Document:

Exh 10.1 12.31.2013

EXHIBIT 10.1
    
CHANGE IN CONTROL AGREEMENT
CLASS A-1

This Change in Control Agreement (the “Agreement”) is entered into as of December 31, 2013, between Trinity Industries, Inc., a Delaware corporation (the “Company”) and _____________ (the “Executive”).

WITNESSETH

WHEREAS, the Company’s Board of Directors has determined that it is appropriate to reinforce and encourage the continued attention and dedication of members of the Company’s management, including the Executive, to their assigned duties without distraction in potentially disturbing circumstances arising from the possibility of a Change in Control of the Company (as hereinafter defined); and

WHEREAS, in consideration for the benefits provided under this Agreement, the Executive will continue to give his or her attention and dedication to his or her duties with the Company; 

NOW, THEREFORE, this Agreement sets forth the severance compensation which the Company agrees it will pay to the Executive if the Executive’s employment with the Company terminates under one of the circumstances described herein in connection with a Change in Control of the Company.

1.    Term.  This Agreement shall terminate, except to the extent that any obligation of the Company hereunder remains unpaid as of such time, upon the earliest of:

(a)    ________________, _____; provided, however, that, commencing on __________________, _____ and on each anniversary date thereafter (each such date, an “Anniversary Date”), the expiration date under this clause (a) shall automatically be extended for one additional year unless, not later than the December 31 immediately prior to such Anniversary Date, either party shall have given written notice that it does not wish to extend this Agreement, but in no event shall the expiration date under this clause (a) be earlier than the second anniversary of the Effective Date of a Change in Control.

(b)    the termination of the Executive’s employment with the Company based on death, Disability (as defined in Section 3(b) hereof) or Cause (as defined Section 3(c) hereof); and

(c)    the voluntary resignation of the Executive for any reason other than Good Reason (as defined in Section 3(d)).

2.    Change in Control.

(a)    Acceleration of Vesting and Extension of Exercise Rights of Equity Compensation Upon a Change in Control.  In addition to any provisions concerning acceleration of vesting in any applicable plan or agreement relating to equity-type compensation that may be outstanding between the Executive and the Company or any subsidiary of the Company (including, without limitation, any stock option agreement, restricted stock agreement, career share agreement, bridge share agreement, performance incentive plan agreement, and performance unit plan agreement), and notwithstanding any provision to the contrary in any such plan or agreement, upon the Effective Date of a Change in Control all units, stock options, incentive stock options, performance shares, performance awards, and stock appreciation rights then held by the Executive shall immediately become 100% vested and exercisable, and the Executive shall become 100% 

vested in all career shares, bridge shares, and shares of restricted stock, held by or for the benefit of the Executive.

In addition to any provisions concerning extension of exercise rights in any applicable plan or agreement relating to equity-type rights or compensation that may be outstanding between the Executive and the Company or any subsidiary of the Company (including, without limitation, any stock option agreement, restricted stock agreement, career share agreement, bridge share agreement, performance incentive plan agreement, and performance unit plan agreement), and notwithstanding any provision to the contrary in any such plan or agreement, upon the Effective Date of a Change in Control the Executive’s right to exercise any previously unexercised options or other equity-type rights shall not terminate until the latest date on which the option or other right granted under such agreement would expire under the terms of such agreement but for the Executive’s termination of employment; with respect to any incentive stock option held by the Executive, if not exercised within three months after termination of employment, such options shall immediately convert to non-qualified stock options.  

(b)    Acceleration of Vesting of Retirement and Deferred Compensation Benefits Upon a Change in Control.  In addition to any provisions concerning acceleration of vesting in any applicable plan or agreement relating to retirement or deferred compensation-type benefits that may be outstanding between the Executive and the Company (including, without limitation, the Company’s Profit Sharing Plan, Supplemental Profit Sharing Plan, and Deferred Compensation Plan and Agreement), and notwithstanding any provision to the contrary in any such plan or agreement, upon the Effective Date of a Change in Control all accounts, interests, rights, and benefits of the Executive in any such plan or agreement shall immediately become 100% vested and exercisable; however, such acceleration shall not apply to the Company’s Pension Plan for Salaried Employees.  Notwithstanding the foregoing, in no event shall any acceleration of vesting pursuant to this Section 2(b), to the extent required to comply with Section 409A the Internal Revenue Code of 1986, as amended (the “Code), (to prevent an impermissible payment or acceleration of nonqualified deferred compensation), change the time or form of payment of a benefit under any plan or program that is subject to Section 409A of the Code.

(c)    No Other Compensation Paid Prior to Termination of Employment.  Except as provided in paragraphs (a) and (b) of this Section 2, no compensation shall be payable or benefits provided under this Agreement unless and until (x) there shall have been a Change in Control of the Company, and (y) the Executive’s employment by the Company is terminated.

(d)    Definition of Change in Control.  For purposes of this Agreement, a “Change in Control” of the Company shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred:

(i)    any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s then-outstanding securities, unless the transaction resulting in a Person becoming the Beneficial Owner of 30% or more of the combined voting power of the Company’s then-outstanding securities is approved in advance by the Company’s Board of Directors (sometimes hereafter referred to as the “Board”), excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of paragraph (iii) below; or

(ii)    the following individuals cease for any reason to constitute a majority of the number of directors then serving:  individuals who, on December 31 2013, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election 

of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on _____________, _____ or whose appointment, election or nomination for election was previously so approved or recommended; or

(iii)    there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 60% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a business) representing 30% or more of the combined voting power of the Company’s then outstanding securities; or

(iv)    the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company, or a sale or disposition (whether by reorganization, merger, consolidation, split-up, spin-off, split-off, combination, subdivision, or other similar corporate transaction or event) by the Company of all or substantially all of the Company’s assets (in one transaction or a series of transactions within any period of 24 consecutive months) other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 60% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.  However, a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity (or two or more entities in one transaction or a series of transactions within any period of 24 consecutive months), at least 60% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale or disposition shall be considered a Change in Control of the Company for purposes of this Agreement if the Executive is not offered employment with such entity (or one of such entities) on terms comparable to those described in Section 3(g) hereof.  The sale or disposition of a subsidiary or a division of the Company, or certain assets of the Company (or of a subsidiary of the Company), shall not be a Change in Control unless any such transaction or series of related transactions results in a sale or disposition by the Company of all or substantially all of the Company’s assets as provided in subparagraph (iv) above.

Notwithstanding the foregoing provisions of this Section 2(d), to the extent required to comply with Section 409A of the Code, an event shall not constitute a Change in Control for purposes of this Agreement unless such event also constitutes a change in the Company’s ownership, its effective control or the ownership of a substantial portion of its assets within the meaning of Section 409A of the Code.

For purposes hereof:

“Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act.

“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

“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, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

(e)    Definition of Effective Date of a Change in Control.  For purposes of this Agreement, “Effective Date of a Change in Control” shall mean the first to occur of (A) the date on which a Person first becomes the Beneficial Owner of 30% or more of the combined voting power of the Company’s then outstanding securities as defined in subparagraph (d)(i) above, or (B) the effective date of the election of one or more directors to the Board which results in the individuals defined in subparagraph (d)(ii) above ceasing to constitute a majority of the number of directors then serving, or (C) the effective date of the consummation of a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation as defined in subparagraph (d)(iii) above, or (D) the effective date of a liquidation or dissolution of the Company, or a sale or disposition by the Company of all or substantially all of the Company’s assets, as defined in subparagraph (d)(iv) above.

3.    Termination Following Change in Control.

(a)    Compensation Payable Upon Termination.  If a Change in Control of the Company shall have occurred, the Executive shall be entitled to the compensation provided in Section 4 hereof upon the termination of the Executive’s employment with the Company by the Executive or by the Company unless such termination is as a result of:

(i)    the Executive’s death;

(ii)    the Executive’s Disability (as defined in Section 3(b) below;

(iii)    the Executive’s termination by the Company for Cause (as defined in Section 3(c) below); or

(iv)    the Executive’s decision to terminate employment other than for Good Reason (as defined in Section 3(d) below).

Notwithstanding the foregoing provisions of this Section 3, if the Executive’s employment is terminated by the Company other than for Cause or Disability (for purposes of this paragraph, Cause shall include all of the events set forth in Section 3(c) hereof and the following:  willfully engaging by the Executive in continued misconduct which is materially injurious to the Company after having been advised in writing of the particular misconduct deemed by the Company to be materially injurious to the Company and instructed in such writing to cease any further misconduct of a similar nature) prior to a Change in Control, and it is reasonably demonstrated that such termination (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with a Change in Control, then for all purposes of this Agreement, such termination shall be deemed to have occurred immediately following a Change in Control; in addition, if the Executive’s employment is terminated by the 

Company other than for Cause (as defined in this paragraph) or Disability within 90 days prior to a Change in Control, such termination shall conclusively be deemed to have occurred following a Change in Control.  For further clarification, in the event of a termination of employment prior to a Change in Control that is treated as having occurred after a Change in Control, the Executive shall not be entitled to benefits under Section 4 hereof if the Executive voluntarily terminated his or her employment whether or not for Good Reason.

(b)    Disability.  If, as a result of the Executive’s incapacity due to physical or mental illness, the Executive shall have been absent from his or her duties with the Company on a full-time basis for one year and within thirty days after written Notice of Termination (as hereinafter defined) is thereafter given by the Company, the Executive shall not have returned to the full-time performance of the Executive’s duties, the Company may terminate this Agreement for “Disability.”

(c)    Cause.  The Company may terminate the Executive’s employment for Cause. For purposes of this Agreement only, the Company shall have “Cause” to terminate the Executive’s employment hereunder only on the basis of:

(i)    the willful and continued failure by the Executive to substantially perform the Executive’s duties with the Company (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness and other than in respect of any duties inconsistent with, or more burdensome than, the Executive’s duties with the Company immediately prior to a Change in Control of the Company);

(ii)    misappropriation or embezzlement from the Company or any other act or acts of dishonesty by the Executive constituting a felony that results, or is intended to result, directly or indirectly, in gain to or personal enrichment of the Executive at the Company’s expense;

(iii)    the conviction of the Executive of a felony involving the moral turpitude of the Executive; or

(iv)    the refusal of the Executive to accept offered employment after a Change in Control which complies with the terms and conditions of Section 3(g) hereof.

For purposes of this Section 3(c), no act or failure to act on the part of the Executive shall be considered “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or omission of the Executive was in the best interest of the Company.  Notwithstanding the foregoing, the Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Board at a meeting of the Board called and held for the purpose (after reasonable notice to the Executive and an opportunity for the Executive, together with the Executive’s counsel, to be heard before the Board), finding that the Executive was guilty of conduct set forth in this Section 3(c) and specifying the particulars thereof in detail.

(d)    Good Reason.  The Executive may terminate the Executive’s employment for Good Reason at any time after the Effective Date of a Change in Control of the Company. For purposes of this Agreement “Good Reason” shall mean the occurrence of any of the following unless the Executive has given his or her express prior written consent:

(i)    a good faith determination by the Executive that there has been a material adverse change in the Executive’s working conditions or responsibilities relative to the most favorable working 

conditions, and responsibilities applicable to the Executive during the 12 month period prior to the Change in Control (including, but not limited to, a significant reduction in the level of support services, staff, secretarial and other assistance, office space, and accoutrements);

(ii)    the assignment to the Executive by the Company of duties inconsistent with the Executive’s position, duties, and reporting responsibilities with the Company immediately prior to a Change in Control of the Company (including, but not limited to, a reduction in the nature or scope of the Executive’s authority, powers, functions, or duties), or a change in the Executive’s titles or offices as in effect immediately prior to a Change in Control of the Company, or any removal of the Executive from or any failure to reelect the Executive to any of such positions, except in connection with the termination of his or her employment for Disability or Cause, or as a result of the Executive’s death, or by the Executive other than for Good Reason;

(iii)    a reduction by the Company in the Executive’s base salary as in effect on the date hereof or as the same may be increased from time to time during the term of this Agreement, or the Company’s failure to increase (within 12 months of the Executive’s last increase in base salary) the Executive’s base salary after a Change in Control of the Company in an amount which at least equals, on a percentage basis, the average percentage increase in base salary for all officers of the Company effected in the preceding 12 months;

(iv)    any action by the Company which would adversely affect the Executive’s participation in or materially reduce the Executive’s benefits, in the aggregate, under the Benefit Plans, Incentive Plans, and Securities Plans; “Benefit Plans” include health and welfare benefit plans in which the Executive is participating at the time of a Change in Control of the Company (including, without limitation, the Company’s pension plans, group life insurance plan, and medical, dental, accident and disability plans); “Incentive Plans” include incentive compensation plans in which the Executive is participating at the time of a Change in Control of the Company (including, without limitation, the Company’s annual incentive compensation plan and the three-year Performance Incentive Plan); and “Securities Plans” include any plan or arrangement to receive securities of the Company in which the Executive is participating at the time of a Change in Control of the Company (including, without limitation, the Company’s Stock Option Plan, and any other plan or arrangement to receive and exercise stock options, stock appreciation rights, career shares, bridge shares, restricted stock or grants thereof).

(v)    a relocation of the Company’s principal executive offices to a location outside of Dallas County, Texas, or the Executive’s relocation to any place other than the location at which the Executive performed the Executive’s duties prior to a Change in Control of the Company, except for required travel by the Executive on the Company’s business to an extent substantially consistent with the Executive’s business travel obligations at the time of a Change in Control of the Company;

(vi)    any failure by the Company to provide the Executive with the number of paid vacation days to which the Executive is entitled at the time of a Change in Control of the Company;

(vii)    any material breach by the Company of any provision of this Agreement;

(viii)    any failure by the Company to obtain the assumption of this Agreement by any successor or assign of the Company; or

(ix)    any purported termination of the Executive’s employment which is not effected pursuant to a Notice of Termination satisfying the requirements of Section 3(e) below, and for purposes of this Agreement, no such purported termination shall be effective.

