Document:

EX-4.5

 EXHIBIT 4.5 

RICE MIDSTREAM PARTNERS LP 

2014 LONG TERM INCENTIVE PLAN 

FORM OF 
 PHANTOM UNIT
AGREEMENT 
 (Cash Settled) 

This Phantom Unit Agreement (this “Agreement”) is made and entered into by and between Rice Midstream
Management LLC, a Delaware limited liability company (the “General Partner”), and                      (the
“Service Provider”). This Agreement is effective as of the              day of             ,
20     (the “Date of Grant”). Capitalized terms used in this Agreement but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan (as defined below), unless the context
requires otherwise. 
 W I T N E S S E T H: 

WHEREAS, Rice Midstream Partners LP, a Delaware partnership (the “Partnership”),
acting through the Board of Directors of the General Partner (the “Board”), has adopted the Rice Midstream Partners LP 2014 Long Term Incentive Plan (the “Plan”) to, among other things, attract, retain
and motivate certain employees and directors of the Partnership, the General Partner and their respective Affiliates (collectively, the “Partnership Entities”); and 

WHEREAS, the Board has authorized the grant of Phantom Units of the Partnership to directors, employees, consultants, and other service
providers as part of their compensation for services provided to the Partnership Entities. 
 NOW, THEREFORE, in consideration
of the Service Provider’s agreement to provide or to continue providing services, the Service Provider and the General Partner agree as follows:  

1. Grant of Phantom Units. The General Partner hereby grants to the Service Provider
                     Phantom Units, subject to all of the terms and conditions set forth in the Plan and in this Agreement, including without
limitation, those restrictions described in Section 4, whereby each Phantom Unit represents the right to receive a cash payment equal to the Fair Market Value of one Unit of the Partnership on the vesting date (each, a
“Phantom Unit”). 
 2. Phantom Unit Account. The General Partner shall establish
and maintain a bookkeeping account on its records for the Service Provider (a “Phantom Unit Account”) and shall record in such Phantom Unit Account: (a) the number of Phantom Units granted to the Service
Provider and (b) the amount deliverable to the Service Provider at settlement on account of Phantom Units that have vested. The Service Provider shall not have any interest in any fund or specific assets of the Partnership by reason of this
Award or the Phantom Unit Account established for the Service Provider.  
 3. Rights of Service Provider. No Units
shall be issued to the Service Provider and the Service Provider shall not be, nor have any of the rights and privileges of, a unitholder or limited partner of the Partnership with respect to any Phantom Units recorded in the Phantom Unit Account.
The Service Provider shall have no voting rights with respect to the Phantom Units and shall not receive, nor have any future rights to, any distributions paid upon Units as a result of the grant, holding, or settlement of the Phantom Units
granted under this Agreement. 

 4. Vesting of Phantom Units. The Phantom Units are restricted in that they may be
forfeited by the Service Provider and in that they may not, except as otherwise provided in the Plan, be transferred or otherwise disposed of by the Service Provider. Subject to the terms and conditions of this Agreement, the forfeiture restrictions
on the Phantom Units shall lapse, and the Phantom Units shall vest as follows:                      ; provided, however, that such
restrictions will lapse, and the Phantom Units shall vest in accordance with the foregoing provision only if the Service Provider has continuously provided services to the Partnership Entities from the Date of Grant until the date of vesting.

 5. Separation from Service. If the Service Provider experiences a separation from service with the Partnership Entities
for any reason prior to the date all Phantom Units have vested in accordance with Section 4 above, then all Phantom Units granted pursuant to this Agreement that have not yet vested shall become null and void as of the date of such separation
from service. 
 6. Settlement Date; Manner of Settlement. The date or dates upon which the cash payment related to the
Service Provider’s Phantom Units is delivered (also known as the settlement date), will be as soon as reasonably practicable after the date or dates on which the restrictions on such Phantom Units expire as provided in Section 4 of this
Agreement (but in no event later than March 15 of the year following the calendar year in which the restrictions on the Phantom Units expire as provided in Section 4). The value of the fractional Phantom Units shall equal the percentage of
a Unit represented by a fractional Phantom Unit multiplied by the Fair Market Value of the Unit. 
 7. Limitations on
Transfer. The Service Provider agrees that he or she shall not dispose of (meaning, without limitation, sell, transfer, pledge, exchange, hypothecate or otherwise dispose of) any Phantom Units prior to the date the Phantom Units are vested
and paid. Any attempted disposition of the Phantom Units in violation of the preceding sentence shall be null and void and the Restricted Units that the Service Provider attempted to dispose of shall be forfeited. 

8. Adjustment. The number of Phantom Units granted to the Service Provider pursuant to this Agreement shall be adjusted to
reflect distributions of the Partnership paid in units, unit splits or other changes in the capital structure of the Partnership, all in accordance with the Plan. All provisions of this Agreement shall be applicable to such new or additional or
different units or securities distributed or issued pursuant to the Plan to the same extent that such provisions are applicable to the units with respect to which they were distributed or issued.  

