Document:

exv10w24

EXHIBIT 10.24

GATX CORPORATION

2004 EQUITY INCENTIVE COMPENSATION PLAN

PERFORMANCE SHARE AGREEMENT

     THIS AGREEMENT, entered into as of                                         , by and between the Participant and GATX
Corporation (the “Company”);

     WHEREAS, the Company maintains the GATX Corporation 2004 Equity Incentive Compensation Plan
(the “Plan”), which is incorporated into and forms a part of this Agreement, and the
Participant has been selected by the Compensation Committee of the Board of Directors of the
Company which has been charged with the responsibility of administering the Plan (the
“Committee”) to receive Performance Shares under the Plan;

     NOW, THEREFORE, IT IS AGREED, by and between the Company and the Participant, as follows:

	1.	 	Terms of Award. The following terms used in this Agreement shall have the meanings
set forth in this paragraph 1:
	 
	 	 	The “Participant” is                                         .
	 
	 	 	The “Grant Date” is                                         .
	 
	 	 	The “Performance Period” is January 1, 20___to December 31, 20___.
	 
	 	 	The number of Performance Shares granted under this Agreement is                                         . Such number
of Performance Shares is sometimes referred to in this Agreement as the “Target Grant.”
	 
	 	 	Other terms used in this Agreement are defined in paragraph 13 or elsewhere in this
Agreement or in the Plan.
	 
	2.	 	Grant. The Participant is hereby granted the number of Performance Shares set forth
in paragraph 1, subject to the terms of the Plan and this Agreement.
	 
	3.	 	Vesting, Transfer and Forfeiture

	 	(a)	 	Subject to the terms hereof, if, for each of the three years during the
Performance Period, the Company’s Total Gross Income Less Total Ownership Costs (as
reported on the Company’s audited income statement for each year during the Performance
Period) is greater than $                     (the “Threshold Goal”), then, following the
Committee’s certification that the Threshold Goal has been achieved, the Participant
shall be entitled to the number of shares set forth in the 2008 resolution of the
Committee providing for the grant of this award (the “Unadjusted Award
Amount”). However, if the Threshold Goal is not achieved for the Performance
Period, the Unadjusted Award Amount shall be zero.

 

 

	 	(b)	 	After the end of the Performance Period, the Committee shall determine the
number of the Participant’s Performance Shares that have been earned for the
Performance Period in accordance with the schedule in Exhibit 1, weighted by the
percentages set forth in the column captioned “Weight” on Exhibit 2, and calculated in
the manner set forth on Exhibit 2 (provided that the determination under this paragraph
(b) shall be subject to paragraph 8). The Unadjusted Award Amount shall be reduced to
the number of Performance Shares determined to be earned in accordance with the
foregoing provisions of this paragraph (b), and any unearned portion of the Unadjusted
Award Amount or Performance Shares shall be forfeited. In no event shall the shares
earned by the Participant exceed the Unadjusted Award Amount.
	 
	 	(c)	 	As soon as practicable after the Committee has made the determination of the
number of the earned shares under paragraph (a) and (b) above, that number of shares of
common stock of the company (“Shares”) shall be transferred to the Participant.
	 
	 	(d)	 	Notwithstanding the foregoing provisions of this paragraph 3, the Participant’s
Performance Shares shall be determined and exchanged for Shares and the Participant
shall be vested therein, and become owner thereof free and clear of all restrictions
otherwise imposed by this Agreement, as follows:

	 	(i)	 	If the Participant’s employment is involuntarily terminated by
the Company other than for Cause, not less than eighteen (18) months following
the beginning of the Performance Period but on or prior to the end of the
Performance Period, he or she will be entitled to a pro rata portion of his or
her Performance Shares hereunder equal in number to the product of the number
of Performance Shares to which the Participant would otherwise be entitled in
accordance with the foregoing provisions of this paragraph 3, multiplied by a
fraction (not greater than one), the numerator of which is the number of full
and fractional months the Participant is employed by the Company or its
Subsidiaries during the period beginning on the date of commencement of the
Performance Period, and ending on the Date of Termination and the denominator
of which is 36, the number of months in the Performance Period. The
Performance Shares to which the Participant is entitled pursuant to this
subparagraph (i) shall be distributed to the Participant free and clear of all
restrictions as soon as practical following the determinations described in
paragraphs (a) and (b) above.
	 
