Document:

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                                                                   Exhibit 10.27

                                                                  ADOPTED BY THE
                                                              BOARD OF DIRECTORS
                                                                    MAY 24, 2005

                         AMERICAN COMMERCIAL LINES INC.

                            2005 STOCK INCENTIVE PLAN
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                                TABLE OF CONTENTS

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SECTION 1. Purpose; Definitions.......................................         1

SECTION 2. Stock Subject to the Plan..................................         4

SECTION 3. Administration of the Plan.................................         4

SECTION 4. Eligibility for Awards.....................................         5

SECTION 5. Options Granted as Non-Qualified Stock Options.............         5

SECTION 6. Effective Date/Term of Plan................................         5

SECTION 7. Term of Option.............................................         6

SECTION 8. Option Exercise Price and Consideration....................         6

SECTION 9. Exercise of Option.........................................         7

SECTION 10. Restricted Stock..........................................         9

SECTION 11. Deferral of Stock Award...................................        11

SECTION 12. Other Awards..............................................        11

SECTION 13. Non-Transferability of Awards.............................        13

SECTION 14. Adjustments Upon Changes in Capitalization................        13

SECTION 15. Date of Grant.............................................        14

SECTION 16. Term; Amendment and Termination of the Plan...............        14

SECTION 17. Conditions Upon Issuance of Shares........................        14

SECTION 18. General Provisions........................................        15
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                         AMERICAN COMMERCIAL LINES INC.

                            2005 STOCK INCENTIVE PLAN

SECTION 1. Purpose; Definitions.

      The purposes of this Plan are to promote the interests of the Company
(including any Subsidiaries and Affiliates) and its stockholders by using equity
interests in the Company to attract, retain and motivate its management,
Directors and other eligible persons and to encourage and reward their
contributions to the Company's performance and profitability.

      The following capitalized terms shall have the following respective
meanings when used in this Plan:

      (a) "Administrator" means the Board or any one of its Committees as shall
be administering the Plan, in accordance with Section 3 of the Plan.

      (b) "Affiliate" means any corporation, limited liability company or other
entity controlled by the Company and designated by the Board or the Committee as
such.

      (c) "Applicable Laws" means the legal requirements relating to the
administration of plans providing one or more of the types of Awards described
in the Plan and the issuance of Shares thereunder pursuant to U.S. state
corporate laws, U.S. federal and state securities laws, the Code and the
applicable laws of any foreign country or jurisdiction where Awards are, or will
be, granted under the Plan.

      (d) "Award" means a grant of an Option, Restricted Stock, Stock
Appreciation Right or other stock-based Award under the Plan, all on a stand
alone, combination or tandem basis, as described in or granted under the Plan.

      (e) "Award Agreement" means a written agreement between the Company and a
Participant evidencing the terms and conditions of an individual Award. The
Award Agreement is subject to the terms and conditions of the Plan.

      (f) "Board" means the Board of Directors of the Company.

      (g) "Cause" means, unless otherwise determined by the Committee, (i) the
conviction of the Participant for committing, or entering a plea of nolo
contendere by the Participant with respect to, a felony under federal or state
law or a crime involving moral turpitude; (ii) the commission of an act of
personal dishonesty or fraud involving personal profit in connection with the
Participant's employment by the Company; (iii) the willful misconduct, gross
negligence or deliberate failure on the part of the Participant to perform his
or her duties as a Service Provider with respect to the Company in any material
respect; or (iv) the failure of the Participant to comply with Company policies
or agreements with the Company, in any material respect.
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      (h) "Code" means the Internal Revenue Code of 1986, as amended from time
to time.

      (i) "Committee" means the Compensation Committee of the Board, or another
committee appointed by the Board to administer the Plan, in accordance with
Section 3 of the Plan.

      (j) "Common Stock" means the common stock, par value $.01, of the Company.

      (k) "Company" means American Commercial Lines Inc., a Delaware
corporation.

      (l) "Director" means a director serving on the Board who is not also an
Employee of the Company or any Subsidiary or Affiliate thereof; who has not been
an Employee of the Company during the taxable year; and who has been duly
elected to the Board by the stockholders of the Company or by the Board under
applicable corporate law.

      (m) "Disability" means permanent and total disability as determined under
procedures established by the Committee for the purposes of the Plan.

      (n) "Effective Date" means the date described in Section 5 of the Plan.

      (o) "Employee" means any common-law employee of the Company or a
Subsidiary or Affiliate of the Company, including Officers employed by the
Company or any Subsidiary or Affiliate of the Company. Neither service as a
Director nor payment of a director's fee by the Company shall, without more,
constitute "employment" by the Company.

      (p) "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time, and any successor thereto, or the rules and regulations
promulgated thereunder.

      (q) "Fair Market Value" means, as of any date, the value of Common Stock
determined as follows:

         (i) If the Common Stock is listed on the Nasdaq National Market, its
Fair Market Value shall be either the mean of the highest and lowest reported
sale prices of the stock (or, if no sales were reported, the average of the
closing bid and asked price) or the last reported sales price of the stock, as
determined by the Committee in its discretion, on the Nasdaq National Market for
any given day or, if not listed on such exchange, on any other national
securities exchange on which the Common Stock is listed as reported in The Wall
Street Journal or such other source as the Committee deems reliable;

         (ii) If the Common Stock is regularly quoted by a recognized securities
dealer but selling prices are not reported, the Fair Market Value of a Share of
Common Stock shall be either the mean between the high bid and low asked prices
or the last asked price, as determined by the Committee for the Common Stock on
any given day, as reported in The Wall Street Journal or such other source as
the Committee deems reliable;

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         (iii) In the absence of an established regular public market for the
Common Stock, the Fair Market Value shall be determined in good faith by the
Committee and in accordance with such regulations as may be issued under the
Code.

      (r) "Mature Shares" means any shares held by the Participant for a minimum
period of six (6) months (or such shorter period of time as the Committee may
permit, provided that such shorter period will not require the Company to
recognize an increased compensation expense under applicable accounting
principles).

      (s) "Officer" means, unless otherwise noted herein, a person who is an
officer of the Company or a Subsidiary or Affiliate.

      (t) "Option" means a stock option granted pursuant to the Plan.

      (u) "Participant" means a Service Provider who holds an outstanding Award.

      (v) "Performance Award" means an Award granted pursuant to Section 12(b)
of the Plan.

