Document:

EX-10.25

Exhibit 10.25

THE GREENBRIER COMPANIES, INC.

2005 STOCK INCENTIVE PLAN

EMPLOYEE RESTRICTED SHARE AGREEMENT

          This AGREEMENT is made as of this ___ day of                                         , 2008 between The Greenbrier
Companies, Inc., an Oregon corporation (the “Company”), and                                          (the “Participant”) under
the Company’s 2005 Stock Incentive Plan (the “Plan”).

SECTION 1. ACQUISITION OF SHARES.

     (a) Transfer. On the terms and conditions set forth in this Agreement, the Company agrees to
transfer to the Participant
                                         shares of common stock of the Company (the “Shares”), of
which                                          Shares will vest in equal installments over a period of five years (the
“Time-Vested Shares”) and of which                                          Shares will vest on
                                         (the “Vesting Date”) only if the performance criteria described in subsections
1(e)(i)-(iii) have been met or exceeded (the “Performance-Vested Shares”). The transfer shall
occur at the offices of the Company on the date set forth above or at such other place and time as
the parties may agree.

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

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

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

     (e) Vesting of Performance-Vested Shares. Subject to subsections 1(e)(iv) and (v) below, the
Performance-Vested Shares shall vest in their entirety on the Vesting Date only if the performance
criteria set forth in subsections 1(e)(i)-(iii) immediately below have been met or exceeded:

 

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	 	(i)	 	Revenue Growth — Revenue shall have increased at an average
annual rate of not less than 10% for the three fiscal years ended August 31,
2010; and
	 
	 	(ii)	 	Earnings Growth — Net Earnings shall have increased at an
average annual rate of not less than 12% for the three fiscal years ended
August 31, 2010; and
	 
	 	(iii)	 	Return on Equity — Return on average Stockholders’ Equity
shall have been achieved at an average of at least 15% per year over the three
fiscal years ended August 31, 2010.
	 
	 	(iv)	 	Termination of Service — If the Participant’s service
terminates due to death or Disability prior to the Vesting Date, any unvested
Performance-Vested Shares shall immediately become fully vested. If the
Participant’s service terminates prior to the Vesting Date for any other
reason, any unvested Performance-Vested Shares shall automatically be
forfeited, deemed cancelled and restored to the status of authorized but
unissued shares as of the date of such termination and shall again be available
for Awards under the Plan.
	 
	 	(v)	 	Change of Control — In the event of a Change of Control before
August 31, 2010, the Performance-Vested Shares shall automatically vest in
their entirety on the Vesting Date, regardless of whether the performance
criteria have been met or exceeded.

SECTION 2. RESTRICTIONS ON TRANSFER.

     (a) Restrictions on Transfer.

          (i) By accepting the Shares, the Participant agrees that, if at the time of any proposed
resale of the Shares the resale of the Shares is not exempt from registration under the Securities
Act or covered by an effective registration statement filed under the Securities Act, the
Participant will enter into such representations, warranties and agreements as the Company may
reasonably request to comply with the Securities Act or any other securities laws or with this
Agreement.

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

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

 

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judgment of the Company, such restrictions are necessary or desirable in order to achieve
compliance with the Securities Act, the securities laws of any state or any other law.

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

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

SECTION 3. SUCCESSORS AND ASSIGNS.

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

SECTION 4. NO RETENTION RIGHTS.

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

SECTION 5. LEGENDS.

 

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

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

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

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

SECTION 6. NOTICE.

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

SECTION 7. ENTIRE AGREEMENT.

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

SECTION 8. CHOICE OF LAW.

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

SECTION 9. DEFINITIONS.

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

 

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

     (b) “Net Earnings” shall mean the net earnings or loss set forth in the audited Consolidated
Statement of Operations for the Company and its subsidiaries for each of the fiscal years in the
three-year period ending August 31, 2010.

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

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

     (e) “Revenue” shall mean the revenue set forth in the audited Consolidated Statement of
Operations for the Company and its subsidiaries for each of the fiscal years in the three-year
period ending August 31, 2010.

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

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

     (h) “Stockholders’ Equity” shall mean the stockholders’ equity set forth in the audited
Consolidated Financial Statements of the Company and its subsidiaries for each of the fiscal years
in the three-year period ending August 31, 2010. Return on average stockholders’ equity refers to
the ratio of: (a) Net Earnings to (b) the average of beginning and ending stockholders’ equity for
such year. In addition to the earnings or loss for the year, stockholders’ equity will be reduced
by the dividends paid or accrued during the year and will be increased or decreased by changes in
additional paid-in capital (“APIC”), stock and other comprehensive income (“OCI”) occurring during
the year.

SECTION 10. RETAINED DISCRETION OF COMPENSATION COMMITTEE.

