Document:

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                                                                    Exhibit 10.5

                                                                          FORM I

                             FMC Technologies, Inc.
                          Executive Severance Agreement
                          -----------------------------

         THIS AGREEMENT is made and entered into as of the _____ day of
_____________________, 2001, by and between FMC Technologies, Inc. (hereinafter
referred to as the "Company") and _____________________ (hereinafter referred to
as the "Executive").

         WHEREAS, the Board has approved the Company's entering into severance
agreements with certain key executives of the Company;

         WHEREAS, the Executive is a key executive of the Company;

         WHEREAS, should the possibility of a Change in Control of the Company
arise, the Board believes it is imperative that the Company and the Board should
be able to rely upon the Executive to continue in the Executive's position, and
that the Company should be able to receive and rely upon the Executive's advice,
if requested, as to the best interests of the Company and its shareholders
without concern that the Executive might be distracted by the personal
uncertainties and risks created by the possibility of a Change in Control;

         WHEREAS, should the possibility of a Change in Control arise, in
addition to the Executive's regular duties, the Executive may be called upon to
assist in the assessment of such possible Change in Control, advise management
and the Board as to whether such Change in Control would be in the best
interests of the Company and its shareholders, and to take such other actions as
the Board might determine to be appropriate;

         WHEREAS, the Executive has an existing executive severance agreement
with FMC, the terms of which are substantially similar to the terms of this
Agreement;

         WHEREAS, the Executive acknowledges that neither the IPO nor the
Distribution will result in a change in control of FMC under the Executive's
existing executive severance agreement with FMC;

         WHEREAS, the Executive agrees that the terms of this Agreement
completely replace and supersede the provisions of the prior executive severance
agreement with FMC;

         WHEREAS, the Executive acknowledges that neither the IPO nor the
Distribution will result in a Change in Control; and

         WHEREAS, the Executive and the Company desire that the terms of this
Agreement will completely replace and supersede the provisions set forth in the
Plan,
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setting forth the terms and provisions with respect to the Executive's
entitlement to payments and benefits following a Change in Control.

         NOW THEREFORE, to assure the Company that it will have the continued
dedication of the Executive and the availability of the Executive's advice and
counsel notwithstanding the possibility, threat, or occurrence of a Change in
Control of the Company, and to induce the Executive to remain in the employ of
the Company, and for other good and valuable consideration, the Company and the
Executive agree as follows:

Article 1. Establishment, Term, and Purpose

This Agreement completely replaces and supersedes the provisions of the prior
executive agreement the Executive had with FMC. The Executive agrees that no
benefits will be paid to the Executive by FMC or the Company under the terms of
such prior executive severance agreement.

This Agreement will commence on the Effective Date and will continue in effect
for a three (3) year term, until the third anniversary of the Effective Date.
Upon each anniversary of the Effective Date, the term of this Agreement will be
extended automatically for one (1) additional year, unless the Committee
delivers written notice six (6) months prior to such anniversary to the
Executive that this Agreement will not be extended. In such case, this Agreement
will terminate at the end of the term, or extended term, then in progress.

However, in the event a Change in Control occurs during the original or any
extended term, this Agreement will remain in effect for the longer of: (i)
twenty-four (24) months beyond the month in which such Change in Control
occurred; and (ii) until all obligations of the Company hereunder have been
fulfilled, and until all benefits required hereunder have been paid to the
Executive.

Article 2. Definitions

Whenever used in this Agreement, the following terms will have the meanings set
forth below and, when the meaning is intended, the initial letter of the word is
capitalized.

2.1.     Base Salary means the salary of record paid to an Executive as annual
         -----------
salary, excluding amounts received under incentive or other bonus plans, whether
or not deferred.

2.2.     Beneficiary  means the persons or entities designated or deemed
         -----------
designated by the Executive pursuant to Section 11.2 herein.

2.3.     Board means the Board of Directors of the Company.
         -----

2.4.     Cause means:
         -----

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                  (a)   the Executive's Willful and continued failure to
         substantially perform the Executive's employment duties in any material
         respect (other than any such failure resulting from physical or mental
         incapacity or occurring after issuance by the Executive of a Notice of
         Termination for Good Reason), after a written demand for substantial
         performance is delivered to the Executive that specifically identifies
         the manner in which the Company believes the Executive has failed to
         perform the Executive's duties, and after the Executive has failed to
         resume substantial performance of the Executive's duties on a
         continuous basis within thirty (30) calendar days of receiving such
         demand;

                  (b)   the Executive's Willfully engaging in conduct (other
         than conduct covered under (a) above) which is demonstrably and
         materially injurious to the Company or an Affiliate; or

                  (c)   the Executive's having been convicted of, or pleading
         guilty or nolo contendere to, a felony under federal or state law on or
         prior to a Change in Control.

2.5.     Change in Control means the happening of any of the following events:
         -----------------

                  (a)   An acquisition by any Person of beneficial ownership
         (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
         of twenty percent (20%) or more of either (i) the then outstanding
         shares of common stock of the Company (the "Outstanding Company Common
         Stock") or (ii) the combined voting power of the then outstanding
         voting securities of the Company entitled to vote generally in the
         election of directors (the "Outstanding Company Voting Securities");
         excluding, however, the following: (A) any acquisition directly from
         the Company, other than an acquisition by virtue of the exercise of a
         conversion privilege unless the security being so converted was itself
         acquired directly from the Company, (B) any acquisition by the Company,
         (C) any acquisition by any employee benefit plan (or related trust)
         sponsored or maintained by the Company or any entity controlled by the
         Company, or (D) any acquisition pursuant to a transaction which
         complies with Subsections (i), (ii) and (iii) of Subsection (C) of this
         Section 2.5;

                  (b)   A change in the composition of the Board such that the
         individuals who, as of the Effective Date, constitute the Board (such
         Board will be hereinafter referred to as the "Incumbent Board") cease
         for any reason to constitute at least a majority of the Board;
         provided, however, for purposes of this Section 2.5, that any
         individual who becomes a member of the Board subsequent to the
         Effective Date, whose election, or nomination for election by the
         Company's stockholders, was approved by a vote of at least a majority
         of those individuals who are members of the Board and who were also
         members of the Incumbent Board (or deemed to be such pursuant to this
         proviso) will be considered as though such individual were a member of
         the Incumbent Board; but, provided further, that any such individual
         whose initial assumption of office occurs as a result of either an
         actual or threatened election contest (as such terms are used in Rule
         14a-11 of Regulation 14A

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         promulgated under the Exchange Act) or other actual or threatened
         solicitation of proxies or consents by or on behalf of a Person other
         than the Board will not be so considered as a member of the Incumbent
         Board;

                  (c)   Consummation of a reorganization, merger or
         consolidation, sale or other disposition of all or substantially all of
         the assets of the Company, or acquisition by the Company of the assets
         or stock of another entity ("Corporate Transaction"); excluding,
         however, such a Corporate Transaction pursuant to which (i) all or
         substantially all of the individuals and entities who are the
         beneficial owners, respectively, of the Outstanding Company Common
         Stock and Outstanding Company Voting Securities immediately prior to
         such Corporate Transaction will beneficially own, directly or
         indirectly, more than sixty percent (60%) of, respectively, the
         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 Corporate Transaction (including, without
         limitation, a corporation which as a result of such transaction owns
         the Company or all or substantially all of the Company's assets either
         directly or through one or more subsidiaries) in substantially the same
         proportions as their ownership, immediately prior to such Corporate
         Transaction, of the Outstanding Company Common Stock and Outstanding
         Company Voting Securities, as the case may be, (ii) no Person (other
         than the Company, any employee benefit plan (or related trust) of the
         Company or such corporation resulting from such Corporate Transaction)
         will beneficially own, directly or indirectly, twenty percent (20%) or
         more of, respectively, the outstanding shares of common stock of the
         corporation resulting from such Corporate Transaction or the combined
         voting power of the outstanding voting securities of such corporation
         entitled to vote generally in the election of directors except to the
         extent that such ownership existed prior to the Corporate Transaction,
         and (iii) individuals who were members of the Incumbent Board will
         constitute at least a majority of the members of the board of directors
         of the corporation resulting from such Corporate Transaction; or

                  (d)   The approval by the stockholders of the Company of a
         complete liquidation or dissolution of the Company.

         In addition, a Change in Control will be deemed to occur upon a
change in control of FMC, as determined under the change in control provisions
of FMC's executive severance plan, if at the time of its change in control, FMC
owns more than fifty percent (50%) of the Outstanding Company Common Stock.
Notwithstanding the foregoing, neither the IPO, nor the Distribution will be
treated as a Change in Control of the Company.

2.6.     Code means the Internal Revenue Code of 1986, as amended from time to
         ----
time, and any successor thereto.

2.7.     Committee means the Compensation and Organization Committee of the
         ---------
Board or any other committee of the Board appointed to perform the functions of
the Compensation and Organization Committee.

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2.8.      Company means FMC Technologies, Inc., a Delaware corporation, or any
          -------
successor thereto as provided in Article 10 herein.

2.9.      Disability means complete and permanent inability by reason of illness
          ----------
or accident to perform the duties of the occupation at which the Executive was
employed when such disability commenced.

2.10.     Distribution means FMC's distribution of its interest in the Company.
          ------------

2.11.     Effective Date means the date of this Agreement set forth above.
          --------------

2.12.     Effective Date of Termination means the date on which a Qualifying
          -----------------------------
Termination occurs which triggers the payment of Severance Benefits hereunder.

2.13.     Exchange Act means the Securities Exchange Act of 1934, as amended
          ------------
from time to time, and any successor thereto.

2.14.     FMC means FMC Corporation, a Delaware corporation.
          ---

2.15.     Good Reason means, without the Executive's express written consent,
          -----------
the occurrence of any one or more of the following:

                  (a)   The assignment of the Executive to duties materially
          inconsistent with the Executive's authorities, duties,
          responsibilities, and status (including, without limitation, offices,
          titles and reporting requirements) as an employee of the Company
          (including, without limitation, any material change in duties or
          status as a result of the stock of the Company ceasing to be publicly
          traded or of the Company becoming a subsidiary of another entity), or
          a reduction or alteration in the nature or status of the Executive's
          authorities, duties, or responsibilities from the greatest of (i)
          those in effect on the Effective Date; (ii) those in effect during the
          fiscal year immediately preceding the year of the Change in Control
          (whether with the Company or with FMC); and (iii) those in effect
          immediately preceding the Change in Control;

                  (b)   The Company's requiring the Executive to be based at a
          location which is at least fifty (50) miles further from the
          Executive's then current primary residence than is such residence from
          the office where the Executive is located at the time of the Change in
          Control, except for required travel on the Company's business to an
          extent substantially consistent with the Executive's business
          obligations as of the Effective Date or as the same may be changed
          from time to time prior to a Change in Control;

                  (c)   A reduction by the Company in the Executive's Base
         Salary as in effect on the Effective Date or as the same may be
         increased from time to time;

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                  (d)   A material reduction in the Executive's level of
         participation in any of the Company's short- and/or long-term incentive
         compensation plans, or employee benefit or retirement plans, policies,
         practices, or arrangements in which the Executive participates from the
         greatest of the levels in place: (i) on the Effective Date; (ii) during
         the fiscal year immediately preceding the fiscal year of the Change in
         Control (whether with the Company or with FMC); and (iii) on the date
         immediately preceding the date of the Change in Control;

                  (e)   The failure of the Company to obtain a satisfactory
         agreement from any successor to the Company to assume and agree to
         perform this Agreement, as contemplated in Article 10 herein; or

                  (f)   Any termination of Executive's employment by the Company
         that is not effected pursuant to a Notice of Termination.

The existence of Good Reason will not be affected by the Executive's temporary
incapacity due to physical or mental illness not constituting a Disability. The
Executive's continued employment will not constitute a waiver of the Executive's
rights with respect to any circumstance constituting Good Reason.

2.16.    IPO means the initial registered public offering by the Company of
         ---
shares of common stock of the Company.

2.17.    Notice of Termination means a written notice which indicates the
         ---------------------
specific termination provision in this Agreement relied upon, and sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive's employment under the provision so indicated.

2.18.    Person has the meaning ascribed to such term in Section 3(a)(9) of
         ------
the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a
"group" as provided in Section 13(d).

2.19.    Qualifying Termination means any of the events described in Section 3.2
         ----------------------
herein, the occurrence of which triggers the payment of Severance Benefits
hereunder.

2.20.    Retirement means the Executive's voluntary termination of employment in
         ----------
a manner that qualifies the Executive to receive immediately payable retirement
benefits from the FMC Technologies, Inc. Salaried Employees' Retirement Program.

