Document:

exv10w16

Exhibit 10.16

THE GREENBRIER COMPANIES, INC.

AGREEMENT CONCERNING INDEMNIFICATION AND RELATED MATTERS

(Officers)

     This
Agreement is made as of ____, 200___, by and between THE GREENBRIER COMPANIES, INC., an
Oregon corporation (the “Corporation”), and                      (the “Officer”), an officer of the
Corporation.

     WHEREAS, it is essential to the Corporation to retain and attract as officers of the
Corporation and its subsidiaries and affiliates the most capable persons available and persons who
have significant experience in business, corporate and financial matters; and

     WHEREAS, the Corporation has identified the Officer as a person possessing the background and
abilities desired by the Corporation and desires the Officer to serve as an officer of the
Corporation; and

     WHEREAS, the substantial increase in corporate litigation may, from time to time, subject
corporate officers to burdensome litigation, the risks of which frequently far outweigh the
advantages of serving in such capacity; and

     WHEREAS, in recent times the cost of liability insurance has increased and the availability of
such insurance is, from time to time, severely limited; and

     WHEREAS, the Corporation and the Officer recognize that serving as an officer of a corporation
or other business entity at times calls for subjective evaluations and judgments upon which
reasonable persons may differ and that, in that context, it is anticipated and expected that
officers will and do from time to time commit actual or alleged errors or omissions in the good
faith exercise of their duties and responsibilities; and

     WHEREAS, it is the express policy of the Corporation to indemnify designated officers to the
fullest extent permitted by law; and

     WHEREAS, the Articles of Incorporation of the Corporation permit, and the Bylaws of the
Corporation require, indemnification of the directors and officers of the Corporation to the
fullest extent permitted by law, including but not limited to the Oregon Business Corporation Act
(the “OBCA”), and the OBCA expressly provides that the indemnification provisions set forth therein
are not exclusive, and thereby contemplates that contracts may be entered into between the
Corporation and its officers with respect to indemnification;

     WHEREAS, such rights of indemnification may be extended to officers, directors, employees or
representatives of subsidiary or affiliated entities; and

     WHEREAS, the Corporation and the Officer desire to articulate clearly in contractual form
their respective rights and obligations with regard to the Officer’s service on behalf of the

 

 

Corporation as an officer and with regard to claims for loss, liability, expense or damage which,
directly or indirectly, may arise out of or relate to such service.

     NOW THEREFORE, the Corporation and the Officer agree as follows:

1. Agreement to Serve.

     The Officer shall serve as an officer of the Corporation or one or more of its subsidiaries or
affiliates for so long as the Officer is duly elected or until the Officer tenders a resignation in
writing. This Agreement creates no obligation on either party to continue the service of the
Officer for a particular term or any term.

2. Definitions. 

     As used in this Agreement:

	 	(a)	 	The term “Proceeding” shall include any threatened, pending or completed
action, suit or proceeding, whether brought in the right of the Corporation or
otherwise, and whether of a civil, criminal, administrative or investigative nature,
whether formal or informal, in which the Officer may be or may have been involved as a
party, witness or otherwise, by reason of the fact that the Officer is or was an
officer of the Corporation, or is or was serving at the request of the Corporation as a
director, officer, partner, trustee, manager, employee or agent of another corporation,
limited liability company, partnership, joint venture, trust or other enterprise,
whether or not serving in such capacity at the time any liability or expense is
incurred for which exculpation, indemnification or reimbursement can be provided under
this Agreement.
	 
	 	(b)	 	The term “Expenses” includes, without limitation thereto, expenses of
investigations, judicial or administrative proceedings or appeals, attorney, accountant
and other professional fees and disbursements and any expenses of establishing a right
to indemnification under Section 12 of this Agreement, but shall not include amounts
paid in settlement by the Officer or the amount of judgments or fines against the
Officer.
	 
	 	(c)	 	References to “other enterprise” include, without limitation, employee benefit
plans; references to “fines” include, without limitation, any excise taxes assessed on
a person with respect to any employee benefit plan; references to “serving at the
request of the Corporation” include, without limitation, any service as a director,
officer, partner, trustee, manager, employee or agent which imposes duties on, or
involves services by, such director, officer, partner, trustee, manager, employee or
agent with respect to an employee benefit plan, its participants, or its beneficiaries;
and a person who acted in good faith and in a manner such person reasonably believed to
be in the interest of the participants and beneficiaries of an

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	 	 	 	employee benefit plan shall be deemed to have acted in a manner “not opposed to the
best interests of the Corporation” as referred to in this Agreement.
	 
	 	(d)	 	References to “the Corporation” shall include, in addition to the resulting
entity, any constituent corporation or other entity (including any constituent of a
constituent) absorbed in a consolidation or merger which, if its separate existence had
continued, would have had power and authority to indemnify its directors, officers,
partners, trustees, managers, employees or agents, so that any person who is or was a
director, officer, partner, trustee, manager, employee or agent of such constituent
entity, or is or was serving at the request of such constituent entity as a director,
officer, partner, trustee, manager, employee or agent of another corporation, limited
liability company, partnership, joint venture, trust or other enterprise, shall stand
in the same position under this Agreement with respect to the resulting or surviving
entity as such person would have with respect to such constituent entity if its
separate existence had continued.
	 
	 	(e)	 	For purposes of this Agreement, the meaning of the phrase “to the fullest
extent permitted by law” shall include, but not be limited to:

	 	(i)	 	to the fullest extent authorized or permitted by any amendments
to or replacements of the OBCA adopted after the date of this Agreement that
increase the extent to which a corporation may indemnify or exculpate its
officers or directors; and
	 
	 	(ii)	 	to the fullest extent permitted by the provision of the OBCA
that authorizes or contemplates additional indemnification by agreement, or the
corresponding provision of any amendment to or replacement of the OBCA.