      (w) "Performance Goals" means, or may be expressed in terms of, any
business criteria designated by the Committee, including without limitation:
revenue, earnings before interest, taxes, depreciation and amortization
("EBITDA"), funds from operations, funds from operations per share, operating
income, pre or after tax income, cash available for distribution, cash available
for distribution per share, net earnings, earnings per share, return on equity,
return on assets, share price performance, improvements in the Company's
attainment of expense levels, and implementing or completion of critical
projects, or improvement in cash-flow (before or after tax). A Performance Goal
may be measured over a Performance Period on a periodic, annual, cumulative or
average basis and may be established on a corporate-wide basis or established
with respect to one or more operating units, divisions, subsidiaries, acquired
businesses, minority investments, partnerships or joint ventures.

      (x) "Performance Objective" means the level or levels of performance
required to be attained with respect to specified Performance Goals in order
that a Participant shall become entitled to specified rights in connection with
a Performance Award.

      (y) "Performance Period" means the calendar year, or such other shorter or
longer period designated by the Committee, during which performance will be
measured in order to determine a Participant's entitlement to receive payment of
a Performance Award.

      (z) "Plan" means this 2005 Stock Incentive Plan.

      (aa) "Restricted Stock" means shares of Common Stock acquired pursuant to
an Award granted pursuant to Section 10 of the Plan.

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      (bb) "Retirement" means a Service Provider's retirement from active
employment or other service relationship with the Company or any Subsidiary or
Affiliate as determined under a pension plan of the Company or any Subsidiary or
Affiliate applicable to the Service Provider; or the Service Provider's
termination of employment or other service relationship at or after age 55 under
circumstances that the Committee, in its sole discretion, deems equivalent to
retirement.

      (cc) "Service Provider" means an Employee, Officer or Director. A Service
Provider who is an Employee shall not cease to be a Service Provider (i) during
any leave of absence approved by the Company or (ii) as a result of transfers
between locations of the Company or between the Company and any Subsidiary or
Affiliate.

      (dd) "Share" means a share of the Common Stock, as adjusted in accordance
with Section 14 of the Plan.

      (ee) "Stock Appreciation Right" means an Award granted pursuant to Section
12(a) of the Plan.

      (ff) "Subsidiary" means a "subsidiary corporation," whether now or
hereafter existing, as defined in Section 424(f) of the Code.

SECTION 2. Stock Subject to the Plan.

      Subject to the provisions of Section 14 of the Plan, the maximum aggregate
number of Shares available for grants of Awards under the Plan is 360,000
Shares. The Shares subject to an Award under the Plan may be authorized but
unissued, or reacquired Common Stock or treasury shares.

      If an Award expires or becomes unexercisable without having been exercised
in full, the unpurchased Shares which were subject thereto shall become
available for future grant or sale under the Plan (unless the Plan has
terminated); provided, however, that Shares that have actually been issued under
the Plan, whether upon exercise of an Option or other Award, shall not be
returned to the Plan and shall not become available for future distribution
under the Plan, except that if unvested Shares of Restricted Stock are
forfeited, and the original Participant holding such Shares did not receive any
benefits of ownership of such Shares (i.e., dividends), such Shares shall become
available for future grant under the Plan. For purposes of the preceding
sentence, voting rights shall not be considered a benefit of Share ownership.

SECTION 3. Administration of the Plan.

      (a) Administration. The Plan shall be administered by the Committee in
accordance with Applicable Laws. Such Committee shall consist of three (3) or
more members of the Board, each of whom is a "disinterested person" as defined
in Rule 16b-3(c)(2)(i) of the General Rules and Regulations promulgated under
the Exchange Act. Committee members shall serve for such term(s) as the Board
may determine, subject to removal by the Board at any time. The

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Committee shall act by a majority of its members. If at any time there is no
Committee in office, the functions of the Committee specified in the Plan shall
be carried out by the Board.

      (b) Powers of the Committee. Except for the terms and conditions
explicitly set forth in the Plan, the Committee shall have exclusive authority,
in its discretion, to determine the Fair Market Value of the Common Stock in
accordance with Section 1(q) of the Plan and to determine all matters relating
to Awards under the Plan, including the selection of individuals to be granted
an Award, the type of Award, the number of Shares subject to an Award, all
terms, conditions, restrictions and limitations, if any, including, without
limitation, vesting, acceleration of vesting, exercisability, termination,
substitution, cancellation, forfeiture, or repurchase of an Award and the terms
of any instrument that evidences the Award. The Committee shall also have
exclusive authority to interpret the Plan and its rules and regulations, and to
make all other determinations deemed necessary or advisable under or for
administering the Plan, subject to Section 16 of the Plan. All actions taken and
determinations made by the Committee pursuant to the Plan shall be conclusive
and binding on all parties involved or affected. The Committee may, by a
majority of its members then in office, authorize any one or more of its members
or any Officer of the Company to execute and deliver documents on behalf of the
Committee, or delegate to an Officer of the Company the authority to make
decisions pursuant to this Plan; provided, however, that the Committee may not
delegate its authority with regard to the selection for participation of or the
granting of Awards to persons subject to Section 16 of the Exchange Act.

SECTION 4. Eligibility for Awards.

      Awards may be granted to Service Providers. In addition, an Award may be
granted to a person who is offered employment by the Company, a Subsidiary or an
Affiliate; provided, however, that such Award shall be immediately forfeited if
such person does not accept such offer of employment within such time period as
the Company, Subsidiary or Affiliate may establish. If otherwise eligible, a
Participant who has been granted an Option or other Award may be granted
additional Options or other Awards.

SECTION 5. Effective Date/Term of Plan.

      The Effective Date of the Plan shall be the date on which it is approved
by the Board. The Plan shall continue in effect for a term of ten (10) years
from the Effective Date unless terminated earlier under Section 16 hereof.

SECTION 6. Options Granted as Non-Qualified Stock Options.

      Options granted under this Plan shall not qualify as incentive stock
options, within the meaning of Section 422 of the Code.

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SECTION 7. Term of Option.

      The term of each Option shall be stated in the Award Agreement but shall
be no longer than ten (10) years from the date of grant or such shorter term as
may be provided in the Award Agreement.

SECTION 8. Option Exercise Price and Consideration.

      (a) Exercise Price. The per share exercise price for the Shares to be
issued pursuant to exercise of an Option shall be determined by the Committee.

      (b) Waiting Period and Exercise Dates. The Committee shall have the
authority, subject to the terms of the Plan, to determine any vesting
restriction or limitation or waiting period with respect to any Option granted
to a Participant or the Shares acquired pursuant to the exercise of such Option.

