Document:

<PAGE>

                                                                   EXHIBIT 10.58

                                 PROMISSORY NOTE

$ 20,000,000                                                    Washington, D.C.
                                                                   June 30, 2000

              FOR VALUE RECEIVED STARTEC GLOBAL COMMUNICATIONS CORPORATION, a
Delaware corporation (collectively with successors and assigns, "Maker"),
promises to pay to the order of ALLIED CAPITAL CORPORATION, a Maryland
corporation (collectively with successors and assigns, "Holder"), the principal
sum of Twenty Million Dollars ($20,000,000), together with interest as set out
herein at its offices in the District of Columbia or such other place as Holder
may designate in writing, or by wire transfer to Holder's designated bank
account.

              1. LOAN AGREEMENT. This Promissory Note (this "Note") has been
issued under the terms of an Investment and Loan Agreement between the Maker and
the Holder dated this date (collectively with all modifications, renewals,
extensions and replacements thereof and therefor, the "Agreement"). This Note
evidences the obligation of the Maker to repay a loan in the aggregate principal
amount of Twenty Million Dollars ($20,000,000) made pursuant to the Agreement.
The Holder is entitled to the benefits of the Agreement and all of the exhibits
thereto, and reference is made thereto for a description of all rights and
remedies thereunder. Neither reference to the Agreement, nor any provision
thereof shall affect or impair the absolute and unconditional obligation of the
Maker to pay, when due, the principal amount hereof, together with all interest
accrued thereon. Capitalized terms not otherwise defined herein shall have the
meanings set forth in the Agreement.

              2. INTEREST RATES AND PAYMENT.

                    (a) ACCRUAL, PAYMENT AND DEFAULT RATES. Commencing on the
date hereof and continuing until payment of the indebtedness hereunder in full,
interest shall (subject to the immediately following sentence) accrue on the
unpaid balance hereof at the fixed rate of fifteen percent (15%) per annum (the
"Accrual Rate") and shall be payable semi-annually, in arrears, at the fixed
rate of ten percent (10%) per annum (the "Payment Rate") as set out in
subparagraph (b) below. The Accrual Rate shall increase to 18% per annum when
and if (i) the Company fails to make payment on the due date of any principal or
interest installment on the Note, or (ii) an Event of Default shall occur, and
such rate shall remain in effect until such payment is made or such Event of
Default is cured, whereupon the Accrual Rate shall decline to the rate
previously in effect.

                    (b) PAYMENTS. On the fifteenth (15th) day of each May and
November of the term hereof, payments of interest accrued at the Payment Rate
through the end of the immediately preceding six-month period (or in the case of
the payment due on November 15, 2000, through the end of the period beginning at
Closing and ending on November 14, 2000) shall be due and payable.

<PAGE>

                    (c) DEFERRAL AND COMPOUNDING. On the fourteenth (14th) day
of each May and November of the term hereof, the then outstanding principal
balance of this Note shall be increased by an amount (the "PIK Amount") equal to
the difference between (i) interest accruing at the Accrual Rate on the
principal balance of this Note outstanding from time to time during the
immediately preceding six month period (or in the case of such increase
occurring on November 14, 2000, during the period beginning at Closing and
ending on November 14, 2000), and (ii) interest calculated at the Payment Rate
on the principal balance of this Note outstanding from time to time during such
six month period (or in the case of such increase occurring on November 14,
2000, during the period beginning at Closing and ending on November 14, 2000).
After the end of each such period, interest shall be calculated on the then
outstanding principal balance of this Note, as increased by the PIK Amount for
such period and decreased by any principal repayments during such period, with
the end result that unpaid interest under this Note shall be compounded
semi-annually.

                    (d) OPTIONAL PAYMENT OF PIK AMOUNT. Maker may pay the PIK
Amount for any period in whole or in part at any time, either before or after it
is added to the principal balance hereof, without premium or penalty.

              3. RIGHT TO REPAYMENT UPON CHANGE OF CONTROL; INTEREST PREMIUM. If
a Change of Control shall occur, Holder shall have the right to require the
unpaid principal balance of the Note, and all accrued and unpaid interest
thereon, plus an interest premium, to become due and payable in accordance with
the terms of Article 9 of the Agreement.

