Document:

Exhibit 10.6

 

MUTUAL GENERAL
RELEASE

 

I.                                         PARTIES

 

This Mutual
General Release (“Release”) is entered into as of April 20, 2005 among the
following parties (individually a “Party” and collectively the “Parties”)(1):

 

A.                                   George L. Chelius (“GC”), as an
individual and in his capacity as an executor of the will and estate of Alan
James, pursuant to Letters Testamentary (Case Number 050290219), dated February 17,
2005, issued by the Circuit Court of the State of Oregon for the County of
Multnomah (the “Estate”), and in his capacity as a trustee (a “Trustee”) under
any trusts (the “Trusts”) created under the Last Will and Testament of Alan
James, dated March 12, 2004, and in any and all other capacities in which
he is or may be deemed to be a successor in interest to Alan James
(collectively, the “GC Representative”), and his Related Entities(2);

 

B.                                     Eric Epperson (“EE”), as an
individual and in his capacity as an executor of the Estate, in his capacity as
a Trustee under the Trusts and in any and all other capacities in which he is
or may be deemed to be a successor in interest to Alan James (the “EE”
Representative and together with the GC Representative, the “Representatives”),
and his Related Entities;

 

C.                                     William A. Furman, as an individual
(“Furman”), and his Related Entities;

 

D.                                    The Greenbrier Companies, Inc.,
a Delaware corporation together with its officers and directors in their
capacities as such other than the James Parties (as defined herein),
subsidiaries and divisions, including, without limitation, Greenbrier Leasing
Corporation (collectively, the “Company”);

 

E.                                      William A. Furman, Benjamin R.
Whiteley, C. Bruce Ward, Victor G. Atiyeh, A. Daniel O’Neal, Jr., Duane C.
McDougall and Donald A. Washburn each in his capacity as a director of the
Company (the “Directors”), and each of his Related Entities;

 

(1)                                  Any
references to “Party” or “Parties” hereinafter shall also include the Party’s
or Parties’ Related Entities.

 

(2)                                  For
purposes of this Release, the “Related Entities” of any Party shall be defined
as:  the Party’s successors,
predecessors, assignees, heirs, legatees, devisees, executors, administrators,
legal representatives, consultants, officers and directors; and any other
representative, person or entity claiming by, through or under the Party.

 

 

II.                                     RECITALS

 

This Release
is made with reference to the following facts:

 

A.                                   The Representatives and their
respective Related Entities, other than the Partnership (as defined herein) and
its Related Entities, are hereinafter collectively referred to as the “James
Parties.”

 

B.                                     The Company and their respective
Related Entities, including the Directors and each of their respective Related
Entities, are hereinafter collectively referred to as the “Greenbrier Parties.”

 

C.                                     Furman and his Related Entities,
other than the Partnership and its Related Entities, are hereinafter
collectively referred to as the “Furman Parties.”

 

D.                                    On or about July 1, 1994, Alan
James (“James”), Furman and the Company entered into a Stockholders’ Agreement,
as amended (the “Stockholders’ Agreement”), with respect to shares of the
Company’s common stock, par value $0.001 (the “Shares”) owned by Furman and
James.

 

E.                                      Furman and James were partners in
James Furman & Company, an Oregon partnership or de facto partnership
(the “Partnership”).

 

F.                                      On or about July 13, 2004, the
Company adopted a stockholder rights plan, as amended (the “Rights Plan”).

 

G.                                     On or about August 4, 2004,
James filed a complaint in the Court of Chancery of the State of Delaware in
and for New Castle County (the “Litigation”), entitled; Alan James v. William
A. Furman, Benjamin R. Whiteley, C. Bruce Ward, Victor G. Atiyeh, A. Daniel O’Neal, Jr.,
Duane C. McDougall and The Greenbrier Companies, Inc., Civil Action No. 597-N,
related to, among other matters, the Stockholders’ Agreement and the Rights
Plan.

 

H.                                    On January 28, 2005, James
died.

 

I.                                         The Representatives, Furman and the
Company have duly executed and delivered a Settlement Agreement, dated as of April 20,
2005 (the “Settlement Agreement”) which provides for the Parties to execute and
deliver a mutual general release in the form of this Release.

 

J.                                        Pursuant to the Settlement
Agreement, the parties thereto have agreed to dismiss the Litigation with
prejudice and to enter into this Release, which releases any and all claims
related to the Litigation.

 

K.                                    The Parties intend to include within
the scope of this Release all matters that in any way relate to or arise out
of:

 

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1.                                       Any act or failure to act of James,
the Representatives or any of their Related Entities at any time prior to the
moment this Release is executed by the Parties, other than those acts or
failures to act  relating to the
Partnership or the conduct of the affairs of the Partnership (the “Reserved
James Matters”), (collectively the “Disputed James Matters”).

