Document:

Exhibit 10.2

 

PFO
Global, Inc.

NON-QUALIFIED STOCK OPTION AGREEMENT

 

 

THE TRANSFER OF THESE
SECURITIES HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY OTHER APPLICABLE BLUE SKY LAWS, AND CANNOT
BE SOLD OR OTHERWISE TRANSFERRED UNLESS SUCH SALE OR TRANSFER IS REGISTERED UNDER SUCH ACTS, OR EXEMPTIONS FROM SUCH REGISTRATION
ARE AVAILABLE.

 

THIS
STOCK OPTION AGREEMENT (this “Agreement”) is entered into as of this _____ day of ______, 2016, by and between
PFO Global, Inc., a Nevada corporation (the “Company”), and ________________ (the “Optionee”).

 

The
Administrator has granted the Optionee a stock option to purchase the number of shares of the Company’s common stock as
set forth below, and in consideration of the granting of that stock option the Optionee intends to remain in the service of the
Company as an employee, director, consultant or advisor, as the case may be. The Company and the Optionee desire to enter into
a written agreement with respect to such option. Therefore, as an incentive and to encourage stock ownership, and also in consideration
of the mutual covenants contained herein, the parties hereto agree as follows.

 

1.Definitions.
For purposes of this Agreement, the following terms shall have the meanings set forth below:

 

(a)“Administrator”
means the Board of Directors of the Company or one or more committees appointed by the Board or another committee (within its
delegated authority) to administer all or certain aspects of this Agreement.

 

(b)“Change
in Control” shall be deemed to have occurred if:

 

(i)
a tender offer (or series of related offers) shall be made and consummated for the ownership of 50% or more of the outstanding
voting securities of the Company, unless as a result of such tender offer more than 50% of the outstanding voting securities of
the surviving or resulting corporation shall be owned in the aggregate by the stockholders of the Company (as of the time immediately
prior to the commencement of such offer), any employee benefit plan of the Company or its Subsidiaries, and their affiliates;

 

(ii)the
Company shall be merged or consolidated with another entity, unless as a result of such merger or consolidation more than 50%
of the outstanding voting securities of the surviving or resulting entity shall be owned in the aggregate by the stockholders
of the Company (as of the time immediately prior to such transaction), any employee benefit plan of the Company or its Subsidiaries,
and their affiliates;

 

(iii)the
Company shall sell substantially all of its assets to another entity that is not wholly owned by the Company, unless as a result
of such sale more than 50% of such assets shall be owned in the aggregate by the stockholders of the Company (as of the time immediately
prior to such transaction), any employee benefit plan of the Company or its Subsidiaries and their affiliates; or

 

    

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(iv)a
Person (as defined below) shall acquire 50% or more of the outstanding voting securities of the Company (whether directly, indirectly,
beneficially or of record), unless as a result of such acquisition more than 50% of the outstanding voting securities of the surviving
or resulting corporation shall be owned in the aggregate by the stockholders of the Company (as of the time immediately prior
to the first acquisition of such securities by such Person), any employee benefit plan of the Company or its Subsidiaries, and
their affiliates.

 

For
purposes of this Section 1(c), ownership of voting securities shall take into account and shall include ownership as determined
by applying the provisions of Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). In addition, for such purposes, “Person” shall have the
meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof; provided,
however, that a Person shall not include (A) the Company or any of its Subsidiaries; (B) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any of its Subsidiaries; (C) an underwriter temporarily holding securities
pursuant to an offering of such securities; or (D) a corporation owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportion as their ownership of stock of the Company.

 

Notwithstanding
the foregoing, (1) the Administrator may waive the requirement described in paragraph (iv) above that a Person must acquire more
than 50% of the outstanding voting securities of the Company for a Change in Control to have occurred if the Administrator determines
that the percentage acquired by a Person is significant (as determined by the Administrator in its discretion) and that waiving
such condition is appropriate in light of all facts and circumstances, and (2) no compensation that has been deferred for purposes
of Section 409A (defined below) shall be payable as a result of a Change in Control unless the Change in Control qualifies as a
change in ownership or effective control of the Company within the meaning of Section 409A.

 

(c)“Code” shall
mean the Internal Revenue Code of 1986, as amended.

 

(d)“Fair Market Value”
shall mean, unless otherwise determined or provided by the Administrator, the closing price for a share of Stock (defined below)
on the trading day immediately before the Date of Grant (defined below), as furnished by the NASDAQ Stock Market or other principal
stock exchange on which the Stock is then listed for the date in question, or if the Stock is not listed on a principal stock exchange,
then by the Over-the-Counter Bulletin Board or OTC Markets. If the Stock is not listed on the NASDAQ Capital Market or listed on
a principal stock exchange or is no longer actively traded on the Over-the-Counter Bulletin Board or OTC Markets as of the applicable
date, the Fair Market Value of the Stock shall be the value as reasonably determined by the Administrator for purposes of the Option
in the circumstances.

 

(e)“Subsidiaries”
means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly
or indirectly by the Company.

 

2.Grant of Option. Subject
to the terms, restrictions, limitations and conditions stated in this Agreement, the Company hereby evidences its grant to the
Optionee of the right and option (the “Option”) to purchase all or any part of the number of shares of the Company’s
common stock, par value, $.0001 per share (the “Stock”), set forth on Schedule A attached and incorporated into
this Agreement by reference. The Option shall be exercisable in the amounts and at the time(s) specified on Schedule A. The Option
shall expire and shall not be exercisable on or after the date specified on Schedule A or on such earlier date as determined pursuant
to Sections 8, 9 or 10 of this Agreement. THIS OPTION IS A NON-Qualified STOCK
OPTION.

 

    

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3.Purchase Price. The price
per share to be paid by the Optionee for the shares subject to this Option (the “Exercise Price”) shall be as
specified on Schedule A, which price shall be an amount not less than the Fair Market Value of a share of Stock as of the Date
of Grant. The Administrator has in good faith set the Fair Market Value of these Options.

 

4.Exercise Terms. The Optionee
must exercise the Option for at least the lesser of 100 shares or the number of shares of purchasable Stock as to which the Option
remains unexercised. If this Option is not exercised with respect to all or any part of the shares subject to this Option prior
to its expiration, the shares with respect to which this Option was not exercised shall no longer be subject to this Option.

 

5.Option Non-Transferable.
This Option shall not be transferable by the Optionee other than to the Optionee’s beneficiary designated to receive benefits
in the event of the Optionee’s death or, in the absence of a validly designated beneficiary, by will or the laws of descent
and distribution, pursuant to a domestic relations order issued by a court of competent jurisdiction, or as otherwise permitted
by the Administrator in writing. During the lifetime of an Optionee, Options shall be exercisable only by such Optionee (or by
such Optionee’s guardian or legal representative, should one be appointed). Optionee shall not transfer any Stock received
pursuant to the exercise of this Option unless Optionee has first offered such Stock to the Company and the assignee agrees in
writing to be bound by the terms and conditions of the this Agreement.