3. Limitation of Liability

     To the fullest extent permitted by law, the Officer shall have no monetary liability of any
kind or nature whatsoever in respect of the Officer’s errors or omissions (or alleged errors or
omissions) in serving the Corporation or any of its subsidiaries or affiliates, their respective
shareholders or any other enterprise at the request of the Corporation, so long as such errors or
omissions (or alleged errors or omissions), if any, are not shown by clear and convincing evidence
to have involved:

	 	(i)	 	any breach of the Officer’s duty of loyalty to such entities,
shareholders or enterprises;
	 
	 	(ii)	 	any act or omission not in good faith or which involved
intentional misconduct or a knowing violation of law;
	 
	 	(iii)	 	any transaction from which the Officer derived an improper
personal benefit;

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	 	(iv)	 	any unlawful distribution (including, without limitation,
dividends, stock repurchases and stock redemptions) as defined in the OBCA or,
as applicable, in the limited liability company act of the state where the
Company’s subsidiary is organized; or
	 
	 	(v)	 	profits made from the purchase and sale by the Officer of
securities of the Corporation within the meaning of Section 16(b) of the
Securities Exchange Act of 1934, as amended, or similar provision of any state
statutory law or common law.

	 	(b)	 	Without limiting the generality of subparagraph (a) above and to the fullest
extent permitted by law, the Officer shall have no personal liability to the
Corporation or any of its subsidiaries or affiliates, their respective shareholders or
any other person claiming derivatively through the Corporation, regardless of the
theory or principle under which such liability may be asserted, for:

	 	(i)	 	punitive, exemplary or consequential damages;
	 
	 	(ii)	 	treble or other damages computed based upon any multiple of
damages actually and directly proved to have been sustained;
	 
	 	(iii)	 	fees of attorneys, accountants, expert witnesses or
professional consultants; or
	 
	 	(iv)	 	civil fines or penalties of any kind or nature whatsoever.

4. Indemnity in Third Party Proceedings. 

     The Corporation shall indemnify the Officer in accordance with the provisions of this Section
4 if the Officer was or is a party to, or is threatened to be made a party to, any Proceeding
(other than a Proceeding by or in the right of the Corporation or one or more of its subsidiaries
or affiliates to procure a judgment in its favor), against all Expenses, judgments, fines and
amounts paid in settlement, actually and reasonably incurred by the Officer in connection with such
Proceeding if the Officer acted in good faith and in a manner the Officer reasonably believed was
in or not opposed to the best interests of the Corporation, and, with respect to any criminal
action or proceeding, the Officer, in addition, had no reasonable cause to believe that the
Officer’s conduct was unlawful. However, the Officer shall not be entitled to indemnification
under this Section 4 in connection with any Proceeding charging improper personal benefit to the
Officer in which the Officer is adjudged liable on the basis that personal benefit was improperly
received by the Officer unless and only to the extent that the court conducting such Proceeding, or
any other court of competent jurisdiction, determines upon application that, despite the
adjudication of liability, the Officer is fairly and reasonably entitled to indemnification in view
of all the relevant circumstances.

	5.	 	Indemnity in Proceedings by or in the Right of the Corporation. 

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     The Corporation shall indemnify the Officer in accordance with the provisions of this Section
5 if the Officer was or is a party to, or is threatened to be made a party to, any Proceeding by or
in the right of the Corporation or one or more of its subsidiaries or affiliates to procure a
judgment in its favor, against all Expenses actually and reasonably incurred by the Officer in
connection with the defense or settlement of such Proceeding if the Officer acted in good faith and
in a manner the Officer reasonably believed was in or not opposed to the best interests of the
Corporation. However, the Officer shall not be entitled to indemnification under this Section 5 in
connection with any Proceeding in which the Officer has been adjudged liable to the Corporation
unless and only to the extent that the court conducting such Proceeding, or any other court of
competent jurisdiction, determines upon application that, despite the adjudication of liability,
the Officer is fairly and reasonably entitled to indemnification in view of all the relevant
circumstances.

6. Indemnification of Expenses of Successful Party. 

     Notwithstanding any other provisions of this Agreement other than Section 8, to the extent
that the Officer has been successful, on the merits or otherwise, in defense of any Proceeding or
in defense of any claim, issue or matter therein, including the dismissal of an action without
prejudice, the Corporation shall indemnify the Officer against all Expenses actually and reasonably
incurred in connection therewith.

7. Additional Indemnification.

     Notwithstanding any limitation in Sections 4, 5 or 6, the Corporation shall indemnify the
Officer to the fullest extent permitted by law with respect to any Proceeding (including a
Proceeding by or in the right of the Corporation or one or more of its subsidiaries or affiliates
to procure a judgment in its favor), against all Expenses, judgments, fines and amounts paid in
settlement, actually and reasonably incurred by the Officer in connection with such Proceeding.

8. Exclusions.

     Notwithstanding any provision in this Agreement, the Corporation shall not be obligated under
this Agreement to make any indemnification in connection with any claim made against the Officer:

	 	(a)	 	for which payment is required to be made to or on behalf of the Officer under
any insurance policy, except with respect to any excess amount to which the Officer is
entitled under this Agreement beyond the amount of payment under such insurance policy;
	 
	 	(b)	 	if a court having jurisdiction in the matter finally determines that such
indemnification is not lawful under any applicable statute or public policy;
	 
	 	(c)	 	in connection with any Proceeding (or part of any Proceeding) initiated by the
Officer, or any Proceeding by the Officer against the Corporation or one or more of its
subsidiaries or affiliates or their respective directors, managers, officers,

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	 	 	 	employees or other persons entitled to be indemnified by the Corporation or such
entity, unless:

	 	(i)	 	the Corporation or such entity is expressly required by law to
make the indemnification;
	 
	 	(ii)	 	the Proceeding was authorized by the Board of Directors,
governing board or manager of the Corporation or such entity; or
	 
	 	(iii)	 	the Officer initiated the Proceeding pursuant to Section 12 of
this Agreement and the Officer is successful in whole or in part in such
Proceeding; or

	 	(d)	 	for an accounting of profits made from the purchase and sale by the Officer of
securities of the Corporation or such entity within the meaning of Section 16(b) of the
Securities Exchange Act of 1934, as amended, or similar provision of any state
statutory law or common law; or
	 
	 	(e)	 	in connection with any proceeding by an affiliate of the Corporation against
the Officer in respect of a breach of the provisions of the Officer’s employment
agreement with such affiliate.