2.21.    Severance Benefits means the payment of severance compensation as
         ------------------
provided in Section 3.3 herein.

2.22.    Trust means the Company grantor trust to be created pursuant to Article
         -----
6 of this Agreement.

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2.23.    Willful means any act or omission by the Executive that was in good
         -------
faith and without a reasonable belief that the action or omission was in the
best interests of the Company or its affiliates. Any act or omission based upon
authority given pursuant to a duly adopted Board resolution, or, upon the
instructions of any senior officer of the Company, or based upon the advice of
counsel for the Company will be conclusively presumed to be taken or omitted by
the Executive in good faith and in the best interests of the Company and/or its
affiliates.

Article 3. Severance Benefits

3.1.     Right to Severance Benefits. The Executive will be entitled to receive
         ---------------------------
from the Company Severance Benefits, as described in Section 3.3 herein, if
there has been a Change in Control of the Company and if, within twenty-four
(24) calendar months following the Change in Control, a Qualifying Termination
of the Executive has occurred.

The Executive will not be entitled to receive Severance Benefits if the
Executive's employment is terminated (i) for Cause, (ii) due to a voluntary
termination without Good Reason, or (iii) due to death or Disability.

3.2.     Qualifying Termination.  The occurrence of any one or more of the
         ----------------------
following events will trigger the payment of Severance Benefits to the Executive
under this Agreement:

                  (a)   An involuntary termination of the Executive's employment
         by the Company for reasons other than Cause, Disability or death within
         twenty-four (24) calendar months following the month in which a Change
         in Control of the Company occurs;

                  (b)   A voluntary termination by the Executive for Good Reason
         within twenty-four (24) calendar months following the month in which a
         Change in Control of the Company occurs pursuant to a Notice of
         Termination delivered to the Company by the Executive; or

                  (c)   The Company or any successor company breaches any of the
         provisions of this Agreement.

3.3.     Description of Severance Benefits. In the event the Executive becomes
         ---------------------------------
entitled to receive Severance Benefits, as provided in Sections 3.1 and 3.2
herein, the Company will pay to the Executive (or in the event of the
Executive's death, the Executive's Beneficiary) and provide him with the
following:

                  (a)   An amount equal to three (3) times the highest rate of
         the Executive's annualized Base Salary in effect at any time up to and
         including the Effective Date of Termination (whether with the Company
         or FMC).

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                  (b)   An amount equal to three (3) times the greater of (i)
         the Executive's highest annualized target total Management Incentive
         Award granted under the Company's or FMC's Incentive Compensation and
         Stock Plan for any plan year up to and including the plan year in which
         the Executive's Effective Date of Termination occurs (whether with the
         Company or FMC), and (ii) the average of the actual total Management
         Incentive Awards paid (or payable) to the Executive for the two plan
         years immediately preceding the Effective Date of Termination (whether
         with the Company or FMC), or for such lesser number of such plan years
         for which the Executive was eligible to earn a Management Incentive
         Award (from the Company or FMC), annualized for any year that the
         Executive was not employed by the Company or FMC, as applicable, for
         the entire plan year. For purposes of determining actual total
         Management Incentive Awards under the preceding sentence, any amounts
         the Executive deferred will be treated as if they had been paid to the
         Executive, rather than deferred.

                  (c)   An amount equal to the Executive's unpaid Base Salary,
         and unused and accrued vacation pay, earned or accrued through the
         Effective Date of Termination.

                  (d)   An amount equal to the target total Management Incentive
         Award established for the plan year in which the Executive's Effective
         Date of Termination occurred, prorated through the Effective Date of
         Termination.

                  (e)   A continuation of the Company's welfare benefits of
         health care, life and accidental death and dismemberment, and
         disability insurance coverage for three (3) full years after the
         Effective Date of Termination. These benefits will be provided to the
         Executive (and to the Executive's covered spouse and dependents) at the
         same premium cost, and at the same coverage level, as in effect as of
         the date of the Change in Control. The continuation of these welfare
         benefits will be discontinued prior to the end of the three (3) year
         period if the Executive has available substantially similar benefits at
         a comparable cost from a subsequent employer, as determined by the
         Committee. The date that welfare benefits cease to be provided under
         this paragraph will be the date of the Executive's qualifying event for
         continuation coverage purposes under Code Section 4980B(f)(3)(B).

Awards granted under the FMC Technologies, Inc. Incentive Compensation and Stock
Plan, and other incentive arrangements adopted by the Company will be treated
pursuant to the terms of the applicable plan.

The aggregate benefits accrued by the Executive as of the Effective Date of
Termination under the FMC Technologies, Inc. Salaried Employees' Retirement
Program, the FMC Technologies, Inc. Savings and Investment Plan, the FMC
Technologies, Inc. Salaried Employees' Equivalent Retirement Plan, the FMC
Technologies, Inc. Non-Qualified Savings and Investment Plan and other savings
and retirement plans sponsored by the Company will be distributed pursuant to
the terms of the applicable plan.

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For all purposes under the Company's nonqualified retirement plans (including,
but not limited to, benefit calculation and benefit commencement), it will be
assumed that the Executive's employment continued following the Effective Date
of Termination for three (3) full years (i.e., three (3) additional years of age
and service credits will be added); provided, however, that for purposes of
determining "final average pay" under such programs, the Executive's actual pay
history (whether with the Company or FMC) as of the Effective Date of
Termination will be used.

3.4.    Termination for Disability. If the Executive's employment is terminated
        --------------------------
due to Disability, the Executive will receive the Executive's Base Salary
through the Effective Date of Termination, and the Executive's benefits will be
determined in accordance with the Company's disability, retirement, survivor's
benefits, insurance and other applicable plans and programs then in effect. If
the Executive's employment is terminated due to Disability, he will not be
entitled to the Severance Benefits described in Section 3.3.

3.5.    Termination upon Death. If the Executive's employment is terminated due
        ----------------------
to death, the Executive's benefits will be determined in accordance with the
Company's retirement, survivor's benefits, insurance and other applicable
programs of the Company then in effect. If the Executive's employment is
terminated due to death, neither the Executive nor the Executive's Beneficiary
will be entitled to the Severance Benefits described in Section 3.3.

3.6.    Termination for Cause, or Other Than for Good Reason or Retirement.
        ------------------------------------------------------------------
Following a Change in Control of the Company, if the Executive's employment is
terminated either: (a) by the Company for Cause; or (b) by the Executive (other
than for Retirement, Good Reason, or under circumstances giving rise to a
Qualifying Termination described in Section 3.2(c) herein), the Company will pay
the Executive an amount equal to the Executive's Base Salary and accrued
vacation through the Effective Date of Termination, at the rate then in effect,
plus all other amounts to which the Executive is entitled under any plans of the
Company, at the time such payments are due and the Company will have no further
obligations to the Executive under this Agreement.

3.7.    Notice of Termination. Any termination of employment by the Company or
        ---------------------
by the Executive for Good Reason will be communicated by a Notice of
Termination.

Article 4. Form and Timing of Severance Benefits

4.1.    Form and Timing of Severance Benefits. The Severance Benefits described
        -------------------------------------
in Sections 3.3 (a), (b), (c) and (d) herein will be paid in cash to the
Executive (or the Executive's Beneficiary, if applicable) in a single lump sum
as soon as practicable following the Effective Date of Termination, but in no
event beyond thirty (30) days from such date.

4.2.    Withholding of Taxes. The Company will be entitled to withhold from any
        --------------------
amounts payable under this Agreement all taxes as may be legally required
(including,

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<PAGE>

without limitation, any United States federal taxes and any other state, city,
or local taxes).

Article 5. Excise Tax Equalization Payment

5.1.    Excise Tax Equalization Payment. In the event that the Executive (or
        -------------------------------
the Executive's Beneficiary, if applicable) becomes entitled to Severance
Benefits or any other payment or benefit under this Agreement, or under any
other agreement with or plan of the Company (in the aggregate, the "Total
Payments"), whether or not the Executive has terminated employment with the
Company, if all or any part of the Total Payments will be subject to the tax
imposed by Section 4999 of the Code (or any similar tax that may hereafter be
imposed), (the "Excise Tax") the Company will pay to the Executive in cash an
additional amount (the "Gross-Up Payment") such that the net amount retained by
the Executive after deduction of any Excise Tax upon the Total Payments and any
federal, state, and local income taxes, penalties, interest, and Excise Tax upon
the Gross-Up Payment provided for by this Section 5.1 (including FICA and FUTA),
will be equal to the Total Payments.

5.2.    Tax Computation. All determinations of whether any of the Total Payments
        ---------------
will be subject to the Excise Tax, the amounts of such Excise Tax, whether and
when a Gross-Up Payment is required, the amount of such Gross-Up Payment and the
assumptions to be used in arriving at such determinations, shall be made by a
nationally recognized certified public accounting firm that does not serve as an
accountant or auditor for any individual, entity or group effecting the Change
in Control as designated by the Company (the "Accounting Firm"). The Accounting
Firm will provide detailed supporting calculations to the Company and the
Executive within fifteen (15) business days of the receipt of notice from the
Executive or the Company requesting a calculation hereunder. The Gross-Up
Payment will be made by the Company to the Executive as soon as practical
following the Accounting Firm's determination of the Gross-Up Payment, but in no
event beyond thirty (30) days from the Effective Date of Termination. All fees
and expenses of the Accounting Firm will be paid by the Company.

For purposes of determining the amount of the Gross-Up Payment, the Executive
will be deemed to pay federal income taxes at the highest marginal rate of
federal income taxation in the calendar year in which the Gross-Up Payment is to
be made, and state and local income taxes at the highest marginal rate of
taxation in the state and locality of the Executive's residence on the Effective
Date of Termination, net of the maximum reduction in federal income taxes which
could be obtained from deduction of such state and local taxes.

5.3.   Subsequent Recalculation. In the event the Internal Revenue Service
       ------------------------
adjusts the computations to be made pursuant to Section 5.2 herein, and as a
result of such adjustment the Gross-Up Payment made to the Executive is less
than the greatest Gross-Up Payment the Executive is entitled to receive, and the
Gross-Up Payment initially made to the Executive, plus a market rate of
interest, as determined by the Committee, for the period commencing on the date
the first Gross-Up Payment is made, and ending on the day immediately preceding
the date the subsequent Gross-Up Payment is made.

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Article 6. Establishment of Trust

As soon as practicable following the Effective Date hereof, the Company will
create a Trust (which will be a grantor trust within the meaning of Sections
671-678 of the Code) for the benefit of the Executive and Beneficiaries, as
appropriate. The Trust will have a Trustee as selected by the Company, and will
have certain restrictions as to the Company's ability to amend the Trust or
cancel benefits provided thereunder. Any assets contained in the Trust will, at
all times, be specifically subject to the claims of the Company's general
creditors in the event of bankruptcy or insolvency; such terms to be
specifically defined within the provisions of the Trust, along with the required
procedure for notifying the Trustee of any bankruptcy or insolvency.

At any time following the Effective Date hereof, the Company may, but is not
obligated to, deposit assets in the Trust in an amount equal to or less than the
aggregate Severance Benefits which may become due to the Executive under
Sections 3.3 (a), (b), (c) and (d) and 5.1 of this Agreement.

As soon as practicable after the Company has knowledge that a Change in Control
is imminent, but no later than the day immediately preceding the date of the
Change in Control, the Company will deposit assets in such Trust in an amount
equal to the estimated aggregate Severance Benefits which may become due to the
Executive under Sections 3.3 (a), (b), (c) and (d), 5.1 and 8.1 of this
Agreement. Such deposited amounts will be reviewed and increased, if necessary,
every six (6) months following a Change in Control to reflect the Executive's
estimated aggregate Severance Benefits at such time.

Article 7. The Company's Payment Obligation

The Company's obligation to make the payments and the arrangements provided for
herein will be absolute and unconditional, and will not be affected by any
circumstances, including, without limitation, any offset, counterclaim,
recoupment, defense, or other right which the Company may have against the
Executive or anyone else. All amounts payable by the Company hereunder will be
paid without notice or demand. Each and every payment made hereunder by the
Company will be final, and the Company will not seek to recover all or any part
of such payment from the Executive or from whomsoever may be entitled thereto,
for any reasons whatsoever.

The Executive will not be obligated to seek other employment in mitigation of
the amounts payable or arrangements made under any provision of this Agreement,
and the obtaining of any such other employment will in no event effect any
reduction of the Company's obligations to make the payments and arrangements
required to be made under this Agreement, except to the extent provided in
Section 3.3(e) herein.