	 	(ii)	 	If the Participant’s Date of Termination occurs by reason of
the Participant’s death, Retirement or Disability prior to the end of the
Performance Period, the Participant will be entitled to distribution of a pro
rata portion of his or her Performance Shares free and clear of all
restrictions promptly following the end of the Performance Period, equal

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	 	 	 	in number to the product of the number of Performance Shares to which the
Participant would otherwise be entitled in accordance with the foregoing
provisions of this paragraph 3, multiplied by a fraction (not greater than
one), the numerator of which is the number of full and fractional months
during the period beginning on the date of commencement of the Performance
Period and ending on the date of the Participant’s death, Retirement or
Disability and the denominator of which is 36, the number of months in the
Performance Period. If a Participant’s Date of Termination occurs by reason
of the Participant’s death, Retirement or Disability, as described in the
first sentence of this subparagraph (ii), the Committee may, in its sole
discretion, increase the number of Performance Shares to which the
Participant is entitled, but in no event will the Participant be entitled to
a distribution that is greater than what would have been distributable if no
Date of Termination had occurred.
	 
	 	(iii)	 	If a Change in Control described in paragraphs 5.2(a), (b),
(c) or (d) of the Plan occurs on or before the Participant’s Date of
Termination and before the end of the Performance Period, the number of shares
of common stock to which the Participant is entitled shall be calculated as if
the Company had achieved 100% performance against goals, and shall be
distributed to the Participant free and clear of all restrictions as soon as
practicable following the Change in Control, and the Participant shall have no
further rights under this Agreement.
	 
	 	(iv)	 	If a Change in Control described in paragraph 5.2(e) of the
Plan occurs with respect to a Participant as described therein relating to
certain transactions involving a subsidiary or business segment, then as soon
as practicable following the Change in Control, the Participant shall receive a
distribution, free and clear of all restrictions, of the following number of
            shares of common stock, determined on the assumption that the Company achieved
both one hundred percent (100%) performance against goal as follows:

	 	(A)	 	If the Change in Control occurs during the
first year of the Performance Period, the Participant shall be entitled
to receive Shares equal in number to one-third (1/3) of his or her
Performance Shares.
	 
	 	(B)	 	If the Change in Control occurs during the
second year of the Performance Period, the Participant shall be
entitled to receive Shares equal in number to two-thirds (2/3) of his
or her Performance Shares.
	 
	 	(C)	 	If a Change in Control occurs during the third
year of the Performance Period, such Participant shall be entitled to
receive

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	 	 	 	Shares equal in number to the total of all of his or her Performance
Shares.

	 	 	 	Following a distribution in accordance with this paragraph (iv), the
Participant shall have no further rights under this Agreement.

	 	(e)	 	Subject to paragraph (d) above, if the Participant’s Date of Termination occurs
prior to the end of the Performance Period, the Participant shall forfeit all shares
and rights under this Agreement.
	 
	 	(f)	 	The Performance Shares may not be sold, assigned, transferred, pledged or
otherwise encumbered until the shares have been distributed to the Participant free and
clear of all restrictions.

	4.	 	Voting Rights and Dividends. Notwithstanding anything to the contrary, the
Participant shall not be entitled to vote his or her Performance Shares until such shares have
been distributed.
	 
	 	 	Unless a Participant’s Date of Termination shall have previously occurred, on each dividend
payment date during the Performance Period, the Participant’s account shall be credited with
dividend equivalents equal to the product of (x) the number of the Participant’s Performance
Shares and (y) the dividend declared on a single Share with respect to the immediately
preceding dividend record date. A Participant shall be entitled to a distribution of an
amount equal to the dividend equivalents credited to his or her account if and when he or
she is entitled to distribution of such shares. The dividend equivalents attributable to
forfeited Performance Shares shall likewise be forfeited.
	 
	5.	 	Withholding. The grant, vesting and distribution of benefits under this Agreement
are subject to withholding of all applicable taxes. Subject to such rules and limitations as
may be established by the Committee from time to time, the Participant may satisfy his or her
withholding obligations through the surrender of shares of common stock which the Participant
already owns, or to which the Participant is otherwise entitled under the Plan; provided,
however, that, except as otherwise provided by the Committee, such shares may be used to
satisfy not more than the Company’s minimum statutory withholding obligation (based on minimum
statutory withholding rates for Federal and state tax purposes, including payroll taxes, that
are applicable to such supplemental taxable income).
	 
