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                                                                    EXHIBIT 10.B

                                 Amendment No. 3
                                GATX Corporation
                   1995 Long Term Incentive Compensation Plan
                            (as amended and restated)

                            Dated as of April 24,1998

         The GATX Corporation 1995 Long Term Incentive Compensation Plan (as
amended and restated) (the "1995 Plan") is hereby further amended as follows:

1)       By deleting paragraph VII-1 and substituting therefor the following:

         "1. Grant. For each Performance Period, the Committee may, from time to
         time, grant Individual Performance Units to such officers and other key
         employees of the Company and its subsidiaries as it may select. The
         number of Individual Performance Units granted will be determined by
         dividing a specified percentage (as determined by the Committee and not
         exceeding one hundred percent (100%)) of the Participant's base salary
         (disregarding annual base salary in excess of $1,000,000) by the fair
         market value of the Company's Common Stock on the date of grant. On
         each Common Stock dividend payment date, each Individual Performance
         Unit (including additional individual Performance Units previously
         credited to it) shall be increased by an amount equal to the dividend
         paid on that date on a share of the Company's Common Stock, reinvested
         in additional Individual Performance Units in an amount equivalent to
         an investment of such dividend in shares of the Company's Common Stock
         at its fair market value on such date."

2)       By deleting paragraph VII-3 and substituting therefor the following:

         "3. Performance Goals. For each Performance Period, the Committee may
         establish Performance Goals which shall be based upon achievement of
         specific levels of one or more of the following measures applicable to
         the Company as a whole or to any individual subsidiary: return on
         equity, total shareholder return, accounting and value based earnings,
         return on capital, sales growth or return on investment. In determining
         the extent to which a Performance Goal has been achieved, the
         calculation shall be made without regard to any changes in the Federal
         tax law or in accounting standards, that may be required by the
         Financial Accounting Standards Board after the goal is established.
         Performance Goals may vary among Participants."

         In all other respects, the GATX Corporation Long Term Incentive
Compensation Plan (as amended and restated) is ratified and confirmed.

                                                GATX Corporation
                                                BY: /s/Gail L. Duddy
                                                Gail L. Duddy
                                                Vice President, Human Resources

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                                 Amendment No. 4
                                GATX Corporation
                   1995 Long Term Incentive Compensation Plan
                            (as amended and restated)

                               Dated June 9, 2000

     The GATX Corporation 1995 Long Term Incentive Compensation Plan (as amended
and restated) ("the 1995 Plan") is hereby further amended as follows:

1)   Effective for Stock Options outstanding on June 9, 2000 and for Stock
Options granted on or after June 9, 2000, by adding the following to paragraph
II-3, immediately following the first sentence thereof:

     "In the event a Participant's employment with the Company or a subsidiary
     terminates because of death or disability (as determined by the Committee),
     all of such Participant's Incentive Stock Options shall immediately become
     exercisable upon the date of death or disability in full for the shorter of
     the remainder of their terms or twelve (12) months."

2)   Effective for Stock Options outstanding on June 9, 2000 and for Stock
Options granted on or after June 9, 2000, by inserting the following in the
second full sentence of paragraph II-4, immediately following the phase "(as
determined by the Committee)" where that phrase appears therein:

     ", including those Stock Options which have then vested pursuant to the
     second sentence of paragraph II-3,"

3)   Effective for Stock Options outstanding on June 9, 2000 and for Stock
Options granted on or after June 9, 2000, by adding the following to paragraph
III-3, immediately following the first sentence thereof:

     "In the event a Participant's employment with the Company or a subsidiary
     terminates because of death or disability (as determined by the Committee),
     all of such Participant's Non-Qualified Stock Options shall immediately
     become exercisable upon the date of death or disability in full for the
     shorter of the remainder of their terms or twelve (12) months."

