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                                                                    Exhibit 10.8

                           CHANGE IN CONTROL AGREEMENT

     THIS CHANGE IN CONTROL AGREEMENT ("Agreement") is entered into effective as
of September 1, 2001 by and between EQUITY OFFICE PROPERTIES MANAGEMENT CORP., a
Delaware corporation ("Employer"), EQUITY OFFICE PROPERTIES TRUST, a Maryland
real estate investment trust (the "Trust") and STANLEY M. STEVENS (the
"Executive").

                                   WITNESSETH

     WHEREAS, the Trust is the indirect ultimate controlling parent of Employer;
and

     WHEREAS, the Board of Trustees of the Trust (the "Board") recognizes that
the possibility of a Change in Control (as hereinafter defined) exists or may
exist in the future and that the threat or the occurrence of a Change in Control
can result in significant distractions of its key management personnel because
of the uncertainties inherent in such a situation;

     WHEREAS, the Board has determined that it is essential and in the best
interest of the Trust and/or its affiliates, (including Employer, as the context
may require, collectively, the "Company") and the Trust's shareholders to retain
the services of the Executive in the event of a threat or occurrence of a Change
in Control and to ensure his continued dedication and efforts in such event
without undue concern for his personal financial and employment security; and

     WHEREAS, in order to induce the Executive to remain in the employ of the
Company particularly in the event of a threat or the occurrence of a Change in
Control, the Employer desires to enter into this Agreement with the Executive to
provide the Executive with certain benefits in the event his employment is
terminated as a result of, or in connection with, a Change in Control and to
provide the Executive with certain other benefits whether or not the Executive's
employment is terminated.

                                    AGREEMENT

     NOW, THEREFORE, in consideration of the respective agreements of the
parties contained herein and other good and valuation consideration, the receipt
and sufficiency of which are hereby acknowledged, it is agreed as follows:

     1.   TERM OF AGREEMENT. This Agreement shall commence as of the date hereof
and shall continue in effect until the date the Executive's employment by the
Company is terminated; provided, however, that if the Executive's employment is
terminated following, or in anticipation of, a Change in Control, the term shall
continue in effect until all payments and benefits have been made or provided to
the Executive hereunder.

     2.   DEFINITIONS

          2.1 ACCRUED COMPENSATION. For purposes of this Agreement, "Accrued
Compensation" shall mean an amount which shall include all amounts earned

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or accrued through the "Termination Date" (as hereinafter defined) but not paid
as of the Termination Date including (i) base salary, (ii) reimbursement for
reasonable and necessary expenses incurred by the Executive on behalf of the
Company during the period ending on the Termination Date, (iii) paid time off
(to the extent provided by Company policy or applicable law), and (iv) 100% of
any target bonus with respect to the Company's fiscal year ended prior to the
Termination Date to the extent a bonus for such year has not been awarded and
paid prior to the Termination Date.

     2.2 BASE AMOUNT. For purposes of this Agreement, "Base Amount" shall mean
the greater of (a) the Executive's annual base salary, at the rate in effect
immediately prior to the Change in Control and (b) the Executive's annual base
salary, at the rate in effect on the Termination Date.

     2.3 BONUS AMOUNT. For purposes of this Agreement, "Bonus Amount" shall mean
the annual average of the cash and fair market value (when paid or awarded and
calculated without regard to any vesting requirement) of stock or other property
paid to the Executive (including amounts that would have been paid if they had
not been deferred) under the Company's annual incentive bonus plan for the three
years immediately preceding the year in which the Executive's employment
terminates (disregarding for these purposes any year during such 3 year period
that Executive did not work a full year), or for such shorter period that the
Executive has been employed by the Company. If the Executive's employment is
terminated in the Executive's first year of employment, "Bonus Amount" shall
mean 100% of the target bonus that the Executive would have been eligible to
receive for such year.

     2.4 CAUSE. For purposes of this Agreement, a termination of employment is
for "Cause" if the Executive has been convicted of a felony involving fraud or
dishonesty or the termination is evidenced by a resolution adopted in good faith
by at least two-thirds of the Board that the Executive: (i) intentionally and
continually failed substantially to perform his reasonably assigned duties with
the Company (other than a failure resulting from the Executive's incapacity due
to physical or mental illness or from the Executive's assignment of duties that
would constitute "Good Reason" as hereinafter defined) which failure continued
for a period of at least thirty (30) days after a written notice of demand for
substantial performance has been delivered to the Executive specifying the
manner in which the Executive has failed substantially to perform or (ii)
intentionally engaged in conduct which is demonstrably and materially injurious
to the Company; provided, however, that no termination of the Executive's
employment shall be for Cause as set forth in clause (ii) above until (x) there
shall have been delivered to the Executive a copy of a written notice setting
forth that the Executive was guilty of the conduct set forth in clause (ii) and
specifying the particulars thereof in detail and (y) the Executive shall have
been provided an opportunity to be heard in person by the Board (with the
assistance of the Executive's counsel if the Executive so desires). Neither an
act nor a failure to act, on the Executive's part shall be considered
"intentional" unless the Executive has acted or failed to act with a lack of
good faith and with a lack of reasonable belief that the Executive's action or
failure to act was in the best interest of the Company. Notwithstanding anything
contained in this Agreement to the contrary, no

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failure to perform by the Executive after a Notice of Termination is given by
the Executive shall constitute Cause for purposes of this Agreement.

     2.5  CHANGE IN CONTROL. For purposes of this Agreement, a "Change in
Control" shall mean any of the following events:

          (a) An acquisition (other than directly from the Trust) of any voting
securities of the Trust (the "Voting Securities") by any "Person" (as the term
person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange
Act of 1934, as amended (the "1934 Act")), immediately after which such Person
has "Beneficial Ownership" (within the meaning of Rule 13d-3 promulgated under
the 1934 Act) of 30% or more of the combined voting power of the Trust's then
outstanding Voting Securities; provided, however, that in determining whether a
Change in Control has occurred, Voting Securities which are acquired in a
"Non-Control Acquisition" (as hereinafter defined) shall not constitute an
acquisition which would cause a Change in Control. A "Non-Control Acquisition"
shall mean an acquisition by (i) an employee benefit plan (or a trust forming a
part thereof) maintained by (x) the Company or (y) any corporation or other
Person of which a majority of its voting power or its equity securities or
equity interest is owned directly or indirectly by the Company (a "Subsidiary"),
(ii) the Company or any Subsidiary or (iii) any Person in connection with a
"Non-Control Transaction" (as hereinafter defined).

          (b)  Approval by shareholders of the Trust of:

               (i) A merger, consolidation or reorganization involving the
          Trust, if:

                    (A) the shareholders of the Trust, immediately before such
               merger, consolidation or reorganization, fail to own, directly or
               indirectly, immediately following such merger, consolidation or
               reorganization, at least seventy percent (70%) of the combined
               voting power of the outstanding Voting Securities of the entity
               resulting from such merger or consolidation or reorganization
               (the "Surviving Corporation") in substantially the same
               proportion as their ownership of the Voting Securities
               immediately before such merger, consolidation or reorganization;
               and

                    (B) the individuals who were members of the Incumbent Board
               immediately prior to the execution of the agreement providing for
               such merger, consolidation or reorganization do not constitute at
               least a majority of the members of the board of directors of the
               Surviving Corporation or a corporation beneficially owning,
               directly or indirectly, a majority of the Voting Securities of
               the Surviving Corporation.

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               (A merger, consolidation or reorganization involving the Trust
               which fails to satisfy the conditions described in clauses (A)
               and (B) shall herein be referred to as a "Non-Control
               Transaction.");

               (ii) A complete liquidation or dissolution of the Trust; or

               (iii) An agreement for the sale or other disposition of all or
          substantially all of the assets of the Trust to any Person (other than
          to an entity of which the Trust directly or indirectly owns at least
          70% of the voting shares).

