Document:

exv4w1

 

Exhibit 4.1

RESTATED CERTIFICATE OF INCORPORATION

OF

GATX CORPORATION

Under Section 807 of the Business Corporation Law

     We, the undersigned, Deborah A. Golden and Lisa M. Ibarra, being
respectively, Sr. Vice President and General Counsel and an Assistant Secretary of GATX Corporation,
hereby certify:

     1. The name of the corporation is GATX Corporation. The name under which
the corporation was formed is General American Tank Car Corporation.

     2. The Certificate of Incorporation of the corporation was filed with the
Department of State on July 5, 1916.

     3. The text of the Certificate of Incorporation, as amended heretofore, is
hereby restated without further amendments or changes to read as herein set
forth in full:

CERTIFICATE OF INCORPORATION

OF

GATX CORPORATION

     FIRST: The name of the corporation is GATX Corporation.

     SECOND: The purposes for which it is formed are as follows:

     A. To manufacture, build, construct, fabricate, compound, assemble,
rebuild, reconstruct, repair, or otherwise produce or maintain, to design,
invent, improve, or otherwise create and develop, to purchase, lease, or
otherwise acquire, to own, occupy, maintain, possess, or otherwise hold,
to use, invest in, trade in, deal in and deal with, to sell, lease,
furnish, operate, mortgage, pledge, convey, assign, transfer, or otherwise
distribute, realize upon or dispose of railroad cars and rolling stock of
any kind, character or nature whatsoever, automobiles, motor coaches,
motor busses, trucks, tractors, vans, trailers, and other vehicles of any
kind, character or nature whatsoever, airplanes, airships, dirigibles,
balloons, helicopters, gliders, tow planes, sail planes, and other
aircraft of any kind, character or nature whatsoever, whether heavier or
lighter than air, boats, ships, vessels and other water craft of any kind,
character or nature whatsoever, and every other means, vehicles and
devices of any kind, character or nature whatsoever of or for
transportation and navigation upon, over, in or through land, water or
air, and any and all parts thereof and materials therefor, including
machinery, engines, machines, motors, equipment, appliances, instruments,

 

 

devices, supplies, tools and accessories of every kind, character or
nature whatsoever, relating to or used or useful in connection with
transportation or navigation, or relating to or used or useful in
connection with any means, vehicles and devices of transportation or
navigation upon, over, in or through land, water or air, but not to
operate a railroad.

     B. To manufacture, build, construct, fabricate, forge, form,
compound, assemble, rebuild, reconstruct, repair, or otherwise produce or
maintain, to design, invent, improve, or otherwise create and develop, to
purchase, lease, or otherwise acquire, to own, possess, or otherwise hold,
to use, operate, invest in, trade in, deal in and with, to sell, lease,
mortgage, pledge, convey, assign, transfer, or otherwise distribute,
realize upon or dispose of machinery, engines, machines, motors,
equipment, appliances, instruments, devices, supplies, tools, and machine
and machinery accessories, of any kind, character or nature whatsoever.

     C. To manufacture, construct, erect, design, assemble and install,
to purchase, lease or otherwise acquire, to repair, alter, change,
service, use and operate, to sell, handle, distribute, lease, market, or
otherwise dispose of, to contract for and license the sale, purchase and
use of, and generally to trade and deal in and with, warm or cold air
conditioning, air changing, precooling, icing, freezing and refrigerating
fixtures, machines, apparatus, machinery, appliances, devices and
equipment of every kind and description, and refrigerators, heaters,
ventilators, coolers and apparatus, fixtures, machines, appliances,
machinery, devices and equipment of all kinds for cooling, precooling,
refrigerating, ventilating, heating and regulating temperatures in
railroad and other cars, vehicles of all kinds, warehouses, storage
plants, buildings, structures, and enclosed spaces of every kind and
character.

     D. To manufacture, produce, cut, purchase or otherwise acquire,
store, sell, handle, distribute, and generally deal in and with natural
and/or artificial ice for any and all purposes; and to furnish
refrigeration and cold storage services and facilities of all kinds.

     E. To engage in, conduct and carry on the business of refrigerating,
ventilating, heating, mechanical and/or electrical contractors.

     F. To manufacture, build, construct, fabricate, compound, assemble,
rebuild, reconstruct, repair, or otherwise produce or maintain, to design,
invent, improve, or otherwise create and develop, to purchase, lease, or
otherwise acquire, to own, possess, or otherwise hold, to use, operate,
invest in, trade in, deal in and with, to sell, lease, mortgage, pledge,
convey, assign, transfer, or otherwise distribute, realize upon or dispose

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of plastics of any kind, character or nature whatsoever, and all materials
of any kind, character or nature whatsoever, commonly known as plastics,
including bitumens and caseins, cellulose, and natural and synthetic
resins, and all other similar materials, products and by-products, and all
articles and products made from or composed, in whole or in part, of
plastics or plastic materials.

     G. To manufacture, fabricate, compound, or otherwise produce, to
design, invent, improve, or otherwise create and develop, to purchase,
lease, or otherwise acquire, to own, possess, or otherwise hold, to use,
operate, invest in, trade in, deal in and deal with, to sell, lease,
mortgage, pledge, convey, assign, transfer, or otherwise distribute,
realize upon or dispose of all textiles and fabrics of any kind, character
or nature whatsoever, and all materials of any kind, character or nature
whatsoever, commonly known as textiles or fabrics and all other similar
materials, products and by-products and all articles and products made
from or composed, in whole or in part, of textiles, fabrics or textile or
fabric materials.

     H. To build, make, erect, construct, rebuild, reconstruct, assemble,
purchase, lease or otherwise acquire, to own, occupy, establish, maintain,
operate, improve or otherwise hold or use, to invest in, trade in, deal
in, deal with, sell, lease, mortgage, pledge, convey, assign, transfer, or
otherwise realize upon or dispose of warehouses, storage tanks, buildings,
docks, wharves, water craft, freight terminals and freight terminal
facilities, piers, terminal warehouses and storage tanks, terminal ways
and terminal stations, and other adjunct facilities and equipment,
incident or related to, or necessary, useful, suitable or advisable in
connection with the storage or warehousing of personal property of any
kind, character or nature.

     I. To lease, furnish and operate airplanes, airships, dirigibles,
gliders, tow planes, sail planes, and other aircraft of any kind,
character or nature whatsoever, to carry and to transport persons,
animals, mail, chattels, merchandise, freight and all other property of
any kind, character or nature whatsoever by airplanes, airships,
dirigibles, balloons, helicopters, gliders, tow planes, sail planes, and
other aircraft of any kind, character or nature whatsoever, whether
heavier or lighter than air, and to establish, maintain, conduct and
operate air lines and other transport service for the transportation of
passengers, mail, merchandise, freight and all other property of any kind,
character or nature whatsoever by air, including transportation by other
means on land or water between flying fields, stations and terminals,
suitable or incident to, or necessary, or used or useful in the carrying
on of a general airborne passenger and freight transportation business.

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     J. To operate, wholly outside the State of New York, automobiles,
motor coaches, motor busses, trucks, tractors, vans, trailers, and other
motor propelled or motor drawn land vehicles of any kind, character or
nature whatsoever, to carry and transport, wholly outside the State of New
York, persons, animals, mail, chattels, merchandise, freight and all other
property of any kind, character or nature whatsoever by automobiles, motor
coaches, motor busses, trucks, tractors, vans, trailers, and other
vehicles of any kind, character or nature whatsoever, and to establish,
maintain, conduct and operate, wholly outside the State of New York,
automobile, motor coach, motor bus, truck, van and trailer lines and other
transport service for the transportation of passengers, mail, merchandise,
freight and all other property of any kind, character or nature by
vehicles of any kind, character or nature whatsoever, including
transportation by other means on land, water or air between stations,
terminals, fields and garages, suitable or incident to, or necessary, or
used or useful in the carrying on of a general automotive passenger and
freight transportation business.

     K. To build, make, erect, construct, rebuild, reconstruct, assemble,
purchase, lease or otherwise acquire, to own, possess, occupy, establish,
maintain, operate, improve or otherwise hold or use, to invest in, trade
in, deal in, deal with, sell, lease, mortgage, pledge, convey, assign,
transfer, or otherwise realize upon or dispose of buildings, plants,
factories, foundries, service stations, structures, laboratories, machine
shops, mills, warehouses, offices, houses, works, terminals, garages,
depots, docks, wharves, airports, hangars, flying fields and other
facilities and equipment and all other property and things of whatsoever
kind, character or nature, real, personal or mixed, tangible or
intangible, incident or related to, or necessary, useful, suitable or
advisable in connection with any of the business, objects or purposes of
this corporation, in the State of New York and in any of the states,
territories, colonies, federal districts, mandates, or protectorates of the
United States of America and in any and all foreign states or countries.

     L. To manufacture, purchase, lease, or otherwise acquire, to own,
occupy, maintain, possess or otherwise hold, to sell, lease, mortgage,
pledge, convey, assign, transfer, or otherwise realize upon or dispose of,
to invest in, trade in, use, operate and generally to deal in and with
goods, wares and merchandise and real and personal property of any kind,
character, nature, class and description and any interests or rights
therein or in respect thereto.

     M. To apply for, obtain, register, purchase, acquire, hold, use,
manufacture under, own, operate, develop, exploit, and to sell, grant,
assign, transfer, lease, convey, mortgage, pledge, or otherwise realize
upon or dispose of, letters patent of the United States of America or of

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any foreign country, and any and all patent rights, patent applications,
licenses, assignments, privileges, processes, inventions, devices,
improvements, formulae, designs, copyrights, trademarks, trade names,
trade rights, and any and all rights, territorial or otherwise,
thereunder, and any and all interest in or in respect to any of them
relating to, or useful in connection with, any of the objects or purposes
of the corporation; and to use, exercise, experiment upon, compound, test
and develop the value or usefulness of, grant licenses in respect of, or
otherwise turn to account any patent, invention, process, contrivance,
device, trademark, trade name, trade right, license, formula or design
acquired or useful for the purposes, objects or business of the
corporation.

     N. Subject to the restrictions or limitations imposed by law, to
purchase or otherwise acquire, hold, own, sell, assign, transfer,
mortgage, pledge, exchange, or otherwise dispose of shares of the capital
stock, bonds, obligations and other securities and evidences of
indebtedness of other corporations, domestic or foreign, and the good
will, rights, assets and property of any and every kind, or any part
thereof, of any person, firm, association or corporation, domestic or
foreign, and if desirable, to issue in exchange or payment therefor,
stock, bonds, debentures, or other obligations of this corporation, and to
undertake or assume the whole or any part of the obligations or
liabilities of any person, firm, association or corporation, domestic or
foreign, and while the owner of shares of the capital stock, bonds,
obligations and other securities and evidences of indebtedness of other
corporations, to exercise all the rights, powers and privileges of
ownership, including the power to vote thereunder; and for any and all
lawful purposes in the course of the transaction of the business and
affairs of this corporation, to acquire real and personal property, rights
and interests of every nature and description.

     O. To make any guaranty respecting dividends, shares of stock,
bonds, debentures, contracts, notes or other obligations or evidences of
indebtedness to the extent that such power may be exercised by
corporations under the Business Corporation Law.

     P. To issue shares of capital stock, and notes, bonds, debentures,
equipment trust certificates or other obligations or evidences of
indebtedness of this corporation in payment for property purchased or
otherwise acquired by the corporation or for any of the objects or
purposes of the corporation and, if desirable, to secure the same by
mortgage, pledge, deed of trust, or otherwise.

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     Q. Subject to the restrictions or limitations imposed by law, to
issue, to purchase or otherwise acquire, to hold, sell, pledge, transfer
or otherwise dispose of, and to reduce or retire shares of its own capital
stock.

     R. To have one or more offices, to carry on all or any of its
operations and business and without restriction and limit as to amount, to
purchase, or otherwise acquire, own, hold, mortgage, sell, convey or
otherwise dispose of real and personal property of every class and
description in any of the states, territories, federal districts,
mandates, or protectorates of the United States of America and in any and
all foreign states and countries subject to the laws of said states,
territories, districts, mandates, protectorates or foreign states or
countries.

     S. The business or purpose of the corporation is from time to time
to do any one or more of the acts or things herein set forth, and it may
conduct such business and all of its branches, or any part thereof, within
the State of New York, except as limited herein, and outside the State of
New York and in any other states, territories, federal districts,
mandates, and protectorates of the United States of America, and in any
and all foreign states and countries.

     T. To do all and everything necessary, suitable and proper for the
accomplishment of any of the purposes, or the attainment of any of the
objects, or the furtherance of any of the powers hereinbefore set forth,
either alone or associated with other corporations, firms or individuals,
and to do any other act or acts, thing or things, incidental or pertaining
to or growing out of or connected with the aforesaid businesses, purposes,
objects or powers, or any part or parts thereof, provided the same be not
inconsistent with the laws of New York applicable thereto; to engage in
any business of whatever kind, character or nature which corporations
organized under and pursuant to the Business Corporation Law of the State
of New York may lawfully engage in, and to have and exercise all of the
powers conferred upon it by the laws of New York applicable to this
corporation, and to do any and all of the things hereinabove set forth to
the same extent as natural persons might or could do.

     U. The foregoing clauses shall be construed both as objects and
powers, and the matters expressed in each clause shall, except as
otherwise expressly provided, be in no wise limited by reference to or
inference from the terms of any other clause, or by reason of its relative
position herein; nor shall the expression of one thing be deemed to
exclude another, although it be of like nature, not expressed; and the
matters expressed in each clause shall be regarded as independent objects
and powers, and the enumeration of specific objects and powers shall not

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be construed to limit or restrict in any manner the meaning of general
terms or the objects or powers, general or specific, of this corporation,
but it shall be held to be in the furtherance of and in addition to the
other objects and powers enumerated herein and to the other powers
conferred by the Amended Certificate of Incorporation of this corporation,
and by the laws of the State of New York upon corporations organized under
the provisions of the Business Corporation Law; provided, however, that
nothing herein contained shall be construed to authorize this corporation
to engage in the business of a moneyed corporation or of any corporation
which may only be formed under or pursuant to the Banking Law, the
Insurance Law, the Railroad Law, or the Transportation Corporation Law of
the State of New York.

     THIRD: The aggregate number of shares which the corporation shall have
authority to issue is 120,000,000 shares of Common Stock, of the par value of
62-1/2¢ each, and 5,000,000 shares of Preferred Stock, of the par value of $1
each.

     The Preferred Stock shall be issued in one or more series. The Board of
Directors is hereby authorized to cause the shares of Preferred Stock to be
issued in one or more series and to fix before issuance the number of shares to
be included in any series and the designation, relative rights, preferences and
limitations of all shares of such series. No holder of any share or shares of
any series of the Preferred Stock of the corporation shall have any right to
purchase or subscribe to any shares of any class of stock of the corporation
issued or sold, whether now or hereafter authorized, or to any obligations
convertible into, or exchangeable for, shares of stock of the corporation of any
class, issued or sold, or to any stock of the corporation purchased by the
corporation or by its nominee or nominees. The authority of the Board of
Directors with respect to each series shall include, without limitation thereof,
the determination of all of the following, and the shares of each series may

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vary from the shares of any other series in any and all of the following
respects:

     (1) The number of shares constituting such series, and the
designation thereof to distinguish the shares of such series from the shares of all other series;

     (2) The annual dividend rate on the shares of such series, whether
such dividends are payable in installments and whether such dividends
shall be cumulative and, if cumulative, the date from which dividends
shall accumulate;

     (3) The preference, if any, of the shares of such series in the
event of any voluntary or involuntary liquidation or dissolution of the
corporation;

     (4) The voting rights, if any, of the shares of such series, in
addition to the voting rights prescribed by law, and the terms and
conditions of exercise of any such voting rights;

     (5) The redemption price or prices, if any, of the shares of such
series, and the terms and conditions of any such redemption;

     (6) The right, if any, of the shares of such series to be converted
into shares of any other series or class, and the terms and conditions of
any such conversion; and

     (7) Any other relative rights, preferences and limitations of the shares of such series.

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     THIRD. A: There is hereby established a series of the corporation’s
authorized shares of Preferred Stock of the par value of $1 each (“Preferred
Stock”), and the authorized number of shares of that series, the designation,
relative rights, preferences and limitations thereof are as follows:

     1. The series of Preferred Stock established hereby shall be “$2.50
Cumulative Convertible Preferred Stock” (hereinafter called the “$2.50
Preferred”) and the authorized number of shares of $2.50 Preferred shall
be 695,443 shares.

     2. The holders of the $2.50 Preferred shall be entitled to receive,
out of the surplus of the corporation legally available for dividends,
when and as declared by the Board of Directors, dividends at the per annum
rate of $2.50, and no more, payable quarterly on the first day of March,
June, September and December (each such day being hereinafter called a
dividend date and each quarterly period ending on the day preceding a
dividend date being hereinafter called a dividend period), in each case
from the date of cumulation, as hereinafter defined in Section 4
(provided, however, that, if the date of cumulation shall be a date less
than thirty (30) days prior to a dividend date, the dividend that would
otherwise be payable on such dividend date will be payable on the next
succeeding dividend date). Such dividends upon the $2.50 Preferred shall
be cumulative (whether or not in any dividend period or periods there
shall be surplus of the corporation legally available for the payment of
such dividends). If at any time dividends upon the $2.50 Preferred from
the date of cumulation to the end of the last preceding dividend period
shall not have been paid (or deemed to have been paid pursuant to Section
4 hereof), or shall not have been declared and a sum sufficient for the
payment thereof shall not have been set apart for such payment, the amount
of the deficiency shall be fully paid, but without interest, or dividends
in such amount declared and a sum sufficient for the payment thereof set
apart for such payment, before any sum or sums shall be set aside for the
purchase or redemption of the $2.50 Preferred or any other series of
Preferred Stock established by the corporation and before any dividend
shall be declared or paid upon or set apart for, any other distribution
shall be ordered or made in respect of, or any payment shall be made on
account of the purchase of, the Common Stock.

     3. The $2.50 Preferred shall be preferred over the Common Stock as
to assets in the event of any liquidation or dissolution or winding up of
the corporation, and in that event the holders of the $2.50 Preferred shall
be entitled to receive for every share of their holdings of $2.50 Preferred,

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out of the assets of the corporation available for distribution to its
shareholders, before any distribution of the assets shall be made to the
holders of the Common Stock, an amount equal to $60 per share of $2.50
Preferred, plus an amount equal to the difference, if any, between (i) $2.50
per share per annum (with a proportionate amount for any portion of a
year) from the date of cumulation to the date fixed as the date of liquidation, dissolution or
winding up and (ii) the sum of the dividends paid, duly set aside, or deemed to have been paid
pursuant to Section 4 hereof, for payment on a share of such $2.50 Preferred from the date of
cumulation to the date of liquidation, dissolution or winding up. If upon any liquidation or dissolution or winding up of
the corporation the amounts payable on or with respect to the $2.50 Preferred are not paid in
full, the holders of shares of the $2.50 Preferred shall share ratably with the holders of all
series of Preferred Stock then outstanding in any distribution of assets according to the
respective amounts which would be payable in respect of the shares held by them upon such
distribution if all amounts payable on or with respect to the $2.50 Preferred and all other
series of Preferred Stock then outstanding were to be paid in full.

     4. The term “date of cumulation” as used herein with reference to
the $2.50 Preferred shall be deemed to mean the date on which a share of
the $2.50 Preferred is first issued; however, in the event of the issue of
additional shares of the $2.50 Preferred, all dividends paid on the $2.50
Preferred prior to the issue of such additional shares, and all dividends
declared and payable to holders of record of the $2.50 Preferred on any
date prior to the issue of such additional shares, shall be deemed to have
been paid on such additional shares.

     5. The $2.50 Preferred, or any part thereof, outstanding after the
fifth anniversary of the date of cumulation may be redeemed by the
corporation, at its election expressed by resolution of the Board of
Directors, upon not less than thirty (30) days nor more than sixty (60)
days previous notice to the holders of record of the $2.50 Preferred to be
redeemed, given by mail or by publication in such manner as may be
prescribed by resolution of the Board of Directors, at the redemption
price of $63 per share; provided, however, that the $2.50 Preferred may be
redeemed only after full cumulative dividends on the $2.50 Preferred and
on any other series of Preferred Stock entitled to cumulative dividends
then outstanding shall have been paid for all past dividend periods, and
after or concurrently with making payment of, or declaring and setting
apart for payment, full dividends on the $2.50 Preferred and on any other
series of Preferred Stock entitled to cumulative dividends then
outstanding (except the shares of the $2.50 Preferred and of any other
series of Preferred Stock to be redeemed) to the end of the applicable
current dividend periods. If less than all the outstanding $2.50 Preferred
is to be redeemed, the redemption may be made either by lot or pro rata or

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in such fair and equitable other manner as may be prescribed by resolution
of the Board of Directors. From and after the date fixed in any such
notice as the date of redemption of the $2.50 Preferred (unless default
shall be made by the corporation in providing moneys for the payment of
the redemption price pursuant to such notice), or, if the corporation
shall so elect, from and after a date (hereinafter called the date of
deposit), prior to the date fixed as the date of redemption but not less
than 30 days after the date of the notice of redemption, on which the
corporation shall provide money for the payment of the redemption price by
depositing the amount thereof for account of the holders of the $2.50
Preferred entitled thereto with a bank or trust company doing business in
the Borough of Manhattan, in the City of New York, and having a capital
and surplus of at least ten million dollars ($10,000,000) pursuant to notice
of such election included in the notice of redemption specifying the date
on which such deposit will be made, all dividends on the $2.50 Preferred
called for redemption shall cease to accrue and all rights of the holders
thereof as shareholders of the Corporation, except the right to receive the
redemption price as herein provided, shall thereupon terminate. After the
deposit of such amount with such bank or trust company, the respective
holders of record of the $2.50 Preferred to be redeemed shall be entitled to receive the
redemption price at any time upon actual delivery to such bank or trust company of certificates
for the number of shares to be redeemed, duly endorsed in blank or accompanied by proper instruments of assignment and
transfer thereof duly endorsed in blank. Any moneys so deposited which
shall remain unclaimed by the holders of such $2.50 Preferred at the end
of six (6) years after the redemption date, together with any interest
thereon which shall be allowed by the bank or trust company with which the
deposit shall have been made, shall be paid by such bank or trust company
to the corporation. Shares of $2.50 Preferred redeemed pursuant to the
provisions of this Section shall have the status of authorized but unissued Preferred Stock.

