What is the main change to the Director Deferred Compensation Plan?

The main change is that directors can now choose from the same investment benchmark options that are available to company executives and other employees, offering more flexibility in how their deferred compensation is invested.

Does this amendment affect how directors are paid?

The amendment primarily affects the investment choices for the deferred compensation portion of director fees. Fifty percent of each director's annual retainer will still be paid directly in CSX common stock.

Is CSX investing money based on these director choices?

No, CSX is not required to invest any amounts. The benchmark alternatives are measuring tools used to determine the value of a director's deferred compensation account. The plan is an unfunded liability paid from CSX's general assets.

When does this amendment take effect for directors?

The amendment became effective on April 4, 2005, and applies to the elective deferral portion of a director's fees prior to their retirement from the Board of Directors.

CSX 8-K: Material Agreements

Summary

CSX Corporation (CSX) announced an amendment to its 2002 Corporate Director Deferred Compensation Plan on April 4, 2005. The primary change allows directors to access the same investment benchmark options previously available to company executives and other employees. These options include various investment funds with differing risk profiles, allowing directors to reallocate their deferred compensation among these benchmarks. This move aims to align director compensation benefits with those offered to key executive personnel.

Key Highlights

1CSX Corporation amended its 2002 Corporate Director Deferred Compensation Plan.
2The amendment grants directors access to the same investment benchmark options as executives.
3Directors can now reallocate deferred compensation among various investment funds with different risk levels.
4This change is effective for the elective deferral portion of director fees prior to retirement.
5Fifty percent of each director's annual retainer will continue to be paid in CSX common stock.
6The plan is an unfunded and unsecured liability, paid from CSX's general assets.

CSX CORP 8-K Report, Material Agreement (Apr 7, 2005)

Summary

Key Highlights

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