	6.	 	Heirs and Successors. This Agreement shall be binding upon, and inure to the benefit
of, the Company and its successors and assigns, and upon any person acquiring, whether by
merger, consolidation, purchase of assets or otherwise, all or substantially all of the
Company’s assets and business. If any rights of the Participant or benefits distributable to
the Participant under this Agreement have not been exercised or distributed, respectively, at
the time of the Participant’s death, such rights shall be exercisable by the Designated
Beneficiary, and such benefits shall be distributed to the Designated Beneficiary, in
accordance with the provisions of this Agreement and the Plan. If a deceased Participant

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	 	 	fails to designate a beneficiary, or if the Designated Beneficiary does not survive the
Participant, any rights that would have been exercisable by the Participant and any benefits
distributable to the Participant shall be exercised by or distributed to the legal
representative of the estate of the Participant. If the Designated Beneficiary survives the
Participant but dies before the exercise of all rights or the complete distribution of
benefits under this Agreement, then any remaining rights and any remaining benefit
distribution shall be exercisable by or distributed to the legal representative of the
estate of the Designated Beneficiary.
	 
	7.	 	Administration. The authority to manage and control the operation and administration
of this Agreement shall be vested in the Committee, and the Committee shall have all powers
with respect to this Agreement as it has with respect to the Plan. Any interpretation of the
Agreement by the Committee and any decision made by it with respect to the Agreement shall be
final and binding on all persons.
	 
	8.	 	Modification of Goals. In determining the extent to which the Performance Goals (but
not the Threshold Goal) have been achieved, the Committee may include or exclude items or
events that impact the final results, positively or negatively, as it deems appropriate.
	 
	9.	 	Plan Governs. Notwithstanding anything in this Agreement to the contrary, the terms
of this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained
by the Participant from the Director, Compensation of the Company; and this Agreement is
subject to all interpretations, amendments, rules and regulations promulgated by the Committee
from time to time pursuant to the Plan.
	 
	10.	 	Not An Employment Contract. The grant of Performance Shares hereunder will not
confer on the Participant any right with respect to continuance of employment or other service
with the Company or any Subsidiary, nor will it interfere in any way with any right the
Company or any Subsidiary would otherwise have to terminate or modify the terms of such
Participant’s employment or other service at any time.
	 
	11.	 	Notices. Any written notices provided for in this Agreement or the Plan shall be in
writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or
overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed
received three business days after mailing but in no event later than the date of actual
receipt. Notices shall be directed, if to the Participant, at the Participant’s address
indicated by the Company’s records, or if to the Company, to the attention of the Director,
Compensation at the Company’s principal executive office.
	 
	12.	 	Amendment. This Agreement may be amended in accordance with the provisions of the
Plan, and may otherwise be amended by written agreement of the parties.
	 
	13.	 	Definitions. For purposes of this Agreement, the terms used in this Agreement shall
be subject to the following:

5

 

	 	 	3-Year Average Return on Equity. The term “3-Year Average Return on Equity” shall
mean the sum of normalized (per the consolidated budget) net income divided by average
equity excluding changes in accumulated other comprehensive income from equity for each year
in the Performance Period divided by three (3).
	 
	 	 	3-Year Cumulative Investment Volume. The term “3-Year Cumulative Investment Volume”
shall mean the sum of consolidated cumulative GAAP basis portfolio investments and capital
additions as reported on the company’s audited balance sheet for each year in the
Performance Period.
	 
	 	 	Cause. The term “Cause” shall mean (i) the willful and continued failure of the
Participant to perform the Participant’s duties with the Company or one of its affiliates
(other than any such failure resulting from incapacity due to physical or mental illness),
or (ii) the willful engaging by the Participant in illegal conduct or gross misconduct in
the course of his or her discharge of duties for the Company. For purposes of this
provision, no act or failure to act, on the part of the Participant, shall be considered
“willful” unless it is done, or omitted to be done, by the Participant in bad faith or
without reasonable belief, that the Participant’s action or omission was in the best
interests of the Company.
	 