9. Advances of Expenses. 

     The Corporation shall pay the Expenses incurred by the Officer in any Proceeding (other than a
Proceeding brought for an accounting of profits made from the purchase and sale by the Officer of
securities of the Corporation within the meaning of Section 16(b) of the Securities Exchange Act of
1934, as amended, or similar provision of any state statutory law or common law) in advance of the
final disposition of the Proceeding at the written request of the Officer, if the Officer:

	 	(a)	 	furnishes the Corporation a written affirmation of the Officer’s good faith
belief that the Officer is entitled to be indemnified under this Agreement; and
	 
	 	(b)	 	furnishes the Corporation a written undertaking to repay the advance to the
extent that it is ultimately determined that the Officer is not entitled to be
indemnified by the Corporation. Such undertaking shall be an unlimited general
obligation of the Officer but need not be secured.

     Advances pursuant to this Section 9 shall be made no later than 10 days after receipt by the
Corporation of the affirmation and undertaking described in Sections 9(a) and 9(b) above, and shall
be made without regard to the Officer’s ability to repay the amount advanced and without regard to
the Officer’s ultimate entitlement to indemnification under this Agreement. The Corporation may
establish a trust, escrow account or other secured funding source for the payment of advances made
and to be made pursuant to this Section 9 or of other liability incurred by the Officer in
connection with any Proceeding.

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10. Nonexclusivity and Continuity of Rights. 

     The indemnification, advancement of Expenses, and exculpation from liability provided by this
Agreement shall not be deemed exclusive of any other rights to which the Officer may be entitled
under any other agreement, any articles of incorporation, bylaws, or vote of shareholders or
directors, the OBCA, or otherwise, both as to action in the Officer’s official capacity and as to
action in another capacity while holding such office or occupying such position. The
indemnification under this Agreement shall continue as to the Officer even though the Officer may
have ceased to be an officer of the Corporation or a director, officer, partner, trustee, manager,
employee or agent of an enterprise related to the Corporation and shall inure to the benefit of the
heirs, executors, administrators and personal representatives of the Officer.

11. Procedure Upon Application for Indemnification. 

     Any indemnification under Sections 4, 5, 6 or 7 shall be made no later than 45 days after
receipt of the written request of the Officer, unless a determination that the Officer is not
entitled to indemnification under this Agreement is made within such 45 day period:

	 	(a)	 	by the Board of Directors by a majority vote of a quorum consisting of
directors who are not parties to the applicable Proceeding;
	 
	 	(b)	 	if a quorum cannot be obtained under paragraph (a) of this Section 11, then by
a majority vote of a committee of the Board of Directors that is (i) duly designated by
the Board of Directors, with the participation of directors who are parties to the
applicable Proceeding and (ii) consists solely of two or more directors not parties to
the applicable Proceeding;
	 
	 	(c)	 	by independent legal counsel in a written opinion, which counsel shall be
appointed (i) by a majority vote of the Board of Directors or its committee in the
manner prescribed by paragraph (a) or paragraph (b) of this Section 11, or (ii) if a
quorum of the Board of Directors cannot be obtained under paragraph (a) of this Section
11 or a committee cannot be designated under paragraph (b) of this Section 11, then by
a majority vote of the full Board of Directors, including directors who are parties to
the applicable Proceeding; or
	 
	 	(d)	 	by the shareholders of the Corporation.

12. Enforcement.

     The Officer may enforce any right to indemnification, advances or exculpation provided by this
Agreement in any court of competent jurisdiction in compliance with Section 23 if:

	 	(a)	 	the Corporation denies the claim for indemnification or advances, in whole or
in part; or

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	 	(b)	 	the Corporation does not dispose of such claim within the time period required
by this Agreement.

     It shall be a defense to any such enforcement action (other than an action brought to enforce
a claim for advancement of Expenses pursuant to, and in compliance with, Section 9 of this
Agreement) that the Officer is not entitled to indemnification under this Agreement. However,
except as provided in Section 13 of this Agreement, the Corporation shall not assert any defense to
an action brought to enforce a claim for advancement of Expenses pursuant to Section 9 of this
Agreement if the Officer has tendered to the Corporation the affirmation and undertaking required
thereunder. The burden of proving by clear and convincing evidence that indemnification is not
appropriate shall be on the Corporation. Neither the failure of the Corporation (including its
Board of Directors, a committee thereof, or independent legal counsel) to have made a determination
prior to the commencement of such action that indemnification or exculpation is proper in the
circumstances because the Officer has met the applicable standard of conduct nor an actual
determination by the Corporation (including its Board of Directors, a committee thereof, or
independent legal counsel) that indemnification or exculpation is improper because the Officer has
not met such applicable standard of conduct, shall be asserted as a defense to the action or create
a presumption that the Officer is not entitled to indemnification under this Agreement or
otherwise. The Officer’s expenses incurred in connection with successfully establishing the
Officer’s right to indemnification or advances, in whole or in part, in any Proceeding shall also
be paid or reimbursed by the Corporation.

