Letter Agreement Canceling Employment Agreement Between Oscar Munoz and CSX Corporation

Contract Categories: Human Resources › Separation Agreements
Summary

CSX Corporation and Oscar Munoz, its Executive Vice President and Chief Operations Officer, have agreed to cancel Munoz's employment agreement dated April 17, 2003 (as amended in 2008). This cancellation means Munoz will no longer be entitled to the automatic severance payment previously provided under the agreement. The decision was made to support a more consistent approach to severance compensation. Both parties have acknowledged and agreed to this termination as of July 18, 2012.

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EX-10.2 2 csx06292012ex102.htm LETTER AGREEMENT BETWEEN OSCAR MUNOZ AND CSX CANCELING EMPLOYMENT AGREEMENT CSX 06.29.2012 EX10.2
Exhibit 10.2

July 17, 2012

Mr. Oscar Munoz
Executive Vice President and Chief Operations Officer
CSX Corporation
500 Water Street
Jacksonville, Florida 32202

Re: Letter Employment Agreement of April 17, 2003

Dear Oscar:

In the interest of conservative and uniform severance compensation approaches, we thank you for your suggestion to terminate your employment agreement that was executed in April 2003 (the “Agreement”). As you know, the remaining benefit under the Agreement is an automatic severance payment, payable under certain circumstances, equal to one times base salary.

This letter agreement confirms that your Agreement of April 17, 2003 (as amended December 15, 2008) is cancelled and is no longer in effect.

Thank you for your approach. Please don’t hesitate to call me if you have any questions.


Very Truly Yours,


/s/ Lisa A. Mancini            
Lisa A. Mancini
Senior Vice President and
Chief Administrative Officer
                                                

Acknowledged:

/s/ Oscar Munoz            
Oscar Munoz
Executive Vice President and
Chief Operations Officer


Dated: July 18, 2012