	 	 	Change in Control. The term “Change in Control” shall have the meaning ascribed to
it in Section 5 of the Plan.
	 
	 	 	Date of Termination. The term “Date of Termination” means the first day occurring
on or after the Grant Date on which the Participant is not employed by the Company or any
Subsidiary, regardless of the reason for the termination of employment; provided that a
termination of employment shall not be deemed to occur by reason of a transfer of the
Participant between the Company and a Subsidiary or between two Subsidiaries; and further
provided that the Participant’s employment shall not be considered terminated while the
Participant is on a leave of absence from the Company or a Subsidiary approved by the
Participant’s employer.
	 
	 	 	Designated Beneficiary. The beneficiary or beneficiaries designated by the
Participant in a writing filed with the Committee in such form and at such time as the
Committee shall require.
	 
	 	 	Disability. Except as otherwise provided by the Committee, the Participant shall be
considered to have a “Disability” during the period in which the Participant is considered
to be “disabled” as that term is defined in the Company’s long term disability plan.
	 
	 	 	Performance Goals. The term “Performance Goals” shall mean 3-Year Average Return On
Equity and 3-Year Cumulative Investment Volume established by the Committee for the
Performance Period as set forth in Exhibit 1.
	 
	 	 	Retirement. “Retirement” of the Participant means retirement on a “Retirement
Date,” as that term is defined in the GATX Corporation Non-Contributory Pension Plan for
Salaried Employees (the “Pension Plan”); provided that if the Participant is not a

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	 	 	participant in the Pension Plan, the Retirement Date shall be the date of retirement
determined by the Committee.

          IN WITNESS WHEREOF, the Participant has executed this Agreement, and the Company has caused
these presents to be executed in its name and on its behalf, all as of the Grant Date.

	 	 	 	 	 
	Participant:                                                             
	 
	 	 	 	 
	GATX Corporation
	 
	 	 	 	 
	By:

	 		 	 
	 
	 	 	 	 
	Its:

	 	Chairman, President and CEO	 	 

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Exhibit 1

Performance Goals, Weights and % of Target Earned

20__ – 20__ Performance Period

	 	 	 	 
	3-Year Average ROE (1)	 	 
	(50% weight)	 	% of Target Grant Earned
	<          
	%	 	0.0%
	          
	%	 	25.0%
	          
	%	 	50.0%
	          
	%	 	75.0%
	          
	%	 	100.0%
	          
	%	 	125.0%
	          
	%	 	150.0%
	          
	% or more	 	200.0%

Interpolated for actual performance between levels shown

 

			
	(1)	 	3-Year Average Return on Equity is defined as the sum of normalized (per the consolidated
budget) net income divided by average equity excluding changes in accumulated other comprehensive
income from equity for each year in the Performance Period divided by three (3)

	 	 	 	 
	3-Year Cumulative	 	 
	Investment Volume (2)	 	 
	(50% weight)	 	% of Target Grant Earned
	$          
	 billion or less	 	0%
	$          
	 billion	 	25%
	$          
	 billion	 	50%
	$          
	 billion	 	75%
	$          
	 billion	 	100%
	$          
	 billion	 	125%
	$          
	 billion	 	150%
	$          
	 billion or more	 	200%

 

			
	(2)	 	3-Year Cumulative Investment Volume is defined as the sum of consolidated cumulative GAAP
basis portfolio investments and capital additions as externally reported for each year in the
Performance Period

In determining the extent to which the Performance Goals (but not the Threshold Goal) have
been achieved, the Compensation Committee, in its sole discretion, may include or exclude items or
events that impact the final results, positively or negatively. However, in no event will the
award exceed the Unadjusted Award Amount.