     The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of
nolo contendere, or its equivalent, shall not, of itself, create a presumption that:

	 	i)	 	the Officer is not entitled to indemnification under Sections 4, 5 or 7 of this
Agreement because the Officer did not act in good faith and in a manner which the Officer
reasonably believed to be in or not opposed to the best interests of the Corporation, and,
with respect to any criminal action or proceeding, had reasonable cause to believe that
the Officer’s conduct was unlawful; or
	 
	 	ii)	 	the Officer is not entitled to exculpation under Section 3 of this Agreement..

13. Notification and Defense of Claim. 

     As a condition precedent to indemnification under this Agreement, not later than 30 days after
receipt by the Officer of notice of the commencement of any Proceeding the Officer shall, if a
claim in respect of the Proceeding is to be made against the Corporation under this Agreement,
notify the Corporation in writing of the commencement of the Proceeding. The failure to properly
notify the Corporation shall not relieve the Corporation from any liability which it may have to
the Officer otherwise than under this Agreement. With respect to any Proceeding as to which the
Officer so notifies the Corporation of the commencement:

	     (a)	 	The Corporation shall be entitled to participate in the Proceeding at its own
expense.

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	     (b)	 	Except as otherwise provided in this Section 13, the Corporation may, at its
option and jointly with any other indemnifying party similarly notified and electing to
assume such defense, assume the defense of the Proceeding, with legal counsel
reasonably satisfactory to the Officer. The Officer shall have the right to use
separate legal counsel in the Proceeding, but the Corporation shall not be liable to
the Officer under this Agreement, including Section 9 above, for the fees and expenses
of separate legal counsel incurred after notice from the Corporation of its assumption
of the defense, unless (i) the Officer reasonably concludes that there may be a
conflict of interest between the Corporation and the Officer in the conduct of the
defense of the Proceeding, or (ii) the Corporation does not use legal counsel to assume
the defense of such Proceeding. The Corporation shall not be entitled to assume the
defense of any Proceeding brought by or on behalf of the Corporation or as to which the
Officer has made the conclusion provided for in (i) above.
	 
	     (c)	 	If two or more persons who may be entitled to indemnification from the
Corporation, including the Officer, are parties to any Proceeding, the Corporation may
require the Officer to use the same legal counsel as the other parties. The Officer
shall have the right to use separate legal counsel in the Proceeding, but the
Corporation shall not be liable to the Officer under this Agreement, including Section
9 above, for the fees and expenses of separate legal counsel incurred after notice from
the Corporation of the requirement to use the same legal counsel as the other parties,
unless the Officer reasonably concludes that there may be a conflict of interest
between the Officer and any of the other parties required by the Corporation to be
represented by the same legal counsel.

	     (d)	 	The Corporation shall not be liable to indemnify the Officer under this
Agreement for any amounts paid in settlement of any Proceeding effected without its
written consent, which shall not be unreasonably withheld. The Officer shall permit
the Corporation to settle any Proceeding that the Corporation assumes the defense of,
except that the Corporation shall not settle any action or claim in any manner that
would impose any penalty or limitation on the Officer without the Officer’s written
consent.

14. Partial Indemnification. 

     If the Officer is entitled under any provision of this Agreement to indemnification by the
Corporation for some or a portion of the Expenses, judgments, fines or amounts paid in settlement,
actually and reasonably incurred by the Officer in connection with such Proceeding, but not,
however, for the total amount thereof, the Corporation shall nevertheless indemnify the Officer for
the portion of such Expenses, judgments, fines or amounts paid in settlement to which the Officer
is entitled.

	15.	 	Interpretation and Scope of Agreement. 

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     Nothing in this Agreement shall be interpreted to constitute a contract of service for any
particular period or pursuant to any particular terms or conditions. The Corporation retains the
right, in its discretion, to terminate the service relationship of the Officer, with or without
cause, or to alter the terms and conditions of the Officer’s service all without prejudice to any
rights of the Officer which may have accrued or vested prior to such action by the Corporation.

16. Severability.

     If this Agreement or any portion thereof shall be invalidated on any ground by any court of
competent jurisdiction, the remainder of this Agreement shall continue to be valid and the
Corporation shall nevertheless indemnify the Officer as to Expenses, judgments, fines and amounts
paid in settlement with respect to any Proceeding to the fullest extent permitted by any applicable
portion of this Agreement that shall not have been invalidated.

17. Subrogation.

     In the event of payment under this Agreement, the Corporation shall be subrogated to the
extent of such payment to all of the rights of recovery of the Officer. The Officer shall execute
all documents required and shall do all acts that may be necessary to secure such rights and to
enable the Corporation effectively to bring suit to enforce such rights.

18. Notices.

     All notices, requests, demands and other communications under this Agreement shall be in
writing and shall be deemed to have been duly given upon delivery by hand to the party to whom the
notice or other communication shall have been directed, or on the third business day after the date
on which it is mailed by United States mail with first-class postage prepaid, addressed as follows:

	 	(a)	 	If to the Officer, to the address indicated on the signature page of this
Agreement.
	 
	 	(b)	 	If to the Corporation, to
	 
	 	 	 	The Greenbrier Companies, Inc.

One Centerpointe Drive, Suite 200

Lake Oswego, Oregon 97035 USA

Attention: President
	 
	 	 	 	With a copy to:
	 
	 	 	 	General Counsel

The Greenbrier Companies, Inc.

One Centerpointe Drive, Suite 200

Lake Oswego, Oregon 97035 USA

or to any other address as either party may designate to the other in writing.

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19. Counterparts.

     This Agreement may be executed in any number of counterparts, each of which shall constitute
the original.

20. Applicable Law. 

     This Agreement shall be governed by and construed in accordance with the internal laws of the
state of Oregon without regard to the principles of conflict of laws.

21. Successors and Assigns. 

     This Agreement shall be binding upon the Corporation and its successors and assigns.