 

6.Notice of Exercise of Option.
This Option may be exercised by the Optionee, or by the Optionee’s administrators, executors or personal representatives,
by a written notice (in substantially the form of the Notice of Exercise attached to this Agreement as Schedule B) signed by the
Optionee, or by such administrators, executors or personal representatives, and delivered or mailed to the Company as specified
in Section 16(c) below to the attention of the President, Chief Executive Officer or such other officer as the President or Chief
Executive Officer may designate. Any such notice shall (a) specify the number of shares of Stock which the Optionee or the Optionee’s
administrators, executors or personal representatives, as the case may be, then elects to purchase hereunder, (b) contain such
information as may be reasonably required pursuant to Section 12 below, and (c) be accompanied by (i) a certified or cashier’s
check or, if acceptable to the Administrator, a recourse note payable to the Company in payment of the total Exercise Price applicable
to such shares as provided herein, (ii) shares of Stock owned by the Optionee, which the Optionee has not acquired from the Company
in the six (6) months prior to the exercise date, and duly endorsed or accompanied by stock transfer powers having a Fair Market
Value equal to the total Exercise Price applicable to such shares purchased under this Agreement, or (iii) a certified or cashier’s
check or, if acceptable to the Administrator, a recourse note payable to the Company, accompanied by the number of shares of Stock
whose Fair Market Value when added to the amount of the check or note equals the total Exercise Price applicable to the shares
being purchased under this Agreement. Upon receipt of any such notice and accompanying payment, and subject to the terms hereof,
the Company agrees to issue to the Optionee or the Optionee’s administrators, executors or personal representatives, as the
case may be, stock certificates for the number of shares specified in such notice registered in the name of the person exercising
this Option.

 

7.Adjustment in Option.
The number of Shares subject to this Option, the Exercise Price and other matters are subject to adjustment during the term of
this Option as follows: Upon or in contemplation of any of the following events: any reclassification, recapitalization, stock
split (including a stock split in the form of a stock dividend) or reverse stock split; any merger, arrangement, combination, consolidation,
or other reorganization; any spin-off, split-up, or similar extraordinary dividend distribution in respect of the Stock (whether
in the form of securities or property); any exchange of Stock or other securities of the Company, or any similar, unusual or extraordinary
corporate transaction in respect of the Stock; then the Administrator shall in such manner, to such extent and at such time as
it deems appropriate and equitable in the circumstances (but subject to compliance with applicable laws and stock exchange requirements)
proportionately adjust any or all of (a) the number and type of shares of Stock (or other securities) that thereafter may be made
the subject of the Option, (b) the number, amount and type of shares of Stock (or other securities or property) subject to the
Option, (c) the grant, purchase, or exercise price of the Option, and (d) the securities, cash or other property deliverable upon
exercise of the Option. Any adjustment made pursuant to this Section 7 shall be made in a manner that, in the good faith determination
of the Administrator, will not likely result in the imposition of additional taxes or interest under Section 409A.

 

    

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8.Termination of Service.

 

(a)Except as otherwise specified
in Schedule A to this Agreement, in the event of the termination of the Optionee’s service to the Company or any of its Subsidiaries,
other than a termination that is either (i) for Cause (as defined in that certain Employment Agreement by and between the Optionee
and the Company dated as of February 29, 2016, or (ii) voluntary on the part of the Optionee and without written consent of the
Company, the Optionee may exercise this Option at any time within three (3) months after such termination to the extent of the
number of shares which were purchasable hereunder at the date of such termination.

 

(b)Except as specified in Schedule
A attached hereto, in the event of a termination of the Optionee’s service that is either (i) for Cause or (ii) voluntary
on the part of the Optionee and without the written consent of the Company, this Option, to the extent not previously exercised,
shall terminate immediately and shall not thereafter be or become exercisable.

 

(c)Unless and to the extent otherwise
provided in Schedule A hereto, in the event of the retirement of the Optionee at or after the normal retirement date (age 65 unless
the Administrator determines otherwise), the Optionee shall continue to have the right to exercise any Options for shares which
were purchasable at the date of the Optionee’s retirement, such rights to be subject to the provisions of this Agreement.
Notwithstanding the foregoing, the Option will become void and unexercisable on the date which is three (3) months after the date
of retirement, unless on (or effective as of) the date of retirement the Optionee enters into a noncompete agreement with the Company,
which the Company must offer to the Optionee, and continuously complies with such noncompete agreement for the period of time during
which the Option may be exercised.

 

9.Continuance of Service.
This Option does not confer upon the Optionee any right with respect to continuance of service to or employment with the Company
or by any of its Subsidiaries. This Option shall not be affected by any change of service or employment so long as the Optionee
continues to serve the Company or one of its Subsidiaries.

 

10.Death or Disability of Optionee.
Except as otherwise set forth in Schedule A with respect to the rights of the Optionee upon termination of service under Section
8(a) above, in the event of the Optionee’s death or disability while in the service of the Company or any of its Subsidiaries
or within three months after a termination of such service (if such termination was neither (i) for Cause nor (ii) voluntary on
the part of the Optionee and without the written consent of the Company), the appropriate persons described in Section 6 of this
Agreement or persons to whom all or a portion of this Option is transferred in accordance with Section 5 of this Agreement may
exercise this Option at any time within a period ending on the earlier of (a) the last day of the one year period following the
Optionee’s death or disability or (b) the expiration date of this Option. If the Optionee was in the service of the Company
at the time of death or disability, any unvested rights to acquire shares pursuant to this Option shall immediately vest and this
Option may be so exercised. If the Optionee’s service terminated prior to his or her death or disability, this Option may
be exercised only to the extent of the number of shares covered by this Option which were purchasable under this Agreement at the
date of such termination.

 

    

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11.Date of Grant. This Option
was granted by the Administrator on the date set forth in Schedule A (the “Date of Grant”).

 

12.Compliance with Regulatory
Matters. The Optionee acknowledges that the issuance of capital stock of the Company is subject to limitations imposed by federal
and state law, and the Optionee hereby agrees that the Company shall not be obligated to issue any shares of Stock upon an attempted
exercise of this Option that would cause the Company to violate law or any rule, regulation, order or consent decree of any regulatory
authority (including without limitation the SEC) having jurisdiction over the affairs of the Company. The Optionee agrees that
he or she will provide the Company with such information as is reasonably requested by the Company or its counsel to determine
whether the issuance of Stock complies with the provisions described by this Section 12.

 

13.Privileges of Stock Ownership.
Except as otherwise expressly authorized by the Administrator or this Agreement, the Optionee shall not be entitled to
any privilege of stock ownership as to any shares of Stock not actually delivered to and held of record by the Optionee. No adjustment
will be made for dividends or other rights as a stockholder for which a record date is prior to such date of delivery of the Stock.

 

14.Change in Control. Notwithstanding
anything herein or on Schedule A to the contrary, upon a Change in Control, each then-outstanding unvested share under the Option
shall automatically become fully vested and exercisable, unless the Administrator, in its discretion, has made appropriate provision
for the substitution, assumption, exchange or other continuation of the Option in connection with the Change in Control. If the
vesting of the Option is accelerated pursuant to this Section 14, then the Option shall terminate upon the Change in Control, subject
to any provision that has been expressly made by the Administrator, through a plan of reorganization or otherwise, for the survival,
substitution, assumption, exchange or other continuation of the Option. In the case of Options that will not survive, be substituted
for, assumed, exchanged, or otherwise continued in connection with the transaction, the Optionee shall be given reasonable advance
notice of the impending termination and a reasonable opportunity to exercise the Optionee’s outstanding Options in accordance
with this Agreement’s terms before the termination of the Options. In no event shall more than ten days’ advance notice
of accelerated vesting and impending termination of the Option be required. In addition, the Administrator may make provision for
the payment in cash or property (or both) in respect of any portion of the Option terminated pursuant to this Section 14 as a result
of the Change in Control and may adopt such valuation methodologies as the Administrator deems reasonable and may base such settlement
solely upon the excess, if any, of the per share amount payable upon or in respect of the Change in Control over the Exercise Price.

