Amendment to Agreements for Continued Employment Following Change in Control or Disposition of Subsidiary (GATX)

Summary

This agreement, approved by the Board of Directors in December 2000, extends the term of employment agreements for certain executives of GATX through December 31, 2001. It amends the definition of "Change of Control" and increases the severance bonus payable upon termination after such an event from one to two times the executive's eligible bonus. The agreement is designed to provide continued employment protection for executives in the event of a change in control or sale of a subsidiary.

EX-10.K 4 c61224ex10-k.txt AGREEMENT FOR CONTINUED EMPLOYMENT 1 EXHIBIT 10"K" In December 2000, the Board of Directors of the Company approved a resolution extending the term for Agreements for Continued Employment Following Change in Control or Disposition of a Subsidiary to December 31, 2001 and amending the Agreements as follows: (i) The definition of "Change of Control" was modified by (a) replacing in paragraph 1(b) the phrase "a change in the beneficial ownership of GATX's voting stock or a change in the composition of GATX's Board of Directors which occurs as follows" with the phrase "any of the following events" and (b) replacing in paragraph 1(b)4 the phrase "the stockholders approve" with the phrase "the consummation of" and (ii) In paragraph 5a(ii) the amount of bonus used to calculate the amount payable upon termination of employment was modified by replacing the phrase "one times the bonus that would have been payable to the Executive" with the phrase "two times the bonus that would have been payable to the Executive".