9. Copy of Plan. By the execution of this Agreement, the Service Provider acknowledges receipt of a copy of the Plan. If any
provision of this Agreement is held to be illegal, invalid or unenforceable under any applicable law, then such provision will be deemed to be modified to the minimum extent necessary to render it legal, valid and enforceable; and if such provision
cannot be so modified, then this Agreement will be construed as if not containing the provision held to be invalid, and the rights and obligations of the parties will be construed and enforced accordingly. 

  
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 10. Notices. Whenever any notice is required or permitted hereunder, such notice
must be in writing and personally delivered or sent by mail. Any such notice required or permitted to be delivered hereunder shall be deemed to be delivered on the date on which it is personally delivered or, whether actually received or not, on the
third business day (on which banking institutions in the Commonwealth of Pennsylvania are open) after it is deposited in the United States mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the address
which such person has theretofore specified by written notice delivered in accordance herewith. The General Partner or the Service Provider may change at any time and from time to time by written notice to the other, the address which it or he
previously specified for receiving notices. The General Partner and the Service Provider agree that any notices shall be given to the General Partner or to the Service Provider at the following addresses:  

 

					
		 	General Partner:        	  	 Rice Midstream Management LLC
 Attn: General
Counsel
 400 Woodliff Drive
 Canonsburg, Pennsylvania
15317

			
		 	Service Provider:	  	 At the Service Provider’s current address as shown

in the General Partner’s records.

 11. General Provisions.  

(a) Administration. This Agreement shall at all times be subject to the terms and conditions of the Plan. The Committee shall
have sole and complete discretion with respect to all matters reserved to it by the Plan and decisions of a majority of the Committee with respect thereto and with respect to this Agreement shall be final and binding upon the Service Provider and
the General Partner. In the event of any conflict between the terms and conditions of this Agreement and the Plan, the provisions of the Plan shall control. 

(b) No Effect on Service. Nothing in this Agreement or in the Plan shall be construed as giving the Service Provider the right to be
retained in the employ or service of the Partnership Entities. Furthermore, the Partnership Entities may at any time terminate the service relationship with the Service Provider free from any liability or any claim under the Plan or this Agreement,
unless otherwise expressly provided in the Plan, this Agreement or other written agreement. 
 (c) Governing Law. This Agreement shall
be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of law principles thereof. 

(d) Amendments. This Agreement may be amended only by a written agreement executed by the General Partner and the Service Provider,
except that the Committee may unilaterally waive any conditions or rights under, amend any terms of, or alter this Agreement provided no such change (other than pursuant to Section 7(b), 7(c), 7(d), 7(e), or 7(g) of the Plan) materially reduces
the rights or benefits of the Service Provider with respect to the Phantom Units without his consent. 

  
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 (e) Binding Effect. This Agreement shall be binding upon and inure to the benefit of any
successor or successors of the General Partner or the Partnership and upon any person lawfully claiming under the Service Provider. 
 (f)
Entire Agreement. This Agreement and the Plan constitute the entire agreement of the parties with regard to this subject matter hereof, and contain all the covenants, promises, representations, warranties and agreements between the parties
with respect to the Phantom Units granted hereby. Without limiting the scope of the preceding sentence, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of
no further force and effect. 
 (g) No Liability for Good Faith Determinations. Neither the Partnership Entities nor the members of
the Committee and the Board shall be liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Phantom Units granted hereunder. 

(h) No Guarantee of Interests. The Board and the Partnership Entities do not guarantee the value of the Phantom Units from loss or
depreciation. 
 (i) Tax Withholding. To the extent that the vesting of a Phantom Unit results in the receipt of compensation by the
Service Provider with respect to which any of the Partnership Entities has a tax withholding obligation pursuant to applicable law, unless other arrangements have been made by the Service Provider that are acceptable to such Partnership Entity, the
Service Provider shall deliver to the Partnership Entity such amount of money as the Partnership Entity may require to meet its withholding obligations under applicable law. No settlement of Phantom Units shall be made pursuant to this Agreement
until the Service Provider has paid or made arrangements approved by the Partnership Entity to satisfy in full the applicable tax withholding requirements of the Partnership Entity with respect to such event. 

(k) Severability. If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall
not affect the remaining provisions hereof, but such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included herein. 

(l) Headings. The titles and headings of Sections are included for convenience of reference only and are not to be considered in
construction of the provisions hereof. 
 (m) Gender. Words used in the masculine shall apply to the feminine where applicable, and
wherever the context of this Agreement dictates, the plural shall be read as the singular and the singular as the plural. 
 (n)
Clawback. Notwithstanding any provisions in the Plan or this Agreement to the contrary, any portion of the payments and benefits provided under this Agreement shall be subject to a clawback or other recovery by the Partnership Entities to the
extent necessary to comply with applicable law including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any SEC rule. 

  
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 (o) Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents
in paper format, the Service Provider agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Partnership may be required to deliver (including, without limitation, prospectuses, prospectus
supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered by the Partnership. Electronic delivery
may be via a Partnership electronic mail system or by reference to a location on a Partnership intranet to which the Service Provider has access. The Service Provider hereby consents to any and all procedures the Partnership has established or may
establish for an electronic signature system for delivery and acceptance of any such documents that the Partnership may be required to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect
as, his or her manual signature. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the General Partner has caused this Agreement to be executed by its
officer thereunto duly authorized, and the Service Provider has set his hand as to the date and year first above written.  
  