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Notwithstanding anything in this Agreement to the contrary, if Severance
Benefits are paid under this Agreement, no severance benefits under any program
of the Company, other than benefits described in this Agreement, will be paid to
the Executive.

Article 8. Fees and Expenses

To the extent permitted by law, the Company will pay as incurred (within ten
(10) days following receipt of an invoice from the Executive) all legal fees,
costs of litigation, prejudgment interest, and other expenses incurred in good
faith by the Executive as a result of the Company's refusal to provide the
Severance Benefits to which the Executive becomes entitled under this Agreement,
or as a result of the Company's contesting the validity, enforceability, or
interpretation of this Agreement, or as a result of any conflict (including,
without limitation, conflicts related to the calculations under Section 5
hereof) between the parties pertaining to this Agreement.

Article 9. Outplacement Assistance

Following a Qualifying Termination (as described in Section 3.2 herein), the
Executive will be reimbursed by the Company for the costs of all outplacement
services obtained by the Executive within the two (2) year period after the
Effective Date of Termination; provided, however, that the total reimbursement
for such outplacement services will be limited to an amount equal to fifteen
percent (15%) of the Executive's Base Salary as of the Effective Date of
Termination.

Article 10. Successors and Assignment

10.1. Successors to the Company. The Company will require any successor
      -------------------------
(whether direct or indirect, by purchase, merger, consolidation, or otherwise)
of all or substantially all of the business and/or assets of the Company or of
any division or subsidiary thereof to expressly assume and agree to perform the
Company's obligations under this Agreement in the same manner and to the same
extent that the Company would be required to perform them if no such succession
had taken place.

10.2. Assignment by the Executive. This Agreement will inure to the benefit
      ---------------------------
of and be enforceable by the Executive's personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees, and
legatees. If the Executive dies while any amount would still be payable to him
hereunder had he continued to live, all such amounts, unless otherwise provided
herein, will be paid in accordance with the terms of this Agreement to the
Executive's Beneficiary. If the Executive has not named a Beneficiary, then such
amounts will be paid to the Executive's devisee, legatee, or other designee, or
if there is no such designee, to the Executive's estate, and such designee, or
the Executive's estate will be treated as the Beneficiary hereunder.

Article 11. Miscellaneous

                                    Page 12
<PAGE>

11.1.  Employment Status. Except as may be provided under any other agreement
       -----------------
between the Executive and the Company, the employment of the Executive by the
Company is "at will," and may be terminated by either the Executive or the
Company at any time, subject to applicable law.

11.2.  Beneficiaries. The Executive may designate one or more persons or
       -------------
entities as the primary and/or contingent Beneficiaries of any Severance
Benefits, including, without limitation, payments under Section 5 hereof, owing
to the Executive under this Agreement. Such designation must be in the form of a
signed writing acceptable to the Committee. The Executive may make or change
such designations at any time.

11.3.  Severability. In the event any provision of this Agreement will be
       ------------
held illegal or invalid for any reason, the illegality or invalidity will not
affect the remaining parts of the Agreement, and the Agreement will be construed
and enforced as if the illegal or invalid provision had not been included.
Further, the captions of this Agreement are not part of the provisions hereof
and will have no force and effect.

11.4.  Modification. No provision of this Agreement may be modified, waived, or
       ------------
discharged unless such modification, waiver, or discharge is agreed to in
writing and signed by the Executive and by an authorized member of the
Committee, or by the respective parties' legal representatives and successors.

11.5.  Applicable Law. To the extent not preempted by the laws of the United
       --------------
States, the laws of the state of Illinois will be the controlling law in all
matters relating to this Agreement.

11.6   Indemnification. To the full extent permitted by law, the Company will,
       ---------------
both during and after the period of the Executive's employment, indemnify the
Executive (including by advancing him expenses) for any judgments, fines,
amounts paid in settlement and reasonable expenses, including any attorneys'
fees, incurred by the Executive in connection with the defense of any lawsuit or
other claim to which he is made a party by reason of being (or having been) an
officer, director or employee of the Company or any of its subsidiaries. The
Executive will be covered by director and officer liability insurance to the
maximum extent that that insurance covers any officer or director (or former
officer or director) of the Company.

IN WITNESS WHEREOF, the parties have executed this Agreement on this __________
day of ___________________________, 2001.

FMC Technologies, Inc.                               Executive:

                                    Page 13
<PAGE>

By:      ____________________________                __________________________
         ____________________________
Its:     ____________________________

Attest:_____________________________

                                    Page 14
<PAGE>

                                                                         Form II
                            FMC Technologies, Inc.
                         Executive Severance Agreement

         THIS AGREEMENT is made and entered into as of the ____ day of
___________________, 2001, by and between FMC Technologies, Inc. (hereinafter
referred to as the "Company") and ______________________(hereinafter referred to
as the "Executive").

         WHEREAS, the Board has approved the Company's entering into severance
agreements with certain key executives of the Company;

         WHEREAS, the Executive is a key executive of the Company;

         WHEREAS, should the possibility of a Change in Control of the Company
arise, the Board believes it is imperative that the Company and the Board should
be able to rely upon the Executive to continue in the Executive's position, and
that the Company should be able to receive and rely upon the Executive's advice,
if requested, as to the best interests of the Company and its shareholders
without concern that the Executive might be distracted by the personal
uncertainties and risks created by the possibility of a Change in Control;

         WHEREAS, should the possibility of a Change in Control arise, in
addition to the Executive's regular duties, the Executive may be called upon to
assist in the assessment of such possible Change in Control, advise management
and the Board as to whether such Change in Control would be in the best
interests of the Company and its shareholders, and to take such other actions as
the Board might determine to be appropriate;

         WHEREAS, the Executive has an existing executive severance agreement
with FMC, the terms of which are substantially similar to the terms of this
Agreement;

         WHEREAS, the Executive acknowledges that neither the IPO nor the
Distribution will result in a change in control of FMC under the Executive's
existing executive severance agreement with FMC;

         WHEREAS, the Executive agrees that the terms of this Agreement
completely replace and supersede the provisions of the prior executive severance
agreement with FMC;

         WHEREAS, the Executive acknowledges that neither the IPO nor the
Distribution will result in a Change in Control; and

         WHEREAS, the Executive and the Company desire that the terms of this
Agreement will completely replace and supersede the provisions set forth in the
Plan,
<PAGE>

setting forth the terms and provisions with respect to the Executive's
entitlement to payments and benefits following a Change in Control.

         NOW THEREFORE, to assure the Company that it will have the continued
dedication of the Executive and the availability of the Executive's advice and
counsel notwithstanding the possibility, threat, or occurrence of a Change in
Control of the Company, and to induce the Executive to remain in the employ of
the Company, and for other good and valuable consideration, the Company and the
Executive agree as follows:

Article 1. Establishment, Term, and Purpose

This Agreement completely replaces and supersedes the provisions of the prior
executive agreement the Executive had with FMC. The Executive agrees that no
benefits will be paid to the Executive by FMC or the Company under the terms of
such prior executive severance agreement.

This Agreement will commence on the Effective Date and will continue in effect
for a three (3) year term, until the third anniversary of the Effective Date.
Upon each anniversary of the Effective Date, the term of this Agreement will be
extended automatically for one (1) additional year, unless the Committee
delivers written notice six (6) months prior to such anniversary to the
Executive that this Agreement will not be extended. In such case, this Agreement
will terminate at the end of the term, or extended term, then in progress.

However, in the event a Change in Control occurs during the original or any
extended term, this Agreement will remain in effect for the longer of: (i)
twenty-four (24) months beyond the month in which such Change in Control
occurred; and (ii) until all obligations of the Company hereunder have been
fulfilled, and until all benefits required hereunder have been paid to the
Executive.

Article 2. Definitions

Whenever used in this Agreement, the following terms will have the meanings set
forth below and, when the meaning is intended, the initial letter of the word is
capitalized.

2.1.   Base Salary means the salary of record paid to an Executive as annual
       -----------
salary, excluding amounts received under incentive or other bonus plans, whether
or not deferred.

2.2.   Beneficiary means the persons or entities designated or deemed designated
       -----------
by the Executive pursuant to Section 11.2 herein.

2.3.   Board means the Board of Directors of the Company.
       -----

2.4.   Cause means:
       -----

                                    Page 2
<PAGE>

                  (a)  the Executive's Willful and continued failure to
         substantially perform the Executive's employment duties in any material
         respect (other than any such failure resulting from physical or mental
         incapacity or occurring after issuance by the Executive of a Notice of
         Termination for Good Reason), after a written demand for substantial
         performance is delivered to the Executive that specifically identifies
         the manner in which the Company believes the Executive has failed to
         perform the Executive's duties, and after the Executive has failed to
         resume substantial performance of the Executive's duties on a
         continuous basis within thirty (30) calendar days of receiving such
         demand;

                  (b)  the Executive's Willfully engaging in conduct (other than
         conduct covered under (a) above) which is demonstrably and materially
         injurious to the Company or an Affiliate; or

                  (c)  the Executive's having been convicted of, or pleading
         guilty or nolo contendere to, a felony under federal or state law on or
         prior to a Change in Control.

2.5.     Change in Control means the happening of any of the following events:
         -----------------

                  (a)  An acquisition by any Person of beneficial ownership
         (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
         of twenty percent (20%) or more of either (i) the then outstanding
         shares of common stock of the Company (the "Outstanding Company Common
         Stock") or (ii) the combined voting power of the then outstanding
         voting securities of the Company entitled to vote generally in the
         election of directors (the "Outstanding Company Voting Securities");
         excluding, however, the following: (A) any acquisition directly from
         the Company, other than an acquisition by virtue of the exercise of a
         conversion privilege unless the security being so converted was itself
         acquired directly from the Company, (B) any acquisition by the Company,
         (C) any acquisition by any employee benefit plan (or related trust)
         sponsored or maintained by the Company or any entity controlled by the
         Company, or (D) any acquisition pursuant to a transaction which
         complies with Subsections (i), (ii) and (iii) of Subsection (C) of this
         Section 2.5;

                  (b)  A change in the composition of the Board such that the
         individuals who, as of the Effective Date, constitute the Board (such
         Board will be hereinafter referred to as the "Incumbent Board") cease
         for any reason to constitute at least a majority of the Board;
         provided, however, for purposes of this Section 2.5, that any
         individual who becomes a member of the Board subsequent to the
         Effective Date, whose election, or nomination for election by the
         Company's stockholders, was approved by a vote of at least a majority
         of those individuals who are members of the Board and who were also
         members of the Incumbent Board (or deemed to be such pursuant to this
         proviso) will be considered as though such individual were a member of
         the Incumbent Board; but, provided further, that any such individual
         whose initial assumption of office occurs as a result of either an
         actual or threatened election contest (as such terms are used in Rule
         14a-11 of Regulation 14A

                                    Page 3
<PAGE>

        promulgated under the Exchange Act) or other actual or threatened
        solicitation of proxies or consents by or on behalf of a Person other
        than the Board will not be so considered as a member of the Incumbent
        Board;

                  (c)  Consummation of a reorganization, merger or
         consolidation, sale or other disposition of all or substantially all of
         the assets of the Company, or acquisition by the Company of the assets
         or stock of another entity ("Corporate Transaction"); excluding,
         however, such a Corporate Transaction pursuant to which (i) all or
         substantially all of the individuals and entities who are the
         beneficial owners, respectively, of the Outstanding Company Common
         Stock and Outstanding Company Voting Securities immediately prior to
         such Corporate Transaction will beneficially own, directly or
         indirectly, more than sixty percent (60%) of, respectively, the
         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 Corporate Transaction (including, without
         limitation, a corporation which as a result of such transaction owns
         the Company or all or substantially all of the Company's assets either
         directly or through one or more subsidiaries) in substantially the same
         proportions as their ownership, immediately prior to such Corporate
         Transaction, of the Outstanding Company Common Stock and Outstanding
         Company Voting Securities, as the case may be, (ii) no Person (other
         than the Company, any employee benefit plan (or related trust) of the
         Company or such corporation resulting from such Corporate Transaction)
         will beneficially own, directly or indirectly, twenty percent (20%) or
         more of, respectively, the outstanding shares of common stock of the
         corporation resulting from such Corporate Transaction or the combined
         voting power of the outstanding voting securities of such corporation
         entitled to vote generally in the election of directors except to the
         extent that such ownership existed prior to the Corporate Transaction,
         and (iii) individuals who were members of the Incumbent Board will
         constitute at least a majority of the members of the board of directors
         of the corporation resulting from such Corporate Transaction; or

                  (d)  The approval by the stockholders of the Company of a
         complete liquidation or dissolution of the Company.