              4. MATURITY. The entire indebtedness hereunder shall become due
and payable July 1, 2005, if not previously paid in full or brought to maturity
by the provisions herein for acceleration.

              5. PREPAYMENT. Prior to July 1, 2002, except as provided in
subparagraph 2(d) hereof, no installment of principal or interest may be paid in
whole or in part prior to the date when payment thereof shall become due
according to the terms herein, and any sum proffered for payment to Holder in
violation of this sentence may, at the Holder's option, be returned to the Maker
or other payor, or held as cash collateral for this Note. Beginning July 1,
2002, payment of any installment of principal or interest may be made in whole
or in part prior to the date when payment thereof shall become due without
penalty or premium; and such prepayments shall be credited against the
outstanding principal in inverse order of maturity.

              6. COMPUTATION OF INTEREST. Interest due hereunder shall be
computed on the per annum basis of a year of three hundred sixty (360) days for
the actual number of days (including the first day but excluding the last day),
elapsed.

              7. INTEREST RATE LIMIT. Notwithstanding any other provision herein
or in any related document, Holder shall not be entitled to contract for,
charge, take, reserve, receive or apply as interest on the indebtedness any
amount in excess of the sum corresponding to the highest rate of interest
allowable under applicable law (hereinafter, "the Highest Lawful Rate"); and in
the event that Holder contracts for, charges, takes, reserves, receives or
applies as interest any such

                                       2
<PAGE>

amount, it shall be deemed a partial prepayment of principal and treated
hereunder as such; and, if the indebtedness is paid and performed in full, any
remaining excess shall forthwith be paid to the Maker. In determining whether or
not the interest paid or payable, under any specific contingency, exceeds the
Highest Lawful Rate, Holder and the Maker shall, to the maximum extent permitted
under applicable law, (i) treat all loans by Holder to Maker as but a single
extension of credit, (ii) characterize any nonprincipal payment as an expense,
fee or premium rather than as interest, (iii) exclude voluntary prepayments and
the effects thereof and (iv) "spread" the total amount of interest throughout
the entire contemplated term of the indebtedness, PROVIDED THAT if the
indebtedness is paid and performed in full prior to the end of the full
contemplated term thereof, and if the interest received for the actual period of
existence thereof exceeds the Highest Lawful Rate, Holder shall refund such
excess and, in such event, Holder shall not be subject to any penalties provided
by any laws limiting rates of interest.

              8. OTHER PAYMENT PROVISIONS. The Maker shall make each payment
hereunder not later than 4:00 P.M. (Eastern time) on the day when due, without
offset, in lawful money of the United States of America to the Holder in same
day funds. All payments will be applied first to costs and fees owing hereunder,
second to the payment of interest accrued through the date of payment and third
to the payment of principal. If the date for any payment or prepayment hereunder
falls on a day which is not a business day, then for all purposes of this Note
the same shall be deemed to have fallen on the next business day, and such
extension of time shall be included in the computation of interest.

              9. DEFAULT AND ACCELERATION. If payments are not made as and when
provided herein, or if any other Event of Default should occur, as defined in
the Agreement, then a default may be declared at the option of the Holder
without presentment, demand, protest, or further notice of any kind (all of
which are hereby expressly waived). In such event and upon such declaration
having been made, the full balance of the indebtedness hereunder shall become
due and payable, including all unpaid principal amounts, accrued interest and
any costs (including reasonable attorney's fees), and the Holder shall be
entitled to any other remedies which may be available hereunder, under the
Agreement, the other Loan Documents, or any applicable law.

              10. NO IMPLIED WAIVER. No course of dealing between the Holder and
any other party hereto or any failure or delay on the part of the Holder in
exercising any rights or remedies hereunder shall operate as a waiver of any
rights or remedies of the Holder under this or any other applicable instrument.
No single or partial exercise of any rights or remedies hereunder shall operate
as a waiver or preclude the exercise of any other rights or remedies hereunder.