					
	RICE MIDSTREAM MANAGEMENT LLC
			
	By:	 	 	 	 
	 Name:
	 	 	 	 
	 Title:
	 	 	 	 
		
	 	 	
	
	 
	 Service Provider
	 	

  
 6Exhibit 4.1

 

CSX Directors’ Deferred Compensation Plan

 

Effective January 1, 2005

 

The purpose of the Plan is to permit members of the Board of Directors of CSX Corporation to defer the receipt of director’s fees and to allow CSX Corporation to make other deferred awards to directors.  The Plan is intended to be fully compliant with Section 409A of the Internal Revenue Code of 1986, as amended, and the final regulations promulgated thereunder.

 

	
  

	
1.

	
Definitions

 

The following words or terms used herein shall have the indicated meanings:

 

	
  

	
(a)

	
“Account” or “Accounts” -- means the bookkeeping account(s) maintained for each Participant to record the amount of Director’s Fees the Member has elected to defer and other deferrals, as adjusted pursuant to Section 4.

 

	
  

	
(b)

	
“Administrator” -- means the Senior Human Resources Officer of CSX Corporation or such officer’s designee.

 

	
  

	
(i)

	
The Administrator shall be responsible for the general administration of the Plan, claims review, and for carrying out its provisions.  Administration of the Plan shall be carried out consistent with the terms of the Plan.

 

	
  

	
(ii)

	
The Administrator shall have sole and absolute discretion to interpret the Plan and determine eligibility for and benefits hereunder.  Decisions of the Administrator regarding participation in and the calculation of benefits under the Plan shall at all times be binding and conclusive on Participants, their beneficiaries, heirs and assigns.

 

	
  

	
(c)

	
“Average Price” -- means the average of the high and low price for CSX common stock as reported on the New York Stock Exchange - Composite Listing (“NYSE”) on the date of the applicable deferral or dividend payment.

 

	
  

	
(d)

	
“Board” -- means the Board of Directors of CSX.

 

	
  

	
(e)

	
“Change of Control” -- means any of the following:

 

	
  

	
(i)

	
Stock Acquisition.  One or more acquisitions, by any individual, entity or group (within the meanings of Treas. Reg. §§ 1.409A-3(i)(5)(v)(B) and (vi)(D)) (a “Person”), of (A) 30% or more of the then outstanding voting securities of the Corporation (the “Outstanding Voting Securities”), during any 12-month period ending on the date of the most recent acquisition; or (B) an

 

  

  

  

 

acquisition that results in ownership by a Person of more than 50% of either (a) shares representing more than 50% of the total fair market value of the Corporation’s then outstanding stock (the “Outstanding Stock”) or (b) the then Outstanding Voting Securities; provided, however, that for purposes of this subsection (i), the following acquisitions of shares of the Corporation shall not be taken into account in the determination of whether a Change of Control has occurred: (A) any acquisition directly from the Corporation; (B) any cash acquisition by the Corporation; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any corporation controlled by the Corporation; or (D) an acquisition by a Person that prior to the acquisition had already acquired more shares than necessary to satisfy the applicable 30% or 50% threshold. Notwithstanding the foregoing, an acquisition of its stock by the Corporation in exchange for property which increases the percentage of stock owned by a Person shall be treated as an acquisition for purposes of this subsection; or

 

	
  

	
(ii)

	
Board Composition.  Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease, within a 12-month period, for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to such date whose appointment, election, or nomination for election by the Corporation’s shareholders, was endorsed by at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board; or

 

	
  

	
(iii)

	
Business Combination.  Consummation of a reorganization, merger or consolidation of the Corporation (a “Business Combination”), in each case, that results in either a change in ownership contemplated in subsection (i)(B) of this Section 1(e) or a change in the Incumbent Board contemplated by subsection (ii) of Section 1(e); or

 

	
  

	
(iv)

	
Sale or Disposition of Assets.  One or more Persons acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Persons) assets from the Corporation that have a total gross fair market value equal to more than 40 percent of the total gross fair market value of all of the assets of the Corporation (without regard to liabilities of the Corporation or associated with such assets) immediately before such acquisition or acquisitions; provided that such sale or disposition is not to:

 

  

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(A)

	
a shareholder of the Corporation (immediately before the asset transfer) in exchange for or with respect to the Corporation’s Outstanding Stock;

 

	
  

	
(B)

	
an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Corporation;

 

	
  

	
(C)

	
a Person that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Corporation; or

 

	
  

	
(D)

	
an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in subsection (iv)(C).

 

Except as otherwise specifically provided in subsection (iv)(A) of this Section 1(e), a Person’s status is determined immediately after the transfer.

 

	
  

	
(f)

	
“Closing Price”-- means the closing price for CSX common stock as reported on the New York Stock Exchange - Composite Listing (“NYSE”) on the date of the applicable deferral or dividend payment.

 

	
  

	
(g)

	
“Code” -- means the Internal Revenue Code of 1986, as amended.

