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Letter Agreement

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Title:

Letter Agreement

Entities:

CSX Corp.

Date:

2003

Size:

Preview shows 2KB of 8KB total

Price:

$34

ID:

#250763

► Legal ► Letter Agmt. ► Employment Letter Agreements
► Transportation ► Railroads

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[LETTERHEAD OF CSX CORPORATION]



                                                       Jeff McCutcheon

                                                       Senior Vice President

                                                       Corporate Human Resources



                                 January 4, 2002



Mr. Chuck Raymond

President

CSX Lines, Inc.

2101 Rexford Road

Suite 350, West

Charlotte, North Carolina 28211



Dear Chuck:



         As you know, CSX Corporation ("CSX") is considering strategic

alternatives for CSX Lines ("CSXL"). You have been identified as one of the

executives who is critical to the completion of this effort. In order to

encourage you to remain employed during the process leading up to the sale or

disposition of CSXL (the "Transaction") and thereafter, you have been designated

to participate in a Transaction Incentive Program. This letter sets forth the

terms and conditions on which you will be eligible to receive an Incentive Bonus

and, potentially, a supplementary CSX Payment.



         The amount of the Incentive Bonus that you are eligible to earn is

$1,500,000. This amount is payable by CSXL, subject to the requirements set

forth below. In addition, if the Chairman of CSX, upon the advice of the

executive officers of the Chairman's office, determines in his sole discretion

that you have given a superlative performance in helping CSX to exceed its

objectives for the Transaction, you will receive an additional amount of up to

$1,500,000 (the "CSX Payment"). This amount is payable by CSX, and is also

subject to the requirements set forth below.



         The Incentive Bonus will be paid only if there is a Closing of a

Transaction by December 31, 2002. For purposes of this letter, a "Closing" means

that a transaction to sell or dispose of all, or substantially all, of the

assets of CSX Lines must be completed prior to December 31, 2002. If no such

Closing occurs by December 31, 2002, this program will expire without payment.

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