(e)    Notice of Termination.  Any termination by the Company pursuant to Section 3(b), 3(c) or 3(d) shall be communicated by a Notice of Termination.  For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate those specific termination provisions in this Agreement relied upon and which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.  For purposes of this Agreement, no such purported termination by the Company shall be effective without such Notice of Termination.

(f)    Date of Termination.  “Date of Termination” shall mean (a) if this Agreement is terminated by the Company for Disability, thirty days after Notice of Termination is given to the Executive (provided that the Executive shall not have returned to the performance of the Executive’s duties on a full-time basis during such 30-day period), (b) if the Executive’s employment is terminated by the Company for any other reason, the date on which a Notice of Termination is given, or (c) if the Executive terminates his or her employment for Good Reason, the date on which a Notice of Termination is given.

(g)    Continued Employment After Change in Control.  If a Change in Control has occurred, the Executive shall not be treated as having terminated employment for purposes of this Agreement, and therefore will not be entitled to any benefits under this Agreement after such Change in Control, if (i) the unit, division, or subsidiary for which the Executive primarily provides services is spun-off, sold, or otherwise disposed of, (ii) such transaction (x) was approved by a vote of at least two-thirds (2/3) of the directors of the Company who satisfy the requirements of subparagraph (d)(ii) of Section 2 above, and (y) did not originate with an unsolicited offer (as determined by the Board in good faith), and (iii) the Executive is offered employment in writing with the purchasing or continuing entity, and (iv) such purchasing or continuing entity enters into a written agreement with the Company and the Executive, which is approved by a vote of at least 2/3 of the directors of the Company who satisfy the requirement of subparagraph (d)(ii) of Section 2 hereof, which expressly, absolutely, and unconditionally assumes and agrees to perform this Agreement in the same manner and to the same extent that a successor to all or substantially all of the business and/or assets of the Company would be required as provided in Section 8 hereof (except that subparagraph (d)(x) of Section 3 shall not be applicable to any such Executive), and it shall be conclusively presumed for purposes of such agreement that a Change in Control has occurred with respect to the Executive.

4.    Severance Compensation upon Termination of Employment.  The Company may terminate the Executive’s employment at any time; however, if (a) during the two-year period beginning on the Effective Date of a Change in Control, the Company shall terminate the Executive’s employment other than pursuant to Section 3(b) or 3(c) or if the Executive shall terminate his or her employment for Good Reason or (b) during any period of time after a Change in Control has occurred but prior to either the Effective Date of a Change in Control or the date on which the Board (or shareholders of the Company, if applicable) takes any action which has the effect of rescinding or nullifying the Change in Control (or on the date a Change of Control is rescinded or nullified without the necessity of any such action), the Company shall terminate the Executive’s employment other than pursuant to Section 3(b) or 3(c) or if the Executive shall terminate his or her employment for Good Reason, then as severance pay:

(a)    Except as otherwise provided by Section 6 below, the Company shall pay to the Executive in a lump sum, in cash, on or before the eighth day following the date the Executive returns the Release (as defined below), an amount equal to three (3.0) times the sum of (A) the Executive’s base salary as in effect immediately prior to the Change in Control or, if higher, in effect immediately prior to the Date of Termination, 

and (B)  the greater of (i) the average bonus (under all Company bonus plans for which the Executive is eligible) earned with respect to the three most recently completed full fiscal years (or if the Executive has not been employed for at least three full fiscal years, all completed full fiscal years during which he or she has been employed), or (ii) the target bonus (under all Company bonus plans for which the Executive is eligible) for the fiscal year in which the Change in Control occurs.  Notwithstanding the foregoing, in the event the time period for the execution and return of the Release begins in one taxable year and ends in a second taxable year, the payments provided by this Section 4(a) shall not be made until the later of (i) the first business day in the second taxable year or (ii) the eighth day following the date the Executive returns the Release. 

(b)    For a period of thirty-six (36) months subsequent to the Executive’s Date of Termination, the Company shall at its expense continue on behalf of the Executive and his or her dependents and beneficiaries, all medical, dental, vision, health, and life insurance benefits, which were being provided to the Executive at the time of termination of employment.  The benefits provided in this Section 4(b) shall be no less favorable to the Executive, in terms of amounts and deductibles and costs to him, than the coverage in effect immediately prior to the Change in Control (or, if more favorable to the Executive, immediately prior to the Notice of Termination).  The Company’s obligation hereunder to provide a benefit shall terminate if the Executive obtains comparable coverage under a subsequent employer’s benefit plan.  For purposes of the preceding sentence, benefits will not be comparable during any waiting period for eligibility, for such benefits or during any period during which there is a preexisting condition limitation on such benefits.  The Company also shall pay a lump sum equal to the amount of any additional income tax payable by the Executive and attributable to the benefits provided under this subparagraph (b) at the time such tax is imposed upon the Executive.  In the event that the Executive’s participation in any such coverage is barred under the general terms and provisions of the plans and programs under which such coverage is provided, or any such coverage is discontinued or the benefits thereunder are materially reduced, the Company shall provide or arrange to provide the Executive with benefits substantially similar to those which the Executive was entitled to receive under such coverage immediately prior to the Notice of Termination.  At the end of the period of coverage set forth above, the Executive shall have the option to have assigned to him at no cost to the Executive and with no apportionment of prepaid premiums, any assignable insurance owned by the Company and relating specifically to the Executive, and the Executive shall be entitled to all health and similar benefits that are or would have been made available to the Executive under law (including continuation coverage under COBRA).  

The foregoing payments shall be subject to withholding of federal, state and local income, FICA and similar taxes, if required by law.  Notwithstanding the foregoing, the Executive shall not be eligible to receive any payment or benefit provided for in this Section 4 unless the Executive shall have executed a release on or before the date that is thirty (30) days following the Date of Termination, in form and substance reasonably acceptable to the Company (the “Release”), effective as of the Executive’s Date of Termination or a date subsequent thereto and shall not have revoked the Release. No later than the date for payment provided for in Section 4(a), the Executive must have properly executed the Release and returned it to the Company, and such Release must have become fully effective and irrevocable. If that condition is not met, the Executive shall not be entitled at any time to any payment or benefit provided for in this Section 4.

5.    Section 280G.

(a)    Payments.  In the event that any severance and other benefits provided to or for the benefit of the Executive or his legal representatives and dependents pursuant to this Agreement and any other agreement, benefit, plan, or policy of the Company (this Agreement and such other agreements, benefits, plans, and policies collectively being referred to herein as the “Change in Control Arrangements”) constitute “parachute payments” within the meaning of Section 280G(b)(2)(A)(i) of the Code (such severance and other benefits being referred to herein as the “Payments”), the Company will provide the Executive 

with a computation of (i) the maximum amount of “Payments” due to the Executive under the Change in Control Arrangements that could be made without the imposition of the excise tax under Code Section 4999, (said maximum amount being referred to as the “Capped Amount”); (ii) the value of all Payments that could be made pursuant to the terms of the Change in Control Arrangements (all said payments, distributions and benefits being referred to as the “Uncapped Payments”); (iii) the dollar amount of excise tax (if any) which the Executive would become obligated to pay pursuant to Code Section 4999 as a result of receipt of the Uncapped Payments (the “Excise Tax Amount”); and (iv) the net value of the Uncapped Payments after reduction by (A) the Excise Tax Amount, (B) the estimated income taxes payable by the Executive on the difference between the Uncapped Payments and the Capped Amount, assuming that the Executive is paying the highest marginal tax rate for state, local and federal income taxes, and (C) the estimated hospital insurance taxes payable by the Executive on the difference between the Uncapped Payments and the Capped Amount based on the hospital insurance tax rate under Code Section 3101(b)(1) and the additional tax for income in excess of $200,000 under Code Section 3101(b)(2) (the “Net Uncapped Amount”).  

If the Capped Amount is greater than the Net Uncapped Amount, the Executive shall be entitled to receive or commence to receive Payments equal to the Capped Amount; or if the Net Uncapped Amount is greater than the Capped Amount, the Executive shall be entitled to receive or commence to receive Payments equal to the Uncapped Payments.  If the Executive receives the Uncapped Payments, then the Executive shall be solely responsible for the payment of all income and excise taxes due from the Executive and attributable to such Uncapped Payments, with no right of additional payment from the Company as reimbursement for any taxes.   If the Executive receives the Capped Amount, he or she shall be entitled to select which Payments shall be paid and which shall be forfeited.

(b)    Determination By Accountant.  Unless the Company and the Executive otherwise agree in writing, any determination required under this Section 5 shall be made in writing by independent public accountants agreed to by the Company and the Executive (the “Accountants”), whose determination shall be conclusive and binding upon the Executive and the Company for all purposes.  For purposes of making the calculations required by this Section 5, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.  The Company and the Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 5.  The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 5.

(c)    Company Obligation.  If the computations and valuations required to be provided by the Company to the Executive pursuant to this Section 5 are on audit challenged by the Internal Revenue Service as having been performed in a manner inconsistent with the requirements of Code Sections 280G and 4999 and as a result of such audit or determination, (i) the amount of cash and the benefits provided for in Section 5 remaining to Executive after completion of such audit or determination is less than (ii) the amount of cash and the benefits which were paid or provided to Executive on the basis of the calculations provided for in Section 5 (the difference between (i) and (ii) being referred to as the “Short Fall Amount”), then the Executive shall be entitled to receive an additional payment (an “Indemnification Payment”) in an amount such that, after payment by the Executive of all taxes (including additional excise taxes under said Code Section 4999 and any interest, and penalties imposed with respect to any taxes) imposed upon the Indemnification Payment and all reasonable attorneys’ and accountants’ fees incurred by the Executive in connection with such audit or determination, the Executive retains an amount of the Indemnification Payment equal to the Short Fall Amount.  The Company shall pay the Indemnification Payment to the Executive in a lump sum cash payment within ten (10) days of the completion of such audit or determination.

6.    Six Month Delay.

(a)    To the extent (i) any payment or payments to which the Executive becomes entitled under this Agreement, or any agreement or plan referenced herein, in connection with the Executive’s termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code, and (ii) the Executive is deemed at the time of such termination of employment to be a “specified employee” under Section 409A of the Code, then such payment or payments shall not be made or commence until the earliest of (A) the expiration of the six (6) month period measured from the date of the Executive’s “separation from service” (as such term is defined in final Treasury Regulations issued under Section 409A of the Code and any other guidance issued thereunder) with the Company; (B) the date the Executive becomes “disabled” (as defined in Section 409A of the Code); or (C) the date of the Executive’s death following such separation from service.  Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this Section 6 shall be paid to the Executive or the Executive’s beneficiary in one lump sum. 

(b)    To the extent that any payment or payments referenced in Section 6(a) above become subject to the six month delay due to the Executive’s status as a specified employee, any such payment shall be paid into the Trinity Industries, Inc. Severance Benefits Trust, under agreement dated as of ________________, _____, on the date on which the Executive would have received such payment without application of this Section 6, and shall be paid to the Executive at the time the Executive becomes entitled to such payment or payments under this Section 6.

(c)    The Executive has reviewed with the Executive’s own tax advisors the tax consequences of this Agreement and the transactions contemplated hereby.  The Executive is relying solely on his or her tax advisors and not on any statements or representations of the Company or any of its agents and understands that the Executive (and not the Company) shall be responsible for the Executive’s own tax liability that may arise as a result of this Agreement or the transactions contemplated hereby, except as otherwise specifically provided in this Agreement.

7.    No Obligation To Mitigate Damages; No Effect on Other Contracts.

(a)    The Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by the Executive as the result of employment by another employer after the Date of Termination, or otherwise.

(b)    The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Executive’s existing rights, or rights which would accrue solely as a result of the passage of time, under any other agreement, contract, plan or arrangement with the Company.

8.    Successor to the Company.

(a)    The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company by written agreement in form and substance satisfactory to the Executive, expressly, absolutely and unconditionally to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  Any failure of the Company to obtain such agreement prior to the effectiveness of any such succession shall be a material breach of this Agreement and shall entitle the Executive to terminate the Executive’s employment for Good Reason.  As used in this 

Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 8 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.

(b)    This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.  If the Executive should die while any amounts are still payable to him hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such devisee, legatee or other designee, to executor or administrator of the Executive’s estate.

9.      Non-disclosure.  During the Executive’s employment with the Company, the Company shall grant the Executive otherwise prohibited access to the Company’s trade secrets and confidential information which is not known to the Company’s competitors or within the Company’s industry generally, which was developed by the Company over a long period of time and/or at the Company’s substantial expense, and which is of great competitive value to the Company.  “Confidential Information” includes any trade secrets or confidential or proprietary information of the Company disclosed to the Executive by the Company, either directly or indirectly, in writing, orally, or by drawings or observation.  “Confidential Information” does not include, and there shall be no obligation hereunder with respect to, information that (i) is generally available to the public on the date of this Agreement or (ii) becomes generally available to the public other than as a result of a disclosure not otherwise permissible hereunder.  Throughout the Executive’s employment with the Company and thereafter: (i) the Executive shall hold all Confidential Information in the strictest confidence, take all reasonable precautions to prevent its inadvertent disclosure to any unauthorized person, and follow all policies of the Company protecting the Confidential Information; and (ii) the Executive shall not, directly or indirectly, utilize, disclose or make available to any other person or entity, any of the Confidential Information, other than in the proper performance of the Executive’s duties.  
        
