Exhibit 10.1

RESTRICTED STOCK AWARD AGREEMENT

     THIS AGREEMENT is made and entered into as of March 15, 2004, by and
between CSX CORPORATION (“CSX”), a Virginia corporation, and Tony L. Ingram (the
“Recipient”).

     WHEREAS, CSX owns, directly or indirectly, more than fifty percent of the
voting stock of various other corporations (hereinafter, individually or
collectively, “Affiliate”); and

     WHEREAS, CSX wishes to employ Recipient as an employee of CSX or an
Affiliate of CSX, and CSX wishes to create an incentive for Recipient to remain
as an employee of CSX or an Affiliate.

     NOW, THEREFORE, in consideration of their mutual promises and undertakings,
CSX and Recipient mutually agree as follows:

     1. In consideration for Recipient’s agreement to remain an active employee
of CSX or an Affiliate, continuously and without interruption from the period
March 15, 2004 through March 14, 2008 (the “Employment Period”), the Recipient
shall, as of March 14, 2008, receive a grant of 25,000 shares of restricted CSX
Corporation common stock, $1 par value (the “Restricted Stock”). During the
Employment Period, CSX will pay to Recipient an amount equal to dividends
declared and payable on the Restricted Stock from March 15, 2004 through the
Employment Period, net of applicable withholding taxes. Except as otherwise
provided herein, the Restricted Stock shall vest and the restrictions will be
lifted as follows:

          Vesting   Shares Date

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  Vested

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March 14, 2005
    5,000  
March 14, 2006
    5,000  
March 14, 2007
    5,000  
March 14, 2008
    10,000  

     2. (a) Except as set forth in subsection 2, if Recipient’s employment by
CSX or an Affiliate terminates before the “Vesting Date,” this Agreement shall
become null and void and CSX shall have no obligation as to vesting of any of
the Restricted Stock and payment of any further monies pursuant to Paragraph 1
of this Agreement.

       (b) In the event of a termination of Recipient’s employment before the
end of the Employment Period by reason of Recipient’s death or Disability, by
CSX without Cause or by Recipient for Good Reason, the Date of Termination shall
be the Vesting Date with respect to a number of shares of Restricted Stock
determined by the following formula:

(number of completed months from the Grant Date through the Date of Termination
/ 48 months x 25,000)

      For purposes of this Agreement, “Disability” shall mean the Recipient’s
becoming disabled within the meaning of the long-term disability plan of CSX
covering the Recipient. “Cause” means (i) the willful and continued failure of
the Recipient substantially to perform the Recipient’s duties under this
Agreement (other than as a result of physical or

 

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mental illness or injury), after the Board of Directors of CSX (the “Board”) or
the Chief Executive Officer or other senior executive of CSX delivers to the
Recipient a written demand for substantial performance that specifically
identifies the manner in which the Board, the Chief Executive Officer or such
other executive believes that the Recipient has not substantially performed the
Recipient’s duties, or (ii) illegal conduct or gross misconduct by the
Recipient. “Good Reason” means termination by the Recipient within 60 days
after, and as a result of:

  (1)   Any action by CSX that results in a material diminution in the
Recipient’s position, authority, duties or responsibilities; provided, however,
that minor changes in Recipient’s job title or responsibilities will not
constitute grounds for a Good Reason termination under this Section 2(b)(1).    
(2)   any requirement by CSX providing for you to be based at any office or
location other than its corporate headquarters.

        The remainder of the Restricted Stock shall be forfeited as of the Date
of Termination and CSX shall have no obligation as to vesting of such forfeited
Restricted Stock, nor any obligation to pay further monies pursuant to
Paragraph 1 of this Agreement with respect to any of the Restricted Stock.

        (c) Recipient shall be solely responsible for any and all federal,
state, and local taxes which may be imposed on him as a result of his receipt of
the Restricted Stock, the vesting thereof and his receipt of dividends pursuant
to Section 1.

     3. In the event of any change (such as recapitalization, merger,
consolidation, stock dividend, or otherwise) in the character or amount of CSX
Corporation common stock, $1 par value, prior to vesting of the Restricted Stock
pursuant to Paragraph 1 of this Agreement, (a) the number of shares of
Restricted Stock to which Recipient shall be entitled shall be the same as if he
had actually owned the Restricted Stock without restriction at the time of such
change, and (b) the amount of the cash to be paid to Recipient shall be the
amount of dividends paid on the Restricted Stock following such change in the
number of shares of Restricted Stock.

     4. Upon the occurrence of the date of a Vesting Event as defined in the
Plan, the Vesting Date will be deemed to have occurred.

     5. Nothing in this Agreement shall be interpreted or construed to create a
contract of employment between CSX and the Recipient. This Agreement is intended
solely to provide Recipient an incentive to continue his existing employment.

 

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of  
                 .

          RECIPIENT:   CSX CORPORATION
 
       

  By:    

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  Title:    
 
     

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Social Security No.:
       

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