         In addition, a Change in Control will be deemed to occur upon a change
in control of FMC, as determined under the change in control provisions of FMC's
executive severance plan, if at the time of its change in control, FMC owns more
than fifty percent (50%) of the Outstanding Company Common Stock.
Notwithstanding the foregoing, neither the IPO, nor the Distribution will be
treated as a Change in Control of the Company.

2.6.     Code means the Internal Revenue Code of 1986, as amended from time to
         ----
time, and any successor thereto.

2.7.     Committee means the Compensation and Organization Committee of the
         ---------
Board or any other committee of the Board appointed to perform the functions of
the Compensation and Organization Committee.

                                    Page 4
<PAGE>

2.8.     Company means FMC Technologies, Inc., a Delaware corporation, or any
         -------
successor thereto as provided in Article 10 herein.

2.9.     Disability means complete and permanent inability by reason of illness
         ----------
or accident to perform the duties of the occupation at which the Executive was
employed when such disability commenced.

2.10.    Distribution means FMC's distribution of its interest in the Company.
         ------------

2.11.    Effective Date means the date of this Agreement set forth above.
         --------------

2.12.    Effective Date of Termination means the date on which a Qualifying
         -----------------------------
Termination occurs which triggers the payment of Severance Benefits hereunder.

2.13.    Exchange Act means the Securities Exchange Act of 1934, as amended
         ------------
from time to time, and any successor thereto.

2.14     FMC means FMC Corporation, a Delaware corporation.
         ---

2.15.    Good Reason means, without the Executive's express written consent, the
         -----------
occurrence of any one or more of the following:

                  (a)  The assignment of the Executive to duties materially
         inconsistent with the Executive's authorities, duties,
         responsibilities, and status (including, without limitation, offices,
         titles and reporting requirements) as an employee of the Company
         (including, without limitation, any material change in duties or status
         as a result of the stock of the Company ceasing to be publicly traded
         or of the Company becoming a subsidiary of another entity), or a
         reduction or alteration in the nature or status of the Executive's
         authorities, duties, or responsibilities from the greatest of (i) those
         in effect on the Effective Date; (ii) those in effect during the fiscal
         year immediately preceding the year of the Change in Control (whether
         with the Company or with FMC); and (iii) those in effect immediately
         preceding the Change in Control;

                  (b)  The Company's requiring the Executive to be based at a
         location which is at least fifty (50) miles further from the
         Executive's then current primary residence than is such residence from
         the office where the Executive is located at the time of the Change in
         Control, except for required travel on the Company's business to an
         extent substantially consistent with the Executive's business
         obligations as of the Effective Date or as the same may be changed from
         time to time prior to a Change in Control;

                  (c)  A reduction by the Company in the Executive's Base Salary
         as in effect on the Effective Date or as the same may be increased from
         time to time;

                                    Page 5
<PAGE>

                  (d)  A material reduction in the Executive's level of
         participation in any of the Company's short- and/or long-term incentive
         compensation plans, or employee benefit or retirement plans, policies,
         practices, or arrangements in which the Executive participates from the
         greatest of the levels in place: (i) on the Effective Date; (ii) during
         the fiscal year immediately preceding the fiscal year of the Change in
         Control (whether with the Company or with FMC); and (iii) on the date
         immediately preceding the date of the Change in Control;

                  (e)  The failure of the Company to obtain a satisfactory
         agreement from any successor to the Company to assume and agree to
         perform this Agreement, as contemplated in Article 10 herein; or

                  (f)  Any termination of Executive's employment by the Company
         that is not effected pursuant to a Notice of Termination.

The existence of Good Reason will not be affected by the Executive's temporary
incapacity due to physical or mental illness not constituting a Disability. The
Executive's continued employment will not constitute a waiver of the Executive's
rights with respect to any circumstance constituting Good Reason.

2.16.    IPO means the initial registered public offering by the Company of
         ---
shares of common stock of the Company.

2.17.    Notice of Termination means a written notice which indicates the
         ---------------------
specific termination provision in this Agreement relied upon, and sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive's employment under the provision so indicated.

2.18.    Person has the meaning ascribed to such term in Section 3(a)(9) of the
         ------
Exchange Act and used in Sections 13(d) and 14(d) thereof, including a "group"
as provided in Section 13(d).

2.19.    Qualifying Termination means any of the events described in Section
         ----------------------
3.2 herein, the occurrence of which triggers the payment of Severance Benefits
hereunder.

2.20.    Retirement  means the Executive's voluntary termination of employment
         ----------
in a manner that qualifies the Executive to receive immediately payable
retirement benefits from the FMC Technologies, Inc. Salaried Employees'
Retirement Program.

2.21.    Severance Benefits means the payment of severance compensation as
         ------------------
provided in Section 3.3 herein.

2.22.    Trust means the Company grantor trust to be created pursuant to
         -----
Article 6 of this Agreement.

2.23.    Willful means any act or omission by the Executive that was in good
         -------
faith and without a reasonable belief that the action or omission was in the
best interests of the

                                    Page 6
<PAGE>

Company or its affiliates. Any act or omission based upon authority given
pursuant to a duly adopted Board resolution, or, upon the instructions of any
senior officer of the Company, or based upon the advice of counsel for the
Company will be conclusively presumed to be taken or omitted by the Executive in
good faith and in the best interests of the Company and/or its affiliates.

Article 3. Severance Benefits

3.1. Right to Severance Benefits. The Executive will be entitled to receive from
     ---------------------------
the Company Severance Benefits, as described in Section 3.3 herein, if there has
been a Change in Control of the Company and if, within twenty-four (24) calendar
months following the Change in Control, a Qualifying Termination of the
Executive has occurred.

The Executive will not be entitled to receive Severance Benefits if the
Executive's employment is terminated (i) for Cause, (ii) due to a voluntary
termination without Good Reason other than during the thirteenth (13th) calendar
month following the month in which a Change in Control occurred, or (iii) due to
death or Disability after the thirteenth (13th) calendar month following the
month in which a Change in Control occurs.

3.2. Qualifying Termination. The occurrence of any one or more of the following
     ----------------------
events will trigger the payment of Severance Benefits to the Executive under
this Agreement:

          (a)  An involuntary termination of the Executive's employment by the
     Company for reasons other than Cause, Disability or death within twenty-
     four (24) calendar months following the month in which a Change in Control
     of the Company occurs;

          (b)  A voluntary termination by the Executive for Good Reason within
     twenty-four (24) calendar months following the month in which a Change in
     Control of the Company occurs pursuant to a Notice of Termination delivered
     to the Company by the Executive;

          (c)  A voluntary termination by the Executive within the thirteenth
     (13th) calendar month following the month in which a Change in Control
     occurs pursuant to a Notice of Termination delivered to the Company by the
     Executive;

          (d)  The Executive's termination of employment due to Retirement,
     Disability or death at any time following a Change in Control and prior to
     the thirteenth (13th) calendar month following the month in which the
     Change in Control occurs; or

          (e)  The Company or any successor company breaches any of the
     provisions of this Agreement.

                                    Page 7
<PAGE>

3.3. Description of Severance Benefits. In the event the Executive becomes
     ---------------------------------
entitled to receive Severance Benefits, as provided in Sections 3.1 and 3.2
herein, the Company will pay to the Executive (or in the event of the
Executive's death, the Executive's Beneficiary) and provide him with the
following:

          (a)  An amount equal to three (3) times the highest rate of the
     Executive's annualized Base Salary in effect at any time up to and
     including the Effective Date of Termination (whether with the Company or
     FMC).

          (b)  An amount equal to three (3) times the greater of (i) the
     Executive's highest annualized target total Management Incentive Award
     granted under the Company's or FMC's Incentive Compensation and Stock Plan
     for any plan year up to and including the plan year in which the
     Executive's Effective Date of Termination occurs (whether with the Company
     or FMC), and (ii) the average of the actual total Management Incentive
     Awards paid (or payable) to the Executive for the two plan years
     immediately preceding the Effective Date of Termination (whether with the
     Company or FMC), or for such lesser number of such plan years for which the
     Executive was eligible to earn a Management Incentive Award (from the
     Company or FMC), annualized for any year that the Executive was not
     employed by the Company or FMC, as applicable, for the entire plan year.
     For purposes of determining actual total Management Incentive Awards under
     the preceding sentence, any amounts the Executive deferred will be treated
     as if they had been paid to the Executive, rather than deferred.

          (c)  An amount equal to the Executive's unpaid Base Salary, and unused
     and accrued vacation pay, earned or accrued through the Effective Date of
     Termination.

          (d)  An amount equal to the target total Management Incentive Award
     established for the plan year in which the Executive's Effective Date of
     Termination occurred, prorated through the Effective Date of Termination.

          (e)  A continuation of the Company's welfare benefits of health care,
     life and accidental death and dismemberment, and disability insurance
     coverage for three (3) full years after the Effective Date of Termination.
     These benefits will be provided to the Executive (and to the Executive's
     covered spouse and dependents) at the same premium cost, and at the same
     coverage level, as in effect as of the date of the Change in Control. The
     continuation of these welfare benefits will be discontinued prior to the
     end of the three (3) year period if the Executive has available
     substantially similar benefits at a comparable cost from a subsequent
     employer, as determined by the Committee. The date that welfare benefits
     cease to be provided under this paragraph will be the date of the
     Executive's qualifying event for continuation coverage purposes under Code
     Section 4980B(f)(3)(B).

                                    Page 8
<PAGE>

Awards granted under the FMC Technologies, Inc. Incentive Compensation and Stock
Plan, and other incentive arrangements adopted by the Company will be treated
pursuant to the terms of the applicable plan.

The aggregate benefits accrued by the Executive as of the Effective Date of
Termination under the FMC Technologies, Inc. Salaried Employees' Retirement
Program, the FMC Technologies, Inc. Savings and Investment Plan, the FMC
Technologies, Inc. Salaried Employees' Equivalent Retirement Plan, the FMC
Technologies, Inc. Non-Qualified Savings and Investment Plan and other savings
and retirement plans sponsored by the Company will be distributed pursuant to
the terms of the applicable plan.

For all purposes under the Company's nonqualified retirement plans (including,
but not limited to, benefit calculation and benefit commencement), it will be
assumed that the Executive's employment continued following the Effective Date
of Termination for three (3) full years (i.e., three (3) additional years of age
and service credits will be added); provided, however, that for purposes of
determining "final average pay" under such programs, the Executive's actual pay
history (whether with the Company or FMC) as of the Effective Date of
Termination will be used.

3.4. Termination for Disability. If the Executive's employment is terminated due
     --------------------------
to Disability, the Executive will receive the Executive's Base Salary through
the Effective Date of Termination; the Executive's benefits will be determined
in accordance with the Company's disability, retirement, survivor's benefits,
insurance and other applicable plans and programs then in effect; and, if such
termination occurs after a Change in Control and prior to the thirteenth (13th)
calendar month following the month in which the Change in Control occurs, the
Executive will receive the Severance Benefits described in Section 3.3. If the
Executive's employment is terminated due to Disability after the thirteenth
(13th) calendar month following the month in which a Change in Control occurs,
he will not be entitled to the Severance Benefits described in Section 3.3.

3.5. Termination upon Death. If the Executive's employment is terminated due to
     ----------------------
death, the Executive's benefits will be determined in accordance with the
Company's retirement, survivor's benefits, insurance and other applicable
programs of the Company then in effect; and, if such termination occurs after a
Change in Control and prior to the thirteenth (13th) calendar month following
the month in which the Change in Control occurs, Executive will receive the
Severance Benefits described in Section 3.3. If the Executive's employment is
terminated due to death after the thirteenth (13th) calendar month following the
month in which a Change in Control occurs, neither the Executive nor the
Executive's Beneficiary will be entitled to the Severance Benefits described in
Section 3.3.

3.6. Termination for Cause, or Other Than for Good Reason or Retirement.
     ------------------------------------------------------------------
Following a Change in Control of the Company, if the Executive's employment is
terminated either: (a) by the Company for Cause; or (b) by the Executive (other
than for Retirement, Good Reason, or under circumstances giving rise to a
Qualifying Termination described in Section 3.2(c) herein), the Company will pay
the Executive an

                                    Page 9
<PAGE>

amount equal to the Executive's Base Salary and accrued vacation through the
Effective Date of Termination, at the rate then in effect, plus all other
amounts to which the Executive is entitled under any plans of the Company, at
the time such payments are due and the Company will have no further obligations
to the Executive under this Agreement.

3.7. Notice of Termination. Any termination of employment by the Company or by
     ---------------------
the Executive for Good Reason or during the thirteenth (13th) calendar month
following the month in which a Change in Control occurs will be communicated by
a Notice of Termination.