10.    Non-competition.  As consideration for thirty percent (30%) of any amount payable to the Executive pursuant to Section 4(a) of this Agreement and in consideration for (i) the Company’s promise to provide Confidential Information to the Executive, (ii) the substantial economic investment made by the Company in the Confidential Information and the goodwill of the Company, (iii) the Company’s employment of the Executive and the compensation and other benefits provided by the Company to the Executive, to protect the Company’s Confidential Information and the business goodwill of the Company, the Executive agrees to the following restrictive covenant.  For a twelve (12) month period (the “Non-competition Period”) subsequent to the Executive’s Date of Termination, the Executive agrees he or she will not, directly or indirectly, absent the express, written consent of the Company’s Chief Financial Officer (“CFO”) or his designee, become or serve as, directly or indirectly, a director, officer, employee, owner, partner, advisor, agent, or consultant with any business that competes, directly or indirectly, with the Company or its affiliated entities or that was on the Executive’s Date of Termination, or becomes thereafter, a customer of the Company or its affiliated entities, in any state or similar geographic territory in which the Company or any of its affiliates operate.  Further, for a six (6) month period after the Executive’s Date of Termination, the Executive agrees not to serve as a consulting or testifying expert for any third party in any legal proceedings (including arbitration or mediation) or threatened legal proceedings involving the Company, unless called to do so by the Company or an affiliate. The Executive agrees to notify the CFO in writing, with a copy of such notice to the Chief Legal Officer of the Company, in the event the Executive accepts employment of any nature with any person, business, or entity during the Non-competition Period.

11.    Notice.  For purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, as follows:

If to the Company:

Trinity Industries, Inc.
P. O. Box 568887
Dallas, Texas 75356-8887
Attention:  President

If to the Executive:

(Home Address)

or such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

12.    Miscellaneous.  No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  No agreements or representations, oral or otherwise, express or implied with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement.  This Agreement shall be governed by and construed in accordance with the laws of the State of Texas.

13.    Validity.  The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

14.    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

15.    Binding Arbitration.  In the event of any dispute, controversy or claim arising out of, or in connection with or relating to this Agreement, or the interpretation, performance or breach thereof (any such matter, a “Dispute”), the parties hereto shall resolve such Dispute by binding arbitration under the Commercial Arbitration rules of the American Arbitration Association or its successor (the “AAA”) then in effect, and in accordance with applicable law, but subject to the following agreed provisions.  Subject to legal privileges, the arbitrator shall have the power to permit discovery to the fullest extent allowable under the Federal Rules of Civil Procedure.  The arbitration shall be conducted in Dallas, Texas, and the proceedings shall be kept strictly confidential by the parties, their respective advisors and the arbitrators.  Notice of papers or processes relating to any arbitration proceeding, or for the confirmation of award and entry of judgment on an award may be served on each of the parties by registered or certified mail at the addresses set forth in Section 11 hereof.  Each such Dispute shall be promptly adjudicated by a panel of three neutral arbitrators appointed as follows:

(a)    each party shall nominate an arbitrator, and the two arbitrators so appointed shall appoint a third arbitrator who shall act as president of the arbitral tribunal;

(b)    if either party fails to nominate an arbitrator within thirty (30) days of receiving notice of the nomination of an arbitrator by the other party, such arbitrator shall be appointed by the AAA upon the written request of either party;

(c)    if the two arbitrators to be nominated by the parties fail to agree upon a third arbitrator within thirty (30) days of the appointment of the second arbitrator, the third arbitrator shall be appointed by the AAA upon the written request of either party; and

(d)    should a vacancy arise because any arbitrator dies, resigns, refuses to act or becomes incapable of performing his functions, the vacancy shall be filled by the method by which that arbitrator was originally appointed.

All arbitrators shall be of good reputation and character and shall be highly knowledgeable about manufacturing industry matters and have legal expertise relating to the Dispute.  The Company shall pay the arbitrators’ expenses.  The arbitrators shall provide a written opinion supporting their conclusions, including detailed findings of fact and conclusions of law.  Such findings of fact shall be final and binding on the parties.  The arbitrators may award damages and/or permanent injunctive relief, but in no event shall the arbitrators have the authority to award punitive or exemplary damages.  Notwithstanding anything to the contrary in this Section 15, the Company may apply to a court of competent jurisdiction to enforce the covenants set forth in Sections 9 and 10 for relief in the form of a temporary restraining order or preliminary or permanent injunction. If proper notice of any hearing has been given, the arbitrators shall have full power to proceed to take evidence or to perform any other acts necessary to arbitrate the matter in the absence of any party who fails to appear.

16.    Legal Fees and Expenses.  The Company shall pay, upon written demand therefor by the Executive, all legal fees and expenses which the Executive may reasonably incur as a result of any Dispute (regardless of the outcome thereof) by or with the Company or others regarding the validity or enforceability of, or liability under, any provision hereof (including as a result of any Dispute about the amount of any payments pursuant to Sections 4 or 5), plus in each case interest at the “applicable Federal rate” (as defined in Section 1274(d) of the Code).  In any action brought by the Executive for damages or to enforce any provisions hereof, he or she shall be entitled to seek both legal and equitable relief and remedies, including, without limitation, specific performance of the Company’s obligations hereunder, in his or her sole discretion.

17.    Continuation of Salary During Dispute.  In the event of any dispute or contest by or with the Company or others regarding the validity or enforceability of, or liability under, any provision hereof (including as a result of any contest about the amount of any payments pursuant to Sections 4 or 5), and upon written demand by the Executive, the Company shall continue to pay the Executive his or her base salary as in effect immediately prior to the date of the Change in Control.  Said periodic payments shall be made in accordance with the Company’s normal payroll practices.  Payments shall continue until final resolution of such dispute or contest either by an agreement between the Executive and the Company or formal order of a court with proper jurisdiction.  In the event that the Company substantially prevails in such dispute, the Executive shall be obligated to repay to the Company all amounts he or she has received under this Section 17 (after taxes applicable thereto) plus interest at the “applicable Federal rate” (as defined in Section 1274(d) of the Code).

18.    Confidentiality.  The Executive shall retain in confidence any and all confidential information known to the Executive concerning the Company and its business so long as such information is not otherwise publicly disclosed.

19.    Modification.  No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in writing and signed by the parties.

20.    Subsidiaries.  In this Agreement, there are numerous references to the Executive’s employment by and duties with the Company, payment of benefits and compensation by the Company, and termination of employment with the Company.  The parties to this Agreement acknowledge that the Executive may be employed, currently or at some time in the future, by a subsidiary of the Company.  As used in this Agreement, a subsidiary means an entity which is at least 80% owned, directly or indirectly, by the Company.  It is the parties’ intention that transfer of the Executive’s employment from the Company to a subsidiary or from one subsidiary to another subsidiary will not constitute a termination of employment with the Company for any reason hereunder unless otherwise specifically provided herein.  In addition, unless otherwise specifically provided herein (including Section 3(g)), “termination of employment with the Company” shall mean termination of employment with the Company and all of its subsidiaries, and “termination of employment by Company” shall mean termination of employment by the entity which actually employs the Executive.  Other references to employment by the Company, duties with the Company, and salary and benefits shall include employment, duties, salary, and benefits with respect to the entity which actually employs the Executive.  However, with respect to the definition of Change in Control of the Company, except as otherwise specifically provided herein, references to the Company shall mean only the Company, and the obligations under Sections 4 and 5 herein shall be obligations of the Company.

21.    Entire Agreement.  This Agreement constitutes the entire agreement between the parties, and fully supersedes any and all prior agreements, understanding or representations between the parties pertaining to or concerning the subject matter of this Agreement.  No oral statements or prior written material not specifically incorporated in this Agreement shall be of any force and effect.  The Executive acknowledges and represents that in executing this Agreement, the Executive does not rely on, has not relied on, and specifically disavows any reliance on any communications, promises, statements, inducements, or representation(s), oral or written, by the Company, except as expressly contained in this Agreement.  The parties represent that they relied on their own judgment in entering into this Agreement. 

22.    Section 409A.  This Agreement is intended to be interpreted and applied so that the payments and benefits set forth herein shall either be exempt from the requirements of Section 409A of the Code, or shall comply with the requirements of Section 409A of the Code.  In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement to the extent such payments constitute a “deferral of compensation” within the meaning of Section 409A of the Code.  Notwithstanding anything in this Agreement or elsewhere to the contrary, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that constitute “non-qualified deferred compensation” within the meaning of Section 409A of the Code upon or following a termination of the Executive’s employment unless such termination is also a “separation from service” within the meaning of Section 409A of the Code and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service” within the meaning of Section 409A of the Code.  Each payment under this Agreement to the Executive (including any installment payments) shall be deemed a separate payment. 

23.    Termination of Prior Agreement.  The parties hereto agree that the Amended and Restated Executive Severance Agreement Class A-1 between the Company and the Executive is terminated as of the date hereof and of no further force and effect.

*  *  *  *  *

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

TRINITY INDUSTRIES, INC.

By:        ____________________________________________
Name:    Timothy R. Wallace
		
	Title:
	Chairman, Chief Executive Officer,  and President

EXECUTIVE

By:        ____________________________________________
Name:    ____________________________________________    
Title:    ____________________________________________Exh 10.4 12.31.2013

EXHIBIT 10.4

SUPPLEMENTAL PROFIT SHARING PLAN FOR EMPLOYEES OF TRINITY INDUSTRIES, INC. AND CERTAIN AFFILIATES
AS RESTATED EFFECTIVE JANUARY 1, 2005

	
			
	 
	TABLE OF CONTENTS
	Page

	ARTICLE I
	PURPOSE
	1

	ARTICLE II
	DEFINITIONS, CONSTRUCTION, AND APPLICABILITY
	2

	2.01
	Definitions
	2

	2.02
	Construction
	8

	2.03
	Applicability
	8

	ARTICLE III
	PARTICIPATION AND SERVICE
	9

	3.01
	Eligibility to Participate
	9

	3.02
	Election to Participate
	9

	3.03
	Service
	11

	3.04
	Transfer
	13

	ARTICLE IV
	CONTRIBUTIONS AND FORFEITURES
	14

	4.01
	Employer Contributions
	14

	4.02
	Participant Compensation Reduction
	15

	4.03
	Forfeitures
	16

	ARTICLE V
	ALLOCATIONS TO PARTICIPANTS' ACCOUNTS
	18

	5.01
	Individual Accounts
	18

	5.02
	Investment of Accounts
	18

	5.03
	Account Adjustments
	20

	5.04
	Stock Units
	20

	ARTICLE VI
	DISTRIBUTION OF BENEFITS
	23

	6.01
	General
	23

	6.02
	Payments of Benefits
	23

	6.03
	Vesting of Benefits
	26

	6.04
	Death
	28

	6.05
	In-Service  Distributions
	28

	6.06
	Election to Distribute Deferrals
	29

	6.07
	Designation of Beneficiary
	29

	ARTICLE VII
	NATURE OF PLAN; FUNDING
	31

	7.01
	No Trust Required
	31

	7.02
	Funding of Obligation
	31

i

	
			
	 
	Page

	ARTICLE VIII
	ADMINISTRATION
	32

	8.01
	Appointment of Committee
	32

	8.02
	Duties of Committee
	32

	8.03
	Indemnification of Committee
	32

	8.04
	Unclaimed Benefits
	33

	ARTICLE IX
	MISCELLANEOUS
	34

	9.01
	Nonguarantee of Employment
	34

	9.02
	Nonalienation of Benefits
	34

	9.03
	No Preference
	34

	9.04
	Incompetence of Recipient
	34

	9.05
	Texas Law to Apply
	34

	9.06
	Claims  Procedure/Arbitration
	34

	9.07
	Reimbursement of Costs
	35

	9.08
	Acceleration of Payment
	36

	ARTICLE X
	AMENDMENTS OR TERMINATION OF PLAN
	37

	10.01
	Amendment
	37

	10.02
	Termination
	37

	10.03
	Rights of Participants
	37

	ARTICLE XI
	WITHDRAWING EMPLOYERS; TRANSFER TO SUCCESSOR PLAN
	38

	11.01
	Withdrawing Employers
	38

	11.02
	Transfer to Successor Plan
	38

	11.03
	Compliance with Code Section 409A With Regard Article XI
	39

ii

SUPPLEMENTAL PROFIT SHARING PLAN FOR EMPLOYEES OF
TRINITY INDUSTRIES, INC. AND CERTAIN AFFILIATES
AS RESTATED EFFECTIVE JANUARY 1, 2005
ARTICLE I
PURPOSE
TRINITY INDUSTRIES, INC., a corporation organized and existing under the laws of the State of Delaware (hereinafter, the “Company”), hereby restates
the SUPPLEMENTAL PROFIT SHARING PLAN FOR EMPLOYEES OF TRINITY INDUSTRIES, INC. AND CERTAIN AFFILIATES (hereinafter, the
“Plan”), such restatement to be effective as of January 1, 2005, or as otherwise stated herein;

WITNESSETH:
WHEREAS, the Company has previously adopted and maintains the Plan to promote in certain of its highly compensated employees and those of its affiliates the strongest interest in the successful operation of the business and increased efficiency in their work and to provide an opportunity for accumulation of funds for their retirement; and
WHEREAS, it is intended that the Plan be “unfunded” for purposes of the Employee Retirement Income Security Act of 1974 (hereinafter, “ERISA”); and
WHEREAS, the Company now desires to amend and restate the Plan, effective January 1, 2005, or as otherwise provided herein, to meet the applicable requirements of Section 409A of the Internal Revenue Code of 1986 (the “Code”) and intends that the Plan be interpreted and administered in accordance with Section 409A of the Code and any guidance issued thereunder.
NOW, THEREFORE, the Company hereby agrees as follows:

1

		
	1.
	Definitions

ARTICLE II
DEFINITIONS, CONSTRUCTION, AND APPLICABILITY
The following words and phrases, when used herein, unless their context clearly indicates otherwise, shall have the following respective meanings:
		
	(a)
	ACCOUNT: A Participant’s Compensation Reduction Contribution Account, Matching Contribution Account, Additional Matching

Contribution Account and/or Discretionary Contribution Account, as the case may be.
		