 

2.                                       Any act or failure to act by any of
the Greenbrier Parties at any time prior to the moment this Release is executed
by the Parties, other than those acts or failures to act relating to the
Partnership or the conduct of the affairs of the Partnership (the “Reserved
Greenbrier Matters”), (collectively, the “Disputed Furman Matters”).

 

3.                                       Any act or failure to act by any of
the Furman Parties at any time prior to the moment this Release is executed by
the Parties, other than those acts or failures to act  relating to the Partnership or the conduct of
the affairs of the Partnership (the “Reserved Furman Matters”), (collectively,
the “Disputed Furman Matters”).

 

L.                                      The Parties intend to include within
the scope of this Release all known or presently unknown, suspected or
unsuspected, contingent or fixed complaints, grievances, allegations, demands,
liabilities, losses, obligations, promises, damages, costs, expenses
(including, without limitation, attorneys’ fees), lawsuits (including the
Litigation), actions (in law, equity or otherwise), causes of action, rights
and privileges of whatever kind that, except for the Reserved James Matters,
the Reserved Greenbrier Matters and the Reserved Furman Matters (collectively,
the “Reserved Claims”), which:

 

1.                                       Any of the James Parties may have or
ever come to have against any of the Greenbrier Parties or the Furman Parties
and that in any way relate to or arise out of the Disputed Greenbrier Matters
or the Disputed Furman Matters, excluding Reserved Claims (collectively
referred to as the “James Claims”).

 

2.                                       Any of the Greenbrier Parties may
have or ever come to have against any of the James Parties that in any way
relate to or arise out of the Disputed James Matters, excluding Reserved Claims
(collectively referred to as the “Greenbrier Claims”).

 

3.                                       Any of the Furman Parties may have
or come to have against any of the James Parties that in any way relate to or
arise out of the Disputed James Matters, excluding Reserved Claims
(collectively referred to as the “Furman Claims”).

 

III.                                 RELEASES

 

A.                                   James Parties:  Release of Greenbrier Parties and Furman
Parties.  In consideration of the terms and provisions
of this Release, the Settlement Agreement and the purchase and sale of shares
of Company Common Stock

 

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pursuant
to that Stock Purchase Agreement dated, as of April 20, 2005 (the “Stock
Purchase Agreement”), by and among the Representatives, Furman and the Company,
and the transactions contemplated by such agreements including any exhibits and
schedules thereto  (collectively, the “Transactions”),
each of the James Parties shall, and hereby does, relieve, release and forever
discharge each of the Greenbrier Parties and Furman Parties of and from any and
all James Claims.

 

B.                                     Greenbrier Parties:  Release of James Parties. 
In consideration of the terms and provisions of this Release, the
Settlement Agreement, the Stock Purchase Agreement and the Transactions, each
of the Greenbrier Parties shall, and hereby does, relieve, release and forever
discharge each of the James Parties of and from any and all Greenbrier Claims.

 

C.                                     Furman Parties:  Release of James Parties. 
In consideration of the terms and provisions of this Release, the
Settlement Agreement, the Stock Purchase Agreement and the Transactions, each
of the Furman Parties shall, and hereby does, relieve, release and forever
discharge each of the James Parties of and from any and all Furman Claims.

 

D.                                    Unknown Claims and Risks Released by
the James Parties.  It is understood by the James Parties that
there is a risk that after the execution of this Release, any of the James
Parties may incur or suffer losses, damages or injuries that are included within
the definition of James Claims, but that are unknown or unanticipated, for
whatever reason, at the time of the execution of this Release (“Unknown James
Injury Risk”).  Further, it is understood
by the James Parties that there is a risk that loss or damage to the James
Parties presently known may be or become, for whatever reason, greater than the
James Parties now expect or anticipate (“Unknown James Magnitude Risk”).  The James Parties understand, accept and
assume both the Unknown James Injury Risk and the Unknown James Magnitude Risk
and intend that the releases contained herein shall apply to all unknown and
unanticipated losses, damages or injuries included with the definition of James
Claims, as well as those known and anticipated.