     Shares of the $2.50 Preferred shall not be entitled to the benefit
of any sinking fund or purchase fund for redemption or purchase of such shares.

6. (a) Shares of the $2.50 Preferred shall be convertible at the
option of the holders thereof at any time at the office or agency
maintained by the corporation in the Borough of Manhattan, the City
of New York, for that purpose and at such other place or places, if
any, as the Board of Directors may determine, into fully paid and
nonassessable shares (calculated to the nearest 1/100 of a share) of
the Common Stock at the rate of 1.25 shares of the Common Stock for
each share of the $2.50 Preferred; provided, however, that in the
case of a redemption of any shares of the $2.50 Preferred, such
right of conversion shall cease and terminate, as to the shares duly

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called for redemption, at the close of business on the last business
day prior to the earlier of the date fixed for redemption or the
date of deposit specified in Section 5, unless default shall be made
in the payment of the redemption price or the making of such
deposit. Upon conversion, the corporation shall make no payment or
adjustment on account of dividends accrued or in arrears on the
$2.50 Preferred surrendered for conversion.

     (b) The number of shares of the Common Stock and the number of shares of other classes of the corporation, if any, into which each
share of the $2.50 Preferred is convertible shall be subject to adjustment from time to time only as follows:

     (i) In case the corporation shall (1) declare a dividend
payable in shares of the Common Stock, (2) subdivide the
outstanding shares of the Common Stock, (3) combine the
outstanding shares of the Common Stock into a smaller number
of shares or (4) issue by reclassification of the Common Stock
any shares of the corporation, each holder of the $2.50
Preferred shall thereafter be entitled, upon the conversion of
each share thereof held by him, to receive for each such share
the number of shares of the corporation which he would have
owned or have been entitled to receive had such share of the
$2.50 Preferred been converted immediately prior to the
occurrence of the applicable event above described, such
adjustment to become effective immediately after the opening
of business on the day next following the record date, if a
record is taken in connection with the applicable event, or, if
no such record is taken, on the day next following the date
upon which such dividend, subdivision, combination or reclassification shall become
effective.

     (ii) In case of any consolidation of the corporation
with, or merger of the corporation into another corporation,
or in case of any sale or conveyance to another corporation of
all or substantially all the property of the corporation, each
holder of the $2.50 Preferred then outstanding and thereafter
remaining outstanding shall have the right thereafter to
convert each share of $2.50 Preferred held by him into the
kind and amount of shares of stock, other securities, cash and
property receivable upon such consolidation, merger, sale or
conveyance by a holder of the number of shares of Common Stock
into which such share of $2.50 Preferred might have been
converted immediately prior to such consolidation, merger,
sale or conveyance, and shall have no other conversion rights;

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in any such event, the resulting or surviving corporation
shall expressly assume the obligation to deliver, upon the
exercise of the conversion privilege, such shares, other
securities, cash or property as the holders of the shares of
the $2.50 Preferred remaining outstanding shall be entitled to
receive pursuant to the provisions hereof. Furthermore,
effective provision shall be made in the Certificate of
Incorporation of the resulting or surviving corporation or
otherwise, so that the provisions set forth herein for the
protection of the conversion rights of the shares of the $2.50
Preferred shall thereafter be applicable, as nearly as
reasonably may be, to any such shares of stock, other
securities, cash and property deliverable upon conversion of
the shares of the $2.50 Preferred remaining outstanding.

     (iii) In case the corporation shall issue rights to all
holders of the Common Stock entitling them to subscribe for or
purchase shares of the Common Stock at a price per share less
than the current market price per share (as defined below) of
the Common Stock at the record date for the determination of
shareholders entitled to receive such rights, the number of shares of the Common Stock into which each share of the $2.50
Preferred shall thereafter be convertible shall be determined
by multiplying the number of shares of the Common Stock into
which such share of the $2.50 Preferred was theretofore
convertible by a fraction, of which the numerator shall be the
number of shares of the Common Stock outstanding on the date
of issuance of such rights plus the number of additional shares of the Common Stock offered for subscription or
purchase, and of which the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance
of such rights plus the number of shares of the Common Stock
which the aggregate offering price of the total number of
shares so offered would purchase at such current market price.
Such adjustment shall be made whenever such rights are issued
and shall become effective retroactively immediately after the record
date for the determination of shareholders entitled to receive
such rights.

     The current market price per share of the Common Stock
at any date shall be deemed to be the average of the daily
closing prices for the thirty consecutive business days
commencing forty-five business days before the day in
question. The closing price for each day shall be the last
reported sales price, regular way, or, in case no such
reported sale takes place on such day, the average of the

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reported closing bid and asked prices, regular way, in either
case on the New York Stock Exchange. The term “business day”
as used herein means any day on which said Exchange shall be
open for trading.

     (iv) No fractional share of the Common Stock shall be
issued upon any conversion, but, in lieu thereof, there shall
be paid to each holder of shares of the $2.50 Preferred
surrendered for conversion who, but for the provisions of this
subsection (iv) would be entitled to receive a fraction of a
share of Common Stock on such conversion, as soon as
practicable after the date shares of the $2.50 Preferred are
surrendered for conversion, an amount in cash equal to the
same fraction of the market value of a full share of the
Common Stock, unless the Board of Directors shall determine to
adjust fractional shares by the issue of fractional scrip
certificates or in some other manner. For such purpose, the
market value of a share of the Common Stock shall be the last
reported sales price, regular way, on the business day
immediately preceding the date upon which $2.50 Preferred shares are surrendered for conversion, or, in case no such
sale takes place on such business day, the average of the
reported closing bid and asked prices, regular way, on such
business day, in either case on the New York Stock Exchange.
The term “business day” as used herein means any day on which
said Exchange shall be open for trading. If more than one
share of the $2.50 Preferred is surrendered for conversion at
one time by the same holder, the number of full shares of
Common Stock which shall be issuable on conversion thereof
shall be computed on the basis of all such shares so
surrendered.

     (v) No adjustment in the number of shares of the Common
Stock into which each share of the $2.50 Preferred is
convertible shall be required unless such adjustment would
require an increase or decrease of at least 1/100th of a share
in the number of shares of the Common Stock into which such
share is then convertible; provided, however, that any
adjustments which by reason of this subsection (v) are not
required to be made shall be carried forward and taken into
account in any subsequent adjustment.

     (vi) Whenever any adjustment is required in the shares
into which each share of the $2.50 Preferred is convertible,
the corporation shall forthwith (A) keep available at each of
its offices and agencies at which the $2.50 Preferred is

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convertible a statement describing in reasonable detail the
adjustment and the method of calculation used and (B) cause a
copy of such statement to be mailed to the holders of record of the
shares of the $2.50 Preferred.

     (c) The corporation shall at all times reserve and keep available out of the authorized but unissued shares of the Common
Stock the full number of shares of the Common Stock into which all shares of the $2.50 Preferred from time to time outstanding are
convertible, but shares of the Common Stock held in the treasury of the corporation may in its discretion be delivered upon any
conversion of shares of the $2.50 Preferred.

     (d) The corporation will pay any and all issue and other taxes
that may be payable in respect of any issue or delivery of shares of
the Common Stock on conversion of shares of the $2.50 Preferred
pursuant hereto. The corporation shall not, however, be required to
pay any tax which may be payable in respect of any transfer involved
in the issue and delivery of any shares of the Common Stock in the
name other than that in which the shares of the $2.50 Preferred so
converted were registered and no such issue or delivery shall be
made unless and until the person requesting such issue or delivery
has paid to the corporation the amount of any such tax or has
established, to the satisfaction of the Corporation, that such tax
has been paid.

     (e) Shares of the $2.50 Preferred converted into Common Stock
shall have the status of authorized but unissued shares of Preferred
Stock, but such shares shall not be reissued as shares of the $2.50
Preferred.

     7. Except as may in this Article THIRD. A, or elsewhere in the
Certificate of Incorporation, or by statute, be otherwise specifically
provided, each holder of shares of the $2.50 Preferred shall, in all
matters, be entitled to one vote for each share of the $2.50 Preferred
owned by him.

     Except as may in this Article THIRD. A, or elsewhere in the
Certificate of Incorporation, or by statute, be otherwise specifically
provided, the holders of the $2.50 Preferred and of the Common Stock shall
vote together as one class on any matter that may be brought before any
such meeting.

     If at the time of any annual meeting of shareholders of the
corporation for the election of directors a default in preferred dividends
(as the term “default in preferred dividends” is hereinafter defined)

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shall exist, the holders of the $2.50 Preferred together with holders of
any other series of Preferred Stock as to which there is a default in
preferred dividends, voting separately as a class and without regard to
series, shall have the right to elect two members of the Board of
Directors, but shall not be entitled to vote in the election of any of the
other directors of the corporation; and the holders of the Common Stock,
voting separately as a class, shall be entitled to elect the other
directors of the corporation but shall not be entitled to vote in the
election of the two directors of the corporation to be elected as
hereinabove provided. Whenever a default in preferred dividends shall
commence to exist, the corporation, upon the written request of the
holders of 5% or more of the outstanding shares of all series of Preferred
Stock as to which a default in preferred dividends exists shall call a
special meeting of the holders of such Preferred Stock which is the
subject of a default in preferred dividends, such special meeting or meetings to be held within 120 days after the date
on which such request is received by the corporation for the purpose of
enabling such holders to elect members of the Board of Directors as
hereinabove provided; provided, however, that such special meeting or
meetings need not be called if an annual meeting of shareholders of the
corporation for the election of directors shall be scheduled to be held
within such 120 days. Prior to any such meeting or meetings, the number of
directors of the corporation shall be increased to the extent necessary to
provide as additional places on the Board of Directors the directorships
to be filled by the directors to be elected thereat. Any director elected
as aforesaid by the holders of shares of such Preferred Stock as to which
there is a default in preferred dividends shall cease to serve as such
director whenever the default in preferred dividends shall cease to exist.
If, prior to the end of the term of any director elected in accordance
with the provisions of this Section 7, a vacancy in the office of such
director shall occur by reason of death, resignation, removal or
disability, or for any other cause, such vacancy shall be filled for the
unexpired term in the manner provided in the bylaws; provided, however,
that if such vacancy shall be filled by election by the shareholders at a
meeting thereof, the right to fill such vacancy shall be vested in the
holders of that class of stock or series which elected the director the
vacancy in the office of whom is so to be filled, unless, in any such
case, no default in preferred dividends shall exist at the time of such
election. For the purposes of this Section 7 a “default in preferred
dividends” shall be deemed to have occurred whenever the amount of
dividends in arrears upon any series of the Preferred Stock shall be
equivalent to six full quarter-yearly dividends or more, and, having so
occurred, such default in preferred dividends shall be deemed to exist
thereafter until, but only until, all dividends in arrears on all shares
of the Preferred Stock then outstanding, of each and every series, shall
have been paid. The term “dividends in arrears” whenever used in this

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Section 7 with reference to any series of the Preferred Stock shall be
deemed to mean (whether or not in any dividend period in respect of which
such term is used there shall have been surplus of the corporation legally
available for the payment of dividends) that amount which shall be equal
to cumulative dividends at the rate expressed in the certificates for the
Preferred Stock of such series for all past quarterly dividend periods
less the amount of all dividends paid, or deemed paid, for all such
periods upon such Preferred Stock.

     8. So long as any shares of the $2.50 Preferred shall be
outstanding, the corporation shall not, without the affirmative vote of
holders of two-thirds of the aggregate number of shares of the $2.50
Preferred at the time outstanding, alter or change the powers, preferences
or rights given to the $2.50 Preferred herein so as to affect the $2.50
Preferred adversely.

     So long as any shares of the $2.50 Preferred shall be outstanding,
the corporation shall not, without the affirmative vote of the holders of
two-thirds of the aggregate number of shares of Preferred Stock of all
series at the time outstanding, considered as a class without regard to
series:

     (a) Alter or change the powers, preferences or rights given to
the Preferred Stock so as to affect the Preferred Stock adversely,
or

     (b) Authorize or create any class of stock ranking, either as
to payment of dividends or distribution of assets, prior to the
Preferred Stock.

     So long as any shares of the $2.50 Preferred shall be outstanding,
the corporation shall not, without the affirmative vote or written consent
of the holders of a majority of the aggregate number of shares of
Preferred Stock of all series at the time outstanding, considered as a
class without regard to series, increase the amount of Preferred Stock or
authorize or create any class of stock ranking, either as to payment of
dividends or distribution of assets, on a parity with the Preferred Stock.

     THIRD. B: There is hereby established a series of the corporation’s
authorized shares of Preferred Stock of the par value of $1 each (“Preferred
Stock”), and the authorized number of shares of that series, the designation,
relative rights, preferences and limitations thereof are as follows:

-17-

 

     1. The series of Preferred Stock established hereby shall be “$2.50
Cumulative Convertible Preferred Stock, Series B” (hereinafter called the
“Series B Preferred”) and the authorized number of shares of Series B
Preferred shall be 149,182 shares.

     2. The holders of the Series B Preferred shall be entitled to
receive, out of the surplus of the corporation legally available for
dividends, when and as declared by the Board of Directors, dividends at
the per annum rate of $2.50, and no more, payable quarterly on the first
day of March, June, September and December (each such day being
hereinafter called a dividend date and each quarterly period ending on the
day preceding a dividend date being hereinafter called a dividend period),
in each case from the date of cumulation, as hereinafter defined in
Section 4 (provided, however, that, if the date of cumulation shall be a
date less than thirty (30) days prior to a dividend date, the dividend
that would otherwise be payable on such dividend date will be payable on
the next succeeding dividend date). Such dividends upon the Series B
Preferred shall be cumulative (whether or not in any dividend period or
periods there shall be surplus of the corporation legally available for
the payment of such dividends). If at any time dividends upon the Series B
Preferred from the date of cumulation to the end of the last preceding
dividend period shall not have been paid (or deemed to have been paid
pursuant to Section 4 hereof), or shall not have been declared and a sum
sufficient for the payment thereof shall not have been set apart for such
payment, the amount of the deficiency shall be fully paid, but without
interest, or dividends in such amount declared and a sum sufficient for
the payment thereof set apart for such payment, before any sum or sums
shall be set aside for the purchase or redemption of the Series B
Preferred or any other series of Preferred Stock established by the
corporation and before any dividend shall be declared or paid upon or set
apart for, any other distribution shall be ordered or made in respect of,
or any payment shall be made on account of the purchase of, the Common
Stock.

     3. The Series B Preferred shall be preferred over the Common Stock
as to assets in the event of any liquidation or dissolution or winding up
of the corporation, and in that event the holders of the Series B
Preferred shall be entitled to receive for every share of their holdings
of Series B Preferred, out of the assets of the corporation available for
distribution to its shareholders, before any distribution of the assets
shall be made to the holders of the Common Stock, an amount equal
to $60 per share of Series B Preferred, plus an amount equal to the difference, if any, between
(i) $2.50 per share per annum (with a proportionate amount for any portion of a year) from the
date of cumulation to the date fixed as the date of liquidation, dissolution or winding up and (ii) the sum of the
dividends paid, duly set aside, or deemed to have been paid pursuant to

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Section 4 hereof, for payment on a share of such Series B Preferred from
the date of cumulation to the date of liquidation, dissolution or winding
up. If upon any liquidation or dissolution or winding up of the
corporation the amounts payable on or with respect to the Series B
Preferred are not paid in full, the holders of shares of the Series B
Preferred shall share ratably with the holders of all series of Preferred
Stock then outstanding in any distribution of assets according to the
respective amounts which would be payable in respect of the shares held by
them upon such distribution if all amounts payable on or with respect to
the Series B Preferred and all other series of Preferred Stock then
outstanding were to be paid in full.

     4. The term “date of cumulation” as used herein with reference to
the Series B Preferred shall be deemed to mean the date on which a share
of the Series B Preferred is first issued; however, in the event of the
issue of additional shares of the Series B Preferred, all dividends paid
on the Series B Preferred prior to the issue of such additional shares,
and all dividends declared and payable to holders of record of the Series
B Preferred on any date prior to the issue of such additional shares,
shall be deemed to have been paid on such additional shares.

     5. The Series B Preferred, or any part thereof, outstanding after
the fifth anniversary of the date of cumulation may be redeemed by the
corporation, at its election expressed by resolution of the Board of
Directors, upon not less than thirty (30) days nor more than sixty (60)
days previous notice to the holders of record of the Series B Preferred to
be redeemed, given by mail or by publication in such manner as may be
prescribed by resolution of the Board of Directors, at the redemption
price of $63 per share; provided, however, that the Series B Preferred may
be redeemed only after full cumulative dividends on the Series B Preferred
and on any other series of Preferred Stock entitled to cumulative
dividends then outstanding shall have been paid for all past dividend
periods, and after or concurrently with making payment of, or declaring
and setting apart for payment, full dividends on the Series B Preferred
and on any other series of Preferred Stock entitled to cumulative
dividends then outstanding (except the shares of the Series B Preferred
and of any other series of Preferred Stock to be redeemed) to the end of
the applicable current dividend periods. If less than all the outstanding
Series B Preferred is to be redeemed, the redemption may be made either by
lot or pro rata or in such fair and equitable other manner as may be
prescribed by resolution of the Board of Directors. From and after the
date fixed in any such notice as the date of redemption of the Series B
Preferred (unless default shall be made by the corporation in providing
moneys for the payment of the redemption price pursuant to such notice),
or, if the corporation shall so elect, from and after a date (hereinafter
called the date of deposit), prior to the date fixed as the date of

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redemption but not less than 30 days after the date of the notice of
redemption, on which the corporation shall provide money for the payment
of the redemption price by depositing the amount thereof for account of
the holders of the Series B Preferred entitled thereto with a bank or
trust company doing business in the Borough of Manhattan, in the City of
New York, and having a capital and surplus of at least ten million dollars
($10,000,000) pursuant to notice of such election included in the
notice of redemption specifying the date on which such deposit will be
made, all dividends on the Series B Preferred called for redemption shall
cease to accrue and all rights of the holders thereof as shareholders of
the corporation, except the right to receive the redemption price as
herein provided, shall thereupon terminate. After the deposit of such
amount with such bank or trust company, the respective holders of record
of the Series B Preferred to be redeemed shall be entitled to receive the
redemption price at any time upon actual delivery to such bank or trust
company of certificates for the number of shares to be redeemed, duly
endorsed in blank or accompanied by proper instruments of assignment and
transfer thereof duly endorsed in blank. Any moneys so deposited which
shall remain unclaimed by the holders of such Series B Preferred at the
end of six (6) years after the redemption date, together with any interest
thereon which shall be allowed by the bank or trust company with which the
deposit shall have been made, shall be paid by such bank or trust company
to the corporation. Shares of Series B Preferred redeemed pursuant to the
provisions of this Section shall have the status of authorized but
unissued Preferred Stock.

     Shares of the Series B Preferred shall not be entitled to the
benefit of any sinking fund or purchase fund for redemption or purchase of
such shares.

6. (a) Shares of the Series B Preferred shall be convertible at the
option of the holders thereof at any time at the office or agency
maintained by the corporation in the Borough of Manhattan, the City
of New York, for that purpose and at such other place or places, if
any, as the Board of Directors may determine, into fully paid and
nonassessable shares (calculated to the nearest 1/100 of a share) of
the Common Stock at the rate of 1.25 shares of the Common Stock for
each share of the Series B Preferred; provided, however, that in the
case of a redemption of any shares of the Series B Preferred, such
right of conversion shall cease and terminate, as to the shares duly
called for redemption, at the close of business on the last business
day prior to the earlier of the date fixed for redemption or the
date of deposit specified in Section 5, unless default shall be made
in the payment of the redemption price or the making of such
deposit. Upon conversion, the corporation shall make no payment or
adjustment on account of dividends accrued or in arrears on the

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Series B Preferred surrendered for conversion.