      (c) Form of Consideration. The Committee shall determine the acceptable
form of consideration for exercising an Option, including the method of payment.
Such consideration may consist entirely of:

         (i) cash (in the form of a certified or bank check or such other
instrument as the Company may accept);

         (ii) other Mature Shares owned on the date of exercise of the Option by
the Participant based on the Fair Market Value of the Common Stock on the date
the Option is exercised;

         (iii) Shares of Common Stock which would otherwise be delivered
pursuant to the exercise of the Option having an aggregate Fair Market Value,
determined as of the date of exercise, equal to the amount necessary to satisfy
such obligation, provided that the Committee determines that such withholding of
Shares does not cause the Company to recognize an increased compensation expense
under applicable accounting principles;

         (iv) any combination of (i), (ii) and (iii) above;

         (v) at the discretion of the Committee, by delivery of a properly
executed exercise notice together with such other documentation as the Committee
and a qualified broker, if applicable, shall require to effect an exercise of
the Option, and delivery to the Company of the sale or loan proceeds required to
pay the exercise price, subject, however, to Section 18(e) of the Plan; or

         (vi) such other consideration and method of payment for the issuance of
Shares to the extent permitted by the Committee and Applicable Laws.

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SECTION 9. Exercise of Option.

      (a) Procedure for Exercise; Rights as a Stockholder. Except as otherwise
authorized by the Committee, any Option granted hereunder shall be exercisable
according to the terms of the Plan and at such times and under such conditions
as determined by the Committee and set forth in the Award Agreement. If the
Committee provides that any Option is exercisable only in installments, the
Committee may at any time waive such installment exercise provisions, in whole
or in part, based on such factors as the Committee may determine. The Committee
may at any time, in whole or in part, accelerate the exercisability of any
Option.

      An Option shall be deemed exercised when the Company receives: (i) written
notice of exercise (in accordance with the Award Agreement) from the person
entitled to exercise the Option, and (ii) full payment for the Shares with
respect to which the Option is exercised. Full payment may consist of any
consideration and method of payment authorized by the Committee in accordance
with Section 8(c) of the Plan and permitted by the Award Agreement and the Plan.
Shares issued upon exercise of an Option shall be issued in the name of the
Participant. Until the stock certificate evidencing such Shares is issued (as
evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), no right to vote or receive dividends
or any other rights as a stockholder shall exist with respect to such Shares,
notwithstanding the exercise of the Option. The Company shall issue (or cause to
be issued) such stock certificate promptly after the Option is exercised. No
adjustment will be made for a dividend or other right for which the record date
is prior to the date the stock certificate is issued, except as provided in
Section 14 of the Plan.

      Exercising an Option in any manner shall decrease the number of Shares
thereafter available, both for purposes of the Plan and for sale under the
Option, by the number of Shares as to which the Option is exercised.

      (b) Termination of Relationship as Service Provider. Except as otherwise
authorized by the Committee, if a Participant ceases to be a Service Provider,
other than for Cause or upon the Participant's death, Disability or Retirement,
the Participant, subject to the restrictions of this Section 9(b), may exercise
his or her Option within the time specified in this Section 9(b) to the extent
that the Option is vested on the date of termination, including any acceleration
of vesting granted by the Committee, and has not yet expired as set forth in the
Award Agreement. Any portion of an Option which is unvested on the date of
termination shall immediately be forfeited. Unless otherwise determined by the
Committee, such Option shall remain exercisable for the lesser of the remaining
term of the Option or twelve (12) months from the date of such termination of
the relationship as a Service Provider. If, on the date of termination, the
Participant is not vested as to his or her entire Option and the Committee has
not granted any acceleration of vesting, the Shares covered by the unvested
portion of the Option shall revert to the Plan. If a Participant ceases to be a
Service Provider because he or she is terminated for Cause, the Option shall
immediately terminate, and the Shares covered by such Option shall revert to the
Plan. If, after termination, the Participant does not exercise his or her Option
within

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the time specified herein, the Option shall terminate, and the Shares covered by
such Option shall revert to the Plan.

      Notwithstanding the above, in the event of a Participant's change in
status from Employee to non-Employee Officer or Director, the Participant shall
not automatically be treated as if the Participant terminated his or her
relationship as a Service Provider, nor shall the Participant be treated as
ceasing to provide services to the Company solely as a result of such change in
status.

      (c) Disability of Participant. Except as otherwise authorized by the
Committee, if, as a result of the Participant's Disability, a Participant ceases
to be a Service Provider, the Participant may exercise his or her Option subject
to the restrictions of this Section 9(c) and within the period of time specified
herein to the extent the Option is vested on the date of termination, including
any acceleration of vesting granted by the Committee, and has not yet expired as
set forth in the Award Agreement. Unless otherwise determined by the Committee
or specified in the Award Agreement, such Option shall be exercisable for the
lesser of the remaining term of the Option or twelve (12) months from the date
of such termination. If, on the date of termination, the Participant is not
vested as to his or her entire Option and the Committee has not granted any
acceleration of vesting, the Shares covered by the unvested portion of the
Option shall revert to the Plan. If, after termination, the Participant does not
exercise his or her Option within the time specified herein, the Option shall
terminate, and the Shares covered by such Option shall revert to the Plan.

      (d) Death of Participant. Except as otherwise authorized by the Committee,
if a Participant dies while a Service Provider, the Option may be exercised
subject to the restrictions of this Section 9(d) and within such period of time
as is specified in the Award Agreement (but in no event later than the earlier
of twelve (12) months from the date of such death or the expiration of the term
of such Option as set forth in the Award Agreement), but only to the extent that
the Option is vested on the date of death, including any acceleration of vesting
granted by the Committee, and has not yet expired as set forth in the Award
Agreement. If, at the time of death, the Participant is not vested as to his or
her entire Option and the Committee has not granted any acceleration of vesting,
the Shares covered by the unvested portion of the Option shall immediately
revert to the Plan. The Option may be exercised by the executor or administrator
of the Participant's estate or, if none, by the person(s) entitled to exercise
the Option under the Participant's will or the applicable laws of descent or
distribution. If the Option is not so exercised within the time specified
herein, the Option shall terminate, and the Shares covered by such Option shall
revert to the Plan.

      (e) Retirement of Participant. Except as otherwise authorized by the
Committee, if, as a result of the Participant's Retirement, a Participant ceases
to be a Service Provider, the Participant may, subject to the restrictions of
this Section 9(e), exercise his or her Option within the time specified herein
to the extent the Option is vested on the date of termination, including any
acceleration of vesting granted by the Committee, and has not yet expired as set
forth in the Award Agreement. Unless otherwise determined by the Committee, such
Option may be

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exercised for the lesser of the remaining period of time specified in the Award
Agreement or three (3) years following the Participant's Retirement.
Notwithstanding the foregoing, if the Participant dies within such three-year
(or shorter) period, any unexercised Option held by such Participant shall,
notwithstanding the expiration of such period, continue to be exercisable to the
extent to which it was exercisable at the time of death for a period of twelve
(12) months from the date of death or the expiration of the stated term of such
Option, whichever period is shorter. If, on the date of termination due to
Retirement, the Participant is not vested as to his or her entire Option and the
Committee has not granted any acceleration of vesting, the Shares covered by the
unvested portion of the Option shall revert to the Plan. If, after termination
due to Retirement, the Option is not exercised within the time specified herein,
the Option shall terminate, and the Shares covered by such Option shall revert
to the Plan.