 

E.                                      Unknown Claims and Risks Released by
Greenbrier Parties.  It is understood by the Greenbrier Parties
that there is a risk that after the execution of this Release, any of the
Greenbrier Parties may incur or suffer losses, damages or injuries that are
included within the definition of Greenbrier Claims, but that are unknown or
unanticipated, for whatever reason, at the time of the execution of this
release (“Unknown Greenbrier Injury Risk”). 
Further, it is understood by the Greenbrier Parties that there is a risk
that loss or damage to the Greenbrier Parties presently known may be or become,
for whatever reason, greater than the Greenbrier Parties now expect or
anticipate (“Unknown Greenbrier Magnitude Risk”).  The Greenbrier Parties understand, accept and
assume both the Unknown Greenbrier Injury Risk and the Unknown Greenbrier
Magnitude Risk and intend that the releases contained herein shall apply to all
unknown and unanticipated losses,

 

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damages
or injuries included with the definition of Greenbrier Claims, as well as those
known and anticipated.

 

F.                                      Unknown Claims and Risks Released by
the Furman Parties.  It is understood by the Furman Parties that
there is a risk that after the execution of this Release, any of the Furman
Parties may incur or suffer losses, damages or injuries that are included
within the definition of Furman Claims, but that are unknown or unanticipated,
for whatever reason, at the time of the execution of this Release (“Unknown
Furman Injury Risk”).  Further, it is
understood by the Furman Parties that there is a risk that loss or damage to
the Furman Parties presently known may be or become, for whatever reason,
greater than the Furman Parties now expect or anticipate (“Unknown Furman
Magnitude Risk”).  The Furman Parties
understand, accept and assume both the Unknown Furman Injury Risk and the
Unknown Furman Magnitude Risk and intend that the releases contained herein
shall apply to all unknown and unanticipated losses, damages or injuries
included with the definition of Furman Claims, as well as those known and
anticipated.

 

G.                                     The Parties intend and agree that
the releases set forth in this mutual Release shall be effective as a bar to
any and all currently unsuspected, unknown or partially known claims within the
scope of their express terms and provisions, other than the Reserved
Claims.  Accordingly, the Parties hereby
expressly waive any and all rights and benefits conferred upon them by the
provisions of Section 1542 of the California Civil Code and all similar
provisions of the laws of any other state, territory or other
jurisdiction.  Section 1542 reads in
pertinent part:

 

“A general release does not extend to claims that that
creditor does not know or suspect to exist in his favor at the time of
executing the release, which if known by him may have materially affected his
settlement with the debtor.”

 

The Parties hereby acknowledge that the
foregoing waiver of the provisions of Section 1542 of the California Civil
Code and all similar provisions of the laws of any other state, territory or
other jurisdiction was separately bargained for and that they would not enter
into this agreement unless it included a broad release of all unknown claims,
including specifically any claim of fraud or misrepresentation in the
inducement of this mutual Release.  The
Parties expressly agree that all release provisions shall be given full force
and effect in accordance with each and all of their express terms and provisions,
including those terms and provisions relating to unknown, unsuspected or future
claims, demands and causes of action. 
The Parties each assume for themselves the risk of the subsequent
discovery or understanding of any matter, fact or law, that if now known or
understood, would in any respect have affected his or its entering into this
mutual Release.

 

5

 

IV.                                 COVENANT
NOT TO SUE

 

A.                                   General Covenant Not to Sue.

 

1.                                       The James Parties each agree that they will forever
refrain and forbear from commencing, instituting or prosecuting any lawsuit,
action or other proceeding, in law, equity, admiralty or otherwise, or from
inducing others to do so against any of
the Greenbrier Parties or the Furman Parties, which in any way arise out
of or relate to any of the James Claims including, but not limited to, an
action claiming that this Release, or any portion thereof, was fraudulently
induced.

 

2.                                       The Greenbrier Parties each agree
that they will forever refrain and forbear from commencing, instituting or prosecuting
any lawsuit, action or other proceeding, in law, equity, admiralty or
otherwise, or from inducing others to do so against any of the James Parties,
which in any way arise out of or relate to any of the Greenbrier Claims,
including, but not limited to, an action claiming that this Release, or any
portion thereof, was fraudulently induced.

 

3.                                       The Furman Parties each agree that
they will forever refrain and forbear from commencing, instituting or
prosecuting any lawsuit, action or other proceeding, in law, equity, admiralty
or otherwise, or from inducing others to do so against any of the James
Parties, which in any way arise out of or relate to any of the Furman Claims,
including, but not limited to, an action claiming that this Release, or any portion
thereof, was fraudulently induced.

 

B.                                     Attorneys’ Fees. 
The Parties agree further that in the event any Party breaches this
Covenant Not to Sue, the breaching Party, or in the case of a breach by any of
a Party’s Related Entities, the party to whom the breaching Related Entity is
related, shall pay any and all costs, expenses and attorneys’ fees actually
incurred by any nonbreaching Party and by any of such nonbreaching Party’s
Related Entities, in defending or otherwise responding to or participating in
any such action or proceeding.