              11. CHOICE OF LAW; NON-EXCLUSIVE VENUE AND JURISDICTION; SERVICE
OF PROCESS. This Note shall be interpreted, and the rights and liabilities of
the parties hereto determined, in accordance with the laws of the District of
Columbia, without regard to its principles of conflicts of law. Venue for any
adjudication hereof may be in the courts of the District of Columbia or the
Federal courts in the District of Columbia, to the jurisdiction of which courts
the Maker hereby submits, as the agreement of such party, as not inconvenient
and as not subject to review by any court other than such courts in the District
of Columbia. The Maker intends and agrees that the courts of the jurisdictions
in which the Maker is incorporated and conducts business shall afford

                                       3
<PAGE>

full faith and credit to any judgment rendered by a court of the District of
Columbia against the Maker hereunder, and that such District of Columbia and
federal courts shall have IN PERSONAM jurisdiction to enter a valid judgment
against the Maker. Service of any summons and/or complaint hereunder and any
other process which may be served on the Maker in any action in respect hereto,
may be made by mailing via registered mail or delivering a copy of such process
to the address specified for the Maker in the Agreement. The Maker agrees that
this submission to jurisdiction and consent to service of process are reasonable
and made for the express benefit of the Holder.

              12. WAIVER OF JURY TRIAL. THE MAKER WAIVES ALL RIGHT TO TRIAL BY
JURY OF ALL CLAIMS, DEFENSES, COUNTERCLAIMS AND SUITS OF ANY KIND DIRECTLY OR
INDIRECTLY ARISING FROM OR RELATING TO THIS INSTRUMENT OR THE DEALINGS OF THE
PARTIES IN RESPECT HERETO. THE MAKER ACKNOWLEDGES AND AGREES THAT THIS PROVISION
IS A MATERIAL TERM OF THIS INSTRUMENT AND THAT THE HOLDER WOULD NOT EXTEND ANY
FUNDS HEREUNDER IF THIS WAIVER OF JURY TRIAL WERE NOT A PART OF THIS INSTRUMENT.
THE MAKER ACKNOWLEDGES THAT THIS IS A WAIVER OF A LEGAL RIGHT AND THAT IT MAKES
THIS WAIVER VOLUNTARILY AND KNOWINGLY AFTER CONSULTATION WITH, OR THE
OPPORTUNITY TO CONSULT WITH, COUNSEL OF ITS CHOICE. THE MAKER AGREES THAT ALL
SUCH CLAIMS, DEFENSES, COUNTERCLAIMS AND SUITS SHALL BE TRIED BEFORE A JUDGE OF
A COURT OF COMPETENT JURISDICTION, WITHOUT A JURY.

              13. EXPENSES. The Maker shall pay all of Holder's reasonable
expenses of any nature actually incurred, which may be necessary, either before
or after a Default or an Event of Default , for the enforcement or preservation
of Holder's rights under this Note, including but not limited to reasonable
attorneys' fees, appellate costs and fees, and costs incurred by Holder as a
participant in any bankruptcy proceeding, workout, debt restructuring, extension
of maturity or document amendment, involving the Maker or any other obligor
under the Note. Holder is authorized to pay at any time and from time to time
any or all of such expenses, add the amount of such payment to the amount of
principal outstanding and charge interest thereon at the rate specified herein.

              14. DEFINITIONS. The term INDEBTEDNESS shall mean the debts
evidenced by this Note, including principal, interest and expenses whether
contingent, now due or hereafter to become due, and whether heretofore or
contemporaneously herewith or hereafter contracted. Whenever used, the singular
number shall include the plural, the plural the singular, and the use of any
gender shall include all genders.

       REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS

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<PAGE>

              IN WITNESS WHEREOF, the Maker affixes its hand and seal as of the
date first above written.

SEAL:                                  STARTEC GLOBAL COMMUNICATIONS CORPORATION

Attest: /s/ YOLANDA STEFANOU FAERBER         By: /s/ RAM MUKUNDA
        ----------------------------             ----------------------------
        Yolanda Stefanou Faerber,                Ram Mukunda, President
        Secretary

                            CORPORATE ACKNOWLEDGEMENT

State of Maryland                   )
                                    )
County of Montgomery                )

              On the 30th day of June, 2000, before me came Ram Mukunda,
who being by me duly sworn, did depose and say that he is the President of
Startec Global Communications Corporation, the corporation described above and
which executed the note hereof; that he knows the seal of such corporation; that
the seal affixed to such note is such corporate seal; that it was so affixed by
order of the Board of Directors of such corporation; and that he signed his name
thereto by like order.

