Document:

<PAGE>   1
                                                                   EXHIBIT 10"M"

                              SEPARATION AGREEMENT

         This Agreement is made and entered into by and between DAVID B.
ANDERSON ("Anderson") and GATX CORPORATION, its parents, divisions,
subsidiaries, affiliates, employees, directors, officers, trustees, successors
and assigns ("the Company").

         1. Anderson's last day of work with the Company will be August 31,
2000. Anderson will be paid his normal salary pursuant to the regular pay cycle
through and including March 31, 2001. Anderson will also continue to receive all
health insurance coverage he is currently receiving as an active employee
through and including March 31, 2001. Anderson's eligibility for insurance
coverage under COBRA will commence as of April 1, 2001.

         2. By September 30, 2000, Anderson will receive a check in an amount
equal to his accrued unused vacation, if any, for calendar year 2000. Anderson
will no longer accrue or otherwise be entitled to any vacation after calendar
year 2000.

         3. Anderson will continue to receive his current Company-paid financial
planning services through and including December 31, 2000 and his current car
allowance through and including March 31, 2001. Anderson will no longer be
entitled to Company-paid financial planning services after December 31, 2000 nor
will he be entitled to a car allowance after March 31, 2001.

         4. Anderson will be eligible for a payment under the 2000 GATX
Management Incentive Plan pursuant to that Plan's normal provisions. Anderson's
eligibility for any, including a prorated, bonus award under the GATX Management
Incentive Plan terminates with the year 2000 Plan year.

         5. Anderson will be eligible for a payment under the Individual
Performance Units Plan for the 1998-2000 Performance Period pursuant to that
Plan's normal provisions. Anderson's entitlement to any, including prorated,
payments under the Individual Performance Units Plan terminates with the
1998-2000 Performance Period.
<PAGE>   2

         6. Stock options granted to Anderson pursuant to the 1995 GATX
Long-Term Incentive Compensation Plan will be treated in accordance with the
applicable stock options agreements, except that fifty percent (50%) of the
grant, i.e, 7,500 shares, dated March 10, 2000 will be allowed to vest on March
10, 2001. Anderson will have ninety (90) days following March 31, 2001 to
exercise vested stock options. These provisions do not apply to the options
purchased by Anderson on January 28, 2000 which vested immediately upon purchase
and which are exercisable for a ten-year term regardless of Anderson's
employment status. All stock options vesting in 2000 will be treated in
accordance with normal vesting procedures. All other stock options not vested on
or before March 31, 2001 will lapse.

         7. Anderson will continue to be eligible for and accrue benefits, if
applicable, under the Company-provided life insurance, disability, pension and
401(k) plans through and including March 31, 2001. As of April 1, 2001, all
benefits Anderson received as of March 31, 2001 will cease and no longer accrue.

         8. The Company will pay for twelve (12) months of outplacement services
for Anderson at a mutually agreed-to outplacement consultant.

         9. The Company will reimburse Anderson for all reasonable reimbursable
business expenses incurred by Anderson on or before August 31, 2000. Anderson
agrees to timely submit all required expense reports and supporting
documentation.

         10. The Company agrees to cover Anderson under its Officers and
Directors liability insurance and to indemnify Anderson for any liability,
attorneys fees and costs he incurs in the defense of any legal action arising
from Anderson's employment as an officer of the Company.

         11. Anderson agrees to assist the Company in prosecuting or defending
against any government investigations, legal proceedings, litigation or other
matters. Should Anderson's assistance be required on or before March 31, 2001,
the Company agrees to reimburse him for his reasonable expenses incurred in
providing such assistance. Should Anderson's assistance be required after March
31, 2001, the Company agrees to reimburse him for his reasonably incurred
expenses as well as for his time in excess of ten (10) hours at a mutually
agreed upon rate.

                                       2
<PAGE>   3

         12. Anderson agrees not to discuss or disclose the terms of this
Agreement except insofar as it is necessary for him to reveal the terms to his
attorney, accountant, financial planner or tax preparers, members of his
immediate family or as required by order of any duly authorized court or
tribunal.

         13. Anderson acknowledges that, during his tenure as General Counsel of
the Company, he became aware of business information including trade secrets,
developments, strategic plans and programs, cost of sales and products and the
customers of the Company, which, although possibly not covered by the
attorney-client privilege, are, nonetheless, confidential and proprietary to the
Company and that he is obligated to keep such information confidential following
his termination to the extent required by law.