Article 4. Form and Timing of Severance Benefits

4.1. Form and Timing of Severance Benefits. The Severance Benefits described in
     -------------------------------------
Sections 3.3 (a), (b), (c) and (d) herein will be paid in cash to the Executive
(or the Executive's Beneficiary, if applicable) in a single lump sum as soon as
practicable following the Effective Date of Termination, but in no event beyond
thirty (30) days from such date.

4.2. Withholding of Taxes. The Company will be entitled to withhold from any
     --------------------
amounts payable under this Agreement all taxes as may be legally required
(including, without limitation, any United States federal taxes and any other
state, city, or local taxes).

Article 5. Excise Tax Equalization Payment

5.1. Excise Tax Equalization Payment. In the event that the Executive (or the
     -------------------------------
Executive's Beneficiary, if applicable) becomes entitled to Severance Benefits
or any other payment or benefit under this Agreement, or under any other
agreement with or plan of the Company (in the aggregate, the "Total Payments"),
whether or not the Executive has terminated employment with the Company, if all
or any part of the Total Payments will be subject to the tax imposed by Section
4999 of the Code (or any similar tax that may hereafter be imposed), (the
"Excise Tax") the Company will pay to the Executive in cash an additional amount
(the "Gross-Up Payment") such that the net amount retained by the Executive
after deduction of any Excise Tax upon the Total Payments and any federal,
state, and local income taxes, penalties, interest, and Excise Tax upon the
Gross-Up Payment provided for by this Section 5.1 (including FICA and FUTA),
will be equal to the Total Payments.

5.2. Tax Computation. All determinations of whether any of the Total Payments
     ---------------
will be subject to the Excise Tax, the amounts of such Excise Tax, whether and
when a Gross-Up Payment is required, the amount of such Gross-Up Payment and the
assumptions to be used in arriving at such determinations, shall be made by a
nationally recognized certified public accounting firm that does not serve as an
accountant or auditor for any individual, entity or group effecting the Change
in Control as designated by the Company (the "Accounting Firm"). The Accounting
Firm will provide detailed

                                    Page 10
<PAGE>

supporting calculations to the Company and the Executive within fifteen (15)
business days of the receipt of notice from the Executive or the Company
requesting a calculation hereunder. The Gross-Up Payment will be made by the
Company to the Executive as soon as practical following the Accounting Firm's
determination of the Gross-Up Payment, but in no event beyond thirty (30) days
from the Effective Date of Termination. All fees and expenses of the Accounting
Firm will be paid by the Company.

For purposes of determining the amount of the Gross-Up Payment, the Executive
will be deemed to pay federal income taxes at the highest marginal rate of
federal income taxation in the calendar year in which the Gross-Up Payment is to
be made, and state and local income taxes at the highest marginal rate of
taxation in the state and locality of the Executive's residence on the Effective
Date of Termination, net of the maximum reduction in federal income taxes which
could be obtained from deduction of such state and local taxes.

5.3. Subsequent Recalculation. In the event the Internal Revenue Service adjusts
     ------------------------
the computations to be made pursuant to Section 5.2 herein, and as a result of
such adjustment the Gross-Up Payment made to the Executive is less than the
greatest Gross-Up Payment that the Executive is entitled to receive under
Section 5.2, the Company will pay to the Executive an amount equal to the
difference between the greatest Gross-Up Payment the Executive is entitled to
receive, and the Gross-Up Payment initially made to the Executive, plus a market
rate of interest, as determined by the Committee, for the period commencing on
the date the first Gross-Up Payment is made, and ending on the day immediately
preceding the date the subsequent Gross-Up Payment is made.

Article 6. Establishment of Trust

As soon as practicable following the Effective Date hereof, the Company will
create a Trust (which will be a grantor trust within the meaning of Sections
671-678 of the Code) for the benefit of the Executive and Beneficiaries, as
appropriate. The Trust will have a Trustee as selected by the Company, and will
have certain restrictions as to the Company's ability to amend the Trust or
cancel benefits provided thereunder. Any assets contained in the Trust will, at
all times, be specifically subject to the claims of the Company's general
creditors in the event of bankruptcy or insolvency; such terms to be
specifically defined within the provisions of the Trust, along with the required
procedure for notifying the Trustee of any bankruptcy or insolvency.

At any time following the Effective Date hereof, the Company may, but is not
obligated to, deposit assets in the Trust in an amount equal to or less than the
aggregate Severance Benefits which may become due to the Executive under
Sections 3.3 (a), (b), (c) and (d) and 5.1 of this Agreement.

As soon as practicable after the Company has knowledge that a Change in Control
is imminent, but no later than the day immediately preceding the date of the
Change in Control, the Company will deposit assets in such Trust in an amount
equal to the

                                    Page 11
<PAGE>

estimated aggregate Severance Benefits which may become due to the Executive
under Sections 3.3 (a), (b), (c) and (d), 5.1 and 8.1 of this Agreement. Such
deposited amounts will be reviewed and increased, if necessary, every six (6)
months following a Change in Control to reflect the Executive's estimated
aggregate Severance Benefits at such time.

Article 7. The Company's Payment Obligation

The Company's obligation to make the payments and the arrangements provided for
herein will be absolute and unconditional, and will not be affected by any
circumstances, including, without limitation, any offset, counterclaim,
recoupment, defense, or other right which the Company may have against the
Executive or anyone else. All amounts payable by the Company hereunder will be
paid without notice or demand. Each and every payment made hereunder by the
Company will be final, and the Company will not seek to recover all or any part
of such payment from the Executive or from whomsoever may be entitled thereto,
for any reasons whatsoever.

The Executive will not be obligated to seek other employment in mitigation of
the amounts payable or arrangements made under any provision of this Agreement,
and the obtaining of any such other employment will in no event effect any
reduction of the Company's obligations to make the payments and arrangements
required to be made under this Agreement, except to the extent provided in
Section 3.3(e) herein.

Notwithstanding anything in this Agreement to the contrary, if Severance
Benefits are paid under this Agreement, no severance benefits under any program
of the Company, other than benefits described in this Agreement, will be paid to
the Executive.

Article 8. Fees and Expenses

To the extent permitted by law, the Company will pay as incurred (within ten
(10) days following receipt of an invoice from the Executive) all legal fees,
costs of litigation, prejudgment interest, and other expenses incurred in good
faith by the Executive as a result of the Company's refusal to provide the
Severance Benefits to which the Executive becomes entitled under this Agreement,
or as a result of the Company's contesting the validity, enforceability, or
interpretation of this Agreement, or as a result of any conflict (including,
without limitation, conflicts related to the calculations under Section 5
hereof) between the parties pertaining to this Agreement.

Article 9. Outplacement Assistance

Following a Qualifying Termination, other than a voluntary termination by the
Executive during the thirteenth (13th) calendar month following the month in
which a Change in Control occurs (as described in Section 3.2 herein), the
Executive will be reimbursed by the Company for the costs of all outplacement
services obtained by the Executive within the two (2) year period after the
Effective Date of Termination; provided, however, that the total reimbursement
for such outplacement services will be

                                    Page 12
<PAGE>

limited to an amount equal to fifteen percent (15%) of the Executive's Base
Salary as of the Effective Date of Termination.

Article 10. Successors and Assignment

10.1.  Successors to the Company. The Company will require any successor
       -------------------------
(whether direct or indirect, by purchase, merger, consolidation, or otherwise)
of all or substantially all of the business and/or assets of the Company or of
any division or subsidiary thereof to expressly assume and agree to perform the
Company's obligations under this Agreement in the same manner and to the same
extent that the Company would be required to perform them if no such succession
had taken place.

10.2.  Assignment by the Executive. This Agreement will inure to the benefit of
       ---------------------------
and be enforceable by the Executive's personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees, and
legatees. If the Executive dies while any amount would still be payable to him
hereunder had he continued to live, all such amounts, unless otherwise provided
herein, will be paid in accordance with the terms of this Agreement to the
Executive's Beneficiary. If the Executive has not named a Beneficiary, then such
amounts will be paid to the Executive's devisee, legatee, or other designee, or
if there is no such designee, to the Executive's estate, and such designee, or
the Executive's estate will be treated as the Beneficiary hereunder.

Article 11. Miscellaneous

11.1.  Employment Status. Except as may be provided under any other agreement
       -----------------
between the Executive and the Company, the employment of the Executive by the
Company is "at will," and may be terminated by either the Executive or the
Company at any time, subject to applicable law.

11.2.  Beneficiaries. The Executive may designate one or more persons or
       -------------
entities as the primary and/or contingent Beneficiaries of any Severance
Benefits, including, without limitation, payments under Section 5 hereof, owing
to the Executive under this Agreement. Such designation must be in the form of a
signed writing acceptable to the Committee. The Executive may make or change
such designations at any time.

11.3.  Severability. In the event any provision of this Agreement will be held
       ------------------
illegal or invalid for any reason, the illegality or invalidity will not affect
the remaining parts of the Agreement, and the Agreement will be construed and
enforced as if the illegal or invalid provision had not been included. Further,
the captions of this Agreement are not part of the provisions hereof and will
have no force and effect.

11.4.  Modification. No provision of this Agreement may be modified, waived, or
       -------------
discharged unless such modification, waiver, or discharge is agreed to in
writing and signed by the Executive and by an authorized member of the
Committee, or by the respective parties' legal representatives and successors.

                                    Page 13
<PAGE>

11.5.  Applicable Law. To the extent not preempted by the laws of the United
       --------------
States, the laws of t he state of Illinois will be the controlling law in all
matters relating to this Agreement.

11.6   Indemnification. To the full extent permitted by law, the Company will,
       ---------------
both during and after the period of the Executive's employment, indemnify the
Executive (including by advancing him expenses) for any judgments, fines,
amounts paid in settlement and reasonable expenses, including any attorneys'
fees, incurred by the Executive in connection with the defense of any lawsuit or
other claim to which he is made a party by reason of being (or having been) an
officer, director or employee of the Company or any of its subsidiaries. The
Executive will be covered by director and officer liability insurance to the
maximum extent that that insurance covers any officer or director (or former
officer or director) of the Company.

IN WITNESS WHEREOF, the parties have executed this Agreement on this ________
day of ________________________________, 2001.

FMC Technologies, Inc.                      Executive:

By:      ___________________________        ____________________________
         ___________________________
Its:     ___________________________

Attest:  ___________________________

                                    Page 14ex10-1

EXHIBIT 10.1

        
                
                 
May 11, 2001

Equity Office Properties Trust

EOP Operating Limited Partnership

Senior Term Loan Facility

Commitment Letter

Equity Office Properties Trust

Two North Riverside Plaza

Suite 2100

Chicago, Illinois 60606

Attention: Richard Kincaid

Ladies and Gentlemen:

      EOP Operating Limited Partnership, a Delaware limited partnership (the
“Borrower”) and Equity Office Properties Trust (the “Guarantor”) have requested
that Banc of America Securities, LLC, J.P. Morgan Securities Inc. and Salomon
Smith Barney Inc. (collectively, the “Arrangers”) jointly agree to structure and
arrange a senior term loan facility in an aggregate amount of up to
$1,000,000,000 (the “Facility”). The Arrangers are pleased to advise you that
they are willing to act as joint and exclusive co-advisors, co-lead arrangers
and co-book runners for the Facility. In addition, The Chase Manhattan Bank has
agreed to serve as exclusive syndication agent for the Facility (in such
capacity, the “Syndication Agent”), Bank of America, N.A. has agreed to serve as
exclusive administrative agent for the Facility (in such capacity, the
“Administrative Agent”) and Salomon Smith Barney Inc. has agreed to serve as
exclusive documentation agent for the Facility (in such capacity, the
“Documentation Agent”, and together with the Syndication Agent and the
Administrative Agent, the “Agents”).

