Document:

exv10w14

Exhibit 10.14

GREENBRIER LEASING COMPANY LLC

MANAGER OWNED TARGET BENEFIT PLAN

2007 Restatement

 

 

GREENBRIER LEASING COMPANY LLC

MANAGER OWNED TARGET BENEFIT PLAN

2007 Restatement

The Company:

GREENBRIER LEASING COMPANY LLC

An Oregon limited liability company

One Centerpointe Drive, Suite 200

Lake Oswego, OR 97035

          The Company originally adopted this Plan effective January 1, 1996 to provide retirement
benefits for certain of its managers and, potentially, those of Company affiliates that adopt the
Plan with the approval of the Company, and previously restated the Plan as of January 1, 2005. The
Plan is hereby amended and restated as of January 1, 2007 in order to give the Company flexibility
with respect to the methodology used to allocate contributions among Plan participants in order to
more effectively achieve the goals of the Plan. The benefits provided by the Plan are in addition
to those provided by Social Security and by any tax-qualified retirement plan maintained by the
Company and/or its affiliates.

1. Purpose; Employers; Plan Year

     1.1 Purpose — The purpose of this Plan is to provide eligible managers of the Company and its
affiliates with additional retirement benefits in order to help retain and attract top-quality
managers.

     1.2 Employers — This Plan shall apply to the Company and to corporations or other entities
that are affiliates of the Company and that adopt the Plan for their employees with the approval of
the Board of Directors of the Company.

          (a) For this purpose, an affiliate means an employer that is a member, with the Company, of a
controlled group, a group of trades or businesses under common control or an affiliated service
group under sections 414(b), (c) or (m) of the Internal Revenue Code of 1986, as amended (the
Code).

          (b) An affiliate may adopt the Plan by a statement in writing signed by the affiliate and by
an authorized officer of the Company upon approval of the Board of Directors of the Company. The
statement shall include the effective date of adoption and any special provisions applicable to
employees of the adopting affiliate.

          (c) Once the Company has approved an affiliate’s adoption of the Plan as provided in (b)
above, such approval may not be revoked as long as the affiliate continues to meet the definition
of affiliate in (a) above.

1

 

          (d) The term “Employer” refers collectively to the Company and adopting affiliates.

     1.3 Plan Year — The Plan Year shall be the calendar year.

2. Eligibility; Participation; Voting

     2.1 Eligibility — The employees listed in Appendix A below are the eligible employees as of
the effective date of this amended and restated Plan. Additional employees subsequently designated
in writing by the Board of Directors of the Company upon consultation with the Compensation
Committee of the Board of Directors of The Greenbrier Companies, Inc. (the Parent) shall become
eligible.

     2.2 Participation —  Any additional eligible employees shall begin participating on the date
specified in their designation of eligibility. If no date is specified in the designation of
eligibility, if the designation is made on January 1, participation shall begin that day; if the
designation is made any other day, participation shall begin on the January 1 next after the date
of the designation. Each eligible employee who has begun participating shall be known as a
participant.

     2.3 Termination of Participation — Once an employee has become a participant, the designation
of eligibility to participate under Section 2.1 above may not be revoked, and participation shall
continue until the participant’s termination of employment with the Company and any affiliate for
any reason, subject to Sections 3.3 and 5.6 below.

     2.4 Vesting — Participants’ benefits under the Plan shall be fully vested and nonforfeitable
at all times.

3. Contributions and Allocations

     3.1 Contributions — By the January 31 following each Plan Year, or as soon as reasonably
practicable thereafter, the Board of Directors shall determine the amount of the Company’s annual
contribution to the Plan in respect of the preceding Plan Year, in its sole discretion. Once
determined, the amount of contributions for a year shall not be changed because of any later
adjustment of accounts.

     3.2 Time of Employer Contributions — Subject to Section 5.6 below, by the January 31 following
each Plan Year, or as soon as reasonably practicable thereafter, Employer shall contribute to one
or more insurers selected by the Administrator (the Insurers) for the Plan Year an amount
determined under Section 3.1 above.