	(b)
	ADDITIONAL MATCHING CONTRIBUTION: Any amount credited by an Employer for a Plan Year to a Participant pursuant to

Section 4.01(c) of the Prior Plan in Plan Years prior to 2004.
		
	(c)
	ADDITIONAL MATCHING CONTRIBUTION ACCOUNT: The account maintained for a Participant on the books of his Employer to

which Additional Matching Contributions and adjustments related thereto were credited in Plan Years prior to 2004.
		
	(d)
	ADMINISTRATOR: Any person or persons appointed by the Committee with responsibility for any portion or all of the day-to-day operation

of the Plan.
		
	(e)
	AFFILIATE: Any corporation (other than an Employer) which is included within a controlled group of corporations (as defined in Code Section 414(b)) which includes an Employer; any trade or business (other than an Employer), whether or not incorporated, which is under common control (as defined in Code Section 414(c)) with an Employer; any organization (other than an Employer), whether or not incorporated, which is a member of an affiliated service group (as defined in Code Section 414(m)) which includes an Employer; and any other entity required to be aggregated with an Employer pursuant to regulations under Code Section 414(o).

(f)    ANNUAL INCENTIVE COMPENSATION: Any amount payable as an annual bonus to a Participant pursuant to the Company’s incentive
pay program.
		
	(g)
	AUTHORIZED LEAVE OF ABSENCE: Any absence authorized by an Employer under the Employer’s standard personnel practices  provided that all persons under similar circumstances must be treated alike in the granting of such Authorized Leaves of Absence and provided further that the Participant returns within the period of authorized absence. An absence due to service in the Armed Forces of the United States shall be

2

considered an Authorized Leave of Absence provided that the absence is caused by war or other emergency, or provided that the Employee is required to serve under the laws of conscription in time of peace, and further provided that the Employee returns to employment with the Employer within the period provided by law.
		
	(a)
	AWARD COMPENSATION: All items taxable as the Participant’s ordinary income under the Trinity Industries, Inc. 2004 Stock Option and Incentive Plan and any prior version of such Plan; provided that Award Compensation expressly shall not include income or gain attributable to incentive stock options awarded thereunder.

		
	(b)
	BASE COMPENSATION: All amounts payable to a Participant which constitute scheduled items of salary or wages.

		
	(c)
	BENEFICIARY: A person or persons (natural or otherwise) designated by a Participant in accordance with the provisions of Section 6.07 to

receive any death benefit which shall be payable under this Plan.
(k)    CHANGE IN CONTROL: Change in Control means the occurrence of any event or transaction constituting a “change in ownership or
effective control” within the meaning of Treasury Regulations or other Internal Revenue Service guidance promulgated pursuant to
Section 409A(a)(2)(A)(v) of the Code. The occurrence of a Change in Control will be determined and certified by the Committee strictly in accordance with the foregoing sentence; the Committee may not exercise discretion in applying the requirements of relevant Internal Revenue Service guidance in the determination of the occurrence of a Change in Control.
		
	(a)
	CODE: The Internal Revenue Code of 1986, as amended from time to time.

		
	(b)
	COMMITTEE OR PLAN COMMITTEE: The persons appointed under the provisions of Article VIII to administer the Plan.

		
	(c)
	COMPANY: TRINITY INDUSTRIES, INC., a corporation organized and existing under the laws of the State of Delaware, or its successor or successors.

		
	(d)
	COMPENSATION: Annual Incentive Compensation, Award Compensation and/or Base Compensation paid to a Participant.

		
	(e)
	COMPENSATION REDUCTION CONTRIBUTION: An amount credited by an Employer for the Plan Year to a Participant pursuant to

Section 4.01(a) hereof.
		
	(f)
	COMPENSATION REDUCTION CONTRIBUTION ACCOUNT: The account maintained for a Participant on the books of his Employer

to

3

which Compensation Reduction Contributions and adjustments related thereto are credited.
		
	(g)
	DISABLED OR DISABILITY. A Participant will be considered Disabled for Plan purposes if the Participant:

		
	(1)
	is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which

can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or
		
	(2)
	is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan sponsored by the Employer.

Any determination of Disability shall be made in accordance with the requirements of Section 409A of the Code and any guidance issued
thereunder.
(s)    DISCRETIONARY CONTRIBUTIONS: Any amount credited by an Employer for the Plan Year to a Participant pursuant to Section 4.01(d)
hereof.
		
	(a)
	DISCRETIONARY CONTRIBUTION ACCOUNT: The account maintained for a Participant on the books of his Employer to which

Discretionary Contributions and adjustments related thereto are credited.
		
	(b)
	EFFECTIVE DATE: Except where otherwise indicated herein, January 1, 2005, the date on which the provisions of this amended and restated

Plan become effective.
		
	(c)
	ELAPSED-TIME EMPLOYMENT: With respect to an Employee, the period beginning on his Employment Commencement Date (or Reemployment Commencement Date, as the case may be) and ending on the date of his Severance from Service. Such period shall be determined without regard to the actual number of Hours of Employment completed by the Employee during such period.  Except to the extent otherwise permitted by the Committee in its sole discretion, Elapsed-Time Employment completed with an Affiliate or a Participating Employer prior to the date on which such Affiliate or Employer was included within a controlled group of corporations (as defined in Code

Section 414(b)) which includes the Company shall not be recognized under this Plan.
		
	(d)
	EMPLOYEE: Any individual on the payroll of an Employer (i) whose wages from the Employer are subject to withholding for purposes of

4

Federal income taxes and for purposes of the Federal Insurance Contributions Act, (ii) who is included within a “select group of management or highly compensated employees,” as such term is used in Section 401(a)(1) of ERISA, and (iii) who is designated by the Plan Committee as eligible to participate in this Plan in accordance with Section 3.01 hereof.
		
	(e)
	EMPLOYER or PARTICIPATING EMPLOYER: The Company and any Affiliate of the Company to the extent that an Employee of such

Affiliate is a Participant hereunder.
		
	(f)
	EMPLOYMENT COMMENCEMENT DATE: The first date on which an Employee completes an Hour of Employment.

		
	(g)
	ERISA: Public Law No. 93-406, the Employee Retirement Income Security Act of 1974, as amended from time to time.

(aa)   EXTENDED ABSENCE EMPLOYEE: An Employee who is absent from his Employer’s employment solely because of (i) the Employee’s pregnancy, (ii) the birth of the Employee’s child, (iii) the placement of a child with the Employee in connection with the adoption of the child by the Employee, or (iv) the care of a child by the Employee during the period immediately following such child’s birth to, or placement with, the Employee.
(bb)  FORFEITURES: The portion of a Participant’s Matching Contribution Account, Additional Matching Contribution Account and Discretionary
Contribution Account, if any, which is forfeited because of a Severance from Service before full vesting.
(cc)   HOUR OF EMPLOYMENT: Each hour (i) for which an Employee is on an Authorized Leave of Absence or is directly or indirectly paid or entitled to payment by his Employer for the performance of duties or for reasons other than the performance of duties, or (ii) for which back-  pay has been agreed to by the Employer. Hours of Employment shall be determined from records maintained by each Employer; provided, however, that an Employer may elect to determine Hours of Employment for any classification of Employees which is reasonable, nondiscriminatory and consistently applied, on the basis that Hours of Employment include forty-five (45) Hours of Employment for each week or portion thereof during which an Employee is credited with one (1) Hour of Employment.  Except to the extent otherwise permitted by the Committee in its sole discretion, Hours of Employment completed with an Affiliate or a Participating Employer prior to the date on which such Affiliate or Employer was included within a controlled group of corporations (as defined in Code Section 414(b)) which includes the Company shall not be recognized under this Plan.

5

(dd)    INITIAL EFFECTIVE DATE: July 1, 1990, the date on which the Plan was established.
(ee)    MATCHING CONTRIBUTION ACCOUNT: The account maintained for a Participant on the books of his Employer to which Matching
Employer Contributions and adjustments related thereto are credited.
(ff)    MATCHING EMPLOYER CONTRIBUTION: Any amount credited by an Employer for a Plan Year to a Participant pursuant to
Section 4.01(b) hereof.
(gg)    PARTICIPANT: An Employee participating in the Plan in accordance with the provisions of Sections 3.01 and 3.02 hereof.
(hh)   PARTICIPATION: The period commencing on the date on which an Employee becomes a Participant and ending on the date on which the
Employee incurs a Break in Service (as defined in Section 3.03(d)).
		
	(i)
	PERFORMANCE-BASED COMPENSATION: Compensation with respect to which the amount of, or entitlement to, the compensation is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least twelve (12) consecutive months in which the Participant performs services. Organizational or individual performance criteria are considered pre-established if established in writing by not later than ninety (90) days after the commencement of the period of service to which the criteria relate, provided that the outcome is substantially uncertain at the time the criteria are established.

(jj)    PLAN: The SUPPLEMENTAL PROFIT SHARING PLAN FOR EMPLOYEES OF TRINITY INDUSTRIES, INC. AND CERTAIN
AFFILIATES AS RESTATED EFFECTIVE JANUARY 1, 2005, the Plan set forth herein, as amended from time to time.
(kk)   PRIOR PLAN: The SUPPLEMENTAL PROFIT SHARING PLAN FOR EMPLOYEES OF TRINITY INDUSTRIES, INC. AND
CERTAIN AFFILIATES, as in effect prior to the Effective Date.
(ll)    REEMPLOYMENT COMMENCEMENT DATE: The first date on which an Employee completes an Hour of Employment upon his return
to the employment of the Employers after a Break in Service.
(mm)  RETIRE or RETIREMENT: Termination of employment after attaining age 65 or, if later, the fifth anniversary of the Participant’s
Employment Commencement Date.
(nn)   SERVICE: A Participant’s period of employment with the Employers determined in accordance with Section 3.03.

6

(oo)   SEVERANCE FROM SERVICE: With respect to an Employee, the later of (1) or (2), where-
		
	(1)
	is the earlier of (i) the date on which he quits, or is discharged from, the employment of the Employers, or the date of his retirement or death, or (ii) the first anniversary of the first date of a period in which he remains absent from the employment of the Employers, with or without pay, for any reason other than one specified in (i), above, such as vacation, holiday, sickness, Authorized Leave of Absence or layoff; and

		
	(2)
	is, in the case of an Extended Absence Employee, the second anniversary of such Employee’s absence.

(pp)  SHORT PLAN YEAR: The period of time from April 1, 2001 through December 31, 2001.
(qq)   STOCK UNIT: A deemed share of Company common stock, more fully described in Section 5.04 hereof.
(rr)     TRUST (or TRUST FUND): The fund known as the TRINITY INDUSTRIES, INC. SUPPLEMENTAL PROFIT SHARING AND
DEFERRED DIRECTOR FEE TRUST, maintained in accordance with the terms of the trust agreement, as from time to time amended, which
constitutes a part of this Plan.
(ss)   TRUSTEE: The corporation, individual or individuals appointed to administer the Trust in accordance with the agreement governing the
Trust.
(tt)    UNFORESEEABLE EMERGENCY. A severe financial hardship to the Participant resulting from any of the following:
		
	(1)
	an illness or accident of the Participant or the illness or accident of the Participant’s spouse or dependent (as defined in Section 152(a) of

the Code);
		
	(2)
	loss of the Participant’s property due to casualty; or

(3)    any other similar extraordinary and unforeseeable circumstance arising as a result of events beyond the Participant’s control.
Any determination of Unforeseeable Emergency shall be made in accordance with the requirements of Section 409A of the Code and any
guidance issued thereunder.

7

(uu)   VALUATION DATE: The last day of each month (or if no Company stock is traded on such date, the immediately preceding trading date),
and such other dates as the Committee in its discretion may prescribe.
(vv)  YEAR or PLAN YEAR: The twelve (12)-month period beginning each January 1 and ending on the next succeeding December 31.
		
	2.
	Construction

The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender, unless the context clearly indicates to the contrary. The words “hereof,” “herein,” “hereunder” and other similar compounds of the word “here” shall mean and refer to the entire Plan and not to any particular provision or Section.
		
	3.
	Applicability

The provisions of this Plan shall apply only to a Participant who terminates employment on or after the Effective Date. In the case of a Participant who terminates employment prior to the Effective Date, the rights and benefits, if any, of such former Employee shall be determined in accordance with the provisions of the Prior Plan, as in effect on the date on which his employment terminated.

8

		
	1.
	Eligibility to Participate

ARTICLE III
PARTICIPATION AND SERVICE
The Committee shall make all determinations regarding an individual’s eligibility to participate in the Plan. The Committee’s determination shall be final notwithstanding that (i) an individual may have been told that he or she is entitled to participate in the Plan, (ii) an individual may have been given Plan materials or forms, or (iii) other actions may have been taken indicating that an individual may participate.
Each Employee shall become a Participant on the date on which his or her initial Compensation Reduction Agreement first becomes effective, provided that under no circumstances shall an individual be an eligible Employee hereunder until the first day of the calendar quarter immediately following his Employment Commencement Date.
Notwithstanding the preceding provisions of this Section 3.01, an Employee who was a Participant under the Prior Plan shall continue as a Participant under this Plan, to the extent provided hereunder. All references hereunder to such Participant’s Compensation Reduction Agreement shall include his salary reduction agreement executed under the Prior Plan.
		