 

Any acceleration of
the vesting of the Option pursuant to this Section 14 shall comply with applicable legal and stock exchange requirements and, if
necessary to accomplish the purposes of the acceleration or if the circumstances require, may be deemed by the Administrator to
occur a limited period of time of no more than 30 days before the event. Without limiting the generality of the foregoing, the
Administrator may deem an acceleration to occur immediately prior to the Change in Control and/or reinstate the original terms
of the Option, including, without limitation, rescinding the accelerated vesting of any portion of the Option, if the potential
Change in Control giving rise to the acceleration does not occur; provided, that, in the case of any compensation that has
been deferred for purposes of Section 409A, the Administrator determines that such rescission will not likely result in the imposition
of additional tax or interest under Section 409A.

 

    

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15.Investment Representation.
Notwithstanding anything herein to the contrary, the Optionee hereby represents and warrants to the Company, that:

 

a.The
Stock that will be received upon exercise of the Option is acquired for investment purposes only for the Optionee’s own
account and not with a view to or in connection with any distribution, re-offer, resale or other disposition not in compliance
with the Securities Act of 1933 (the “Securities Act”) and applicable state securities laws;

 

b.The
Optionee, alone or together with the Optionee’s representatives, possesses such expertise, knowledge and sophistication
in financial and business matters generally, and in the type of transactions in which the Company proposes to engage in particular,
that the Optionee is capable of evaluating the merits and economic risks of acquiring Stock upon the exercise of the Option and
holding such Stock;

 

c.The
Optionee has had access to all of the information with respect to the Stock underlying the Option that the Optionee deems necessary
to make a complete evaluation thereof, and has had the opportunity to question the Company concerning the Option;

 

d.The
decision of the Optionee to acquire the Stock upon exercise of the Option for investment has been based solely upon the evaluation
made by the Optionee;

 

e.The
Optionee understands that the Stock underlying the Option constitutes “restricted securities” under the Securities
Act and has not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends
upon, among other things, the bona fide nature of the Optionee’s investment intent as expressed herein. The Optionee further
understands that the Stock underlying the Option must be held indefinitely unless it is subsequently registered under the Securities
Act or an exemption from such registration is available;

 

f.The
Optionee acknowledges and understands that the Company is under no obligation to register the Stock underlying the Option and
that the certificates evidencing such Stock will be imprinted with a legend which prohibits the transfer of such Stock unless
it is registered or such registration is not required in the opinion of counsel satisfactory to the Company and any other legend
required under applicable state securities laws; and

 

g.The
Optionee is an “accredited investor,” as such term is defined in Section 501 of Regulation D promulgated under the
Securities Act.

 

16.Code Section 409A.

 

(a)The Company intends that, except
as may be otherwise determined by the Administrator, the Option be either exempt from or satisfy the requirements of Section 409A
of the Code and related regulations and Treasury pronouncements (“Section 409A”) to avoid the imposition of
any taxes, including additional income or penalty taxes, thereunder. If the Administrator determines that the Option, this Agreement,
the acceleration or adjustment to the terms of the Option or this Agreement, payment, distribution, deferral election, transaction
or any other action or arrangement contemplated by the provisions of this Agreement would, if undertaken, cause the Option to become
subject to Section 409A, unless the Administrator expressly determines otherwise, the Option, this Agreement, the payment, acceleration,
adjustment, distribution, deferral election, transaction or other action or arrangement shall not be undertaken and the related
provisions of this Agreement will be deemed modified or, if necessary, rescinded in order to comply with the requirements of Section
409A to the extent determined by the Administrator without the consent or notice to the Optionee. Notwithstanding the foregoing,
neither the Company nor the Administrator shall have any obligation to take any action to prevent the assessment of any excise
tax or penalty on the Optionee under Section 409A, and neither the Company nor the Administrator will have any liability to the
Optionee for such tax or penalty.

 

    

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(b)Although the Company intends
that the Option will be exempt from, or will comply with, the requirements of Section 409A, the Company does not warrant that the
Option will qualify for favorable tax treatment under Section 409A or any other provision of federal, state, local or foreign law.
The Company shall not be liable to the Optionee for any tax, interest or penalties the Optionee might owe as a result of the grant,
holding, vesting, exercise or payment related to the Option granted by this Agreement.

 

16.Miscellaneous.

 

(a)This Agreement shall be binding
upon the parties hereto and their representatives, successors and assigns.

 

(b)This Agreement shall be governed
by, construed, and enforced in accordance with the laws of the State of Nevada (excluding any conflict of laws rule or principle
of Nevada law that might refer the governance, construction, or interpretation of this Agreement to the laws of another state).

 

(c)Any requests or notices to be
given hereunder shall be deemed given, and any elections or exercises to be made or accomplished shall be deemed made or accomplished,
upon actual delivery thereof to the designated recipient, or three days after deposit thereof in the United States mail, registered,
return receipt requested and postage prepaid, addressed, if to the Optionee, at Optionee’s address shown in the Company’s
records and, if to the Company, to the executive offices of the Company, or at such other addresses that the parties provide
to each other in accordance with the foregoing notice requirements.

 

(d)This Agreement may not be modified
except in writing executed by each of the parties to it.

 

(e)It is the intent of the Company
that this Agreement and the Option granted hereunder be interpreted in a manner that, if the Optionee is or may be subject to Section
16 of the Exchange Act, qualify, to the maximum extent compatible with the express terms of this Agreement, for exemption from
matching liability under Rule 16b-3 promulgated under the Exchange Act. Notwithstanding the foregoing, the Company shall have no
liability to the Optionee for Section 16 consequences if this Agreement and the Option granted hereunder do not so qualify.

 

(f)Upon any exercise, vesting,
or payment in connection with the Option, as applicable, the Company or one of its Subsidiaries shall have the right at its option
to:

 

(i)require
the Optionee (or the Optionee’s personal representative or beneficiary, as the case may be) to pay or provide for payment
of at least the minimum amount of any taxes which the Company or one of its Subsidiaries may be required to withhold with respect
to the Optionee; or

 

    

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(ii)deduct
from any amount otherwise payable in cash to the Optionee (or the Optionee’s personal representative or beneficiary, as
the case may be) the minimum amount of any taxes which the Company or one of its Subsidiaries may be required to withhold with
respect to any cash payment.

 

In any case where a
tax is required to be withheld in connection with the delivery of shares of Stock pursuant to the Option granted under this Agreement,
the Administrator may in its sole discretion (subject to compliance with all applicable federal and state laws, rules and regulations
(including, without limitation, to state and federal securities law, federal margin requirements) and to such approvals by any
applicable stock exchange listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary
or advisable in connection therewith) grant (either on the Date of Grant or thereafter) to the Optionee the right to elect, pursuant
to such rules and subject to such conditions as the Administrator may establish, to have the Company reduce the number of shares
to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their Fair Market
Value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the minimum applicable
withholding obligation on exercise, vesting or payment related to the Option granted by this Agreement. In no event shall the shares
withheld exceed the minimum whole number of shares required for tax withholding under applicable law.