         14. Anderson and current and future officers of the Company, while
acting as officers, agree that they will not take any action, or make any
statement, whether orally or in writing, which in any manner disparages or
impugns the reputation or goodwill of the Company (as defined above) or each
other.

         15. Anderson represents and warrants that he has returned to the
Company all Company keys, credit cards and Company documents in his possession,
whether in hard copy, disk or hard drive storage, including all copies of such
documents.

         16. In exchange for the foregoing mutual benefits and payments,
Anderson, for himself, his heirs, his executors and administrators and the
Company release and forever discharge each other from any and all claims,
demands, sums of money, contracts, controversies, agreements, promises, damages,
costs, causes of action and liabilities of any kind or character whatsoever,
from the beginning of time to the date of these presents, relating to Anderson's
employment at the Company, including the termination of such employment, except
insofar as it may be necessary to take action with respect to the enforcement of
this Agreement. This mutual release and covenant not to sue includes, but is not
limited to, all claims which could have been raised under any local, state or
federal statute, ordinance, regulation and/or under any express or implied
contract and/or under common law.

                                       3
<PAGE>   4

         17. With respect to the foregoing release and waiver insofar as it
relates to rights and claims under the Age Discrimination in Employment Act,
Anderson acknowledges the following:

             A.   That the foregoing release and waiver is entered into
                  knowingly, voluntarily and with the opportunity for advice by
                  his personal attorney.

             B.   That the entitlements set forth in this Agreement exceed in
                  nature and scope that to which he would otherwise be legally
                  eligible to receive.

             C.   That nothing contained in this Agreement purports to release
                  any of Anderson's rights or claims that may arise after the
                  date of execution of this Agreement.

             D.   That this Agreement shall not give rise to any legal rights or
                  obligations with respect to any waiver of claims until
                  Anderson is afforded a period of at least twenty-one (21)
                  calendar days within which to consider the terms of this
                  Agreement.

             E.   That Anderson shall be afforded seven (7) calendar days
                  following the execution of this Agreement within which he may
                  revoke the Agreement insofar as it relates to the Age
                  Discrimination in Employment Act, and none of the terms and
                  provisions of this Agreement shall become effective or
                  enforceable with respect to any waiver of claims under the Age
                  Discrimination in Employment Act until such revocation period
                  has expired.

        18. The parties stipulate and agree that the payments and benefits
Anderson is to receive under the terms of this Agreement exceed any other
benefits to which Anderson may be entitled and that Anderson knowingly is
waiving any entitlement to any other future non-vested benefits not specified in
this Agreement in exchange for the benefits set forth above.

         19. The parties hereby stipulate and agree that nothing contained in
this Agreement shall be construed as an admission of liability, culpability or
wrongdoing by either party.

                                       4

<PAGE>   5

         20. This Agreement constitutes the entire understanding between the
parties. No promises or agreements not contained in this Agreement shall be
binding unless set forth in writing and signed by all the parties.

         21. The parties agree that this Agreement shall be construed and
enforced in accordance with the laws of the State of Illinois, without regard to
choice of law or conflict of law principles. The parties agree that any legal
proceeding relating to this Agreement will be instituted only in a federal or
state court in Cook County, Illinois, and the parties consent to the
jurisdiction of such courts for such actions.

         22. Should any provision of this Agreement, in whole or in part, be
held invalid or unenforceable by operation of law or otherwise, all other
provisions shall remain in full force and effect and the parties agree that a
court may modify any provision to make it valid or enforceable in whole or in
part.

         23. The parties agree that all of the benefits Anderson is to receive
under this Agreement will pass to his legal heirs and that such heirs shall be
bound to the terms of this Agreement where applicable.

             IN WITNESS WHEREOF, the parties have executed this Termination
Agreement this 14th day of August, 2000.

8/14/00                                 /s/ DAVID B. ANDERSON
---------                               ------------------------
Date                                    David B. Anderson

8/14/00                                 /s/ GAIL L. DUDDY
---------                               ------------------------
Date                                    GATX Corporation
                                        By: Gail L. Duddy
                                        Its: Vice President, Human Resources

                                       5<PAGE>   1
                                                                  EXHIBIT 10 "O"

                                GATX CORPORATION
                       PHANTOM RESTRICTED STOCK AGREEMENT

This Agreement was made and entered into effective June 8, 2000 by and between
GATX Corporation and

                                    EMPLOYEE

an employee of GATX or one of its subsidiary companies (the "Employee").