	2.
	Election to Participate

After having received a written explanation of the terms of and the benefits provided under the Plan, each eligible Employee shall become a Participant only after he or she (i) elects to participate in the Plan on such form or forms as the Committee may provide and (ii) executes a Compensation Reduction Agreement in accordance with the following.
		
	(a)
	Compensation Reduction Contribution Elections .

		
	(1)
	Deferrals of Base Compensation . With respect to deferrals of Base Compensation, a Participant must file a Compensation Reduction Agreement with the Administrator within the time period established by the Administrator, but in all events no later than the close of the calendar year immediately preceding the calendar year in which the services to which the Agreement relates are performed. In the Plan Year in which an Employee is first designated as eligible to participate in the Plan, he or she must file a Compensation Reduction Agreement with the Administrator within thirty (30) days after such designation is made, and his or her election will relate only to Base Compensation earned after his or her initial Compensation Reduction Agreement is effective.

9

		
	(2)
	Deferrals of Annual Incentive Compensation and Award Compensation . With respect to deferrals of Annual Incentive Compensation which is Performance-Based Compensation, a Participant must file a Compensation Reduction Agreement with the Administrator no later than six months before the end of the period in which the services to which the Agreement relates are performed. With respect to deferrals of Annual Incentive Compensation which is not Performance-Based Compensation, the Participant must file a Compensation Reduction Agreement with the Administrator no later than the close of the calendar year immediately preceding the calendar year in which the  services to which the Agreement relates are performed.

Elective deferrals of Award Compensation shall not be permitted under the Plan on and after January 1, 2005.
		
	(3)
	Duration of Compensation Deferral Election. Once a Participant has commenced participation in the Plan, if the Participant fails to file a new election related to the deferral of Compensation under the Plan, the Participant’s last valid election on file with the Administrator will remain effective until subsequently modified or revoked by the Participant in accordance with Section 4.02(b) hereof.

		
	(b)
	Distribution  Elections.

		
	(1)
	Date on Which Payment is Made or Commences . A Participant may not make an election regarding the date on which payment shall be made or commence. Payment will be made or commence on the date specified in Section 6.02(c) or (d) hereof, as applicable, except to the extent a modification has been made in accordance with Section 6.02(d).

		
	(2)
	Form of Distribution. The form of distribution of a Participant’s Accounts shall be determined in accordance with the Participant’s election under Section 6.02(a) hereof or, if Section 6.02(b) hereof is applicable, in accordance with such Section 6.02(b).  An election regarding the form of distribution of a Participant’s Accounts shall be made by the Participant on the date on which the Participant files his or her initial Compensation Reduction Agreement. The form of payment so elected by the Participant shall be effective as to all Contributions made by or on behalf of the Participant.

(3)    Modifications. Elections related to the form of distribution may be modified only to the extent that such modification is consistent with
the requirements of Section 6.02(d) hereof.

10

		
	(c)
	Reemployment of Former Participant . An active Participant who incurs a Severance from Service and who is subsequently reemployed by an Employer may reenter the Plan as an active Participant on his Reemployment Commencement Date or on the first day of any of his next following taxable years, but only if (i) he continues to qualify as an Employee within the meaning of Section 2.01(w) hereof and (ii) prior to such date he shall have again undertaken the actions specified in Section 3.02(a) and (b) hereof. In the event that a Participant shall cease to qualify as an Employee within the meaning of Section 2.01(w) hereof, his Participation shall thereupon cease but he shall continue to accrue Service hereunder during the period of his continued employment with the Employers.

		
	(d)
	Special Rule Related To Change in Control. Any provisions of this Plan to the contrary notwithstanding, effective on and after the date of a Change in Control, the term “Participant” shall be limited to those individuals who satisfy the requirements set forth for participation in this Plan and who were Participants in this Plan as of the date immediately prior to the date of such Change in Control.

		
	3.
	Service

The amount of benefit payable to or on behalf of a Participant shall be determined on the basis of his period of Service, in accordance with the
following:
		
	(a)
	In General. Subject to the Break in Service provisions of paragraph (d) of this Section, an Employee’s Service shall equal the total of his

Elapsed-Time Employment. Service shall be counted in years and completed days.
		
	(b)
	Transfers from Affiliates. In the event that an Employee who at any time was employed by an Affiliate either commences employment with a Participating Employer, or returns to the employment of a Participating Employer, then, except as otherwise provided below, such Employee shall receive Service with respect to the period of his employment with such Affiliate (to the extent not credited under paragraph (c) of this Section). In applying the provisions of the preceding sentence-

		
	(1)
	except to the extent otherwise permitted by the Committee in its sole discretion, such Employee shall not receive Service with respect to

any period of employment with such Affiliate completed prior to the date on which such Affiliate became an Affiliate;
		
	(2)
	the amount of such Service shall be determined in accordance with paragraph (a) of this Section, as if such Affiliate were a Participating

Employer; and
(3)    if such Employee incurs a Break in Service (as defined in paragraph (d) of this Section and determined as if such Affiliate

11

were a Participating Employer) prior to his commencement of employment with the Participating Employer or return to the employment of the Participating Employer, then the amount of such Employee’s Service attributable to the period of his employment with such Affiliate shall be determined in accordance with paragraph (d) of this Section.
		
	(c)
	Transfers to Affiliate. In the event that a Participant who at any time was employed by a Participating Employer either commences employment with an Affiliate, or returns to the employment of an Affiliate, then, except as otherwise provided below, such Participant shall receive Service with respect to the period of his employment with such Affiliate (to the extent not credited under paragraph (b) of this Section). In applying the provisions of the preceding sentence-

		
	(1)
	the amount of such Service shall be determined in accordance with paragraph (a) of this Section, as if such Affiliate were a Participating

Employer; and
		
	(2)
	if such Participant incurs a Break in Service (as defined in paragraph (d) of this Section and determined as if such Affiliate were a Participating Employer) prior to his commencement of employment with the Affiliate or return to the employment of the Affiliate, then the amount of such Participant’s Service attributable to his prior period of employment with the Participating Employer shall be determined in accordance with paragraph (d) of this Section.

		
	(d)
	Break in Service. An Employee who incurs a Severance from Service and who fails to complete at least one (1) Hour of Employment during the twelve (12)-month period beginning on the date of such Severance from Service shall have a Break in Service. If, during the twelve (12)- month period beginning on the date of an Employee’s Severance from Service, the Employee shall return to the employment of a Participating Employer by completing at least one (1) Hour of Employment within such twelve (12)-month period, then such Employee will not have a Break in Service and shall receive Service for the period beginning on the date of his Severance from Service and ending on the date of his reemployment; provided, however, that in the case of an Employee who is absent from the employment of the Participating Employers for a reason specified in Section 2.01(oo)(1)(ii) hereof and who, prior to the first anniversary of the first date of such absence, incurs a Severance from Service for a reason specified in Section 2.01(oo)(1)(i) hereof, such Employee shall receive Service only if he completes at least one

		
	(1)
	Hour of Employment within the twelve (12)-month period beginning on the first date of such absence and shall receive such Service only

for the period beginning on the first day of such absence and ending on the date of his reemployment. Upon

12

incurring a Break in Service, an Employee’s rights and benefits under the Plan shall be determined in accordance with his Service at the time of the Break in Service. For a Participant who, at the time of a Break in Service, satisfied any requirements of this Plan for vested benefits, his pre-break Service shall, upon his Reemployment Commencement Date, be restored in determining his rights and benefits under the Plan. For
an Employee who, at the time of a Break in Service, had not fulfilled such requirements, periods of pre-break Service shall, upon his
Reemployment Commencement Date, be restored only if the consecutive periods of Break in Service were less than the greater of (i) sixty
(60) months or (ii) the total period of pre-break Service.
		
	(e)
	Special Rule for Participants After Initial Eligibility Date . Notwithstanding the preceding provisions of this Section 3.03, the Elapsed-Time Employment and Service of any Participant who failed to elect to participate hereunder pursuant to Section 3.02 hereof prior to the date on which he was first eligible to do so pursuant to Section 3.01 hereof shall be determined as if his Employment Commencement Date were the later of (i) the Initial Effective Date or (ii) the date on which he first completes an Hour of Employment. In addition, in the case of a Participant who was not employed by an Employer on the Initial Effective Date but was so employed prior to such date, such prior period of employment shall not, under any circumstances, be treated as Service unless such Participant elects to participate hereunder pursuant to such Section 3.02 prior to the date on which he was first eligible to do so pursuant to such Section 3.01.

		
	(f)
	Special Rule for Extended Absence Employees . Notwithstanding the preceding provisions of this Section 3.03, in the case of an Extended Absence Employee, the period between the first and second anniversaries of such Employee’s absence shall, under no circumstances, be treated as a period of Service.

		
	4.
	Transfer

An Employee who is transferred between Participating Employers shall be as eligible for Participation and benefits as in the absence of such transfer.

13

		
	1.
	Employer Contributions

ARTICLE IV
CONTRIBUTIONS AND FORFEITURES
Employers shall credit Participant Accounts in accordance with the following:
		
	(a)
	Compensation Reduction Contributions . For each Year, each Employer shall credit the Compensation Reduction Contribution Account of each of its Employees participating in the Plan with an amount agreed to be credited by such Employer pursuant to a Compensation Reduction Agreement entered into between the Employer and the Participant for such Year, as provided in Section 4.02 hereof; provided that if such Participant is also a participant in the Profit Sharing Plan for Employees of Trinity Industries, Inc. and Certain Affiliates, such Participant must first have elected to contribute the maximum permissible salary reduction contribution for the Year to his salary reduction contribution account under such Profit Sharing Plan, with such maximum permissible amount to be determined by reference to all applicable limitations of

(i)Code Section 401, (ii) the provisions of such Profit Sharing Plan and (iii) other applicable law. The maximum amount that may be deferred each Plan Year shall be established by the Administrator from time to time. Such Compensation Reduction Agreement shall include a separate deferral election for each of the following types of Compensation:
		
	(i)
	Base Compensation;

		
	(ii)
	Annual Incentive Compensation;

		
	(iii)
	Performance-Based Compensation; and

		
	(iv)
	For Plan Years beginning prior to January 1, 2005, Award Compensation.

		
	(b)
	Matching Employer Contributions . For each Plan Year, each Employer shall credit a Matching Employer Contribution amount in the form of cash to each of its Employees for whom an amount was credited pursuant to paragraph (a) of this Section 4.01; provided, however, that no such Matching Employer Contribution shall be credited prior to the date on which such Employee completes one (1) year of Service. Such Matching Employer Contribution, when added to the Forfeitures which have become available for application as of the end of the Year pursuant to Section 4.03 hereof, shall be equal to a percentage of that portion of the Participant’s Compensation Reduction Contribution for such Year pursuant to Section 4.02 hereof which does not exceed six percent (6%) of his Base Compensation plus Annual Incentive Compensation for such Year, based on his years of Service as follows:

14

	
			
	Years of Service
	Applicable  Percentage
	

	Less than 1
	—
	%

	1 but less than 2
	25
	%

	2 but less than 3
	30
	%

	3 but less than 4
	35
	%

	4 but less than 5
	40
	%

	5 or more
	50
	%

For purposes of determining a Participant’s Matching Employer Contribution under this paragraph (b), if a Participant’s Employment Commencement Date is any date on or after January 1, 2001 and on or before March 31, 2001, and such Participant is employed as of the last day of the Short Plan Year, he shall be credited with a year of Service for such Short Plan Year.
		
	(c)
	Limitations on Matching Contributions . Except in the case of a Participant who Retires, dies or incurs a Disability during a Year, no Matching Employer Contributions shall be credited to a Participant for a Year unless such Participant is actively employed by an Employer on the last day of such Year. In addition, no Matching Employer Contributions shall be credited to Participants for a Year unless the Company’s earnings per share for such Year are sufficient to cover dividends to stockholders; provided that in no event shall a Matching Employer Contribution be made if the Company’s net profits for such Year are less than Thirty-Three and one-third Cents ($.33-1/3) per share; provided further, that the Board of Directors or the Human Resources Committee of the Board of Directors, in its discretion, may elect to waive such earnings requirement. In addition, and notwithstanding paragraph (b) of this Section, the amount of Matching Employer Contribution credited to a Participant for a Year under this Plan shall be reduced by the amount of any matching contribution credited to the Participant for such Year under the Profit Sharing Plan for Employees of Trinity Industries, Inc. and Certain Affiliates.

		
	(d)
	Discretionary Contributions . In addition to the contributions described above, for each Year an Employer may, but shall not be required to, credit the Discretionary Contribution Account of any one or more Participants in its employ during such Year with such amounts in cash as the Employer may determine in its sole discretion.

		
	2.
	Participant Compensation Reduction

		
	(a)
	General. Prior to commencement of participation hereunder, a Participant shall have entered into a written Compensation Reduction Agreement

with his Employer in accordance with Section 3.02(a) hereof. The terms of such Compensation Reduction Agreement shall provide that the

15

Participant agrees to accept a reduction in Compensation from the Employer. In consideration of such agreement, the Employer will credit the Participant’s Compensation Reduction Contribution Account for each Year with an amount equal to the total amount by which the Participant’s Compensation from the Employer was reduced during the Year pursuant to the Compensation Reduction Agreement.
		