 

 

[Remainder of page intentionally blank.
Signatures appear on the following page.]

 

    

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IN WITNESS WHEREOF,
the Administrator has caused this Agreement to be executed on behalf of the Company, and the Optionee has executed this Agreement,
all as of the day and year first above written.

 

 

	PFO GLOBAL, INC.	 	OPTIONEE	 
	 	 	 	 
	 	 	 	 
	By:  ______________________________	 	By:  ______________________________	 
	Name:	 	Name: 	 
	Title:	 	 	 

 

    

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SCHEDULE A

TO

STOCK OPTION AGREEMENT

BETWEEN

PFO
Global, Inc.

AND

 

 

______________________________

 

Dated: __________________

 

 

		1.	Number of Shares Subject to Option:

 

		2.	Type of Option:

 

		3.	Option Exercise Price:

 

		4.	Date of Grant:

 

		5.	Option Vesting Schedule:

 

Check one:

 

		(     )	Options are exercisable with respect to all shares
on or after the date hereof.

 

		(     )	Subject to Section 14 of the Agreement, Options are
exercisable with respect to the number of shares indicated below on or after the date indicated next to the number of shares:

 

No. of Shares                                Vesting Date

 

		6.	Option Exercise Period (check one):

 

		(     )	All options expire and are void unless exercised on
or before _____________.

		(     )	Options expire and are void unless exercised on or
before the date indicated next to the number of shares:

 

No. of Shares                                Expiration Date

 

 

		7.	Effect of Termination of Service of Optionee:

 

    

A-10 - Schedule A-1

     

    

 

SCHEDULE B

TO

STOCK OPTION AGREEMENT

BETWEEN

PFO
Global, Inc.

AND

 

__________________________

 

 

Dated: __________________

 

 

 

NOTICE OF EXERCISE

 

 

The undersigned hereby
notifies PFO Global, Inc. (the “Company”) of this election to exercise the undersigned’s stock option
to purchase __________ shares of the Company’s common stock, par value $.0001 per share (the “Common Stock”),
pursuant to the Stock Option Agreement (the “Agreement”) between the undersigned and the Company dated _______________________,
_____. Accompanying this Notice is (1) a certified or a cashier’s check or, if acceptable to the Administrator, a recourse
note payable to the Company, in the amount of $________________ payable to the Company, and/or (2) __________ shares of the
Company’s Common Stock presently owned by the undersigned and duly endorsed or accompanied by stock transfer powers, having
an aggregate Fair Market Value (as defined in the Agreement as of the date hereof of $_______________, and/or (3) authorization
to withhold __________ shares of Stock otherwise issuable upon exercise of the Option having an aggregate Fair Market Value as
of the date hereof of $_______________, with such shares of Stock that are withheld being credited against the Exercise Price,
such amounts of (1), (2) and (3) being equal, in the aggregate, to the purchase price per share set forth in Section 3 of the Agreement
multiplied by the number of shares being purchased hereby (in each instance subject to appropriate adjustment pursuant to Section
7 of the Agreement).

 

IN WITNESS WHEREOF,
the undersigned has set his hand and seal, this _______ day of  , _____.

 

OPTIONEE [OR OPTIONEE’S ADMINISTRATOR,

EXECUTOR
OR PERSONAL REPRESENTATIVE]

 

 

 

______________________________________

Name: _________________________________

Position (if other than Optionee): _____________

 

    

A-11 - Schedule B-1EX-10.1

 Exhibit 10.1 

SEPARATION AND CONSULTING AGREEMENT 

This Separation and Consulting Agreement (“Agreement”) is made effective as of May 10, 2016 (“Effective Date”), by
and between The Greenbrier Companies, Inc. (the “Company”) and James T. Sharp (“Sharp”). 
 RECITAL 

The Company and Sharp desire to enter into this Agreement setting forth the terms and conditions relating to Sharp’s retirement from
employment with the Company and his potential engagement as a consultant to the Company following his retirement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the Company and Sharp agree as follows: 

ARTICLE 1 
 Employment
and Separation 
 1.1 Employment Status. Effective as of December 31, 2016, or such earlier date of termination of
employment (referred to herein as the “Retirement Date”), Sharp shall retire from his position as Executive Vice President of the Company, as President of Greenbrier Leasing Company LLC (“GLC”) and shall also resign from all
other roles as a director, officer, manager, board member and any other position of any and all subsidiaries of the Company. Except as provided in Section 4.5, this Agreement amends, supersedes and replaces in all respects that certain
Employment Agreement between Sharp and the Company, dated August 28, 2012 (the “Sharp Employment Agreement”), and the Sharp Employment Agreement is of no further force or effect. The period beginning on the Effective Date and ending
on the Retirement Date will be referred to in this Agreement as the “Employment Term.” The Company may terminate Sharp’s employment for any reason at any time prior to the Retirement Date; however, if the Company terminates
Sharp’s employment prior to the Retirement Date the Company shall pay Sharp the sums referenced in Sections 1.4, 1.5 and 1.7 and Sharp shall receive the benefits referenced in Sections 3.1.1, 3.1.2 and 3.8, in each case as if Sharp was employed
through December 31, 2016 in the same amounts and on the same payment schedules. 
 1.2 Position; Duties. During the Employment
Term, Sharp shall continue as President of GLC and have the duties and responsibilities attendant to that position as well as such duties and responsibilities as may be reasonably assigned from time to time by the CEO, including principally, the
following: (i) succession planning by providing recommendations and any necessary implementation support within GLC; (ii) work on developing a Syndication Investor Priority / Consolidation strategy; (iii) evaluate potential
acquisitions or other significant business transactions; and (iv) work on such other projects as are agreed upon from time to time between Sharp and the CEO. 

1.3 Performance of Duties. During the Employment Term, Sharp will devote his reasonable full-time energies and efforts exclusively in
furtherance of the business of the Company and its affiliates. Sharp will perform his duties during the Company’s normal business hours and at other reasonably necessary times. Sharp will extend his best efforts on behalf of the

  
 1 

 
Company and will abide by all policies and decisions made by the Company, as well as all applicable foreign, federal, state and local laws, regulations and ordinances. Sharp will act in the best
interest of the Company at all times. Notwithstanding the foregoing, during the last three months of Sharp’s employment he may make reasonable efforts to locate consulting work and/or employment commencing in 2017 or later as long as such
efforts do not materially interfere with Sharp performing the duties and responsibilities set forth in section 1.2. Notwithstanding the foregoing, Sharp will be permitted to serve as an outside director on the board of directors of nonprofit,
charitable or other entities, provided such entities do not compete with the Company, as provided for and set forth in section 4 of this Agreement, and may participate in other professional, civic, governmental organizations and activities that do
not materially affect Sharp’s ability to carry out his duties hereunder. 
 1.4 Base Salary. As compensation for Sharp’s
performance of the duties during the Employment Term, Sharp shall be paid a base salary at a rate of $370,000.00 per year (“Base Salary”), payable in accordance with the Company’s customary payroll practices, less required deductions
for state and federal withholding tax, social security and all other employment taxes and payroll deductions. 
 1.5 Bonus. Sharp
will receive a cash performance-based bonus for the fiscal year ending August 31, 2016 pursuant to the Company’s 2016 officer incentive bonus plan (the “2016 Bonus Plan”) as earned and paid in accordance with the terms of the
2016 Bonus Plan. 
 1.6 Indemnification and D&O Insurance. The Indemnification Agreement, dated December 9, 2008, between
Sharp and the Company remains in full force and effect in accordance with its terms. Sharp shall remain as an insured individual for his activities as Executive Vice President of the Company and President of GLC under any Company directors’ and
officers’ insurance policy as the Company may have in place from to time. 
 1.7 Severance Benefits. Following the Retirement
Date regardless of Sharp’s employment status on that date and in accordance with the payment terms set forth below, the Company shall pay Sharp a lump sum severance payment equal to the sum of (i) an amount equal to one times Sharp’s
annual Base Salary as in effect immediately preceding the Retirement Date, but not less than $370,000, plus (ii) an amount equal to one times the Average Bonus. “Average Bonus” shall mean the average of the annual cash bonuses
received by Sharp for fiscal 2016 and fiscal 2015. In accordance with and subject to Section 3.9, such severance payment shall be paid on a date that is not fewer than 180 days or more than 200 days following the Retirement Date, contingent
upon Sharp having provided to the Company within 30 days of the Retirement Date a signed comprehensive release of claims against the Company and its affiliates as of the Retirement Date in substantially the form attached as Exhibit A to this
Agreement. 
 ARTICLE 2 