 

C.                                     Injunctive Relief. 
The Parties acknowledge and agree that monetary damages alone are
inadequate to compensate any Party for injury caused or threatened by a breach
of this Covenant Not to Sue and that preliminary and permanent injunctive
relief restraining and prohibiting the prosecution of any action or proceeding
sought or instituted in violation hereof is a necessary and appropriate
additional remedy in the event of such a breach.  Nothing contained in this paragraph, however,
shall be interpreted or construed to prohibit or in any way limit the right of
any nonbreaching Party to obtain, in addition to injunctive relief, an awarded
of monetary damages against any person or entity breaching this Covenant Not to
Sue or this Release.

 

D.                                    Exceptions.                                   The following specific matters are
excepted from this Release and the Covenant not to Sue:

 

6

 

1.                                       All claims of a Party resulting from
a breach by any other Party of any representations or warranties contained in
this Release, the Settlement Agreement, the Stock Purchase Agreement, the
Registration Rights Agreement referred to in the Settlement Agreement or any of
the agreements or documents executed or delivered in connection with the
transactions contemplated by any of the foregoing; and

 

2.                                       All claims of a Party resulting from
a breach or failure to perform by any other Party of any covenants contained in
this Release, the Settlement Agreement, the Stock Purchase Agreement, the Registration
Rights Agreement referred to in the Settlement Agreement or any of the
agreements or documents executed in connection with the transactions
contemplated by any of the foregoing; and

 

3.                                       All Reserved Claims.

 

V.                                     ADDITIONAL
COVENANTS

 

A.                                   No Disparagement. 
Each James Party agrees not to make any public or private statements,
either orally or in writing, to any person (including, but not limited to, any
employee or former employee of the Company) or any entity of any kind that are
derogatory or disparaging of the personal, professional or business reputation
of any of the Greenbrier Parties or Furman Parties.  Each Greenbrier Party and each Furman Party
agrees not to make any public or private statements, either orally or in
writing, to any third party that are derogatory or disparaging of the personal,
professional or business reputation of any James Party or of Alan James or any
of his spouse or issue.

 

B.                                     No Interference. 
GC and EE, in their individual capacities, in their capacities as
Representatives and in all other capacities in which they may be deemed to be a
successor in interest to Alan James, agree that for a period of 10 (ten) years
from the date of this agreement they shall not take any of the following
actions:

 

1.                                       Acquire or propose to acquire, or
agree to seek to acquire, directly or indirectly, any securities (or direct or
indirect rights or options to acquire) any securities of the Company or any
subsidiary thereof or of any successor to or person in control of the Company.

 

2.                                       Enter into or agree, offer, seek to
enter into or otherwise be involved in or part of, directly or indirectly, any
acquisition transaction or other business combination relating to all or part
of the Company or any of its subsidiaries or any acquisition transaction for
all or part of the assets of the Company or any of its businesses.

 

3.                                       Make, or in any way participate in,
directly or indirectly, any “solicitation” of “proxies” (as such terms are used
in the rules of the Securities and Exchange Commission (the “Commission”))
to vote, or seek to advise or influence any person or entity with respect to
the voting of, any voting

 

7

 

securities
of the Company; become a “participant” in any “election contest” (as such terms
are defined or used in the rules under the Securities and Exchange Act of
1934, as amended (the “Exchange Act”)) with respect to the Company; seek to
advise, encourage or influence any person or entity with respect to any voting
securities of the Company; demand a copy of the Company’s stock ledger, list of
shareholders or other books and records; or call or attempt to call any meeting
of the shareholders of the Company.

 

4.                                       Form, join or in any way participate
in a “group” (within the meaning of Section 13(d)(3) of the Exchange
Act) with respect to any voting securities of the Company or any of its
subsidiaries.

 

5.                                       Seek or propose, alone or in concert
with others, to influence or control the Company’s management or policies.

 

6.                                       Directly or indirectly enter into
any discussions, negotiations, arrangements or understandings with any other
person with respect to any of the foregoing activities or propose any of such
activities to any other person.

 

7.                                       Advise, assist, encourage, act as a
financing source for or otherwise invest in any other person in connection with
any of the foregoing activities.

 

8.                                       Disclose any intention, plan or
arrangement inconsistent with any of the foregoing.

 

9.                                       Except in connection with any
Reserved James Matters, make or in any way participate in, directly or
indirectly, any request for documents from or initiate or participate in,
directly or indirectly, any investigation of the Company.