                                               /s/  JEFFREY L. POERSCH
                                                       [Seal]
                                                 ----------------------------
                                                        Notary Public

My commission expires
     [Seal]
JEFFREY L. POERSCH * NOTARY PUBLIC
MONTGOMERY COUNTY, MARYLAND
MY COMMISION EXPIRES JANUARY 22, 2003

<PAGE>

                                                                    EXHIBIT 99.3

                                 PROMISSORY NOTE

$ 20,000,000                                                    Washington, D.C.
                                                                   June 30, 2000

              FOR VALUE RECEIVED STARTEC GLOBAL COMMUNICATIONS CORPORATION, a
Delaware corporation (collectively with successors and assigns, "Maker"),
promises to pay to the order of ALLIED CAPITAL CORPORATION, a Maryland
corporation (collectively with successors and assigns, "Holder"), the principal
sum of Twenty Million Dollars ($20,000,000), together with interest as set out
herein at its offices in the District of Columbia or such other place as Holder
may designate in writing, or by wire transfer to Holder's designated bank
account.

              1. LOAN AGREEMENT. This Promissory Note (this "Note") has been
issued under the terms of an Investment and Loan Agreement between the Maker and
the Holder dated this date (collectively with all modifications, renewals,
extensions and replacements thereof and therefor, the "Agreement"). This Note
evidences the obligation of the Maker to repay a loan in the aggregate principal
amount of Twenty Million Dollars ($20,000,000) made pursuant to the Agreement.
The Holder is entitled to the benefits of the Agreement and all of the exhibits
thereto, and reference is made thereto for a description of all rights and
remedies thereunder. Neither reference to the Agreement, nor any provision
thereof shall affect or impair the absolute and unconditional obligation of the
Maker to pay, when due, the principal amount hereof, together with all interest
accrued thereon. Capitalized terms not otherwise defined herein shall have the
meanings set forth in the Agreement.

              2. INTEREST RATES AND PAYMENT.

                    (a) ACCRUAL, PAYMENT AND DEFAULT RATES. Commencing on the
date hereof and continuing until payment of the indebtedness hereunder in full,
interest shall (subject to the immediately following sentence) accrue on the
unpaid balance hereof at the fixed rate of fifteen percent (15%) per annum (the
"Accrual Rate") and shall be payable semi-annually, in arrears, at the fixed
rate of ten percent (10%) per annum (the "Payment Rate") as set out in
subparagraph (b) below. The Accrual Rate shall increase to 18% per annum when
and if (i) the Company fails to make payment on the due date of any principal or
interest installment on the Note, or (ii) an Event of Default shall occur, and
such rate shall remain in effect until such payment is made or such Event of
Default is cured, whereupon the Accrual Rate shall decline to the rate
previously in effect.

                    (b) PAYMENTS. On the fifteenth (15th) day of each May and
November of the term hereof, payments of interest accrued at the Payment Rate
through the end of the immediately preceding six-month period (or in the case of
the payment due on November 15, 2000, through the end of the period beginning at
Closing and ending on November 14, 2000) shall be due and payable.

<PAGE>

                    (c) DEFERRAL AND COMPOUNDING. On the fourteenth (14th) day
of each May and November of the term hereof, the then outstanding principal
balance of this Note shall be increased by an amount (the "PIK Amount") equal to
the difference between (i) interest accruing at the Accrual Rate on the
principal balance of this Note outstanding from time to time during the
immediately preceding six month period (or in the case of such increase
occurring on November 14, 2000, during the period beginning at Closing and
ending on November 14, 2000), and (ii) interest calculated at the Payment Rate
on the principal balance of this Note outstanding from time to time during such
six month period (or in the case of such increase occurring on November 14,
2000, during the period beginning at Closing and ending on November 14, 2000).
After the end of each such period, interest shall be calculated on the then
outstanding principal balance of this Note, as increased by the PIK Amount for
such period and decreased by any principal repayments during such period, with
the end result that unpaid interest under this Note shall be compounded
semi-annually.