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur
solely because any Person (the "Subject Person") acquired Beneficial Ownership
of more than the permitted amount of the outstanding Voting Securities as a
result of the acquisition of Voting Securities by the Trust which, by reducing
the number of Voting Securities outstanding, increases the proportional number
of shares Beneficially Owned by the Subject Person, provided that if a Change in
Control would occur (but for the operation of this sentence) as a result of the
acquisition of Voting Securities by the Trust, and after such share acquisition
by the Trust, the Subject Person becomes the Beneficial Owner of any additional
Voting Securities which increases the percentage of the then outstanding Voting
Securities Beneficially Owned by the Subject Person, then a Change in Control
shall occur.

          (c) The rejection by the voting Beneficial Owners of the outstanding
Shares of the entire slate of trustees that the Board proposes at a single
election of trustees.

          (d) The rejection by the voting Beneficial Owners of the outstanding
Shares of one-half or more of the trustees that the Board proposes over any two
or more consecutive elections of trustees.

          (e) Notwithstanding anything contained in this Agreement to the
contrary, if the Executive's employment is terminated prior to a Change in
Control and the Executive reasonably demonstrates that such termination: (i) was
at the request of a third party who has indicated an intention or taken steps
reasonably calculated to effect a Change in Control and who effectuates a Change
in Control (a "Third Party") or (ii) otherwise occurred in connection with, or
in anticipation of, a Change in Control which actually occurs, then for all
purposes of this Agreement, the date of a Change in Control with respect to the
Executive shall mean the date immediately prior to the date of such termination
of the Executive's employment.

     2.6 COMPANY. For purposes of this Agreement, the "Company" shall include
the Company's "Successors and Assigns" (as hereinafter defined).

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     2.7  DISABILITY. For purposes of this Agreement, "Disability" shall mean a
physical or mental infirmity that entitles the Executive to benefits under the
Company sponsored long-term disability plan in which he or she participates.

     2.8  GOOD REASON.

     (a)  For purposes of this Agreement, "Good Reason" shall mean the
occurrence after a Change in Control of any of the events or conditions
described in subsections (i) through (viii) hereof:

               (i) a change in the Executive's status, position or
          responsibilities (including reporting responsibilities) which, in the
          Executive's reasonable judgment, represents an adverse change (other
          than an immaterial or de minimus adverse change) from his status,
          position or responsibilities as in effect at any time within 180 days
          preceding the date of a Change in Control or at any time thereafter;
          the Executive no longer reports to the chief executive officer of the
          Company (if the Executive reported to such officer prior to the Change
          in Control); the assignment to the Executive of any duties or
          responsibilities which, in the Executive's reasonable judgment, are
          inconsistent with his status, title, position or responsibilities as
          in effect at any time within 180 days preceding the date of a Change
          in Control or at any time thereafter; or any removal of the Executive
          from or failure to reappoint or reelect him to any of such offices or
          positions held prior to the Change in Control, except in connection
          with the termination of his employment for Disability, Cause, as a
          result of his death or by the Executive other than for Good Reason;

               (ii) a reduction in the Executive's base salary or any failure to
          pay the Executive any compensation or benefits to which he is entitled
          within five days of written notice thereof;

               (iii) the Company's requiring the Executive to be based at any
          place outside a 25-mile radius from the Executive's principal location
          of business prior to the Change in Control, except for reasonably
          required travel on the Company's business which is not materially
          greater than such travel requirements prior to the Change in Control;

               (iv) the failure by the Company to provide the Executive with
          compensation and benefits, in the aggregate, at least equal (in terms
          of benefit levels and/or reward opportunities which opportunities will
          be evaluated in light of the performance requirements therefor) to
          those provided for under each other employee compensation and benefit
          plan, program and practice in which the Executive was participating at
          any time within 180 days preceding the date of a Change in Control or
          at any time thereafter;

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               (v) the insolvency or the filing (by any party, including the
          Company) of a petition for bankruptcy of the Company, which petition
          is not dismissed within sixty (60) days;

               (vi) any material breach by the Company of any provision of this
          Agreement;

               (vii) any purported termination of the Executive's employment for
          Cause by the Company which does not comply with the terms of Section
          2.4; or

               (viii) the failure of the Company to obtain an agreement,
          satisfactory to the Executive, from any Successors and Assigns to
          assume and agree to perform this Agreement, as contemplated in Section
          6 hereof.

     (b)  Any event or condition described in Section 2.8(a)(i) through (viii)
which occurs prior to a Change in Control but which the Executive reasonably
demonstrates (i) was at the request of a Third Party or (ii) otherwise arose in
connection with, or in anticipation of, a Change in Control which actually
occurs, shall constitute Good Reason for purposes of this Agreement
notwithstanding that it occurred prior to the Change in Control.

     (c)  The Executive's right to terminate his employment pursuant to this
Section 2.8 shall not be affected by his incapacity due to a Disability.

     2.9. NOTICE OF TERMINATION. For purposes of this Agreement, following a
Change in Control, "Notice of Termination" shall mean a written notice of
termination from the Company of the Executive's employment which indicates a
specific termination provision in this Agreement relied upon and which sets
forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive's employment under the provision so
indicated.

     2.10. PRO RATA BONUS. For purposes of this Agreement, "Pro Rata Bonus"
shall mean an amount equal to 100% of the target bonus that the Executive would
have been eligible to receive for the Company's fiscal year in which the
Executive's employment terminates, multiplied by a fraction, the numerator of
which is the number of days in such fiscal year through the Termination Date and
the denominator of which is 365.

     2.11. SUCCESSORS AND ASSIGNS. For purposes of this Agreement, "Successors
and Assigns" shall mean a corporation or other entity acquiring all or
substantially all the Voting Securities, assets or business of the Trust whether
by operation of law or otherwise, and any affiliate of such Successors and
Assigns.

     2.12. TERMINATION DATE. For purposes of this Agreement, "Termination Date"
shall mean (a) in the case of the Executive's death, his date of death, (b) in
the case of

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Good Reason, the last day of his employment and (c) in all other cases, the date
specified in the Notice of Termination or if no Notice of Termination is sent,
the last day of his employment; provided, however, that if the Executive's
employment is terminated by the Company due to Disability, the date specified in
the Notice of Termination shall be the 30th day after receipt of the Notice of
Termination by the Executive, provided that the Executive shall not have
returned to the full-time performance of his duties within 30 days after such
receipt.

     3.   TERMINATION OF EMPLOYMENT. If the Executive's employment with the
Company shall be terminated within twenty-four (24) months following a Change in
Control, the Executive shall be entitled to the following compensation and
benefits:

          (a) If the Executive's employment with the Company shall be terminated
(i) by the Company for Cause or Disability, (ii) by reason of the Executive's
death or (iii) by the Executive other than for Good Reason, the Employer shall
pay to the Executive the Accrued Compensation; provided, however, any incentive
compensation shall not be paid in the case of a termination by the Company for
Cause; and provided, further that, if an employment agreement is in existence
between the Company and the Executive on the Termination Date, the Employer
and/or its affiliates, as the case may be, shall also pay to the Executive any
amounts owed to the Executive pursuant to such employment agreement, but only to
the extent such amounts are not duplicative of amounts otherwise payable
hereunder.