 

 

Exhibit 2

Sample Calculation of Performance Shares Earned

Number of Performance Shares Granted:  1,000

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Weighted
	Performance	 	 	 	 	 	Target	 	Assumed	 	 	 	 	 	Payout
	Goal	 	Weight	 	Goal	 	Actual	 	Payout Percentage	 	Percentage
	3-Year Average ROE
	 	 	50	%	 	 	     	%	 	 	     	%	 	 	75	%	 	 	37.5	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3-Year Cumulative
Investment Volume
	 	 	50	%	 	$      	billion	 	$      	billion	 	 	150	%	 	 	75.0	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Weighted Payout
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	112.50	%

Performance Shares Earned

	 	 	 	 	 
	 	 	Weighted	 	Total Performance
	Shares Granted	 	Payout	 	Shares Earned
	1,000     ×

	 	112.5%
	 	=     1,125exv10w25

EXHIBIT 10.25

GATX CORPORATION

2004 EQUITY INCENTIVE COMPENSATION PLAN

RESTRICTED COMMON STOCK AGREEMENT

     THIS AGREEMENT, entered into as of the Grant Date (as defined in paragraph 1), by and between
the Participant and GATX Corporation (the “Company”).

     WHEREAS, the Company maintains the GATX Corporation 2004 Equity Incentive Compensation Plan
(the “Plan”), which is incorporated into and forms a part of this Agreement, and the
Participant has been selected by the committee administering the Plan (the “Committee”) to
receive a Restricted Common Stock Award (which is a Full Value Award) under the Plan;

     NOW, THEREFORE, IT IS AGREED, by and between the Company and the Participant, as follows:

	1.	 	Terms of Award. The following terms used in this Agreement shall have the meanings
set forth in this paragraph 1:
	 
	 	 	The “Participant” is Michael T. Brooks
	 
	 	 	The “Grant Date” is January 7, 2008.

	 	 	 
	Vesting Dates	 	Installment
	January 7, 2009

	 	33.33% of Restricted Stock
	January 7, 2010

	 	33.33% of Restricted Stock
	January 7, 2011

	 	33.34% of Restricted Stock

	 	 	Other terms used in this Agreement are defined pursuant to paragraph 12 or elsewhere in this
Agreement. Capitalized terms not defined herein shall have the meaning ascribed thereto in
the Plan.
	 
	2.	 	Award. Subject to the terms of the Plan and this Agreement the Participant is hereby
granted 2,898 Restricted Common Stock Rights (“Rights”). Six months following the Grant Date,
GATX will exchange the Rights for an equal number of shares of Restricted Common Stock.
Subject to the vesting requirements set forth in paragraph 4 hereof, the shares of Restricted
Common Stock will be issued in electronic form in the Participant’s name and placed into a
non-dividend paying book account with the Company.
	 
	3.	 	Voting Rights and Dividends. The Participant shall not be entitled to vote the
Restricted Common Stock Rights. Once the shares of Restricted Common Stock are exchanged for
the Rights, the Participant shall be entitled to vote the shares.
	 
	 	 	An account shall be established for the Participant, to which shall be credited dividend
equivalents equal to the product of (a) the number of shares of the Participant’s Restricted
Common Stock and (b) the dividend declared on a single share of the Company’s

 

	 	 	Common Stock during the vesting period described in paragraph 4 hereof. To the extent he
becomes vested in the Restricted Common Stock, the Participant shall be entitled to a
distribution of the dividend equivalents credited to his account, subject to any adjustment
made by the Committee as contemplated by subparagraph (4)(b)(ii) hereof. All dividend
equivalents paid will be considered ordinary income and will be subject to supplemental
withholding rates for federal, state and applicable FICA taxes.
	 
	4.	 	Vesting, Transfer and Forfeiture of Restricted Common Stock.

	 	(a)	 	Except as provided in paragraph (b), (i) the Participant shall become entitled
to the Restricted Common Stock which has been issued in the Participant’s name (as set
forth in paragraph 2 hereof) in three (3) equal Installments on each of the Vesting
Dates as described in paragraph 1, and the shares shall be distributed promptly
thereafter, (ii) however, if the Participant’s Date of Termination occurs prior to such
Vesting Dates, the Participant shall forfeit all non-vested shares.
	 
	 	(b)	 	Notwithstanding the foregoing provisions of this paragraph 4, the Participant
shall become vested in the Restricted Common Stock on each of these Vesting Dates, and
become owner thereof free of all restrictions otherwise imposed by this Agreement, as
follows:

	 	(i)	 	If the Participant’s Date of Termination occurs by reason of
the Participant’s death, Retirement or Disability, the Participant shall be
entitled to a pro rata portion of the Restricted Common Stock based on his or
her length of employment during the Restricted Period. The pro rata portion of
the Restricted Common Stock shall equal the product of:

	 	(A)	 	the number of shares of Restricted Common Stock
which has been issued to the Participant hereunder; and
	 
	 	(B)	 	a fraction (not greater than one), the
numerator of which shall be the number of months the Participant is
employed by the Company or its Subsidiaries during the period beginning
on the Grant Date and ending on the Date of Termination and the
denominator of which shall be the number of months in the Restricted
Period, minus
	 
	 	(C)	 	the number of shares of Restricted Common
Stock, if any which has previously vested.

