UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

COMMERCIAL BARGE LINE COMPANY

Delaware		333-124454-12		03-0552365
(State or other jurisdiction of		(Commission File Number)		(I.R.S. Employer
incorporation or organization)				Identification No.)

1701 E. Market Street, Jeffersonville,
Indiana		47130
(Address of principal executive offices)		(Zip Code)

(812) 288-0100
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

ITEM 5.02(e). DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

Approval of 2011 Annual Incentive Plan

On July 14, 2011, the Board of Directors of Commercial Barge Line Company (the “Company”) approved the Commercial Barge Line Company 2011 Annual Incentive Plan Corporate Employees (the “Incentive Plan”). Certain full-time salaried employees of the Company and its affiliates, including the named executive officers of the Company, are eligible to participate in the Incentive Plan. Cash awards paid under the Incentive Plan are designed to provide eligible participants with incentive compensation based upon the achievement of pre-established performance measures. Under the Incentive Plan, awards are determined based on specific weighting of certain financial and business objectives of the Company. The financial objectives are based on earnings before interest, taxes, depreciation, amortization and restructuring (“EBITDAR”). The business objectives include: safety incident rate; environmental safety; and safety of assets based on allisions, collisions and groundings. Each performance measure has corresponding performance thresholds. Actual performance between the thresholds results in a pro-rated payout.

The Incentive Plan will be administered by a Compensation Committee designated by the Board of Directors. The Board of Directors and the Compensation Committee retain the discretion to amend, modify, suspend or terminate the Incentive Plan, including the right to suspend or eliminate some or all incentive awards. The measurement period for the Incentive Plan is January 1 to December 31, 2011. The foregoing description of the Incentive Plan is qualified in its entirety by reference to the Incentive Plan, which is attached as Exhibit 10.1 and incorporated herein by reference.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit Number		Description
Exhibit 10.1		Commercial Barge Line Company 2011 Annual Incentive Plan Corporate Employees

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.