          (b) If the Executive's employment with the Company shall be terminated
for any reason other than as specified in Section 3(a), the Executive shall be
entitled to the following:

               (i) the Employer shall pay the Executive all Accrued Compensation
          and a Pro Rata Bonus;

               (ii) the Employer shall pay the Executive as severance pay and in
          lieu of any further compensation for periods subsequent to the
          Termination Date, in a single payment an amount in cash equal to two
          and a half (2 1/2) times the sum of (A) the Base Amount and (B) the
          Bonus Amount; provided, however, if an employment agreement is in
          existence between the Company and the Executive on the Termination
          Date, any amount due the Executive under this Section 3(b)(ii) shall
          be reduced by the amount of Base Amount and Bonus Amount paid as
          severance pay to Executive pursuant to such employment agreement in
          lieu of compensation for periods subsequent to the Termination Date.

               (iii) for thirty (30) months following the Termination Date, (the
          "Continuation Period"), the Employer shall at its expense continue on
          behalf of the Executive and his dependents and beneficiaries the
          medical, dental, life, disability and hospitalization benefits
          provided (A) to the Executive at any time during the 90-day period
          prior to the Change in

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          Control or at any time thereafter (and if different benefits were paid
          during such period, such of those benefits as are elected by the
          Executive) or (B) to other similarly situated executives who continue
          in the employ of the Company during the Continuation Period. The
          coverage and benefits (including deductibles and costs) provided in
          this Section 3(b)(iii) during the Continuation Period shall be no less
          favorable to the Executive and his dependents and beneficiaries than
          the most favorable of such coverages and benefits during any of the
          periods referred to in clauses (A) and (B) above. The Employer's
          obligation hereunder with respect to the foregoing benefits shall be
          compromised to the extent that the Executive obtains any such benefits
          pursuant to a subsequent employer's benefit plans, in which case the
          Employer may reduce the coverage of any benefits it is required to
          provide the Executive hereunder as long as the aggregate coverages and
          benefits of the combined benefits plans is no less favorable to the
          Executive than the coverages and benefits required to be provided
          hereunder. This subsection (iii) shall not be interpreted so as to
          limit any benefits to which the Executive, his dependents or
          beneficiaries may be otherwise entitled under any of the Company's
          employee benefit plans, programs or practices following the
          Executive's termination of employment, including without limitation,
          retiree medical and life insurance benefits;

               (iv) all theretofore unvested share options, restricted options,
          restricted share and other awards issued to the Executive pursuant to
          the Company's Share Option and Share Award Plan, and all unvested
          benefits under any split dollar life insurance policies insuring the
          Executive's life, shall immediately become 100% vested; and

               (v) a payment from the Employer equal to the unvested amount
          contained in the Executive's accounts in the Company's 401(k) plan (or
          any other qualified plan of the Company or an affiliate) which he or
          she will forfeit as a result of his or her termination.

     (c)  The amounts provided for in Sections 3(a) and 3(b)(i) and (ii) shall
be paid in a single lump sum cash payment in immediately available funds within
five (5) days after the Executive's Termination Date (or earlier, if required by
applicable law).

     (d)  The Executive shall not be required to mitigate the amount of any
payment provided for in this Agreement by seeking other employment or otherwise
and no such payment shall be offset or reduced by the amount of any compensation
or benefits provided to the Executive in any subsequent employment except as
provided in Section 3(b)(iii).

     (e)  The Executive's entitlement to any other compensation or benefits or
any indemnification shall be determined in accordance with the Company's
employee

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benefit plans and other applicable programs, policies and practices or any
indemnification agreement in effect.

     4. NOTICE OF TERMINATION. Following a Change in Control, any purported
termination of the Executive's employment by the Company shall be communicated
by Notice of Termination to the Executive. For purposes of this Agreement, no
such purported termination shall be effective without such Notice of
Termination.

     5. EXCISE TAX GROSS-UP.

     (a) Notwithstanding anything contained in this Agreement to the contrary,
in the event it is determined (pursuant to (b) below) or finally determined (as
defined in (c)(iii) below) that any payment, distribution, transfer, benefit or
other event with respect to the Company or its predecessors, successors, direct
or indirect subsidiaries or affiliates (or any predecessor, successor or
affiliate of any of them, and including any benefit plan of any of them), to or
for the benefit of Executive or Executive's dependents, heirs or beneficiaries
(whether such payment, distribution, transfer, benefit or other event occurs
pursuant to the terms of this Agreement or otherwise, but determined without
regard to any additional payments required under this Section 5) (each a
"Payment" and collectively the "Payments") is or was subject to the excise tax
imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, and
any successor provision or any comparable provision of state or local income tax
law (collectively, "Section 4999"), or any interest, penalty or addition to tax
is or was incurred by Executive with respect to such excise tax (such excise
tax, together with any such interest, penalty or addition to tax, hereinafter
collectively referred to as the "Excise Tax"), then, within 10 days after such
determination or final determination, as the case may be, the Employer shall pay
to Executive an additional cash payment (hereinafter referred to as the
"Gross-Up Payment") in an amount such that after payment by Executive of all
taxes, interest, penalties and additions to tax imposed with respect to the
Gross-Up Payment (including, without limitation, any income and excise taxes
imposed upon the Gross-Up Payment), Executive retains an amount of the Gross-Up
Payment equal to the Excise Tax imposed upon such Payment or Payments. This
provision is intended to put Executive in the same position as Executive would
have been had no Excise Tax been imposed upon or incurred as a result of any
Payment.

     (b) Except as provided in subsection (c) below, the determination that a
Payment is subject to an Excise Tax shall be made in writing by a nationally
recognized certified public accounting firm selected by Executive ("Executive's
Accountant"). Such determination shall include the amount of the Gross-Up
Payment and detailed computations thereof, including any assumptions used in
such computations (the written determination of the Executive's Accountant,
hereinafter, the "Executive's Determination"). The Executive's Determination
shall be reviewed on behalf of the Company by a nationally recognized certified
public accounting firm selected by the Company (the "Company's Accountant"). The
Company shall notify Executive within 10 business days after receipt of the
Executive's Determination of any disagreement or dispute therewith, and failure
to so notify within that period shall be considered an

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agreement by the Company with the Executive's Determination, obligating the
Employer to make payment as provided in subsection (a) above within 10 days from
the expiration of such 10 business-day period. In the event of an objection by
the Company to the Executive's Determination, any amount not in dispute shall be
paid within 10 days following the 10 business-day period referred to herein, and
with respect to the amount in dispute the Executive's Accountant and the
Company's Accountant shall jointly select a third nationally recognized
certified public accounting firm to resolve the dispute and the decision of such
third firm shall be final, binding and conclusive upon the Executive and the
Company. In such a case, the third accounting firm's findings shall be deemed
the binding determination with respect to the amount in dispute, obligating the
Employer to make any payment as a result thereof within 10 days following the
receipt of such third accounting firm's determination. All fees and expenses of
each of the accounting firms referred to in this Section 5 shall be borne solely
by the Employer.