                               W I T N E S S E T H

The purpose of this Agreement is to attract and retain key personnel possessing
outstanding ability, to motivate such individuals to achieve long-range growth
goals of GATX Corporation and its subsidiary companies (hereinafter collectively
"GATX") by making a portion of their compensation dependent on the
accomplishment of these goals, and to align the interests of the shareholders of
GATX and its employees by increasing the opportunities for these employees to
become shareholders.

The Board of Directors of GATX Corporation has granted to you, # Phantom
Restricted Stock Rights (the "Rights") effective June 8, 2000 (the "Grant
Date"). The Rights will be automatically exchanged for an equal number of shares
of Phantom Restricted Common Stock at the end of six (6) months from the date
hereof and held in a book entry account.

GATX and Employee hereby agree that the Grant of Right shall be subject to the
following terms, conditions and restrictions:

     1) Restrictions and Vesting Period. The grant is contingent upon your
     continuing employment with GATX for a period of eighteen (18) months from
     the Grant Date (the "Vesting Period"). During the Vesting Period, neither
     the Phantom Restricted Stock Rights, nor the shares of Phantom Restricted
     Common Stock may not be pledged, assigned, sold, transferred or otherwise
     encumbered. Assuming you have satisfied the requirements stated in the
     first two sentences of this section, upon the expiration of the Vesting
     Period, shares of common stock of GATX Corporation ("Common Stock") equal
     in number to the number of Phantom Restricted Stock Rights granted
     hereunder will be distributed to you, free of all restrictions in exchange
     for your shares of Phantom Restricted Common Stock.

     2) Rights Prior to Vesting. During the Vesting Period, you will not have
     any rights as a shareholder of GATX Corporation. During the Vesting

<PAGE>   2

     Period, and on each common stock dividend date, you will accrue dividend
     equivalents which shall be credited to your account equal in amount to the
     dividends paid on the shares of common stock of GATX Corporation. All
     dividend equivalents will be distributed to you in cash at the end of the
     Vesting Period.

     3) Termination of Rights/Restricted Common Stock. Other than termination
     for reasons stated in the immediately following sentence, if your
     employment with GATX and its subsidiaries is terminated for any reason, you
     will forfeit all Rights, any undistributed Phantom Restricted Common Stock,
     and any undistributed dividend equivalents credited but not paid to you. If
     your employment is terminated by reason of death, disability as determined
     by the Compensation Committee, or retirement under a GATX pension plan,
     you, or in the event of your death, the person entitled thereto by will or
     the laws of descent and distribution, will be entitled to receive, free of
     restrictions, a distribution of Common Stock and any undistributed
     dividends accrued or undistributed dividend equivalents credited but not
     paid to you in accord with Section 1 above.

     4) Reclassification, Consolidation or Merger. In the event of a change in
     the capitalization of GATX due to a stock split, stock dividend,
     recapitalization, merger, consolidation, combination or similar event, the
     appropriate adjustment shall be made with respect to the number and kind of
     shares granted, in the sole discretion of the Board of Directors of GATX,
     such adjustment in price and other adjustments as it deems equitable may be
     made.

     5) Special Acceleration. Upon the occurrence of an event causing a Special
     Acceleration of awards as specified in paragraph VIII-1 of the GATX
     Corporation 1995 Long Term Incentive Stock Plan, all Phantom Restricted
     Stock Rights on shares of Phantom Restricted Common Stock shall immediately
     be exchanged for a number of shares of Common Stock equal to the number of
     Restricted Stock Rights on shares of Phantom Restricted Common Stock so
     exchanged, and all such shares of Common Stock, and dividend equivalents
     then held by GATX for you shall then be immediately distributed to you,
     free of all restrictions in exchange for your Phantom Stock Rights or
     Phantom Restricted Common Stock as the case may be.