SECTION 10. Restricted Stock.

      (a) Awards of Restricted Stock. Shares of Restricted Stock may be issued
either alone, in addition to, or in tandem with other Awards granted under the
Plan and/or cash awards made outside of the Plan. The Committee shall determine
the individuals to whom it will award Restricted Stock under the Plan, and it
shall advise the Participant in writing, by means of an Award Agreement, of the
terms, conditions and restrictions related to the Award, including the number of
Shares to be awarded to the Participant, the time or times within which such
Awards may be subject to forfeiture and any other terms and conditions of the
Awards, in addition to those contained in this Section 10. The Committee may
condition the grant or vesting of Restricted Stock upon the attainment of
specified performance goals of the Participant or of the Company, Subsidiary or
Affiliate for or within which the Participant is primarily employed, or upon
such other factors as the Committee shall determine. The provisions of an Award
need not be the same with respect to each Participant. The terms of any Award of
Restricted Stock shall comply in all respects with Applicable Law and the terms
of the Plan.

      (b) Awards and Certificates. Each Award shall be confirmed by, and subject
to the terms of, an Award Agreement. Shares of Restricted Stock shall be
evidenced in such manner as the Committee may deem appropriate, including
book-entry registration or issuance of one or more stock certificates. The
Committee may require that the certificates evidencing such Shares be held in
custody by the Company until the restrictions thereon shall have lapsed and
that, as a condition of any Award of Restricted Stock, the Participant shall
have delivered to the Company a stock power, endorsed in blank, relating to the
Common Stock covered by such Award. Any certificate issued with respect to
Shares of Restricted Stock shall be registered in the name of such Participant
and shall bear an appropriate legend referring to the terms, conditions and
restrictions applicable to such Award, substantially in the following form:

      "The transferability of this certificate and the shares of Stock
represented hereby are subject to the terms and conditions (including
forfeiture) of the American Commercial Lines Inc. 2005 Stock Incentive Plan and
an Award Agreement. Copies of such Plan and Award Agreement are on file at the
office of the Secretary of American Commercial Lines Inc."

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      If and when the Restriction Period (hereinafter defined) expires without a
prior forfeiture of the Restricted Stock subject to such Restriction Period, the
Participant may request that unlegended certificates for such Shares be
delivered to the Participant.

      (c) Terms and Conditions. Shares of Restricted Stock shall be subject to
the following terms and conditions:

         (i) Restriction Period. Subject to the provisions of the Plan and the
terms of the Award Agreement, during a period set by the Committee, commencing
with the date of such Award (the "Restriction Period"), the Participant shall
not be permitted to sell, assign, transfer, pledge or otherwise encumber Shares
of Restricted Stock (the "Restrictions"). The Committee may provide for the
lapse of such Restrictions in installments or otherwise and may accelerate or
waive such Restrictions, in whole or in part, in each case based on period of
service, performance of the Participant or of the Company, Subsidiary or
Affiliate, division or department for which the Participant is employed or such
other factors or criteria as the Committee may determine. Notwithstanding the
foregoing, if the Participant of a Restricted Stock Award is subject to the
provisions of Section 16 of the Exchange Act, Shares subject to the Award may
not, without the written consent of the Committee, be sold or otherwise disposed
of within six (6) months following the date of grant. The Committee may, in its
discretion, impose a limit on the number of Shares that a Participant may
receive in any twelve-month period in the form of an Award of Restricted Stock.

         (ii) Rights. Except as provided in this Section 10(c) of the Plan, the
applicable Award Agreement and Applicable Law, the Participant shall have, with
respect to the Shares of Restricted Stock, all of the rights of a stockholder of
the Company holding the class or series of Common Stock that is the subject of
the Award Agreement, including, if so provided in the Award Agreement, the right
to vote the Shares and the right to receive any dividends. Unless otherwise
determined by the Committee in the applicable Award Agreement and subject to
Section 18(d) of the Plan, for the Restriction Period, (A) cash dividends on the
Shares that are the subject of the Award Agreement shall be automatically
deferred and reinvested in additional Restricted Stock and (B) dividends payable
in Common Stock shall be paid in the form of Restricted Stock. If there is a pro
rata distribution to holders of Common Stock of warrants or other rights to
acquire shares of Common Stock, then the Participant shall have the right to
participate in or receive such warrants or other rights; provided, however, that
any Shares acquired pursuant to the exercise of such warrants or other rights
shall be subject to the same vesting requirements and restrictions as the
underlying Common Stock.

         (iii) Termination of Service Provider Relationship. Except to the
extent otherwise provided in the Award Agreement or the Plan, if a Participant
ceases to be a Service Provider for any reason during the Restriction Period,
all Shares still subject to restriction shall be forfeited by the Participant.
Without limiting the foregoing, an Award Agreement may, at the Committee's
discretion, allow for vesting to continue after termination of service with the
Company; provided that the Participant remains an Employee or Officer of any
Subsidiary or Affiliate of the Company.

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      (d) Other Provisions. The Award Agreement shall contain such other terms,
provisions and conditions not inconsistent with the Plan as may be determined by
the Committee in its sole discretion, including, without limitation, provisions
relating to tax matters including wage withholding requirements; prohibitions on
elections by the Participant under Section 83(b) of the Code; and "gross-up"
payments to Participants to satisfy tax liabilities. In addition, the terms of
the Award Agreements for Restricted Stock need not be the same with respect to
each Participant.

SECTION 11. Deferral of Stock Award.

      (a) The Committee may, in its sole discretion, authorize a Service
Provider to elect to defer the ownership of the Shares otherwise issuable
pursuant to Section 10. Any such election shall be made in writing in the form
prescribed by the Committee, and shall be subject to such rules and procedures
as shall be determined by the Committee in its sole discretion. In no event,
however, shall any deferral be permitted to the extent prohibited by Applicable
Laws, including Section 409A of the Code.

      (b) An election to defer pursuant to (a) above with respect to Shares of
Restricted Stock issuable in a calendar year must be made on or prior to
December 31st of the year that precedes the year in which the Restricted Stock
is granted. Notwithstanding the foregoing, a Service Provider may make an
election to defer pursuant to this Section 11 no later than thirty (30) days
after the Effective Date, for the year in which the Plan is first effective, or,
if later, within thirty (30) days after the date the Service Provider first
becomes eligible to participate.

