THIRD AMENDEMENT TO TERMINATION BENEFITS AGREEMENTTermination Benefits Agreement • March 11th, 2009 • American Commercial Lines Inc. • Water transportation
This Third Amendment to Termination Benefits Agreement dated as of December 24, 2008 (this “Amendment”), further amends the Termination Benefits Agreement made and entered into as of December 22, 2003 (the “Agreement”) by and among American Commercial Lines LLC (the “Company”) and its affiliates and W. N. Whitlock (“Employee”) as amended pursuant to the First Amendment and Supplement dated as of April 30, 2004 and the Second Amendment and Supplement dated as of January 18, 2005.
December 29, 2008 Norb Whitlock EVP Operations Dear Norb,American Commercial Lines Inc. • March 11th, 2009 • Water transportation
As you know, we are behind schedule in the succession planning and transition of your operations responsibilities to other members of the ACL team. As a result, we would like to extend the timing of your letter agreement (dated May 14, 2008) by six months. This extension would allow us the benefit of your continued employment with ACL through June, 2009. During this time, we will formalize a plan with you which will provide sufficient time to effectively advance the transition of your operations duties to your successor(s). As part of this revised agreement you may earn a pro-rata portion of AIP bonus for 2009. You would be eligible for a pro-rata portion of AIP bonus if ACL meets or exceeds the 2009 AIP performance metrics and if the Board of Directors approves any such AIP payments to the employees of ACL. The pro-rated AIP payment would be made to you on or about February 2010. In addition, we would offer you a consulting agreement covering one (1) year subsequent to your retirement