 

C.                                     Non-Assistance.

 

1.                                       The Parties further agree that they
will not affirmatively assist any other person or entity in litigation or other
proceedings against each other.  Nothing
herein, however, precludes the Parties from obeying lawful process or
cooperating with or making disclosures that may be requested or required by the
Securities and Exchange Commission or any court or regulatory agency or
body.  In the event a Party is served or
otherwise provided with a subpoena and/or any other request for information
and/or documents (“Request For Information”) regarding or related to any of the
other Parties hereto, the Party receiving such subpoena and/or Request For
Information hereby agrees (subject to any limitations imposed by law, court or
regulatory order or rule or regulation) to provide notice immediately of
such occurrence pursuant to the Notice provision contained in this
Agreement.  The Notice shall include a
copy of the subpoena and/or Request For Information together with any other

 

8

 

document(s)
that accompanied such subpoena and/or Request For Information.

 

VI.                                 REPRESENTATIONS
AND WARRANTIES

 

A.                                   Independent Legal Advice. 
Each of the Parties represents, warrants and agrees that it has received
independent legal advice from its attorneys with respect to the advisability of
executing this Release, the Settlement Agreement, the Stock Purchase Agreement
and entering into the Transactions. 
Accordingly, any rule of law, or any legal decision, that would
require interpretation of any claimed ambiguities in this Agreement against the
Party that drafted it has no application and is expressly waived.  The provisions of this Agreement shall be
interpreted in a reasonable manner to effect the intent of the Parties.

 

B.                                     No Other Representation. 
Each of the Parties represents, warrants and agrees that in executing
this Release, it has relied solely on the statements, representations,
warranties and covenants expressly set forth herein and in the Settlement
Agreement, the Stock Purchase Agreement, the Registration Rights Agreement
referred to in the Settlement Agreement and the agreements and documents
contemplated by or executed or delivered in connection with the transactions
contemplated by any of the foregoing (the “Related Documents”).  Each of the Parties represents, warrants and
agrees that, in executing this Release, it has placed no reliance whatsoever on
any statement, representation or promise of any other Party, or any other
person or entity, not expressly set forth herein or in the Related
Documents.  The Parties have included
this clause:  (1) to preclude any
claim that any Party was in any way fraudulently induced to execute this
Release; and (2) to preclude the introduction of parol evidence to vary,
interpret, supplement or contradict the terms of this Release.

 

C.                                     Factual Investigation. 
Each of the Parties represents, warrants and agrees that it has made
such investigation of the facts pertaining to the claims it has released hereby
and other matters contained in or relating to this Release as it deems
necessary or desirable.

 

D.                                    No Assignment. 
Each of the Parties represents and warrants that there has been no
assignment to any person or entity whatsoever of claims released by that
Party.  Each Party, to the extent such
Party breaches this representation and warranty, agrees to indemnify and hold
harmless any nonbreaching Party to this Release from and against any and all
claims, demands, liabilities, losses, obligations, damages, costs, expenses
(including, without limitation, attorneys’ fees), lawsuits (in law, equity,
admiralty or otherwise), and causes of action actually incurred as a result of
such breach.

 

E.                                      Authority. 
Each of the Parties represents, warrants and agrees that it has the full
right and authority to enter into this Release, and that the person executing
this

 

9

 

Release
on its behalf has the full right and authority to fully commit and bind such
Party.

 

VII.                             GENERAL

 

A.                                   No Admissions. 
Each of the Parties hereto expressly agrees and acknowledges that this
Release represents a settlement of disputed claims and that, by entering into
this Release, no Party hereto admits or acknowledges the existence of any claim
or wrongdoing on its part.

 

B.                                     Full Integration. 
This Release and the Related Documents contain the final written
expression and the complete and exclusive statement of all of the agreements,
conditions, promises, representations and covenants between the Parties with
respect to the subject matter hereof, and supersede all prior or
contemporaneous agreements, negotiations, representations, understandings and
discussions between and among the Parties, their respective representatives and
any other person or entity, with respect to the subject matter covered hereby
or thereby.  Any amendment to this
Release must be in writing, must specifically refer to this Release, and must
be signed by duly authorized representatives of each of the Parties.

 

C.                                     Gender. 
Whenever the context so requires, the masculine gender herein shall
include the feminine or neuter, and the singular number shall include the
plural and vice  versa.

 

D.                                    Counterparts. 
This Release may be executed in any number of counterparts by the
Parties, and when each Party has signed and delivered at least one (1) such
counterpart to the other Party, each counterpart shall be deemed an original
and, taken together, shall constitute one and the same Release that shall be
binding and effective as to all the Parties.

 

E.                                      Delaware Law Governs. 
This Release shall be construed and enforced in accordance with, and
governed by, the laws of the State of Delaware, notwithstanding conflicts of
laws rules.

 

F.                                      Headings. 
The headings to the paragraphs of this Release are inserted for
convenience only and will not be deemed a part hereof or affect the
construction or interpretation of the provisions hereof.