 

	
  

	
(h)

	
“CSX” or “Corporation” -- means CSX Corporation

 

	
  

	
(i)

	
“Deferral Agreement” -- means an agreement between a Participant and CSX under which the Participant agrees to defer Director’s Fees under the Plan.  The Deferral Agreement shall be on a form prescribed by the Administrator and shall include any amendments, attachments or appendices.

 

	
  

	
(j)

	
“Designated Beneficiary” -- means the person or persons entitled to receive the balance of a Participant’s Accounts upon the Participant’s death.  The Participant may file with the Administrator a written Designation of Beneficiary for this purpose.  Such designation may name one or more individuals, trusts and/or organizations as the primary or contingent beneficiary(ies) to receive all or a specified portion of the balance of the Participant’s Accounts remaining at the Participant’s death.  Unless otherwise specifically directed in the Participant’s Designation of Beneficiary form, in the event a designated primary beneficiary is not living or existing at the Participant’s death or declines to accept any distribution from the Accounts, the share otherwise distributable to such beneficiary shall be distributed, first, to the other designated primary beneficiaries, if any, in accordance with their relative designated shares of the Accounts; and second, to the contingent beneficiary(ies), if any.

 

  

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(k)

	
“Director’s Fees” -- means any compensation, whether a retainer, or a fee for meeting attendance, membership on a committee, chairing a committee, or otherwise, payable either in cash or in stock, earned by a Member for services rendered as a Member.

 

	
  

	
(l)

	
“Effective Date” -- means January 1, 2005.

 

	
  

	
(m)

	
“Fiscal Year” -- means the Corporation’s taxable year ending on the last Friday in December.

 

	
  

	
(n)

	
“Form of Payment Election” -- means the election by the Participant of the form of distribution (lump sum or installments) he or she will receive from his or her Account pursuant to Section 6.

 

	
  

	
(o)

	
“Independent Advisor” -- means an independent accountant, actuary, benefits consulting firm or other entity engaged by CSX to provide Participant accounting or other services on behalf of the Plan.

 

	
  

	
(p)

	
“Member” -- means any person duly elected to the Board.

 

	
  

	
(q)

	
“Participant” -- means any Member who elects to participate in the Plan so long as he or she is entitled to a benefit under the Plan.

 

	
  

	
(r)

	
“Plan” -- means the CSX Directors Deferred Compensation Plan.

 

	
  

	
(s)

	
“Trust” -- means a grantor trust or trusts established by CSX which substantially conforms to the terms of the Internal Revenue Service model trust as described in Revenue Procedure 92-64, 1992-2 C.B. 422. CSX is not obligated to make any contribution to the Trust.

 

In any instance in which the male gender is used herein, it shall also include persons of the female gender in appropriate circumstances.

 

	
  

	
2.

	
Participation

 

Any Member who filed a Deferral Agreement in 2004 under and in accordance with the CSX Corporation 2002 Corporate Director Deferred Compensation Plan with respect to Directors Fees earned in 2005, shall be deemed to have filed such Deferral Agreement under this Plan and shall be a Participant in this Plan.

 

A Member may elect to become a Participant and defer Director’s Fees earned and payable in any subsequent calendar year by entering into a Deferral Agreement with the Administrator no later than the last non-holiday business day of the Fiscal Year ending immediately prior to the calendar year in question or such earlier date as may be specified by the Administrator.  Such Deferral Agreement shall be effective for purposes of deferring Director’s Fees earned in the calendar year following the date the Deferral Agreement is executed.  Any election made pursuant to a Deferral Agreement shall remain in effect with respect to future calendar years until changed or rescinded by the Participant in accordance with the Plan.

 

  

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3.

	
Deferral of Directors’ Fees

 

	
  

	
(a)

	
CSX shall, during any calendar year with respect to which a Participant has made a timely Deferral Election, withhold and defer payment of all or any specified part of Participant’s Director’s Fees in accordance with the Director’s Deferral Election.  A Participant may elect to change the amount of Director’s Fees he or she elects to defer, modify a Deferral Agreement or revoke a Deferral Agreement by filing a new Deferral Agreement pursuant to procedures established by the Administrator with the Administrator not later than the last day of the Fiscal Year immediately prior to the calendar year in which Director’s Fees are to be earned and paid, and such revised Deferral Agreement shall be effective with respect to Director’s Fees earned for all future calendar years until changed or rescinded in accordance with the Plan.

 

	
  

	
(b)

	
Notwithstanding Sections 2 and 3(a), when any person first becomes a Member, he or she may file an initial Deferral Agreement during the first thirty (30) days he or she is a Member, and such Deferral Agreement shall be effective solely with respect to Director’s Fees paid for services to be performed after such election.  For Director’s Fees that are earned based upon a specified performance period (for example, an annual bonus), where a Member’s Deferral Election is made in the first year of eligibility but after the beginning of the performance period, the Deferral Election must apply only to the Director’s Fees paid for services performed after such election.  For this purpose, a Deferral Election will be deemed to apply to Director’s Fees paid for services performed after the election if the Deferral Election applies to no more than an amount equal to the total amount of the Director’s Fees for the performance period multiplied by the ratio of the number of days remaining in the performance period after the Deferral Election over the total number of days in the performance period.