      (c) At the time of the deferral election described in this Section 11, the
Service Provider may select the date for the issuance or receipt of the deferred
Shares. If the Service Provider does not select a date for the issuance of
deferred Shares, the deferred Shares will be issued as soon as administratively
practicable after the six-month anniversary of the termination of the Service
Provider's service.

SECTION 12. Other Awards.

      The Committee, in its sole discretion, but subject to the terms of the
Plan, may grant the following types of Awards (in addition to or in combination
with the Awards of Options and Restricted Stock described above) under this Plan
on a stand alone, combination or tandem basis:

      (a) Stock Appreciation Rights. If the Common Stock is traded on an
established securities market, the Committee may grant rights to receive the
excess of the Fair Market Value of the Shares on the date the Stock Appreciation
Rights are exercised over the Fair Market Value of the Shares on the date the
Stock Appreciation Rights were granted (the "Spread"). The Spread with respect
to Stock Appreciation Rights shall be payable in Shares having a total Fair
Market Value equal to the Spread. Each Award Agreement for Stock Appreciation
Rights shall provide that Stock Appreciation Rights under the Plan may not be
exercised earlier than six (6) months from the date of grant. The terms of the
Award Agreements granting Stock Appreciation Rights

                                      -11-
<PAGE>
need not be the same with respect to each Participant. Stock Appreciation Rights
shall be subject to adjustment as provided in Section 14.

      (b) Performance Awards.

         (i) Type of Performance Awards. The Committee may grant a Performance
Award which may be in the form of actual shares of Common Stock (performance
shares) or Common Stock units having a value equal to an identical number of
shares of Common Stock. In the event that a share certificate is issued in
respect of performance shares, such certificate shall be registered in the name
of the Participant, but shall be held by the Company until the time the
performance shares are earned. The Performance Objectives and the length of the
Performance Period shall be determined by the Committee. The Committee shall
determine in its sole discretion whether Performance Awards granted in the form
of Common Stock units shall be paid in cash, Common Stock or a combination of
cash or Common Stock.

         (ii) Performance Objectives. The Committee shall establish the
Performance Objectives for each Performance Award, consisting of one or more
business criteria permitted as Performance Goals hereunder, one or more levels
of performance with respect to each such criteria, and the amount or amounts
payable or other rights to which the Participant will be entitled upon
achievement of such levels of performance. Performance Objectives shall be
established by the Committee prior to, or reasonably promptly following the
inception of, a Performance Period. More than one Performance Goal may be
incorporated in a Performance Objective, in which case achievement with respect
to each Performance Goal may be assessed individually or in combination with
each other. The Committee may, in connection with the establishment of
Performance Objectives for a Performance Period, establish a matrix setting
forth the relationship between performance on two or more Performance Goals and
the amount of the Performance Award payable for that Performance Period. The
level or levels of performance specified with respect to a Performance Goal may
be established in absolute terms, as objectives relative to performance in prior
periods, as an objective compared to the performance of one or more comparable
companies or an index covering multiple companies, or otherwise as the Committee
may determine. Performance Objectives may differ for Performance Awards granted
to any one Participant or to different Participants.

         (iii) Adjustment. The Committee may, in its discretion, reduce,
eliminate or increase the amount of payment with respect to a Performance Award,
notwithstanding the achievement of a specified Performance Objective.

      (c) Other Stock-Based Awards. The Committee may, in its discretion, grant
other Share-based Awards which are related to or serve a similar function to
those Awards set forth in this Section 12.

                                      -12-
<PAGE>
SECTION 13. Non-Transferability of Awards.

      Unless otherwise specified by the Committee in the Award Agreement, an
Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed
of in any manner other than by (a) will or by the laws of descent or
distribution or (b) pursuant to a qualified domestic relations order (as defined
in the Code or Title I of the Employee Retirement Income Security Act of 1974,
as amended, or the rules thereunder). Options and other Awards may be exercised,
during the lifetime of the Participant, only by the Participant or by the
guardian or legal representative of the Participant or by an alternate payee
pursuant to a qualified domestic relations order. If the Committee makes an
Award transferable, such Award shall contain such additional terms and
conditions as the Committee deems appropriate. Any attempt to assign, pledge or
otherwise transfer any Award or of any right or privileges conferred thereby,
contrary to the Plan, or the sale or levy or similar process upon the rights and
privileges conferred hereby, shall be void.

SECTION 14. Adjustments Upon Changes in Capitalization.

      (a) The number of shares of Common Stock covered by each outstanding
Award, and the number of shares of Common Stock which have been authorized for
issuance under the Plan but as to which no Awards have yet been granted or which
have been returned to the Plan upon cancellation or expiration of an Award, as
well as the price per share of Common Stock covered by each such outstanding
Award, shall be proportionately adjusted for any increase or decrease in the
number of issued shares of Common Stock resulting from a stock split, reverse
stock split, stock dividend, combination or reclassification of the Common
Stock, or any other increase or decrease in the number of issued shares of
Common Stock effected without receipt of consideration by the Company; provided,
however, that (i) conversion of any convertible securities of the Company shall
not be deemed to have been "effected without receipt of consideration;" and (ii)
no adjustment shall be made below par value and no fractional shares of Common
Stock shall be issued. Such adjustment shall be made by the Board in its sole
discretion, whose determination in that respect shall be final, binding and
conclusive. In the event of an extraordinary cash dividend, the Committee may,
in its sole discretion, equitably adjust the aggregate number of Shares
available under the Plan, and the exercise price, number of Shares and other
appropriate terms of any outstanding Award in order to preserve the intended
benefits of the Plan. Except as expressly provided herein, no issuance by the
Company of shares of stock of any class, or securities convertible into shares
of stock of any class, shall affect, and no adjustment by reason thereof shall
be made with respect to, the number or price of shares of Common Stock subject
to an Award.

      (b) Upon the occurrence of a recapitalization, reclassification, stock
split, reverse stock split, reorganization, merger, consolidation, split-up,
spin-off, combination, repurchase, liquidation, dissolution, or sale, transfer,
exchange or other disposition of all or substantially all of the assets of the
Company, or exchange of Common Stock or other securities of the Company,
issuance of warrants or other rights to purchase Common Stock or other
securities of the Company, or other similar corporate transaction or event (an
"Event") in which outstanding

                                      -13-
<PAGE>
Awards are not to be assumed or otherwise continued following such Event, the
Committee may, in its discretion, terminate all or any portion of any
outstanding Award without a Participant's consent and (i) provide for either the
purchase of any such Award for an amount of cash equal to the amount that could
have been attained upon the exercise of such Award or realization of the
Participant's rights had such Award been currently exercisable or payable or
fully vested or the replacement of such Award with other rights or property
selected by the Committee in its sole discretion; provided, that, no such
purchase or replacement shall be required with respect to underwater Options or
Stock Appreciation Rights and/or (ii) provide that such Award shall be
exercisable (whether or not vested) as to all shares covered thereby for at
least ten (10) days prior to such Event.