     (c)  (i) Executive shall notify the Company in writing of any claim by the
          Internal Revenue Service (or any successor thereof) or any state or
          local taxing authority (individually or collectively, the "Taxing
          Authority") that, if successful, would require the payment by the
          Employer of a Gross-Up Payment. Such notification shall be given as
          soon as practicable but no later than 30 days after Executive receives
          written notice of such claim and shall apprise the Company of the
          nature of such claim and the date on which such claim is requested to
          be paid; provided, however, that failure by Executive to give such
          notice within such 30-day period shall not result in a waiver or
          forfeiture of any of Executive's rights under this Section 5 except to
          the extent of actual damages suffered by the Company as a result of
          such failure. Executive shall not pay such claim prior to the
          expiration of the 15-day period following the date on which Executive
          gives such notice to the Company (or such shorter period ending on the
          date that any payment of taxes, interest, penalties or additions to
          tax with respect to such claim is due). If the Company notifies
          Executive in writing prior to the expiration of such 15-day period
          that it desires to contest such claim (and demonstrates to the
          reasonable satisfaction of Executive its ability to make the payments
          to Executive which may ultimately be required under this section
          before assuming responsibility for the claim), Executive shall:

               (A) give the Company any information reasonably requested by the
          Company relating to such claim;

               (B) take such action in connection with contesting such claim as
          the Company shall reasonably request in writing from time to time,
          including, without limitation, accepting legal representation with
          respect to such claim by an attorney selected by the Company that is
          reasonably acceptable to Executive;

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               (C) cooperate with the Company in good faith in order effectively
          to contest such claim; and

               (D) permit the Company to participate in any proceedings relating
          to such claim; provided, however, that the Employer (including
          additional interest, penalties and additions to tax) incurred in
          connection with such contest and shall indemnify and hold Executive
          harmless, on an after-tax basis, for all taxes (including, without
          limitation, income and excise taxes), interest, penalties and
          additions to tax imposed in relation to such claim and in relation to
          the payment of such costs and expenses or indemnification. Without
          limitation on the foregoing provisions of this Section 5, and to the
          extent its actions do not unreasonably interfere with or prejudice
          Executive's disputes with the Taxing Authority as to other issues, the
          Company shall control all proceedings taken in connection with such
          contest and, at its sole option, may pursue or forego any and all
          administrative appeals, proceedings, hearings and conferences with the
          taxing authority in respect of such claim and may, at its sole option,
          either direct Executive to pay the tax, interest or penalties claimed
          and sue for a refund or contest the claim in any permissible manner,
          and Executive agrees to prosecute such contest to a determination
          before any administrative tribunal, in a court of initial jurisdiction
          and in one or more appellate courts, as the Company shall determine;
          provided, however, that if the Company directs Executive to pay such
          claim and sue for a refund, the Employer shall advance an amount equal
          to such payment to Executive, on an interest-free basis, and shall
          indemnify and hold Executive harmless, on an after-tax basis, from all
          taxes (including, without limitation, income and excise taxes),
          interest, penalties and additions to tax imposed with respect to such
          advance or with respect to any imputed income with respect to such
          advance; and, further, provided, that any extension of the statute of
          limitations relating to payment of taxes, interest, penalties or
          additions to tax for the taxable year of Executive with respect to
          which such contested amount is claimed to be due is limited solely to
          such contested amount; and, provided, further, that any settlement of
          any claim shall be reasonably acceptable to Executive and the
          Company's control of the contest shall be limited to issues with
          respect to which a Gross-Up Payment would be payable hereunder, and
          Executive shall be entitled to settle or contest, as the case may be,
          any other issue.

          (ii) If, after receipt by Executive of an amount advanced by the
          Employer pursuant to Section 5(c)(i), Executive receives any refund
          with respect to such claim, Executive shall (subject to the Company's
          complying with the requirements of Section 5) promptly pay to the
          Employer an amount equal to such refund (together with any interest
          paid or credited thereon after taxes applicable thereto), net of any
          taxes (including without limitation any income or excise taxes),
          interest,

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          penalties or additions to tax and any other costs incurred by
          Executive in connection with such advance, after giving effect to such
          repayment. If, after the receipt by Executive of an amount advanced by
          the Employer pursuant to Section 5(c)(i), it is finally determined
          that Executive is not entitled to any refund with respect to such
          claim, then such advance shall be forgiven and shall not be required
          to be repaid and the amount of such advance shall be treated as a
          Gross-Up Payment and shall offset, to the extent thereof, the amount
          of any Gross-Up Payment otherwise required to be paid.

          (iii) For purposes of this Section 5, whether the Excise Tax is
          applicable to a Payment shall be deemed to be "finally determined"
          upon the earliest of: (A) the expiration of the 15-day period referred
          to in paragraph (c)(i) above if the Company has not notified Executive
          that it intends to contest the underlying claim, (B) the expiration of
          any period following which no right of appeal exists, (C) the date
          upon which a closing agreement or similar agreement with respect to
          the claim is executed by Executive and the Taxing Authority (which
          agreement may be executed only in compliance with this Section 5), (D)
          the receipt by Executive of notice from the Company that it no longer
          seeks to pursue a contest (which notice shall be deemed received if
          the Company does not, within 15 days following receipt of a written
          inquiry from Executive, affirmatively indicate in writing to Executive
          that the Company intends to continue to pursue such contest).

     (d)  As a result of uncertainty in the application of Section 4999 that may
          exist at the time of any determination that a Gross-Up Payment is due,
          it may be possible that in making the calculations required to be made
          hereunder, the parties or their accountants shall determine that a
          Gross-Up Payment need not be made (or shall make no determination with
          respect to a Gross-Up Payment) that properly should be made
          ("Underpayment"), or that a Gross-Up Payment not properly needed to be
          made should be made ("Overpayment"). The determination of any
          Underpayment shall be made using the procedures set forth in paragraph
          (b) above and shall be paid to Executive as an additional Gross-Up
          Payment. The Company shall be entitled to use procedures similar to
          those available to Executive in paragraph (b) to determine the amount
          of any Overpayment (provided that the Company shall bear all costs of
          the accountants as provided in paragraph (b)). In the event of a
          determination that an Overpayment was made, any such Overpayment shall
          be treated for all purposes as a loan to Executive with interest at
          the applicable Federal rate provided for in Section 1274(d) of the
          Code; provided, however, that the amount to be repaid by Executive to
          the Employer shall be subject to reduction to the extent necessary to
          put Executive in the same after-tax position as if such Overpayment
          were never made.

                                       12
<PAGE>

     6. SUCCESSORS; BINDING AGREEMENT. This Agreement shall be binding upon and
shall inure to the benefit of the Company, its Successors and Assigns, and the
Company shall require any Successors and Assigns to expressly assume and agree
to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession or assignment had
taken place. Neither this Agreement nor any right or interest hereunder shall be
assignable or transferable by the Executive, his beneficiaries or legal
representatives, except by will or by the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive's
legal personal representative.

     7. FEES AND EXPENSES. The Company shall pay all legal fees and related
expenses (including the costs of experts, evidence and counsel) incurred by the
Executive as a result of the Executive obtaining or enforcing any right or
benefit provided by this Agreement (including, but not limited to, any such fees
and expenses incurred in connection with the Dispute). Furthermore, any amounts
due Executive by the Company that are not paid when due under this Agreement
shall bear interest at the Prime Rate (as declared by Bank of America, N.A. from
time to time) plus 5% from the time when the payment is due until the date the
payment is made.

     8. NOTICE. For the purposes of this Agreement, notices and all other
communications provided for in the Agreement (including the Notice of
Termination) shall be in writing and shall be deemed to have been duly given
when personally delivered or sent by certified mail, return receipt requested,
postage prepaid, by overnight courier or by facsimile, addressed to the
respective addresses and facsimile numbers last given by each party to the
other, provided that all notices to the Company shall be directed to the
attention of the Board with a copy to the Secretary of the Company. All notices
and communications shall be deemed to have been received on the date of delivery
thereof or on the third business day after the mailing thereof, except that
notice of change of address shall be effective only upon receipt.

     9. NON-EXCLUSIVITY OF RIGHTS. Nothing in this Agreement shall prevent or
limit the Executive's continuing or future participation in any benefit, bonus,
incentive or other plan or program provided by the Company (except for any
severance or termination policies, plans, programs or practices) and for which
the Executive may qualify, nor shall anything herein limit or reduce such rights
as the Executive may have under any other agreements with the Company (except
for any severance or termination agreement). Amounts which are vested benefits
or which the Executive is otherwise entitled to receive under any plan or
program of the Company shall be payable in accordance with such plan or program,
except as explicitly modified by this Agreement.