                    (d) OPTIONAL PAYMENT OF PIK AMOUNT. Maker may pay the PIK
Amount for any period in whole or in part at any time, either before or after it
is added to the principal balance hereof, without premium or penalty.

              3. RIGHT TO REPAYMENT UPON CHANGE OF CONTROL; INTEREST PREMIUM. If
a Change of Control shall occur, Holder shall have the right to require the
unpaid principal balance of the Note, and all accrued and unpaid interest
thereon, plus an interest premium, to become due and payable in accordance with
the terms of Article 9 of the Agreement.

              4. MATURITY. The entire indebtedness hereunder shall become due
and payable July 1, 2005, if not previously paid in full or brought to maturity
by the provisions herein for acceleration.

              5. PREPAYMENT. Prior to July 1, 2002, except as provided in
subparagraph 2(d) hereof, no installment of principal or interest may be paid in
whole or in part prior to the date when payment thereof shall become due
according to the terms herein, and any sum proffered for payment to Holder in
violation of this sentence may, at the Holder's option, be returned to the Maker
or other payor, or held as cash collateral for this Note. Beginning July 1,
2002, payment of any installment of principal or interest may be made in whole
or in part prior to the date when payment thereof shall become due without
penalty or premium; and such prepayments shall be credited against the
outstanding principal in inverse order of maturity.

              6. COMPUTATION OF INTEREST. Interest due hereunder shall be
computed on the per annum basis of a year of three hundred sixty (360) days for
the actual number of days (including the first day but excluding the last day),
elapsed.

              7. INTEREST RATE LIMIT. Notwithstanding any other provision herein
or in any related document, Holder shall not be entitled to contract for,
charge, take, reserve, receive or apply as interest on the indebtedness any
amount in excess of the sum corresponding to the highest rate of interest
allowable under applicable law (hereinafter, "the Highest Lawful Rate"); and in
the event that Holder contracts for, charges, takes, reserves, receives or
applies as interest any such

                                       2
<PAGE>

amount, it shall be deemed a partial prepayment of principal and treated
hereunder as such; and, if the indebtedness is paid and performed in full, any
remaining excess shall forthwith be paid to the Maker. In determining whether or
not the interest paid or payable, under any specific contingency, exceeds the
Highest Lawful Rate, Holder and the Maker shall, to the maximum extent permitted
under applicable law, (i) treat all loans by Holder to Maker as but a single
extension of credit, (ii) characterize any nonprincipal payment as an expense,
fee or premium rather than as interest, (iii) exclude voluntary prepayments and
the effects thereof and (iv) "spread" the total amount of interest throughout
the entire contemplated term of the indebtedness, PROVIDED THAT if the
indebtedness is paid and performed in full prior to the end of the full
contemplated term thereof, and if the interest received for the actual period of
existence thereof exceeds the Highest Lawful Rate, Holder shall refund such
excess and, in such event, Holder shall not be subject to any penalties provided
by any laws limiting rates of interest.

              8. OTHER PAYMENT PROVISIONS. The Maker shall make each payment
hereunder not later than 4:00 P.M. (Eastern time) on the day when due, without
offset, in lawful money of the United States of America to the Holder in same
day funds. All payments will be applied first to costs and fees owing hereunder,
second to the payment of interest accrued through the date of payment and third
to the payment of principal. If the date for any payment or prepayment hereunder
falls on a day which is not a business day, then for all purposes of this Note
the same shall be deemed to have fallen on the next business day, and such
extension of time shall be included in the computation of interest.

              9. DEFAULT AND ACCELERATION. If payments are not made as and when
provided herein, or if any other Event of Default should occur, as defined in
the Agreement, then a default may be declared at the option of the Holder
without presentment, demand, protest, or further notice of any kind (all of
which are hereby expressly waived). In such event and upon such declaration
having been made, the full balance of the indebtedness hereunder shall become
due and payable, including all unpaid principal amounts, accrued interest and
any costs (including reasonable attorney's fees), and the Holder shall be
entitled to any other remedies which may be available hereunder, under the
Agreement, the other Loan Documents, or any applicable law.