     3.3 Target Benefit Amount – The Plan is designed to provide a retirement benefit to
participants in an amount (the Target Benefit Amount) equal to 50% of a participant’s Final Base
Salary payable in monthly installments over 180 months beginning on a participant’s Normal
Retirement Date, but no amount or level of benefits under the Plan is assured or guaranteed, and no
provision of the Plan is intended, or shall be construed, to create any entitlement to a specific
amount or level of benefits or to impose any obligation on the Company to make contributions of any
specified amount or level whatsoever. For purposes of this Plan, a participant’s “Final Base

2

 

Salary” shall mean the base salary paid to the participant in the calendar year preceding the
year during which the participant attained age 65, and a participant’s “Normal Retirement Date”
shall mean the date of the participant’s 65th birthday.

     3.4 Allocation of Contributions – Each annual contribution under Section 3.1 above shall be
allocated among eligible participants as follows:

          (a) Eligible participants are all participants except those (i) who reached age 65 any time
prior to or during the Plan Year in respect of which the contribution is made, or (ii) whose
employment with the Company and affiliates terminated during the Plan Year before the participant’s
Normal Retirement Date, or (iii) for whom the amount of the Normal Retirement Benefit under the
Plan is projected to equal or exceed the Target Benefit Amount based upon the Contracts (as defined
in Section 4.1) previously purchased on behalf of such participant under the Plan. The foregoing
notwithstanding, the Board of Directors may designate a participant as eligible to continue
participation, notwithstanding that such participant reached age 65 before the start of the Plan
Year.

          (b) Each year the Administrator shall allocate each annual contribution among eligible
participants in such amounts as the Administrator determines, in its sole discretion and using such
actuarial methodology or methodologies as the Administrator deems appropriate, with the goal of
providing each participant a Normal Retirement Benefit of the Target Benefit Amount. No provision
of the Plan is intended or shall be construed to give any participant a right to receive an
allocation of an annual contribution of any specific amount or percentage.

     3.5 Tax Payment — In addition, Employer shall make a cash payment to each participant or make
remittance to the appropriate taxing authorities to cover the participant’s estimated tax liability
resulting from contributions made during the year pursuant to the Plan, including without
limitation any contribution made pursuant to Sections 5.6 and 5.7 and the tax payment arising from
all tax payments made under this Section 3.5, determined assuming a 50% combined federal, state and
local tax rate. The payment or remittance shall be made at the time the contribution for the
participant is made and may be retained, in whole or in part, by the Employer in satisfaction of
its obligations to make withholdings in respect of payments to participant hereunder.

4. Annuity Purchase

     4.1 Payment to Insurers — Employer contributions under Section 3 shall be promptly transmitted
to the Insurers for purchase of individual annuity contracts (the Contracts), which will be owned
by each participant. The Insurers shall hold and invest the contributions under the terms of the
Contracts.

     4.2 Insurer Duties — The Insurers’ duties shall be as set forth in the Contracts. To the
extent not inconsistent with the Contracts, the Insurers shall have the following duties:

          (a) To notify the Administrator at least annually, at the end of the Plan Year, and when
reasonably requested by the Administrator, of the amount held under each Contract.

3

 

          (b) To make distributions pursuant to this Plan and to report and disclose, as required by
law, the taxable amount of each distribution.

5. Payment of Benefits

     5.1 If a participant has not previously terminated employment with the Company and affiliates,
payment of the amount held under the participant’s Contract(s) shall be made as follows:

          (a) Normal Retirement Benefit – Unless a participant elects an alternative payment option
under Section 5.1(b), payment of the amount held under the participant’s Contract(s) shall be made
in substantially equal monthly installments beginning on the participant’s Normal Retirement Date
and continuing for 180 months. Payment shall be made whether or not the participant remains
employed with an Employer after Normal Retirement Date.

          (b) A participant may elect an alternative payment option, provided such election is made
prior to the participant’s retirement. Any alternative payment option will provide benefits that
are actuarially equivalent to the Normal Retirement Benefit payment option, as determined by the
Insurer.

     5.2 Termination Benefit — Subject to Section 5.6 below, if a participant’s employment with the
Company and affiliates terminates for any reason, including death or disability, other than Normal
Retirement, payment of the amount held under the participant’s Contract shall be made in
substantially equal monthly installments beginning on the participant’s Normal Retirement Date and
continuing for 180 months, unless the Contract permits earlier payment to or on behalf of the
participant.