     10. NO GUARANTEED EMPLOYMENT. The Executive and the Company acknowledge
that, except as may otherwise be provided under any other written agreement
between the Executive and the Company, the employment of the Executive by the
Company is "at will" and may be terminated by either the Executive or the

                                       13
<PAGE>

Company at any time, subject, however to the rights of the Executive provided
herein in the event of any such termination.

     11. SETTLEMENT OF CLAIMS. The Employer's obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any circumstances, including, without
limitation, any set-off, counterclaim, recoupment, defense or other right which
the Company may have against the Executive or others.

     12. FULL SATISFACTION; WAIVER AND RELEASE. As a condition to receiving the
payments and benefits hereunder, the Executive shall execute a document in
customary form, releasing and waiving any and all claims, causes of actions and
the like against the Company and its successors, shareholders, officers,
trustees, agents and employees, regarding all matters relating to the
Executive's service as an employee of the Company or any affiliates and the
termination of such relationship. Such claims include, without limitation, any
claims arising under Age Discrimination in Employment Act of 1967, as amended
(the "ADEA"); Title VII of the Civil Rights Act of 1964, as amended; the Civil
Rights Act of 1991, as amended; the Equal Pay Act of 1962; the American
Disabilities Act of 1990; the Family Medical Leave Act, as amended; the Employee
Retirement Income Security Act of 1976, as amended; or any other federal, state
or local statute or ordinance, but exclude any claims that arise out of an
asserted breach of the terms of this Agreement or current or future claims
related to the matters described in Paragraph 9.

     13. MISCELLANEOUS. No provision of this Agreement may be modified, waived
or discharged unless such waiver, modification or discharge is agreed to in
writing and signed by the Executive, the Trust and Employer. No waiver by either
party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provisions of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time. No agreement or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not expressly set
forth in this Agreement.

     14. GOVERNING LAW. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Illinois without giving
effect to the conflict of laws principles thereof. Any action brought by any
party to this Agreement shall be brought and maintained in a court of competent
jurisdiction in Cook County in the State of Illinois.

     15. SEVERABILITY. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof.

     16. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties hereto and supersedes all prior agreements, if any,
understandings

                                       14
<PAGE>

and arrangements, oral or written, between the Company and Executive with
respect to the subject matter hereof, including any prior "Change in Control"
agreement.

     IN WITNESS WHEREOF, the Trust and the Employer has caused this Agreement to
be executed by its duly authorized officer and the Executive has executed this
Agreement as of the day and year first above written.

                                  EQUITY OFFICE PROPERTIES TRUST

                                  By:      /s/ Timothy H. Callahan
                                           -----------------------
                                  Name:    Timothy H. Callahan
                                  Title:   Chief Executive Officer

                                  EQUITY OFFICE PROPERTIES MANAGEMENT CORP.

                                  By: /s/ Alfred Langtry
                                     -------------------
                                  Name: Alfred Langtry
                                       ---------------
                                  Title: Vice President
                                        ---------------

                                  /s/ Stanley M. Stevens
                                  ----------------------
                                  STANLEY M. STEVENS

     For and in consideration of the benefits hereunder to Employer, the
wholly-owned subsidiary of the undersigned, the undersigned does hereby
unconditionally guarantee the obligations of Employer hereunder.

                                  EOP OPERATING LIMITED PARTNERSHIP

                                  By:      Equity Office Properties Trust, its
                                           general partner

                                  By:      /s/ Timothy H. Callahan
                                           -----------------------
                                  Name:    Timothy H. Callahan
                                  Title:   Chief Executive Officer

                                       15<PAGE>
                                                                Exhibit 10.24(a)

                          CHICAGO BRIDGE & IRON COMPANY

                   SENIOR EXECUTIVE RELOCATION LOAN AGREEMENT

     This Senior Executive Relocation Loan Agreement ("Loan Agreement") is made
as of September 13, 2001, by and between Chicago Bridge & Iron Company
(Delaware) (the "Company") whose address is at 1501 North Division Street,
Plainfield, Illinois and Gerald M. Glenn ("Executive") and Candice W. Glenn
("Spouse"), individually and as co-trustees of The Glenn Land & Securities Trust
dated October 2, 1995 (the "Trust"), whose address is 23 Cypress Lake Place, The
Woodlands, TX 77382. Executive, Spouse and Trust are sometimes collectively
referred to herein as "Borrower".

                                    RECITALS

     The Company is relocating its corporate headquarters and Executive's
principal place of work from Plainfield, Illinois to The Woodlands, Texas. In
connection with this relocation the Executive is purchasing a new principal
residence located or to be located at The Woodlands, Texas (the "Property").
Title to the Property will be held in the Trust. The Company desires to assist
Executive with the purchase of his new principal residence by extending a loan
in a principal amount not to exceed Three Million Dollars ($3,000,000) (the
"Loan") on the terms and conditions in this Loan Agreement. The Loan is intended
to be an employee-relocation mortgage loan exempt from imputed interest pursuant
to Section 1.7872-5T(c)(1)(i) of the Income Tax Regulations.

                                    AGREEMENT

     In consideration of the premises and the mutual covenants contained in this
Loan Agreement, the Company agrees to loan to Borrower, the principal amount of
Three Million Dollars ($3,000,000), on the following terms and conditions:

     1.   Loan. The Loan shall be represented by a promissory note or notes
(each, a "Note" and collectively, the "Notes") in substantially the form
attached as Exhibit A. If the Loan is borrowed through multiple draws (each, a
"Draw") by Borrower pursuant to paragraph 9, each Draw shall be evidenced by a
separate Note. Each Note shall be due and payable in a single lump sum, without
interest except as provided in paragraph 3 below.

     2.   Maturity.

     (a)  Original Maturity Date. Except as otherwise set forth in paragraph
2(b) below,

     (i)  if the entire principal amount of the Loan is disbursed all at one
     time, the Loan shall be due and payable, in full, on the third anniversary
     of the date of disbursement, or

     (ii) if the Loan is disbursed in more than one Draw, each Draw shall be due
     and payable, in full, on the third anniversary of the date of disbursement
     of such Draw.

     Each Loan or Draw due date described in clauses (i) and (ii) above are
hereinafter referred to as an "Original Maturity Date".

     (b)  Modification of Original Maturity Date.

          (i)  Forgiveness on Termination of Employment by Death or Disability.
               If, prior to any Original Maturity Date, Executive ceases to be
               an employee of the Company

<PAGE>

               solely by reason of Executive's death or "disability", then, as
               of the Termination Date (as defined in paragraph 2(c) below), the
               Loan and all Notes shall be cancelled, and no repayment of
               outstanding principal or any payment of interest shall be
               required. As used in this subparagraph 2(b)(i), "disability"
               shall mean a disability entitling the Executive to disability
               benefits under the long-term disability plan or policy of the
               Company covering the Executive, or, if no such plan or policy
               exists, then whether or not the Executive has a disability shall
               be determined by the Company in its sole discretion reasonably
               exercised.