              10. NO IMPLIED WAIVER. No course of dealing between the Holder and
any other party hereto or any failure or delay on the part of the Holder in
exercising any rights or remedies hereunder shall operate as a waiver of any
rights or remedies of the Holder under this or any other applicable instrument.
No single or partial exercise of any rights or remedies hereunder shall operate
as a waiver or preclude the exercise of any other rights or remedies hereunder.

              11. CHOICE OF LAW; NON-EXCLUSIVE VENUE AND JURISDICTION; SERVICE
OF PROCESS. This Note shall be interpreted, and the rights and liabilities of
the parties hereto determined, in accordance with the laws of the District of
Columbia, without regard to its principles of conflicts of law. Venue for any
adjudication hereof may be in the courts of the District of Columbia or the
Federal courts in the District of Columbia, to the jurisdiction of which courts
the Maker hereby submits, as the agreement of such party, as not inconvenient
and as not subject to review by any court other than such courts in the District
of Columbia. The Maker intends and agrees that the courts of the jurisdictions
in which the Maker is incorporated and conducts business shall afford

                                       3
<PAGE>

full faith and credit to any judgment rendered by a court of the District of
Columbia against the Maker hereunder, and that such District of Columbia and
federal courts shall have IN PERSONAM jurisdiction to enter a valid judgment
against the Maker. Service of any summons and/or complaint hereunder and any
other process which may be served on the Maker in any action in respect hereto,
may be made by mailing via registered mail or delivering a copy of such process
to the address specified for the Maker in the Agreement. The Maker agrees that
this submission to jurisdiction and consent to service of process are reasonable
and made for the express benefit of the Holder.

              12. WAIVER OF JURY TRIAL. THE MAKER WAIVES ALL RIGHT TO TRIAL BY
JURY OF ALL CLAIMS, DEFENSES, COUNTERCLAIMS AND SUITS OF ANY KIND DIRECTLY OR
INDIRECTLY ARISING FROM OR RELATING TO THIS INSTRUMENT OR THE DEALINGS OF THE
PARTIES IN RESPECT HERETO. THE MAKER ACKNOWLEDGES AND AGREES THAT THIS PROVISION
IS A MATERIAL TERM OF THIS INSTRUMENT AND THAT THE HOLDER WOULD NOT EXTEND ANY
FUNDS HEREUNDER IF THIS WAIVER OF JURY TRIAL WERE NOT A PART OF THIS INSTRUMENT.
THE MAKER ACKNOWLEDGES THAT THIS IS A WAIVER OF A LEGAL RIGHT AND THAT IT MAKES
THIS WAIVER VOLUNTARILY AND KNOWINGLY AFTER CONSULTATION WITH, OR THE
OPPORTUNITY TO CONSULT WITH, COUNSEL OF ITS CHOICE. THE MAKER AGREES THAT ALL
SUCH CLAIMS, DEFENSES, COUNTERCLAIMS AND SUITS SHALL BE TRIED BEFORE A JUDGE OF
A COURT OF COMPETENT JURISDICTION, WITHOUT A JURY.

              13. EXPENSES. The Maker shall pay all of Holder's reasonable
expenses of any nature actually incurred, which may be necessary, either before
or after a Default or an Event of Default , for the enforcement or preservation
of Holder's rights under this Note, including but not limited to reasonable
attorneys' fees, appellate costs and fees, and costs incurred by Holder as a
participant in any bankruptcy proceeding, workout, debt restructuring, extension
of maturity or document amendment, involving the Maker or any other obligor
under the Note. Holder is authorized to pay at any time and from time to time
any or all of such expenses, add the amount of such payment to the amount of
principal outstanding and charge interest thereon at the rate specified herein.

              14. DEFINITIONS. The term INDEBTEDNESS shall mean the debts
evidenced by this Note, including principal, interest and expenses whether
contingent, now due or hereafter to become due, and whether heretofore or
contemporaneously herewith or hereafter contracted. Whenever used, the singular
number shall include the plural, the plural the singular, and the use of any
gender shall include all genders.

       REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS

                                       4
<PAGE>

              IN WITNESS WHEREOF, the Maker affixes its hand and seal as of the
date first above written.