     (b) The number of shares of the Common Stock and the number of shares of other classes of the corporation, if any, into which each
share of the Series B Preferred is convertible shall be subject to
adjustment from time to time only as follows:

     (i) In case the corporation shall (1) declare a dividend
payable in shares of the Common Stock, (2) subdivide the
outstanding shares of the Common Stock, (3) combine the
outstanding shares of the Common Stock into a smaller number
of shares or (4) issue by reclassification of the Common Stock
any shares of the corporation, each holder of the Series B
Preferred shall thereafter be entitled, upon the conversion of
each share thereof held by him, to receive for each such share
the number of shares of the corporation which he would have
owned or have been entitled to receive had such share of the
Series B Preferred been converted immediately prior to the
occurrence of the applicable event above described, such
adjustment to become effective immediately after the
opening of business on the day next following the record
date, if a record is taken in connection with the applicable
event, or, if no such record is taken, on the day next following
the date upon which such dividend, subdivision, combination or reclassification shall
become effective.

     (ii) In case of any consolidation of the corporation
with, or merger of the corporation into another corporation,
or in case of any sale or conveyance to another corporation of
all or substantially all the property of the corporation, each
holder of the Series B Preferred then outstanding and
thereafter remaining outstanding shall have the right
thereafter to convert each share of Series B Preferred held by
him into the kind and amount of shares of stock, other
securities, cash and property receivable upon such
consolidation, merger, sale or conveyance by a holder of the
number of shares of Common Stock into which such share of
Series B Preferred might have been converted immediately prior
to such consolidation, merger, sale or conveyance, and shall
have no other conversion rights; in any such event, the
resulting or surviving corporation shall expressly assume the
obligation to deliver, upon the exercise of the conversion
privilege, such shares, other securities, cash or property as
the holders of the shares of the Series B Preferred remaining
outstanding shall be entitled to receive pursuant to the
provisions hereof. Furthermore, effective provision shall be

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made in the Certificate of Incorporation of the resulting or
surviving corporation or otherwise, so that the provisions set
forth herein for the protection of the conversion rights of
the shares of the Series B Preferred shall thereafter be
applicable, as nearly as reasonably may be, to any such shares
of stock, other securities, cash and property deliverable upon
conversion of the shares of the Series B Preferred remaining
outstanding.

     (iii) In case the corporation shall issue rights to all
holders of the Common Stock entitling them to subscribe for or
purchase shares of the Common Stock at a price per share less
than the current market price per share (as defined below) of
the Common Stock at the record date for the determination of
shareholders entitled to receive such rights, the number of shares of the Common Stock into which each share of the Series
B Preferred shall thereafter be convertible shall be
determined by multiplying the number of shares of the Common
Stock into which such share of the Series B Preferred was
theretofore convertible by a fraction, of which the numerator
shall be the number of shares of the Common Stock outstanding
on the date of issuance of such rights plus the number of additional shares of the Common Stock offered for subscription
or purchase, and of which the denominator shall be the number
of shares of the Common Stock outstanding on the date of
issuance of such rights plus the number of shares of the
Common Stock which the aggregate offering price of the total
number of shares so offered would purchase at such current
market price. Such adjustment shall be made whenever such
rights are issued and shall become effective retroactively
immediately after the record date for the determination of
shareholders entitled to receive such rights.

     The current market price per share of the Common Stock
at any date shall be deemed to be the average of the daily
closing prices for the thirty consecutive business days
commencing forty-five business days before the day in
question. The closing price for each day shall be the last
reported sales price, regular way, or, in case no such
reported sale takes place on such day, the average of the
reported closing bid and asked prices, regular way, on such
business day, in either case on the New York Stock Exchange.
The term “business day” as used herein means any day on which
said Exchange shall be open for trading.

     (iv) No fractional share of the Common Stock shall be

-22-

 

issued upon any conversion, but, in lieu thereof, there shall
be paid to each holder of shares of the Series B Preferred
surrendered for conversion who, but for the provisions of this
subsection (iv) would be entitled to receive a fraction of a
share of Common Stock on such conversion, as soon as
practicable after the date shares of the Series B Preferred are surrendered for conversion, an amount in cash equal to the
same fraction of the market value of a full share of the
Common Stock, unless the Board of Directors shall determine to
adjust fractional shares by the issue of fractional scrip
certificates or in some other manner. For such purpose, the
market value of a share of the Common Stock shall be the last
reported sales price, regular way, on the business day
immediately preceding the date upon which Series B Preferred shares are surrendered for conversion, or, in case no such
sale takes place on such business day, the average of the
reported closing bid and asked prices, regular way, in either
case on the New York Stock Exchange. The term “business day”
as used herein means any day on which said Exchange shall be
open for trading. If more than one share of the Series B
Preferred is surrendered for conversion at one time by the
same holder, the number of full shares of Common Stock which
shall be issuable on conversion thereof shall be computed on
the basis of all such shares so surrendered.

     (v) No adjustment in the number of shares of the Common
Stock into which each share of the Series B Preferred is
convertible shall be required unless such adjustment would
require an increase or decrease of at least 1/100th of a share
in the number of shares of the Common Stock into which such
share is then convertible; provided, however, that any
adjustments which by reason of this subsection (v) are not
required to be made shall be carried forward and taken into
account in any subsequent adjustment.

     (vi) Whenever any adjustment is required in the shares
into which each share of the Series B Preferred is
convertible, the corporation shall forthwith (A) keep
available at each of its offices and agencies at which the
Series B Preferred is convertible a statement describing in
reasonable detail the adjustment and the method of calculation
used and (B) cause a copy of such statement to be mailed to
the holders of record of the shares of the Series B Preferred.

     (c) The corporation shall at all times reserve and keep
available out of the authorized but unissued shares of the Common

-23-

 

Stock the full number of shares of the Common Stock into which all shares of the Series B Preferred from time to time outstanding are
convertible, but shares of the Common Stock held in the treasury of
the corporation may in its discretion be delivered upon any
conversion of shares of the Series B Preferred.

     (d) The corporation will pay any and all issue and other taxes
that may be payable in respect of any issue or delivery of shares of
the Common Stock on conversion of shares of the Series B Preferred
pursuant hereto. The corporation shall not, however, be required to
pay any tax which may be payable in respect of any transfer involved
in the issue and delivery of any shares of the Common Stock in the
name other than that in which the shares of the Series B Preferred
so converted were registered and no such issue or delivery shall be
made unless and until the person requesting such issue or delivery
has paid to the corporation the amount of any such tax or has
established, to the satisfaction of the Corporation, that such tax
has been paid.

     (e) Shares of the Series B Preferred converted into Common
Stock shall have the status of authorized but unissued shares of
Preferred Stock, but such shares shall not be reissued as shares of
the Series B Preferred.

     7. Except as may in this Article THIRD. B, or elsewhere in the
Certificate of Incorporation, or by statute, be otherwise specifically
provided, each holder of shares of the Series B Preferred shall, in all
matters, be entitled to one vote for each share of the Series B Preferred
owned by him.

     Except as may in this Article THIRD. B, or elsewhere in the
Certificate of Incorporation, or by statute, be otherwise specifically
provided, the holders of the Series B Preferred and of the Common Stock
shall vote together as one class on any matter that may be brought before
any such meeting.

     If at the time of any annual meeting of shareholders of the
corporation for the election of directors a default in preferred dividends
(as the term “default in preferred dividends” is hereinafter defined)
shall exist, the holders of the Series B Preferred together with holders
of any other series of Preferred Stock as to which there is a default in
preferred dividends, voting separately as a class and without regard to
series, shall have the right to elect two members of the Board of
Directors, but shall not be entitled to vote in the election of any of the
other directors of the corporation; and the holders of the Common Stock,
voting separately as a class, shall be entitled to elect the other

-24-

 

directors of the corporation but shall not be entitled to vote in the
election of the two directors of the corporation to be elected as
hereinabove provided. Whenever a default in preferred dividends shall
commence to exist, the corporation, upon the written request of the
holders of 5% or more of the outstanding shares of all series of Preferred
Stock as to which a default in preferred dividends exists shall call a
special meeting of the holders of such Preferred Stock which is the
subject of a default in preferred dividends, such special meeting or
meetings to be held within 120 days after the date on which such request
is received by the corporation for the purpose of enabling such holders to
elect members of the Board of Directors as hereinabove provided; provided,
however, that such special meeting or meetings need not be called if an annual meeting of
shareholders of the corporation for the election of directors shall be
scheduled to be held within such 120 days. Prior to any such meeting or
meetings, the number of directors of the corporation shall be increased to
the extent necessary to provide as additional places on the Board of
Directors the directorships to be filled by the directors to be elected
thereat. Any director elected as aforesaid by the holders of shares of
such Preferred Stock as to which there is a default in preferred dividends
shall cease to serve as such director whenever the default in preferred
dividends shall cease to exist. If, prior to the end of the term of any
director elected in accordance with the provisions of this Section 7, a
vacancy in the office of such director shall occur by reason of death,
resignation, removal or disability, or for any other cause, such vacancy
shall be filled for the unexpired term in the manner provided in the
by-laws; provided, however, that if such vacancy shall be filled by
election by the shareholders at a meeting thereof, the right to fill such
vacancy shall be vested in the holders of that class of stock or series
which elected the director the vacancy in the office of whom is so to be
filled, unless, in any such case, no default in preferred dividends shall
exist at the time of such election. For the purposes of this Section 7 a
“default in preferred dividends” shall be deemed to have occurred whenever
the amount of dividends in arrears upon any series of the Preferred Stock
shall be equivalent to six full quarter-yearly dividends or more, and,
having so occurred, such default in preferred dividends shall be deemed to
exist thereafter until, but only until, all dividends in arrears on all shares of the Preferred Stock then outstanding, of each and every series,
shall have been paid. The term “dividends in arrears” whenever used in
this Section 7 with reference to any series of the Preferred Stock shall
be deemed to mean (whether or not in any dividend period in respect of
which such term is used there shall have been surplus of the corporation
legally available for the payment of dividends) that amount which shall be
equal to cumulative dividends at the rate expressed in the certificates
for the Preferred Stock of such series for all past quarterly dividend
periods less the amount of all dividends paid, or deemed paid, for all
such periods upon such Preferred Stock.

-25-

 

     8. So long as any shares of the Series B Preferred shall be
outstanding, the corporation shall not, without the affirmative vote of
holders of two-thirds of the aggregate number of shares of the Series B
Preferred at the time outstanding, alter or change the powers, preferences
or rights given to the Series B Preferred herein so as to affect the
Series B Preferred adversely.

     So long as any shares of the Series B Preferred shall be outstanding, the corporation shall not, without the affirmative vote of
the holders of two-thirds of the aggregate number of shares of Preferred Stock of all series at the time outstanding, considered as a class without
regard to series:

     (a) Alter or change the powers, preferences or rights given to
the Preferred Stock so as to affect the Preferred Stock adversely,
or

     (b) Authorize or create any class of stock ranking, either as
to payment of dividends or distribution of assets, prior to the
Preferred Stock.

     So long as any shares of the Series B Preferred shall be outstanding, the corporation shall not, without the affirmative vote or
written consent of the holders of a majority of the aggregate number of shares of Preferred Stock of all series at the time outstanding, considered as a class without
regard to series, increase the amount of Preferred Stock or authorize or create any class of stock ranking, either as to payment of dividends or distribution of assets, on a parity with
the Preferred Stock.

     THIRD. C: [Intentionally omitted]

     THIRD. D: [Intentionally omitted]

     THIRD. E: [Intentionally omitted]

     THIRD. F: A series of preferred stock, $1.00 par value per share, of the
Corporation (such preferred stock being herein referred to as “Preferred Stock,”
which term shall include any additional shares of preferred stock of the same
class heretofore or hereafter authorized to be issued by the Corporation),

-26-

 

Consisting of 120,000 shares is hereby created, and the number, designation,
relative rights, preferences and limitations thereof are as follows:

     Section 1. Designation and Number. There shall be a series of Preferred
Stock of the Corporation which shall be designated as “Series 2 Junior
Participating Preferred Stock,” $1.00 par value per share (hereinafter called
“Series 2 Junior Preferred Stock”), and the number of shares constituting such
series shall be 120,000. Such number of shares may be increased or decreased by
resolution of the Board of Directors of the Corporation and by the filing of a
Certificate of Amendment of Certificate of Incorporation pursuant to the
provisions of the New York Business Corporation Law stating that such increase
or reduction has been so authorized; provided, however, that no decrease shall
reduce the number of shares of Series 2 Junior Preferred Stock to a number less
than that of the shares then outstanding plus the number of shares of Series 2
Junior Preferred Stock issuable upon exercise of outstanding rights, options or
warrants or upon conversion of outstanding securities issued by the Corporation.

     Section 2. Dividends and Distributions.

     (A) Subject to the prior and superior rights of the holders of any shares
of any series of Preferred Stock ranking prior and superior to the shares of
Series 2 Junior Preferred Stock with respect to dividends, the holders of shares
of Series 2 Junior Preferred Stock shall be entitled to receive, when, as and if
declared by the Board of Directors of the Corporation out of funds legally
available for such purpose, quarterly dividends payable in cash to holders of
record on the last business day of March, June, September and December in each
year (each such date being referred to herein as a “Quarterly Dividend Payment
Date.”), commencing on the first Quarterly Dividend Payment Date after the first
Issuance of a share or fraction of a share of Series 2 Junior Preferred Stock,
in an amount per share (rounded to the nearest cent) equal to the greater of (a)
$1.00 and (b) subject to the provision for adjustment hereinafter set forth,
1,000 times the aggregate per share amount of all cash dividends, and 1,000
times the aggregate per share amount (payable in kind) of all non-cash dividends
or other distributions other than a dividend payable in shares of Common Stock
(hereinafter defined) or a subdivision of the outstanding shares of Common Stock
(by reclassification or otherwise), declared on the common stock, par value
$0.625 per share, of the Corporation (the “Common Stock”) since the immediately preceding Quarterly
Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the
first issuance of any share or fraction of a share of Series 2 Junior Preferred Stock. If the Corporation shall at any time
following July 24,1998 (i) declare any dividend on Common Stock payable in shares of Common Stock,
(ii) subdivide the outstanding Common Stock or (iii) combine the outstanding Common Stock into a
smaller number of shares, then in each such case the amount to which holders of shares of
Series 2 Junior Preferred Stock were entitled immediately prior to such event

-27-

 

under clause (b) of the preceding sentence shall be adjusted by multiplying each
such amount by a fraction the numerator of which is the number of shares of
Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock that were outstanding immediately prior to such
event.

     (B) The Corporation shall declare a dividend or distribution on the Series
2 Junior Preferred Stock as provided in paragraph (A) above at the time it
declares a dividend or distribution on the Common Stock (other than a dividend
payable in shares of Common Stock).

     (C) No dividend or distribution (other than a dividend payable in shares
of Common Stock) shall be paid or payable to the holders of shares of Common
Stock unless, prior thereto, all accrued but unpaid dividends to the date of
such dividend or distribution shall have been paid to the holders of shares of
Series 2 Junior Preferred Stock.

     (D) Dividends shall begin to accrue and be cumulative on outstanding
shares of Series 2 Junior Preferred Stock from the Quarterly Dividend Payment
Date next preceding the date of issue of such shares of Series 2 Junior
Preferred Stock, unless the date of issue of such shares is prior to the record
date for the first Quarterly Dividend Payment Date, in which case dividends on
such shares shall begin to accrue from the date of issue of such shares, or
unless the date of issue is a Quarterly Dividend Payment Date or is a date after
the record date for the determination of holders of shares of Series 2 Junior
Preferred Stock entitled to receive a quarterly dividend and before such
Quarterly Dividend Payment Date, in either of which events such dividends shall
begin to accrue and be cumulative from such Quarterly Dividend Payment Date.
Accrued but unpaid dividends shall not bear interest. Dividends paid on the
shares of Series 2 Junior Preferred Stock in an amount less than the total
amount of such dividends at the time accrued and payable on such shares shall be
allocated pro rata on a share-by-share basis among all such shares at the time
outstanding. The Board of Directors of the Corporation may fix a record date for
the determination of holders of shares of Series 2 Junior Preferred Stock
entitled to receive payment of a dividend or distribution declared thereon,
which record date shall be no more than 30 days prior to the date fixed for the
payment thereof.

     Section 3. Voting Rights. The holders of shares of Series 2 Junior
Preferred Stock shall have the following voting rights:

     (A) Subject to the provision for adjustment hereinafter set forth, each
one one-thousandth of a share of Series 2 Junior Preferred Stock shall entitle
the holder thereof to one vote on all matters submitted to a vote of the
shareholders of the Corporation. If the Corporation shall at any time following
July 24,1998 (i) declare any dividend on Common Stock payable in shares of

-28-

 

Common Stock, (ii) subdivide the Outstanding shares of Common Stock or (iii)
combine the outstanding Common Stock into a smaller number of shares, then in
each such case the number of votes per share to which holders of shares of
Series 2 Junior Preferred Stock were entitled immediately prior to such event
shall be adjusted by multiplying such number by a fraction the numerator of which is the number of
shares of Common Stock outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such event.

     (B) Except as otherwise provided herein or in the Restated Certificate of
Incorporation, as amended from time to time, or by law, the holders of shares of
Series 2 Junior Preferred Stock and the holders of shares of Common Stock and
any other capital stock of the Corporation having general voting rights shall
vote together as one class on all matters submitted to a vote of shareholders of
the Corporation.

     (C) (i) Whenever, at any time or times, dividends payable on any share or
shares of Series 2 Junior Preferred Stock shall be in arrears in an amount equal
to at least six full quarterly dividends (whether or not declared and whether or
not consecutive), the holders of record of the outstanding Preferred Stock shall
have the exclusive right, voting separately as a single class, to elect a total
of two directors of the Corporation. Such two directors shall be elected
initially at a special meeting of shareholders of the Corporation or at the
Corporation’s next annual meeting of shareholders, and subsequently at each
annual meeting of shareholders, as provided below. The term of office of the two
directors so elected shall end on the date of the annual meeting following such
election. At elections for such directors, the holders of shares of Series 2
Junior Preferred Stock shall be entitled to cast one vote for each one
one-thousandth of a share of Series 2 Junior Preferred Stock held.

     (ii) Upon the vesting of such right of the holders of the Preferred Stock, the maximum
authorized number of members of the Board of Directors of the Corporation shall automatically be
increased by two and the two vacancies so created shall be filled by vote of the holders of the outstanding Preferred
Stock as hereinafter set forth. A special meeting of the shareholders of the
Corporation then entitled to vote shall be called by the Chairman or the
President or the Secretary of the Corporation, if requested in writing by the
holders of record of not less than 10% of the Preferred Stock then outstanding.
At such special meeting, or, if no such special meeting shall have been called,
then at the next annual meeting of shareholders of the Corporation, the holders
of the shares of the Preferred Stock shall elect, voting as above provided, two
directors of the Corporation to fill the aforesaid vacancies created by the
automatic increase in the number of members of the Board of Directors of the
Corporation. The term of office of the two directors so elected shall end on the
date of the annual meeting following such election. At any and all such meetings
for such election, the holders of a majority of the outstanding shares of the

-29-

 

Preferred Stock shall be necessary to constitute a quorum for such election,
whether present in person or by proxy, and such two directors shall be elected
by the vote of at least a plurality of shares held by such shareholders present
or represented at the meeting. Any director elected by holders of shares of the
Preferred Stock pursuant to this Section may be removed at any annual or special
meeting, by vote of a majority of the shareholders voting as a class who elected
such director, with or without cause. In case any vacancy shall occur among the
directors elected by the holders of the Preferred Stock pursuant to this
Section, such vacancy may be filled by the remaining director so elected, or his
successor then in office, and the director so elected to fill such vacancy shall
serve until the next meeting of shareholders for the election of directors.
After the holders of the Preferred Stock shall have exercised their right to
elect directors in any default period and during the continuance of such period,
the number of directors shall not be further increased or decreased except by vote of the holders
of Preferred Stock as herein provided or pursuant to the rights of any equity securities ranking
senior to or pari passu with the Preferred Stock.

     (iii) The right of the holders of the Preferred Stock, voting separately
as a class, to elect two members of the Board of Directors of the Corporation as
aforesaid shall continue until, and only until, such time as all arrears in
dividends (whether or not declared) on the Preferred Stock shall have been paid
or declared and set apart for payment, at which time such right shall terminate,
except as herein or by law expressly provided, subject to revesting in the event
of each and every subsequent default of the character above-mentioned. Upon any
termination of the right of the holders of the shares of the Preferred Stock as
a class to vote for directors as herein provided, the term of office of all
directors then in office elected by the holders of Preferred Stock pursuant to
this Section shall terminate immediately. Whenever the term of office of the
directors elected by the holders of the Preferred Stock pursuant to this Section
shall terminate and the special voting powers vested in the holders of the
Preferred Stock pursuant to this Section shall have expired, the maximum number
of members of the Board of Directors of the Corporation shall be such number as
may be provided for in the By-laws of the Corporation irrespective of any
increase made pursuant to the provisions of this Section.

     (D) Except as set forth herein or in the Restated Certificate of Incorporation, as amended
from time to time, holders of Series 2 Junior Preferred Stock shall have no special voting rights
and their consent shall not be required (except to the extent they are entitled to vote with
holders of Common Stock and other capital stock of the Corporation as set forth herein) for taking
any corporate action.

     Section 4. Certain Restrictions.