      Furthermore, the Syndication Agent, the Administrative Agent and
Citicorp Real Estate, Inc. (“CRE”, and together with the Syndication Agent and
the Administrative Agent, the “Lead Lenders”) and Dresdner Bank AG, New York
and Cayman Branches (“Dresdner”), Bankers Trust Company
(“Bankers Trust”) and PNC
Bank, National Association (“PNC”, and together with Dresdner and Deutsche Bank the “Co-Lenders”)
are pleased to advise you of the several commitment of each of the Lead Lenders
and Co-Lenders to provide up to the following amounts of the Facility upon the
terms and subject to the conditions set forth in this commitment letter (the
“Commitment

 

Letter”) and in the Summary of Terms and Conditions attached hereto as Exhibit A
(the “Term Sheet”)(each, an “Initial Commitment”):

	 	 	 	 	 
	Syndication Agent		$	271,666,666.67	
	
	
	
	

	Administrative Agent		$	271,666,666.67	
	
	
	
	

	CRE		$	271,666,666.66	
	
	
	
	

	Dresdner Bank		$	75,000,000.00	
	
	
	
	

	Deutsche Bank		$	75,000,000.00	
	
	
	
	

	PNC		$	35,000,000.00	

      In the event funds are advanced under the Facility and remain
outstanding for more than 120 days, the Arrangers shall have the right to
syndicate the Facility to financial institutions (collectively, with the Lead
Lenders and the Co-Lenders, the “Lenders”) as further described below, in each
case upon the terms and subject to the conditions set forth or referred to in
this Commitment Letter, the Term Sheet or the Fee Letter referred to below.

      It is agreed that the Administrative Agent will act as the sole and
exclusive administrative agent, that the Documentation Agent will act as sole
and exclusive documentation agent, that the Syndication Agent will act as sole
and exclusive syndication agent and that the Arrangers will act jointly as the
arrangers for the Facility, and each will, in such capacities, perform the
duties and exercise the authority customarily performed and exercised by it in
such roles. The Borrower and the Guarantor agree that no other agents, co-agents
or arrangers will be appointed, no other titles will be awarded and no
compensation (other than that expressly contemplated by the Term Sheet and the
Fee Letter referred to below) will be paid in connection with the Facility
unless the Borrower, the Arrangers, the Agents and the Lead Lenders shall so
agree.

      In the event the Arrangers commence syndication efforts the Borrower
and the Guarantor agree to actively assist the Arrangers in completing such
syndication as reasonably requested by the Arrangers. Such assistance shall
include (a) the Borrower and the Guarantor using commercially reasonable
efforts to ensure that the syndication efforts benefit materially from the
Borrower’s and the Guarantor’s existing lending relationships; (b) the Borrower
and the Guarantor assisting in the preparation of a confidential information
memorandum and other marketing materials to be used in connection with the
syndication by providing the information described in the following paragraph;
and (c) the Borrower and the Guarantor making their senior management and
advisors available to participate, upon reason-

2

able notice, in information meetings for potential syndicate members at such
times and places as the Arrangers may reasonably request.

      The Arrangers will jointly manage all aspects of the syndication,
provided that decisions as to the selection of institutions to be approached and
when they will be approached, when their commitments will be accepted and which
institutions will participate, will be made by mutual agreement of the Arrangers
and the Borrower and the allocations of the commitments among the Lenders and
the amount and distribution of fees among the Lenders will be determined by the
Arrangers, the Agents and the Lead Lenders. The Arrangers will have no
responsibility other than to arrange the syndication. To assist the Arrangers in
their syndication efforts, the Borrower and the Guarantor agree promptly to
prepare and provide to the Arrangers all information with respect to the
Borrower and the Guarantor and the transactions contemplated hereby, including
all financial information and projections (the “Projections”), as the Arrangers
may reasonably request in connection with the arrangement and syndication of the
Facility, so long as disclosure by the Borrower, the Guarantor or any of their
subsidiaries, of such information would not result in a violation of, or expose
the Borrower, the Guarantor or their subsidiaries to any material liability
under, any applicable law, ordinance or regulation or any agreements with
unaffiliated third parties which are binding on the Borrower, the Guarantor or
any of their subsidiaries or on any property of any of them. The Borrower and
the Guarantor agree to use commercially reasonable efforts to obtain any
necessary consents or waivers under any such agreements to disclose such
information to the Arrangers, the Agents and the Lenders. The Borrower and the
Guarantor hereby represent and covenant that (a) all information other than the
Projections (the “Information”) that has been or will be made available to the
Arrangers by the Borrower, the Guarantor or any of their respective
representatives is or will be, when furnished, complete and correct in all
material respects and does not or will not, when furnished, contain any material
misstatement or omission of fact and (b) the Projections that have been or will
be made available to the Arrangers by the Borrower, the Guarantor or any of
their representatives have been or will be prepared in good faith based upon
assumptions believed to be reasonable at the time of preparation thereof. The
Borrower and the Guarantor agree to supplement the Information and Projections
on the 120th day following the funding of the Facility and from time to time
upon request of the Arrangers or the Agents from the date hereof until the
completion of any syndication of the Facility as contemplated by this Commitment
Letter so all Information are complete and correct in all material respects and
do not contain any material misstatements or omissions of fact. The Borrower and
the Guarantor understand that in arranging and syndicating the Facility we may
use and rely on the Information and Projections without independent verification
thereof.

3

      As consideration for the Lenders’ commitment hereunder and the
respective agreements of the Arrangers and the Agents to perform the services
described herein, the Borrower and the Guarantor agree, jointly and severally,
to pay to each of the Lenders the nonrefundable fees set forth in the Term Sheet
and in the Fee Letter dated the date hereof and delivered herewith (the “Fee
Letter”).

      The commitment of the Lead Lenders and the Co-Lenders hereunder and the
respective agreements of the Arrangers and the Agents to perform the services
described herein are subject to (a) there not occurring or becoming known to us
any material adverse condition or material adverse change in or affecting the
business, operations, property, condition (financial or otherwise) or prospects
of the Borrower, the Guarantor and their respective subsidiaries, taken as a
whole since the latest audited financial statements delivered to the Arrangers,
(b) our completion of and satisfaction in all respects with a due diligence
investigation up until the execution of definitive documentation with respect to
the Facility with respect to the business, operations, property, condition
(financial or otherwise) or prospects of the Borrower, the Guarantor and their
respective subsidiaries, (c) our not becoming aware after the date hereof of any
information or other matter affecting the Borrower, the Guarantor or the
transactions contemplated hereby which is inconsistent in a material and adverse
manner with any such information or other matter disclosed to us prior to the
date hereof which inconsistency would have a material adverse effect on the
business, operations, property, condition (financial or otherwise) or prospects
of the Borrower, the Guarantor and their respective subsidiaries, taken as a
whole as shown in the latest audited financial statements delivered to the
Arrangers, (d) our satisfaction that prior to and during the syndication of the
Facility there shall be no competing offering, placement or arrangement of any
bank financing other than property-specific mortgage debt and property-specific
mezzanine debt not prohibited by the Existing Credit Agreement (as defined in
the Term Sheet) by or on behalf of the Borrower, the Guarantor or any affiliate
thereof and other than the assumption of (or advances under) that certain
$171,000,000.00 Master Construction Funding Facility with Mountain Ventures
Golden State, LLC, and other single-member limited liability companies, as
Borrower, First Union National Bank, as Senior Lender and Administrative Agent,
Spieker Properties #183, as Junior Lender, First Union Development Corporation,
as Equity Investor, and Spieker Properties, L.P., as Purchaser, unless otherwise
agreed by the Arrangers and the Agents, (e) the negotiation, execution and
delivery on or before June 15, 2001 of definitive documentation with respect to
the Facility satisfactory to the Lenders and their counsel and (f) the other
conditions set forth or referred to in the Term Sheet.

4

      The Term Sheet attached hereto is intended as an outline only and does
not purport to summarize all of the terms, conditions, covenants,
representations, warranties and other provisions which will be contained in
definitive financing agreements for the Facility. The commitment of each of the
Lenders is subject to the satisfaction of the conditions set forth in this
Commitment Letter and the Term Sheet and customary conditions for transactions
of this type. Subject to the provisions of this Commitment Letter, the
definitive financing agreements shall contain terms, conditions, representations
and warranties, financial and other covenants, events of default and remedies
consistent with the Term Sheet and otherwise satisfactory to the Arrangers, the
Agents and the Lenders.

      The Borrower and the Guarantor agree, jointly and severally to indemnify
the Arrangers, the Agents, the Lenders and the respective affiliates and the
respective directors, officers, agents, advisors and employees of the foregoing
(each an “Indemnitee”) and hold each Indemnitee harmless from and against any
and all liabilities, losses, damages, costs and expenses of any kind, including,
without limitation, the reasonable fees and disbursements of counsel, which may
be incurred by such Indemnitee in connection with any investigative,
administrative or judicial proceeding that may at any time (including, without
limitation, at any time following termination or expiration of this Commitment
Letter) be asserted against any Indemnitee, as a result of, or arising out of,
or in any way related to or by reason of this Commitment Letter, or any of the
transactions contemplated by this Commitment Letter or the execution, delivery
or performance of this Commitment Letter, but excluding those liabilities,
losses, damages, costs and expenses (a) for which such Indemnitee has been
compensated pursuant to the terms of this Commitment Letter or the Fee Letter or
(b) incurred solely by reason of the gross negligence, willful misconduct, bad
faith or fraud of any Indemnitee as finally determined by a court of competent
jurisdiction or (c) owing by such Indemnitee to any third party based upon
contractual obligations of such Indemnitee owing to such third party which are
not expressly set forth in this Commitment Letter. In addition, the
indemnification set forth in this paragraph in favor of any director, officer,
agent, advisor or employee of any Arranger, Agent or Lender shall be solely in
their respective capacities as such director, officer, agent, advisor or
employee. The Borrower’s and the Guarantor’s obligations under this paragraph
shall survive the termination or expiration of this Commitment Letter.

      Except for liability of each Lender for damages incurred by the Borrower
or the Guarantor to Spieker Properties, Inc. or Spieker Properties, L.P.
(collectively, “Spieker Properties”) in connection with a default by the
Borrower or the Guarantor under the Borrower’s agreement with Spieker Properties
that results

5

solely and directly from a breach of the obligations of such Lender under this
Commitment Letter (or directly in combination with such Lender’s breach and a
breach of the obligations of another Lender under this Commitment Letter), no
Arranger, Agent or Lender shall be liable for any special, indirect,
consequential or punitive damages in connection with its activities related to
the Facility or for any special, indirect, consequential or punitive damages in
connection with this Commitment Letter.

      This Commitment Letter shall not be assignable by the Borrower or the
Guarantor without the prior written consent of the Arrangers, the Agents and the
Lead Lenders (and any purported assignment without such consent shall be null
and void). The commitments of the Lenders and the obligations of the Arrangers
and the Agents set forth in this Commitment Letter are intended to be solely for
the benefit of the Borrower and the Guarantor and are not intended to confer any
benefits upon, or create any rights in favor of, any person other than the
Borrower and the Guarantor. This Commitment Letter may not be amended or waived
except by an instrument in writing signed by the Borrower, the Guarantor, the
Arrangers, the Agents and the Lenders. This Commitment Letter may be executed in
any number of counter-parts, each of which shall be an original, and all of
which, when taken together, shall constitute one agreement. Delivery of an
executed signature page of this Commitment Letter by facsimile transmission
shall be effective as delivery of manually executed counterpart hereof. This
Commitment Letter and the Fee Letter are the only agreements that have been
entered into among the Borrower, the Guarantor, the Arrangers, the Agents and
the Lenders with respect to the Facility and set forth the entire understanding
of the parties with respect thereto. This Commitment Letter shall be governed
by, and construed in accordance with, the laws of the State of New York.

      Neither this Commitment Letter, the Term Sheet, the Fee Letter nor any
of the terms or substance thereof shall be disclosed, directly or indirectly, by
the Borrower, the Guarantor or their respective affiliates to any other person,
other than (i) to the respective directors, offices, employees, attorneys and
auditors of the Borrower and the Guarantor on a confidential, “need-to-know”
basis, (ii) such disclosure as may be compelled in a judicial or administrative
proceeding or as otherwise required by applicable law, (iii) to the rating
agencies, (iv) as may be required pursuant to the provisions of any agreement to
which Borrower, Guarantor or such affiliate is a party, (v) as may be required
in connection with Borrower’s, Guarantor’s or such affiliate’s financial
statements, and (vi) in response to a query with respect to this Commitment
Letter, the Fee Letter or the terms or substance thereof.

6

      The Borrower and the Guarantor each acknowledge that the Arrangers, the
Agents and the Lenders may be providing debt financing, equity capital or other
services (including financial advisory services) to other companies in respect
of which the Borrower or the Guarantor may have conflicting interests regarding
the transactions described herein and otherwise. None of the Arrangers, the
Agents, the Lead Lenders or the Co-Lenders will use confidential information
obtained from the Borrower or the Guarantor by virtue of the transactions
contemplated by this Commitment Letter or their other relationships with the Borrower or the Guarantor
in connection with the performance by the Arrangers, the Agents, the Lead
Lenders or the Co-Lenders of services for other companies, and none of the
Arrangers, the Agents, the Lead Lenders or the Co-Lenders will furnish any such
information to other companies. The Borrower and the Guarantor also acknowledge
that the Arrangers, the Agents, the Lead Lenders and the Co-Lenders have no
obligation to use in connection with the transactions contemplated by this
Commitment Letter, or to furnish to the Borrower or the Guarantor, confidential
information obtained from other companies.