SEAL:                                  STARTEC GLOBAL COMMUNICATIONS CORPORATION

Attest: /s/ YOLANDA STEFANOU FAERBER         By: /s/ RAM MUKUNDA
        ----------------------------             ----------------------------
        Yolanda Stefanou Faerber,                Ram Mukunda, President
        Secretary

                            CORPORATE ACKNOWLEDGEMENT

State of Maryland                   )
                                    )
County of Montgomery                )

              On the 30th day of June, 2000, before me came Ram Mukunda,
who being by me duly sworn, did depose and say that he is the President of
Startec Global Communications Corporation, the corporation described above and
which executed the note hereof; that he knows the seal of such corporation; that
the seal affixed to such note is such corporate seal; that it was so affixed by
order of the Board of Directors of such corporation; and that he signed his name
thereto by like order.

                                               /s/  JEFFREY L. POERSCH
                                                       [Seal]
                                                 ----------------------------
                                                        Notary Public

My commission expires
     [Seal]
JEFFREY L. POERSCH * NOTARY PUBLIC
MONTGOMERY COUNTY, MARYLAND
MY COMMISION EXPIRES JANUARY 22, 2003<PAGE>

                                                                    EXHIBIT 10.1

                          CENTERPOINT PROPERTIES TRUST
                              STOCK GRANT AGREEMENT

      THIS STOCK GRANT AGREEMENT (THE "AGREEMENT") IS DATED AS OF MARCH 8,
  2000 BETWEEN CENTERPOINT PROPERTIES TRUST, A MARYLAND REAL ESTATE INVESTMENT
           TRUST (THE "COMPANY"), AND JOHN GATES JR. (THE "GRANTEE").

                  This Agreement is made pursuant to, and is governed by, the
CENTERPOINT PROPERTIES TRUST 1995 RESTRICTED STOCK INCENTIVE PLAN (the "Plan").
Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Plan. The purpose of this Agreement is to establish a written agreement
evidencing a grant of stock made in accordance with the terms of the Plan. In
this Agreement, "Shares" means the Company's Common Stock granted pursuant to
this Agreement or other securities resulting from an adjustment under Section
4.3 of the Plan.

The parties agree as follows:

1.   GRANT OF STOCK. The Company hereby grants to the Grantee 7,225 shares of
     Common Stock under the terms and conditions hereof.

2.   SHARE PRICE. The Share Price of the Shares is $34.9375.

3.   PERFORMANCE TARGET. The Performance Target for the Shares is 60%.

4.   ASSIGNABILITY. The Shares shall not be transferable other than by will or
     the laws of descent and distribution until the later of (a) six months from
     the date of this Agreement, and (b) the date the shares become vested.

5.   VESTING. Except as otherwise provided in the Plan or in this Agreement, the
     Shares shall become vested as follows:

     (a)  DEATH, DISABILITY OR RETIREMENT. Upon the occurrence of (i) retirement
          of the Grantee on or after the date the Grantee attained age 65, (ii)
          termination of employment of the Grantee due to disability, or (iii)
          death of the Grantee, Shares not previously vested or forfeited shall
          become partially vested in accordance with the provisions of Section
          7.2(b) of the Plan.

     (b)  ACHIEVEMENT OF PERFORMANCE TARGET. Shares not previously vested or
          forfeited shall become vested upon the achievement of the performance
          target in accordance with the provisions of Section 7.2(b) of the
          Plan.

     (c)  CHANGE OF CONTROL. Shares not previously vested or forfeited shall
          become fully vested upon a Change of Control as defined in the Plan.

                                      -2-
<PAGE>

     (d)  LAPSE DATE. Shares not previously vested or forfeited shall become
          fully vested at the close of business on the eighth anniversary of the
          date of this Agreement.

6.   FORFEITURES. Upon termination of employment other than as described in
     Paragraph 5(a) above, the Grantee shall forfeit all Shares not previously
     vested or forfeited.

7.   RIGHTS OF SHAREHOLDER. Except as otherwise provided in the Plan or in this
     Agreement, the Grantee shall have rights of a shareholder with respect to
     Shares as provided in Article 8 of the Plan.