     (A) Whenever quarterly dividends or other dividends or distributions
payable on the Series 2 Junior Preferred Stock as provided n Section 2 hereof
are in arrears, hereafter and until all accrued and unpaid dividends and

-30-

 

distributions, whether or not declared, on shares of Series 2 Junior Preferred
Stock outstanding shall have been paid in full, the Corporation shall not:

     (i) declare or pay dividends on, make any other distributions on, or
redeem or purchase or otherwise acquire for consideration any shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or
winding up) to the Series 2 Junior Preferred Stock;

     (ii) declare or pay dividends on or make any other distributions on
any shares of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series 2 Junior Preferred
Stock, except dividends paid ratably on the Series 2 Junior Preferred Stock and
all such parity stock on which dividends are payable or in arrears in proportion
to the total amounts to which the holders of all such shares are then entitled;

     (iii) redeem or purchase or otherwise acquire for consideration shares of
any stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series 2 Junior Preferred Stock, provided that the Corporation
may at any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange
for shares of any stock of the Corporation ranking junior (either as to dividends or upon
dissolution, liquidation or winding up) to the Series 2 Junior Preferred Stock; or

     (iv) purchase or otherwise acquire for consideration any shares of Series
2 Junior Preferred Stock, except in accordance with a purchase offer made in
writing or by publication (as determined by the Board of Directors) to all
holders of such shares upon such terms as the Board of Directors, after
Consideration of the respective annual dividend rates and other relative rights
and preferences of the respective Series and classes, shall determine in good
faith will result in fair and equitable treatment among the respective series or
classes.

     (B) The Corporation shall not permit any direct or indirect subsidiary of
the Corporation to purchase or otherwise acquire for consideration any shares of
stock of the Corporation unless the Corporation could, under paragraph (A) of
this Section, purchase or otherwise acquire such shares at such time and in such
manner.

     Section 5. Reacquired Shares. Any shares of Series 2 Junior Preferred
Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be retired and canceled promptly after the acquisition thereof.
All such shares shall upon their cancellation become authorized but unissued
shares of Preferred Stock and may be reissued as part of a new series of
Preferred Stock to be created by resolution or resolutions of the Board of
Directors, subject to the conditions and restrictions on issuance set forth
herein and in the Restated Certificate of Incorporation of the Corporation, as

-31-

 

amended from time to time.

     Section 6. Liquidation, Dissolution or Winding Up. (A) Upon any voluntary
liquidation, dissolution or winding up of the Corporation, no distribution shall
be made to the holders of shares of stock ranking junior (either as to dividends
or upon liquidation, dissolution or winding up) to the Series 2 Junior Preferred
Stock unless, prior thereto, the holders of shares of Series 2 Junior Preferred
Stock shall have received $.01 per share, plus an amount equal to accrued and
unpaid dividends and distributions thereon, whether or not declared, to the date
of such payment (the “Series 2 Liquidation Preference”). Following the payment
of the full amount of the Series 2 Liquidation Preference, no additional
distributions shall be made to the holders of shares of Series 2 Junior
Preferred Stock unless, prior thereto, the holders of shares of Common Stock
shall have received an amount per share (the “Common Adjustment”) equal to the
quotient obtained by dividing (i) the Series 2 Liquidation Preference by (ii)
1,000 (as appropriately adjusted as set forth in subparagraph C below to reflect
such events as stock splits, stock dividends and recapitalizations with respect
to the Common Stock) (such number in clause (ii), the “Adjustment Number”).
Following the payment of the full amount of the Series 2 Liquidation Preference
and the Common Adjustment in respect of all outstanding shares of Series 2
Junior Preferred Stock and Common Stock, respectively, holders of Series 2
Junior Preferred Stock and holders of shares of Common Stock shall receive their
ratable and proportionate share of the remaining assets to be distributed in the
ratio, on a per share basis, of the Adjustment Number to one with respect to
such Preferred Stock and Common Stock, on a per share basis, respectively.

     (B) If, however, there are not sufficient assets available to permit
payment in full of the Series 2 Liquidation Preference and the liquidation
preferences of all other series of Preferred Stock, if any, which rank on a parity with the Series
2 Junior Preferred Stock, then such remaining assets shall be distributed ratably to the holders of
such parity shares in proportion to their respective liquidation preferences.

     (C) If the Corporation shall at any time following July 24, 1998 (i)
declare any dividend on Common Stock payable in shares of Common Stock, (ii)
subdivide the outstanding shares of Common Stock or (iii) combine the
outstanding Common Stock into a smaller number of shares, then in each such case the Adjustment
Number in effect immediately prior to such event shall be adjusted by multiplying such Adjustment Number by a fraction the numerator of
which is the number of shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were outstanding immediately
prior to such event.

     Section 7. Consolidation, Merger, etc. If the Corporation shall enter into
any consolidation, merger, combination or other transaction in which the shares
of Common Stock are exchanged for or changed into other stock or securities,

-32-

 

cash and/or any other property, then in any such case the shares of Series 2
Junior Preferred Stock shall at the same time be similarly exchanged or changed
in an amount per share (subject to the provision for adjustment hereinafter set
forth) equal to 1,000 times the aggregate amount of stock, securities, cash
and/or any other property (payable in kind), as the case may be, into which or
for which each share of Common Stock is changed or exchanged. If the Corporation shall at any time
(i) declare any dividend on Common Stock payable in shares of Common Stock, (ii) Subdivide the
outstanding Common Stock or (iii) combine the outstanding Common Stock into a smaller number of
shares, then in each such case the amount set forth in the preceding sentence with respect to the
exchange or change of shares of Series 2 Junior Preferred Stock shall be adjusted by multiplying
such amount by a fraction the numerator of which is the number or
shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

     Section 8. Redemption. The shares of Series 2 Junior Preferred Stock shall
not be redeemable by the Corporation. The preceding sentence shall not limit the
ability of the Corporation to purchase or otherwise deal in such shares of stock
to the extent permitted.

     Section 9. Ranking. The Series 2 Junior Preferred Stock shall rank junior
to all other series of the Corporation’s preferred stock (whether with or without par value) as to
the payment of dividends and the distribution of assets, unless the terms of any such series shall
provide otherwise.

     Section 10. Amendment. The Restated Certificate of Incorporation of the
Corporation shall not be amended in any manner which would materially alter or
change the powers, preferences or special rights of the Series 2 Junior Preferred Stock so as to
affect them adversely without the affirmative vote of the holders of two-thirds or more of the
outstanding shares of Series 2 Junior Preferred Stock, voting separately as a class.

     Section 11. Fractional Shares. Series 2 Junior Preferred Stock may be
issued in fractions of a share which shall entitle the holder, in proportion to
such holder’s fractional shares, to exercise voting rights, receive dividends,
participate in distributions and to have the benefit of all other rights of
holders of Series 2 Junior Preferred Stock.

     FOURTH:

     A. Each holder of the Common Stock of the corporation shall, in all
matters, be entitled to one vote for each share of Common Stock owned by
him.

     B. No holder of any share or shares of the Common Stock of the

-33-

 

corporation shall have any right to purchase or subscribe to any shares of any class of stock
of the corporation issued or sold, whether now or hereafter authorized, or to any obligations
convertible into, or exchangeable for, shares of stock of the corporation of any class, issued
or sold, or to any stock of the corporation purchased by the corporation or by its nominee or
nominees.

     C. Common Stock may be issued at any time or from time to time in
any amount, not exceeding in the aggregate, including all shares of stock
heretofore issued, the total number of shares of Common Stock hereinabove
authorized, and for such lawful consideration, but not less than the par
value thereof, as shall be fixed from time to time by the Board of
Directors.

     FIFTH: The office of said corporation is to be located in the Borough of
Manhattan, City, County and State of New York. The Secretary of State of the
State of New York is designated as the agent of the corporation upon whom
process in any action or proceeding against it may be served within the State of
New York. The post office address within the State of New York to which the
Secretary of State shall mail a copy of any process against the corporation
served upon him is c/o The Prentice-Hall Corporation System, Inc., 80 State
Street, Albany, New York 12207-2543. The name and the address of the registered agent of the
corporation are The Prentice-Hall Corporation System, Inc., 80 State Street, Albany, New York
12207-2543. Said registered agent is to be the agent upon which press against the corporation may
be served.

     SIXTH: The duration of the corporation is to be perpetual.

     SEVENTH: The number of directors of this corporation shall be not less
than three (3) nor more than twenty-one (21).

     EIGHTH: The directors may from time to time set apart from the earnings of
the corporation an amount to be determined by them as necessary working capital
and as a reservation or surplus fund before declaring dividends, from time to

-34-

 

time, on the Common Stock.

     The by-laws of the corporation may provide for the appointment of an
Executive Committee of the Board of Directors, which Committee to the extent
provided in the by-laws of the corporation and so far as may be permitted by
law, shall have and may exercise the powers of the Board of Directors in the
management of the business and affairs of the corporation during the intervals
between meetings of the Board of Directors.

     NINTH: To the fullest extent permitted by the New York Business
Corporation Law, as presently in effect or hereinafter amended, directors of the
Corporation shall have no personal liability to the Corporation or to its
stockholders for damages for any breach of duty in the directors’ capacity as
such, provided that the foregoing shall not eliminate or limit: (a) the
liability of any director if a judgment or final adjudication adverse to him
establishes that his acts or omissions were in bad-faith or involved intentional
misconduct or knowing violation of the law or that he personally gained a
financial profit or other advantage to which he was not legally entitled or that
his acts violated Section 719 of the Business Corporation Law or any successor
thereto, or (b) the liability of any director for any act or omission prior to
the adoption of a provision authorized by this paragraph. Any repeal or
modification of this Article by the stockholders of the Corporation shall not
adversely affect any right of protection of a director of the Corporation
existing hereunder with respect to any act or omission occurring prior to such
repeal or modification.

-35-

 

     4. This Restatement of the Certificate of Incorporation was authorized by
the corporation’s Board of Directors pursuant to Section 807(a) of the Business
Corporation Law.

     IN
WITNESS WHEREOF, we have signed this certificate on the 17th day of
August, 2007.

     Deborah A. Golden

     Sr.
Vice President and General Counsel

     Lisa M. Ibarra

     Assistant Secretary

	 	 	 	 	 	 	 	 	 
	 

	 	STATE OF ILLINOIS
	 	 	)	 	 	 
	 

	 	 	 	 	)	 	 	SS.
	 

	 	COUNTY OF COOK
	 	 	)	 	 	 

DEBORAH A. GOLDEN, being first duly sworn, deposes and says that she
is Sr. Vice President and General Counsel of GATX Corporation, that she has read the foregoing
certificate and knows the contents thereof and that the statements therein contained are true.

          Deborah A. Golden

     SWORN TO BEFORE ME

     This
17th day of August 2007.

     Notary Public

-36-exv4w3

 

EXHIBIT 4.3

CONFORMED THROUGH

FIRST AMENDMENT

GATX CORPORATION

HOURLY EMPLOYEES RETIREMENT SAVINGS PLAN

(As Amended and Restated

Effective as of January 1, 1997)

Mayer, Brown, Rowe & Maw LLP

Chicago

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	SECTION	 	 	 	PAGE	 
	 
	 	 
	SECTION 1. General	 	 	1	 
	 
	 	 	 	 	 	 
	1.1
	 	History, Purpose and Effective Date	 	 	1	 
	1.2
	 	Related Companies and Employers	 	 	1	 
	1.3
	 	Trust Agreement, Plan Administration	 	 	1	 
	1.4
	 	Plan Year	 	 	1	 
	1.5
	 	Accounting Dates	 	 	1	 
	1.6
	 	Applicable Laws	 	 	2	 
	1.7
	 	Gender and Number	 	 	2	 
	1.8
	 	Notices	 	 	2	 
	1.9
	 	Form of Election	 	 	2	 
	1.10
	 	Evidence	 	 	2	 
	1.11
	 	Action by Employers	 	 	2	 
	1.12
	 	No Reversion to Employers	 	 	2	 
	1.13
	 	Plan Supplements	 	 	2	 
	1.14
	 	Defined Terms	 	 	2	 
	 
	 	 	 	 	 	 
	SECTION 2. Participation in Plan	 	 	2	 
	 
	 	 	 	 	 	 
	2.1
	 	Eligibility for Participation	 	 	2	 
	2.2
	 	Inactive Participation	 	 	3	 
	2.3
	 	Participation Upon Reemployment	 	 	 	 
	2.4
	 	Plan Not Contract of Employment	 	 	3	 
	2.5
	 	Leased Employees	 	 	3	 
	2.6
	 	Veterans’ Rights	 	 	4	 
	 
	 	 	 	 	 	 
	SECTION 3. Service	 	 	4	 
	 
	 	 	 	 	 	 
	3.1
	 	Year of Service	 	 	4	 
	3.2
	 	Hour of Service	 	 	4	 
	 
	 	 	 	 	 	 
	SECTION 4. Before-Tax and Rollover Contributions	 	 	5	 
	 
	 	 	 	 	 	 
	4.1
	 	Amount of Before-Tax Contributions	 	 	5	 
	4.2
	 	Payment of Before-Tax Contributions	 	 	5	 
	4.3
	 	Variation, Discontinuance and Resumption of Before-Tax Contributions	 	 	5	 
	4.4
	 	Rollover Contributions	 	 	5	 
	4.5
	 	Eligible Compensation	 	 	5	 
	4.6
	 	Limitation on the Amount of Compensation Taken Into Account For Any Plan Year	 	 	5	 
	 
	 	 	 	 	 	 
	SECTION 5. Matching and Qualified Matching Contributions 	6	 
	 
	 	 	 	 	 	 
	5.1
	 	Matching Contributions	 	 	6	 
	5.2
	 	Qualified Matching Contributions	 	 	6	 
	5.3
	 	Limitations on Amount of Employer Contributions	 	 	6	 
	5.4
	 	Payment of Employer Contributions	 	 	6	 

i

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	SECTION	 	 	 	PAGE	 
	5.5
	 	Return of Employer Contributions	 	 	6	 
	 
	 	 	 	 	 	 
	SECTION 6. Investment of the Trust Fund	 	 	6	 
	 
	 	 	 	 	 	 
	6.1
	 	Investment Funds	 	 	6	 
	6.2
	 	Investment Fund Accounting	 	 	7	 
	6.3
	 	Investment Fund Elections	 	 	7	 
	6.4
	 	Transfers Between Investment Funds	 	 	7	 
	 
	 	 	 	 	 	 
	SECTION 7. Plan Accounting	 	 	7	 
	 
	 	 	 	 	 	 
	7.1
	 	Participants’ Accounts	 	 	7	 
	7.2
	 	Allocation of Investment Fund Earnings and Changes in Value	 	 	8	 
	7.3
	 	Allocation and Crediting of Contributions	 	 	8	 
	7.4
	 	Correction of Error	 	 	8	 
	7.5
	 	Statement of Plan Interest	 	 	8	 
	 
	 	 	 	 	 	 
	SECTION 8. Limitations on Compensation, Contributions and Allocations	 	 	8	 
	 
	 	 	 	 	 	 
	8.1
	 	Compensation	 	 	8	 
	8.2
	 	Limitations on Annual Additions	 	 	9	 
	8.3
	 	Combined Plan Limitation	 	 	9	 
	8.4
	 	Reduction of Contribution Rates	 	 	9	 
	8.5
	 	Excess Annual Additions	 	 	10	 
	8.6
	 	Section 402(g) Limitation	 	 	10	 
	8.7
	 	Disposition of Excess Elective Deferrals	 	 	10	 
	8.8
	 	Section 401(k)(3) Testing	 	 	10	 
	8.9
	 	Correction Under Section 401(k) Test	 	 	11	 
	8.10
	 	Section 401(m)(2) Testing	 	 	12	 
	8.11
	 	Correction Under Section 401(m) Test	 	 	12	 
	8.12
	 	Multiple Use of Alternative Limit	 	 	13	 
	8.13
	 	Highly Compensated Employee	 	 	13	 
	 
	 	 	 	 	 	 
	SECTION 9. Vesting and Termination Dates	 	 	13	 
	 
	 	 	 	 	 	 
	9.1
	 	Fully Vested Interest	 	 	13	 
	9.2
	 	Termination Date	 	 	13	 
	9.3
	 	Distribution Restrictions	 	 	13	 
	 
	 	 	 	 	 	 
	SECTION 10. Loans and Withdrawals of Contributions While Employed	 	 	14	 
	 
	 	 	 	 	 	 
	10.1
	 	Loans to Participants	 	 	14	 
	10.2
	 	Partial Withdrawals During Employment Before Age 591/2	 	 	16	 
	10.3
	 	Hardship Withdrawals	 	 	16	 
	10.4
	 	Partial or Complete Withdrawal During Employment at or After Age 591/2	 	 	17	 
	10.5
	 	Partial Withdrawal After Termination Date	 	 	17	 
	10.6
	 	Withdrawal After Permanent Disability	 	 	17	 
	10.7
	 	Form of Withdrawal	 	 	18	 

ii

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	SECTION	 	 	 	PAGE	 
	SECTION 11. Distributions	 	 	18	 
	 
	 	 	 	 	 	 
	11.1
	 	Distributions to Participants After Termination of Employment	 	 	18	 
	11.2
	 	Distributions to Beneficiaries	 	 	18	 
	11.3
	 	Limits on Commencement and Duration of Distributions	 	 	19	 
	11.4
	 	Beneficiary Designations	 	 	19	 
	11.5
	 	Form of Payment	 	 	20	 
	11.6
	 	Direct Rollover Option	 	 	20	 
	11.7
	 	Facility of Payment	 	 	20	 
	11.8
	 	Interests Not Transferable	 	 	20	 
	11.9
	 	Absence of Guaranty	 	 	20	 
	11.10
	 	Missing Participants or Beneficiaries	 	 	20	 
	11.11
	 	Distribution Information and Elections	 	 	21	 
	 
	 	 	 	 	 	 
	SECTION 12. Benefits Committee and Review Committee	 	 	21	 
	 
	 	 	 	 	 	 
	12.1
	 	Membership	 	 	21	 
	12.2
	 	Authority of Benefits Committee	 	 	21	 
	12.3
	 	Allocation and Delegation of Committee Responsibilities and Powers	 	 	22	 
	12.4
	 	Uniform Rules	 	 	22	 
	12.5
	 	Information to be Furnished to Benefits Committee	 	 	22	 
	12.6
	 	Mistake of Fact	 	 	22	 
	12.7
	 	Exercise of Committees’ Duties	 	 	22	 
	12.8
	 	Remuneration and Expenses	 	 	23	 
	12.9
	 	Indemnification of the Committees	 	 	23	 
	12.10
	 	Resignation or Removal of Committee Member	 	 	23	 
	12.11
	 	Appointment of Successor Committee Members	 	 	23	 
	 
	 	 	 	 	 	 
	SECTION 13. Amendment and Termination	 	 	23	 
	 
	 	 	 	 	 	 
	13.1
	 	Amendment	 	 	23	 
	13.2
	 	Termination	 	 	24	 
	13.3
	 	Merger and Consolidation of the Plan, Transfer of Plan Assets	 	 	24	 
	13.4
	 	Distribution on Termination and Partial Termination	 	 	24	 
	13.5
	 	Notice of Amendment, Termination or Partial Termination	 	 	24	 

iii

 

GATX CORPORATION

HOURLY EMPLOYEES RETIREMENT SAVINGS PLAN

(As Amended and Restated

Effective as of January 1, 1997)

SECTION 1.

General

          1.1 History, Purpose and Effective Date. Effective January 1, 1994, GATX Corporation,
a New York corporation (the “Company”), established the GATX Corporation Hourly Employees
Retirement Savings Plan (the “Plan”) so that it, and each Related Company (as defined in subsection
1.2) which, with the consent of the Company, adopts the Plan may assist their eligible employees in
providing for their future security. The following provisions constitute an amendment, restatement
and continuation of the Plan as in effect immediately prior to January 1, 1997, the “Effective
Date” of the Plan as set forth herein; provided, however, that to the extent that any provision of
this restatement specifically provides for an effective date earlier or later than January 1, 1997,
such provision shall constitute an amendment of the Plan as in effect on such earlier or later
date. The Plan is intended to qualify as a profit sharing plan with a cash-or-deferred arrangement
under sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”).

          1.2 Related Companies and Employers. The term “Related Company” means any corporation
or trade or business during any period during which it is, along with the Company, a member of a
controlled group of corporations or a controlled group of trades or businesses, as described in
sections 414(b) and 414(c), respectively, of the Code. The Company and each Related Company,
which, with the Company’s consent, adopts the Plan are referred to below collectively as the
“Employers” and individually as an “Employer”.

          1.3 Trust Agreement, Plan Administration. All contributions made under the Plan will
continue to be held, managed and controlled by one or more trustees (the “Trustee”) acting under a
“Trust” which forms a part of the Plan and which is governed by a Trust Agreement between the
Company and the Trustee. The Retirement Funds Review Committee (the “Review Committee”) has the
authority and responsibility to appoint or select trustees, custodians, investment managers and
insurance companies to manage the Plan’s assets, to establish investment guidelines, proxy voting
policies and securities trading procedures, and to monitor the performance of the fiduciaries
responsible for investment of the Plan’s assets. The GATX Corporation Employee Benefits Committee
(the “Benefits Committee”) shall have the rights, duties and obligations of an “administrator” as
that term is defined in section 3(16)(A) of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”) and of a “plan administrator” as that term is defined in section 414(g) of the
Code. The Company and the members of the Benefits and Review Committees shall be “named
fiduciaries”, as described in section 402 of ERISA, with respect to their respective authority
under the Plan and Trust.