     6) Income Tax Obligations. In accordance with current IRS regulations, the
     grant of Phantom Restricted Stock Rights and subsequent exchange thereof
     for Phantom Restricted Common Stock will not result in taxable income to
     you until the lapsing of all restrictions. At that time, GATX will have the
     right to withhold from any transfer or payment, all federal, state and FICA
     taxes. You agree to pay GATX in cash or shares, any amount required to be
     withheld for any applicable employment or withholding taxes. You also agree
     that GATX may condition delivery of vested and

<PAGE>   3

     non-restricted Common Stock certificates upon receipt of your payment.
     Alternatively, you may elect to recognize taxable income under the Internal
     Revenue Code Section 83(b) upon receipt of the Phantom Restricted Common
     Stock. The amount of taxable income to be recognized is the fair market
     value of the Phantom Restricted Common Stock on the date of receipt. You
     are encouraged to consult with your tax advisor regarding the federal and
     state income tax implications of the grant of Phantom Rights and Phantom
     Restricted Common Stock.

     7) Binding Effect. This agreement shall be binding on the Company and its
     successors and on the Employee, the Employee's heirs, executors and
     personal representatives. Nothing in this agreement confers any right to
     continued employment with GATX or its subsidiaries, nor does it restrict
     GATX or its subsidiaries from termination of the employment relationship of
     Employee at any time.

If all terms and conditions of this Agreement are complied with in full, all
restrictions on the Phantom Restricted Common Stock shall lapse and the shares
will be released to you.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of
the day, month and year first above written.

    GATX CORPORATION                       EMPLOYEE

By: /s/ Ronald H. Zech
    ------------------------------         ----------------------------
    Chairman, President and CEO            Name

<PAGE>   4

                                GATX CORPORATION
                       PHANTOM RESTRICTED STOCK AGREEMENT

This Agreement was made and entered into effective January 25, 2001 by and
between GATX Corporation and

                                    EMPLOYEE

an employee of GATX or one of its subsidiary companies (the "Employee").

                               W I T N E S S E T H

The purpose of this Agreement is to attract and retain key personnel possessing
outstanding ability, to motivate such individuals to achieve long-range growth
goals of GATX Corporation and its subsidiary companies (hereinafter collectively
"GATX") by making a portion of their compensation dependent on the
accomplishment of these goals, and to align the interests of the shareholders of
GATX and its employees by increasing the opportunities for these employees to
become shareholders.

The Board of Directors of GATX Corporation has granted to you, # Phantom
Restricted Stock Rights (the "Rights") effective January 25, 2001 (the "Grant
Date"). The Rights will be automatically exchanged for an equal number of shares
of Phantom Restricted Common Stock at the end of six (6) months from the date
hereof and held in a book entry account.

GATX and Employee hereby agree that the Grant of Right shall be subject to the
following terms, conditions and restrictions:

     1) Restrictions and Vesting Period. The grant is contingent upon your
     continuing employment with GATX through December 31, 2002. During the
     Vesting Period, neither the Phantom Restricted Stock Rights, nor the shares
     of Phantom Restricted Common Stock may not be pledged, assigned, sold,
     transferred or otherwise encumbered. Assuming you have satisfied the
     requirements stated in the first two sentences of this section, upon the
     expiration of the Vesting Period, shares of common stock of GATX
     Corporation ("Common Stock") equal in number to the number of Phantom
     Restricted Stock Rights granted hereunder will be distributed to you, free
     of all restrictions in exchange for your shares of Phantom Restricted
     Common Stock.

     2) Rights Prior to Vesting. During the Vesting Period, you will not have
     any rights as a shareholder of GATX Corporation. During the Vesting Period,
     and on each common stock dividend date, you will accrue

<PAGE>   5

     dividend equivalents which shall be credited to your account equal in
     amount to the dividends paid on the shares of common stock of GATX
     Corporation. All dividend equivalents will be distributed to you in cash at
     the end of the Vesting Period.

     3) Termination of Rights/Restricted Common Stock. Other than termination
     for reasons stated in the immediately following sentence, if your
     employment with GATX and its subsidiaries is terminated for any reason, you
     will forfeit all Rights, any undistributed Phantom Restricted Common Stock,
     and any undistributed dividend equivalents credited but not paid to you. If
     your employment is terminated by reason of death, disability as determined
     by the Compensation Committee, or retirement under a GATX pension plan,
     you, or in the event of your death, the person entitled thereto by will or
     the laws of descent and distribution, will be entitled to receive, free of
     restrictions, a distribution of Common Stock and any undistributed
     dividends accrued or undistributed dividend equivalents credited but not
     paid to you in accord with Section 1 above.

