8-KMaterial AgreementsOther EventsExhibits & Filings

OLD DOMINION FREIGHT LINE, INC. 8-K Report, Agreement Terminated (Aug 3, 2012)

Filed August 3, 2012For Securities:ODFL

Summary

Old Dominion Freight Line, Inc. (ODFL) filed an 8-K on August 3, 2012, reporting the termination of a material definitive agreement concerning Senior Vice President John R. Congdon. Effective August 3, 2012, Mr. Congdon resigned from his Senior Vice President role but will continue with the company as Manager – Equipment Purchasing. The termination of his employment agreement, which included salary, bonus, and change in control benefits, was mutually agreed upon and will be without penalty to the company. This filing also notes Mr. Congdon's resignation as Vice Chairman of the Board, though he will remain a Board member. Mr. Congdon is related to other key executives within the company.

Key Highlights

  • 1Senior Vice President John R. Congdon resigned from his executive role, effective August 3, 2012.
  • 2Mr. Congdon will transition to the position of Manager – Equipment Purchasing.
  • 3His employment agreement, which included salary, bonus, and change in control provisions, has been terminated without penalty to ODFL.
  • 4The company is required to continue providing Mr. Congdon with beneficiary designation rights for $2.0 million in death benefits under existing life insurance contracts.
  • 5Mr. Congdon has also relinquished his position as Vice Chairman of the Board but will continue to serve as a Board member.
  • 6Mr. Congdon is a relative of ODFL's Executive Chairman and President/CEO.

Frequently Asked Questions

This 8-K filing primarily announces the termination of a material definitive agreement related to the resignation of Senior Vice President John R. Congdon from his executive position and the subsequent termination of his employment agreement.

No, Mr. Congdon is resigning as Senior Vice President and Vice Chairman of the Board but will continue to serve as a member of the Board and will assume the role of Manager – Equipment Purchasing.

The filing explicitly states that the termination of the agreement is without penalty to the company.

The company is obligated to continue providing Mr. Congdon with beneficiary designation rights for $2.0 million in death benefits under existing life insurance contracts, as stipulated by the agreement's terms.