     5.3 Effect of Death — If a participant dies either before or after the benefit starting date
but before payment is completed, the amount held under the participant’s Contract shall be paid to
the participant’s beneficiary either in a single sum within 30 days after the Administrator
receives satisfactory evidence of the participant’s death or in 180 substantially equal monthly
installments beginning on the date that would have been the participant’s Normal Retirement Date,
as provided in the Contract.

     5.4 Designation of Beneficiary — Each participant shall designate beneficiaries in writing to
the Administrator. If no beneficiary has been named, or no named beneficiary is living at the
participant’s death, payment shall be made in the following order of preference:

          (a) To the participant’s surviving spouse.

          (b) To the participant’s surviving children, in equal shares.

          (c) To the participant’s estate.

     5.5 Facility of Payment — The Administrator may decide that because of the mental or physical
condition of a person entitled to payments, or because of other relevant factors, it is in the
person’s best interest to make payments to others for the benefit of the person entitled to

4

 

payment. In that event, the Administrator may in its discretion direct that payment be made
in one or more of the following ways:

          (a) To the participant or beneficiary.

          (b) To a spouse or parent or to a child of legal age.

          (c) To one having actual custody of the person.

          (d) To a legal guardian.

          (e) To one furnishing maintenance, support or hospitalization.

     5.6 Change of Control — In the event of a change of control, Employer shall, within 30 days
after the change of control and without regard to Section 3.2 above, contribute to the Insurers the
amount determined under Section 5.7 below. Distribution to participants shall be made pursuant to
Section 5.2 above. For purposes of this Plan, a “change in control” shall consist of any of the
following:

          (a) Any person or group, as defined in Sections 13(d) and 14(d)(2) of the Securities Exchange
Act as amended (the Act), becoming the beneficial owner, as defined in Rule 13-d under the Act, of
more than 20% of the then-outstanding stock of the Company or the Parent if such person or group
was not such an owner as of January 1, 1996.

          (b) Individuals who, at the beginning of any 24-month period, constitute the Board of
Directors of the Parent ceasing for any reason to constitute a majority of such Board.

          (c) During any 24-month period, the sale, transfer or similar transaction involving a majority
of the assets of the Company or the Parent.

     5.7 Contribution Due Upon Change of Control — Upon a change of control under Section 5.6
above, Employer shall contribute the following amount:

          (a) The contribution for each affected participant under (b) below shall be the discounted
present value of the projected annual allocations to the participant for the Plan Year in which the
change of control occurs and all future Pay Years until the participant’s Normal Retirement Date.
Future annual allocations are assumed to equal the participant’s average allocation under Section
3.3 above for the prior three Plan Years of participation (or all Plan Years of participation, if
less than three). A full year’s allocation shall be credited for both the year of change of
control and the year in which the participant’s Normal Retirement Date occurs. The interest rate
used in determining present value shall be the interest rate applicable to the Employer’s principal
bank borrowings as of the effective date of the change of control or, if no such rate is readily
determinable, ten percent per year.

          (b) The following participants shall benefit from a change of control under Section 5.6 above:

5

 

     (1) Each participant who is employed by the Company or an affiliate at the date
of the change of control.

     (2) Each former participant whose employment was terminated by the Company or
an affiliate without cause under Section 5.8 below less than 24 months before the
date of the change of control.

     (3) Each participant and former participant for whom contributions ceased or
were reduced due to amendment or termination of the Plan under Section 8.1 below
less than 24 months before the date of the change of control.

     5.8 Cause for Termination — For purposes of Section 5.7(b)(2) above, “cause” means either of
the following:

          (a) Misconduct by the participant that both is clearly inconsistent with the participant’s
position or responsibilities and has had or can reasonably be expected to have a material adverse
effect on the participant’s effectiveness or an Employer’s interests.

          (b) Persistent failure or refusal by the participant to perform with reasonable competence and
in good faith duties assigned by the Employer that are commensurate with the participant’s position
or another position designated by Employer for which the participant is comparably qualified.

6. Administration

     6.1 Company and Employer Functions — Except as provided in (a) below, all Company or Employer
functions or responsibilities shall be exercised by the chief executive officer of the entity, who
may delegate all or any part of these functions.