 

	
  

	
(c)

	
Notwithstanding any provision of the Plan to the contrary, on or prior to December 31, 2005, a Participant may cancel his or her participation in the Plan, may cancel an existing Deferral Agreement, or may reduce the amount of Directors’ Fees deferred under an existing Deferral Agreement.

 

	
  

	
4.

	
Participants’ Accounts

 

	
  

	
(a)

	
So long as he or she is a Member, a Participant may elect pursuant to a Deferral Agreement or other forms or procedures provided or established by the Administrator to have all or any portion of his or her eligible Director’s Fees, not required to be credited or actually credited to his or her Stock Account under the Plan pursuant to the terms of the CSX Corporation Stock Plan for Directors or otherwise, credited as follows:

 

  

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Through December 31, 2005:

 

To an interest-accruing account (“Interest Account”) or a CSX Phantom Stock Account (“Phantom Stock Account”).

 

After December 31, 2005:

 

To an Account or Accounts related to and accounted for in the same manner as the earnings benchmarks used in conjunction with the CSX Executives’ Deferred Compensation Plan (the “EDC Plan”) (a “Benchmark Account”) approved from time to time by the Administrator.

 

	
  

	
(b)

	
Elective Deferrals of CSX common stock shall be effected pursuant to Deferral Agreements filed with the Administrator.  A Participant’s Stock Account (“Stock Account”) will be credited with such deferrals.

 

	
  

	
(c)

	
Through December 31, 2005, interest shall accrue on a Participant’s Interest Account from the first day of the month following the date the deferred Director’s Fee would otherwise have been paid to the Participant until it is actually paid, such interest to be credited to an affected Participant’s Account and compounded quarterly at the end of each calendar quarter.  Interest will be credited quarterly based on the annual rate of 10-year U.S. Treasury bonds as published by the Wall Street Journal as of the first business day of October in the preceding calendar year.  The value of a Participant’s Interest Account shall be the sum of amounts deferred and all interest accrued thereon.  Interest Accounts ceased to exist as of December 31, 2005.  All undistributed amounts credited to such accounts were credited to a Benchmark Account, effective January 1, 2006.

 

	
  

	
(d)

	
Credits (including both deferrals of Directors’ Fees and dividends) to and the value of Phantom Stock Accounts are based upon Average Price.  Credits to and the value of Stock Accounts (other than deferred CSX common stock share awards declared by the Company), are based upon Average Price through December 31, 2007, and Closing Price thereafter.  Notwithstanding the preceding, full and fractional shares credited to Stock Accounts pertaining to dividends on CSX common stock held by the trustee of the Directors’ Stock Trust or a successor trust shall be credited based on the actual purchase price of the CSX common stock acquired by the trustee with such dividends.

 

	
  

	
(e)

	
Through December 31, 2005, a Participant, while a Member, could elect at any time to transfer all or any portion of amounts deferred, including all earnings thereon, between his or her Interest Account and Phantom Stock Account.  After December 31, 2005, a participant may elect, on forms provided by and pursuant to rules established by the Administrator, to transfer all or any portion of amounts held in a Benchmark Account

 

  

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among such Accounts. No transfers may be made into the Stock Account. Transfers out of the Stock Account may only be made when a Participant is no longer a Member.

 

	
  

	
5.

	
Distribution of Deferred Directors’ Fees

 

	
  

	
(a)

	
Amounts deferred under the Plan and/or credited to an Account shall be distributed to a Participant from such Account in a lump sum one year following the date in which a Participant ceases to be a Member, unless he or she shall file a Distribution and Form of Payment Election as provided in Sections 5 and 6.

 

	
  

	
(b)

	
A Participant may file with the Administrator a Distribution Election, in accordance with Section 5(c), for the distribution from an Account upon:

 

	
  

	
(i)

	
attainment of a designated age; or

 

	
  

	
(ii)

	
separation from the Board.

 

For this purpose, a separation from the Board will not be deemed to have occurred if the Member continues to provide services to CSX at a level greater than 20% of the average number of hours of services provided by the Member over the 36 (or, if less, the full term of employment) months preceding his or her date of separation from the Board.

 

	
  

	
(c)

	
A Participant shall file a Distribution Election with respect to Director’s Fees deferred pursuant to a Deferral Agreement and other deferrals at the same time that such Deferral Agreement is filed as provided in Sections 2 or 3.  A Participant may change a Distribution Election with respect to future elective deferrals at any time on or prior to the date by which any new or revised Deferral Agreement would have to be filed under Section 3(a).  Such revised Distribution Election shall be effective only with respect to Director’s Fees earned and deferred in calendar years commencing subsequent to such revised Distribution Election.

 

	
  

	
(d)

	
Notwithstanding the foregoing, on or prior to December 31, 2005, a Participant may file a new Distribution Election with respect to amounts deferred under the Plan prior to such new Distribution Election.

