GATX CORP
AGREEMENT FOR CONTINUED EMPLOYMENT
<DOCUMENT>
<TYPE>EX-10.K
<SEQUENCE>4
<FILENAME>c61224ex10-k.txt
<DESCRIPTION>AGREEMENT FOR CONTINUED EMPLOYMENT
<TEXT>

<PAGE>   1
                                                                   EXHIBIT 10"K"

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

</TEXT>
</DOCUMENT>