8.   RIGHTS OF THE COMPANY. This Agreement does not affect the Company's right
     to take any corporate action, including other changes in its right to
     recapitalize, reorganize or consolidate, issue bonds, notes or stock,
     including preferred stock or options therefor, to dissolve or liquidate, or
     to sell or transfer any part of its assets or business.

9.   CHANGES IN CAPITALIZATION. Upon the occurrence of an event described in
     Section 4.3(a) of the Plan, the Committee shall make the adjustments
     specified in Section 4.3(b) of the Plan.

10.  TAXES. The Company, if necessary or desirable, may pay or withhold the
     amount of any tax attributable to any Shares deliverable under this
     Agreement or dividends payable thereon, and the Company may defer making
     delivery or payment until it is indemnified to its satisfaction for that
     tax.

11.  COMPLIANCE WITH LAWS. Shares can be delivered under this Agreement only in
     compliance with all applicable federal and state laws and regulations,
     including without limitation state and federal securities laws, and the
     rules of all stock exchanges on which the Common Stock is listed at any
     time. Shares may not be issued under this Agreement until the Company has
     obtained the consent or approval of every regulatory body, federal or
     state, having jurisdiction over such matters as the Committee deems
     advisable. Each person or estate that acquired the right to receive shares
     by bequest or inheritance may be required by the Committee to furnish
     reasonable evidence of ownership of the shares as a condition to their
     issuance. In addition, the Committee may require such consents and releases
     of taxing authorities as the Committee deems advisable.

12.  STOCK LEGENDS. Any certificate issued to evidence Shares issued pursuant to
     this Agreement shall bear such legends and statements as the Committee
     deems advisable to assure compliance with all federal and state laws and
     regulations.

13.  NO RIGHT OF EMPLOYMENT. Nothing in this Agreement shall confer any right on
     an employee to continue in the employ of the Company or shall interfere in
     any way with the right of the Company to terminate such employee's
     employment at any time.

14.  AMENDMENT OF AGREEMENT. The Company may alter, amend, or terminate the
     Agreement only with the Grantee's consent, except for adjustments expressly
     provided by this Agreement.

                                      -3-
<PAGE>

15.  CHOICE OF LAW. The provisions of Section 9.7 of the Plan, concerning choice
     of law, shall govern this Agreement.

16.  MISCELLANEOUS. This Agreement is subject to and controlled by the Plan. Any
     inconsistency between this Agreement and said Plan shall be controlled by
     the Plan. This Agreement is the final, complete, and exclusive expression
     of the understanding between the parties and supersedes any prior or
     contemporaneous agreement or representation, oral or written, between them.
     Modification of this Agreement or waiver of a condition herein must be
     written and signed by the party to be bound. In the event that any
     paragraph or provision of this Agreement shall be held to be illegal or
     unenforceable, such paragraph or provision shall be severed from the
     Agreement and the entire Agreement shall not fail on account thereof, but
     shall otherwise remain in full force and effect.

17.  NOTICES. All notices and other communications required or permitted under
     this Agreement shall be written, and shall be either delivered personally
     or sent by registered or certified first-class mail, postage prepaid and
     return receipt requested, or by telex or telecopier, addressed as follows:
     if to the Company, to the Company's principal office, and if to the Grantee
     or his successor, to the address last furnished by such person to the
     Company. Each such notice and communication delivered personally shall be
     deemed to have been given when delivered. Each such notice and
     communication given by mail shall be deemed to have been given when it is
     deposited in the United States mail in the manner specified herein, and
     each such notice and communication given by telex or telecopier shall be
     deemed to have been given when it is so transmitted and the appropriate
     answer back is received. A party may change its address for the purpose
     hereof by giving notice in accordance with the provisions of this Section
     17.

         IN WITNESS WHEREOF, the Grantee and the Company has executed this
         Agreement as of the date first written above.

                                        CENTERPOINT PROPERTIES TRUST

                                   By:
                                      -----------------------------------------

                                      Its: Senior Vice President and Treasurer
                                          -------------------------------------

                                      GRANTEE

                                      -----------------------------------------
                                               Print name:  John Gates Jr.

                                      -4-

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