22. Attorney Fees.

     If any suit, action (including, without limitation, any bankruptcy proceeding) or arbitration
is instituted to enforce or interpret any provision of this Agreement, the prevailing party shall
be entitled to recover from the party not prevailing, in addition to other relief that may be
provided by law, an amount determined reasonable as attorney fees at trial and on any appeal of
such suit or action.

23. Jurisdiction and Venue.

     Each party hereto expressly and irrevocably consents and submits to the jurisdiction and venue
of any state or federal court sitting in Multnomah County, Oregon, in any action or proceeding
arising out of or relating to this Agreement and agrees that all claims in respect of the action or
proceeding may be heard and determined in such court and to the appellate courts in connection with
any appeal. The parties expressly waive all defenses of lack of personal jurisdiction, improper
venue and forum non-conveniens with respect to such federal and state courts sitting within
Multnomah County, Oregon. The parties expressly consent to (i) service of process being effected
upon them by certified mail sent to the addresses set forth in this Agreement and (ii) any final
judgment rendered against a party in any action or proceeding being enforceable in other
jurisdictions in any manner provided by law.

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     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date
first written above.

	 	 	 	 	 	 	 	 	 
	CORPORATION:

THE GREENBRIER COMPANIES, INC.	 	 	 	

OFFICER:	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

12exv10w21

Exhibit 10.21

CODE OF BUSINESS CONDUCT AND ETHICS

     The Greenbrier Companies intend to observe the highest ethical standards in all their business
dealings. Ethical conduct is the basis of our relationships with customers, suppliers, regulators
and governmental agencies, and with one another. A sound ethical foundation helps to build a work
environment which fosters self-respect, loyalty and dedication, and is free from discrimination.

     Each Greenbrier officer, director, employee and consultant is expected to assist the Companies
in achieving a high ethical standard. We will endeavor to play an important citizenship role in
the communities in which we operate.

     Greenbrier will conduct its relations with customers, suppliers, employees, stockholders and
the press with honesty and integrity. In dealings with the public, we will be responsive and
responsible, and open and timely in our communications.

     We prosper when we serve our customers well. Each organization and individual we do business
with is entitled to expect a quality performance. Products and services offered by The Greenbrier
Companies will be of the highest quality and as represented. Advertising and promotion will be
truthful, not exaggerated or misleading.

     Greenbrier will honor its agreements. No bribes, bonuses, kickbacks, lavish entertainment, or
gifts will be given or received in exchange for special position, price or privilege.

     Employees will maintain the confidentiality of sensitive or proprietary information and will
not use such information for their personal benefit. Property of the Companies will be respected.

     Laws and regulations affecting the Companies will be obeyed. Illegal behavior will not be
condoned or tolerated. Compliance with the law means not only observing laws, but conducting our
business so that we will deserve and receive recognition as a law-abiding organization. We strive
to avoid even the appearance of impropriety or unethical behavior.

     None of us should assume that Greenbrier’s interest ever requires conduct which is not in
compliance with the law. No one in Greenbrier has authority to give any order or direction that
would result in a violation of this Code.

CODE OF BUSINESS CONDUCT AND ETHICS — PAGE 1

 

 

Honesty in Dealings with Customers, Suppliers and Each Other

     The cornerstone of Greenbrier’s business conduct is honesty in all our dealings—honesty with
our customers and suppliers, honesty with competitors and government agencies and honesty with each
other within The Greenbrier Companies.

     Marketing. Greenbrier products and services will be marketed on their merits. Use of
deceptive or misleading statements, or attempts to induce individuals to place their personal
interests above those of the organizations which they represent, is a violation of our policy.

     We will not promise more than we believe we can deliver. We will always seek the best result
for our customer. In discussing our competition, we will emphasize our own strengths and will not
disparage the business of competitors.

     Accurate Records. Greenbrier and its subsidiaries are required to keep accurate books,
records and accounts to fairly reflect the Companies’ transactions and to maintain an effective
system of internal accounting controls. Each employee is responsible to ensure that the Company’s
books and records are complete, accurate and supported by appropriate documents in auditable form.
No false or misleading entries and no undisclosed or unrecorded funds or assets will be permitted
for any reason. No payment will be made for purposes other than those described in the documents
supporting the payment. Company funds may not be deposited in any personal or non-corporate
account. Expense account and reimbursement records, invoices and (where applicable) time cards and
records should be accurate and timely and honestly reflect actual transactions.

Avoiding Conflicts of Interest

     The term “conflict of interest” describes any circumstance that casts doubt on one’s ability
to act with objectivity in Greenbrier’s interests. In identifying conflicts of interest
perceptions can be as important as facts. Potential conflicts of interest which can result in a
negative perception of our representative or Greenbrier should be avoided whenever possible.

     Remember, a conflict of interest can arise unexpectedly or accidentally, without any action or
improper motive on your part. Each situation is different, and in evaluating yours, you will need
to use good judgment. Under no circumstances should you advance your own interests or activities
outside the Company at the expense of Greenbrier’s interest.

     Conflicts of interest arise in many circumstances. The principles set forth in this Code are
intended to aid us all in using good judgment when such circumstances arise. However, some
situations are not black and white and may well involve legitimate business activity. In such
cases, the following policies reflect Greenbrier’s attempt to balance competing interests and
establish objective standards of behavior to assist in recognizing and avoiding conflicts of
interest:

CODE OF BUSINESS CONDUCT AND ETHICS — PAGE 2

 

 

	 	•	 	     Neither we nor any members of our families should have a material financial interest
in a supplier, competitor, customer, distributor or any other organization which transacts
business with Greenbrier unless the interest is disclosed to the Greenbrier Board of
Directors. In addition, any financial interest would be improper if the combination of
one’s job responsibility, the magnitude of one’s investment, and the particular business in
which one has invested is such that it is likely to be perceived by other people (rightly or
wrongly) as influencing one’s actions as an employee of Greenbrier. Minority investments in
publicly held companies are not precluded by this policy.
	 