	(b)
	Additional Election Requirements . In addition to the requirements of Section 3.02(a) hereof, Compensation Reduction Agreements shall be

further governed by the following:
		
	(1)
	A Compensation Reduction Agreement shall specify the types of Compensation to which it will apply and shall be effective during the period in which it is on file with the Administrator, but in no event shall such Agreement be effective to (i) reduce Award Compensation which is attributable to the exercise of nonqualified stock options, the lapse of all restrictions on a grant of restricted stock, the exercise of stock appreciation rights or the payment of dividend equivalent rights and which is payable during the six (6) month period immediately following the date of execution of the agreement; or (ii) reduce payments of Base Compensation, Annual Incentive Compensation or other types of Award Compensation for services completed on or before the date on which such Compensation Reduction Agreement is filed with the Administrator.

		
	(2)
	A Compensation Reduction Agreement relating to a Plan Year may not be modified or revoked once such Plan Year has commenced except as provided in Section 6.05(b) hereof following a Participant’s receipt of a Plan distribution due to an Unforeseeable Emergency. Any modification to or termination of a Compensation Reduction Agreement relating to a subsequent Plan Year must be made prior to the close of the calendar year immediately preceding the calendar year in which the services are performed and to which the modified or terminated Agreement relates. If a Participant terminates his Compensation Reduction Agreement as provided above, he may

subsequently elect to enter into another Compensation Reduction Agreement, provided that he is at such time an eligible Employee and
provided further that such election is made with respect to a succeeding calendar year in accordance with Section 3.02(a) hereof.
		
	3.
	Forfeitures

If, upon a Severance from Service, a Participant is not entitled to a distribution of the entire balance in his Matching Contribution Account, Additional Matching Contribution Account and/or Discretionary Contribution Account, then the

16

amount to which the Participant is not entitled shall become a Forfeiture and shall be deducted from the Participant’s Accounts at such time. The portion of the Participant’s Accounts which is not a Forfeiture shall continue to be adjusted as provided in Section 5.03(a) hereof until it is distributed in full. The Participant shall receive a distribution of the nonforfeitable portion of his Accounts pursuant to Article VI hereof.

17

		
	1.
	Individual Accounts

ARTICLE V
ALLOCATIONS TO PARTICIPANTS’ ACCOUNTS
The Committee shall create and maintain adequate records to disclose the interest hereunder of each Participant, Former Participant and Beneficiary. Such records shall be in the form of individual accounts, and credits and charges shall be made to such accounts in the manner herein described. A Participant shall have appropriate separate Accounts, including a Compensation Reduction Contribution Account, a Matching Contribution Account, an Additional Matching Contribution Account (attributable to Additional Matching Contributions made on behalf of a Participant for Plan Years beginning prior to January 1, 2004) and a Discretionary Contribution Account.
		
	2.
	Investment of Accounts

		
	(a)
	Participant Election. The Committee shall credit each Participant’s Accounts with earnings or losses according to the hypothetical investment selections made by the Participant pursuant to his participation agreement executed pursuant to Section 3.02 hereof. In accordance with certain limitations on investment designations in Section 5.02(b) hereof, the Committee shall adopt rules concerning the manner in which a Participant may elect to change his hypothetical investment selections, provided that a Participant shall be permitted to do so no less frequently than as of the first day of each month. Effective for Plan Years beginning on and after January 1, 2004, the earnings or losses attributable to a Participant’s Accounts shall be determined as if the amounts credited to such Accounts were actually invested in Stock Units, to the extent elected hereunder, and, to the extent not so elected or to the extent prohibited hereunder, in the hypothetical investments selected under the Participant’s participation agreement. In the case of a Participant receiving installment payments under Article VI hereof, the Participant’s Accounts shall continue to receive allocations of earnings or losses in accordance with this subsection until his Accounts are paid in full. If a Participant’s participation agreement fails to designate one or more hypothetical investment selections, the Participant’s Accounts will be deemed invested in the investment option designated as having the least investment risk.

		
	(b)
	Investment Options. The Committee shall have sole and absolute discretion with respect to the number and types of investment options made available for selection by Participants pursuant to this Section, the timing of Participant investment elections and the method by which adjustments are made. The Committee may in its sole discretion refuse to recognize Participant elections that it determines may cause the Participant’s Accounts to become subject to the short-swing profit

18

provisions of Section 16b of the Securities Exchange Act of 1934 and establish special election procedures for Participants subject to
Section 16 of such Act.
On and after January 1, 2004, amounts contributed to a Participant’s Matching Contribution Account, Additional Matching Contribution Account, and Discretionary Contribution Account shall not be treated as invested in Stock Units. In addition, amounts credited to a Participant’s Matching Contribution Account, Additional Matching Contribution Account, or Discretionary Contribution Account and deemed invested in any other media may not, on or after such date, be treated as transferred into or out of deemed investments in Stock Units.
Compensation Reduction Contributions may, at the Participant’s election, be treated as invested in Stock Units, either at the time such amounts are initially credited to the Participant’s Compensation Reduction Contribution Account or following deemed investment in other media; provided, however, that following a deemed investment in Stock Units, such Contributions may not be treated as transferred out of deemed investments in Stock Units.
The designation of investment options by the Committee shall be for the sole purpose of adjusting Accounts pursuant to this Section, and except to the extent that deemed investments in Stock Units were required hereunder for Plan Years beginning prior to January 1, 2004, the provisions of this Article V shall not obligate the Company or any of the Employers to invest or set aside any assets for the payment of benefits hereunder; provided, however, that the Company or an Employer may invest a portion of its general assets in investments, including investments which are the same as or similar to the investment indices designated by the Committee and selected by Participants, but any such investments shall remain part of the general assets of the Company or such Employer and shall not be deemed or construed to grant a property interest of any kind to any Participant, designated Beneficiary or estate. The Committee shall notify the Participants of the investment indices available and the procedures for making and changing elections.
		
	(c)
	Non-Binding Status of Elections . A Participant’s hypothetical investment selections pursuant to the immediately preceding paragraph shall be made solely for purposes of crediting earnings and/or losses to his Accounts under Section 5.03 of this Plan. The Committee shall not, in any way, be bound to actually invest any amounts set aside pursuant to Article VII below to satisfy its obligations under this Plan in accordance with such selections.

19

		
	3.
	Account Adjustments

The accounts of Participants, Former Participants and Beneficiaries shall be adjusted in accordance with the following:
		
	(a)
	Valuation Adjustments. As of each Valuation Date, the amount credited to a Participant’s Accounts as of the preceding Valuation Date, less any distributions or Forfeitures with respect to such Accounts since such preceding Valuation Date, shall be adjusted by reference to the

fluctuations in value, taking into account gain, loss, expenses and other adjustments, of the investments selected by the Participant for the investment adjustment of his or her Accounts, with such adjustments to be made in the manner prescribed by the Committee. Following such adjustment, the amounts credited to a Participant’s Accounts shall be increased to take into account additional deferrals and contributions credited to such Accounts since the preceding Valuation Date.
		
	(b)
	Compensation Reduction Contributions . The amount credited pursuant to Section 4.01(a) hereof for a Year as a Compensation Reduction Contribution shall be allocated to the Participant’s Compensation Reduction Contribution Account as of the date on which such Compensation Reduction Contribution would otherwise have been paid to the Participant as Compensation.

		
	(c)
	Matching Contributions. Any amounts credited to a Participant by an Employer pursuant to Section 4.01(b) hereof during a Year shall be

allocated to the Participant’s Matching Contribution Account at such time as may be determined by the Employer in its absolute discretion.
		
	(d)
	Discretionary Contributions . Any amounts credited to a Participant by an Employer pursuant to Section 4.01(d) hereof during a Year shall be

allocated to the Participant’s Discretionary Contribution Account at the time determined by the Employer in its absolute discretion.
		
	4.
	Stock Units

		
	(a)
	General. For purposes of calculating the number of Stock Units credited or deemed credited to a Participant’s Compensation Reduction Contribution Account pursuant to Section 5.03(b) hereof, and, for Plan Years beginning prior to January 1, 2004, Section 5.03(d) hereof, the price of a Stock Unit shall be equal to one hundred percent (100%) of the closing price on the New York Stock Exchange of a share of the Company’s common stock on the date on which the Stock Units are credited or deemed credited to the Participant’s Accounts (or if no shares of the Company’s common stock are traded on such date, on the immediately preceding trading date). For Plan Years beginning prior to January 1, 2004, for purposes of calculating the number of Stock Units

20

credited to a Participant’s Matching Contribution Account or Additional Matching Contribution Account, the price of a Stock Unit shall be equal to one hundred percent (100%) of the average daily closing price on the New York Stock Exchange of a Share of the Company’s common stock for the Year with respect to which the Stock Units are credited to the Participant’s Accounts, provided that for Stock Units credited with respect to the Year ending March 31, 2000, such average daily closing price shall be calculated for the period beginning on January 1, 2000 and ending on such March 31, 2000.
		
	(b)
	Voting Rights. A Participant shall not be entitled to any voting rights with respect to the Stock Units credited or deemed credited to his

Accounts.
		
	(c)
	Dividends. To the extent that a dividend is paid on the Company’s common stock, the Committee shall credit to the Accounts of each

Participant whose Accounts are invested or deemed invested in Stock Units an amount in cash equal to the value of such dividends.
		
	(d)
	Dilution and Other Adjustments . In the event of any change in the outstanding shares of common stock of the Company by reason of any stock dividend, split, spin-off, recapitalization, merger, consolidation, combination, extraordinary dividend, exchange of shares or other similar change, the Committee shall adjust the number or kind of Stock Units then allocated or deemed allocated to the Participants’ Accounts as follows:

		
	(1)
	Subject to any required action by stockholders, the number of Stock Units shall be proportionately adjusted for any increase or decrease in the number of issued shares of the Company’s common stock resulting from (i) a subdivision or consolidation of shares, (ii) the payment of a stock dividend or (iii) any other increase or decrease in the number of shares effected without receipt of consideration by the Company.

		
	(2)
	In the event of a change in the shares of the Company’s common stock as presently constituted, which is limited to a change of par value into the same number of shares with a different par value or without par value, the shares of the Company’s common stock resulting from any such change shall be deemed to be the shares of common stock within the meaning of this Plan.

Any adjustments made by the Committee pursuant to this Section 5.04 shall be final, binding, and conclusive.
Except as hereinbefore provided in this Section 5.04, a Participant to whose Account Stock Units are allocated shall have no rights by reason of
(i) any subdivision or consolidation of the Company’s stock or securities, (ii) the payment of any stock dividend or (iii) any other increase or
decrease in the

21

number of shares of stock of any class or by reason of any dissolution, liquidation, reorganization, merger, or consolidation or spinoff of assets or stock of another corporation, and any issuance by the Company of additional shares of stock (of any class), or securities convertible into shares of stock (of any class), shall not affect the number of Stock Units allocated to such Participant’s Accounts under this Plan.

22

		
	1.
	General

ARTICLE VI
DISTRIBUTION OF BENEFITS
Within thirty (30) days following a Participant’s termination of employment, the Committee (i) shall certify to the Trustee or the Treasurer of the Employer, as applicable, the total amount of the allocations to the credit of the Participant on the books of each Employer by which the Participant was employed at a time when amounts were credited by such Employer to his Accounts and the Participant’s nonforfeitable interest in such Accounts, and (ii) shall determine whether the payment of the amounts credited to the Participant’s Accounts under the Plan is to be paid directly by the applicable Employer, from the Trust Fund, or by a combination of such sources (except to the extent that the provisions of the Trust specify payment from the Trust Fund).
		
	2.
	Payments of Benefits

Payment of the nonforfeitable portion of the amounts credited to a Participant’s Accounts shall be made in accordance with the following provisions:
		
	(a)
	Death, Disability or Retirement . Payments made with respect to a Participant’s termination of employment on account of death, Disability or Retirement, shall be made in one or more of the following forms, as previously elected by the Participant in accordance with Section 3.02(b) hereof:

		
	(1)
	In a lump sum; or

		
	(2)
	In annual periodic payments for the number of years elected by the Participant, not in excess of 20. Each payment shall be in an amount equal to a fraction of the Participant’s Account, where such fraction for each payment shall be one (1) divided by the number of payments remaining (including the current payment), and in which event the unpaid balance shall continue to be adjusted as provided in Section 5.03(a) hereof until it is distributed in full. For purposes of determining the amount of each payment, if a payment will be made before the fifteenth day of a given month, the Participant’s Account will be valued as of the first day of the month in which payment is made; if a payment will be made after the fifteenth day of a given month but before the last day of such month, the Participant’s Account will be valued as of the 15th day of the month in which payment is made. In accordance with Treasury Regulation Section 1.409A- 2(b)(2)(iii) and (iv) and for purposes of Section 6.02(d) hereof, an election for distribution in

23

the form of periodic payments shall be treated as an election of a series of separate payments.
In the absence of a timely election as to the form of distribution under Section 3.02(b) hereof, all payments made with respect to a Participant’s
termination of employment on account of death, Disability or Retirement shall be in the form of a lump sum.
The Administrator shall permit all Participants participating in the Plan in 2005 to make a distribution election on or before December 31, 2005, and if a Participant files a modified distribution election on or before such date, such election shall be treated as if it had been made at
the time of the initial deferral election; such an election shall not be treated as a change in the form of a payment under Section 409A(a)(4) of the
Code or an acceleration of a payment under Section 409A(a)(3) of the Code and shall not be required to meet the requirements of
Section 6.02(d) hereof.
Notwithstanding the preceding, if an eligible Employee is participating in the Plan in 2006 and desires to modify a previously-filed distribution election, he or she must modify such an election and file it with the Administrator on or before December 31, 2006; provided, however, that a Participant may not file a modified distribution election in 2006 that has the effect of deferring payment of amounts the Participant would otherwise receive in 2006 or cause payments to be made in 2006 that would otherwise be made subsequent to 2006. Such an election shall not be treated as a change in the form of a payment under Section 409A(a)(4) of the Code or an acceleration of a payment under Section 409A(a)(3) of the Code and shall not be required to meet the requirements of Section 6.02(d) hereof.
Notwithstanding the preceding, if an eligible Employee is participating in the Plan in 2007 and desires to modify a previously-filed distribution election, he or she must modify such an election and file it with the Administrator on or before December 31, 2007; provided, however, that a Participant may not file a modified distribution election in 2007 that has the effect of deferring payment of amounts the Participant would otherwise receive in 2007 or cause payments to be made in 2007 that would otherwise be made subsequent to 2007. Such an election shall not be treated as a change in the form of a payment under Section 409A(a)(4) of the Code or an acceleration of a payment under Section 409A(a)(3) of the Code and shall not be required to meet the requirements of Section 6.02(d) hereof.
The Committee shall, as of the last day of the calendar quarter within which the Participant terminates employment, certify to the Trustee or the Treasurer of the Employer, as applicable, the method of payment selected by the Participant.