      The compensation, reimbursement, indemnification, confidentiality,
syndication and “market flex” provisions contained herein and in the Fee Letter
shall remain in full force and effect regardless of whether definitive financing
documentation shall be executed and delivered and, with respect to
reimbursement, indemnification and confidentiality, notwithstanding the
termination of this Commitment Letter or commitments and respective agreements
of the Arrangers, the Agents and the Lenders hereunder.

      If the foregoing correctly sets forth our agreement, please indicate the
Borrower and the Guarantor’s acceptance of the terms hereof and of the Term
Sheet and the Fee Letter by returning to us executed counterparts hereof and of
the Fee Letter not later than 5:00 p.m., New York City time, on May 15, 2001.
The commitments and respective agreements of the Arrangers, the Agents, the
Lead Lenders and the Co-Lenders herein will expire at such time in the event the
Administrative Agent has not received such executed counterparts in accordance
with the immediately preceding sentence.

7

      The Arrangers, the Agents, the Lead Lenders and the Co-Lenders are pleased to
have been given the opportunity to assist you in connection with this important
financing.

	 	Very truly yours,

	 	Arrangers

	 	BANC OF AMERICA SECURITIES, LLC

	 	By:  /s/ PATRICK TROWBRIDGE 

     Name: Patrick Trowbridge

     Title: Vice President

	 	J.P. MORGAN SECURITIES INC.

	 	By:  /s/ JOHN PERKINS 

     Name: John Perkins

     Title: Vice President

	 	SALOMON SMITH BARNEY INC.

	 	By:  /s/ KENT E. JEWETT 

     Name: Kent E. Jewett

     Title: Managing Director

 

	 	Agents

	 	BANK OF AMERICA, N.A.

	 	By:  /s/ PATRICK TROWBRIDGE 

     Name: Patrick Trowbridge

     Title: Vice President

	 	THE CHASE MANHATTAN BANK

	 	By:  /s/ MARC E. COSTANTINO 

     Name: Marc E. Costantino

     Title: Vice President

	 	SALOMON SMITH BARNEY INC.

	 	By:  /s/ KENT E. JEWETT 

     Name: Kent E. Jewett

     Title: Managing Director

 

	 	Lead Lenders

	 	BANK OF AMERICA, N.A.

	 	By:  /s/ PATRICK TROWBRIDGE 

     Name: Patrick Trowbridge

     Title: Vice President

	 	THE CHASE MANHATTAN BANK

	 	By:  /s/ MARC E. COSTANTINO 

     Name: Marc E. Costantino

     Title: Vice President

	 	CITICORP REAL ESTATE, INC.

	 	By:  /s/ DAVID BOUTON 

     Name: David Bouton

     Title: Director

 

	 	Co-Lenders

	 	DRESDNER BANK AG, NEW YORK

AND CAYMAN BRANCHES

	 	By: /s/ RYAN
HUDDLESTUN
     _______________________________

     Name: Ryan Huddlestun

     Title: Vice President

	 	BANKERS TRUST COMPANY

	 	By: /s/ STEVEN P. LAPHAN
    
_______________________________

     Name: Steven P. Laphan

     Title: Director

	 	PNC BANK, NATIONAL
ASSOCIATION

	 	By: /s/ MICHAEL E. SMITH
    
_______________________________

     Name: Michael E. Smith

     Title: Vice President

 

Accepted and agreed to as of

the date first written above by:

	EQUITY OFFICE PROPERTIES TRUST

	By:   /s/ MAUREEN FEAR 

     Name: Maureen Fear

     Title: Senior Vice President, Treasurer

	EOP OPERATING LIMITED PARTNERSHIP

By:     Equity Office Properties Trust,

          its general partner

	 	By:   /s/ MAUREEN FEAR 

     Name: Maureen Fear

     Title: Senior Vice President, Treasurer

 

EXHIBIT A

SUMMARY OF TERMS AND CONDITIONS 1

Equity Office Properties Trust

EOP Operating Limited Partnership

April [ ], 2001

	 	 	 
	Borrower:		
EOP Operating Limited Partnership (the “Borrower”).
	 
	
	
	
	

	Guarantor:		
Equity Office Properties Trust (the “Guarantor”).
	 
	
	
	
	

	Joint Bookrunners/

Joint Lead Arrangers:		
JPMorgan, a division of Chase Securities Inc., Banc of
America Securities, LLC and Salomon Smith Barney Inc.
(collectively, the “Arrangers”).
	 
	
	
	
	

	Syndication Agent:		
The Chase Manhattan Bank (“Syndication Agent”).
	 
	
	
	
	

	Administrative Agent:		
Bank of America, N.A. (“ Administrative Agent”).
	 
	
	
	
	

	Documentation Agent:		
Salomon Smith Barney Inc. (“Documentation Agent” and
collectively with Syndication Agent and Administrative
Agent, the “Agents”)
	 
	
	
	
	

	Co-Lenders		
[Dresdner Bank AG, New York and Cayman Branches,
Deutsche Bank AG and PNC Bank, NA]
	 
	
	
	
	

	Lenders:		
A syndicate of lenders comprised of The Chase Manhattan
Bank, Bank of America, N.A., Citicorp Real Estate, Inc.
(collectively, the “Lead Lenders”), the Co-Lenders, and, in
the event funds are advanced under the Facility and remain
outstanding for more than 120 days, a syndicate of additional

	1 	 	All capitalized terms not otherwise defined herein shall have the meaning set forth in the
Credit Agreement, dated May 12, 2000 (the “Existing Credit Agreement”), among
Borrower, the Agents and others with respect to Borrower’s existing $1,000,000,000
revolving credit facility (the “Existing Facility”).

	 	 	 
			
lenders arranged by the Arrangers (collectively, the “Lenders”).
	 
	
	
	
	

	Required Lenders:		
Lenders holding at least 66 2/3% of the total commitments.
	 
	
	
	
	

	Purpose:		
The acquisition of Spieker Properties and for no other
purpose.
	 
	
	
	
	

	Facility Type:		
Term Loan (the “Facility”). There shall be a single loan
advance. The amount advanced under the Facility may also
be collectively referred to as the “Loan” or “Loans”.
	 
	
	
	
	

	Commitment Amount:		
$1,000,000,000.
	 
	
	
	
	

	Term:		
364 days from Closing (the “Maturity Date”)
	 
	
	
	
	

	Interest Rate:		
At Borrower’s option, (i) LIBOR Rate plus Applicable
Margin or (ii) Adjusted Base Rate.

	 	 	 	 	 	 	 	 	 
	Applicable Margin for		Range of		Applicable		
	LIBOR Rate Loans:		Borrower's		Margin for		
			Credit Rating		LIBOR Rate		
			(S&P/Moody's		Loans		
			Ratings)		(% per annum)		
			
		

			Non-Investment		1.75				
			Grade		
	 
	
	
	
	

			BBB-/Baa3		1.10				
	 
	
	
	
	

			BBB/Baa2		0.90				
	 
	
	
	
	

			BBB+/Baa1		0.80				
	 
	
	
	
	

			A-/A3 or better		0.70				

	 	 	 
	Adjusted Base Rate:		
A rate per annum equal to the higher of (i) the Prime Rate for
such day and (ii) the sum of 0.5% plus the Federal Funds
Rate.

2

	 	 	 
	LIBOR Options:		
1, 2 or 3 (if available from all Lenders) months not to extend
beyond maturity of the Loan. Borrower may have a maximum
of ten LIBOR contracts outstanding at any one time.
	 
	
	
	
	

	Default Rate:		
Adjusted Base Rate plus 4%
	 
	
	
	
	

	Interest Payment

Period:		
Interest will be payable monthly in arrears on Adjusted Base
Rate Loans. Interest on LIBOR Rate Loans will be payable
in arrears at the end of the applicable interest period (provided
that in the event any Interest Period ends on the date
which is 60 or 90 days after the date on which any Interest
Period commences, interest on such LIBOR Rate Loans shall
be payable on the first Business Day of each calendar month
during such Interest Period and on the last day of such
Interest Period). The Facility will include customary provision
concerning computation of the LIBOR Rate, adjustments
for reserves and capital adequacy, yield protection and
indemnification. If the LIBOR Rate is for any reason
unavailable, amounts outstanding under the Facility will bear
interest at a per annum rate equal to the Adjusted Base Rate
during the period of such unavailability.
	 
	
	
	
	

	Interest Calculation:		
Interest will be computed on the basis of a 360 day year and
paid for the actual number of days elapsed during each
Interest Payment Period.
	 
	
	
	
	

	Borrowing Certificate:		
At the time Borrower requests to advance the Loan, it shall
deliver to Administrative Agent a borrowing certificate
which will state the amount of the Loan to be advanced.
	 
	
	
	
	

	Voluntary

Prepayments:		
Prepayments will be allowed without penalty if made upon
one business day’s notice. Breakage payments will be
required for repayments of LIBOR Rate Loans prior to the
expiration of the applicable interest period. Amounts prepaid
may not be reborrowed.
	 
	
	
	
	

	Mandatory

Prepayments:		
If, at any time, Borrower or Guarantor receives Net Offering
Proceeds or proceeds from any bond or debt offering or
issuance in the form of cash, then, simultaneously therewith,

3

	 	 	 
			
the Borrower shall repay the outstanding Obligations.
	 
	
	
	
	

			
If at any time the Borrower shall receive proceeds, dividends
or distributions relating to sale or disposition of the Borrower’s
interests in material Property or other assets (including,
but not limited to, Joint Venture Interests and equity
interests in Subsidiaries), then, simultaneously therewith, the
Borrower shall repay the Loans in an amount equal to the
lesser of (x) the aggregate Net Price in the form of cash
relating to such sale or disposition received by the Borrower,
and (y) the outstanding Obligations; provided, however, the
Borrower shall not be required to make any such repayment
if and to the extent the Borrower uses such proceeds, dividends
or distributions to purchase Real Property Assets,
provided that (i) the Borrower identifies such Real Property
Assets to the Administrative Agent within forty-five (45)
days after the date of the receipt of such proceeds, dividends
or distributions and (ii) the purchase and sale of one or more
of such Real Property Assets closes within 180 days after the
date of the receipt of such proceeds, dividends or distributions.
		
	
	
	
	

			
            
           
			
Loans will be repaid in full upon the earlier of (i) the Maturity
Date and (ii) the declaration of an Event of Default under
the Credit Agreement. Amounts repaid may not be reborrowed.
	 
	
	
	
	

	Recourse:		
The Facility shall be fully recourse to Borrower and Guarantor.
	 
	
	
	
	

	Conditions Precedent:		
Customary for facilities of this type, including (but not
limited to):
	 
	
	
	
	

			
•  negotiation and execution of satisfactory closing
documentation;
	
	
	
	

			
•  no environmental liability
	
	
	
	

			
•  payment of fees and expenses
	
	
	
	

			
•  accuracy of representations and warranties;
	
	
	
	

			
•  no defaults or Events of Default; and
	
	
	
	

			
•  completion of due diligence.

4

	 	 	 
	
	
	
	

			
•  consummation of the acquisition of Spieker Properties
	
	
	
	

			
•  receipt of approval from the lenders under Borrower’s
Existing Facility if
    required under section 5.9 of the
Existing Credit Agreement
	 
	
	
	
	

	Representations &
Warranties:		
Usual representations and warranties for a facility of this
type, including (but not limited to):
	 
	
	
	
	

			
•  corporate existence;
	
	
	
	

			
•  power and authority;
	
	
	
	

			
•  no contravention of law or organizational documents
of Borrower or
    Guarantor;
	
	
	
	

			
•  financial condition;
	
	
	
	

			
•  solvency;
	
	
	
	

			
•  no material litigation;
	
	
	
	

			
•  no material environmental matters;
	
	
	
	

			
•  payment of taxes due and payable;
	
	
	
	

			
•  ERISA;
	
	
	
	

			
•  use of proceeds;
	
	
	
	

			
•  governmental approvals;
	
	
	
	

			
•  compliance with laws;
	
	
	
	

			
•  REIT status of Guarantor;
	
	
	
	

			
•  labor matters;
	
	
	
	

			
•  insurance;
	
	
	
	

			
•  ownership of properties, etc.
	
	
	
	

			
•  such other representations and warranties as are
contained in the Existing
    Credit Agreement.
	 