     4) Reclassification, Consolidation or Merger. In the event of a change in
     the capitalization of GATX due to a stock split, stock dividend,
     recapitalization, merger, consolidation, combination or similar event, the
     appropriate adjustment shall be made with respect to the number and kind of
     shares granted, in the sole discretion of the Board of Directors of GATX,
     such adjustment in price and other adjustments as it deems equitable may be
     made.

     5) Special Acceleration. Upon the occurrence of an event causing a Special
     Acceleration of awards as specified in paragraph VIII-1 of the GATX
     Corporation 1995 Long Term Incentive Stock Plan, all Phantom Restricted
     Stock Rights on shares of Phantom Restricted Common Stock shall immediately
     be exchanged for a number of shares of Common Stock equal to the number of
     Restricted Stock Rights on shares of Phantom Restricted Common Stock so
     exchanged, and all such shares of Common Stock, and dividend equivalents
     then held by GATX for you shall then be immediately distributed to you,
     free of all restrictions in exchange for your Phantom Stock Rights or
     Phantom Restricted Common Stock as the case may be.

     6) Income Tax Obligations. In accordance with current IRS regulations, the
     grant of Phantom Restricted Stock Rights and subsequent exchange thereof
     for Phantom Restricted Common Stock will not result in taxable income to
     you until the lapsing of all restrictions. At that time, GATX will have the
     right to withhold from any transfer or payment, all federal, state and FICA
     taxes. You agree to pay GATX in cash or shares, any amount required to be
     withheld for any applicable employment or withholding taxes. You also agree
     that GATX may condition delivery of vested and non-restricted Common Stock
     certificates upon receipt of your payment.

<PAGE>   6

     Alternatively, you may elect to recognize taxable income under the Internal
     Revenue Code Section 83(b) upon receipt of the Phantom Restricted Common
     Stock. The amount of taxable income to be recognized is the fair market
     value of the Phantom Restricted Common Stock on the date of receipt. You
     are encouraged to consult with your tax advisor regarding the federal and
     state income tax implications of the grant of Phantom Rights and Phantom
     Restricted Common Stock.

     7) Binding Effect. This agreement shall be binding on the Company and its
     successors and on the Employee, the Employee's heirs, executors and
     personal representatives. Nothing in this agreement confers any right to
     continued employment with GATX or its subsidiaries, nor does it restrict
     GATX or its subsidiaries from termination of the employment relationship of
     Employee at any time.

If all terms and conditions of this Agreement are complied with in full, all
restrictions on the Phantom Restricted Common Stock shall lapse and the shares
will be released to you.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of
the day, month and year first above written.

    GATX CORPORATION                            EMPLOYEE

By: /s/ Ronald H. Zech
    ---------------------------                 ------------------------------
    Chairman, President and CEO                 Name

<PAGE>   7
                                GATX CORPORATION
                       PHANTOM RESTRICTED STOCK AGREEMENT

This Agreement was made and entered into effective January 25, 2001 by and
between GATX Corporation and

                                    EMPLOYEE

an employee of GATX or one of its subsidiary companies (the "Employee").

                               W I T N E S S E T H

The purpose of this Agreement is to attract and retain key personnel possessing
outstanding ability, to motivate such individuals to achieve long-range growth
goals of GATX Corporation and its subsidiary companies (hereinafter collectively
"GATX") by making a portion of their compensation dependent on the
accomplishment of these goals, and to align the interests of the shareholders of
GATX and its employees by increasing the opportunities for these employees to
become shareholders.

The Board of Directors of GATX Corporation has granted to you, # Phantom
Restricted Stock Rights (the "Rights") effective January 25, 2001 (the "Grant
Date"). The Rights will be automatically exchanged for an equal number of shares
of Phantom Restricted Common Stock at the end of six (6) months from the date
hereof and held in a book entry account.

GATX and Employee hereby agree that the Grant of Right shall be subject to the
following terms, conditions and restrictions:

     1) Restrictions and Vesting Period. The grant is contingent upon your
     continuing employment with GATX through the Vesting Period. Your Phantom
     Restricted Stock will lapse in thirds over the Vesting Period. One-third
     will lapse on the first anniversary of the grant date; one-third will lapse
     on the second anniversary of the grant date and one-third will lapse on the
     third anniversary of the grant date. During the Vesting Period, neither the
     Phantom Restricted Stock Rights, nor the shares of Phantom Restricted
     Common Stock may not be pledged, assigned, sold, transferred or otherwise
     encumbered. Assuming you have satisfied the requirements stated in the
     first two sentences of this section, upon the expiration of each Vesting
     Period, shares of common stock of GATX Corporation ("Common Stock") equal
     in number to the number of Phantom Restricted Stock Rights granted
     hereunder will be distributed to you, free of all restrictions in exchange
     for your shares of Phantom Restricted Common Stock.