24

		
	(b)
	Termination of Employment. Payments with respect to a Participant’s termination of employment for reasons other than death, Disability or Retirement shall be made in the form of a lump sum.

		
	(c)
	Time Payment is Made or Commences .

		
	(1)
	If a Participant terminates employment for a reason other than death or Disability, payment of all vested amounts credited to a Participant’s Accounts shall be made or commence on the first business day following the date that is six months from the date on which the Participant separated from service. Elections to delay payment beyond such date are not permitted except as may be permitted in accordance with Section 6.02(d) hereof.

		
	(2)
	If a Participant terminates employment due to Disability or death, payment of all vested amounts credited to the Participant’s Accounts

shall be made or commence sixty (60) days following the date on which the Participant terminates employment.
(3)    In the case of annual installment payments made pursuant to Section 6.02(a)(2) hereof, payments made subsequent to the first payment
in each succeeding calendar year shall be made in the same calendar quarter as the first payment.
This Plan shall be deemed to authorize the payment of all or any portion of a Participant’s benefits from the Trust Fund to the extent such payment is required by the provisions of the Trust; provided, however, that the time and form of distribution shall, in all events, be made as otherwise determined under the terms of the Plan. Payments shall be made in cash or, to the extent that any amount to be distributed has been invested or deemed invested in Stock Units, in common stock of the Company; provided that any amount invested or deemed invested in fractional shares shall, in all events, be paid in cash.
		
	(d)
	Modification that Changes Form of Payment .

Except to the extent otherwise provided in Section 6.02(a) hereof, a modification of a Participant’s previous election related to the form of
distribution under Section 6.02(a) hereof is ineffective unless all of the following requirements are satisfied:
		
	(1)
	Such modification may not be effective for at least twelve (12) months after the date on which the modification is filed with the

Administrator.
		
	(2)
	Except in the case of modifications relating to distributions on account of death, Disability, or Unforeseeable Emergency, the modification must provide that payment will not commence for at

25

least five (5) years from the date payment would otherwise have been made or commenced.
		
	(1)
	Such a modification may not be made less than twelve (12) months prior to the date of the first otherwise scheduled payment.

		
	(2)
	Such modification may not permit acceleration of the time or schedule of any payment under the Plan, except as may be permitted

pursuant to applicable Treasury Regulations.
		
	(a)
	Notwithstanding the preceding provisions of this Section 6.02, if at any time the Participant’s vested interest in the Plan and any other non- qualified, defined contribution plan sponsored by his Employer and in which the Participant participates is less than the applicable dollar amount under Code Section 402(g)(1)(B), the Committee shall distribute such interest to the Participant in one lump sum, provided that the following requirements are satisfied:

		
	(1)
	The payment must accompany the termination of the Participant’s entire interest in both the Plan and all similar plans or arrangements

that would constitute a nonqualified deferred compensation plan under Treasury Regulation Section 1.409A-1(c); and

		
	(2)
	No election must have been provided to the Participant with respect to the receipt of the payment.

		
	(f)
	Prior Plan Elections. Notwithstanding the preceding provisions of this Section 6.02 and with respect to an Employee who was a Participant in the Plan in 1999, such Participant’s election with respect to the form of payment made pursuant to the provisions of the Plan in effect at that time shall remain in effect unless modified by the Participant in the manner described in paragraphs (a) or (d) of this Section 6.02.

		
	3.
	Vesting of Benefits

		
	(a)
	Compensation Reduction Contribution Account . A Participant is 100% vested in his Compensation Reduction Contribution Account at all

times.
		
	(b)
	Death or Disability. If a Participant’s termination of employment is attributable to his death or Disability, he shall be entitled to the entire

amount then credited to his Accounts.
		
	(c)
	Termination of Employment For Reasons Other than Death or Disability .

		
	(1)
	Additional Matching Contribution Account . If a Participant’s termination of employment is not attributable to his death or Disability and

he has an Additional Matching Contribution

26

Account to his credit, he shall be entitled to amounts then credited to his Additional Matching Contribution Account to the extent that there have elapsed at least two (2) Plan Years following the end of the Plan Year for which the Additional Matching Contribution was made; provided, however, that if the Participant terminates employment by reason of Retirement, the Committee may, in its sole discretion, deem the Participant to be entitled to the entire amount then credited to his Additional Matching Contribution Account; provided, further, that upon the occurrence of a Change in Control, the Participant shall be entitled to the entire amount then credited to his Additional Matching Contribution Account.
		
	(2)
	Other Accounts. If a Participant’s termination of employment is not attributable to his death or Disability, he shall be entitled to a “vested percentage” of the amounts then credited to his Matching Contribution Account and Discretionary Contribution Account, if any, based on his years of Service as follows:

	
					
	Years of Service
	Vested Percentage
	

	Forfeited Percentage
	

	Less than 1
	0
	%
	100%
	

	1 but less than 2
	20
	%
	80
	%

	2 but less than 3
	40
	%
	60
	%

	3 but less than 4
	60
	%
	40
	%

	4 but less than 5
	80
	%
	20
	%

	5 or more
	100
	%
	—
	%

; provided, however, that if the Participant terminates employment by reason of Retirement, the Committee may, in its discretion, authorize up to full vesting of the entire amount then credited to such Accounts; provided, further, that upon the occurrence of a Change in Control, the Participant shall under all circumstances be entitled to the entire amount then credited to such Accounts. Notwithstanding the preceding provisions of this subparagraph (2), for amounts credited to a Participant’s Matching Contribution Account and Discretionary Contribution Account, if any, pursuant to the terms of the Prior Plan, if the Participant’s termination of employment is attributable to Retirement, he shall under all circumstances be entitled to one hundred percent (100%) of such amounts.
		
	(d)
	Amount Credited. For purposes of this Section, the amount credited to a Participant’s Accounts at termination of employment shall include any

amounts to be credited pursuant to Section 4.01 hereof for the Year of termination of employment but not yet allocated.

27

		
	4.
	Death

If a Participant dies while in the service of an Employer, or after termination of employment with the Employers and prior to the complete distribution of all amounts payable to him under the Plan, any remaining amounts payable to the Participant hereunder shall be payable to his Beneficiary. The Committee shall cause the Trustee (to the extent provided in the Trust) or the Treasurer of the Employer, as applicable, to pay to such Beneficiary all of the amounts then standing to the credit of the Participant in his Accounts, with such payment to be made at the time and in the manner specified in Section 6.02 hereof.
		
	5.
	In-Service  Distributions

No amounts credited to a Participant’s Accounts shall be distributed to or on behalf of the Participant prior to the occurrence of one of the events
specified in the preceding provisions of this Article VI, except as follows:
		
	(a)
	Designated Distributions. Prior to the beginning of a calendar year, a Participant may elect that all or any portion of the amount of any Compensation Reduction Contribution to be credited to the Participant’s Compensation Reduction Contribution Account during such calendar year, be distributed to the Participant in the form of a lump sum in a subsequent calendar year designated by the Participant, which subsequent calendar year shall not be earlier than the third calendar year following the calendar year for which the election is made. Such an election shall be irrevocable. Distributions made pursuant to this paragraph shall be made in September of the designated year. In the event of

the Participant’s termination of employment for any reason prior to the designated year, the election hereunder shall be void and of no effect and
distribution of the Participant’s vested Accounts shall be made as provided in Section 6.02.
An election for distribution as described in this Section 6.05(a) shall not be permitted hereunder on or after January 1, 2008. Any such election
made prior to January 1, 2008, shall remain in effect except to the extent otherwise provided in this Section 6.05(a).
		
	(b)
	Unforeseeable Emergency. A distribution may be made to or on behalf of a Participant prior to his or her termination of employment to the extent that the Participant demonstrates, to the satisfaction of the Committee, that he or she has encountered an Unforeseeable Emergency. The amount distributed to a Participant on account of an Unforeseeable Emergency may not exceed the amount necessary to satisfy such Emergency, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship).

28

A Participant’s Compensation Reduction Agreement shall be terminated as soon as administratively feasible following the Participant’s receipt
of a distribution due to Unforeseeable Emergency.
		
	6.
	Election to Distribute Deferrals

Effective January 1, 2005, a Participant may make a one-time election to cause the distribution of deferrals credited to the Plan on his or her behalf by his or her Employer for Plan Years ending on or before December 31, 2004. Such election shall be made in a manner that is approved by the Committee and communicated to Participants and shall be subject to the following:
		
	(a)
	Applicability. An election made under this Section shall be effective with respect to all vested amounts credited to the Participant’s Accounts for all Plan Years of participation ending on or prior to December 31, 2004. A partial cancellation shall not be permitted. An election made under  this Section 6.06 specifically shall not affect contributions made on behalf of the Participant for any Plan Year ending on or after

December 31, 2005.
		
	(b)
	Revocation, Alteration, and Expiration . A Participant may not revoke, modify, or otherwise alter an election made under this Section. The

ability to make an election under this Section shall expire on December 31, 2005.
		
	(c)
	Distribution. Upon making an election under this Section, all vested amounts credited to the Participant’s Accounts as of December 31, 2004,

and accumulated earnings on such amounts shall be distributed as soon as administratively feasible.
		
	(d)
	Tax Consequences. The Participant must acknowledge that the full amount subject to his or her election will be included in his or her taxable

income for his or her taxable year ending on December 31, 2005.
		
	(e)
	Compliance with Code Section 409A . This Section 6.06 is intended to be administered in good faith compliance with the provisions of Internal Revenue Code Section 409A, any Regulations issued thereunder, and Internal Revenue Service Notice 2005-1. This Section may be amended or otherwise modified only to the extent that such amendment or modification complies with Code Section 409A.

		
	7.
	Designation of Beneficiary

Each Participant from time to time may designate any person or persons (who may be designated contingently or successively and who may be an entity other than a natural person) as his Beneficiary or Beneficiaries to whom his Plan benefits are paid if he dies before receipt of all such benefits. Each Beneficiary designation shall be on a form prescribed by the Committee and shall be effective only when filed with the Committee during the Participant’s lifetime. Each Beneficiary designation filed with the Committee shall cancel all Beneficiary

29

designations previously filed with the Committee. The revocation of a Beneficiary designation, no matter how effected, shall not require the consent of
any designated Beneficiary.
If any Participant fails to designate a Beneficiary in the manner provided herein, or if the Beneficiary designated by a deceased Participant dies before him or before complete distribution of the Participant’s benefits, the Committee, in its sole discretion, may direct the Trustee to distribute such Participant’s benefits (or the balance thereof) to his surviving spouse or to either:
		
	(a)
	any one or more of the next of kin of such Participant, and in such proportions as the Committee determines; or

		
	(b)
	the estate of the last to die of such Participant and his Beneficiary or Beneficiaries.

30

		
	1.
	No Trust Required

ARTICLE VII
NATURE OF PLAN; FUNDING
The adoption of this Plan and the segregation of amounts by the Employers with which to discharge their obligations hereunder shall not be deemed to
create a trust; legal and equitable title to any funds so set aside shall remain with the Employers, and any recipient of benefits hereunder shall have
no security or other interest in such funds. Any and all funds so set aside shall remain subject to the claims of the general creditors of the Employers,
present and future. This provision shall not require the Employers to set aside any funds, but the Employers may set aside funds if they choose to
do so.
		
	2.
	Funding of Obligation

Section 7.01 above to the contrary notwithstanding, the Employers may elect to transfer assets to the Trust, the provisions of which shall at all times require the use of the Trust’s assets to satisfy claims of an Employer’s general unsecured creditors in the event of such Employer’s insolvency and direct that no Participant shall at any time have a prior claim to such assets. The assets of the Trust shall not be deemed to be assets of this Plan.

31

		
	1.
	Appointment of Committee

ARTICLE VIII
ADMINISTRATION
The Board of Directors of the Company shall appoint a Plan Committee to administer, construe and interpret the Plan. Such Committee, or such successor Committee as may be duly appointed by such Board of Directors, shall serve at the pleasure of the Board of Directors. All usual and reasonable expenses of the Committee shall be paid by the Employers. Decisions of the Committee with respect to any matter involving the Plan shall be final and binding on the Company, its shareholders, each Employer and all officers and other executives of the Employers. For purposes of ERISA, the Committee shall be the “plan administrator.”
		