	 	•	 	     Unless an exception is established by Greenbrier, we should not represent a supplier
to any Greenbrier company, be part of a supplier’s operating management, or be a supplier to
a Greenbrier company in one’s own right.
	 
	 	•	 	Because they arise so frequently, gifts, business courtesies and entertainment are
treated separately in this Code. These areas are among the most common potential conflicts
of interest which many of us encounter in our work.

     Any conflict of interest should be reported to your supervisor.

Gifts, Business Courtesies and Entertaining

     Gifts between employees of different businesses range from widely distributed advertising
novelties (which may be given and received), to bribes (which, of course, may not be given or
received). Greenbrier representatives may pay for and accept customary business amenities such as
meals, provided the expenses involved are kept at a reasonable level. In countries where local
custom calls for giving gifts on special occasions to customers and others, gifts that are lawful,
appropriate in nature and nominal in value may be given or exchanged.

     In the case of gifts, services and entertainment, there is a point of unacceptability. It is
often difficult to determine where that point is. One way to approach this question is to
recognize that the purpose of both gifts and entertainment in business is to create goodwill. It
is inappropriate if the purpose of giving gifts or providing entertainment is to unduly influence
the recipient or to secure preferential treatment. Another approach is to consider whether the
public disclosure would be embarrassing to you or to Greenbrier.

     We should not give money or any gift to an executive, official or employee of any supplier,
customer, government agency or other organization if it could be construed as improperly
influencing the business relationship with Greenbrier. When dealing with government officials and
employees, what is acceptable in the business world may not be permitted. In fact, such dealings
may be unlawful. Greenbrier representatives should not make or offer any gift, loan, favor or
service which could be viewed as an attempt to influence or bias the independent judgment of any
government employee or official.

     Neither Greenbrier employees nor their families may accept money, non-customary gifts, or
services of value, from any supplier as a result of the supplier’s business interests with our
Companies. If we, or any family member, are offered money or a substantial gift, or if one
arrives at our home or office, a supervisor should be informed. Appropriate arrangements will be
made to return or dispose of the gift. We may accept a gift from a customer if it is of nominal

CODE OF BUSINESS CONDUCT AND ETHICS — PAGE 3

 

 

value and is of a kind customarily offered to others having a similar relationship with the
customer.

     Promotional premiums and discounts (including frequent flyer awards) offered by transportation
companies, hotels, auto rental agencies and restaurants may be accepted when they are offered to
travelers generally, unless Greenbrier has specified to the contrary. However, employees should
not make travel arrangements which result in higher costs to Greenbrier than other available
arrangements in order to receive travel awards. Since the nature of these offerings changes
regularly, it is wise to consult with your supervisor if you have doubts.

Corporate Opportunities

     No employee, officer or director of Greenbrier can take for himself or herself personally
opportunities that were discovered through the use of Greenbrier’s property, information or the
person’s position with Greenbrier. Employees, officers and directors cannot compete with the
Companies or use their property, information or position with the Companies for personal gain.
Greenbrier’s legitimate interests must be considered when the opportunity to do so arises.

Greenbrier Property, Facilities and Confidential Information

     Greenbrier has a wide variety of assets. These assets range from physical assets, such as
tools and equipment, to intangible properties like trade secrets, designs and inventions. Our time
during work hours is also a valuable Company asset. Greenbrier needs all of these properties to
conduct its business for the benefit of its stockholders and employees. Protecting these assets
against loss, theft, and misuse is essential.

     Every Greenbrier employee is responsible for protecting property entrusted to him or her and
for helping to protect the Companies’ assets in general. Greenbrier assets, equipment and supplies
must be used only for conducting Company business or for other purposes authorized by management
and should not be used for personal gain or other unauthorized purposes.

     Information systems, electronic and other communications facilities and databases are used
extensively in Greenbrier’s business. These facilities must be used only for authorized Company
purposes. Each computer software installation must be accomplished with legally obtained software
and comply fully with applicable licensing agreements. Appropriate documentation supporting the
legality of each software installation should be maintained.

     Confidential Information. Greenbrier’s confidential and proprietary information includes
(among other items) business, financial and marketing plans, personnel information, inventions,
research, and confidential information entrusted to the Company by vendors, customers and others.
Confidential information must be used only by authorized persons and only in accordance with
Greenbrier policies and procedures.

     Inadvertent disclosure of confidential information, even by loyal employees, can harm the
Companies’ business. Information about products, prices, earnings, business volumes or capital
requirements which has not previously been made public by Greenbrier is not to be

CODE OF BUSINESS CONDUCT AND ETHICS — PAGE 4

 

 

discussed with
anyone outside the Company. Discussions with people outside the Companies about confidential
performance data, potential acquisitions, plans, dispositions and marketing strategies, as well as
other confidential information, should be conducted only by authorized officers and employees and
should be limited to business transactions requiring disclosure of such information.

     Questions from outsiders as to confidential subjects should be referred to the appropriate
person in The Greenbrier Companies. Questions from securities analysts or investors, for example,
should be referred to Greenbrier’s investor relations staff. Direct news media inquiries should be
referred to the communications director, unless the employee has been authorized by Greenbrier to
comment about the Companies or their business.

     Use of non-public Company information that could affect Greenbrier’s stock price is strictly
prohibited both by the Company and by federal and state law. We must all take care to handle such
information responsibly. Naturally, “insider trading” of Greenbrier stock is prohibited.
Similarly prohibited is trading in the stock of any other company such as a potential acquisition
target or any other company about which we obtain material non-public information through
Greenbrier. Greenbrier has adopted a specific policy dealing with insider information and
securities trading. Questions concerning these matters should be addressed to your supervisor or
our investor relations staff.

International Transactions

     Even though the laws and business practices of foreign nations may differ from those in effect
in the United States, the applicability of both foreign and U.S. laws to the Companies’ operations
will be strictly observed.