          1.4 Plan Year. The term “Plan Year” means the twelve-consecutive-month period
beginning on each January 1.

          1.5 Accounting Dates. The term “Accounting Date” means each business day, as
determined by the Benefits Committee in its sole discretion.

 

 

          1.6 Applicable Laws. The Plan shall be construed and administered in accordance with
the internal laws of the State of Illinois to the extent that such laws are not preempted by the
laws of the United States of America.

          1.7 Gender and Number. Where the context admits, words in any gender shall include
any other gender, words in the singular shall include the plural and the plural shall include the
singular.

          1.8 Notices. Any notice or document required to be filed with the Benefits Committee
under the Plan will be properly filed if delivered or mailed by registered mail, postage prepaid,
to the Benefits Committee, in care of the Company, at its principal executive offices. Any notice
required under the Plan may be waived by the person entitled to notice.

          1.9 Form of Election. Each election required or permitted to be made by any
Participant or other person entitled to benefits under the Plan, and any permitted modification or
revocation thereof, shall be made in such form or by such method as the Benefits Committee shall
require, including by means of an interactive telephone or internet system utilizing personal
identification numbers, the use of which shall constitute a valid signature under the Plan for any
transaction for which use of such system is authorized by the Benefits Committee.

          1.10 Evidence. Evidence required of anyone under the Plan may be by certificate,
affidavit, document or other information which the person acting on it considers pertinent and
reliable, and signed, made or presented by the proper party or parties.

          1.11 Action by Employers. Except as otherwise provided herein, any action required or
permitted to be taken by any Employer which is a corporation shall be by resolution of its Board of
Directors, or by a duly authorized officer of the Employer. Any action required or permitted to be
taken by any Employer which is a partnership shall be by a general partner of such partnership or
by a duly authorized officer thereof.

          1.12 No Reversion to Employers. No part of the corpus or income of the Trust shall
revert to any Employer or be used for, or diverted to, purposes other than for the exclusive
benefit of Participants and other persons entitled to benefits under the Plan, except as provided
in subsections 5.5 and 12.8.

          1.13 Plan Supplements. The provisions of the Plan as applied to any Employer or any group of employees of any
Employer may, with the consent of the Company, be modified or supplemented from time to time by the
adoption of one or more Supplements. Each Supplement shall form a part of the Plan as of the
Supplement’s effective date. In the event of any inconsistency between a Supplement and the Plan
document, the terms of the Supplement shall govern.

          1.14 Defined Terms. Terms used frequently with the same meaning are indicated by
initial capital letters, and are defined throughout the Plan. Appendix I contains an alphabetical
listing of such terms and the subsections in which they are defined.

SECTION 2.

Participation in Plan

          2.1 Eligibility for Participation. Each individual who was a Participant in the Plan
immediately prior to the Effective Date will continue as such on and after that date. Each regular
hourly employee of an Employer who was not a Participant in the Plan immediately prior to the
Effective Date

2

 

will become a Participant in the Plan on the Entry Date coinciding with or next
following the date he first meets all of the following requirements:

	 	(a)	 	he has completed one Year of Service (as defined in subsection 3.1);
	 
	 	(b)	 	he is a citizen or resident of the United States and on a United States payroll
and is a member of a collective bargaining unit to which participation in the Plan has
been and continues to be extended under a currently effective collective bargaining
agreement between his Employer and the representative of the bargaining unit of which
he is a member; and
	 
	 	(c)	 	he has elected to have Before-Tax Contributions made on his behalf pursuant to
subsection 4.1.

For purposes of this subsection 2.1, the term “regular” describes an employee hired for a permanent
position (and not someone hired for a specific project the duration of which is expected to last
less than twelve months), and the term “Entry Date” means, beginning January 1, 2000, the first day
of each calendar month and, for periods prior to January 1, 2000, the first day of each calendar
quarter. Notwithstanding the foregoing provisions of this subsection 2.1: (i) if an individual is
employed or reemployed by an Employer on or after the first day of the month coincident with or
next following the date on which he shall first meet the requirements of paragraph (a) above, he
shall become a Participant immediately upon meeting the requirements of paragraphs (b) and (c)
above and (ii) no individual is eligible to participate in the Plan who provides services to an
Employer under a contract, arrangement or understanding with such individual or with an agency or
leasing organization that treats the individual as either an independent contractor or an employee
of such agency or leasing organization, even if such individual is later determined (by judicial
action or otherwise) to have been a common law employee of an Employer rather than an independent
contractor or an employee of such agency or leasing organization.

          2.2 Inactive Participation. Once an eligible employee becomes a Participant in the Plan, he will remain a Participant
after he ceases to be an eligible employee as long as he continues to have an Account balance under
the Plan, even after his Termination Date (as defined in subsection 9.2), for all purposes under
the Plan except the contribution provisions of Sections 4 and 5 and the withdrawal and loan
provisions of Section 10.

          2.3.
Participation Upon Reemployment. Any Participant who has a Termination Date but who is
reemployed by an Employer will be eligible to again become an active Participant immediately upon
his reemployment.

          2.4 Plan Not Contract of Employment. The Plan does not constitute a contract of
employment, and participation in the Plan will not give any employee or Participant the right to be
retained in the employ of any Employer nor any right or claim to any benefit under the Plan, unless
such right or claim has specifically accrued under the terms of the Plan.

          2.5
Leased Employees. if, pursuant to one or more agreements between an Employer or
Related Company and one or more leasing organizations (within the meaning of section 414(n) of the
Code), a person provides services to the Employer or Related Company in a capacity other than as an
employee on a substantially full-time basis for a period of at least one year, and such services
are performed under the primary direction or control of the Employer or Related Company, such
person shall be a “Leased Employee”. Leased Employees shall not be eligible to participate in this
Plan or in any other plan maintained by the Employer or Related Company which is qualified under
section 401(a) of

3

 

the Code. A Leased Employee shall be treated as if the services performed by him
in such capacity (including service performed during such initial one-year period) were performed
by him as an employee of a Related Company which has not adopted the Plan; provided, however, that
no such service shall be credited:

	 	(a)	 	for any period during which less than 20% of the workforce of the Employers and
the Related Companies consists of Leased Employees and the Leased Employee is a
participant in a money purchase pension plan maintained by the leasing organization
which (i) provides for a nonintegrated employer contribution of at least 10 percent of
compensation, (ii) provides for full and immediate vesting, and (iii) covers all
employees of the leasing organization (beginning with the date they become employees),
other than those employees excluded under section 414(n)(5) of the Code; or
	 
	 	(b)	 	for any other period unless the Leased Employee provides satisfactory evidence
to the Employer or Related Company that he meets all of the conditions of this
subsection 2.5 and applicable law required for treatment as a Leased Employee.

          2.6 Veterans’ Rights. Notwithstanding any other provisions of the Plan to the
contrary, contributions, benefits and service with respect to qualified military service will be
provided in accordance with section 414(u) of the Code. The provisions of this subsection 2.6
shall be effective for periods on and after December 12, 1994 with respect to Participants employed
on or after that date.

SECTION 3.

Service

          3.1 Year of Service. The term “Year of Service” means, with respect to any employee,
the date on which he first completes 520 Hours of Service (as defined in subsection 3.2); provided,
however, that, if an employee’s Termination Date (as defined in subsection 9.2) occurs before he
completes 520 Hours of Service, his Hours of Service earned on or before his Termination Date shall
be disregarded if he does not return to the employ of an Employer or a Related Company on or before
the first anniversary of his Termination Date. Once an employee or Participant has earned a Year
of Service, it shall not be disregarded.

          3.2 Hour of Service. The term “Hour of Service” means, with respect to any employee,
each hour for which the employee is paid or entitled to payment for the performance of duties for
an Employer or a Related Company or for which back pay, irrespective of mitigation of damages, has
been awarded to the employee or agreed to by an Employer or a Related Company, subject to the
following:

	 	(a)	 	An employee shall be credited with the number of regularly scheduled working
hours included in the time period on the basis of which payment to the employee is
calculated for any period during which he performs no duties for an Employer or a
Related Company (irrespective of whether the employment relationship has terminated)
due to vacation, holiday, illness, incapacity (including disability), layoff, jury
duty, military duty or leave of absence; provided, however, that an employee shall not
be credited with more than 501 Hours of Service for any single continuous period during
which the employee performs no duties for an Employer or Related Company.
	 
	 	(b)	 	Payments taken into account for purposes of paragraph (a) shall include
payments which are unrelated to the length of the period during which no duties are
performed but shall not include payments made solely as reimbursement for
medically-related expenses or

4

 

solely for the purpose of complying with applicable
workers’ compensation, unemployment compensation or disability insurance laws.

SECTION 4.

Before-Tax and Rollover Contributions 

          4.1 Amount of Before-Tax Contributions. Subject to the limitations set forth in
subsection 4.6 and Section 8, for each payroll period, a Participant may elect to have his pay
reduced and a corresponding amount contributed on his behalf to the Plan, which amount shall not be
less than 1 percent nor more than 15 percent of his Eligible Compensation (as defined in subsection
4.5) for each payroll period during which he is eligible to participate in the Plan. Any election
pursuant to this subsection 4.1 shall be made and shall be effective in accordance with such rules
and procedures as the Benefits Committee may establish from time to time on a uniform and
nondiscriminatory basis. Any contributions made on behalf of a Participant pursuant to this
subsection 4.1 shall be referred to as a “Before-Tax Contribution”.

          4.2 Payment of Before-Tax Contributions. Before-Tax Contributions shall be paid to the Trustee by an Employer on the earliest date
on which such contributions can reasonably be segregated from such Employer’s general assets, but
not later than the 15th business day of the month following the month in which such amounts would
otherwise have been payable to the Participant.

          4.3 Variation, Discontinuance and Resumption of Before-Tax Contributions. Subject to
such rules and restrictions as the Benefits Committee may establish on a uniform and
nondiscriminatory basis, a Participant may elect to change his Before-Tax Contribution rate (but
not retroactively) within the limits specified above. From and after January 1, 1998, any such
change may be requested at any time and shall be effective in accordance with procedures approved
by the Benefits Committee. A Participant may also elect to discontinue having contributions made
for him or to have them resumed pursuant to subsection 4.1.

          4.4 Rollover Contributions. With the consent of the Benefits Committee, a Participant
or an employee who meets the requirements of subsection 2.1 other than paragraph (a) thereof, may
make a Rollover Contribution (as defined below) to the Plan. The term “Rollover Contribution”
means a rollover contribution (within the meaning of section 402(c) of the Code), in cash, of all
or part of the taxable portion of a distribution which, under the applicable provisions of the
Code, is permitted to be rolled over to a qualified plan. If an employee who is not otherwise a
Participant makes a Rollover Contribution to the Plan, he shall be treated as a Participant only
with respect to such Rollover Contribution until he has met all of the requirements for Plan
participation set forth in subsection 2.1.

          4.5 Eligible Compensation. For purposes of this Section 4 and Section 5, a
Participant’s “Eligible Compensation” shall mean his standard hourly wages, incentive pay,
overtime, shift differential, grievance adjustments, holiday and vacation pay and eligible bonus
received during the Plan Year from an Employer for personal services actually rendered or which
would have been received during the Plan Year had Before-Tax Contributions not been made on his
behalf to this Plan or salary reduction contributions to a cafeteria plan (within the meaning of
section 125 of the Code) or, for Plan Years beginning on or after January 1, 2001, a qualified
transportation fringe (within the meaning of section 132(f) of the Code) sponsored by an Employer.

          4.6 Limitation on the Amount of Compensation Taken Into Account For Any Plan Year.
Notwithstanding any other provision of the Plan to the contrary, the amount of Eligible
Compensation that may be taken into account under the Plan for any Plan Year for purposes of
applying the percentage

5

 

limitations of subsections 4.1, 5.1 and 5.2 shall not exceed the amount
permitted for such year under section 401(a)(17) of the Code, taking into account for purposes of
such limitation any proration required under applicable regulations.

SECTION 5.

Matching and Qualified Matching Contributions

          5.1 Matching Contributions. Subject to the conditions and limitations of subsection 4.6 and Section 8, for each payroll
period during any Plan Year beginning on or after January 1, 1998, an Employer shall contribute to
the Plan on behalf of each Participant employed by such Employer during that year, an amount (if
any) equal to a percentage of the Before-Tax Contributions made on the Participant’s behalf for
that payroll period, determined in accordance with the collective bargaining agreement covering the
unit of employees of which such Participant is a member during that period. Any contribution made
pursuant to this subsection 5.1 shall be referred to as a “Matching Contribution”. The amount of
Matching Contributions in effect under the Plan from time to time with respect to each eligible
bargaining unit are set forth in Appendix II.

          5.2 Qualified Matching Contributions. For each Plan Year any Employer may, but shall
not be required to, contribute an additional percentage of the Before-Tax Contributions made on
behalf of Participants employed by such Employer who are not Highly-Compensated (as defined in
subsection 8.13). Any contribution made pursuant to this subsection 5.2 shall be referred to
hereinafter as a “Qualified Matching Contribution”.

          5.3 Limitations on Amount of Employer Contributions. In no event shall the sum of any
Before-Tax Contributions, Matching Contributions and Qualified Matching Contributions made by an
Employer for any Plan Year exceed the limitations imposed by Section 404 of the Code on the maximum
amount deductible on account thereof by such Employer for that year.

          5.4 Payment of Employer Contributions. Each Employer’s contributions under the Plan
(other than Before-Tax Contributions) for any Plan Year shall be paid to the Trustee, without
interest, no later than the time prescribed by law for filing the Employer’s federal income tax
return, including any extensions thereof.

          5.5 Return of Employer Contributions. The Trustee shall return a contribution of an
Employer or the relevant portion thereof (including Before-Tax Contributions) upon the Employer’s
written request, reduced by the amount of any losses thereon, within one year after the date of
payment to the Trustee, under the following circumstances:

          (a) if the contribution, or any portion thereof, is made by mistake of fact, or

          (b) if the deduction for a contribution, or any portion thereof, is disallowed.

SECTION 6.

Investment of the Trust Fund 

          6.1 Investment Funds. The Review Committee shall establish, and cause the Trustee to
maintain, one or more “Investment Funds” for the investment of Participants’ Accounts as it deems
appropriate. Investment Funds maintained under the Plan as at any date shall include a GATX Stock
Fund which shall be invested in the common stock of GATX Corporation, and a “Loan Fund”, which

6

 

shall consist only of promissory notes or other evidence of loans made to Participants in
accordance with subsection 10.1. The Review
Committee, in its sole discretion, from time to time may eliminate a particular Investment
Fund or add a new Investment Fund, and may establish such rules and procedures as it deems
appropriate for the orderly transfer and investment of funds held under a discontinued Investment
Fund to one or more of the other Investment Funds then maintained under the Plan.

          6.2 Investment Fund Accounting. The Benefits Committee shall maintain separate
subaccounts for each Participant in each of the Investment Funds to separately reflect his
interests in each such Fund and the portion thereof that is attributable to his (a) Before-Tax
Account,(b) Matching Account, (c) Rollover Account, and (d) Qualified Matching Account.

          6.3 Investment Fund Elections. At the time that a Participant enrolls in the Plan,
and as of any subsequent dates that the Benefits Committee in its discretion determines, each
Participant, at such time and in such form as the Benefits Committee may require, may specify the
percentage of contributions subsequently credited to his Accounts (other than Matching and
Qualified Matching Contributions) that are to be invested in each of the Investment Funds (other
than the Loan Fund). Each Participant’s Matching and Qualified Matching Contribution Accounts
shall be invested and reinvested in the GATX Stock Fund except as otherwise specifically provided
by subsection 6.4.

          6.4 Transfers Between Investment Funds. In accordance with such uniform rules and
procedures as the Benefits Committee may from time to time establish, a Participant may elect to
transfer all or any portion of the value of his Accounts held in any Investment Fund (other than
the Loan Fund) to any other Investment Fund (other than the Loan Fund) then made available to such
Participant; provided, however, that no amounts attributable to either Matching Contributions or
Qualified Matching Contributions may be transferred from the GATX Common Stock Fund to any other
Investment Fund before March 1, 2002 or the fifth anniversary of the Participant’s date of hire,
whichever is later.

SECTION 7.

Plan Accounting

          7.1 Participants’ Accounts. The Benefits Committee shall maintain the following
“Accounts” in the name of each Participant:

	 	(a)	 	a “Matching Account,” which shall reflect Matching Contributions, if any, made
on his behalf and the income, losses, appreciation and depreciation attributable
thereto;
	 
	 	(b)	 	a “Before-Tax Account,” which shall reflect Before-Tax Contributions, if any,
made on his behalf and the income, losses, appreciation and depreciation attributable
thereto;
	 
	 	(c)	 	a “Qualified Matching Account,” which shall reflect Qualified Matching
Contributions, if any, made on his behalf, and the income, losses, appreciation and
depreciation attributable thereto; and
	 
	 	(d)	 	a “Rollover Account,” which shall reflect Rollover Contributions, if any, made
by him and the income, losses, appreciation and depreciation attributable thereto.

The Accounts provided for in this subsection 7.1 shall be for accounting purposes only, and there
shall be no segregation of assets within the Investment Funds among the separate Accounts.
Reference to the “balance” in a Participant’s Accounts means the aggregate of the balances in the
subaccounts maintained in the Investment Funds attributable to these Accounts.

7

 

          7.2 Allocation of Investment Fund Earnings and Changes in Value. As of each
Accounting Date, interest, dividends and changes in value in each Investment Fund since the
preceding Accounting Date shall be allocated to each Participant’s subaccounts invested in such
Investment Fund by adjusting upward or downward the balance of his subaccounts invested in such
Investment Fund in the ratio which the subaccounts of such Participant invested in such Investment
Fund bears to the total of the subaccounts of all Participants invested in such Investment Fund as
of such Accounting Date, excluding therefrom, for purposes of this allocation only, all Before-Tax,
Matching, Qualified Matching and Rollover Contributions received since the preceding Accounting
Date, so that the total of the subaccounts of all Participants in each Investment Fund shall equal
the total value of such fund (exclusive of such contributions) as determined by the Trustee in
accordance with uniform procedures consistently applied.

          7.3 Allocation and Crediting of Contributions. Subject to the provisions of Section
8, contributions shall be allocated and credited as follows:

	 	(a)	 	Before-Tax, Matching, and Rollover Contributions made on behalf of a
Participant for any payroll period shall be credited to that Participant’s appropriate
Accounts as soon as practicable after they are transmitted to the Trust; and
	 
	 	(b)	 	As of the last day of each Plan Year, any Qualified Matching Contributions made
by an Employer for that year shall be allocated among and credited to the Accounts of
non-Highly Compensated Participants who are employed on the last day of that year by
such Employer in accordance with subsection 5.2.

Notwithstanding the foregoing, unless the Benefits Committee establishes uniform rules to the
contrary, contributions made to the Plan shall share in the gains and losses of the Investment
Funds only when actually deposited with the Trustee.

          7.4 Correction of Error. In the event of an error in the adjustment of a
Participant’s Accounts, the Benefits Committee, in its sole discretion, may correct such error by
either crediting or charging the adjustment required to make such correction to or against income
and expenses of the Trust for the Plan Year in which the correction is made or the Employer may
make an additional contribution to permit correction of the error. Except as provided in this
subsection 7.4 or as otherwise specifically determined by the Benefits Committee, the Accounts of
other Participants shall not be readjusted on account of such error.

          7.5 Statement of Plan Interest. As soon as practicable after the last day of each Plan Year and at such other intervals as
the Benefits Committee may determine, the Benefits Committee shall provide each Participant with a
statement reflecting the balances of his Accounts.

SECTION 8.

Limitations on Compensation, Contributions and Allocations 

	 	8.1	 	Compensation. “Compensation” for purposes of this Section 8 shall mean:
	 
	 	(a)	 	compensation defined as wages from an Employer or Related Company for income
tax withholding purposes under section 3401(a) of the Code (determined without regard
to any rules limiting reported wages based on the nature or location of the
employment), plus

8

 

	 	(b)	 	any Before-Tax Contributions and salary reduction contributions made on his
behalf for the year to the Plan or a cafeteria plan (within the meaning of section 125
of the Code) or, for Plan Years beginning on or after January 1, 2001, under a
qualified transportation fringe benefit arrangement (within the meaning of section
132(f) of the Code) sponsored by an Employer or a Related Company,

up to the maximum amount permitted for any Plan Year under Code section 401(a)(17), taking into
account any proration of such amount required under applicable Treasury regulations on account of a
short Plan Year or otherwise.