          (a) The power to amend or terminate the Plan under Section 8.1 below may be exercised only by
the Board of Directors of the Company upon consultation with the Committee except as provided in
(b) below.

          (b) The Administrator may amend the Plan to make technical, administrative or editorial
changes on advice of counsel to comply with applicable law or to simplify or clarify the Plan.

     6.2 Administrator Functions — The Plan shall be administered by the chief financial officer of
the Parent, or such other person as the Chief Executive Officer of the Parent may designate. The
Administrator shall interpret the Plan, decide any questions about the rights of participants and
beneficiaries and in general administer the Plan. The Administrator may delegate all or part of
its administrative duties to one or more agents and may retain advisors to assist it. The
Administrator may consult with and rely upon the advice of counsel, who may be counsel for an
Employer. Any decision by the Administrator within its authority shall be final and bind all
parties. The Administrator shall have absolute discretion to carry out its responsibilities under
the Plan. The Administrator shall be the agent for service of process on the Plan. Any person
having an interest under the Plan may consult the Administrator at any reasonable time.

6

 

7. Claims Procedure

     7.1 Original Claim — Any person claiming a benefit or requesting an interpretation, a ruling
or information under the Plan shall present the request in writing to the Administrator, which
shall respond in writing as soon as practicable.

     7.2 Denial — If the claim or request is denied, the written notice of denial shall state:

          (a) The reasons for denial, with specific reference to the provisions on which the denial is
based.

          (b) A description of any additional material or information required and an explanation of why
it is necessary.

          (c) An explanation of this claim review procedure.

     7.3 Request for Review — Any person whose claim or request is denied or who has not received a
response within 30 days may request review by notice in writing to the Administrator. The original
decision shall be reviewed by the Administrator, which may, but shall not be required to, grant the
claimant a hearing. On review, whether or not there is a hearing, the claimant may have
representation, examine pertinent documents and submit issues and comments in writing.

     7.4 Decision on Review — The decision on review shall normally be made within 60 days. If an
extension of time is required for a hearing or other special circumstances, the claimant shall be
so notified and the time limit shall be 120 days. The decision shall be in writing and shall state
the reasons and the relevant provisions. All decisions on review shall be final and bind all
parties concerned.

8. Amendment and Termination

     8.1 Amendment; Termination — Subject to Section 5.6 above, regarding change of control, and
the following sentence, the Company may amend or terminate this Plan under Section 6.1 above at any
time by written instrument signed by the Company and delivered to the Administrator. No
termination nor any amendment affecting the change-of-control rules or allocation formula shall be
effective before the last day of the Plan Year in which the amendment or termination document is
signed by the Company and delivered to the Administrator and to each participant.

     8.2 Effect of Termination — Upon termination or discontinuance of contributions, payment shall
be made under Section 5.2 above.

7

 

9. General Provisions

     9.1 Information Required — The Administrator may require satisfactory proof of age or other
data from a participant or beneficiary, and may adjust any benefit if an error in relevant data is
discovered.

     9.2 No Implied Waiver — A waiver by an Employer, participant or beneficiary of a breach of a
provision of the Plan shall not constitute a waiver or prejudice the party’s right otherwise to
demand strict compliance with that provision or any other provision.

     9.3 Arbitration — Any dispute or controversy arising out of this Plan, or any contribution,
claim or benefit hereunder, or any interpretation hereof, shall be resolved by binding arbitration
conducted in Portland, Oregon by a single, neutral arbitrator, under the Commercial Arbitration
Rules of the American Arbitration Association.

     9.4 Notices — Any notice under this Plan shall be in writing and shall be effective when
actually delivered or, if mailed, when deposited postpaid as first-class mail. Mail shall be
directed to the Company at the address stated in this Plan, to a participant or beneficiary at the
address shown in the Company’s employment records or to such other address as a party may specify
by notice to the other parties or as the Administrator may determine to be appropriate. Notices to
the Administrator shall be sent to the Company’s address.

     9.5 Nonassignment — The rights of participants under this Plan are personal. No interest of a
participant or one claiming through a participant may be directly or indirectly transferred,
encumbered, seized by legal process or in any other way subjected to the claims of any creditor.