     As Greenbrier expands its international presence, it is essential that we pay particular
attention to rules applicable to international activities of American companies. The United States
Foreign Corrupt Practices Act (“FCPA”) governs activities of American companies dealing abroad. In
general, the FCPA prohibits offering anything of value to foreign officials for the purpose of
improperly influencing an official decision. It also prohibits unlawful political contributions to
obtain or retain business. And FCPA prohibits the use of false records or accounts in the conduct
of foreign business. It is important to remember that FCPA prohibits such activities even though
they may be employed by our competitors or be commonplace in the countries in which we have
dealings. Violation of the FCPA can result in criminal prosecution and in civil suits and
penalties. In some cases, individuals may be barred from serving as an officer or director of a
public company. Greenbrier officers and employees engaged in international business must be aware
of the FCPA and help to ensure compliance in all Greenbrier activities.

     Officers and employees who have questions concerning the legality of international activities
should contact the office of our General Counsel.

CODE OF BUSINESS CONDUCT AND ETHICS — PAGE 5

 

 

Community Service and Political Activity

     Participation is Encouraged. Greenbrier encourages its employees to be active participants in
the community. Employees of Greenbrier participate in a wide variety of civic, charitable and
political activities. However, these activities should be kept separate from our work.

     Public and Governmental Relations. Greenbrier employs governmental relations and public
policy personnel who are assigned the responsibility of fulfilling the Companies’ corporate public
affairs responsibility, communicating with public bodies and officials concerning the Companies’
position on public policy questions, and maintaining the goodwill and understanding of public
officials. Communications of Greenbrier’s position to public officials or bodies by Greenbrier
personnel must be coordinated with our designated governmental relations and public policy
personnel.

     Political Contributions. Corporate contributions, direct or indirect, and of whatever amount
or type, to any political candidate or party, or to any other organization that might use the
contributions for a political candidate or party are illegal for all federal elections and for
state and local elections in some states. No permissible corporate contributions may be made for
political purposes without review by an authorized officer of Greenbrier. The Companies will not
reimburse employees for any personal contributions made in support of a political party, candidate
or committee, nor will it compensate employees for time devoted to political activity.

     The prohibition on corporate political contributions applies to both direct and indirect
support of candidates or political parties. For example, Greenbrier is normally prohibited from
purchasing tickets for special dinners or other fund raising events, loaning employees to political
parties or committees, or furnishing transportation or duplicating facilities or services. Any
Company political activity must be strictly limited, with the prior approval of the C.E.O., to
matters which are clearly lawful and closely related to the interests of the Company, its employees
and stockholders.

     The Company may periodically solicit contributions to political action committees, or
recommend support of particular candidates. However, employees are not required to make personal
political contributions on the Company’s behalf or to engage in political activities inconsistent
with personal inclinations as a condition of employment or advancement.

     Political Beliefs and Activities. Each employee’s political beliefs and activities are a
matter of personal conscience, provided they are conducted in such a way as not to bring discredit
to The Greenbrier Companies. Employees should conduct themselves so as to make clear that any
political views they may express are their own and not those of Greenbrier.

     Greenbrier may from time to time provide factual information to its employees and stockholders
concerning the impact on the Company of specific issues, legislation, and other governmental,
political and public matters.

CODE OF BUSINESS CONDUCT AND ETHICS — PAGE 6

 

 

     Holding Public Office. Employees may hold public office if the effective performance of the
employee in his or her job with Greenbrier is not affected. A leave-of-absence to hold public
office may be granted if approved by the C.E.O.

Antitrust Laws and Policies

     Greenbrier operates in a highly competitive environment. We intend to compete aggressively
and fairly. Greenbrier will adhere to both the letter and the spirit of the United States
antitrust laws. As Greenbrier expands its activities internationally, we must be sure that we also
comply with laws governing competition in our host countries.

     In contacts with our competitors, we do not discuss pricing policy or other matters which
might violate the antitrust laws. Discretion should be used in discussing matters such as contract
terms and conditions, costs, inventories, market surveys or studies or production schedules. These
matters are typically confidential to the Company. Disclosure may also conflict with antitrust
laws. Collaboration or discussion with competitors on these subjects can be illegal.

     Whenever practical, vendors and contractors should be selected on the basis of competitive
bidding.

Discrimination and Harassment

     Greenbrier is firmly committed to the principles of equality of opportunity as it relates to
employment and human resources. Greenbrier will offer employment, training, compensation and
advancement on the basis of qualification and merit, regardless of race, religion, sex, national
origin, age or veteran status. Greenbrier will extend the same considerations to qualified
disabled persons, consistent with the individual’s abilities to perform job duties safely and
efficiently.

     Business relationships with competitors, suppliers and customers of Greenbrier must be
conducted in such a manner as to avoid discrimination based on race, religion, sex, sexual
orientation, national origin, age, veteran status or disability. Harassment of any nature (i.e.,
harassment in regard to race, color, religion, national origin, disability, sexual orientation, or
sex) is specifically prohibited by a separate policy on harassment.

     Adherence to this policy of non-discrimination is the responsibility of all Greenbrier
Companies and employees and may require special affirmative action by all levels of executive,
managerial and supervisory personnel.

Safety and the Environment

     Safe operation of all Greenbrier activities is a must. We all have a responsibility to ensure
that operations of The Greenbrier Companies are conducted safely. Employees are expected to observe
established safety rules and practices and to follow instructions regarding safe and efficient
performance of their work. Employees are encouraged to bring to the attention of supervisors or
management any unsafe work practice, activity or condition.

CODE OF BUSINESS CONDUCT AND ETHICS — PAGE 7

 

 

     Greenbrier is committed to operating its facilities in an environmentally sensitive and
responsible manner. Detailed policies dealing with environmental practices have been adopted and
will be continuously followed and enforced.