          8.2 Limitations on Annual Additions. Notwithstanding any other provision of the Plan
to the contrary, a Participant’s Annual Additions (as defined below) for any Plan Year shall not
exceed an amount equal to the lesser of:

          (a) $30,000 (as adjusted for cost-of- living increases under section 415(d) of the Code); or

          (b) 25 percent of the Participant’s Compensation for that Plan Year (determined without regard
to the limitation under section 401(a)(17) of the Code and, solely for the Plan Year beginning on
January 1, 1997, excluding the amount described in clause (b) of subsection 8.1), calculated as if
each Section 415 Affiliate (defined below) were a Related Company;

reduced by any Annual Additions for the Participant for the Plan Year under any other defined
contribution plan of an Employer or a Related Company or a Section 415 Affiliate, provided that, if
any other such plan has a similar provision, the reduction shall be pro rata. The term “Annual
Additions” means, with respect to any Participant for any Plan Year, the sum of all contributions
(other than Rollover Contributions) allocated to a Participant’s Accounts for such year pursuant to
subsection 7.3, excluding Before-Tax Contributions that are distributed as excess deferrals in
accordance with subsection 8.6, but including any Before-Tax or Matching Contributions (the latter
even if forfeited) treated as excess contributions or excess aggregate contributions under
subsections 8.9, 8.11 and 8.12. The term Annual Additions shall also include employer
contributions by an Employer, a Related Company or a Section 415 Affiliate allocated for a Plan
Year to any individual medical account (as defined in section 415(1) of the Code) or to a separate
account under a funded welfare benefit plan (as described in section 419(A)(d)(2)
of the Code). The term “Section 415 Affiliate” means any entity that would be a Related Company if
the ownership test of sections 414(b) and (c) of the Code were “more than 50%” rather than “at
least 80%”.

          8.3 Combined Plan Limitation. If a Participant also participates in any defined
benefit plan (as defined in section 415(k) of the Code) maintained by an Employer or a Related
Company or a Section 415 Affiliate, the aggregate benefits payable to, or on account of, the
Participant under such plan together with this Plan shall be determined in a manner consistent with
section 415(e) of the Code. The benefit provided under the defined benefit plan shall be adjusted
to the extent necessary so that the sum of the “defined benefit fraction” and the “defined
contribution fraction” (as such terms are defined in section 415(e) of the Code and applicable
regulations thereunder) calculated with regard to such Participant does not exceed 1.0. For
purposes of this subsection 8.3, all qualified defined benefit plans (whether or not terminated) of
the Employers, Related Companies and Section 415 Affiliates shall be treated as one defined benefit
plan. Notwithstanding the foregoing, the provisions of this subsection 8.3 shall not apply for
Plan Years beginning after December 31, 1999, except with respect to a Participant whose Annuity
Starting Date (within the meaning of section 417(e) of the Code) under the defined benefit plan
occurred before January 1, 2000.

          8.4 Reduction of Contribution Rates. To conform the operation of the Plan to sections
401(k)(3), 401(m)(2), 402(g) and 415(c) of the Code, the Benefits Committee may unilaterally modify
or

9

 

revoke any Before-Tax Contribution election made by a Participant pursuant to subsection 4.1,
and may reduce the rate at which Before-Tax Contributions will be matched in accordance with
subsection 5.1. The Benefits Committee may also establish administrative rules relating to the
application of the various limits imposed by law, to ensure that those limits are not inadvertently
exceeded.

          8.5 Excess Annual Additions. If, as a result of a reasonable error in estimating a
Participant’s Compensation or such other mitigating circumstances as the Commissioner of Internal
Revenue shall prescribe, the Annual Additions for a Participant for a Plan Year exceed the
limitations set forth in subsection 8.2, the excess amounts shall be used to reduce Matching
Contributions for the next Plan Year (and succeeding years) for that Participant in accordance with
Treas. Reg. § 1.415-6(b)(6)(ii), after any Before-Tax Contributions are first returned. Any
Before-Tax Contributions returned to a Participant in accordance with this subsection 8.5 shall be
disregarded for purposes of subsections 8.6, 8.8, 8.10 and 8.12.

          8.6 Section 402(g) Limitation. In no event shall the Before-Tax Contributions for a
Participant under the Plan (together with elective deferrals, as defined in Code section 402(g)(3),
under any other cash-or-deferred arrangement maintained by an Employer or a Related Company) for
any taxable year exceed $10,000 or such larger amount as may be permitted under section 402(g) of
the Code.

          8.7 Disposition of Excess Elective Deferrals. If during any taxable year a
Participant is also a participant in any other cash or deferred arrangement, and if his elective
deferrals (as defined in section 402(g)(3) of the Code) under such other arrangement together with
Before-Tax Contributions made on his behalf exceed the maximum amount permitted for the Participant
for that year under section 402(g) of the Code, the Participant, not later than
March 1 following the close of such taxable year, may request the Benefits Committee to
distribute all or a portion of such excess to him, with any allocable gains or losses for that Plan
Year (determined in accordance with any reasonable method adopted by the Benefits Committee for
that Plan Year that either (i) conforms to the accounting provisions of Section 7 and is
consistently applied to the distribution of excess contributions under this subsection 8.7 and
subsections 8.9, 8.11 and 8.12 to all affected Participants, or (ii) satisfies any alternative
method set forth in applicable Treasury regulations). Any such request shall be in writing and
shall include adequate proof of the existence of such excess, as determined by the Benefits
Committee in its sole discretion. If the Benefits Committee is so notified, such excess amount
shall be distributed to the Participant no later than the April 15 following the close of the
Participant’s taxable year. In addition, if the applicable limitation for a Plan Year is exceeded
with respect to this Plan alone, or this Plan and another plan or plans of the Employers and
Related Companies, the Benefits Committee shall direct that such excess Before-Tax Contributions
(with allocable gains or losses) be distributed to the Participant as soon as practicable after the
Benefits Committee is notified of the excess deferrals by the Company, an Employer or the
Participant, or otherwise discovers the existence of such excess (but no later than the April 15
following the close of the Participant’s taxable year). Notwithstanding the foregoing provisions
of this subsection 8.7, the dollar amount of any distribution due hereunder shall be reduced by the
dollar amount of any Before-Tax Contributions previously distributed to the same Participant
pursuant to subsection 8.9; provided, however, that for purposes of subsections 8.2 and 8.8, the
correction under this subsection 8.7 shall be deemed to have occurred before the correction under
subsection 8.9.

          8.8 Section 401(k)(3) Testing. For any Plan Year, the amount by which the average of
the Deferral Percentages (as defined below) of each eligible employee who is Highly Compensated
(the “Highly Compensated Group Deferral Percentage”) exceeds the average of the Deferral
Percentages for that year of each eligible employee who is not Highly Compensated (the “Non-highly
Compensated Group Deferral Percentage”) shall be less than or equal to either (i) a factor of 1.25
or (ii) both a factor of 2 and a difference of 2. The “Deferral Percentage” for any eligible
employee for a Plan Year shall be

10

 

determined by dividing the Before-Tax Contributions and any
Qualified Matching Contributions made on his behalf for such year by his Compensation for the year,
subject to the following special rules:

	 	(a)	 	any employee eligible to participate in the Plan at any time during a Plan Year
pursuant to subsection 2.1 shall be counted, regardless of whether any Before-Tax
Contributions are made on his behalf for the year;
	 
	 	(b)	 	the Deferral Percentage for any Highly Compensated Participant who is eligible
to participate in the Plan and who is also eligible to make other elective deferrals
under one or more other arrangements (described in section 401(k) of the Code)
maintained by an Employer or a Related Company that end with or within the same
calendar year (other than a plan or arrangement subject to mandatory disaggregation
under applicable Treasury regulations), shall be determined as if all such elective
deferrals were made on his behalf under the Plan and each such other arrangement;
	 
	 	(c)	 	excess Before-Tax Contributions distributed to a Participant under subsection
8.6 shall be counted in determining such Participant’s Deferral Percentage, except in
the case of a distribution to a non-Highly Compensated Participant required to comply
with section 401(a)(30) of the Code;
	 
	 	(d)	 	if this Plan is aggregated with one or more other plans for purposes of section
410(b) of the Code (other than the average benefit percentage test), this subsection
8.8 shall be
applied as if all such plans were a single plan, and all such aggregated plans must
have the same plan year;
	 
	 	(e)	 	union Participants shall be tested separately from non-union Participants, and
all Participants who are members of a single collective bargaining unit may be tested
separately under this subsection 8.8 (on a reasonable and reasonably consistent basis
from year to year); and
	 
	 	(f)	 	to the extent provided by applicable Treasury regulations under sections 401(k)
and 410(b) of the Code, for any Plan Year, the Benefits Committee may apply the
foregoing tests by treating the Plan as consisting of separate plans, one benefiting
eligible employees who satisfy the greatest minimum age and service conditions
permitted under section 410(a) of the Code and one benefiting eligible employees who
have not satisfied such conditions.

Application of the provisions of this subsection 8.8 shall be made in accordance with the
requirements of section 401(k)(3) of the Code and the regulations thereunder.

          8.9 Correction Under Section 401(k) Test. In the event that the Highly Compensated
Group Deferral Percentage for any Plan Year does not initially satisfy one of the tests set forth
in subsection 8.8, the Benefits Committee, notwithstanding any other provision of the Plan, shall
instruct the Trustee to distribute sufficient Before-Tax Contributions, with any allocable gains or
losses for such Plan Year determined in accordance with any reasonable method adopted by the
Benefits Committee for that Plan Year that either (i) conforms to the accounting provisions of
Section 7 and is consistently applied to making corrective distributions under this subsection 8.9
and subsections 8.7, 8.11 and 8.12 to all affected Participants or (ii) satisfies any alternative
method set forth in applicable Treasury regulations, so that the Highly Compensated Group Deferral
Percentage meets one of the tests referred to in subsection 8.8. Such distribution shall be made,
to the extent necessary, to the Highly Compensated Participants on whose behalf such contributions
were made, in descending order of the dollar amount of such Participants’

11

 

contributions, starting
with highest such dollar amount, under the leveling method described in Treas. Reg. §
1.401(k)-1(f)(2). The amounts to be distributed to any Participant pursuant to this subsection 8.9
shall be reduced by the amounts of any Before-Tax Contributions distributed to him for such Plan
Year pursuant to subsection 8.7. The Benefits Committee shall return such Before-Tax Contributions
(and allocable interest) by the end of the Plan Year following the Plan Year for which they were
made.

          8.10 Section 401(m)(2) Testing. For any Plan Year, the amount by which the average of
the Contribution Percentages (as defined below) of each eligible employee who is Highly Compensated
(the “Highly Compensated Group Contribution Percentage”) exceeds the average of the Contribution
Percentages for that year of each eligible employee who is not Highly Compensated (the “Non-highly
Compensated Group Contribution Percentage”) shall be less than or equal to either (i) a factor of
1.25 or (ii) both a factor of 2 and a difference of 2, “Contribution Percentage” for any eligible
employee for a Plan Year shall be determined by dividing the Matching Contributions made for him
for such year by his Compensation for that year, subject to the following special rules:

	 	(a)	 	any employee eligible to receive a Matching Contribution under the Plan at any
time during a Plan Year pursuant to subsection 2.1 shall be counted, regardless of
whether any Matching Contributions are actually made for him for the year;
	 
	 	(b)	 	the Contribution Percentage for any Highly Compensated Participant who is
eligible to participate in one or more other qualified plans maintained by an Employer
or a Related Company under which after-tax or matching contributions (within the
meaning of section 401(m) of the Code) can be made by or for him, shall be determined
as if all such contributions were made by or for him under the Plan and each other such
plan;
	 
	 	(c)	 	if this Plan is aggregated with one or more other plans for purposes of section
410(b) of the Code (other than for purposes of the average benefit percentage test),
this subsection 8.10 shall be applied as if all such plans were a single plan, and all
such aggregated plans must have the same plan year;
	 
	 	(d)	 	all eligible employees who are members of a collective bargaining unit shall be
disregarded for purposes of this subsection 8.10; and
	 
	 	(e)	 	to the extent provided by applicable regulations under sections 401(k) and
401(m) of the Code, for any Plan Year, the Benefits Committee may apply the foregoing
tests by treating the Plan as consisting of separate plans, one benefiting eligible
employees who satisfy the greatest minimum age and service conditions permitted under
section 410(a) of the Code and one benefiting eligible employees who have not satisfied
such conditions.

Application of the provisions of this subsection 8.10 shall be made in accordance with the
requirements of section 401(m)(2) of the Code and the regulations thereunder.

          8.11 Correction Under Section 401(m) Test. In the event that the Highly Compensated
Group Contribution Percentage for any Plan Year does not initially satisfy one of the tests set
forth in subsection 8.10, to the extent necessary to satisfy one of such tests and notwithstanding
any other provision of the Plan except subsection 8.12, the Benefits Committee shall direct the
Trustee to distribute Matching Contributions, with any allocable gains or losses for such Plan Year
determined in accordance with any reasonable method adopted by the Benefits Committee for that Plan
Year that either (i) conforms to the accounting provisions of Section 7 and is consistently applied
to making corrective distributions under subsections 8.7, 8.9 and 8.12 to all affected
Participants, or (ii) satisfies any alternative method set forth in

12

 

applicable
Treasury
regulations. Such distributions shall be made, to the extent necessary, to the Highly Compensated
Participants for whom such contributions were made, in descending order of the dollar amount of
such contributions starting with the highest, under the leveling method of Treas. Reg. §
1.401(m)-1(e)(2). Such action shall be taken by the end of the Plan Year following the Plan Year
in which such contributions were contributed.

          8.12 Multiple Use of Alternative Limit. Notwithstanding any other provision of the
Plan to the contrary, if the 1.25 factors referred to in subsections 8.8 and 8.10 are both exceeded
for a Plan Year, the leveling method of correction prescribed in subsection 8.11 shall be continued
until the combined limitation set forth in Treas. Reg. § 1.401(m)-2(b)(3) is satisfied for such
Plan Year.

          8.13 Highly Compensated Employee. An employee shall be “Highly Compensated” for any
Plan Year if he:

	 	(i)	 	was a 5-percent owner (as defined in section 416(i)(1)(B) of
the Code) of an Employer or a Related Company at any time during that Plan Year
or the preceding Plan Year; or
	 
	 	(ii)	 	received Compensation for the preceding Plan Year in excess of
$80,000 (indexed at the same time and in the same manner as under section
415(d) of the Code except that the base period is the calendar quarter ending
September 30, 1996).

SECTION 9.

Vesting and Termination Dates

          9.1  Fully Vested Interest. A Participant at all times shall have a nonforfeitable
interest in each of his Accounts under the Plan.

          9.2  Termination Date. A Participant’s “Termination Date” shall be the date on which
his employment with all the Employers and Related Companies terminates for any reason.

          9.3  Distribution Restrictions. Notwithstanding any other provision of the Plan to the
contrary:

	 	(a)	 	A Participant shall not commence distribution of his Account pursuant to
Section 11 prior to March 1, 2002, even though his employment with the Employers and
Related Companies has terminated, unless or until he also has a “separation from
service” within the meaning of section 401(k)(2)(B) of the Code as in effect prior to
January 1, 2002. The foregoing restriction shall not apply, however, if the
Participant’s termination of employment occurs in connection with the sale by an
Employer or a Related Company of (i) substantially all of the assets of a trade or
business or (ii) of its interest in a subsidiary, provided (A) the Participant remains
employed in such trade or business or by such subsidiary after the sale, (B) the
Employers continue to maintain the Plan after the sale, (C) no transfer of
Participants’ Accounts occurs or is scheduled to occur after the sale to a plan of such
subsidiary or of the purchaser of such assets (or any entity affiliated therewith)
pursuant to subsection 13.3, and (D) the Participant requests distribution of his
Accounts under the Plan in a lump sum by the close of the second calendar year
following the calendar year in which such sale occurs.

13

 

	 	(b)	 	A Participant whose employment with the Employers and Related Companies has
terminated (regardless of the date on which such termination occurred) may commence
distribution of his Account pursuant to Section 11 at any time after February 28, 2002,
even if he has not had a “separation from service” as described in paragraph (a) next
above, provided that he has incurred a severance from employment (within the meaning of
section 401(k)(2)(B) of the Code as in effect on and after January 1, 2002). A
Participant shall not be treated as having incurred a severance from employment for
this purpose if the Participant’s subsequent employer assumes sponsorship of the Plan
or
relevant portion thereof or under such other circumstances as may apply under applicable law.

SECTION 10.

Loans and Withdrawals of

Contributions While Employed

          10.1 Loans to Participants. The Benefits Committee, upon request by a Participant
(including a Participant under subsection 4.4 who is actively employed by an Employer or a Related
Company or who is a “party in interest” with respect to the Plan (as such term is defined in
section 3(14) of ERISA), in such form as the Benefits Committee may require, may authorize a loan
to be made to the Participant from his interest in the Plan, in increments of $500, subject to the
following:

	 	(a)	 	No loan shall be made to a Participant if, immediately after such loan, the sum
of the outstanding balances (including principal and interest) of any loan made to him
under this Plan and under any other qualified retirement plan maintained by the
Employer or Related Company would exceed $50,000, reduced by the excess, if any, of:

	 	(i)	 	the highest outstanding balance of all loans to the Participant
from the plans during the one-year period ending on the day immediately before
the date on which the loan is made; over
	 
	 	(ii)	 	the outstanding balance of loans from the plans to the
Participant on the date on which such loan is made;
	 
	 	and no loan shall be made to a Participant in excess of one-half of the total vested
balance of the Participant’s Accounts under the Plan as of the date the loan is
made.

	 	(b)	 	Each loan to a Participant shall be charged against the Participant’s Accounts
(excluding the Matching Account and Qualified Matching Account), pro rata, and shall be
charged against each Investment Fund in which such Accounts are invested in the same
ratio as the value of his interest in such Fund with respect to the applicable Account
bears to the Participant’s total interest in that Account.
	 
	 	(c)	 	Each loan shall provide for:

	 	(i)	 	a reasonable repayment period of not more than 5 years from the
date of the loan (or not more than 15 years for a loan used to acquire a
dwelling which, within a reasonable period of time, will be used as the
Participant’s principal residence);
	 
	 	(ii)	 	a reasonable rate of interest;

14

 

	 	(iii)	 	substantially equal payments of principal and interest over
the term of the loan no less frequently than quarterly; and
	 
	 	(iv)	 	such other terms and conditions as the Benefits Committee shall
determine; and

shall be evidenced by a written agreement or in such other form as the Benefits
Committee may require from time to time in accordance with uniform procedures
consistently applied. Notwithstanding any provision of this Section 10 to the
contrary, negotiation of a loan check shall evidence the Participant’s acceptance of
and consent to be bound by the terms and conditions of such loan.

	 	(d)	 	Promissory notes or other indicia of outstanding loans shall be held by the
Trustee in the Loan Fund, unless such duty is delegated by the Trustee to the Benefits
Committee.
	 
	 	(e)	 	Payments of principal and interest to the Plan with respect to any loan to a
Participant:

	 	(i)	 	shall reduce the outstanding balance with respect to that loan;
	 
	 	(ii)	 	shall reduce the balance of the Loan Fund holding the
promissory note reflecting that loan;
	 
	 	(iii)	 	shall be credited to the Participant’s Accounts pro rata; and
	 
	 	(iv)	 	shall be invested in the Investment Funds (other than the Loan
Fund) in accordance with the Participant’s current investment directions.

	 	(f)	 	A Participant’s obligation to repay a loan (or loans) from the Plan shall be
secured by that portion of the total vested balance of the Participant’s Accounts equal
to the then outstanding balance of the loan plus accrued, but unpaid, interest;
provided, however, that in no event shall more than 50% of the value of the total
vested balance in the Participant’s Accounts (determined immediately after origination
of the loan) be taken into account as security for the outstanding balance of all Plan
loans made to the Participant.
	 
	 	(g)	 	Generally, loan repayments will be made by payroll deductions. However, during
any period when payroll deduction is not possible or is not permitted under applicable
law, repayment will be made by personal check.
	 
	 	(h)	 	The loan may be prepaid in full at any time without penalty.
	 
	 	(i)	 	If the outstanding balance of principal and interest on any loan is not paid at
the expiration of its term or upon acceleration in accordance with paragraph (m) next
below, or if any required payments of principal and interest on the loan are not paid
when due, a delinquency shall occur. If the delinquency is not cured by the last day
of the cure period established by the Committee in accordance with uniform procedures
adopted by it (which cure period shall not extend beyond the last day of the calendar
quarter following the calendar quarter in which the delinquent payment was due), a
default shall occur and (i) the entire outstanding balance of the loan (including
accrued but unpaid interest) shall be treated as a deemed distribution for tax purposes
in accordance with applicable Treasury regulations; and (ii) the Committee shall apply
all or a portion of the Participant’s vested interest in the Plan in satisfaction of
such outstanding obligation, but

15

 

only to the extent that such vested interest (or
portion thereof) is then distributable under applicable provisions of the Code. If
necessary to satisfy the entire outstanding obligation, such application of the vested
interest may be executed in a series of actions as amounts credited to the
Participant’s Accounts become distributable.

	 	(j)	 	If distribution is to be made to a Beneficiary in accordance with subsection
11.2, any outstanding promissory note of the Participant shall be canceled and the
unpaid principal of the loan, together with any accrued interest thereon, shall be
treated as a distribution to or on behalf of the Participant immediately prior to
commencement of distribution to the Beneficiary.
	 
	 	(k)	 	A participant may have only one loan outstanding at any time.
	 
	 	(l)	 	The Benefits Committee shall establish uniform procedures for applying for a
loan, evaluating loan applications and setting reasonable rates of interest.
	 
	 	(m)	 	If a Participant commences distribution of his Accounts pursuant to subsection
11.1, the entire outstanding balance of his loan shall become immediately due and
payable.