	2.
	Duties of Committee

The Committee shall maintain complete and adequate records pertaining to the Plan, including but not limited to Participants’ Accounts, amounts transferred to the Trust, reports from the Trustee and all other records that shall be necessary or desirable in the proper administration of the Plan. The Committee shall furnish the Trustee such information as is required to be furnished by the Committee or the Company pursuant to the Trust. The Committee may employ such persons or appoint such agents to assist it in the performance of its duties as it may deem appropriate, including the Administrator. If a member of the Committee is a Participant hereunder, such Committee member shall be precluded from participation in any decision relative to his benefits under the Plan.
		
	3.
	Indemnification of Committee

The Company (the “Indemnifying Party”) hereby agrees to indemnify and hold harmless the members of the Committee and the Administrator (the “Indemnified Parties”) against any losses, claims, damages or liabilities to which any of the Indemnified Parties may become subject to the extent that such losses, claims, damages or liabilities or actions in respect thereof arise out of or are based on any act or omission of the Indemnified Party in connection with the administration of this Plan (other than any act or omission of such Indemnified Party constituting gross negligence or willful misconduct), and will reimburse the Indemnified Party for any legal or other expenses reasonably incurred by him or her in connection with investigating or defending against any such loss, claim, damage, liability or action. Promptly after receipt by the Indemnified Party of notice of the commencement of any action or proceeding with respect to any loss, claim, damage or liability against which the Indemnified Party believes he or she is indemnified, the Indemnified Party shall, if a claim with respect thereto is to be made against the Indemnifying Party, notify the Indemnifying   Party in writing of the commencement thereof; provided, however, that the omission so to notify the

32

Indemnifying Party shall not relieve it from any liability which it may have to the Indemnified Party to the extent the Indemnifying Party is not prejudiced by such omission. If any such action or proceeding shall be brought against the Indemnified Party, and it shall notify the Indemnifying Party of the commencement thereof, the Indemnifying Party shall be entitled to participate therein, and, to the extent that it shall wish, to assume the defense thereof, with counsel reasonably satisfactory to the Indemnified Party, and, after notice from the Indemnifying Party to the Indemnified Party of its election to assume the defense thereof, the Indemnifying Party shall not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation or reasonable expenses of actions taken at the written request of the Indemnifying Party. The Indemnifying Party shall not be liable for any compromise or settlement of any such action or proceeding effected without its consent, which consent will not be unreasonably withheld.
		
	4.
	Unclaimed Benefits

During the time when a benefit hereunder is payable to any Participant or Beneficiary, the Committee may, at its own instance, mail by registered or certified mail to such Participant or Beneficiary, at his last known address, a written demand for his then address, or for satisfactory evidence of his continued life, or both. If such information is not furnished to the Committee within twelve (12) months from the mailing of such demand, then the Committee may, in its sole discretion, declare such benefit, or any unpaid portion thereof, suspended, with the result that such unclaimed benefit shall be treated as a Forfeiture for the Year with or within which such twelve (12)-month period ends, but shall be subject to restoration through an Employer contribution if the lost Participant or Beneficiary later files a claim for such benefit.

33

		
	1.
	Nonguarantee of Employment

ARTICLE IX
MISCELLANEOUS
Nothing contained in this Plan shall be construed as a contract of employment between any Employer and any Employee, or as a right of any Employee to be continued in the employment of any Employer, or as a limitation on the right of an Employer to discharge any of its Employees, with or without cause.
		
	2.
	Nonalienation of Benefits

Benefits payable under this Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any kind, either voluntary or involuntary, prior to actually being received by the person entitled to the benefit under the terms of the Plan; and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge or otherwise dispose of any right to benefits payable hereunder shall be void.
		
	3.
	No Preference

No Participant shall have any preference over the general creditors of an Employer in the event of such Employer’s insolvency.
		
	4.
	Incompetence of Recipient

If the Committee receives evidence satisfactory to it that any person entitled to receive a payment hereunder is, at the time the benefit is payable, physically, mentally or legally incompetent to receive such payment and to give a valid receipt therefor, and that an individual or institution is then maintaining or has custody of such person and that no guardian, committee or other representative of the estate of such person has been duly appointed, the Committee may direct that such payment be paid to such individual or institution maintaining or having custody of such person, and the receipt of such individual or institution shall be valid and a complete discharge for the payment of such benefit.
		
	5.
	Texas Law to Apply

THIS PLAN SHALL BE CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF TEXAS EXCEPT TO THE EXTENT
PREEMPTED BY FEDERAL LAW.
		
	6.
	Claims  Procedure/Arbitration

If any person (hereinafter called the “Claimant”) feels that he or she is being denied a benefit to which he or she is entitled under this Plan, such
Claimant may

34

file a written claim for said benefit with the Committee. Within sixty (60) days following the receipt of such claim the Committee shall determine and notify the Claimant as to whether he or she is entitled to such benefit. Such notification shall be in writing and, if denying the claim for benefit, shall set forth the specific reason or reasons for the denial, make specific reference to the pertinent provisions of this Plan, and advise the Claimant that he or she may, within sixty (60) days following the receipt of such notice, in writing request to appear before the Committee or its designated representative for a hearing to review such denial. Any such hearing shall be scheduled at the mutual convenience of the Committee or its designated representative and the Claimant, and at any such hearing the Claimant and/or his or her duly authorized representative may examine any documents relevant to the benefit claim and present evidence and arguments to support the granting of the benefit being claimed. The final decision of the Committee with respect to the claim being reviewed shall be made within sixty (60) days following the hearing thereon, and the Committee shall in writing notify the Claimant of said final decision, again specifying the reasons therefor and the pertinent provisions of this Plan upon which said final decision is based. The final decision of the Committee shall be conclusive and binding on all parties having or claiming to have an interest in the matter being reviewed.
Any dispute or controversy arising out of, or relating to, the payment of benefits pursuant to this Plan shall be settled by arbitration in Dallas, Texas (or, if applicable law requires some other forum, then such other forum) in accordance with the rules then obtaining of the American Arbitration Association. The District Court of Dallas County, Texas or, as the case may be, the United States District Court for the Northern District of Texas shall have jurisdiction for all purposes in connection with any such arbitration. Any process or notice of motion or other application to either of said courts, and any paper in connection with arbitration, may be served by certified mail, return receipt requested, or by personal service or in such  other manner as may be permissible under the rules of the applicable court or arbitration tribunal, provided a reasonable time for appearance is allowed. Arbitration proceedings must be instituted within one (1) year after the claimed breach occurred, and the failure to institute arbitration proceedings within such period shall constitute an absolute bar to the institution of any proceedings, and a waiver of all claims, with respect to such breach.
		
	7.
	Reimbursement of Costs

In the event that a dispute arises between a Participant or Beneficiary and the Company or other Employer with respect to the payment of benefits hereunder, and attorney’s fees, expenses and costs are incurred by either party in the course of litigation or otherwise, the party against whom the other party has been successful in such dispute shall reimburse such other party for the full amount of any such attorneys’ fees, expenses and costs.

35

		
	8.
	Acceleration of Payment

In the event that the Internal Revenue Service formally assesses a deficiency against a Participant on the grounds that an amount credited to such Participant’s Accounts under this Plan is subject to federal income tax (the “Reclassified Amount”) earlier than the time payment otherwise would be made to the Participant pursuant to this Plan, then the Committee shall direct the Employer maintaining such Participant’s Accounts to pay to such Participant and deduct from such Account the Reclassified Amount. To the extent possible, such payment will be made in a manner permitted under Section 409A of the Code and any guidance issued thereunder so as to comply with such Code Section.

36

		
	1.
	Amendment

AMENDMENTS OR TERMINATION OF PLAN
The Board of Directors of the Company, in its sole and unfettered discretion, may amend the Plan at any time, provided such amendment does not
contravene the provisions of Section 409A of the Code and related guidance issued thereunder and Section 10.03 hereof.
		
	2.
	Termination

The Board of Directors of Company may terminate the Plan, in its sole and unfettered discretion, at any time; provided, however, that distributions pursuant to the Plan shall not thereby be accelerated but payment shall be made at the time and in the manner specified under Article VI hereof; provided, further, however, that if the Plan and all similar plans sponsored by the Company that are required to be aggregated with the Plan under Regulation Section 1.409A-1(c)(2) are terminated within the thirty (30) days preceding or the twelve (12) months following a Change in Control, payment of all amounts deferred under this Plan and such other plans shall be made in the form of a lump sum, which shall be paid no later than twelve (12) months following the date on which the Plan termination occurs.
		
	3.
	Rights of Participants

No amendment, suspension, or termination of the Plan shall deprive a Participant of the vested amounts allocated to his or her Accounts as of such date. No amendment, suspension, or termination shall be retroactive in effect to the prejudice of any Participant, except to the extent necessary to comply with any provision of federal or applicable state laws or except to the extent necessary to prevent detriment to the Company or any of its Affiliates, or the current taxation of Participants under Code Section 409A and any guidance issued thereunder, as so determined by the Board in its sole and unfettered discretion. The foregoing notwithstanding, in the event it is determined by the Board, in its sole and unfettered discretion, that any provision in this Plan results in a violation of the requirements of Code Section 409A, any Regulations or guidance issued thereunder, or any other applicable law or Regulation, the Board, and any authorized officer so appointed by the Board, shall have the power unilaterally to modify or eliminate any such provision.
Any provision of this Plan to the contrary notwithstanding, no action to modify, amend, supplement, suspend or terminate the Plan on or after the
date of a Change in Control shall be effective without the consent of a majority of the Participants in the Plan at the time of such action.

37

		
	1.
	Withdrawing Employers

WITHDRAWING EMPLOYERS; TRANSFER TO SUCCESSOR PLAN
In the event that a Participating Employer elects to discontinue or revoke its participation in this Plan:
		
	(a)
	the Company shall cause to be prepared a new plan (the “Successor Plan”) for the withdrawing Participating Employer, the terms of which shall be identical to the terms of this Plan;

		
	(b)
	the Company shall transfer, deliver and assign any and all benefit obligations under this Plan which relate to Participants who are employees

of the withdrawing Participating Employer or its subsidiaries to the Successor Plan; and

		
	(c)
	the withdrawing Participating Employer shall be deemed to have consented to the adoption of the Successor Plan.

For purposes of this provision, the Successor Plan shall treat all benefit obligations described under (b) above as if they had accrued due to an individual’s service with the withdrawing Participating Employer. Subsequent to the withdrawing Participating Employer’s adoption of the Successor Plan, and the transfer of benefit obligations from this Plan to the Successor Plan, Participants whose benefits were transferred to the Successor Plan shall not be entitled to receive any amounts from this Plan which relate to benefit obligations which accrued prior to the transfer.
		
	2.
	Transfer to Successor Plan

Any provision of this Plan to the contrary notwithstanding, in the event that:
		
	(a)
	the Participant terminates employment with the Company or other Participating Employer in connection with the sale, spin-off or other disposition of a direct or indirect subsidiary of the Company or a sale or other disposition of assets of the Company or the assets of a direct or indirect subsidiary of the Company (the “Transaction”);

		
	(b)
	in connection with the Transaction, such separated Participant becomes employed by the subsidiary that is sold, spun-off or otherwise disposed of, the purchaser of the subsidiary or assets or other surviving entity in the Transaction, as the case may be, or an affiliate thereof, (the “Successor Employer”); and

		
	(c)
	in connection with and effective as of or prior to the closing of the Transaction, the Successor Employer establishes a new plan, the terms of

38

which are substantially identical to the terms of this Plan and which treat all benefit obligations which relate to the Participant (including those transferred to the Successor Plan pursuant to the provisions of this Section) as if they had accrued due to the Participant’s service with the Successor Employer (the “Successor Plan”), and a new rabbi trust, the terms of which are substantially identical to the terms of the Trust (the “Successor Trust”),
then the Participant shall not be entitled to a distribution of benefits from this Plan on account of such termination of employment, and the Company or other Participating Employer which formerly employed the Participant and which maintains an Account or Accounts for such Participant under this Plan shall transfer, deliver and assign to the Successor Plan and Successor Employer as of the date the Participant becomes employed by the Successor Employer any and all benefit obligations under this Plan which relate to the Participant, and effective with and subsequent to the adoption of the Successor Plan by the Successor Employer and the transfer of the Participant’s benefit obligations from this Plan to the Successor Plan, the Participant whose benefits were transferred to the Successor Plan shall not be entitled to receive any amounts from this Plan which relate to benefit obligations which accrued prior to the transfer. The preceding provisions to the contrary notwithstanding, the provisions of this Section 11.02 shall not be effective for Transactions that occur on or after the date of a Change in Control without the written consent of a majority of the Participants in the Plan at such time.
		
	3.
	Compliance with Code Section 409A With Regard Article XI

If any provision of this Article XI is determined to violate Section 409A of the Code, such provision shall have no force or effect.

39

IN TESTIMONY WHEREOF, TRINITY INDUSTRIES, INC. has caused this instrument to be executed in its name and on its behalf, by the officer
thereunto duly authorized, this 31st day of December, 2007, effective as of January 1, 2005 or as otherwise provided herein.

TRINITY INDUSTRIES, INC.

By:  /s/ Timothy R. Wallace
Title: Chief Executive Officer

ATTEST:

/s/ Paul M. Jolas

THE STATE OF TEXAS    §
§
COUNTY OF DALLAS    §
This instrument was acknowledged before me on the 31st day of December, 2007, by Paul M. Jolas of TRINITY INDUSTRIES, INC., a Delaware
corporation, on behalf of said corporation.

/s/ Julie Slayden
Notary Public in and for the State of Texas

My Commission Expires:    Printed Name of Notary:

8/25/2011        Julie Slayden     

40

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