 

G.                                     Survival of Warranties. 
All representations, warranties and covenants contained in this Release
shall survive its execution, effectiveness and delivery.

 

H.                                    No Recourse. 
The Parties agree that all of the representations, warranties, covenants
and agreements made by the Representatives contained in this Agreement are made
and intended only for the purpose of making the assets held for the benefit of
the beneficiaries of the Estate (the “Estate Assets”) and the assets of the
Trusts (the “Trust Assets”) available for the payment of damages for breach of
the representations, warranties, covenants and agreements of the

 

10

 

Representatives
to the extent provided for in this Release. 
Therefore, anything contained in this Release or in any other agreement
or document referred to herein or contemplated hereby or thereby to the
contrary notwithstanding, except for seeking injunctive relief pursuant to Section IV,
no recourse shall be had with respect to the enforcement of any claim based on
any provision of this Release or any of the agreements or documents referred to
herein or contemplated hereby or thereby, against GC or EE in their individual
capacity or in any capacity other than as executor of the Estate or Trustee of
the Trusts.  Nothing contained in this section shall
be construed to limit the exercise and enforcement, in accordance with the
terms of this Release, of rights and remedies against the Estate Assets or the
Trust Assets.

 

I.                                         Notices. 
Unless otherwise provided herein, all notices, demands, requests, claims
and other communications hereunder shall be in writing and may be given by any
of the following methods:  (a) personal
delivery; (b) facsimile transmission; (c) registered or certified
mail, postage prepaid, return receipt requested; or (d) internationally
recognized overnight courier service. 
Such notices and communications shall be sent to the appropriate party
at its address or facsimile number given below or at such other address or
facsimile number for such as shall be specified by notice given hereunder (and
shall be deemed given upon receipt by such party or upon actual delivery to the
appropriate address, or, in case of a facsimile transmission, upon transmission
thereof by the sender and issuance by the transmitting machine of a
confirmation slip that the number of pages constituting the notice have
been transmitted without error; in the case of notices sent by facsimile
transmission, the sender shall contemporaneously mail a copy of the notice to
the addressee at the address provided for above, provided  however,
that such mailing shall in no way alter the time at which the facsimile notice
is deemed received):

 

	
  If to the Greenbrier
  Parties to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  The Greenbrier Companies, Inc.

  
	
  Address:

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  One Centrepointe Drive

  
	
   

  	
   

  	
  Lake Oswego, OR 97035

  
	
   

  	
   

  	
  Attention : Norriss Webb, Esq.

  
	
  Fax No.:

  	
   

  	
  (503) 684-7553

  
	
   

  	
   

  	
   

  
	
  with a copy (which
  shall not constitute notice) to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Joseph Giunta, Esq.

  
	
   

  	
   

  	
  Skadden, Arps, Slate, Meagher & Flom LLP

  
	
  Address:

  	
   

  	
  300 S. Grand Avenue, Suite 3400

  
	
   

  	
   

  	
  Los Angeles, CA 90071

  
	
  Fax No.:

  	
   

  	
  (213) 687-5600

  

 

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  If to the James Parties
  to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  George L. Chelius

  
	
  Address:

  	
   

  	
  3600 Birch Street, Suite 100

  
	
   

  	
   

  	
  Newport Beach, CA 92660

  
	
  Fax No.:

  	
   

  	
  (949) 863-9010

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Eric Epperson

  
	
  Address:

  	
   

  	
  25 NW 23rd Place, Suite 6

  
	
   

  	
   

  	
  PMB 180

  
	
   

  	
   

  	
  Portland, OR 97210

  
	
  Fax No.:

  	
   

  	
  (503) 796-1833

  
	
   

  	
   

  	
   

  
	
  with a copy (which
  shall not constitute notice) to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Jeffrey T. Pero, Esq.

  
	
   

  	
   

  	
  Latham & Watkins LLP

  
	
  Address:

  	
   

  	
  505 Montgomery Street, Suite 2000

  
	
   

  	
   

  	
  San Francisco, CA 94111-2562

  
	
  Fax No.:

  	
   

  	
  (415) 395-8095

  
	
   

  	
   

  	
   

  
	
  if to the Furman
  Parties or to Furman as a Director, to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  William A. Furman

  
	
  Address:

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  One Centerpointe Drive

  
	
   

  	
   

  	
  Lake Oswego, OR 97035

  
	
  Fax No.:

  	
   

  	
  (503) 624-1488

  
	
   

  	
   

  	
   

  
	
  with a copy
  (which shall not constitute notice) to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Henry H. Hewitt

  
	
  Address:

  	
   

  	
  Stoel Rives LLP

  
	