	 	 	 	Provided, however, that if a Participant’s Date of Termination occurs by
reason of the Participant’s death, Retirement or Disability, as described in
the first sentence of this subparagraph (i), the Committee may, in its sole
discretion, increase the number of shares of Restricted Common Stock to
which the Participant is entitled.

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	 	 	 	Following a distribution in accordance with this paragraph (ii), the
Participant (or the Participant’s Designated Beneficiary or estate as
appropriate) shall have no further rights under this Agreement.
	 
	 	(ii)	 	If a Change in Control described in paragraphs 5.2(a), (b), (c)
or (d) of the Plan occurs on or before the Participant’s Date of Termination
and before the end of the Restricted Period, the Participant shall become fully
vested in the shares of Restricted Stock. These shares of Restricted Stock
shall be distributed to the Participant free and clear of all restrictions as
soon as practicable following the Change in Control, and the Participant shall
have no further rights under this Agreement.
	 
	 	(iii)	 	If a Change in Control described in paragraph 5.2(e) of the
Plan occurs with respect to a Participant as described therein relating to
certain transactions involving a subsidiary or business segment, then as soon
as practicable following the Change in Control, the Participant shall receive a
distribution, free and clear of all restrictions, of the following number of
shares of common stock as follows:

	 	(A)	 	If the Change in Control occurs during the
first year of the Restricted Period, the Participant shall be entitled
to receive shares equal in number to one-third (1/3) of his or her
Restricted Stock.
	 
	 	(B)	 	If the Change in Control occurs during the
second year of the Restricted Period, the Participant shall be entitled
to receive shares equal in number to two-thirds (2/3) of his or her
Restricted Stock, minus the number of shares, if any, that have
previously vested.
	 
	 	(C)	 	If a Change in Control occurs during the third
year of the Restricted Period, such Participant shall be entitled to
receive shares equal in number to the total of all of his or her
Restricted Stock, minus the number of shares, if any, which has
previously vested.

	 	 	 	Following a distribution in accordance with this paragraph (iv), the
Participant shall have no further rights under this Agreement.

	 	(c)	 	Restricted Common Stock may not be sold, assigned, transferred, pledged or
otherwise encumbered until the Participant becomes fully vested in such shares.

	5.	 	Withholding. The grant and vesting of shares of Stock under this Agreement are
subject to withholding of all applicable taxes. Subject to such rules and limitations as may
be established by the Committee from time to time, the Participant may satisfy his or her
withholding obligations through the surrender of shares of Stock which the Participant already
owns, or to which the Participant is otherwise entitled under the Plan; provided, however,
that, except as otherwise provided by the Committee, such shares may be used to satisfy not
more than the Company’s minimum statutory withholding obligation (based

3

 

		 	on minimum statutory withholding rates for Federal and state tax purposes, including payroll
taxes, that are applicable to such supplemental taxable income).
	 
	6.	 	Heirs and Successors. This Agreement shall be binding upon, and inure to the benefit
of, the Company and its successors and assigns, and upon any person acquiring, whether by
merger, consolidation, purchase of assets or otherwise, all or substantially all of the
Company’s assets and business. If any rights of the Participant or benefits distributable to
the Participant under this Agreement have not been exercised or distributed, respectively, at
the time of the Participant’s death, such rights shall be exercisable by the Designated
Beneficiary, and such benefits shall be distributed to the Designated Beneficiary, in
accordance with the provisions of this Agreement and the Plan. If a deceased Participant
fails to designate a beneficiary, or if the Designated Beneficiary does not survive the
Participant, any rights that would have been exercisable by the Participant and any benefits
distributable to the Participant shall be exercised by or distributed to the legal
representative of the estate of the Participant. If the Designated Beneficiary survives the
Participant but dies before the exercise of all rights or the complete distribution of
benefits under this Agreement, then any remaining rights and any remaining benefit
distribution shall be exercisable by or distributed to the legal representative of the estate
of the Designated Beneficiary.
	 
