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 concerning the appointment of Gregory B. Plemmons as Executive Vice President and Chief Operating Officer, effective July 1, 2023. The amendment details subsequent adjustments to Mr. Plemmons' compensation package, approved by the Compensation Committee on May 17, 2023. These changes are primarily aimed at aligning his incentives with the company's performance and retaining key executive talent.

Key Highlights

  • 1Gregory B. Plemmons' appointment as Executive Vice President and Chief Operating Officer is confirmed, effective July 1, 2023.
  • 2Mr. Plemmons' base salary will increase to $628,074 effective July 1, 2023.
  • 3His participation factor in the Company's Performance Incentive Plan is increasing to 0.30% effective July 1, 2023.
  • 4Target performance-based restricted stock unit (RSU) award opportunity for Mr. Plemmons will increase to 100% of his base salary, effective January 2024.
  • 5These compensation adjustments were approved by the Compensation Committee of the Board of Directors on May 17, 2023.
  • 6The filing is an amendment to a previous 8-K, providing updated compensation details for a key executive.

Frequently Asked Questions

This filing is an amendment to a previous 8-K report to provide updated information regarding the compensation package for Gregory B. Plemmons, who is set to become Executive Vice President and Chief Operating Officer.

The changes to his base salary and Performance Incentive Plan participation are effective July 1, 2023. The increase in his target performance-based restricted stock unit award opportunity will be effective January 2024.

Mr. Plemmons will see an increase in his base salary to $628,074 and an increase in his participation factor in the Performance Incentive Plan to 0.30%. Additionally, starting in January 2024, his target performance-based restricted stock unit award opportunity will be set at 100% of his base salary.

The Compensation Committee approved these changes to ensure Mr. Plemmons' compensation is competitive and aligned with his new role as EVP and COO, likely intended to incentivize performance and retain valuable executive leadership.