Document:

EX-10.23

Exhibit 10.23

AMENDMENT TO EMPLOYMENT AGREEMENT

     This Amendment to Employment Agreement dated as of June 26, 2008 (this “Amendment”) is
entered into by and between The Greenbrier Companies, Inc. (“Company”) and James T. Sharp
(“Employee”) and amends that certain Employment Agreement between such parties dated as of April 7,
2008 (the “Employment Agreement”). The purpose of this Amendment is to conform the Change of
Control provisions to those offered in the Company’s plans and agreements generally. To accomplish
these purposes, and for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:

     1. Change of Control Period. Section 8.1 of the Agreement is amended by modifying the
first sentence of that paragraph to read as follows:

“If, during the twenty-four month period following a Change of Control, the Company
terminates Employee’s employment other than for Cause, or Employee terminates his
employment either without any reason during the Window Period or for Good Reason, then the
Company shall pay or provide the benefits set forth in subsections (a) — (c) below.”

     2. Except as hereby amended, the Employment Agreement shall remain in full force and effect.

	 	 	 	 	 
	 	THE GREENBRIER COMPANIES, INC.

 	 
	 	By:  	/s/ Mark J. Rittenbaum
 	 
	 	Title: Executive VP and CFO 	 
	 	 	 	 
	 	     /s/ James T. Sharp
 	 
	 	James T. SharpEX-10.24

Exhibit 10.24

THE GREENBRIER COMPANIES, INC.

2005 STOCK INCENTIVE PLAN

EMPLOYEE RESTRICTED SHARE AGREEMENT

(                     year vesting)

          This AGREEMENT is made as of this ___ day of ___, 200___ between The Greenbrier Companies,
Inc., an Oregon corporation (the “Company”), and                                          (the “Participant”) under the
Company’s 2005 Stock Incentive Plan (the “Plan”).

SECTION 1. ACQUISITION OF SHARES.

     (a) Transfer. On the terms and conditions set forth in this Agreement, the Company agrees to
transfer to the Participant                                           shares of common stock of the Company (the “Shares”). The
transfer shall occur at the offices of the Company on the date set forth above or at such other
place and time as the parties may agree.

     (b) Stock Plan and Defined Terms. The transfer of the Shares is subject to the Plan, a copy
of which the Participant acknowledges having received. The provisions of the Plan are incorporated
into this Agreement by this reference. Initially capitalized terms not elsewhere defined are
defined in the Plan or in Section 9 of this Agreement.

     (c) Withholding Taxes. In the event that the Company determines that it is required to
withhold any tax as a result of the issuance of Shares pursuant to this Agreement, the Participant,
as a condition to the receipt of such Shares, shall make arrangements satisfactory to the Company
to enable it to satisfy all withholding requirements.

     (d) Vesting. The Shares shall vest in equal annual installments over a period of                      
years, on the first, second,                     ,                      and                      anniversaries of the date of this
Agreement. If the Participant’s Service terminates due to death, Disability, or Retirement, any
unvested Shares shall immediately become fully vested. If the Participant’s Service terminates for
any other reason, any unvested Shares shall automatically be forfeited, deemed cancelled and
restored to the status of authorized but unissued shares as of the date of such termination and
shall again be available for Awards under the Plan. In the event of a Change of Control,
acceleration of vesting shall be governed by the terms of the individual agreement between the
Company and the Participant, if any.

SECTION 2. RESTRICTIONS ON TRANSFER.

     (a) Restrictions on Transfer.

     (i) By accepting the Shares, the Participant agrees that, if at the time of any
proposed resale of the Shares the resale of the Shares is not exempt from registration under
the Securities Act or covered by an effective registration statement filed under the
Securities Act, the Participant will enter into such representations, warranties and

Employee Restricted Share Agreement

Page 1

 

 

agreements as the Company may reasonably request to comply with the Securities Act or any
other securities laws or with this Agreement.

     (ii) The Participant shall not sell, transfer, assign, pledge or otherwise dispose of
any unvested Shares, whether voluntarily or by operation of law, or by gift, bequest or
otherwise, without the written consent of the Company. Any sale or transfer, or purported
sale or transfer, of unvested Shares, or any right or interest in unvested Shares, in
violation of this provision shall be null and void.

     (b) Securities Law Restrictions. Regardless of whether the offering and sale of Shares under
the Plan have been registered under the Securities Act or have been registered or qualified under
the securities laws of any state, the Company at its discretion may impose restrictions upon the
sale, pledge or other transfer of the Shares (including the placement of appropriate legends on
stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the
Company, such restrictions are necessary or desirable in order to achieve compliance with the
Securities Act, the securities laws of any state or any other law.