 

	
  

	
(e)

	
Any Distribution Election made in proper form and at the proper time by a Participant shall be effective and distribution shall commence pursuant to such Distribution Election.  Any Distribution Election not made in proper form or at the proper time shall be void.  Distributions from a Participant’s Stock Account shall be made only in shares of CSX common stock.

 

	
  

	
(f)

	
Non-elective deferred cash or stock awards declared by the Corporation shall be credited to a Participant’s Benchmark or Stock Account as applicable.  Unless a Participant has made a different timely election, any

 

  

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such award shall be distributed at the same time and in the same form as the Participant’s last effective election prior to each such declaration or, if none, pursuant to Sections 5(a) and (e).

 

	
  

	
(g)

	
A Participant may make additional elections to defer (but not accelerate) commencement of a payment elected pursuant to a prior Distribution Election (including a default election) under the Plan (a “Re-deferral Election), provided that (A) such Re-deferral Election may not be effective for at least 12 months after the date on which it is filed; (B) the additional deferral with respect to which such Re-deferral Election is made may not be less than five years from the date such distribution would otherwise have been made, except in the case of elections relating to distributions on account of death; and (C) if such Re-deferral Election is to a designated age, such Re-deferral Election may not be made less than 12 months prior to the date of the first scheduled payment under the Distribution Election then in effect.  Such Re-deferral Election shall be made on forms prescribed by the Administrator.

 

	
  

	
(h)

	
Notwithstanding any provision of the Plan to the contrary, the Administrator shall, in a manner compliant with Code § 409A, make a lump sum distribution to a Participant to the extent necessary to comply with a certificate of divestiture, as defined in Code § 1043(b)(2), or, to the extent amounts deferred hereunder have become taxable as a result of Code § 409A.

 

	
  

	
(i)

	
A Participant may elect with respect to any elective deferral to have the deferral paid in a lump sum within 45 days of a Change of Control.

 

	
  

	
6.

	
Form of Payment

 

A Form of Payment Election provided in this Section 6, with respect to a Deferral Agreement, shall be made in writing at the same time as the Distribution Election filed with respect to such Deferral Agreement, and may be changed at the same time and to the same extent as a Distribution Election may be changed, as provided in Section 5, regardless of whether the Distribution Election is changed.

 

Notwithstanding the foregoing, on or prior to December 31, 2005, a Participant may file a new Form of Payment Election with respect to amounts deferred prior to such new Form of Payment Election.

 

A Participant may elect either a lump sum payment, or semi-annual installments.  Lump sum payments are made as soon as practicable after the end of the month following the event triggering the distribution.  If installment payments are elected, payments shall be made, for either five, ten, fifteen, or twenty years.  Installment payments shall be made as soon as practicable after each June 30 and December 31.  The amount of each installment shall be determined by multiplying the value of the Participant’s account as of the last business day of June or December immediately preceding the installment distribution date by a fraction, the

 

  

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numerator of which shall be one (1) and the denominator of which shall be the number of installment payments over which payment of such amount is to be made, less the number of installment payments previously made.  In the case of installments from a Stock Account, fractional share amounts shall be rounded up to the next highest whole share amount, except in the case of the final installment, in which case a cash payment will be made for any fractional shares.  Installment payments shall be treated as one payment for purposes of Code § 409A.

 

	
  

	
7.

	
Death of a Participant

 

	
  

	
(a)

	
In the event a Participant shall die while he or she is a Member, the balance of his or her Accounts shall be paid in either a lump sum or installments (consistent with the Form of Payment Elections made by the Participant as described in Section 6) to his or her Designated Beneficiary.

 

	
  

	
(b)

	
In the event a Participant shall die after he or she ceases to be a Member and before he or she has received complete distribution from his or her Account, the balance credited to his or her Account shall be paid to his or her Designated Beneficiary consistent with the Form of Payment Elections made by the Participant as described in Section 6.

 

	
  

	
(c)

	
In the event a Participant shall not file a Designation of Beneficiary, or no Designated Beneficiary is living or existing at the Participant’s death, the balance credited to the Participant’s Accounts shall be paid in full to the Participant’s estate not later than the tenth day of the calendar year following his or her date of death.

 

	
  

	
8.

	
Obligation of CSX

 

This Plan shall be unfunded and credits to the Accounts of each Participant shall not be set apart for the Participant nor otherwise made available so that the Participant may draw upon them at any time, except as provided in this Plan.  Neither any Participant nor his or her Designated Beneficiary shall have any right, title, or interest in such credits or any claim against them.  Payments may be made only at such times and in the manner expressly provided in this Plan.  CSX’s contractual obligation is to make the payments when due.  No notes or security for the payment of any Participant’s account shall be issued by CSX.

 

	
  

	
9.

	
Funding of Trusts

 

CSX may, in its sole discretion, fund one or more Trusts to assist it in discharging its obligations hereunder.

 

	
  

	
10.

	
Claims Against Participant’s Account

 

No credits to the account of any Participant under this Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to do so shall be void.  Nor shall any credit be subject to attachment or legal process for debts or other obligations.  Nothing contained in this Plan shall give any Participant

 

  

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any interest, lien, or claim against any specific asset of CSX.  No Participant or his or her Designated Beneficiary shall have any rights other than as a general creditor of CSX.