     In applying the vesting criteria applicable to Performance-Vested Shares under this Agreement,
the Compensation Committee of the Board of Directors of the Company has retained discretion to
adjust Net Earnings and average Stockholders’ Equity, otherwise determined in accordance with
generally accepted accounting principals, to take into account the impact of specific non-recurring
revenue or expense items in any given period that are not reflective of the ongoing operations of
the Company and its subsidiaries, such as expenses resulting from significant growth initiatives or
gains or losses from non-operating sources.

 

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

	 	 	 	 	 	 	 
	PARTICIPANT:	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	The Greenbrier Companies, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	Signature
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	Name
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

Employee Restricted Share Agreement

Page 6EX-10.26

Exhibit 10.26

FORM OF CHANGE OF CONTROL AGREEMENT

FOR SENIOR MANAGERS

     This Change of Control Agreement for Senior Managers (this “Agreement”) is entered into by and
between The Greenbrier Companies, Inc., an Oregon corporation (the “Company”), and                               
(the “Executive”) as of the       day of           , 200_.

     A. The Board of Directors of the Company (the “Board”) has determined that it is in the best
interests of the Company and its shareholders to assure that the Company will have the continued
dedication of the Executive, notwithstanding the possibility or occurrence of a Change of Control
(as defined in Section 2) of the Company. The Board believes it is imperative to diminish the
inevitable distraction of the Executive by virtue of the personal uncertainties and risks created
by a pending or potential Change of Control and to encourage the Executive’s full attention and
dedication to the Company currently and in the event of any pending or potential Change of Control,
and to provide the Executive with compensation and benefits arrangements upon a Change of Control
which ensure that the compensation and benefits expectations of the Executive will be satisfied and
which are competitive with those of other corporations.

     Therefore, in consideration of the promises and covenants contained herein, and for other good
and valuable consideration, the adequacy and receipt of which the parties acknowledge, it is hereby
agreed as follows:

1. Intent; Certain Definitions.

     The intent of this Agreement is to entitle the Executive to receive from the Company certain
payments and benefits in the event that the Executive’s employment is terminated following a Change
of Control, subject to the terms, conditions and limitations set forth herein.

     (a) The “Effective Date” shall mean the first date during the Change of Control Period (as
defined in Section 1(b)) on which a Change of Control occurs,
subject to Section 1(c), below.

     (b) The “Change of Control Period” shall mean the period commencing on the Effective Date and
ending on the second anniversary of such date.

     (c) Notwithstanding any other provision of this Agreement to the contrary, if a Change of
Control occurs and if the Executive’s employment with the Company is terminated prior to the date
on which the Change of Control occurs, and if it is reasonably demonstrated by the Executive that
such termination of employment (i) was at the request of a third party who has taken steps
reasonably calculated to effect the Change of Control or (ii) otherwise arose in connection with or
anticipation of the Change of Control, then for all purposes of this Agreement the “Effective Date”
shall mean the date immediately prior to the date of such termination of employment, and such
termination shall be deemed to have occurred during the Change of Control Period.

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2. Change of Control.

For the purpose of this Agreement, a “Change of Control” shall mean the occurrence of any of the
following:

     (a) The acquisition by any individual, entity or group (within the meaning of section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30 percent or
more of the stock of any class or classes having by the terms thereof ordinary voting power to
elect a majority of the directors of the Company (irrespective of whether at the time stock of any
class or classes of the Company shall have or might have voting power by reason of the happening of
any contingency); provided, however, that for purposes of this subsection (a), the following
acquisitions will not constitute a Change of Control: (i) any acquisition directly from the
Company; (ii) any acquisition by the Company or a subsidiary of the Company; or (iii) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company
or any corporation controlled by the Company.

     (b) The individuals who, as of the date of this Agreement, are the members of the Board of
Directors of the Company (the “Incumbent Board”) cease for any reason to constitute a majority of
the Board, unless the election or appointment, or nomination for election or appointment, of any
new member of the Board was approved by a vote of a majority of the Incumbent Board of Directors,
then such new member shall be considered as though such individual were a member of the Incumbent
Board.

     (c) The consummation of a merger or consolidation involving the Company if the stockholders
owning the capital and profits (“ownership interests”) of the Company immediately before such
merger or consolidation do not, as a result of such merger or consolidation, own, directly or
indirectly, more than 50 percent of the combined voting power or ownership interests of the
Company, or the entity resulting from such merger or consolidation, in substantially the same
proportion as their ownership of the combined voting power or ownership interests outstanding
immediately before such merger or consolidation.

     (d) The sale or other disposition of all or substantially all of the assets of the Company.

     (e) The dissolution or the complete or partial liquidation of the Company.