          10.2 Partial Withdrawals During Employment Before Age 591/2. A Participant whose
Termination Date has not yet occurred and who has not attained age 591/2 may elect to withdraw all or
part of his interest in the Investment Funds (other than the Loan Fund), pro rata, as provided and
in the order set forth below:

	 	(a)	 	up to 100% of his Rollover Account (including earnings);
	 
	 	(b)	 	up to 100% of his Matching Account (including earnings); and
	 
	 	(c)	 	up to 100% of the Before-Tax Contributions credited to his Before-Tax Account;

provided that no withdrawal may be made in accordance with clauses (b) or (c) next above except on
account of Hardship (as defined in subsection 10.3). No portion of the Participant’s Qualified
Matching Contribution Account may be withdrawn under this subsection 10.2.

          10.3 Hardship Withdrawals. A withdrawal will not be considered to be made on account
of “Hardship” unless the following requirements are met:

	 	(a)	 	The withdrawal is requested because of an immediate and heavy financial need of
the Participant, and will be so deemed if the Participant represents that the
withdrawal is made on account of:

	 	(i)	 	expenses for medical care described in section 213(d) of the
Code incurred by the Participant, the Participant’s spouse or any dependent of
the Participant (as defined in section 152 of the Code) or necessary for such
persons to obtain such medical care;
	 
	 	(ii)	 	the purchase (excluding mortgage payments) of a principal
residence of the Participant;
	 
	 	(iii)	 	payment of tuition for the next 12 months of post-secondary
education for the Participant, or his spouse, children or dependents;

16

 

	 	(iv)	 	the need to prevent the eviction of the Participant from his
principal residence or foreclosure on the mortgage of the Participant’s
residence; or
	 
	 	(v)	 	any other circumstances of immediate and heavy financial need
identified as such in applicable Treasury regulations, rulings or notices of
general applicability.

	 	(b)	 	The withdrawal must also be necessary to satisfy the immediate and heavy
financial need of the Participant, and will be so deemed if all of the following
requirements are satisfied:

	 	(i)	 	the Participant represents that the distribution is not in
excess of the amount of an immediate and heavy financial need;
	 
	 	(ii)	 	the Participant has obtained all distributions (other than
hardship withdrawals under this subsection 10.3) and all nontaxable loans
currently available under the Plan and all other plans maintained by the
Related Companies;
	 
	 	(iii)	 	notwithstanding any other provision of the Plan, Before-Tax
and Matching Contributions by or on behalf of the Participant shall be
suspended for a period of 12 months after the Participant makes a Hardship
withdrawal under this subsection 10.3; and
	 
	 	(iv)	 	in the Participant’s taxable year immediately following the
taxable year of the Hardship withdrawal, the Before-Tax Contributions
contributed on behalf of the Participant shall not exceed the applicable limit
under subsection 8.6 for such next taxable year less the amount of Before-Tax
Contributions contributed on behalf of the Participant for the taxable year of
the hardship distribution. A Participant shall not fail to be treated as an
eligible employee for purposes of subsections 8.8 and 8.10 merely because of
the application of this subparagraph 10.3(b)(iv).

          10.4  Partial or Complete Withdrawal During Employment at or After Age 591/2. A
Participant whose Termination Date has not yet occurred and who has attained age 591/2 may elect to
withdraw all or a portion of his interest in his Plan Account. Such withdrawal may be made from
any one or more of the Investment Funds in which his Account is invested, in such proportions as
the Participant shall direct. If the Participant elects a complete withdrawal of his entire
interest in the Plan, the full value of his Account balances shall become payable in accordance
with a method of payment provided for in subsection 11.1.

          10.5  Partial Withdrawal After Termination Date. A Participant whose Termination Date
has occurred and who has attained age 55 may elect to withdraw part of his Plan interest. Such
withdrawal shall be made from any one or more Investment Funds in which his Account is invested, in
such proportions as he shall direct.

          10.6  Withdrawal After Permanent Disability. A Participant who is Totally and
Permanently Disabled (as defined below) may elect to permanently discontinue his participation in
the Plan and to completely withdraw his Account balances, whereupon the full value of his Account
balances shall become payable in accordance with a method of payment provided for in subsection
11.1. “Totally and Permanently Disabled” means that the Participant
is unable to perform the duties of his usual position or any other position at his employer
if, in the opinion of a physician selected by his Employer, such inability is due to a physical or
mental disability that is expected to result in death or to be of long-standing and indefinite
duration.

17

 

          10.7 Form of Withdrawal. For purposes of this Section 10, all Accounts shall be
valued as of the Accounting Date immediately preceding the loan or withdrawal. All loan proceeds
and withdrawn amounts shall be paid in cash, provided, however, that a withdrawal under subsection
10.4, 10.5 or 10.6 may be made in Company stock to the extent the Participant’s Accounts are
invested in the GATX Stock Fund as of the date of such withdrawal.

SECTION 11.

Distributions

          11.1 Distributions to Participants After Termination of Employment. If a Termination
Date occurs with respect to a Participant (for a reason other than his death), his Account balances
shall be distributed in accordance with the following provisions of this subsection 11.1, subject
to the rules of subsection 11.4:

	 	(a)	 	If the value of the Participant’s Accounts (including any loans outstanding on
his Termination Date) does not exceed $5,000 ($3,500 for Termination Dates on or before
August 31, 1998), determined as soon as practicable after his Termination Date, the
balance of such Accounts, less any outstanding loan balance (including accrued and
unpaid interest) distributable in accordance with paragraph 10.1(i), shall be
distributed to him in a lump sum payment.
	 
	 	(b)	 	If the value of the Participant’s Accounts (including any loans outstanding on
his Termination Date) exceeds $5,000 ($3,500 for Termination Dates on or before August
31, 1998), determined as soon as practicable after his Termination Date, the balance of
such Accounts, less any outstanding loan balance (including accrued and unpaid
interest) distributable in accordance with paragraph 10.1(i), shall be distributed to
the Participant on (or as soon as practicable after) the Distribution Date (as defined
in paragraph (c) below) he elects, in a lump sum payment.
	 
	 	(c)	 	“Distribution Date” shall mean the Accounting Date (following a Participant’s
Termination Date) as of which a payment in any form is made pursuant to this Section 11
without regard to any reasonable administrative delay. The Distribution Date with
respect to any Participant shall be no later than the day he attains his Required
Beginning Date (defined in paragraph 11.3(b)) or such earlier date as may be required
under subsection 11.2.

          11.2 Distributions to Beneficiaries. Subject to subsection 11.4, the following rules
shall apply if a Participant dies while any portion of his Accounts remains undistributed:

	 	(a)	 	If the Participant dies before benefit payments to him have commenced, the
balance of his Accounts, less any outstanding loan balance distributable in accordance
with
paragraph 10.1(j), shall be distributed as soon as practicable after his death to
his Beneficiary (as defined in subsection 11.5) in a lump sum; provided, however,
that if such balance is greater than $5,000 ($3,500 on or before August 31, 1998),
the Beneficiary may delay commencement of benefit payments hereunder by electing a
later Distribution Date, subject to the provisions of paragraph 11.1(c).
	 
	 	(b)	 	If a Participant dies after benefit payments to him have commenced, the
balance, if any, of his Accounts shall continue to be distributed to his Beneficiary in
accordance with the method of distribution selected by the Participant; provided,
however, that the

18

 

Beneficiary may elect to have such balance paid in a lump sum payment
as soon as practicable after the Participant’s death.

          11.3 Limits on Commencement and Duration of Distributions. The following distribution
rules shall be applied in accordance with sections 401(a)(9) and 401(a)(14) of the Code and
applicable regulations thereunder, including the minimum distribution incidental benefit
requirement of Treas. Reg. § 1.401(a)(9)-2, and shall supersede any other provision of the Plan to
the contrary:

	 	(a)	 	Unless a Participant elects otherwise in accordance with paragraph 11.1(c), in
no event shall distribution commence later than 60 days after the close of the Plan
Year in which the later of the following events occurs: the Participant’s attainment
of age 65 or the Participant’s Termination Date.
	 
	 	(b)	 	Notwithstanding any other provision herein to the contrary, the entire value of
the Participant’s Accounts shall be distributed no later than his “Required Beginning
Date,” that is, April 1 of the calendar year following the calendar year in which he
(i) attains age 701/2 or (ii) terminates employment with all the Employers and Related
Companies, whichever is the later; provided, however, that distribution shall be made
in accordance with clause (i) (and not clause (ii)) next above in the case of (A) a
Participant who is a 5% or more owner (as described in section 416 of the Code) during
the Plan Year ending in the calendar year in which he attains 701/2, and (B) a
Participant (whether or not a 5% or more owner) who attains age 701/2 after December 31,
1987 and before January 1, 1997 (other than a Participant who attains age 701/2 during
1996 and who is still employed by an Employer or Related Company on December 31, 1996).
	 
	 	(c)	 	If a Participant dies after distribution of his vested interest in the Plan has
begun, the remaining portion of such vested interest, if any, shall be distributed to
his Beneficiary at least as rapidly as under the method of distribution used prior to
the Participant’s death.
	 
	 	(d)	 	If a Participant dies before distribution of his vested interest in the Plan
has begun, distribution of such vested interest to his Beneficiary shall be completed
by December 31 of the calendar year in which the fifth anniversary of the Participant’s
death occurs; provided, however, that this five-year rule shall not apply if such
Beneficiary is the Participant’s surviving spouse, and distribution is made not later
than December 31 of the calendar year following the calendar year in which the
Participant would have attained age 701/2.
	 
	 	(e)	 	If the Participant’s surviving spouse is his Beneficiary and such spouse dies
before the distributions to such spouse begins, paragraph (d) shall be applied as if
the surviving spouse were the Participant.

          11.4 Beneficiary Designations. The term “Beneficiary” shall mean the Participant’s
surviving spouse. However, if the Participant is not married, or if the Participant is married but
his spouse consents to the designation of a person other than the spouse, the term Beneficiary
shall mean such person or persons as the Participant designates to receive his Accounts upon his
death. Such designation may be made, revoked or changed (without the consent of any
previously-designated Beneficiary except his spouse) only by an instrument signed by the
Participant and filed with the Benefits Committee prior to his death. A spouse’s consent to the
designation of a Beneficiary other than the spouse shall be in writing, shall acknowledge the
effect of such designation, shall be witnessed by a Plan representative or a notary public and
shall be effective only with respect to such consenting spouse. In default of such designation, or
at any time when there is no surviving spouse and no existing Beneficiary designated by the

19

 

Participant, his Beneficiary shall be his surviving children (per stirpes) or, if he has no
children, the estate of the last to die of the Participant or his designated Beneficiary. For
purposes of the Plan, “spouse” means the person to whom the Participant is legally married at the
relevant time.

          11.5 Form of Payment. All distributions pursuant to this Section 11 shall be made in
cash; provided, however, that (i) a Participant (or his Beneficiary) may elect to have the Company
stock allocated to his Accounts paid in kind.

          11.6 Direct Rollover Option. To the extent required under the applicable provisions
of section 401(a)(31) of the Code and regulations issued thereunder, any person receiving an
“eligible rollover distribution” (as defined in such Code section) may direct the Benefits
Committee to transfer such distributable amount, or a portion thereof, to an “eligible retirement
plan” (as defined in such Code section), in accordance with uniform rules established by the
Benefits Committee. Effective as of January 1, 1999, the term “eligible rollover distribution”
excludes hardship distributions as described in section 401(k)(2)(B)(i)(IV) of the Code.

          11.7 Facility of Payment. Notwithstanding the provisions of subsections 11.1 and
11.2, if, in the Benefits Committee’s opinion, a Participant or Beneficiary is under a legal
disability or is in any way incapacitated so as to be unable to manage his financial affairs, the
Benefits Committee may direct the Trustee to make payment to a relative or friend of such person
for his benefit until claim is made by a conservator or other person legally charged with the care
of his person or his estate. Thereafter, any benefits under the Plan to which such Participant or
Beneficiary is entitled shall be paid to such conservator or other person legally charged with the
care of his person or his estate.

          11.8 Interests Not Transferable. The interests of Participants and other persons
entitled to benefits under the Plan are not subject to the claims of their creditors and may not be
voluntarily or involuntarily assigned, alienated or encumbered, except in the case of loans made
under the Plan and qualified domestic relations orders that relate to the provision of child
support, alimony or marital property rights of a spouse, child or other dependent of a Participant
and which meet such other requirements as may be imposed by section 414(p) of the Code or
regulations issued thereunder. Notwithstanding any other provision of the Plan to the contrary,
distribution of the entire vested portion of the Account balance of a Participant awarded to his
alternate payee may be made in a lump sum payment, as soon as practicable after the Benefits
Committee
determines that such order is qualified, without regard to whether the Participant would
himself be entitled under the terms of the Plan to withdraw or receive a distribution of such
amount at that time, but only if the terms of the order provide for such immediate distribution
either specifically or by general reference to any manner of distribution permitted under the Plan.

          11.9 Absence of Guaranty. None of the Benefits Committee, the Review Committee, the
Trustee, or the Employers in any way guarantee the Trust from loss or depreciation. The Employers
do not guarantee any payment to any person. The liability of the Trustee to make any payment is
limited to the available assets of the Trust.

          11.10 Missing Participants or Beneficiaries. Each Participant and each designated
Beneficiary must file with the Benefits Committee from time to time in writing his post office
address and each change of post office address. Any communication, statement or notice addressed
to a Participant or designated Beneficiary at his last post office address filed with the Benefits
Committee, or, in the case of a Participant, if no address is filed with the Benefits Committee,
then at his last post office address as shown on the Employers’ records, will be binding on the
Participant and his designated Beneficiary for all purposes of the Plan. None of the Benefits
Committee, the Employers nor the Trustee will be required to search for or locate a Participant or
designated Beneficiary. If any benefit payment is returned by the

20

 

United States mail indicating
that the last known address of the Participant (or Beneficiary) is not correct and there is no
forwarding address, and such Participant (or Beneficiary) fails to contact the Benefits Committee
in writing within the next two years, the Accounts of such Participant (or Beneficiary) shall then
be forfeited (and the amounts therein used to reduce Employer contributions), subject to
restoration through additional Employer contributions upon proper application for payment by the
Participant (or Beneficiary).

          11.11 Distribution Information and Elections. Each Participant (or, to the extent
applicable, each Beneficiary of a deceased Participant) who is eligible to receive a distribution
under Section 11 and each Participant who has elected a withdrawal under Section 10 shall be given
an explanation of (i) his right, if any, to defer receipt of the distribution or withdrawal, (ii)
his right, if any, to elect a direct rollover under subsection 11.7, and (iii) in the case of a
distribution under Section 11.1(b) or 11.2(a), a general explanation of the optional forms of
distribution (if any) available to the Participant or Beneficiary. Such explanation shall be
provided to the Participant (or, if applicable, the Beneficiary), in writing or in such other form
as may be permitted under applicable regulations, no more than 90 days or less than 30 days before
the date as of which the distribution or withdrawal is made. Notwithstanding any provision of this
Section 11 or Section 10 to the contrary, a distribution or withdrawal may be made less than 30
days after the written explanation is provided if the Participant (or, if applicable, the
Beneficiary) has been informed in writing of his right to at least 30 days to consider his decision
and affirmatively elects a form of distribution before such 30-day period expires. A Participant’s
failure to elect a distribution shall be deemed an election to defer distribution to the extent
permitted by Section 11.

SECTION 12.

Benefits Committee and Review Committee

          12.1 Membership. The Benefits Committee and Review Committee (collectively, the “Committees”) referred to in
subsection 1.3 shall each consist of one or more members appointed by the Company’s Chief Executive
Officer.

          12.2 Authority of Benefits Committee Except as otherwise specifically provided in
this Section 12, in controlling and managing the operation and administration of the Plan, the
Benefits Committee shall act by a majority of its then members, by meeting or by writing filed
without meeting, and shall have the following powers, rights and duties in addition to those vested
in it elsewhere in the Plan or Trust, and any decision made by the Benefits Committee (or by any
person to whom the Benefits Committee delegates administrative responsibility pursuant to
subsection 12.3) pursuant to this subsection 12.2 (or any other provision of the Plan granting the
Benefits Committee the authority to act) shall be final:

	 	(a)	 	to adopt such rules of procedure and regulations as, in its opinion, may be
necessary for the proper and efficient administration of the Plan and as are consistent
with the provisions of the Plan;
	 
	 	(b)	 	to enforce the Plan in accordance with its terms and with such applicable rules
and regulations as may be adopted by the Benefits Committee;
	 
	 	(c)	 	to determine conclusively all questions arising under the Plan, including the
power to determine the eligibility of employees and the rights of Participants and
other persons entitled to benefits under the Plan and their respective benefits, and to
remedy ambiguities, inconsistencies or omissions;

21

 

	 	(d)	 	to maintain and keep adequate records concerning the Plan and concerning its
proceedings and acts in such form and detail as the Benefits Committee may decide;
	 
	 	(e)	 	to direct all payments of benefits under the Plan;
	 
	 	(f)	 	to perform the functions of a “plan administrator” as defined in section 414(g)
of the Code, for purposes of Section 9 and for purposes of establishing and
implementing procedures to determine the qualified status of domestic relations orders
(in accordance with the requirements of section 414(p) of the Code) and to administer
distributions under such qualified orders;
	 
	 	(g)	 	to employ agents, attorneys, accountants or other persons (who may also be
employed by or represent the Employers) for such purposes as the Benefits Committee
considers necessary or desirable to discharge its duties; and
	 
	 	(h)	 	to establish a claims procedure in accordance with section 503 of ERISA.

The certificate of a majority of the members of the Benefits Committee that the Benefits Committee
has taken or authorized any action shall be conclusive in favor of any person relying on the
certificate.

          12.3 Allocation and Delegation of Committee Responsibilities and Powers. In
exercising its authority to control and manage the operation and administration of the Plan, and
the investment of Plan assets, the Benefits Committee and the Review Committee, respectively, may
allocate all or any part of its responsibilities and powers to any one or more of its members and
may
delegate all or any part of its responsibilities and powers to any person or persons selected
by it. Any such allocation or delegation and the acceptance thereof by the Committee member or
delegate shall be in writing and may be revoked at any time. Any member or delegate exercising
Committee responsibilities and powers under this subsection shall periodically report to the
Committee on its exercise thereof and the discharge of such responsibilities.

          12.4 Uniform Rules. In managing the Plan, the Benefits Committee shall uniformly
apply rules and regulations adopted by it to all persons similarly situated.

          12.5 Information to be Furnished to Benefits Committee. The Employers and Related
Companies shall furnish the Benefits Committee such data and information as may be required for it
to discharge its duties. The records of the Employers and Related Companies as to an employee’s or
Participant’s period of employment, termination of employment and the reason therefor, leave of
absence, reemployment and Compensation shall be conclusive on all persons unless determined to be
manifestly incorrect. Participants and other persons entitled to benefits under the Plan must
furnish to the Benefits Committee such evidence, data or information as the Benefits Committee
considers desirable to carry out the Plan.

          12.6 Mistake of Fact. A misstatement or other mistake of fact shall be corrected when
it becomes known, and the Benefits Committee shall make such adjustment on account thereof as it
considers equitable and practicable.

          12.7 Exercise of Committees’ Duties. Notwithstanding any other provisions of the
Plan, the Committees shall discharge their duties hereunder solely in the interests of the
Participants and other persons entitled to benefits under the Plan, and:

22

 

	 	(a)	 	for the exclusive purpose of providing benefits to Participants and other
persons entitled to benefits under the Plan; and
	 
	 	(b)	 	with the care, skill, prudence and diligence under the circumstances then
prevailing that a prudent man acting in a like capacity and familiar with such matters
would use in the conduct of an enterprise of a like character and with like aims.

          12.8 Remuneration and Expenses. No remuneration shall be paid from the Plan to any
member of the Committees as such. Except as otherwise determined by the Company, the following
expenses will be paid directly by the Trustee out of Plan assets or, if paid by one or more
Employers, reimbursed by the Trustee to the maximum extent permitted by law: (a) all direct
expenses of administering the Plan, including direct expenses incurred by the Employers and direct
expenses of the Benefits or Review Committee or the members thereof incurred in the performance of
a committee function with respect to the Plan, including the fees and expenses of persons employed
by the Benefits Committee in accordance with paragraph 12.2(g), and (b) all fees and expenses
incurred in connection with protection, investment and distribution of the Trust.

          12.9 Indemnification of the Committees. The Committees and the individual members
thereof shall be indemnified and defended by the Employers against any and all liabilities, losses,
costs and expenses (including legal fees and expenses) of whatsoever kind and nature which may be
imposed on, incurred by or asserted against the Committees or their members by reason of the
performance of a committee function if either of the Committees or such members did not act
dishonestly or in willful violation of the law or regulation under which such liability, loss, cost
or expense arises.

          12.10 Resignation or Removal of Committee Member. A member of either of the
Committees may resign at any time by giving advance written notice to the Chief Executive Officer
of the Company and the other Committee members. The Chief Executive Officer of the Company may
remove a member of either of the Committees by giving advance written notice to him and the other
Committee members.

          12.11 Appointment of Successor Committee Members. The Chief Executive Officer of the
Company may fill any vacancy in the membership of either of the Committees and shall give prompt
written notice thereof to the other Committee members, the other Employers and the Trustee. While
there is a vacancy in the membership of one of the Committees, the remaining members of that
Committee shall have the same powers as the full Committee until the vacancy is filled.

SECTION 13.