     (c) Market Stand-Off. In connection with any underwritten public offering by the Company of
its equity securities pursuant to an effective registration statement filed under the Securities
Act, the Participant shall not directly or indirectly sell, make any short sale of, loan,
hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of,
purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or
agree to engage in any of the foregoing transactions with respect to, any Shares without the prior
written consent of the Company or its underwriters. Such restriction (the “Market Stand Off”)
shall be in effect for such period of time following the date of the final prospectus for the
offering as may be requested by the Company or such underwriters. In the event of the declaration
of a stock dividend, a spin off, a stock split, an adjustment in conversion ratio, a
recapitalization or a similar transaction affecting the Company’s outstanding securities without
receipt of consideration, any new, substituted or additional securities which are by reason of such
transaction distributed with respect to any Shares subject to the Market Stand Off, or into which
such Shares thereby become convertible, shall immediately be subject to the Market Stand Off. In
order to enforce the Market Stand Off, the Company may impose stop-transfer instructions with
respect to the Shares until the end of the applicable stand-off period. The Company’s underwriters
shall be beneficiaries of the agreement set forth in this Subsection (c). This Subsection (c)
shall not apply to Shares registered in the public offering under the Securities Act.

     (d) Rights of the Company. The Company shall not be required to (i) transfer on its books any
Shares that have been sold or transferred in contravention of this Agreement or (ii) treat as the
owner of Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee
to whom Shares have been transferred in contravention of this Agreement.

SECTION 3. SUCCESSORS AND ASSIGNS.

     Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall
inure to the benefit of, and be binding upon, the Company and its successors and assigns and be
binding upon the Participant and the Participant’s legal representatives, heirs, legatees,
distributees, assigns and transferees by operation of law, whether or
not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound by the
terms, conditions and restrictions hereof.

 

Employee Restricted Share Agreement

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SECTION 4. NO RETENTION RIGHTS.

     Nothing in this Agreement or in the Plan shall confer upon the Participant any right to
continue in Service for any period of specific duration or interfere with or otherwise restrict in
any way the rights of the Company (or any Parent or Subsidiary employing or retaining the
Participant) or of the Participant, which rights are hereby expressly reserved by each, to
terminate his or her Service at any time and for any reason, with or without cause.

SECTION 5. LEGENDS.

     If at the time of any proposed resale of the Shares the resale of the Shares is not covered by
an effective registration statement filed under the Securities Act, all certificates evidencing
Shares shall bear the following legend:

     “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED FOR RESALE UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS
COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”

     Until such time as all Shares represented by a certificate shall become fully vested, all
certificates evidencing Shares shall bear the following legend:

     “THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY
MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY
AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE COMPANY OR THE
REGISTERED HOLDER). SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS UPON TERMINATION OF
SERVICE WITH THE COMPANY. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF
SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.”

 

Employee Restricted Share Agreement

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SECTION 6. NOTICE.

     Any notice required by the terms of this Agreement shall be given in writing and shall be
deemed effective upon personal delivery or upon deposit with the United States Postal Service, by
registered or certified mail, with postage and fees prepaid. Notice shall be addressed to the
Company at its principal executive office and to the Participant at the address that he or she most
recently provided to the Company.

SECTION 7. ENTIRE AGREEMENT.

     This Agreement and the Plan constitute the entire contract between the parties hereto with
regard to the subject matter hereof. They supersede any other agreements, representations or
understandings (whether oral or written and whether express or implied) which relate to the subject
matter hereof.

SECTION 8. CHOICE OF LAW.

     This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Oregon, as such laws are applied to contracts entered into and performed in such State.

SECTION 9. DEFINITIONS.

     Initially capitalized terms not otherwise defined herein shall have the meanings as defined in
the Plan.

     (a) “Agreement” shall mean this Employee Restricted Share Agreement.

     (b) “Participant” shall mean the individual named in the first paragraph of this Agreement.

     (c) “Retirement” shall mean the termination of the Participant’s Service with the Company or
its Subsidiaries either (i) on or after attainment of age 62 or, (ii) at the discretion of the
Chief Executive Officer, the Chief Financial Officer or the designee of either of them, on or after
the date that the Participant’s age plus years of Service equals 62.

     (d) “Securities Act” shall mean the Securities Act of 1933, as amended.

     (h) “Shares” shall mean the shares of common stock of the Company acquired by the Participant
pursuant to this Agreement, as adjusted in accordance with
Article 11 of the Plan (if applicable).

 

Employee Restricted Share Agreement

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SECTION 10. EXECUTION.

The parties have executed this Agreement as of the date first written above.

	 	 	 	 	 
	COMPANY:	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	PARTICIPANT:	 	 
	 
	 	 	 	 
	 	 	 

 

Employee Restricted Share Agreement

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