Consulting Engagement 
 2.1
Consulting Status. Upon cessation of his employment with Company, Sharp will become a consultant to the Company. Sharp’s status shall be as an independent contractor, and the Company shall have no authority to supervise the time, manner
or place of Sharp’s performance of services as a consultant. Sharp may perform work for other individuals and entities, provided that such work does not interfere with the services he provides to the Company and does not violate any provision
of Article 4 below. 

  
 2 

 2.2 Consulting Term. Sharp’s consulting term under this Agreement will begin
immediately following the expiration of the Employment Term, or the termination of his employment if his employment terminates before December 31, 2016, and shall continue until June 30, 2018 or 18 months after his employment is terminated
whichever is earlier (the “Consulting Term”). Notwithstanding any provision of this Agreement to the contrary, the Consulting Term may be terminated at any time prior to the expiration of the Consulting Term by mutual agreement of Sharp
and the Company. 
 2.3 Consulting Fees. As compensation for Sharp’s performance of the duties during the Consulting Term, the
Company shall pay Sharp base compensation of $1,000 per month (the “Consulting Fees”). The Company will not withhold any income or payroll taxes from the Consulting Fees, and Consultant will be responsible for all applicable federal,
state, local and foreign income and/or payroll taxes due as a result of receipt of the Consulting Fees. 
 2.4 Consulting Duties.
During the Consulting Term, Sharp will be available at reasonable times and in a reasonable manner to discuss transition of responsibilities and related strategic business issues with the CEO and such other senior Company personnel as the CEO may
reasonably designate (the “Consulting Services”). Sharp and the Company agree that during the Consulting Term Sharp will generally not be expected to provide Consulting Services for more than 8 hours per month. 

ARTICLE 3 
 Other
Compensation and Benefits 
 3.1 Restricted Stock Units. 

3.1.1 During the Employment Term, all unvested time-based Restricted Stock Units (“RSUs”) held by Sharp shall continue to vest in
accordance with the terms and conditions of the applicable RSU Agreements (each, an “RSU Agreement”). 
 3.1.2 On the Retirement
Date, the vesting of all unvested time-based RSUs as set forth on the RSU vesting schedule attached as Exhibit B shall immediately accelerate, and such RSUs will become fully vested. 

3.1.3 The performance-based RSUs held by Sharp as set forth on Exhibit B which pertain to the performance period ending on
August 31, 2016 shall continue to vest based on performance in accordance with the terms and conditions of the applicable RSU Agreement, as determined by the Compensation Committee by November 2016. The performance-based RSUs held by Sharp as
set forth on Exhibit B which pertain to the performance period ending on August 31, 2017 will immediately vest at the target performance level on the Retirement Date, and Sharp will be entitled to receive a prorated number of shares,
equal to the number of such vested RSUs, multiplied by a fraction, the numerator of which is the number of full and partial months in the Measurement Period during which Sharp remained employed with the Company and the denominator of which is 30.

  
 3 

 3.1.4 Each RSU Agreement described above is deemed to be amended to provide for modified vesting
as described above. 
 3.2 Office/Equipment Support. During the Employment Term and the Consulting Term, the Company shall provide
reasonable access to the Company’s offices and administrative support to Sharp as reasonably necessary for Sharp to perform services for the Company. This support includes providing Sharp with a mobile telephone, iPad, and executive assistance
support. 
 3.3 Paid Time Off. During the Employment Term, Sharp shall be entitled to PTO in accordance with the Company’s
standard policies and guidelines currently applicable to him. 
 3.4 401(k). During the Employment Term, Sharp is entitled to
participate in the Company’s 401(k) program in the same manner as all other employees and, at the end of such period, shall have the same options available to all other employees under such program. 

3.5 Life Insurance. 

3.5.1 During the Employment Term, Sharp is entitled to participate in and benefit from the Company’s group term life insurance coverage
in the same manner as all other employees and, at the end of such period, shall have the options available to all other employees under such program. 

3.5.2 During the Employment Term, the Company shall continue in force the existing life insurance coverage insuring Sharp’s life (the
“Supplemental Policy”). The Company shall continue to own the Supplemental Policy and shall endorse the death benefit to Sharp. 

3.5.3 Sharp shall continue to own one or more supplemental life insurance policies owned by him (the “Prior Policy”) which were
issued under a prior executive life insurance program under which the Company previously paid the cost of premiums, which program was replaced by the program for the Supplemental Policy. 

3.5.4 Upon the Retirement Date, the Company shall transfer to Sharp ownership of the Supplemental Policy, including without limitation the
right to the cash surrender value of the Supplemental Policy, on the date that is six months after the date of Sharp’s separation from service, as that term is defined in Treas. Reg. §1.409A-1(h). 

3.6 Medical Insurance. During the Employment Term and the Consulting Term, Sharp will be eligible to participate in, subject to
Sharp’s continued payment of his portion of such premiums, all employee benefit plans available to full-time, executive employees of the Company, subject to the terms and conditions of the Company’s benefit plans, including health, dental
and vision insurance benefits. Following the cessation of the Consulting Term, for a period not to exceed 18 months following termination of Sharp’s status as a consultant of the Company, the Company shall provide for continuation coverage
pursuant to COBRA for Sharp and/or his spouse provided that Sharp pays the Company an amount equal to the applicable premium for employee health benefits that Sharp would pay as an employee of the Company. “COBRA” refers to the
Consolidated Omnibus Budget Reconciliation Act of 1985. Once Sharp is no longer eligible for COBRA coverage, and if Sharp is not yet eligible for Medicare, then, until Sharp reaches the age of Medicare eligibility, the Company will make cash
payments to Sharp in an amount equal to the reasonable cost of purchasing health insurance for Sharp and his spouse and/or, as applicable, Medicare Supplemental Coverage for Sharp’s spouse. The Company reserves the right to change or eliminate
its medical benefits applicable to all employees and to Sharp on a prospective basis without advance notice to Sharp. 

  
 4 

 3.7 Automobile Allowance. During the Employment Term and for a period of two years
following the Retirement Date, Sharp shall be entitled to participate in the Company’s automobile allowance program at the same level he participates as of the Effective Date. 