          (ii) Acceleration of Maturity. If, prior to any Original Maturity
               Date, the Executive ceases to be an employee of the Company for
               any reason other than as provided in subparagraph 2(b)(i) above,
               then, except as set forth in the immediately succeeding sentence,
               the Notes shall be accelerated such that the entire outstanding
               principal balance of the Loan and all accrued but unpaid interest
               thereon shall be due and payable in full on the Termination Date
               (the "Accelerated Maturity Date"). Notwithstanding the foregoing
               sentence, if the Termination of Employment is due to (x)
               Executive's involuntary termination by the Company without
               "cause", or (y) termination by the Executive with "good reason"
               (as "cause" and "good reason" are defined in that certain Change
               of Control Severance Agreement between the Company and the
               Executive dated as of October 13, 2000 as in effect on the date
               hereof), then the entire outstanding principal balance of the
               Loan and all accrued but unpaid interest thereon shall be due and
               payable in full on the earlier of (A) the date which is 180 days
               after the Termination Date, and (B) the Original Maturity Date of
               such Note (the "Accelerated 180 Maturity Date").

         (iii) The Original Maturity Date(s) of the Loan and Notes shall also
               be accelerated as provided in paragraph 12 (the "Default Maturity
               Date"). The Original Maturity Date, Accelerated Maturity Date,
               Accelerated 180 Maturity Date, and the Default Maturity Date
               shall sometimes herein collectively be referred to as the
               "Maturity Date").

     (c) Termination. As used herein, the term "Termination of Employment" shall
     mean that the Executive is no longer an employee of the Company for any
     reason whatsoever. As used herein, the term "Termination Date" shall mean
     the first date upon which the Executive is no longer an employee of the
     Company for any reason whatsoever.

     3.  Interest.

     (a) Interest Free. No interest shall accrue on the Loan or any Draw or Note
     prior to the first to occur of the following: (i) a Maturity Date, (ii) a
     Termination of Employment other than as provided in paragraph 2(b)(i)
     above, or (iii) an Event of Default (as defined in paragraph 12).

     (b) Triggering Events. Interest shall commence to accrue on the entire
     outstanding principal balance of each Note upon the first to occur of the
     following (each, a "Triggering Event"): (i) any applicable Maturity Date
     with respect to such Note, or (ii) an Event of Default. Interest shall
     accrue on the entire outstanding principal balance of the Loan from the
     date of such Triggering Event until the entire outstanding principal
     balance of the Loan is paid in full at a rate equal to the lesser of (a)
     two percentage point(s) above the rate of interest per annum established
     from time to time by Bank One at its main office in Chicago, Illinois and
     designated as Bank One's "base" or "prime" rate of interest, which
     Executive, Spouse and Trust hereby acknowledge and agree may not
     necessarily be the lowest interest rate charged by Bank One, or (b) the
     maximum lawful rate

                                      -2-
<PAGE>

     of interest. Fluctuations in the prime rate shall become effective
     immediately, without necessity for any notice whatsoever.

     4. Use of Proceeds. Proceeds of the Loan will be used exclusively for the
purchase of the Property to acquire or initially construct a principal dwelling
to be used as the new principal residence of Executive. For this purpose,
"purchase" includes the costs of new construction of a principal dwelling on the
Property.

     5. Collateral. The Loan will be secured by a lien on the Property,
documented by a real estate deed of trust in recordable form satisfactory to the
Company in its sole discretion reasonably exercised (a "Mortgage") containing
such provisions as are customary in deeds of trust securing loans between
unrelated parties acting at arms length. Funding of the Loan is subject to
execution of the Mortgage by Borrower and the Company's receipt of satisfactory
evidence of title showing no delinquent taxes, liens, judgments or assessments
or other exceptions as shown by a mortgagee title insurance policy satisfactory
to Company (as determined by the Company in its sole discretion reasonably
exercised).

     6. Insurance. Executive at Executive's expense will secure such property
insurance as is required by the Mortgagee naming the Company as an additional
insured in at least the amount of the Loan, and will supply a copy of such
policy to the Company on request, and such policy may not be cancelled, reduced
or materially altered without at least thirty (30) days' prior written notice
being given by Executive to Company.

     7. Borrower Consent. Borrower will execute the Note(s), the Mortgage, or
any other documents that the Company may at any time reasonably require in
connection with this Loan Agreement; to the extent that the Property or any part
of the Property is considered homestead property under the Texas Constitution or
other laws, Executive, Spouse and Trust hereby consent to the Loan and the fact
that the Loan is secured by the Property, and Executive, Spouse and Trust have
executed this Loan Agreement in evidence of such agreement and consent.

     8. Certification. Executive hereby certifies that Executive reasonably
expects to be entitled to and will itemize federal income tax deductions for
each year that the Loan is outstanding.

     9. Availability of Funds. To the extent the Loan is not borrowed in full on
the date hereof, Executive may draw the Loan in borrowings of at least $10,000
per Draw by delivering to the Company a Note executed by Borrower in the amount
of the applicable Draw, provided that no Event of Default or Termination of
Employment has occurred or that no lien has been filed against the Property
without Executive complying with paragraph 17. Subject to the satisfaction of
all conditions thereto, the Company will make funds available for any such Draw
within five business days of the date Executive notifies the Company's chief
financial officer of the requested amount.

     10. Prepayment. Borrower may prepay the Loan (in whole or in part) without
penalty or premium at any time prior to its applicable Maturity Date.
Prepayments will be applied first to accrued interest, if any and the remainder
to principal in the order of maturity under the Notes so that they will be
applied to principal payments maturing first. These prepayments will not reduce
the amount or time of payment of the remaining payments, which will continue
until the principal amount of the Loan and all accrued interest under all Notes
are paid in full. Interest on the prepaid principal will immediately cease to
accrue.

     11. Transferability. The Company may assign its rights under this Loan
Agreement. The rights of the Company under this Loan Agreement (to the extent of
the principal amount of the Note and interest accrued or to accrue thereon) will
be deemed assigned to and shall inure to the benefit of any person to whom the
Company endorses a Note representing all or part of the Loan under this Loan

                                      -3-
<PAGE>

Agreement. Borrower's rights under this Loan Agreement and the benefit of the
interest arrangement for the Loan contained in this Loan Agreement are not
transferable by the Executive or Spouse or Trust.

     12. Events of Default. An event of default shall occur under this Loan
Agreement if (i) Borrower or any person or entity comprising Borrower fails to
pay when due and payable (whether upon an Original Maturity Date, Accelerated
Maturity Date, Accelerated 180 Maturity Date, Default Maturity Date, or
otherwise), the full principal amount of any Note and any accrued interest
thereon (other than quarterly interest pursuant to paragraph 3(c)), (ii)
Borrower or any person or entity comprising Borrower fails to pay when due and
payable any quarterly payment of interest pursuant to paragraph 3(c), or any
other payments under this Loan Agreement or the Mortgage and such failure to pay
is not cured within ten days after the occurrence thereof; (iii) Borrower or any
person or entity comprising Borrower sells, assigns, pledges, encumbers, or
otherwise transfers the Property or any interest in the Property, or any of
their rights under this Loan Agreement or attempts to sell, assign, pledge,
encumber, or otherwise transfer the Property or any interest in the Property or
their rights under this Loan Agreement, or (iv) any other obligation of Borrower
or any person or entity comprising Borrower under the Note, the Mortgage or
under any other agreement in connection with the Loan or that is secured in
whole or in part by the Property (collectively, "Loan Documents") is not paid
when due or is otherwise in default ((i) - (iv) individually and collectively
referred to as an "Event of Default"). If any Event of Default has occurred and
is continuing, then:

     (a) The Loan and any Note(s) thereunder shall become immediately due and
     payable in full, and interest shall immediately commence accruing on the
     Note as provided in paragraph 3 and be immediately due and payable,
     provided that the exercise of this right by Company is not prohibited by
     federal law as of the date of this Loan Agreement. If Company exercises
     this right, Company shall give Executive, Spouse and Trust notice of
     acceleration and this notice shall provide a period of not less than 30
     days from the date the notice is delivered or mailed within which Borrower
     must pay all such sums and any other sums due under any of the Loan
     Documents.