4)   Effective for Stock Options outstanding on June 9, 2000 and for Stock
Options granted on or after June 9, 2000, by inserting the following in the
second full sentence of paragraph III-4, immediately following the phase "(as
determined by the Committee)" where that phrase appears therein:

     ", including those Stock Options which have then vested pursuant to the
     second sentence of paragraph III-3,"

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5)   Effective for grants made on or after July 1, 2000, by adding the following
to Part III thereof:

     "6. Withholding. At the request of a Participant, the Company may withhold
shares subject to a Participant's Non-Qualified Stock Options in satisfaction of
such Participant's tax obligations incurred upon the exercise of Stock Options
hereunder; provided, however, that shares cannot be withheld, and the proceeds
thereof applied to a Participant's tax withholding, in excess of that required
to satisfy the minimum withholding rates for federal and state tax purposes,
including payroll taxes."

6)   Effective for Stock Options outstanding on June 9, 2000 and for Stock
Options granted on or after June 9, 2000, by adding the following to Part VIII
thereof:

     "3. Special Acceleration upon Sale or Merger of a subsidiary. In the event
of any merger or consolidation of a subsidiary of the Company into an entity
that is not an affiliate of the Company, the sale or exchange of all or
substantially all of the assets of such subsidiary to an entity that is not an
affiliate of the Company immediately after the transaction, or the sale of
eighty percent (80%) or more of the subsidiary's then outstanding voting stock
to an entity that is not an affiliate of the Company immediately after the
transaction, the Stock Options of persons employed by the subsidiary immediately
before the transaction, if any, then scheduled to become exercisable during the
calendar year in which such merger, consolidation, sale or exchange is effected
shall immediately become exercisable in full for a period running until the end
of the calendar year following the consummation of such transaction, but in any
event not longer than the remainder of their term, at which time they shall
expire. However, the circumstances described in this paragraph 3 shall
constitute a special acceleration only with respect to Stock Options of
individuals who are employed at the affected subsidiary immediately before the
events creating the special acceleration under this paragraph, and then only
with respect to individuals who are not employed by the Company or a subsidiary
at any time during the 30-day period following the events creating the special
acceleration. For purposes of this paragraph 3, the term affiliate shall have
the meaning ascribed to it in the Securities Exchange Act of 1934."

     In all other respects, the GATX Corporation Long Term Incentive
Compensation Plan (as amended and restated ) is ratified and confirmed.

                                                      GATX CORPORATION

                                                      BY: /s/ GAIL L. DUDDY
                                                         -----------------------
                                                         Gail L. Duddy
                                                         Vice President,
                                                         Human Resources

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                                 Amendment No. 5
                                GATX Corporation
                   1995 Long Term Incentive Compensation Plan
                            (as amended and restated)

                             Dated January 26, 2001

     The GATX Corporation 1995 Long Term Incentive Compensation Plan (as amended
and restated) (the "1995 Plan") is hereby further amended as follows:

A)   By deleting the last two sentences of Paragraph VII.4 in their entirety,
and the following substituted therefor:

     "1. Payment of the Redemption Amount to the Participant shall be made forty
         percent (40%) in cash and sixty percent (60%) in Common Stock of the
         Corporation; provided, however, the Committee may, in its discretion,
         authorize payment of the Redemption Amount all in cash or in Common
         Stock, or in such percentage of both as it shall deem appropriate. Such
         payment shall be made as soon as practicable following the expiration
         of the applicable Performance Period and certification by the Committee
         of the Redemption Amount."

B)   by deleting therefrom paragraph VIII-1 and substituting therefor as
follows:

     "1. Special Acceleration. Notwithstanding any other provisions of the Plan,
         a Special Acceleration of awards outstanding under the Plan shall occur
         with the effect set forth in paragraph VIII-2 at any time when there is
         a change in the beneficial ownership of the Corporation's voting stock
         or a change in the composition of the Corporation's Board of Directors
         which occurs as follows:

         (a) The acquisition by any individual, entity or group (within the
         meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
         of 1934, as amended (the "Exchange Act")) (a "Person") of beneficial
         ownership (within the meaning of Rule 13d-3 promulgated under the
         Exchange Act) of 20% or more of either (i) the then outstanding shares
         of common stock of the Corporation (the "Outstanding Corporation Common
         Stock") or (ii) the combined voting power of the then outstanding
         voting securities of the Corporation entitled to vote generally in the
         election of