   

  	
   

  	
  900 S.W. Fifth Avenue, Suite 2300

  
	
   

  	
   

  	
  Portland, OR 97204

  
	
  Fax No.:

  	
   

  	
  (503) 220-2480

  
	
   

  	
   

  	
   

  
	
  if to the
  Directors (other than Furman), to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Benjamin R. Whiteley

  
	
  Address:

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  One Centerpointe Drive

  
	
   

  	
   

  	
  Lake Oswego, OR 97035

  
	
  Fax No.:

  	
   

  	
  (503) 684-7553

  

 

12

 

	
  and

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  C. Bruce Ward

  
	
  Address:

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  One Centerpointe Drive

  
	
   

  	
   

  	
  Lake Oswego, OR 97035

  
	
  Fax No.:

  	
   

  	
  (503) 684-7553

  
	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Victor G. Atiyeh

  
	
  Address:

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  One Centerpointe Drive

  
	
   

  	
   

  	
  Lake Oswego, OR 97035

  
	
  Fax No.:

  	
   

  	
  (503) 684-7553

  
	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  A. Daniel O’Neal, Jr.

  
	
  Address:

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  One Centerpointe Drive

  
	
   

  	
   

  	
  Lake Oswego, OR 97035

  
	
  Fax No.:

  	
   

  	
  (503) 684-7553

  
	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Duane C. McDougall

  
	
  Address:

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  One Centerpointe Drive

  
	
   

  	
   

  	
  Lake Oswego, OR 97035

  
	
  Fax No.:

  	
   

  	
  (503) 684-7553

  
	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Donald A. Washburn

  
	
  Address:

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  One Centerpointe Drive

  
	
   

  	
   

  	
  Lake Oswego, OR 97035

  
	
  Fax No.:

  	
   

  	
  (503) 684-7553

  
	
   

  	
   

  	
   

  
	
  with a copy
  (which shall not constitute notice) to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Raymond DiCamillo, Esq.

  
	
   

  	
   

  	
  Richards, Layton & Finger

  
	
  Address:

  	
   

  	
  One Rodney Square

  
	
   

  	
   

  	
  920 North King Street

  
	
   

  	
   

  	
  Wilmington, DE 19801

  
	
  Fax No.:

  	
   

  	
  (302) 498-7786

  

 

13

 

IN WITNESS WHEREOF, the Parties hereto have
approved and executed this Agreement as of April 20, 2005.

 

EXECUTED by the Parties as follows:

 

	
   

  	
  THE GREENBRIER COMPANIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Larry G. Brady

  	
   

  
	
   

  	
  Name: Larry G. Brady

  
	
   

  	
  Title: Senior Vice President and Chief Financial
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ George L. Chelius

  	
   

  
	
   

  	
  George L.
  Chelius, individually and in his capacity as Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Eric
  Epperson

  	
   

  
	
   

  	
  Eric Epperson, individually and in his capacity as

  Representative

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ William A. Furman

  	
   

  
	
   

  	
  William A. Furman, in his capacity as an
  individual

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ William A. Furman

  	
   

  
	
   

  	
  William A. Furman, in his capacity as a
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Benjamin R. Whiteley

  	
   

  
	
   

  	
  Benjamin R.
  Whiteley

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ C. Bruce
  Ward

  	
   

  
	
   

  	
  C. Bruce Ward

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Victor G.
  Atiyeh

  	
   

  
	
   

  	
  Victor G. Atiyeh

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ A. Daniel O’Neal, Jr.

  	
   

  
	
   

  	
  A. Daniel O’Neal, Jr.

  
								

 

[Signature Page to Mutual
General Release]

 

 

	
   

  	
  /s/ Duane C.
  McDougall

  	
   

  
	
   

  	
  Duane C.
  McDougall

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Donald A.
  Washburn

  	
   

  
	
   

  	
  Donald A.
  Washburn

  

 

[Signature Page to Mutual
General Release]Exhibit 10.7

 

After
recording, return to:

Tonkon Torp LLP

1600 Pioneer Tower

888 SW Fifth
Avenue

Portland, OR  97204

Attn.:  David J. Petersen

 

TERMINATION
OF OPTION AGREEMENT

 

This Termination of Option Agreement is entered into
with respect to the following facts:

 

A.            Greenbrier
Leasing Corporation, a Delaware corporation (“Greenbrier”), Alan James (“James”)
and William A. Furman (“Furman”) entered into an Option Agreement with Right of
First Refusal and Agreement of Purchase and Sale dated June 1, 1994, as
amended September 21, 2004 and October 21, 2004 (the “Option
Agreement”).  A memorandum of the
original Option Agreement was recorded in the real property records of Lincoln
County, Oregon on July 15, 1994 at Book 285, Page 95.