     (b) Without thereby waiving any right to any other remedy upon an Event of
     Default, and notwithstanding any other agreement between the Company and
     Executive and/or Spouse and/or Trust, other than an agreement made after
     the date hereof specifically referencing this Agreement, the Company may
     offset all or any portion of any obligation of whatsoever nature the
     Company (or any parent or direct or indirect subsidiary of the Company) may
     owe to Executive by any amount due and payable but unpaid by Borrower under
     the Loan Documents.

     (c) The Company may exercise any and all rights under the Loan Documents,
     including the right to foreclose upon its interest in the Property pursuant
     to the Mortgage.

     (d) The Company may proceed against Executive and/or Spouse and/or Trust in
     another legal or equitable action available to collect the amount due on
     any Loan Document; and shall also have any other rights which the Company
     may have been afforded under any contract or agreement with Executive
     and/or Spouse and/or Trust at any time and any other rights which the
     Company may have pursuant to applicable law.

Except as may be otherwise set forth in the Mortgage, the proceeds from any
offset, sale or action described in clauses (b), (c) or (d) shall be applied (A)
first, to the payment of any costs and expenses (including reasonable attorneys'
fees) incurred by the Company in connection with such offset, sale or action,
(B) second, to accrued interest (including interest described in clause (a)) due
on the Loan, (C) third, to the outstanding principal amount due on the Loan, and
(D) the surplus from any sale of the Property pursuant to the foreclosure
described in clause (c) shall be returned to Borrower.

                                      -4-
<PAGE>

     13. Waivers. EXECUTIVE, SPOUSE AND TRUST HEREBY SEVERALLY WAIVE AND
RELINQUISH PAYMENT, DEMAND, NOTICE OF NONPAYMENT OR NONPERFORMANCE, PROTEST,
NOTICE OF PROTEST, NOTICE OF INTENT TO ACCELERATE, NOTICE OF ACCELERATION OR ANY
OTHER NOTICES OR ANY OTHER ACTION. EXECUTIVE AND SPOUSE AND TRUST AND ANY
ENDORSERS OR GUARANTORS HEREOF SEVERALLY WAIVE AND RELINQUISH, TO THE FULLEST
EXTENT PERMITTED BY LAW, ALL RIGHTS TO THE BENEFITS OF ANY MORATORIUM,
REINSTATEMENT, MARSHALING, FORBEARANCE, VALUATION, STAY, EXTENSION, REDEMPTION,
APPRAISEMENT, EXEMPTION AND HOMESTEAD NOW OR HEREAFTER PROVIDED BY THE
CONSTITUTION AND LAWS OF THE UNITED STATES OF AMERICA AND OF EACH STATE THEREOF,
EACH AS TO ITSELF AND IN AND TO ALL OF ITS PROPERTY, REAL AND PERSONAL, AGAINST
THE ENFORCEMENT AND COLLECTION OF THE OBLIGATIONS EVIDENCED BY THE NOTE OR BY
THE OTHER LOAN DOCUMENTS AND EXPRESSLY AGREE THAT THE TIME FOR ANY PAYMENT ON
THE LOAN MAY BE EXTENDED FROM TIME TO TIME BY COMPANY AND THAT THE COMPANY MAY
ACCEPT SECURITY FOR THE LOAN OR RELEASE SECURITY FOR THE LOAN, ALL WITHOUT IN
ANY WAY AFFECTING THE LIABILITY OF EXECUTIVE AND SPOUSE AND TRUST HEREUNDER. NO
WAIVER OR FORBEARANCE BY THE COMPANY SHALL ADVERSELY AFFECT ITS RIGHT TO
STRICTLY ENFORCE THE PROVISIONS OF THIS LOAN AGREEMENT.

     14. Statutory Notice. THIS LOAN AGREEMENT, THE NOTE, THE MORTGAGE AND ANY
OTHER LOAN DOCUMENTS UNDER THE LOAN EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE
PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS,
REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE
SUBJECT MATTER HEREOF AND THEREOF (INCLUDING BUT NOT LIMITED TO THAT LOAN
AGREEMENT DATED __________, 2001 AND ANY ASSOCIATED DOCUMENTS ) AND MAY NOT BE
CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS
AMONG THE PARTIES HERETO.

     15. Notices. Unless applicable law requires a different method, any notice
that must be given to Executive, Spouse, Trust or Company under this Loan
Agreement, the Note, or any other Loan Documents will be given by delivering it
or mailing it by first class mail to such party at the address above or at a
different address given to the other by a notice of different address.

     16. Obligations of Persons under Loan. If more than one person or entity
signs any Note, each such person and entity is fully and personally obligated to
keep all of the promises made in such Note and this Loan Agreement, the
Mortgage, and any other Loan Documents, including the promise to pay the full
amount owed. Company may enforce its rights under this Loan Agreement, each
Note, the Mortgage, and any other Loan Documents against each person or entity
individually or against two or more persons and entities such that any one
person or entity may be required to pay all of the amounts owed under the Notes.

     17. Mechanic's Liens and Other Liens. Borrower shall pay all taxes,
assessments, charges, fines, and impositions attributable to the Property on
time directly to the entity owed payment and shall promptly discharge all liens
in a manner acceptable to Company except that Borrower may contest any lien in
good faith and defend the enforcement of any such lien in any proceedings that
in Company's opinion operate to prevent the enforcement of the lien or may
obtain an agreement satisfactory to Company that subordinates the lien to the
Mortgage. Executive shall notify Company promptly in the

                                      -5-
<PAGE>

event any liens are filed, and upon notice from Company, Executive shall take
one or more of the actions set forth above within 10 days after Executive's
receipt of Company's notice.

     18. Law. This Loan Agreement and all other Loan Documents shall be governed
by and construed in accordance with the laws of the State of Texas.
Notwithstanding any business or personal relationship between Executive, Spouse,
Trust or Company, or any officer, director or employee of Company, the
relationship of Borrower with Company is solely that of debtor and creditor, and
Company has no fiduciary or other special relationship with Borrower. Whenever
Company shall exercise any right to approve or disapprove of any term, Company's
decision shall be satisfactory in its sole discretion and it shall be final and
conclusive. Subject to paragraph 11 the terms of this Loan Agreement and the
Loan Documents shall be binding upon and inure to the benefit of Borrower and
Company and their respective heirs, executors, legal representatives,
successors, successors-in-title and assigns, whether by voluntary action of the
parties, by operation of law or otherwise, and all other persons claiming by,
through or under them. Time is of the essence with respect to all provisions of
this Loan Agreement and the other Loan Documents. If any provision of this Loan
Agreement or the application thereof to any person or circumstance shall, for
any reason and to any extent, be invalid or unenforceable, then neither the
remainder of this Loan Agreement nor the application of such provision to other
persons or circumstances nor the other instruments referred to herein shall be
affected thereby, but rather shall be enforced to the greatest extent permitted
by applicable law.

     19. Controlling Agreement. In the event of any conflict between the
provisions of this Loan Agreement and the Mortgage, it is the intent of the
parties hereto that the provisions of the Mortgage shall control. In the event
of any conflict between the provisions of this Loan Agreement and the Note or
any of the other Loan Documents (other than the Mortgage), it is the intent of
the parties hereto that the provisions of this Loan Agreement shall control. The
parties hereto acknowledge that they were represented by competent counsel in
connection with the negotiation, drafting and execution of this Loan Agreement
and the other Loan Documents and that this Loan Agreement and the other Loan
Documents shall not be subject to the principle of construing their meaning
against the party which drafted same.

         IN WITNESS WHEREOF, the Company and Borrower have executed and
delivered this Loan Agreement on the date first written above.