SECTION 15. Date of Grant.

      The date of grant of an Award shall be, for all purposes, the date on
which the Committee makes the determination granting such Award, or such other
later date as is determined by the Committee. Notice of the determination shall
be provided to each Participant within a reasonable time after the date of such
grant.

SECTION 16. Term; Amendment and Termination of the Plan.

      (a) Amendment and Termination. Subject to this Section 16 and Section
18(e), the Board may at any time amend, alter, suspend or terminate the Plan,
including without limitation to provide for the transferability of any or all
Options to comply with or take advantage of rules governing registration of
shares. Subject to Section 18(e) and the other terms of the Plan, the Committee
may amend the terms of any Option theretofore granted, prospectively or
retroactively, but no such amendment shall impair the rights of any Participant
without the Participant's consent.

      (b) Effect of Amendment or Termination. No amendment, alteration,
suspension or termination of the Plan shall impair the rights of any Participant
with respect to any outstanding Award, unless mutually agreed otherwise between
the Participant and the Committee, which agreement must be in writing and signed
by the Participant and the Company.

SECTION 17. Conditions Upon Issuance of Shares.

      (a) Legal Compliance. Shares shall not be issued pursuant to the exercise
of an Award unless the exercise of such Award and the issuance and delivery of
such Shares shall comply with all relevant provisions of law, including, without
limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules
and regulations promulgated thereunder, Applicable Laws, and the requirements of
any stock exchange or quotation system upon which the Shares may then be listed
or quoted and shall be further subject to the approval of counsel for the
Company with respect to such compliance. The Committee may cause a legend or
legends to be placed on any certificates for Shares or other securities
delivered under the Plan as it may deem appropriate to make reference to such
legal rules and restrictions, or to impose any restrictions on transfer.

                                      -14-
<PAGE>
      (b) Withholding Obligations. No later than the date as of which an amount
first becomes includible in the gross income of the Participant for federal
income tax purposes with respect to any Award under the Plan, the Participant
shall pay to the Company, or make arrangements satisfactory to the Company
regarding the payment of, any federal, state, local or foreign taxes of any kind
required by law to be withheld with respect to such amount. Unless otherwise
determined by the Committee, withholding obligations may be settled with vested
Common Stock, including vested Common Stock that is part of the Award that gives
rise to the withholding requirement, having an aggregate Fair Market Value not
in excess of the amount determined by applying the minimum statutory withholding
rate. The obligations of the Company under the Plan shall be conditioned on such
payment or arrangements, and the Company, its Subsidiaries and its Affiliates
shall, to the extent permitted by law, have the right to deduct any such taxes
from any payment otherwise due to the Participant. The Committee may establish
such procedures as it deems appropriate, including the making of irrevocable
elections, for the settlement of withholding obligations with vested Common
Stock.

      (c) Inability to Obtain Authority. The inability of the Company to obtain
authority from any regulatory body having jurisdiction, which authority is
deemed by the Company's counsel to be necessary for the lawful issuance and sale
of any Shares hereunder, shall relieve the Company of any liability in respect
of the failure to issue or sell such Shares as to which such requisite authority
shall not have been obtained.

SECTION 18. General Provisions.

      (a) No Contract of Employment or Service. Neither the Plan nor any Award
hereunder shall confer upon any individual any right with respect to continuing
such individual's employment or service relationship with the Company, nor shall
they interfere in any way with such individual's right or the Company's right to
terminate such employment or service relationship at any time, with or without
cause.

      (b) Severability. In the event that any provision of the Plan shall be
held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be construed and
enforced as if the illegal or invalid provision had not been included.

      (c) Governing Law. The Plan and all Awards made and actions thereunder
shall be governed by and construed in accordance with the laws of the state of
Delaware.

      (d) Dividends. The reinvestment of dividends in additional Restricted
Stock at the time of any dividend payment shall be permissible only if
sufficient shares of Common Stock are available under the Plan for such
reinvestment (taking into account then outstanding Options and other Awards).

      (e) Prohibition on Loans to Participants. The Company shall not lend funds
to any Participant for the purpose of paying the exercise or base price
associated with any Award or for the purpose of paying any taxes associated with
the exercise or vesting of an Award.

                                      -15-
<PAGE>
      (f) Unfunded Status of Plan. It is intended that the Plan constitute an
"unfunded" plan for incentive and deferred compensation. The Committee may
authorize the creation of trusts or other arrangements to meet the obligations
created under the Plan to deliver Common Stock or make payment; provided,
however, that, unless the Committee otherwise determines, the existence of such
trusts or other arrangements is consistent with the "unfunded" status of the
Plan.

      (g) Liability of Committee Members. Except as provided under Applicable
Law, no member of the Board or the Committee shall be liable for any action or
determination made in good faith by the Board or the Committee with respect to
the Plan or any Award under it.

      (h) Code Section 409A Standards. The Plan, and all Awards and Award
Agreements pursuant to the Plan, shall be effected, interpreted, and applied in
a manner consistent with the standards for nonqualified deferred compensation
plans established by Code Section 409A and its interpretive regulations (the
"Section 409A Standards"). To the extent that any terms of the Plan, an Award
Agreement, or an Award would subject any Participant to gross income inclusion,
interest, or additional tax pursuant to, or would be prohibited by, Code Section
409A, those terms are to that extent superseded by the applicable Section 409A
Standards.

      (i) Return and/or Forfeiture of Performance-Based Payments or Awards. To
the extent applicable and in the event that pursuant to the terms or
requirements of the Sarbanes-Oxley Act of 2002 or any applicable laws, rules or
regulations promulgated by the Securities and Exchange Commission or any listing
requirements of any stock exchange or stock market on which any securities of
the Company trade, from time to time, and in the event any Award or other
payment is based upon the satisfaction of financial performance metrics which
are subsequently reversed due to a restatement or reclassification of financial
results of the Company or any Subsidiary or Affiliate, then any payments made or
Awards granted shall be returned and forfeited to the extent required and as
then provided by applicable laws, regulations or listing requirements.

                                      -16-<PAGE>
                                                                   EXHIBIT 10.28

                                                                     [TEMPLATE]

                         AMERICAN COMMERCIAL LINES INC.