3.8 Nonqualified Deferred Compensation Plan Contribution. Following the Retirement Date, Sharp will no longer be eligible to receive
Company contributions under the Company’s Nonqualified Deferred Compensation Plan. However, in exchange for his services to the Company during 2016 as provided for herein, Sharp shall be eligible to receive twice the amount of Company
contributions under the Company’s Nonqualified Deferred Compensation Plan for fiscal 2016 that Sharp would have received under the terms of such plan. Such payments will be calculated as a percentage of Sharp’s Base Salary paid during
fiscal 2016, and will be paid at the same time that the Company’s contributions are made to the Nonqualified Deferred Compensation Plan’s other participants, which are expected to be made in January or February 2017. The payments and
contributions under this section are contingent upon Sharp having provided to the Company prior to any contributions being made a signed comprehensive release of claims against the Company and its affiliates as of the contribution date in
substantially the form attached as Exhibit A to this Agreement. 
 3.9 IRS Section 409A. The parties intend that all
compensation and benefits provided for under this Agreement shall either be exempt from IRC §409A, or shall be paid or provided in accordance with the requirements of IRC §409A, including, without limitation, the imposition of a delay in
the payment of cash or transfer of other benefits to Sharp until a date that is six months after the date of Sharp’s separation from service, as that term is defined in Treas. Reg. §1.409A-1(h), if Sharp is determined to be a
“specified employee” as defined under IRC §409A. 
 3.10 SEC Compliance. During the Employment Term, Sharp shall
comply, to the extent applicable, with all requirements of Section 16 of the Securities Exchange Act of 1934 and the Company’s insider trading policies and procedures. 

ARTICLE 4 
 Restrictive
Covenants 
 4.1 Protected Information. 

4.1.1 Covenant. During and after expiration of Sharp’s Employment Term and Consulting Term, Sharp shall not,
directly or indirectly, use, divulge, furnish or make accessible to any person, firm, corporation, association or other entity, or use in any manner, any Protected Information (as defined below), or cause any Protected Information to enter the
public domain, except as may be required in the regular course of Sharp’s engagement by the Company. 

  
 5 

 4.1.2 Access to Protected Information. The Company has advised Sharp and Sharp has
acknowledged that it is the policy of the Company to maintain as secret and confidential all Protected Information, and that Protected Information has been and will be developed at substantial cost and effort to the Company. Sharp acknowledges that
Sharp will acquire Protected Information with respect to the Company, which information is a valuable, special, and unique asset of the Company’s business and operations, and that disclosure of such Protected Information would cause irreparable
damage to the Company. 
 4.1.3 Sharp-Created Protected Information. Sharp agrees to promptly disclose to the Company all Protected
Information developed in whole or in part by Sharp during his employment and/or consulting engagement with the Company and that relates to the Company’s business. Such Protected Information is, and shall remain, the exclusive property of the
Company. All Protected Information created during Sharp’s employment and/or consulting engagement with the Company (excluding writings unrelated to the Company’s business) is considered to be “works-for-hire” for the benefit of
the Company, and the Company shall own all rights in such Protected Information. 
 4.1.4 Return of Confidential Records. All forms
of information and all physical property made or compiled by Sharp prior to or during the Employment Term and the Consulting Term containing or relating in any way to Protected Information shall be the Company’s exclusive property. All such
materials and any copies thereof shall be held by Sharp in trust solely for the benefit of the Company and shall be delivered to the Company upon expiration of Sharp’s employment and/or consulting engagement, or at any other time upon the
Company’s request. 
 4.1.5 Protected Information. “Protected Information” means trade secrets, confidential and
proprietary business information of the Company, any information of the Company other than information that has entered the public domain (unless Sharp caused such information to enter the public domain), and all valuable and unique information and
techniques acquired, developed or used by the Company relating to its business, operations, employees, customers and suppliers, which give the Company a competitive advantage over those who do not know the information and techniques, and which are
protected by the Company from unauthorized disclosure, including but not limited to, financial information and conditions, customer and customer lists (including potential customers identified by the Company), sources of supply, processes, patented
or proprietary technologies, plans, materials, pricing information, internal memoranda, marketing plans, internal policies, and products and services which may be developed from time to time by the Company and its agents or employees. 

4.2 Non-Solicitation. Sharp agrees that, during his Employment Term and for a period of two (2) years after the expiration of his
employment, including extensions thereto, or the earlier termination of this Agreement, Sharp will not directly or knowingly through others, in any capacity, persuade or seek to persuade any customer, syndication investor, or vendors of the Company
or its affiliates to cease to do business or reduce the amount of business that customer or vendor is then doing with the Company or its affiliates, or to enter into a strategic alliance or railcar equipment buying program with another railcar
manufacturer, in each case other than in the normal course of business relating to Sharp’s employment with a company not covered by the restrictions defined in Section 4.5. For purposes of section 4.2 and 4.3, the two year period of
restriction shall encompass the Consulting Term and not be in addition to said Term. 

  
 6 

 4.3 Non-Interference with Employment Relationships. Sharp agrees that during his
Employment Term and for a period of two (2) years after the expiration of Sharp’s employment, including extensions thereto, or the earlier termination of this Agreement, Sharp will not (a) directly or knowingly through others solicit
or induce any employee of the Company to leave his or her employment with the Company to be hired by any company or entity that employs Sharp or for which Sharp is a consultant, or (b) hire or assist any other person to hire any person who has
been an employee of the Company within the previous nine (9) months from the potential hiring date. 
 4.4 Disclosure of Business
Opportunities. During the Employment Term and the Consulting Term, Sharp agrees to promptly and fully disclose to the Company, and not to divert to his own use or benefit or the use or benefit of others, any business opportunities involving any
existing or prospective line of business, customer, product or activity of the Company or any business opportunities that otherwise should be afforded to the Company. 

4.5 Non-Competition. The parties acknowledge and agree that Section 5 of the Employment Agreement will remain in full force and
effect, and that this Section 4.5 amends and clarifies Section 5 of the Employment Agreement as follows: As a condition of Sharp’s severance benefits under Section 1.7 and Section 3.8 of this Agreement and his consulting
engagement under Article 2 of this Agreement, Sharp agrees that for a period of two (2) years after the Retirement Date, inclusive of any Consulting Term, Sharp will not directly or indirectly, own (as an asset or equity owner), be employed by,
or consult for any individual or entity, or participate in the start-up of, any business that (i) manufactures railcars, railcar components or barges in North America, Europe, Brazil or the GCC countries; (ii) directly or physically
maintains or repairs railcars or railcar parts and components in North America, Europe, Brazil, or the GCC countries; (iii) leases railcars, provided that this subjection 4.5(iii) will only apply to leasing businesses that are affiliates or
captive leasing companies of any of the foregoing or any other freight railcar manufacturer or any other company listed on a list to be agreed upon by the parties; or (iv) provides services related to management of railcars in North America as
a business that represents at least 25% of the overall revenue of the entity and in a similar manner to that currently provided by the Company and its affiliates. This Section does not prevent Sharp from working for agreed upon railcar management
companies, railcar leasing companies, and suppliers for either employment or consulting engagements, provided that the CEO consents to such a relationship after consultation with Sharp and based on the CEO’s determination in his reasonable good
faith discretion that such a relationship does not create a material or significant conflict of interest or harm to the Company. In addition, Sharp may work for the companies listed on a list to be agreed upon by the parties, provided those
companies continue to have a contractual relationship with the Company and have not publicly announced a strategic alliance or railcar equipment order with another railcar manufacturing company (i) at the time of Sharp’s acceptance of
employment or consulting with such company or (ii) at any time during the period that is within two years of Sharp’s Retirement Date. Ownership of one percent (1%) or less of the outstanding stock of a publicly traded corporation will
not be deemed a violation of this provision. Sharp acknowledges that the geographic scope of this restriction is reasonably necessary to protect the Company’s legitimate interests, particularly in light of Sharp’s position with the
Company, Sharp’s corresponding duties, responsibilities and authority, and the Company’s current business plans and expansion efforts. Notwithstanding the foregoing, Company will, on request of Sharp, give reasonable good faith
consideration to waiving all or a 