     9.6 Indemnity — The Company shall indemnify and defend any director, officer or employee of an
Employer from any claim or liability that arises from any action or inaction in connection with the
Plan, subject to the following rules:

          (a) Coverage is limited to actions taken in good faith that the person reasonably believed
were not opposed to the Plan’s best interests.

          (b) Negligence by the person shall be covered to the fullest extent permitted by law.

          (c) Coverage shall be reduced to the extent of any insurance.

     9.7 Payments Not Wages — The payments under Section 5 above shall not constitute salary or
wages. Such payments are retirement benefits, not compensation for performance of any substantial
services.

     9.8 Applicable Law — This Plan shall be construed according to the laws of Oregon, except as
preempted by federal law.

8

 

     9.9 Not Contract of Employment — Nothing in this Plan shall give any employee the right to
continue employment. This Plan shall not prevent discharge of any employee at any time for any
reason.

     9.10 Plan Binding on Successors — Subject to Section 5.6 above, this Plan shall be binding
upon and inure to the benefit of the parties and their successors and assigns.

	 	 	 	 	 	 	 
	COMPANY:	 	GREENBRIER LEASING COMPANY LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ William A. Furman
 

	 	 
	 

	 	Its:
	 	Manager
	 	 

9exv10w15

Exhibit 10.15

THE GREENBRIER COMPANIES, INC.

AGREEMENT CONCERNING INDEMNIFICATION AND RELATED MATTERS

(Directors)

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

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

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

     WHEREAS, the substantial increase in corporate litigation may, from time to time, subject
directors 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 Director recognize that serving as a director of a
corporation 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 directors of corporations
will and do from time to time commit actual or alleged errors or omissions in the good faith
exercise of their corporate duties and responsibilities; and

     WHEREAS, it is the express policy of the Corporation to indemnify its directors 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 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 directors with respect to indemnification; and

     WHEREAS, the Corporation and the Director desire to articulate clearly in contractual form
their respective rights and obligations with regard to the Director’s service on behalf of the
Corporation as a director 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 Director agree as follows:

1. Agreement to Serve.

     The Director shall serve as a director of the Corporation for so long as the Director is duly
elected or until the Director tenders a resignation in writing. This Agreement creates no
obligation on either party to continue the service of the Director 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 Director may be or may have been involved as a
party, witness or otherwise, by reason of the fact that the Director is or was a
director 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 Director or the amount of judgments or fines against the
Director.
	 
	 	(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 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.

2

 

	 	(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
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 Director shall have no monetary liability of any
kind or nature whatsoever in respect of the Director’s errors or omissions (or alleged errors or
omissions) in serving the Corporation or any of its subsidiaries, 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 Director’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 Director derived an improper
personal benefit;
	 
	 	(iv)	 	any unlawful distribution (including, without limitation,
dividends, stock repurchases and stock redemptions), as defined in the OBCA or,
as

3

 

	 	 	 	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 Director 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 Director shall have no personal liability to the
Corporation or any of its subsidiaries, 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 Director in accordance with the provisions of this Section
4 if the Director 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 to procure a judgment in its favor),
against all Expenses, judgments, fines and amounts paid in settlement, actually and reasonably
incurred by the Director in connection with such Proceeding if the Director acted in good faith and
in a manner the Director reasonably believed was in or not opposed to the best interests of the
Corporation, and, with respect to any criminal action or proceeding, the Director, in addition, had
no reasonable cause to believe that the Director’s conduct was unlawful. However, the Director
shall not be entitled to indemnification under this Section 4 in connection with any Proceeding
charging improper personal benefit to the Director in which the Director is adjudged liable on the
basis that personal benefit was improperly received by the Director 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 Director 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. 

