]: 

  

			
	 PERCENTAGE ACHIEVEMENT OF
 PERFORMANCE MEASURES
	 	 PERCENTAGE OF SHARES
 THAT VEST

	 Below 85%
	 	0%
	 At least 85% but less than 90%
	 	25%
	 At least 90% but less than 95%
	 	50%
	 At least 95% but less than 100%
	 	75%
	 At least 100%
	 	100%

  

	         2.	Period of Restriction – Graded Vesting. The Period of Restriction for this Award is
                     years (more than one), with the first year beginning on the date specified in part I above and each subsequent year
beginning on its anniversary. After each period of time specified below, the Company will determine whether the Performance Measures applicable to the period were 

  

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 achieved, as specified in part I above. Based upon that determination, the Company will determine whether
the Grantee vested in the correlating fraction of the Award of Restricted Stock for that period, all in accordance with the following schedule [below is an example]: 
  

			
	 PERIOD OF TIME FOR
 PERFORMANCE MEASURES
	 	 FRACTION OF SHARES
 THAT VEST

	 The first year
	 	1/3
	 The second year
	 	1/3
	 The third year
	 	1/3

  

	         3.	Period of Restriction – Cliff Vesting. The Period of Restriction for this Award is
                     years (at least one), beginning on the date specified in part I above. After the Period of Restriction expires, the
Company will determine whether the Performance Measures specified in part I above were achieved. If the Performance Measures were achieved in full, the Grantee will vest in the entire Award of Restricted Stock. If the Performance Measures were not
achieved in full, the Grantee will forfeit the entire Award of Restricted Stock. 

  

	III.	Payment 

 Pursuant to paragraph 5 of the Agreement,
to the extent the Grantee vests in the Restricted Stock under the terms of this Attachment A, the Company will promptly provide the Grantee (or, in the case of his death, his designated beneficiary, if applicable) a certificate for the appropriate
number of Shares. 
  

 - 5 -First Amendment to the Bank Credit Agreement

 Exhibit 4.8.1 
  

 FIRST AMENDMENT 
 to the 
 CREDIT AGREEMENT, 
 dated as of September 22, 2005, 
 among 
 OLD DOMINION FREIGHT LINE, INC., 
 THE LENDERS NAMED HEREIN, 
 and 
 WACHOVIA BANK, NATIONAL ASSOCIATION,

 as Agent 
 Dated April 21,
2006 
  

 FIRST AMENDMENT TO CREDIT AGREEMENT 
 THIS FIRST AMENDMENT, dated the 21st day of April, 2006 (this “Amendment”), is made in respect of the Credit Agreement,
dated as of September 22, 2005, by and between OLD DOMINION FREIGHT LINE, INC., a Virginia corporation, the Lenders named therein and WACHOVIA BANK, NATIONAL ASSOCIATION, as agent for the Lenders (the “Credit
Agreement”). Capitalized terms used but not defined herein shall have the meanings given to such terms in the Credit Agreement. 
 The parties hereto agree to amend the Credit Agreement as set forth herein. 
 STATEMENT OF AGREEMENT 
 WHEREAS, the Borrower has notified the Lenders that it desires to enter into a Note Purchase Agreement dated April 25, 2006 between the
Borrower and the purchasers listed therein (the “Note Agreement”), under which the Borrower will be able to borrow up to $500,000,000 from time to time through the issuance of senior unsecured notes; and 
 WHEREAS, pursuant to the terms of the Note Agreement, the Borrower desires to issue up to (i) $100,000,000 in Series A Senior Notes, Tranche
A, on April 25, 2006, with such notes having a maturity date of April 25, 2016, and (ii) an additional $75,000,000 in Series A Senior Notes, Tranche B, on a later date or dates, with such additional notes maturing on April 25,
2016 (collectively, the “Offerings”); and 
 WHEREAS, the Borrower has requested that the Lenders amend the
Credit Agreement to permit the Offerings, as hereinafter provided, and the Lenders are agreeable to such waiver; 
 NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto for themselves and their successors and assigns, agree as follows: 
 ARTICLE I. 
 AMENDMENT TO CREDIT AGREEMENT 
 1.1 Section 8.2 of the Credit Agreement is hereby amended by inserting a new clause (x) to read in full as set forth in the next sentence and
renumbering the old clauses (x) and (xi) as new clauses (xi) and (xii), respectively. New clause (x) shall read in full as follows: “(x) Indebtedness incurred by the Borrower up to an aggregate principal amount of
$175,000,000 as a result of the Borrower issuing the Series A Senior Notes, Tranches A and B, pursuant to the terms of the Note Purchase Agreement, as in effect as of April 25, 2006, between the Borrower and the purchasers named therein (the
“Note Purchase Agreement”).” 