  
 7 

 
portion of the covenant to enable Sharp to obtain new employment, provided Sharp furnishes the Company with the name of the employer, a description of the employer’s business and the job
description, and such other information as the Company may reasonably request. The Company will consider waiving all or a portion of the covenants if the Company determines, in its good faith judgment, that the new employment does not pose a
substantial threat to the Company’s competitive or economic interest. Sharp expressly acknowledges that all compensation, bonuses, and benefits provided under Articles 1, 2 and 3 are contingent upon and subject to Sharp’s compliance with
this Article 4, and that any unearned or unpaid compensation, bonuses and benefits provided in section 1.7 or Article 3 will be repaid to the Company as liquidated damages and not as a penalty in the event of Sharp’s proven noncompliance with
this Article 4. 
 4.6 Publicity. Except as otherwise required by law, the parties agree to work together regarding any public
announcement related to this Agreement and the covenants herein. The parties will cooperate and coordinate messaging and issuance of any press release, including internal communication regarding Sharp’s ongoing role and transition within the
Company. 
 4.7 Non-Disparagement. Sharp agrees not to disparage the Company or its officers, directors, employees, shareholders or
agents, in any manner likely to be harmful to them or their business, business relationships or personal reputations. Sharp shall respond accurately and fully to any questions, inquiry or request for information when required by legal process,
notwithstanding the foregoing. Sharp will report to the CEO any defamatory comments made about him by any individual Company employee or agent, and the Company will take reasonable measures to cease such communications. 

4.8 Cooperation. Sharp agrees that during his Employment Term and Consulting Term, including extensions thereto, or the earlier
termination of this Agreement, Sharp will cooperate with the Company in responding to the reasonable requests of the Board, the Company or its General Counsel, in connection with outstanding projects and any and all existing or future litigation,
arbitrations, mediations or investigations brought by or against the Company, or its affiliates, agents, officers, directors or employees, whether administrative, civil or criminal in nature, in which the Company reasonably deems Sharp’s
cooperation necessary or desirable. In such matters, Sharp agrees to provide the Company with reasonable advice, assistance, and information, including offering and explaining evidence, providing sworn statements, and participating in discovery and
trial preparation and testimony. Sharp also agrees to promptly send the Company copies of all correspondence (for example, but not limited to, subpoenas) received by Sharp in connection with any such legal proceedings, unless Sharp is expressly
prohibited by law from so doing. The Company will reimburse Sharp for reasonable out-of-pocket expenses incurred by Sharp as a result of his cooperation with the obligations described in this Section, within 30 days of the presentation of
appropriate documentation thereof, in accordance with the Company’s standard reimbursement policies and procedures. 
 4.9 Survival
of Undertakings and Injunctive Relief. 
 4.9.1 Survival. The provisions of Sections 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7 and 4.8
shall survive the expiration of Sharp’s employment and/or consulting engagement, or the earlier termination of this Agreement (irrespective of the reasons therefore). In the event of any proven violation of Sections 4.1, 4.2, 4.3, 4.4, and 4.5
Sharp further agrees that the time periods set forth in such sections shall be extended by the period of such violation. 

  
 8 

 4.9.2 Injunctive Relief. Sharp acknowledges and agrees that the restrictions imposed upon
him by this Article 4 and the purpose of such restrictions are reasonable and are designed to protect the Protected Information and the continued success of the Company without unduly restricting Sharp’s future employment by himself or others.
Furthermore, Sharp acknowledges that, in view of the Protected Information which Sharp has or will acquire or has or will have access to, and in view of the necessity of the restrictions contained in this Article 4 any violation of any provision of
this Article 4 hereof would cause irreparable injury to the Company with respect to the resulting disruption in its operations. By reason of the foregoing, Sharp consents and agrees that if he violates any of the provisions of this Article 4, the
Company shall be entitled, in addition to any other remedies that it may have, including money damages, to an injunction to be issued by a court of competent jurisdiction, restraining Sharp from committing or continuing any violation of such
sections of this Agreement. 
 4.10 References to the Company. All references to the Company in this Article 4 shall be deemed to
include any subsidiary, parent, successor in interest, or other affiliate of the Company. 
 ARTICLE 5 

Release of Claims 
 5.1
Release. In exchange for and in consideration of the payments, benefits, and other commitments described herein, including but not limited to Sharp’s continued employment by the Company, as provided by Article 1, and consulting
engagement with the Company, as provided by Article 2, Sharp, for him and for each of his heirs, executors, administrators and assigns, hereby fully releases, acquits and forever discharges the Company and its subsidiaries, divisions, affiliates,
successors, assigns, beneficiaries, insurers, representatives, agents, and all of the Company’s past and present directors, officers and employees, from any and all, both past and present, claims, liabilities, causes of action, demands to any
rights, damages, costs, attorneys’ fees, expenses and compensation whatsoever, of whatever kind or nature, in law, equity or otherwise, whether known or unknown, vested or contingent, suspected or unsuspected, that Sharp may now have, has ever
had, or hereafter may have, relating directly or indirectly to his employment with the Company or its subsidiaries and/or his termination of employment that arose prior to the date Sharp executes this Agreement. Sharp also releases any and all other
claims Sharp may have that arose prior to the date of this Agreement and hereby specifically waives and releases all claims, including, but not limited to, those arising under Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991;
the Equal Pay Act; the Americans With Disabilities Act of 1990; the Rehabilitation Act of 1973; Sections 1981 through 1988 of Title 42 of the United States Code; the Immigration Reform and Control Act; the Workers Adjustment and Retraining
Notification Act; the Occupational Safety and Health Act; the Sarbanes-Oxley Act of 2002; the Consolidated Omnibus Budget Reconciliation Act (COBRA); the Family and Medical Leave Act; the Employee Retirement Income Security Act of 1971; the National
Labor Relations Act; the Fair Labor Standards Act; the Genetic Information Nondiscrimination Act (GINA); all as amended, and any and all similar state or local statutes, ordinances, or regulations, as well as all claims arising under federal, state,
or local law involving any tort, an express or implied employment contract, covenant of good faith and fair dealing or other statute, contract, breach of fiduciary duty, fraud, misrepresentation, defamation or other theory. Notwithstanding the
foregoing, Sharp is not waiving any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or 

  
 9 

 
proceeding; however, Sharp hereby disclaims and waives any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding.
Nothing in this Section 5.1 shall release any rights Sharp may have to benefits vested prior to the date hereof in the Company’s Target Benefit Plan, Nonqualified Deferred Compensation Plan or 401(k) plan or to vested post-employment
health or group insurance benefits. 
 ARTICLE 6 

Miscellaneous 
 6.1
Assignment and Transfer. Sharp’s rights and obligations under this Agreement shall not be transferable by assignment or otherwise, and any purported assignment, transfer or delegation thereof shall be void. This Agreement shall inure to
the benefit of, and be binding upon and enforceable by, any purchaser of substantially all of the Company’s assets, any corporate successor to the Company or any assignee thereof. 