Substance Abuse

     Greenbrier’s policy on substance abuse has been established to help maintain a safe and
productive work environment.

     Use of alcoholic beverages during business hours, including lunches and break periods is
discouraged. Possession or use of alcoholic beverages on Greenbrier premises, except for
authorized functions, is prohibited. Possession, use, purchase, or sale of illegal drugs in a
Greenbrier facility is strictly prohibited.

     Reporting for work, or performing one’s job assignments, under the influence of alcohol or
illegal substances is cause for immediate disciplinary action.

     Greenbrier will take reasonable steps to minimize intrusion into personal privacy in enforcing
this policy. While opportunities for treatment and education will be important aspects of our
substance abuse program, employees who violate this policy will be subject to appropriate
disciplinary action, which may include termination of employment.

Administration, Compliance and Reporting

     Administration. This Code of Conduct has been adopted by the Board of Directors of The
Greenbrier Companies, Inc. and applies to Greenbrier and all of its subsidiaries. All officers and
supervisory employees of the Companies are charged with regular administration and enforcement of
the policies and practices set forth in this Code. Final authority for administration of this Code
rests with the Chief Executive Officer of The Greenbrier Companies and the Board of Directors. Any
waiver of this Code for executive officers or directors may be made only by the Board of Directors
or the Audit Committee and must be promptly disclosed to stockholders.

     Reporting. Greenbrier has established a reporting system which allows officers, employees and
other agents of the Companies to report violations of any of the policies set forth in this Code,
or of other Greenbrier policies. Upon observing or learning of any such violation, employees may
report the same to their supervisors or by writing a letter, describing the
suspected violation with as much detail as possible and directing the letter to the President
of the Parent Company. Employees may, but are not required to, sign such letters. Anonymous
letters will be investigated and acted upon in the same manner as those bearing a signature. All
letters should be in as much detail as possible to permit Greenbrier to conduct an appropriate
investigation.

     Letters and other reports of suspected violations will be kept in confidence and acted upon
only by designated objective Greenbrier personnel unless disclosure is required or deemed

CODE OF BUSINESS CONDUCT AND ETHICS — PAGE 8

 

 

advisable
in connection with any governmental investigation or report, in the interest of The Greenbrier
Companies, or in the Companies’ legal handling of the matter. Greenbrier will not condone any form
of retribution upon any employee who uses the reporting system in good faith to report suspected
wrongdoers, unless the individual reporting is one of the violators. The Companies will not
tolerate any harassment or intimidation of any employee using the reporting system.

     For those persons who desire to make anonymous reporting complaints, the Company has retained
an independent company, EthicsPoint, Inc., to establish a secure, confidential and anonymous
reporting mechanism. EthicsPoint’s role is to facilitate secure reporting and record-keeping
through its website and telephone hotline. EthicsPoint will not investigate or evaluate reports of
Code violations.

     Any officer, director, employee or consultant of the Company or any subsidiary may submit a
Reporting Complaint on a confidential or anonymous basis to EthicsPoint. If the reporting person
desires anonymity, they should not access the EthicsPoint website from the Greenbrier computer
network, but rather should use a personal computer or outside internet portal, or telephone the
Ethics Point telephone hotline from outside the Company:

	 	 	 	 	 
	 	EthicsPoint website:
	 	www.ethicspoint.com	 
	 
	 	Toll-free telephone hotline:
	 	1 (866) 295-2647	 
	 	 
	 	For international calls, see attached listing	 

     EthicsPoint will provide copies or transcripts of reports of Code violations to the Chief
Financial Officer. Reports of Code violations which are submitted anonymously will remain
anonymous. Anonymous reports of Code violations will be treated in the same manner as those
bearing a signature. If requested by the reporting person, EthicsPoint will provide a process for
handling follow-up questions directly with the reporting person to ensure confidentiality.

     Compliance. It is a condition of employment that each employee accept the responsibility for
understanding and complying with the policies set forth in this Code. Greenbrier will require each
employee, as well as each officer and director of the Companies to comply with the policies set
forth in this Code. Greenbrier reserves the right to request any employee to complete and submit a
statement in a form designated by Greenbrier pertaining to such employee’s compliance at any time
or as frequently as Greenbrier may deem advisable.

     Any employee who violates any of the policies set forth in this Code is subject to
disciplinary action including but not limited to suspension or termination of employment and such
other action, including legal action, as Greenbrier believes to be appropriate under the
circumstances.

Adopted by the Board of Directors on November 10, 1998.

Readopted by the Board of Directors on November 11, 2003.

Amended by the Board of Directors on January 8, 2008.

CODE OF BUSINESS CONDUCT AND ETHICS — PAGE 9

 

 

The Greenbrier Companies

International Toll-free Dialing Instructions

Domestic Calls (U.S. and Canada):

         1.   Dial 1 (866) 295-2647

International Calls:

	 	1.	 	To call EthicsPoint from: [Country]
	 
	 	2.	 	From an outside line dial [AT&T Access Code — See table below]
	 
	 	3.	 	At the prompt, dial 866-295-2647. This is a toll-free number. There is no need to
dial a “1” before this number.
	 
	 	4.	 	If the telephone number listed above is not functioning, please make your report online
through the EthicsPoint web site (www.ethicspoint.com). Please indicate in the report that
the telephone number did not work.

	 	 	 
	Country	 	AT&T Access Code
	Canada
	 	See Domestic instructions above
	Germany
	 	0-800-2255-288
	Mexico
	 	01-800-288-2872
	Mexico (alternative)
	 	001-800-462-4240
	Mexico (Por Cobrar Spanish)
	 	01-800-112-2020
	Poland
	 	0-0-800-111-1111
	United States
	 	See Domestic instructions above

CODE OF BUSINESS CONDUCT AND ETHICS — PAGE 10

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