8-K/ALeadership Changes

OLD DOMINION FREIGHT LINE, INC. 8-K/A Report, Executive Changes (May 18, 2023)

Filed May 18, 2023For Securities:ODFL

Summary

This filing is an amendment to a previous 8-K report, providing an update on the compensation arrangements for Kevin M. ("Marty") Freeman, who is set to become the President and Chief Executive Officer of Old Dominion Freight Line, Inc. (ODFL) effective July 1, 2023. The Compensation Committee of the Board of Directors has approved changes to his compensation package that will take effect upon his assuming the CEO role. Specifically, Mr. Freeman's base salary will be increased to $956,800, and his participation in the Company's Performance Incentive Plan will be adjusted to 0.60%. These adjustments reflect the company's commitment to retaining and incentivizing its new CEO as he takes on increased leadership responsibilities.

Key Highlights

  • 1Amendment to a prior 8-K filing regarding executive appointments.
  • 2Updates compensation details for incoming President and CEO, Kevin M. ("Marty") Freeman.
  • 3Mr. Freeman's appointment as President and CEO is effective July 1, 2023.
  • 4Base salary for Mr. Freeman will increase to $956,800, effective July 1, 2023.
  • 5Participation in the Company's Performance Incentive Plan increased to 0.60% for Mr. Freeman, effective July 1, 2023.
  • 6Compensation changes were approved by the Compensation Committee of the Board of Directors on May 17, 2023.

Frequently Asked Questions

This filing is an amendment to a previous 8-K report to provide updated details on the compensation package for Kevin M. ("Marty") Freeman, who will assume the role of President and CEO on July 1, 2023.

The new compensation details, including the increased base salary and adjusted participation in the Performance Incentive Plan, will take effect on July 1, 2023, coinciding with his assumption of the President and CEO role.

Mr. Freeman's base salary will be increased to $956,800, and his participation factor in the Company's Performance Incentive Plan will be set at 0.60%.

The compensation changes were approved by the Compensation Committee of Old Dominion Freight Line, Inc.'s Board of Directors on May 17, 2023.