                        RESTRICTED STOCK AWARD AGREEMENT

         THIS RESTRICTED STOCK AWARD AGREEMENT (this "Agreement") is made and
entered into as of this ______ day of _____________________, 20____ (the "Grant
Date") by and between American Commercial Lines Inc., a Delaware corporation
(the "Company"), and [_______________________________] ("Participant"), pursuant
to the American Commercial Lines Inc. 2005 Stock Incentive Plan (the "Plan").
This Agreement and the award contained herein is subject to the terms and
conditions set forth in the Plan, which are incorporated by reference herein,
and the following terms and conditions:

         1.       RECEIPT OF PLAN; AWARD OF RESTRICTED STOCK; CONTINGENCY.
Participant acknowledges receipt of a copy of the Plan. In consideration for the
prior and continued service of Participant as [_____________________________] of
the Company, the Company hereby awards to Participant, subject to the further
terms and conditions set forth in this Agreement, [_____________] shares (the
"Restricted Stock") of its common stock, $0.01 par value per share (the "Common
Stock"), as of the Grant Date.

         2.       RIGHTS OF STOCKHOLDER. Participant shall have all of the
rights of a stockholder with respect to the shares of Restricted Stock
(including the right to vote the shares of Restricted Stock and the right to
receive dividends with respect to the shares of Restricted Stock), except as
provided in Section 3 and Section 5 hereof.

         3.       RESTRICTIONS ON TRANSFER. Except as otherwise provided in this
Agreement, Participant may not sell, transfer, assign, pledge, encumber or
otherwise dispose of any of the shares of Restricted Stock or the rights granted
hereunder (any such disposition or encumbrance being referred to herein as a
"Transfer"). Any Transfer or purported Transfer by Participant of any of the
shares of Restricted Stock shall be null and void and the Company shall not
recognize or give effect to such Transfer on its books and records or recognize
the person to whom such purported Transfer has been made as the legal or
beneficial holder of such shares. The shares of Restricted Stock shall not be
subject to sale, execution, pledge, attachment, encumbrance or other process and
no person shall be entitled to exercise any rights of Participant as the holder
of such Restricted Stock by virtue of any attempted execution, attachment or
other process until the restrictions imposed herein on the Transfer of the
shares of Restricted Stock shall lapse as provided in Section 4 hereof. All
certificates representing the shares of Restricted Stock shall have endorsed
thereon the following legend (in addition to any other legends that are
customary or required on certificates representing shares of the Common Stock):

                  "THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF
         STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS
         (INCLUDING FORFEITURE) OF THE AMERICAN COMMERCIAL LINES INC. 2005 STOCK
         INCENTIVE PLAN AND AN AWARD AGREEMENT FOR RESTRICTED STOCK ENTERED INTO
         BETWEEN THE REGISTERED OWNER AND AMERICAN

<PAGE>

         COMMERCIAL LINES INC. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE ON
         FILE AT THE OFFICE OF THE SECRETARY OF AMERICAN COMMERCIAL LINES INC."

         Until such restrictions have lapsed, any certificates representing any
shares of Restricted Stock shall be held in custody by the Company, and
Participant shall, as a condition of any award of Restricted Stock, have
delivered a stock power, endorsed in blank, relating to the Common Stock covered
by such award. Participant may request the removal of such restricted stock
legend from certificates representing any shares of Restricted Stock as to which
the restrictions imposed herein on the transfer thereof shall have lapsed as
provided in Section 4 hereof. Such request shall be in writing to the Senior
Vice President, Law and Administration, of the Company with a copy to the
Chairman of the Compensation Committee of the Company.

         4.       LAPSE OF RESTRICTIONS AND FORFEITURE. Subject to Section 4(b)
hereof, the restrictions on transfer imposed on the shares of Restricted Stock
by Section 3 shall lapse with respect to the shares of Restricted Stock and
Participant will vest, or gain actual "ownership" of the shares of Restricted
Stock in accordance with the terms of Section 4(a) hereof.

                  (a)      Of the [__________] shares of Restricted Stock
granted to Participant, the restrictions on the specified portions shall lapse
and such portion of the shares shall become fully vested and not subject to
forfeiture to the Company as follows: one-third on the first anniversary of the
Grant Date, one-third on the second anniversary of the Grant Date, and one-third
on the third anniversary of the Grant Date.

                  (b)      Notwithstanding anything to the contrary in Section
4(a), in the event that prior to the lapse of restrictions on transfer pursuant
to Section 4(a), Participant's relationship as a Service Provider is terminated
by Participant for other than Good Reason, as defined in the employment
agreement between Participant and the Company (the "Employment Agreement"), due
to Cause as defined in the Employment Agreement, or due to the end of the term
of the Employment Agreement, Participant shall forfeit, on the date on which
such relationship is terminated, all of the shares of Restricted Stock as to
which the restrictions on transfer imposed thereon by Section 3 hereof shall not
have lapsed prior to such date. In the event that prior to the lapse of
restrictions on transfer pursuant to Section 4(a), Participant's relationship as
a Service Provider is terminated by Participant for Good Reason, by the Company
without Cause (as defined in the Employment Agreement), due to death or due to
Disability, all of the restrictions on the transfer of the shares of Restricted
Stock shall lapse and the shares shall be fully vested.

                  (c)      Notwithstanding anything to the contrary in Section
4(a) hereof, in the event of a Change in Control, the restrictions on transfer
imposed by Section 3 on the shares of Restricted Stock shall lapse. For purposes
of this Agreement, a "Change in Control" shall mean the occurrence of any of the
following events, each of which shall be determined independently of the others:
(i) any "Person" (as hereinafter defined), other than a holder of at least 10%
of the outstanding voting power of the Company as of the Grant Date, becomes a
"beneficial owner" (as such term is used in Rule 13d-3 promulgated under the
Securities Exchange Act of 1934, as amended (the "Exchange Act")) of a majority
of the stock of the Company entitled to vote in the election of directors of the
Company; (ii) individuals who are Continuing Directors of the Company (as
hereinafter defined) cease to constitute a majority of the members of the Board;

<PAGE>

(iii) stockholders of the Company adopt and consummate a plan of complete or
substantial liquidation or an agreement providing for the distribution of all or
substantially all of the assets of the Company; (iv) the Company is a party to a
merger, consolidation, other form of business combination or a sale of all or
substantially all of its assets, with an unaffiliated third party, unless the
business of the Company following consummation of such merger, consolidation or
other business combination is continued following any such transaction by a
resulting entity (which may be, but need not be, the Company) and the
stockholders of the Company immediately prior to such transaction hold, directly
or indirectly, at least a majority of the voting power of the resulting entity;
provided, however, that a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) shall not constitute a
Change in Control; (v) there is a Change in Control of the Company of a nature
that is reported in response to item 5.01 of Current Report on Form 8-K or any
similar item, schedule or form under the Exchange Act, as in effect at the time
of the change, whether or not the Company is then subject to such reporting
requirements; provided, however, that for purposes of this Agreement a Change in
Control shall not be deemed to occur if the Person or Persons deemed to have
acquired control is a holder of at least 10% of the outstanding voting power of
the Company as of the date of this Agreement; or (vi) the Company consummates a
transaction which constitutes a "Rule 13e-3 transaction" (as such term is
defined in Rule 13e-3 of the Exchange Act) prior to the termination or
expiration of this Agreement.