     The Corporation shall indemnify the Director in accordance with the provisions of this Section
5 if the Director was or is a party to, or is threatened to be made a party to, any

4

 

Proceeding by or in the right of the Corporation to procure a judgment in its favor, against all
Expenses actually and reasonably incurred by the Director in connection with the defense or
settlement of such Proceeding if the Director acted in good faith and in a manner the Director
reasonably believed was in or not opposed to the best interests of the Corporation. However, the
Director shall not be entitled to indemnification under this Section 5 in connection with any
Proceeding in which the Director 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 Director 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 Director 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 Director 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
Director to the fullest extent permitted by law with respect to any Proceeding (including a
Proceeding by or in the right of the Corporation to procure a judgment in its favor), against all
Expenses, judgments, fines and amounts paid in settlement, actually and reasonably incurred by the
Director 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 Director:

	 	(a)	 	for which payment is required to be made to or on behalf of the Director under
any insurance policy, except with respect to any excess amount to which the Director 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
Director, or any Proceeding by the Director against the Corporation or its directors,
officers, employees or other persons entitled to be indemnified by the Corporation,
unless:

5

 

	 	(i)	 	the Corporation is expressly required by law to make the
indemnification;
	 
	 	(ii)	 	the Proceeding was authorized by the Board of Directors of the
Corporation; or
	 
	 	(iii)	 	the Director initiated the Proceeding pursuant to Section 12
of this Agreement and the Director 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 Director 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.

9. Advances of Expenses. 

     The Corporation shall pay the Expenses incurred by the Director in any Proceeding (other than
a Proceeding brought for an accounting of profits made from the purchase and sale by the Director
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 Director, if the Director:

	 	(a)	 	furnishes the Corporation a written affirmation of the Director’s good faith
belief that the Director 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 Director is not entitled to be
indemnified by the Corporation. Such undertaking shall be an unlimited general
obligation of the Director 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 Director’s ability to repay the amount advanced and without regard to
the Director’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 Director in
connection with any Proceeding.

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 Director may be entitled
under any other agreement, any articles of incorporation, bylaws, or vote of

6

 

shareholders or directors, the OBCA, or otherwise, both as to action in the Director’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 Director even though the
Director may have ceased to be a director 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 Director.

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 Director, unless a determination that the Director 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 Director 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, advances or exculpation,
in whole or in part; or
	 
	 	(b)	 	the Corporation does not dispose of such claim within the time period required
by this Agreement.

7

 

     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 Director is not entitled to indemnification or exculpation 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 Director has tendered to the Corporation the affirmation and
undertaking required thereunder. The burden of proving by clear and convincing evidence that
indemnification or exculpation 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 Director 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 Director has not met such applicable standard of conduct, shall be asserted as a
defense to the action or create a presumption that the Director is not entitled to indemnification
or exculpation under this Agreement or otherwise. The Director’s expenses incurred in connection
with successfully establishing the Director’s right to indemnification, advances or exculpation, 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 Director is not entitled to indemnification under Sections
4, 5 or 7 of this Agreement because the Director did not act in good faith and
in a manner which the Director 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 Director’s conduct was
unlawful; or
	 
	 	(ii)	 	the Director 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 Director of notice of the commencement of any Proceeding the Director 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 Director otherwise than under this Agreement. With respect to any Proceeding as to which the
Director so notifies the Corporation of the commencement:

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

8

 

	 	(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 Director. The Director shall have the right to use
separate legal counsel in the Proceeding, but the Corporation shall not be liable to
the Director 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 Director reasonably concludes that there may be a
conflict of interest between the Corporation and the Director 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
Director 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 Director, are parties to any Proceeding, the Corporation may
require the Director to use the same legal counsel as the other parties. The Director
shall have the right to use separate legal counsel in the Proceeding, but the
Corporation shall not be liable to the Director 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 Director reasonably concludes that there may be a conflict of interest
between the Director 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 Director under this
Agreement for any amounts paid in settlement of any Proceeding effected without its
written consent, which shall not be unreasonably withheld. The Director 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 Director without the Director’s written
consent.

14. Partial Indemnification. 

     If the Director 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 Director in connection with such Proceeding, but not,
however, for the total amount thereof, the Corporation shall nevertheless indemnify the Director
for the portion of such Expenses, judgments, fines or amounts paid in settlement to which the
Director is entitled.

15. Interpretation and Scope of Agreement. 

9

 

     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 Director, with or without
cause, or to alter the terms and conditions of the Director’s service all without prejudice to any
rights of the Director 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 Director 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 Director. The Director 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 Director, 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

10

 

	 	 	 	Lake Oswego, Oregon 97035 USA

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

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.

11

 

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.	 	 	 	

DIRECTOR:	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]