                                      -6-
<PAGE>

                            CHICAGO BRIDGE & IRON COMPANY (DELAWARE)

                            By:
                                 -------------------------------------
                                 Its:
                                     ---------------------------------

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

                            Gerald M. Glenn - Executive

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

                            Candice W. Glenn - Spouse

                            THE GLENN LAND & SECURITIES TRUST DATED
                            OCTOBER 2, 1995

                            By:
                                 -------------------------------------
                                 Gerald M. Glenn, Co-Trustee

                            By:
                                 -------------------------------------
                                 Candice W. Glenn, Co-Trustee

                                      -7-
<PAGE>
                                                                       Exhibit A

                                 PROMISSORY NOTE

The Woodlands, Texas                                        $___________
_____________ __, 2001

         For value received, _________________, an individual resident of
_________, at __________________________________, __________________,
_______________ County, ______________, __________________________________, an
individual resident of _________, at __________________________________,
__________________, _______________ County, ______________, and
______________________________ (jointly and severally, the "Borrower"), promises
to pay to the order of Chicago Bridge & Iron Company (Delaware), a Delaware
corporation ("Lender"), at 1501 North Division Street, Plainfield, ______
County, Illinois, the principal sum of ________________________
($______________) ("Principal Amount") at the Interest Rate as and when required
herein.

         The Maturity Date, Interest Rate, obligation and timing of payments of
principal and interest, default, remedies and other terms are set forth in that
certain Senior Executive Relocation Loan Agreement dated as of September __,
2001, between Borrower and Lender (the "Loan Agreement"), which terms are
incorporated in this Note by this reference. The execution and delivery of this
Note are required under the Loan Agreement. All terms not defined herein shall
have the meaning described in the Loan Agreement.

         This Note is secured by a deed of trust from Borrower to Jane S. Smith,
trustee, which is dated _________ and covers the real property as described in
therein ("Deed of Trust"). This Note, the Loan Agreement, the Deed of Trust, and
any other loan documents executed in connection with the Loan shall be referred
to collectively as "Loan Documents."

         Borrower hereby waives diligence, presentation for payment, protest and
demand for payment, notice of intent to accelerate, and notice of acceleration
of maturity, protest, demand, dishonor, and nonpayment of this Note. Borrower
expressly agrees that the time for any payment on the Loan may be extended from
time to time by Lender and that the Lender may accept security for the Loan or
release security for the Loan, all without in any way affecting the liability of
Borrower under this Note. No waiver or forbearance by the Lender shall adversely
affect its right to strictly enforce the provisions of this Note.

         It is expressly stipulated and agreed to be the intent of Borrower and
Lender at all times to comply strictly with the applicable Texas law governing
the maximum rate or amount of interest payable on the indebtedness evidenced by
this Note and any and all indebtedness ("Related Indebtedness") paid or payable
by Borrower to Lender pursuant to the Loan Documents or any other communication
or writing by or between Borrower and Lender related to the transaction or
transactions that are the subject matter of the Loan Documents. If the
applicable law is ever judicially interpreted so as to render usurious any
amount (i) contracted for, charged, taken, reserved or received pursuant to this
Note, any of the other Loan Documents or any other communication or writing by
or between Borrower and Lender related to the transaction or transactions that
are the subject matter of the Loan Documents, (ii) contracted for, charged,
taken, reserved or received by reason of Lender's exercise of the option to
accelerate the maturity of this Note and/or the Related Indebtedness, or (iii)
Borrower will have paid or Lender will have received by reason of any voluntary
prepayment by Borrower of this Note and/or the Related Indebtedness, then it is
Borrower's and Lender's express intent that all amounts charged in excess of the
amounts allowed by the Maximum Lawful Rate (defined below) shall be
automatically canceled, ab initio, and all amounts in excess of the Maximum
Lawful Rate theretofore collected by Lender shall be credited on the principal
balance of this Note and/or the Related Indebtedness (or, if this Note and all
Related Indebtedness have been or would thereby be paid in full, refunded to
Borrower), and the provisions of this Note and the other Loan Documents shall
immediately be deemed reformed and the amounts thereafter collectible hereunder
and thereunder reduced, without the necessity of the execution of any new
document, so as to comply with the applicable law, but so as to permit the
recovery of the fullest amount otherwise called for hereunder and thereunder;
provided, however, if this Note has been paid in full before the end of the
stated Maturity Date of this Note, then Borrower and Lender agree that Lender
shall, with reasonable promptness after Lender discovers or is advised by
Borrower that interest was received in an amount in

<PAGE>

excess of the Maximum Lawful Rate, either refund such excess interest to
Borrower and/or credit such excess interest against this Note and/or any Related
Indebtedness then owing by Borrower to Lender. In no event shall the provisions
of Chapter 346 of the Texas Finance Code (which regulates certain revolving
credit loan accounts and revolving tri-party accounts) apply to this Note and/or
any of the Related Indebtedness. Notwithstanding anything to the contrary
contained herein or in any of the other Loan Documents, it is not the intention
of Lender to accelerate the maturity of any interest that has not accrued at the
time of such acceleration or to collect unearned interest at the time of such
acceleration. Lender is relying on Chapter 303 of the Texas Finance Code to
determine the Maximum Lawful Rate payable on the Note and/or any other portion
of the Indebtedness, and Lender will utilize the weekly ceiling from time to
time in effect as provided in such Chapter 303, as amended. To the extent
permitted by applicable law now or hereafter in effect, Lender may, at its
option and from time to time, utilize any other method of establishing the
Maximum Lawful Rate under such Chapter 303 or under other applicable law by
giving notice, if required, to Borrower as provided by applicable law now or
hereafter in effect. As used hereunder, the term "Maximum Lawful Rate" shall
mean the maximum lawful rate of interest which may be contracted for, charged,
taken, received or reserved by Lender in accordance with the applicable laws of
the State of Texas taking into account all fees, charges and/or any other things
of value, if any, contracted for, charged, taken, received or reserved by Lender
in connection with the transactions relating to this Note and the other Loan
Documents, which are treated as interest under applicable law made in connection
with the transaction evidenced by this Note and the other Loan Documents. This
provision overrides any conflicting provisions in this Note and all other Loan
Documents.

         THIS NOTE, THE LOAN AGREEMENT, THE DEED OF TRUST, AND ANY OTHER LOAN
DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND
SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND
UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF
AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES
HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO.

         If any holder of this Note retains an attorney-at-law in connection
with any Event of Default or at maturity or to collect, enforce, or defend this
Note or any part hereof, or any other Loan Document in any lawsuit or in any
probate, reorganization, bankruptcy or other proceeding, or if Borrower sues any
holder in connection with this Note or any other Loan Document and does not
prevail, then Borrower agrees to pay to each such holder, in addition to the
principal balance hereof and all interest hereon, all costs and expenses of
collection or incurred by such holder or in any such suit or proceeding,
including, but not limited to, reasonable attorneys' fees.

         In the event of any conflict between the provisions of this Note and
the Deed of Trust, it is the intent of the parties hereto that the provisions of
the Deed of Trust shall control. In the event of any conflict between the
provisions of this Note and any of the other Loan Documents (other than the Deed
of Trust), it is the intent of the parties hereto that the provisions of the
Loan Agreement shall control.

                                    ---------------------------------------
                                    Executive

                                    ---------------------------------------
                                    Spouse

                                    THE GLENN LAND & SECURITIES TRUST DATED
                                    OCTOBER 2, 1995

                                    By:
                                       ------------------------------------
                                       Gerald M. Glenn, Co-Trustee

                                    By:
                                       ------------------------------------
                                       Candice W. Glenn, Co-Trustee

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