 1.2 Section 8.10 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 “The Borrower will not, and will not permit or cause any of its Subsidiaries to, directly or indirectly, enter into or suffer to
exist any agreement or restriction that prohibits or conditions the creation, incurrence or assumption of any Lien upon or with respect to any part of its property or assets, whether now owned or hereafter acquired, or agree to do any of the
foregoing, other than as set forth in (i) this Agreement, (ii) any agreement or instrument creating a Permitted Lien (but only to the extent such agreement or restriction applies to the assets subject to such Permitted Lien),
(iii) operating leases of real or personal property entered into by the Borrower or any of its Subsidiaries as lessee in the ordinary course of business and (iv) the Note Purchase Agreement, any other note purchase agreements to which the
Borrower was a party on the Closing Date (the “Other Note Purchase Agreements”), or any notes issued by the Borrower pursuant to the Note Purchase Agreement or the Other Note Purchase Agreements. 
 ARTICLE II. 
 WAIVER 

2.1 The Required Lenders hereby waive any Default or Event of Default that may have occurred prior to the effectiveness of this Amendment as a result
of the Borrower being a party to the Other Note Purchase Agreements or the Borrower’s issuance of any notes pursuant to such Other Note Purchase Agreements. 
 2.2 The Required Lenders hereby waive their rights under Section 6.11 of the Credit Agreement with respect to the Note Purchase Agreement. 
 ARTICLE III. 
 EFFECTIVENESS 
 This Amendment shall be effective when the Agent receives counterparts of this Amendment duly executed by the Borrower and each of the Required Lenders.

 ARTICLE IV. 
 MISCELLANEOUS 
 4.1 Full Force and Effect. Except as expressly amended and waived hereby, the Credit Agreement
shall continue in full force and effect in accordance with the provisions thereof on the date hereof. As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless the
context otherwise requires, mean the Credit Agreement after being amended by this Amendment. Any reference to the Credit Agreement or any of the other Credit Documents herein or in any such documents shall refer to the Credit Agreement and Credit
Documents as amended and waived hereby. 
 4.2 Applicable Law. This Amendment shall be governed by and construed and enforced
in accordance with the laws of the State of North Carolina (without regard to the conflicts of law provisions thereof). 
  

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 4.3 Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 
 4.4 Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this
Amendment. 
 4.5 Fees and Expenses. The Borrower agrees to pay all reasonable out-of-pocket expenses incurred by the
Agent in connection with the preparation, execution and delivery of this Amendment and the other documentation prepared in connection therewith, including without limitation, all reasonable attorney’s fees. 
 IN WITNESS WHEREOF, the Borrower, Wachovia, as Lender, Issuing Lender, Swingline Lender and Agent, and the Required Lenders have caused this
Amendment to be executed by their duly authorized officers all as of the day and year first above written. 
  

					
	OLD DOMINION FREIGHT LINE, INC., as Borrower
		
	By:	 	/s/ J. Wes Frye
		 	Name:	 	J. Wes Frye
		 	Title:	 	 Senior Vice President - Finance and
 Chief Financial
Officer

  

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	WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent, Issuing Lender, Swingline Lender and as a Lender
		
	By:	 	/s/ Andrew Payne 
		 	Name:	 	Andrew Payne
		 	Title:	 	Director

  

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	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	/s/ Jeff G. Brock 
		 	Name:	 	Jeff G. Brock
		 	Title:	 	Senior Vice President

  

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	BRANCH BANKING AND TRUST COMPANY, as a Lender
		
	By:	 	/s/ John Bondurant
		 	Name:	 	John Bondurant
		 	Title:	 	Senior Vice President

  

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