 

	
  

	
11.

	
Co-ordination with Payments from Trust or Similar Vehicle

 

The obligations of CSX and the benefit due any Participant or Designated Beneficiary under the Plan shall be reduced by any amount received in regard thereto under the Trust or any similar trust or other vehicle.

 

	
  

	
12.

	
Amendment or Termination

 

This Plan may be altered, amended, suspended, or terminated at any time by the Board, provided, however, that no alteration, amendment, suspension, or termination shall be made to this Plan which would result in a reduction in benefits accrued through the date of such action.  Further, the Board may delegate its authority to take such actions by charter or otherwise.

 

	
  

	
13.

	
Impact of Future Legislation or Regulation

 

	
  

	
(a)

	
This Section 14 shall become operative upon the enactment of any change in applicable statutory law or the promulgation by the Internal Revenue Service of a final regulation or other pronouncement having the force of law, which statutory law, as changed, or final regulation or pronouncement, as promulgated, would cause any Participant to include in his or her federal gross income amounts accrued by the Participant under the Plan on a date (an “Early Taxation Event”) prior to the date on which such amounts are made available to him or her hereunder.

 

	
  

	
(b)

	
Notwithstanding any other Section of this Plan to the contrary (but subject to Section 14(c), below), as of an Early Taxation Event, the feature or features of this Plan, or the election by a Participant that would cause the Early Taxation Event shall be null and void, to the extent, and only to the extent, required to prevent the Participant from being required to include in his or her federal gross income amounts accrued by the Participant under the Plan prior to the date on which such amounts are made available to him or her hereunder.  If only a portion of a Participant’s Account is impacted by the change in the law, then only such portion shall be subject to this Section, with the remainder of the Account not so affected being subject to such rights and features as if the law were not changed.  If the law impacts only Participants who have a certain status with respect to the Company, then only such Participants shall be subject to this Section.

 

	
  

	
(c)

	
Notwithstanding Section 14(b) above, if an Early Taxation Event occurs, the amount that is required to be included in income as a result of a compliance failure under Code § 409A and the regulations promulgated thereunder, shall be distributed to the affected Participant as soon as practicable following such Early Taxation Event.

 

  

- 10 -

  

 

	
  

	
(d)

	
Notwithstanding Section 14(b) above, if an Early Taxation Event occurs, to the extent an amount is includable in income as a result of a compliance failure under Code § 409A or otherwise before such amount is distributable under the Plan, an amount equal to the total employment taxes on the Early Taxation Event and any applicable federal, state, local or foreign income tax withholding attributable to the payment of such amounts required to be withheld or paid and the income taxes required to be withheld thereon, shall be distributed to the affected Participant or paid to the appropriate taxing authority as soon as practicable following such Early Taxation Event in accordance with Code § 409A.

 

  

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CSX Directors’ Deferred Compensation Plan

Effective January 1, 2005

 

The CSX Directors’ Deferred Compensation Plan, effective January 1, 2005, is amended by revising Section 1(e) to read as follows, effective January 1, 2005:

 

	
  

	
(e)

	
“Change of Control” -- means any of the following:

 

	
  

	
(i)

	
Stock Acquisition.  (A) One or more acquisitions by any individual, entity or group (within the meaning of Treas. Reg. §§ 1.409A-3(i)(5)(v)(B) and (vi)(D)) (a “Person”) of 30% or more of the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Voting Securities”) during any 12-month period ending on the date of the most recent acquisition by such Person; or (B) an acquisition that results in ownership by a Person of either (x) shares representing more than 50% of the total fair market value of the Corporation’s then outstanding stock (the “Outstanding Stock”) or (y) shares representing more than 50% of the then Outstanding Voting Securities; provided, however, that for purposes of this subsection (i) the following acquisitions of shares of the Corporation shall not be taken into account in the determination of whether a Change of Control has occurred:  (i) any acquisition directly from the Corporation; (ii) any cash acquisition by the Corporation; (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any corporation or other entity controlled by the Corporation; or (iv) any acquisition of additional voting power or stock by a Person which prior to the acquisition had already acquired more than the applicable 30% or 50% threshold.  Notwithstanding the foregoing, an acquisition of its stock by the Corporation in exchange for property which increases the percentage of stock owned by a Person shall be treated as an acquisition for purposes of this subsection (i); or

 

	
  

	
(ii)

	
Board Composition.  Individuals who, as of January 1, 2005, constitute the Board (the “Incumbent Board”) cease for any reason (other than death) within a 12-month period to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to such date whose appointment, election or nomination for election by the Corporation’s shareholders, was endorsed by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board; or

 

	
  

	
(iii)

	
Business Combination.  Consummation of a reorganization, merger or  consolidation of the Corporation (a “Business Combination”), in each case, that results in either a change of ownership contemplated in subsection (i) of this

 

  

 

  

 

Section 1(e) or a change in the Incumbent Board contemplated in subsection (ii) of this Section 1(e); or

 

	
  

	
(iv)

	
Sale or Disposition of Assets.  One or more Persons acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Persons) assets of the Corporation that have a total gross fair market value equal to more than 40 percent of the total gross fair market value of all of the assets of the Corporation (without regard to liabilities of the Corporation or associated with such assets) immediately before such acquisition or acquisitions; provided that such sale or disposition is not to:

 

	
  

	
(A)

	
a shareholder of the Corporation (immediately before the asset transfer) in exchange for or with respect to Outstanding Stock of the Corporation;

 

	
  

	
(B)

	
an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Corporation;

 

	
  

	
(C)

	
a Person that owns, directly or indirectly, 50% or more of the total value or voting power of all the Outstanding Stock of the Corporation; or

 

	
  

	
(D)

	
an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in subsection (iv)(C) above.