Amendment and Termination

          13.1 Amendment. While the Company expects to continue the Plan, it necessarily
reserves the right, subject to the provisions of the Trust Agreement, to amend the Plan from time
to time, except that no amendment will reduce a Participant’s interest in the Plan to less than an
amount equal to the amount he would have been entitled to receive if he had resigned from the
employ of the Employers and the Related Companies on the day of the amendment. Any such amendment
shall be in writing and shall be adopted by action of the Company’s Board of Directors or a duly
appointed committee thereof, or by action of a duly authorized officer of the Company; provided,
however, that the Chief Executive Officer of the Company may approve any amendment incorporating
administrative or substantive changes to the Plan which do not, and will not, require the
expenditure of substantial assets of the Company or of the Plan, as the case may be.

23

 

          13.2 Termination. The Plan will terminate as to all of the Employers on any day
specified by the Company if advance written notice of the termination is given to the other
Employers. Employees of any Employer shall cease to be active Participants in the Plan (and shall
be treated as inactive Participants in accordance with subsection 2.2) on the first to occur of the
following:

	 	(a)	 	the date that Employer, by appropriate corporate action communicated in advance
to the Company, ceases to be a contributing sponsor;
	 
	 	(b)	 	the date that Employer is judicially declared bankrupt or insolvent; or
	 
	 	(c)	 	the dissolution, merger, consolidation, reorganization or sale of that
Employer, or the sale by that Employer of all or substantially all of its assets,
except that, subject to the provisions of subsection 13.3, with the consent of the
Company, in any such event arrangements may be made whereby the Plan will be continued
by any successor to that Employer or any purchaser of all or substantially all of that
Employer’s assets, in which case the successor or purchaser will be substituted for the
Employer under the Plan.

          13.3 Merger and Consolidation of the Plan, Transfer of Plan Assets. The Benefits
Committee in its discretion may direct the Trustee to transfer all or a portion of the assets of
this Plan to another defined contribution plan of the Employers or Related Companies which is
qualified under section 401(a) of the Code, or in the event of the sale of stock of an Employer or
all or a portion of the assets of an Employer, to a qualified plan of an employer which is not a
Related Company. In the case of any merger or consolidation with, or transfer of assets and
liabilities to, any other plan, provisions shall be made so that each affected Participant in the
Plan on the date thereof (if the Plan, as applied to that Participant, then terminated) would
receive a benefit immediately after the merger, consolidation or transfer which is equal to or
greater than the benefit he would have been entitled to receive immediately prior to the merger,
consolidation or transfer if the Plan, as applied to him, had then terminated.

          13.4 Distribution on Termination and Partial Termination. Upon termination or partial
termination of the Plan, all benefits under the Plan shall continue to be paid in accordance with
Sections 10 and 11 as such section may be amended from time to time.

          13.5 Notice of Amendment, Termination or Partial Termination. Affected Participants
will be notified of an amendment, termination or partial termination of the Plan as required by
law.

24

 

APPENDIX I

DEFINED TERMS

	 	 	 	 	 
	1.5

	 	–
	 	Accounting Date
	7.1

	 	–
	 	Accounts
	8.2

	 	–
	 	Annual Additions
	11.5

	 	–
	 	Beneficiary
	1.3

	 	–
	 	Benefits Committee
	4.1

	 	–
	 	Before-Tax Contribution
	1.1

	 	–
	 	Code
	12.1

	 	–
	 	Committees
	1.1

	 	–
	 	Company
	8.1

	 	–
	 	Compensation
	8.10

	 	–
	 	Contribution Percentage
	8.8

	 	–
	 	Deferral Percentage
	11.1

	 	–
	 	Distribution Date
	1.1

	 	–
	 	Effective Date
	4.5

	 	–
	 	Eligible Compensation
	1.2

	 	–
	 	Employer
	1.2

	 	–
	 	Employers
	2.1

	 	–
	 	Entry Date
	1.3

	 	–
	 	ERISA
	10.3

	 	–
	 	Hardship
	8.13

	 	–
	 	Highly Compensated
	8.10

	 	–
	 	Highly Compensated Group Contribution Percentage
	8.8

	 	–
	 	Highly Compensated Group Deferral Percentage
	3.2

	 	–
	 	Hours of Service
	6.1

	 	–
	 	Investment Funds
	2.5

	 	–
	 	Leased Employee
	6.1

	 	–
	 	Loan Fund
	7.1

	 	–
	 	Matching Account
	5.1

	 	–
	 	Matching Contribution
	3.2

	 	–
	 	Maternity or Paternity Absence
	8.10

	 	–
	 	Non-highly Compensated Group Contribution Percentage
	8.8

	 	–
	 	Non-highly Compensated Group Deferral Percentage
	1.1

	 	–
	 	Plan
	1.4

	 	–
	 	Plan Year
	7.1

	 	–
	 	Qualified Matching Account
	5.2

	 	–
	 	Qualified Matching Contribution
	1.2

	 	–
	 	Related Company
	11.4

	 	–
	 	Required Beginning Date
	1.3

	 	–
	 	Review Committee
	7.1

	 	–
	 	Rollover Account
	4.4

	 	–
	 	Rollover Contribution
	8.2

	 	–
	 	Section 415 Affiliate
	9.2

	 	–
	 	Termination Date
	1.3

	 	–
	 	Trust
	1.3

	 	–
	 	Trustee
	3.1

	 	–
	 	Year of Service

25

 

APPENDIX II

Rates of Matching Contributions

	 	 	 	 	 	 	 
	      Collective Bargaining Unit      	 	 	 	      Rate of Matching Contributions      
	United Steelworkers of America	 	 	 	Effective as of January 1, 1998, 50% of the participant’s contributions that are not in excess of 3%
of the participant’s eligible compensation,
	 
	 	Local Union 1010-8	 	 	 	 

	 
	 	Local Union 1822	 	 	 	plus
	 
	 	Local Union 5812	 	 	 	 

	 
	 	Local Union 5632	 	 	 	Effective February 22, 2001, 25% of the participant’s contributions in excess of 3%, but not
in excess of 6%, of the participant’s eligible compensation
	 
	 	 	 	 	 	 

	Oil, Chemical and Atomic Workers
International Union	 	 	 	50% of the participant’s contributions that are not in excess of 3% of the participant’s eligible compensation

	 
	 	 	 	 	 	 

	 
	 	Local Union 8-398	 	 	 	Effective January 1, 1999
	 
	 	Local Union 4-227	 	 	 	Effective January 1, 2000
	 
	 	Local Union 8-397	 	 	 	Effective January 1, 1999

26

 

SUPPLEMENT A

TO

GATX CORPORATION HOURLY EMPLOYEES

RETIREMENT SAVINGS PLAN

(Top-Heavy Status)

	 	 	 
	Application

	 	A-1. This Supplement A to GATX Corporation Hourly
Employees Savings Plan (the “Plan”) shall be
applicable on and after the date on which the Plan
becomes Top-Heavy (as described in subsection A-4).
	 
	 	 
	Definitions

	 	A-2. Unless the context clearly implies or indicates
the contrary, a word, term or phrase used or defined
in the Plan is similarly used or defined for purposes
of this Supplement A.
	 
	 	 
	Affected Participant

	 	A-3. For purposes of this Supplement A, the term
“Affected Participant” means each Participant who is
employed by an Employer or a Related Company during
any Plan Year for which the Plan is Top-Heavy,
subject to the following:
	 
	 	 
	 

	 	(a)   For any such Plan
Year, the term “Affected Participant” shall include any
employee of an Employer who is not a Participant solely
because he failed to make the contributions required
under subsection 4.1 for that year.

	 
	 	 
	 

	 	(b)   The term
“Affected Participant” shall not include any Participant
who is covered by a collective bargaining agreement if
retirement benefits were the subject of good faith
bargaining between his Employer and his collective
bargaining representative.

	 
	 	 
	Top-Heavy

	 	A-4. The Plan shall be “Top-Heavy” for any Plan Year if, as of the Determination
Date for that year (as described in paragraph (a) next below), the present value of the
benefits attributable to Key Employees (as defined in subsection A-5) under all Aggregation
Plans (as defined in subsection A-8) exceeds 60% of the present value of all benefits under
such plans. The foregoing determination shall be made in accordance with the provisions of
section 416 of the Code. Subject to the preceding sentence:
	 
	 	 
	 

	 	(a)   The Determination
Date with respect to any plan for purposes of
determining Top-Heavy status for any plan year of that
plan shall be the last day of the preceding plan year
or, in the case of the first plan year of that plan, the
last day of that year. The present value of benefits as
of any Determination Date shall be determined as of the
accounting date or valuation date coincident with or
next preceding the Determination Date. If the plan
years of all Aggregation Plans do not coincide, the
Top-Heavy status of the Plan on any Determination Date
shall be

A-1

 

	 	 	 
	 

	 	determined by aggregating the present value of Plan
benefits on that date with the present value of the
benefits under each other Aggregation Plan determined
as of the Determination Date of such other
Aggregation Plan which occurs in the same calendar
year as the Plan’s Determination Date.

	 
	 	 
	 

	 	 (b)  Benefits under
any plan as of any Determination Date shall include the
amount of any distributions from that plan made during
the plan year which includes the Determination Date or
during any of the preceding four plan years, but shall
not include any amounts attributable to employee
contributions which are deductible under section 219 of
the Code, any amounts attributable to employee-initiated
rollovers or transfers made after December 31, 1983 from
a plan maintained by an unrelated employer, or, in case
of a defined contribution plan, any amounts attributable
to contributions made after the Determination Date
unless such contributions are required by section 412 of
the Code or are made for the plan’s first plan year.

	 
	 	 
	 

	 	(c)  Benefits
attributable to a participant shall include benefits
paid or payable to a beneficiary of the participant, but
shall not include benefits paid or payable to any
participant who has not performed services for an
Employer or Related Company during any of the five plan
years ending on the applicable Determination Date.

	 
	 	 
	 

	 	(d)
 The accrued
benefit of a Non-Key Employee shall be determined under
the method which is used for accrual purposes for all
plans of the Employer and Related Companies; or, if
there is not such method, as if the benefit accrued not
more rapidly than the slowest accrual rate permitted
under section 411(b)( I )(c) of the Code.

	 
	 	 
	 

	 	 (e)  The present value
of benefits under all defined benefit plans shall be
determined on the basis of a 5% per annum interest
factor and the GAM ‘71 Mate Table.

	 
	 	 
	Key Employee

	 	A-5. The term “Key Employee” means an employee or deceased employee (or
beneficiary of such deceased employee) who is a Key Employee within the meaning ascribed to
that term by section 416(i) of the Code. Subject to the preceding sentence, the term Key
Employee includes any employee or deceased employee (or beneficiary of such deceased employee)
who at any time during the plan year which includes the Determination Date or during any of
the four preceding plan years was:
	 
	 	 
	 

	 	(a)   an officer of any
Employer or Related Company with Compensation in excess
of 50 percent of the amount in

A-2

 

	 	 	 
	 

	 	effect under section 415(b)(1)(A) of the Code for the
calendar year in which that year ends; provided,
however, that the maximum number of employees who
shall be considered Key Employees under this
paragraph (a) shall be 50;
	 
	 	 
	 

	 	 (b)   one of the 10
employees owning the largest interests in any Employer
or any Related Company (disregarding any ownership
interest which is less than 1/2 of one percent),
excluding any employee for any plan year whose
Compensation did not exceed the applicable amount in
effect under section 415(c)(1)(A) of the Code for the
calendar year in which that year ends;

	 
	 	 
	 

	 	 (c)   a 5% owner of any
Employer or of any Related Company; or

	 
	 	 
	 

	 	 (d)   a 1% owner of any
Employer or any Related Company having Compensation in
excess of $150,000.

	 
	 	 
	Compensation

	 	A-6. The term “Compensation” for purposes of this
Supplement A generally means compensation within the
meaning of section 415(c)(3). However, solely for
purposes of determining who is a Key Employee, the term “Compensation” means compensation as defined in Code
section 414(q).
	 
	 	 
	Non-Key Employee

	 	A-7. The term “Non-Key Employee” means any employee (or
beneficiary of a deceased employee) who is not a Key
Employee.
	 
	 	 
	Aggregation Plan

	 	A-8. The term “Aggregation Plan” means the Plan and each
other retirement plan (including any termination plan)
maintained by an Employer or Related Company which is
qualified under section 401(a) of the Code and which:
	 
	 	 
	 

	 	 (a)   during the plan
year which includes the applicable Determination Date,
or during any of the preceding four plan years, includes
a Key Employee as a participant;

	 
	 	 
	 

	 	 (b)   during the plan
year which includes the applicable Determination Date
or, during any of the preceding four plan years, enables
the Plan or any plan in which a Key Employee
participates to meet the requirements of section
401(a)(4) or 410 of the Code; or

	 
	 	 
	 

	 	 (c)   at the election
of the Employer, would meet the requirements of sections
401(a)(4) and 410 if it were considered together with
the Plan and all other plans described in paragraphs (a)
and (b) next above.

A-3

 

	 	 	 
	Required Aggregation Plan

	 	A-9. The term “Required Aggregation Plan”
means a plan described in either paragraph (a)
or (b) of subsection A-8.
	 
	 	 
	Permissive Aggregation Plan

	 	A-10. The term “Permissive Aggregation Plan”
means a plan described in paragraph (c) of
subsection A-8.
	 
	 	 
	Minimum Contribution 

	 	A-11. For any Plan Year during which the Plan
is Top-Heavy, the minimum amount of Employer
contributions and Forfeitures, excluding
elective contributions as defined in Code
section 401(k) and employer matching
contributions as defined in Code section
401(m), allocated to the Accounts of each
Affected Participant who is employed by an
Employer or Related Company on the last day of
that year, who is not a Key Employee and who
is not entitled to a minimum benefit for that
year under any defined benefit Aggregation
Plan which is top-heavy shall, when expressed
as a percentage of the Affected Participant’s
Compensation, be equal to the lesser of:
	 
	 	 
	 

	 	(a)   3%; or

	 
	 	 
	 

	 	(b)   the percentage at
which Employer contributions (including Employer
contributions made pursuant to a cash or deferred
arrangement) are allocated to the Accounts of the Key
Employee for whom such percentage (when expressed as a
percentage of Compensation not in excess of $160,000 or
such larger amount as may be in effect for such year
under section 401(a)(17) of the Code) is greatest.

	 
	 	 
	 

	 	For purposes of the preceding sentence, compensation earned
while a member of a group of employees to whom the Plan has
not been extended shall be disregarded. Paragraph (b) next
above shall not be applicable for any Plan Year if the Plan
enables a defined benefit plan described in paragraph A-8(a)
or A-8(b) to meet the requirements of section 401(a)(4) or
410 for that year. Employer contributions for any Plan Year
during which the Plan is Top-Heavy shall be allocated first
to non-Key Employees until the requirements of this
subsection A-11 have been met and, to the extent necessary to
comply with the provisions of this subsection A-11,
additional contributions shall be required of the Employers.
	 
	 	 
	Aggregate Benefit Limit

	 	A-12. Notwithstanding the foregoing:
	 
	 	 
	 

	 	 (a)   Subject to the
provisions of paragraph (b) of this subsection A-12, for
any Plan Year prior to January 1, 2000 during which the
Plan is Top-Heavy, paragraphs (2)(B) and (3)(B) of
section 415(e) of the Code shall be applied by
substituting “1.0” for “1.25”.

A-4

 

	 	 	 
	 

	 	 (b)   If for any Plan
Year the Plan would not be Top-Heavy under subsection
A-5 if “90%” were substituted for “60%” as it appears in
that subsection, paragraph A-11 shall be applied by
substituting “4%” for “3%” as it appears in that
subsection, and paragraph (a) of this subsection A-12
shall not apply.

A-5

 

SUPPLEMENT B

To

GATX Corporation

Hourly Employees Retirement Savings Plan

(Terminals Participants)

	 	 	 
	Purpose

	 	B-1. The purpose of this Supplement B is to modify
and supplement the terms and conditions of the GATX
Corporation Hourly Employees Retirement Savings Plan
applicable to Affected Participants (as defined in
subsection B-4) in connection with the sale of all of
the outstanding shares of GATX Terminals Corporation
(“Terminals”) to Kinder Morgan Energy Partners, L.P.
(the “Terminals Sale”). The provisions of this
Supplement B shall form a part of the Plan as of its
Effective Date (as defined in subsection B-2). In
the event of any inconsistency between this
Supplement B and the Plan document, the terms of this
Supplement B shall govern.
	 
	 	 
	Effective Date

	 	B-2. The effective date of this Supplement B is the
closing date of the Terminals Sale.
	 
	 	 
	Definitions 

	 	B-3. A word, term or phrase used or defined in the
Plan document is similarly used or defined for
purposes of this Supplement B, unless the context
clearly indicates otherwise.
	 
	 	 
	Affected Participant

	 	B-4. For purposes of this Supplement B, the term
“Affected Participant” means a Participant who meets
all of the following requirements:
	 
	 	 
	 

	 	0.1. on January 28, 2001, he is either (i) employed by
Terminals or (ii) employed by GATX Corporation and his job
duties and responsibilities relate exclusively to the
operation or administration of Terminals;
	 
	 	 
	 

	 	0.2. he has become a “Participant” in the Plan on or before
the closing date of the Terminals Sale; and
	 
	 	 
	 

	 	0.3. on or after January 28, 2001 and before January 1,
2002, he ceases to be eligible to contribute to the Plan or
have contributions made to the Plan on his behalf due to
Terminals’ ceasing to be an Employer as defined in the Plan
or a member of a group of employers which, with the Employer,
constitutes a controlled group of corporations (within the
meaning of section 414(b) of the Code) or a group of trades
or businesses under common control (within the meaning of
section 414(c) of the Code) as a result of the Terminals Sale
and who continues in the employ of Terminals after the
closing.
	 
	 	 
	Plan Loans

	 	B-5. Upon request of an Affected Participant who, by reason of subsection 9.3,
is not permitted to obtain a distribution pursuant to Section 11, the Plan Administrator may
authorize a loan to

B-1

 

	 	 	 
	 

	 	such Affected Participant from his interest in the Plan,
notwithstanding that such Affected Participant has ceased to
be a party in interest with respect to the Plan. Any such
loan shall be subject to the conditions and limitations set
forth in Section 10 and such additional terms and conditions
as the Plan Administrator may establish, on a uniform and
nondiscriminatory basis, for loans to such Affected
Participants, except that loan repayments by Affected
Participants shall be made to the Plan record keeper by
personal or cashier’s check or money order (and not by
payroll deduction).

B-2

 

SUPPLEMENT C

To

GATX Corporation

Hourly Employees Retirement Savings Plan

(Calnev Participants)

	 	 	 
	Purpose

	 	C-1. The purpose of this Supplement C is to modify
and supplement the terms and conditions of the GATX
Corporation Hourly Employees Retirement Savings Plan
applicable to Affected Participants (as defined in
subsection C-4) in connection with the sale of all of
the outstanding shares of Calnev Pipeline Company
(“Calnev”) to Kinder Morgan Energy Partners, L.P.
(the “Calnev Sale”). The provisions of this
Supplement C shall form a part of the Plan as of its
Effective Date (as defined in subsection C-2). In
the event of any inconsistency between this
Supplement C and the Plan document, the terms of this
Supplement C shall govern.
	 
	 	 
	Effective Date

	 	C-2. The effective date of this Supplement C is the
closing date of the Calnev Sale.
	 
	 	 
	Definitions

	 	C-3. A word, term or phrase used or defined in the
Plan document is similarly used or defined for
purposes of this Supplement C, unless the context
clearly indicates otherwise.
	 
	 	 
	Affected Participant

	 	C-4. For purposes of this Supplement C, the term
“Affected Participant” means a Participant who meets
all of the following requirements:
	 
	 	 
	 

	 	0.4. on January 28, 2001, he is either (i) employed by
Calnev or (ii) employed by GATX Corporation and his job
duties and responsibilities relate exclusively to the
operation or administration of Calnev;
	 
	 	 
	 

	 	0.5. he has become a “Participant” in the Plan on or before
the closing date of the Calnev Sale; and
	 
	 	 
	 

	 	0.6. on or after January 28, 2001 and before January 1,
2002, he ceases to be eligible to contribute to the Plan or
have contributions made to the Plan on his behalf due to
Calnev’s ceasing to be an Employer as defined in the Plan or
a member of a group of employers which, with the Employer,
constitutes a controlled group of corporations (within the
meaning of section 414(b) of the Code) or a group of trades
or businesses under common control (within the meaning of
section 414(c) of the Code) as a result of the Calnev Sale
and who continues in the employ of Calnev after the closing.
	 
	 	 
	Plan Loans

	 	C-5. Upon request of an Affected Participant who, by reason of subsection 9.3, is not
permitted to obtain a distribution pursuant to Section 11, the Plan Administrator may
authorize a loan to

C-1

 

	 	 	 
	 

	 	such Affected Participant from his interest in the Plan,
notwithstanding that such Affected Participant has ceased to
be a party in interest with respect to the Plan. Any such
loan shall be subject to the conditions and limitations set
forth in Section 10 and such additional terms and conditions
as the Plan Administrator may establish, on a uniform and
nondiscriminatory basis, for loans to such Affected
Participants, except that loan repayments by Affected
Participants shall be made to the Plan record keeper by
personal or cashier’s check or money order (and not by
payroll deduction).

C-2

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