                  (d)      In the event of a Rule 13e-3 transaction, then
effective coincident with the consummation of such Rule 13e-3 transaction, the
restrictions on transfer imposed by Section 3 on the shares of Restricted Stock
shall lapse; provided, however, that notwithstanding the foregoing, in
connection with the consummation of such Change in Control or Rule 13e-3
transaction, all such unvested shares of Restricted Stock then held by
Participant shall be deemed to vest and become exercisable at such time in order
to permit Participant to participate in such transaction.

                  (e)      For purposes of this Section 4, "Continuing
Directors" shall mean the members of the Board on the Grant Date, provided that
any person becoming a member of the Board subsequent to such date whose election
or nomination for election was supported by at least a majority of the directors
who then comprised the Continuing Directors shall be considered to be a
Continuing Director; and the term "Person" is used as such term is used Sections
13(d) and 14(d) of the Exchange Act.

         5.       TRANSFERABILITY. Notwithstanding anything contained in this
Agreement to the contrary, shares of Restricted Stock are not transferable or
assignable by Participant until the restrictions thereon have lapsed.

         6.       ADJUSTMENT PROVISIONS. If, during the term of this Agreement,
there shall be any merger, reorganization, consolidation, recapitalization,
stock dividend, stock split, rights offering or extraordinary distribution with
respect to the Common Stock, or other change in corporate structure affecting
the Common Stock, the Committee shall make or cause to be made an appropriate
and equitable substitution, adjustment or treatment with respect to the
Restricted Stock, including a substitution or adjustment in the aggregate number
or kind of shares subject to this Agreement, notwithstanding that the Restricted
Stock is subject to the restrictions on transfer

<PAGE>

imposed by Section 3 above. Any securities, awards or rights issued pursuant to
this Section 6 shall be subject to the same restrictions as the underlying
Restricted Stock to which they relate.

         7.       TAX WITHHOLDING. As a condition precedent to the receipt of
any shares of Restricted Stock hereunder, Participant agrees to pay to the
Company, at such times as the Company shall determine, such amounts as the
Company shall deem necessary to satisfy any withholding taxes due on income that
Participant recognizes as a result of the lapse of the restrictions imposed by
Section 3 hereof on the shares of Restricted Stock. The obligations of the
Company under this Agreement and the Plan shall be conditional on such payment
or arrangements, and the Company, its Affiliates and Subsidiaries shall, to the
extent permitted by law, have the right to deduct any such taxes from any
payment otherwise due to Participant.

         8.       REGISTRATION. This award of Restricted Stock is subject to the
condition that if at any time the Board or Compensation Committee shall
determine, in its discretion, that the listing of the shares of Common Stock
subject hereto on any securities exchange, or the registration or qualification
of such shares under any federal or state law, or the consent or approval of any
regulatory body, shall be necessary or desirable as a condition of, or in
connection with, the grant, receipt or delivery of shares hereunder, such grant,
receipt or delivery will not be effected unless and until such listing,
registration, qualification, consent or approval shall have been effected or
obtained free of any conditions not acceptable to the Board or Compensation
Committee. The Company agrees to make every reasonable effort to effect or
obtain any such listing, registration, qualification, consent or approval.

         9.       RIGHTS OF PARTICIPANT. In no event shall this award of
Restricted Stock or the other provisions hereof or the acceptance by Participant
of this award of Restricted Stock interfere with or limit in any way the right
of the Company, any of its Affiliates or Subsidiaries to terminate Participant's
relationship as Service Provider at any time, nor confer upon Participant any
right to continue as Service Provider for any period of time or to continue his
or her present or any other rate of compensation.

         10.      CONSTRUCTION.

                  (a)      SUCCESSORS. This Agreement and all the terms and
provisions hereof shall be binding upon and shall inure to the benefit of the
parties hereto and their respective legal representatives, heirs and successors,
except as expressly herein otherwise provided.

                  (b)      ENTIRE AGREEMENT; MODIFICATION. This Agreement
contains the entire understanding between the parties with respect to the
matters referred to herein. Subject to Section 16(a) of the Plan, this Agreement
may be amended by the Board or Compensation Committee at any time.

                  (c)      CAPITALIZED TERMS; HEADINGS; PRONOUNS; GOVERNING LAW.
Capitalized terms used and not otherwise defined herein are deemed to have the
same meanings as in the Plan. The descriptive headings of the respective
sections and subsections of this Agreement are inserted for convenience of
reference only and shall not be deemed to modify or construe the provisions
which follow them. Any use of any masculine pronoun shall include the feminine
and vice-versa and any use of a singular, the plural and vice-versa, as the
context and facts may

<PAGE>

require. The construction and interpretation of this Agreement shall be governed
in all respects by the laws of the State of Delaware.

                  (d)      NOTICES. Each notice relating to this Agreement shall
be in writing and shall be sufficiently given if delivered by registered or
certified mail, or by a nationally recognized overnight delivery service, with
postage or charges prepaid, to the address hereinafter provided in this Section
10. Any such notice or communication given by first-class mail shall be deemed
to have been given two business days after the date so mailed, and such notice
or communication given by overnight delivery service shall be deemed to have
been given one business day after the date so sent, provided such notice or
communication arrives at its destination. Each notice to the Company shall be
addressed to it at its offices at 1701 East Market Street, Jeffersonville,
Indiana 47130 (attention: Senior Vice President, Law and Administration), with a
copy to the Chairman of the Compensation Committee of the Company or to such
other designee of the Company. Each notice to Participant shall be addressed to
Participant at Participant's address shown on the signature page hereof.

                  (e)      SEVERABILITY. Whenever possible, each provision of
this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement or the application
thereof to any party or circumstance shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the minimal extent of
such provision or the remaining provisions of this Agreement or the application
of such provision to other parties or circumstances.

                  (f)      COUNTERPART EXECUTION. This Agreement may be executed
in counterparts, each of which shall constitute an original and all of which,
when taken together, shall constitute the entire document.

                                        AMERICAN COMMERCIAL LINES INC.

                                        By:
                                           ----------------------------
                                        Title:
                                              --------------------------

Accepted this ___ day of
___________, 2005.

PARTICIPANT:

-------------------------
[_______________________]

PARTICIPANT'S ADDRESS:

-------------------------

-------------------------

-------------------------

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