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         directors (the "Outstanding Corporation Voting Securities"); provided,
         however, that for purposes of this subsection (a), the following
         acquisitions shall not constitute a Change of Control: (1) any
         acquisition directly from the Corporation, (2) any acquisition by the
         Corporation which by reducing the number of shares outstanding
         increases the proportionate number of shares owned by any person to 20%
         or more, (3) any acquisition by any employee benefit plan (or related
         trust) sponsored or maintained by the Corporation or any corporation
         controlled by the Corporation or (4) any acquisition by any corporation
         pursuant to a transaction which complies with clauses (i), (ii) and
         (iii) of subsection (c) of this paragraph VIII-1; or

         (b) Individuals who, as of the date hereof, constitute the Board (the
         "Incumbent Board") cease for any reason to constitute at least a
         majority of the Board; provided, however, that any individual becoming
         a director subsequent to the date hereof whose election, or nomination
         for election by the Corporation's shareholders, was approved by a vote
         of at least a majority of the directors then comprising the Incumbent
         Board shall be considered as though such individual were a member of
         the Incumbent Board, but excluding, for this purpose, any such
         individual whose initial assumption of office occurs as a result of an
         actual or threatened election contest with respect to the election or
         removal of directors or other actual or threatened solicitation of
         proxies or consents by or on behalf of a Person other than the Board;
         or

         (c) Consummation of a reorganization, merger or consolidation or sale
         or other disposition of all or substantially all of the assets of the
         Corporation (a "Business Combination"), in each case, unless, following
         such Business Combination, (i) all or substantially all of the
         individuals and entities who were the beneficial owners, respectively,
         of the Outstanding Corporation Common Stock and Outstanding Corporation
         Voting Securities immediately prior to such Business Combination
         beneficially own, directly or indirectly, more than 65% of,
         respectively, the then outstanding shares of common stock and the
         combined voting power of the then outstanding voting securities
         entitled to vote generally in the election of directors, as the case
         may be, of the corporation resulting from such Business Combination
         (including, without limitation, a corporation which as a result of such
         transaction owns the

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         Corporation or all or substantially all of the Corporation's assets
         either directly or through one or more subsidiaries) in substantially
         the same proportions as their ownership, immediately prior to such
         Business Combination of the Outstanding Corporation Common Stock and
         Outstanding Corporation Voting Securities, as the case may be, (ii) no
         Person (excluding any corporation resulting from such Business
         Combination or any employee benefit plan (or related trust) of the
         Corporation or such corporation resulting from such Business
         Combination) beneficially owns, directly or indirectly, 20% or more of,
         respectively, the then outstanding shares of common stock of the
         corporation resulting from such Business Combination or the combined
         voting power of the then outstanding voting securities of such
         corporation except to the extent that such ownership existed prior to
         the Business Combination and (iii) at least a majority of the members
         of the board of directors of the corporation resulting from such
         Business Combination were members of the Incumbent Board at the time of
         the execution of the initial agreement, or of the action of the Board,
         providing for such Business Combination; or

         (d) Approval by the shareholders of the Corporation of a complete
         liquidation or dissolution of the Corporation; or

         (e) Consummation of a Business Combination involving any subsidiary of
         the Corporation (a "Corporation Unit") that is the primary employer of
         the Executive immediately prior to such Business Combination unless
         immediately after such Business Combination the Corporation owns at
         least 50% of the voting stock of such Corporation Unit.

The terms used in this Part VIII and not defined elsewhere in the Plan shall
have the same meaning as such terms have in the Securities Exchange Act of 1934,
as amended, and the rules and regulations adopted thereunder."

C)   By deleting from paragraph VIII-2(a) of the Plan the phrase "provided that
     no Stock Option may be exercised by an officer or director of the
     Corporation within six months of its date of grant;".

D)   By deleting from paragraph VIII-2(b) of the Plan the phrase ", provided
     further, that no Stock Appreciation Right may be exercised by an officer
     within six months of its date of grant"; and

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     In all other respects, the terms and conditions of the 1995 Long Term
Incentive Compensation Plan are hereby ratified and affirmed.

                                                      GATX CORPORATION

                                                      BY: /s/ GAIL L. DUDDY
                                                         -----------------------
                                                         Gail L. Duddy
                                                         Vice President,
                                                         Human Resources<PAGE>   1
                                                                   EXHIBIT 10"K"

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

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