	7.	 	Administration. The authority to manage and control the operation and administration
of this Agreement shall be vested in the Committee, and the Committee shall have all powers
with respect to this Agreement as it has with respect to the Plan. Any interpretation of the
Agreement by the Committee and any decision made by it with respect to the Agreement shall be
final and binding on all persons.
	 
	8.	 	Plan Governs. Notwithstanding anything in this Agreement to the contrary, the terms
of this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained
by the Participant from the Director, Compensation of the Company; and this Agreement is
subject to all interpretations, amendments, rules and regulations promulgated by the Committee
from time to time pursuant to the Plan.
	 
	9.	 	Not an Employment Contract. The Award will not confer on the Participant any right
with respect to continuance of employment or other service with the Company or any Subsidiary,
nor will it interfere in any way with any right the Company or any Subsidiary would otherwise
have to terminate or modify the terms of such Participant’s employment or other service at any
time.
	 
	10.	 	Notices. Any written notices provided for in this Agreement or the Plan shall be in
writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or
overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed
received three business days after mailing but in no event later than the date of actual
receipt. Notices shall be directed, if to the Participant, at the Participant’s address
indicated by the Company’s records, or if to the Company, to the attention of the Director,
Compensation at the Company’s principal executive office.

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	11.	 	Amendment. This Agreement may be amended in accordance with the provisions of the
Plan, and may otherwise be amended by written agreement of the parties.
	 
	12.	 	Definitions. For purposes of this Agreement, the terms used in this Agreement shall
be subject to the following:
	 
	 	 	Cause. The term “Cause” shall mean (i) the willful and continued failure of the
Participant to perform the Participant’s duties with the Company or one of its affiliates
(other than any such failure resulting from incapacity due to physical or mental illness),
or (ii) the willful engaging by the Participant in illegal conduct or gross misconduct in
the course of his or her discharge of duties for the Company. For purposes of this
provision, no act or failure to act, on the part of the Participant, shall be considered
“willful” unless it is done, or omitted to be done, by the Participant in bad faith or
without reasonable belief, that the Participant’s action or omission was in the best
interests of the Company.
	 
	 	 	Change in Control. The term “Change in Control” shall have the meaning ascribed to
it in Section 5 of the Plan.
	 
	 	 	Date of Termination. The term “Date of Termination” means the first day occurring
on or after the Grant Date on which the Participant is not employed by the Company or any
Subsidiary, regardless of the reason for the termination of employment; provided that a
termination of employment shall not be deemed to occur by reason of a transfer of the
Participant between the Company and a Subsidiary or between two Subsidiaries; and further
provided that the Participant’s employment shall not be considered terminated while the
Participant is on a leave of absence from the Company or a Subsidiary approved by the
Participant’s employer.
	 
	 	 	Designated Beneficiary. The beneficiary or beneficiaries designated by the
Participant in a writing filed with the Committee in such form and at such time as the
Committee shall require.
	 
	 	 	Disability. Except as otherwise provided by the Committee, the Participant shall be
considered to have a “Disability” during the period in which the Participant is considered
to be “disabled” as that term is defined in the Company’s long term disability plan.
	 
	 	 	Restricted Period for the Restricted Common Stock Units and Restricted Common Stock
shall begin on the Grant Date and end on the third anniversary of the Grant Date.
	 
	 	 	Retirement. “Retirement” of the Participant means retirement on a “Retirement
Date,” as that term is defined in the GATX Corporation Non-Contributory Pension Plan for
Salaried Employees (the “Pension Plan”); provided that if the Participant is not a
participant in the Pension Plan, the Retirement Date shall be the date determined by the
Committee.

          IN WITNESS WHEREOF, the Participant has executed this Agreement, and the Company has caused
these presents to be executed in its name and on its behalf, all as of the Grant Date.

5

 

	 	 	 	 	 
	Participant:                                                             
	 
	 	 	 	 
	GATX Corporation
	 
	 	 	 	 
	By:

	 		 	 
	 
	 	 	 	 
	Its:

	 	Chairman, President and CEO	 	 

6

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