	
	
	
	

	Affirmative and Negative
Covenants:		
Usual Borrower covenants for a facility of this type including
(but not limited to):
	 
	
	
	
	

			
•  financial reporting;
	
	
	
	

			
•  payment and discharge of obligations prior to maturity;
	
	
	
	

			
•  maintenance of properties and insurance;
	
	
	
	

			
•  conduct of business;
	
	
	
	

			
•  compliance with laws;
	
	
	
	

			
•  maintenance of existence;
	
	
	
	

			
•  inspection of properties, books and records

5

    

	 	 	 
	
	
	
	

			
•  restriction on fundamental changes with respect to
Borrower or Guarantor
    except as permitted in the
Existing Credit Agreement;
	
	
	
	

			
•  restriction on changes in business
	
	
	
	

			
•  Guarantor to (i) remain a publically traded company
listed on the New
    York Stock Exchange and (ii)
maintain its status as a self-directed
and
    self-administered REIT;
	
	
	
	

			
•  Guarantor restricted from incurring, assuming Indebtedness
other than
    the Indebtedness created by this
Facility and Indebtedness of the
Borrower
    for which there is no recourse to Guarantor which may be
incurred without
    creating an Event of Default or
Default under the Facility;
	
	
	
	

			
•  neither Guarantor nor Borrower shall be subject to an
Environmental Claim
    except as permitted in the
Existing Credit Agreement;
	
	
	
	

			
•  Guarantor restricted from disposing of any interests
in the Borrower except
    as permitted by the Existing
Credit Agreement;
	
	
	
	

			
•  Guarantor and Borrower to restrict Subsidiaries,
Financing Partnerships
    and Joint Venture Subsidiaries
to incur Indebtedness other than as
    permitted in the Existing Credit Agreement;
	
	
	
	

			
•  Borrower restricted from settling forward equity
contracts with cash;
	
	
	
	

			
•  notification to Administrative Agent of default,
material claim or material
    adverse change; and
	
	
	
	

			
•  use of proceeds.
	 
	
	
	
	

	Financial and other Cove-
nants:		
Customary for facilities of this type, including, but not
limited, to the following:
	 
	
	
	
	

			
Total Liabilities to Total Asset Value. The ratio of Total
Liabilities to Total Asset Value of Borrower shall not exceed
0.55:1 at any time.
	 
	
	
	
	

			
EBITDA to Interest Expense Ratio. The ratio of EBITDA
for the then most recently completed Fiscal Quarter to
Interest Expense for the then most recently completed Fiscal

6

	 	 	 
	
	
	
	

			
Quarter shall not be less than 2.00:1.
	 
	
	
	
	

			
Cash Flow to Fixed Charges Ratio. The ratio of Cash Flow
for the then most recently completed Fiscal Quarter to Fixed
Charges for the then most recently completed Fiscal Quarter
shall not be less than 1.5:1.
	 
	
	
	
	

			
Secured Debt to Total Asset Value. Secured Debt to Total
Asset Value of Borrower not to exceed 0.40:1 at any time.
	 
	
	
	
	

			
Unencumbered Pool. The ratio of the outstanding Unsecured
Debt to Unencumbered Asset Value shall not exceed 0.55:1
at any time.
	 
	
	
	
	

			
Unencumbered Net Operating Income to Unsecured Debt
Service. The ratio of Unencumbered Net Operating Income
for the then most recently completed Fiscal Quarter to
Unsecured Debt Service for the then most recently completed
Fiscal Quarter shall not be less than 2.0:1.
	 
	
	
	
	

			
Minimum Tangible Net Worth. The Consolidated Tangible
Net Worth of the Borrower determined in conformity with
GAAP will at no time be less than the sum of (i)
$7,800,000,000 and (ii) seventy percent (70%) of all Net
Offering Proceeds (other than cash or other assets received as
a result of the issuance of notes, bonds or other debt instruments)
received by the Guarantor or the Borrower after February 29, 2000.
	 
	
	
	
	

			
Dividends. The Borrower will not, as determined on an aggregate
annual basis, pay any partnership distributions in
excess of 90% of the Borrower’s FFO for such year. During
the continuance of a monetary Event of Default, Borrower
shall only pay partnership distributions that are necessary to
enable Guarantor to make those dividends necessary to
maintain Guarantor’s status as a real estate investment trust.
	 
	
	
	
	

			
Permitted Holdings. Borrower’s primary business will be the
ownership, operation and development of Office Properties
and Parking Properties and any other business activities of

7

	 	 	 
	
	
	
	

			
Borrower and its Subsidiaries will remain incidental thereto.
Notwithstanding the foregoing, Borrower and its Subsidiaries
may acquire or maintain Permitted Holdings if and so long as
the aggregate value of Permitted Holdings, whether held
directly or indirectly by Borrower does not exceed, at any
time, twenty-five percent (25%) of Total Asset Value of
Borrower unless a greater percentage is approved by the
Majority Banks (which approval shall not be unreasonably
withheld, conditioned or delayed); provided, however,
Borrower and its Subsidiaries may not acquire or maintain (i)
Unimproved Assets if and to the extent that the aggregate
value of Unimproved Assets, whether held directly or
indirectly by Borrower exceeds, at any time, ten percent
(10%) of Total Asset Value of Borrower or (ii) interests in
Taxable REIT Subsidiaries if and to the extent that the
aggregate value of interests in Taxable REIT Subsidiaries,
whether held directly or indirectly by Borrower exceeds, at
any time, twenty percent (20%) of Total Asset Value of
Borrower unless, in either case, a greater percentage is
approved by the Majority Banks (which approval shall not be
unreasonably withheld, conditioned or delayed). For purposes
of calculating the foregoing percentage the value of Unimproved
Assets and interests in Taxable REIT Subsidiaries
shall be calculated based upon the cost value thereof,
determined in accordance with GAAP; provided that, in the
case of any Unimproved Assets held by an Investment
Affiliate, only Borrower’s Share of the cost of such Unimproved
Assets shall be used in calculating the foregoing percentages.
	 
	
	
	
	

			
No Liens. Borrower and Guarantor shall not allow, and shall
not allow any of their Subsidiaries, Financing Partnerships or
Joint Venture Subsidiaries to allow, any Qualifying Unencumbered
Property (or any equity interests in such Property
that are owned directly or indirectly by Borrower, Guarantor
or any Joint Venture Parent to become subject to a Lien that
secures the Indebtedness of any Person, other than Permitted
Liens.

8

	 	 	 
	
	
	
	

	Events of Default:		
Customary defaults including (but not limited to):
	 
	
	
	
	

			
•  Payment defaults: Failure to pay (i) any principal on
a Loan when due (no
    grace period), or (ii) any interest,
fees or others amounts as and when
    due,
subject to 5 calendar days grace;
	
	
	
	

			
•  failure to observe financial covenants;
	
	
	
	

			
•  failure to observe covenants with respect to restrictions
on fundamental
    changes, changes in business or
forward equity contracts;
	
	
	
	

			
•  failure to observe and perform other covenants for 30
days after written
    notice from Administrative Agent;
	
	
	
	

			
•  material errors in representations and warranties and
with respect to
    inadvertent misrepresentations, not
corrected within 30 days of being
    made;
	
	
	
	

			
•  cross default to other guaranteed or recourse debt of
Borrower, Guarantor,
    any Subsidiary or any Investment
Affiliate in excess of $25 million;
	
	
	
	

			
•  commencement of a voluntary case of bankruptcy,
insolvency or other
    similar law with respect to
Borrower or Guarantor;
	
	
	
	

			
•  commencement of an involuntary case of bankruptcy,
insolvency or other
    similar law against Borrower with
respect to Borrower or Guarantor;
	
	
	
	

			
•  cross default to other loan documents;
	
	
	
	

			
•  ERISA;
	
	
	
	

			
•  the entry of one or more final nonappealable judgments
or decrees in an
    aggregate amount of
$20,000,000 against Borrower or Guarantor, or to
the
    extent recourse to Borrower or Guarantor, any of
their Consolidated
    Subsidiaries;
	
	
	
	

			
•  environmental;
	
	
	
	

			
•  change of control (board of trustees) of Guarantor;
	
	
	
	

			
•  any Person or group shall acquire more than 30% of
the common shares of
    Guarantor;
	
	
	
	

			
•  Guarantor shall fail to maintain REIT status; or
	
	
	
	

			
•  Borrower or Guarantor shall repudiate their respective
obligations under
    the Loan Documents or Guaranty.

9

	 	 	 
	
	
	
	

	Changes in Circumstances/

Increased Costs:		
Agreement to contain customary provisions protecting
Agents and other Lenders in the event of unavailability of
funding, capital adequacy and increased costs.
	 
	
	
	
	

	Expenses:		
Borrower to reimburse Agents for all reasonable fees in
connection with this transaction, and any subsequent amendments
or waivers, including legal fees.
	 
	
	
	
	

	Indemnification:		
Borrower to indemnify Bank of America, N.A., in its
capacity as Administrative Agent, and each Lender against all
losses, liabilities, claims, damages or expenses relating to the
Facility, any violation of environmental law and the exercise
of any rights or remedies under the Facility, including
attorneys’ fees and settlement costs, except if such losses,
liabilities, claims, damages or expenses result from Lenders’
gross negligence or willful misconduct.
	 
	
	
	
	

	Amendments/Waivers;
Voting:		
Amendments and waivers with respect to the loan documents
shall require the approval of the Required Lenders; provided
that no such agreement shall, without the prior written
consent of all of the Lenders (i) increase the commitment of
any Lender, (ii) reduce the principal amount of any Loan or
reduce the rate of interest thereon, or reduce any fees payable
hereunder, (iii) postpone the scheduled date of payment of
the principal amount of any Loan, or any interest thereon, or
any fees payable hereunder or for any reductions or termination
of any Commitment, (iv) change the percentage of the
Commitments or of the aggregate unpaid principal amount of
the Notes or the number of Lenders, which shall be required
for the Lenders or any of them to take any action with respect
to modifying or waiving any provision of the Loan Documents
or (v) release the Guaranty.
	 
	
	
	
	

	Assignments and
Participations:		
The Lenders shall be permitted to sell participations in their
Loans and commitments. In addition, the Lenders shall be
permitted to assign all or a portion of their Loans to a
Qualified Institution in minimum amounts of $5,000,000 and
multiples of $1,000,000, subject to the consent of the
Administrative Agent and the Borrower, which consent in
each case shall not be unreasonably withheld. Notwithstand-

10

	 	 	 
	
	
	
	

			
ing the foregoing, neither Administrative Agent’s or the
Borrower’s consent shall be required for assignments during
the continuance of an Event of Default. In addition, no
consent of the Administrative Agent or the Borrower shall be
required in the case of an assignment to an affiliate of such
Lender or to another Lender. A fee of $2,500 shall be
payable by the assignor to the Administrative Agent upon any
assignment. With respect to a participation, the Lenders shall
be permitted to grant participation interest in their Loans to
existing Lenders, one or more banks, finance companies,
insurance companies or to other financial institutions in
minimum amounts of $5,000,000. Notwithstanding the
foregoing, Borrower’s consent shall not be required during
the continuance of an Event of Default. To the extent
provided in each participation agreement, participants shall
have the same benefits as the Lenders with respect to yield
protection and increased cost provisions (but not in excess of
the principal). Voting rights of participants shall be limited
to those matters with respect to which the affirmative vote of
the Lender from which it purchased its participation would
be required as described under “Voting” above.

	 
	
	
	
	

			
Notwithstanding anything to contrary set forth above, so long
as no Event of Default shall have occurred and is be continuing,
no Lender shall enter into an assignment of or sell a
participation interest in, it rights in its Loans which would
result in a Lender holding a Commitment without participants
of less than $5,000,000, unless as a result of a cancellation
or reduction of the aggregate Commitments, provided
however, that no Lender shall be prohibited from assigning
its entire Commitment so long as such assignment is otherwise
permitted by this section.
	 
	
	
	
	

	Confidentiality:		
In connection with this Facility, Lenders agrees to use
reasonable efforts not to disclose any information with
respect to Borrower or Guarantor and its Subsidiaries and
Investment Affiliates and the Properties thereof, not generally
disclosed to the public, which is furnished pursuant to this
agreement except for customary carve outs and exceptions as
permitted in the Existing Credit Agreement.

11

	 	 	 
	 
	
	
	
	

	Expenses:		
All fees and expenses as set forth in a separate fee letter.
	 
	
	
	
	

	Governing Law
and Forum:		
New York
	 
	
	
	
	

	Lender’s Counsel:		
Skadden, Arps, Slate, Meagher & Flom LLP

12

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