<PAGE>   8

     2) Rights Prior to Vesting. During the Vesting Period, you will not have
     any rights as a shareholder of GATX Corporation. During the Vesting Period,
     and on each common stock dividend date, you will accrue dividend
     equivalents which shall be credited to your account equal in amount to the
     dividends paid on the shares of common stock of GATX Corporation. All
     dividend equivalents will be distributed to you in cash at the end of the
     Vesting Period.

     3) Termination of Rights/Restricted Common Stock. Other than termination
     for reasons stated in the immediately following sentence, if your
     employment with GATX and its subsidiaries is terminated for any reason, you
     will forfeit all Rights, any undistributed Phantom Restricted Common Stock,
     and any undistributed dividend equivalents credited but not paid to you. If
     your employment is terminated by reason of death, disability as determined
     by the Compensation Committee, or retirement under a GATX pension plan,
     you, or in the event of your death, the person entitled thereto by will or
     the laws of descent and distribution, will be entitled to receive, free of
     restrictions, a distribution of Common Stock and any undistributed
     dividends accrued or undistributed dividend equivalents credited but not
     paid to you in accord with Section 1 above.

     4) Reclassification, Consolidation or Merger. In the event of a change in
     the capitalization of GATX due to a stock split, stock dividend,
     recapitalization, merger, consolidation, combination or similar event, the
     appropriate adjustment shall be made with respect to the number and kind of
     shares granted, in the sole discretion of the Board of Directors of GATX,
     such adjustment in price and other adjustments as it deems equitable may be
     made.

     5) Special Acceleration. Upon the occurrence of an event causing a Special
     Acceleration of awards as specified in paragraph VIII-1 of the GATX
     Corporation 1995 Long Term Incentive Stock Plan, all Phantom Restricted
     Stock Rights on shares of Phantom Restricted Common Stock shall immediately
     be exchanged for a number of shares of Common Stock equal to the number of
     Restricted Stock Rights on shares of Phantom Restricted Common Stock so
     exchanged, and all such shares of Common Stock, and dividend equivalents
     then held by GATX for you shall then be immediately distributed to you,
     free of all restrictions in exchange for your Phantom Stock Rights or
     Phantom Restricted Common Stock as the case may be.

     6) Income Tax Obligations. In accordance with current IRS regulations, the
     grant of Phantom Restricted Stock Rights and subsequent exchange thereof
     for Phantom Restricted Common Stock will not result in taxable income to
     you until the lapsing of all restrictions. At that time, GATX will have the
     right to withhold from any transfer or payment, all federal, state

<PAGE>   9

     and FICA taxes. You agree to pay GATX in cash or shares, any amount
     required to be withheld for any applicable employment or withholding taxes.
     You also agree that GATX may condition delivery of vested and
     non-restricted Common Stock certificates upon receipt of your payment.
     Alternatively, you may elect to recognize taxable income under the Internal
     Revenue Code Section 83(b) upon receipt of the Phantom Restricted Common
     Stock. The amount of taxable income to be recognized is the fair market
     value of the Phantom Restricted Common Stock on the date of receipt. You
     are encouraged to consult with your tax advisor regarding the federal and
     state income tax implications of the grant of Phantom Rights and Phantom
     Restricted Common Stock.

     7) Binding Effect. This agreement shall be binding on the Company and its
     successors and on the Employee, the Employee's heirs, executors and
     personal representatives. Nothing in this agreement confers any right to
     continued employment with GATX or its subsidiaries, nor does it restrict
     GATX or its subsidiaries from termination of the employment relationship of
     Employee at any time.

If all terms and conditions of this Agreement are complied with in full, all
restrictions on the Phantom Restricted Common Stock shall lapse and the shares
will be released to you.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of
the day, month and year first above written.

     GATX CORPORATION                                   EMPLOYEE

By:  /s/ Ronald H. Zech
     ---------------------------                        ------------------------
     Chairman, President and CEO                        NAME

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