 

B.            The
Option Agreement provided an option for James and/or Furman to purchase the
real property located in Lincoln County, Oregon, described on the attached Exhibit A
(the “Property”).  James exercised the
option by written notice on May 25, 2004. 
Furman did not exercise the option as provided in the Option Agreement,
and therefore no longer has any rights or obligations under the Option
Agreement.  Furman has executed this
instrument solely for purposes of completing the record.

 

C.            James
died on January 28, 2005.  George L.
Chelius and Eric Epperson (the “Representatives”) were appointed as Personal
Representatives of the will and estate of James pursuant to Letters
Testamentary (Case No. 050290219) dated February 17, 2005, issued by
the Circuit Court of Multnomah County, Oregon, and thereby succeeded to James’
rights and obligations pursuant to the Option Agreement.

 

D.            Greenbrier
and the Representatives desire to terminate the Option Agreement and any rights
or obligations thereunder.

 

NOW, THEREFORE, for valuable consideration the receipt
of which is acknowledged, the parties agree as follows:

 

1.             The
Option Agreement is terminated and no party shall have any rights or
obligations thereunder.  Without limiting
the generality of the foregoing sentence, this

 

 

termination specifically
terminates any right or obligation of James, the Representatives or the Estate
to purchase, and the right or obligation of Greenbrier to sell, the Property.

 

2.             Each
of Furman and the Representatives hereby quitclaims to Greenbrier any and all
right, title and interest they may have in and to the Property.

 

Dated April 20,
2005.

 

	
   

  	
   

  	
  REPRESENTATIVES:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William A.
  Furman

  	
   

  	
   

  	
   

  
	
  William A.
  Furman, an individual (solely for

  	
   

  	
  /s/ George L.
  Chelius

  	
   

  
	
  purposes of
  completion of the record)

  	
   

  	
  George L.
  Chelius, in his capacity as Personal

  Representative of the Will and Estate of Alan

  James

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GREENBRIER
  LEASING

  CORPORATION:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Eric
  Epperson

  	
   

  
	
   

  	
   

  	
  Eric Epperson,
  in his capacity as Personal

  
	
  By:

  	
  /s/ James T. Sharp

  	
   

  	
   

  	
  Representative
  of the Will and Estate of Alan

  
	
   

  	
  James T. Sharp

  President

  	
   

  	
  James

  
							

 

	
  STATE OF OREGON

  	
  )

  	
   

  
	
   

  	
  )     ss.

  	
   

  
	
  COUNTY OF Clackamas

  	
  )

  	
   

  
	
   

  	
   

  
	
  This instrument was acknowledged before me this
   19th day of April, 2005, by James T. Sharp, President of
  Greenbrier Leasing Corporation.

  
	
   

  	
   

  
	
   

  	
  /s/ Margaret E.
  Vallejos

  	
   

  
	
   

  	
  Notary Public
  for the State of Oregon

  
	
   

  	
  My commission
  expires:

  	
  May 17, 2008

  	
   

  
						

 

	
  STATE OF

  	
  )

  	
   

  
	
   

  	
  )     ss.

  	
   

  
	
  COUNTY OF 

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  This instrument
  was acknowledged before me this 18th day of April, 2005, by
  George L. Chelius, in his capacity as Personal Representative of the Will and
  Estate of Alan James.

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jordan T. Levine

  	
   

  
	
   

  	
  Notary Public
  for the State of California

  
	
   

  	
  My commission
  expires:

  	
  Sept. 17, 2008

  	
   

  
						

 

 

	
  STATE OF OREGON

  	
  )

  	
   

  
	
   

  	
  )     ss.

  	
   

  
	
  COUNTY OF Multnomah

  	
  )

  	
   

  
	
   

  	
   

  
	
  This instrument was acknowledged before me this  19th
  day of April, 2005, by Eric Epperson, in his capacity as Personal
  Representative of the Will and Estate of Alan James.

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Diane M.
  Galbadon

  	
   

  
	
   

  	
  Notary Public
  for the State of Oregon

  
	
   

  	
  My commission
  expires:

  	
  Jan. 14, 2006

  	
   

  
						

 

 

	
  STATE OF OREGON

  	
  )

  	
   

  
	
   

  	
  )     ss.

  	
   

  
	
  COUNTY OF Clackamas

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  This instrument was acknowledged before me
  this 19th day of April, 2005, by William A. Furman.

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Margaret E.
  Vallejos

  	
   

  
	
   

  	
  Notary Public
  for the State of Oregon

  
	
   

  	
  My commission
  expires:

  	
  May 17, 2008

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]