 

Except as otherwise specifically provided in subsection (iv)(A) of this Section 1(e), a Person’s status is determined immediately after the transfer.

 

Further, in construing subsection (i) of this Section 1(e), and without regard to any determination by a court or governmental agency to the contrary, under no circumstances shall shares of common stock of the Corporation referenced in total return swaps that were the subject of the lawsuit filed by the Corporation in the United States District Courts for the Southern District of New York on March 17, 2008, against The Children’s Investment Master Fund, 3G Capital Partners, Ltd. and certain of their affiliates (the “Defendants”) be deemed to be beneficially owned, except to the extent that any such swaps are converted or changed into direct ownership of shares of common stock of the Corporation by any of the Defendants, their affiliates or any other person acting in concert with any of them.

 

  

 

  

 

 

CSX Directors’ Deferred Compensation Plan

Effective January 1, 2005

 

The CSX Directors’ Deferred Compensation Plan, effective January 1, 2005, is amended by revising Section 5(d) to read as follows, effective June 1, 2008:

 

	
  

	
(d)

	
Notwithstanding the foregoing, on or before December 31, 2008, to the extent compliant with Code § 409A, the regulations promulgated thereunder, and any and all transition rules and relief promulgated by the Internal Revenue Service or the U.S. Department of Treasury regarding compliance therewith, a Participant may, at the discretion of the Company, file one or more new Distribution Elections with respect to amounts deferred under the Plan prior to any subsequent Distribution Election.

 

  

 

  

 

THIRD AMENDMENT

TO THE

CSX DIRECTORS’ DEFERRED COMPENSATION PLAN

 

Section 12 of the CSX Directors’ Deferred Compensation Plan, effective January 1, 2005 (the “Plan”), allows CSX Corporation (the “Company”) to amend the Plan at any time, provided such amendment does not result in a reduction in benefits accrued through the date of such action.

 

Accordingly, the Company hereby amends the Plan to change or add the following provisions effective January 1, 2013:

 

1.           Section 5(b) is deleted in its entirety and replaced by the following:

 

	
  

	
“(b)

	
A Participant may file with the Administrator a Distribution Election, in accordance with Section 5(c), for the distribution from an Account upon:

 

	
  

	
(i)

	
A specified year in which payment will be determined on June 30th of said year.  The Administrator may limit the number of “specified year” elections the Participant may have; or

 

	
  

	
(ii)

	
Separation from the Board.

 

For this purpose, a separation from the Board will not be deemed to have occurred if the Participant continues to provide services to CSX at a level greater than 20% of the average number of hours of services provided by the Participant over the 36 (or, if less, the full term of employment) months preceding his or her date of separation from the Board.”

 

2.           Section 6 is deleted in its entirety and replaced by the following:

 

“A Form of Payment Election provided in this Section 6, with respect to a Deferral Agreement, shall be made in writing at the same time as the Distribution Election filed with respect to such Deferral Agreement, and may be changed at the same time and to the same extent as a Distribution Election may be changed, as provided in Section 5, regardless of whether the Distribution Election is changed.

 

Notwithstanding the foregoing, on or prior to December 31, 2005, a Participant may file a new Form of Payment Election with respect to amounts deferred prior to such new Form of Payment Election.

 

A Participant may elect either a lump sum payment, or semi-annual installments.  Lump sum payments are made as soon as practicable after the end of the month following the event triggering the distribution.  If installment payments are elected, payments shall be made, for any number of years from two (2) to twenty (20), inclusive, as elected by the participant.  Installment payments shall be made

 

  

 

  

 

as soon as practicable after each June 30 and December 31.  The amount of each installment shall be determined by multiplying the value of the Participant’s account as of the last business day of June or December immediately preceding the installment distribution date by a fraction, the numerator of which shall be one (1) and the denominator of which shall be the number of installment payments over which payment of such amount is to be made, less the number of installment payments previously made.  In the case of installments from a Stock Account, fractional share amounts shall be rounded up to the next highest whole share amount, except in the case of the final installment, in which case a cash payment will be made for any fractional shares.  Installment payments shall be treated as one payment for purposes of Code § 409A.

 

Notwithstanding any provision of the Plan to the contrary, the Administrator may, in its sole discretion which shall be evidenced in writing no later than the date of payment, elect to pay the value of the Participant’s Account upon initiation of installment payments in a single lump sum if the combined balance of such Accounts is not greater than the applicable dollar amount under Code Section 402(g)(1)(B), provided the payment represents the complete liquidation of the Participant’s interest in the Plan.”

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