6.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Oregon without regard
to conflict of law principles. 
 6.3 Entire Agreement. Except as specifically set forth below, this Agreement, together with the
amendment to the RSU Agreements, contains the entire agreement and understanding between the parties hereto and supersedes any prior or contemporaneous written or oral agreements, representations and warranties between them respecting the subject
matter hereof. 
 6.4 Amendment. This Agreement may be amended only in writing signed by Sharp and by a duly authorized executive
officer of the Company. 
 6.5 Severability. If any term, provision, covenant or condition of this Agreement, or the application
thereof to any person, place or circumstance, shall be held to be invalid, unenforceable or void, the remainder of this Agreement and such term, provision, covenant or condition as applied to other persons, places and circumstances shall remain in
full force and effect. 
 6.6 Notices. Any notice, request, consent or approval required or permitted to be given under this
Agreement or pursuant to law shall be sufficient if in writing, and if and when sent by certified or registered mail, with postage prepaid, to Sharp’s residence (as noted in the Company’s records), or to the Company’s principal
office, as the case may be. 
 6.7 Disputes. Any controversy, claim or dispute arising out of or relating to this Agreement or the
employment and/or consulting relationship, either during the existence of the employment and/or consulting relationship or afterwards, between the parties hereto, their assignees, their affiliates, their attorneys, or agents, shall be litigated
solely in state or federal court in Multnomah County, Oregon. Each party (a) submits to the jurisdiction of such court, (b) waives the defense of an inconvenient forum, (c) agrees that valid consent to service may be made by mailing
or delivery of such service to the Oregon Secretary of State (the “Agent”) or to the party at the party’s last known address, if personal service delivery cannot be easily effected, and (d) authorizes and directs the Agent to
accept such service in the event that personal service delivery cannot easily be effected. 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date
set forth below. 
  

							
	THE GREENBRIER COMPANIES, INC.	 		 	
				
	 By: /s/ Martin R. Baker
	 		 		 	/s/ James T. Sharp
				
	Title: Senior Vice President & General Counsel	 		 		 	JAMES T. SHARP
				
	Dated: May 10, 2016	 		 		 	Dated: May 10, 2016

  
 11 

 EXHIBIT A 

RELEASE OF CLAIMS 
 James
T. Sharp, together with his heirs, family members, executors, administrators, agents and assigns (“Sharp”) hereby fully releases, acquits and forever discharges The Greenbrier Companies, Inc., (“Greenbrier”) its subsidiaries,
affiliates, officers, directors, shareholders, employees, agents and attorneys, both past and present (collectively, the “Released Parties” and individually, a “Released Party”) from any and all claims, liabilities, causes of
action, demands to any rights, costs, attorneys’ fees, expenses and compensation whatsoever, of whatever kind or nature, in law, equity or otherwise, whether known or unknown, vested or contingent, suspected or unsuspected, that Sharp may now
have, has ever had, or hereafter may have, relating directly or indirectly to his employment with Greenbrier and/or his termination of employment that arose prior to the date Sharp signs this release. 

Sharp also releases any and all claims Sharp may have that arose prior to the date of this Release and hereby specifically waives and releases
all claims against any Released Party, including without limitation those arising under Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Equal Pay Act; the Americans With Disabilities Act of 1990; the Rehabilitation Act
of 1973; the Age Discrimination in Employment Act; Sections 1981 through 1988 of Title 42 of the United States Code; the Immigration Reform and Control Act; the Workers Adjustment and Retraining Notification Act; the Occupational Safety and Health
Act; the Sarbanes-Oxley Act of 2002; the Consolidated Omnibus Budget Reconciliation Act (COBRA); the Family and Medical Leave Act; the Employee Retirement Income Security Act of 1971; the National Labor Relations Act; the Fair Labor Standards Act;
all as amended, and any and all similar state or local statutes, ordinances, or regulations, as well as all claims arising under federal, state, or local law involving any tort, an express or implied employment contract, covenant of good faith and
fair dealing or other statute, contract, breach of fiduciary duty, fraud, misrepresentation, defamation or other theory. Nothing in this Release shall release any rights Sharp may have to benefits vested prior to the date hereof in the
Company’s Target Benefit Plan, Nonqualified Deferred Compensation Plan or 401(k) plan or to vested post-employment health or group health insurance benefits. 

This release includes a release of all claims under the Age Discrimination in Employment Act (“ADEA”), and, therefore, pursuant to
the requirement of the ADEA, Sharp acknowledges that he has been advised in writing that: (a) this release includes, but is not limited to, all rights or claims arising under the ADEA up to and including the date of execution of this release;
(b) Sharp should consult with an attorney before executing this release; (c) Sharp has up to twenty-one (21) days within which to consider this release; (d) Sharp has seven (7) days following execution of this release to
revoke this release; and (e) this release of claims under the ADEA shall become effective and enforceable on the eighth day after Sharp signs and delivers this Agreement to the Company’s Chief Human Resources Officer. Nothing in this
release 

  
 12 

 
prevents or precludes Sharp from challenging, or seeking a determination in good faith of, the validity of this waiver under the ADEA or the Older Workers’ Benefit Protection Act (nor does
it impose any condition precedent, penalties or cost for doing so, unless specifically authorized by federal law), or from participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission. 

 
  

James T. Sharp 
 Date
signed:                                     

 

  
 13 

 EXHIBIT B 

RSU VESTING SCHEDULE 
  

																																													
	 Status of Unvested RSUs
	  	Date of
Grant	 	  	# of
Remaining
Units	 	  	Vesting Date	 
	 James Sharp
	  				  				  	 	05/05/2016	  	  	 	5/22/2016	  	  	 	05/28/2016	  	  	 	8/31/2016	  	  	 	05/05/2017	  	  	 	05/22/2017	  	  	 	5/28/2017	  	  	 	8/31/2017	  	  	 	05/22/2018	  
	 Time Based Units
	  	 	05/28/2013	  	  	 	2,006.000	  	  				  				  	 	2,006.000	  	  				  				  				  				  				  			
		  	 	05/05/2014	  	  	 	3,136.000	  	  	 	1,568.000	  	  				  				  				  	 	1,568.000	  	  				  				  				  			
		  	 	05/22/2015	  	  	 	6,500.000	  	  				  	 	2,167.000	  	  				  				  				  	 	2,167.000	  	  				  				  	 	2,166.000	  
	 Total Time Based Units
	  				  	 	11,642.000	  	  				  				  				  				  				  				  				  				  			
	 Performance Based Units
	  	 	05/05/2014	  	  	 	4,705.000	  	  				  				  				  	 	4,705.000	  	  				  				  				  				  			
		  	 	05/22/2015	  	  	 	6,500.000	  	  				  				  				  				  				  				  				  	 	6,500.000	  	  			
	 Total Performance Based
	  				  	 	11,205.000	  	  				  				  				  				  				  				  				  				  			
	 Total RSUs
	  				  	 	22,847.000	  	  				  				  				  				  				  				  				  				  			

  
 14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}]]