3. Termination of Employment.

     (a) Death or Disability. The Executive’s employment shall terminate automatically upon the
Executive’s death during the Change of Control Period. If the Company determines in good faith
that the Disability of the Executive has occurred during the Change of Control Period (pursuant to
the definition of Disability set forth below), it may give to the Executive written notice in
accordance with Section 13(b) of its intention to terminate the Executive’s employment. In such event,
the Executive’s employment with the Company shall terminate effective on the 30th day after receipt
of such notice by the Executive (the “Disability Effective Date”), provided that, within the 30
days after such receipt, the Executive shall not have returned to full-time

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performance of the Executive’s duties. For purposes of this Agreement, “Disability” shall
mean the absence of the Executive from the Executive’s duties with the Company on a full-time basis
for 180 consecutive business days as a result of incapacity due to mental or physical illness which
is determined to be total and permanent by a physician selected by the Company or its insurers and
acceptable to the Executive or the Executive’s legal representative (such agreement as to
acceptability not to be withheld unreasonably).

     (b) Cause. The Company may terminate the Executive’s employment during the Change of Control
Period for Cause. For purposes of this Agreement, “Cause” shall mean (i) a willful and continued
failure to perform substantially the Executive’s duties with the Company, other than such failure
(A) resulting from Executives’ Disability or incapacity due to bodily injury or physical or mental
illness; or (B) for which a demand for substantial performance is delivered to Executive which
specifically identifies the manner in which Executive has not substantially performed Executive’s
duties and provides a 30-day period during which time Executive may take corrective actions, which
period of time has not yet expired; or (ii) the conviction of the Executive (including a plea of
nolo contendere) of a felony or gross misdemeanor under federal or state law which is materially
and demonstrably injurious to the Company or which impairs the Executive’s ability to perform
substantially the Executive’s duties for the Company.

     (c) Good Reason; Window Period. The Executive’s employment may be terminated (i) during the
Change of Control Period by the Executive for Good Reason or (ii) during the Window Period by the
Executive without any reason. For purposes of this Agreement, the “Window Period” shall mean the
30-day period immediately following the first anniversary of the Effective Date. For purposes of
this Agreement, “Good Reason” shall mean:

          (A) A material change in Executive’s status, positions, duties or responsibility as an
employee of the Company as in effect immediately prior to the Effective Date which may
reasonably be considered to be an adverse change, except in connection with the termination
of Executive’s employment for Cause or due to Disability or death, or resulting from
Executive’s decision for any reason other than for Good Reason;

          (B) A reduction by the Company of Executive’s base salary exceeding 5 percent of
Executive’s prior year’s base salary (or an adverse change in the form or timing of the
payment thereof) as in effect immediately prior to the Effective Date;

          (C) A reduction by the Company of Executive’s annual bonus exceeding 20 percent of
Executive’s prior year’s annual bonus (unless such reduction relates to the amount of annual
bonus payable to Executive for the achievement of specified performance goals or to the
attainment of profitability levels of the Company or certain of its subsidiaries, and the
non-achievement of such goals and/or the non-attainment of profitability levels of the
Company or certain of its subsidiaries is the reason for the reduction in Executive’s annual
bonus compared to the prior year’s bonus);

          (D) the Company’s requiring the Executive to be based at any office more than 35 miles
from where Executive’s office is located immediately prior to the Effective Date;

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          (E) any purported termination by the Company of the Executive’s employment otherwise
than as expressly permitted by this Agreement; or

          (F)
any failure by the Company to comply with and satisfy
Section 12(c), provided that such
successor has received at least ten days’ prior written notice from the Company or the
Executive of the requirements of Section 12(c).

For
purposes of this Section 3(c), any good faith determination of “Good Reason” made by the Executive
shall be conclusive.

     (d) Notice of Termination. Any termination by the Company for Cause, or by the Executive
without any reason during the Window Period or for Good Reason, shall be communicated by Notice of
Termination to the other party hereto given in accordance with
Section 13(b). For purposes of this
Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) to the extent applicable 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, and (iii) if the Date of Termination (as
defined below) is other than the date of receipt of such notice, specifies the termination date of
such notice. The failure by the Executive or the Company to set forth in the Notice of Termination
any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any
right of the Executive or the Company hereunder or preclude the Executive or the Company from
asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder.

     (e) Date of Termination. “Date of Termination” means (i) if the Executive’s employment is
terminated by the Company for Cause, or by the Executive for Good Reason, the date of receipt of
the Notice of Termination or any later date specified therein, as the case may be, (ii) if the
Executive’s employment is terminated by the Company other than for Cause or Disability, the Date of
Termination shall be the date on which the Company notifies the Executive of such termination, and
(iii) if the Executive’s employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability Effective Date, as the
case may be.

4. Obligations of the Company upon Termination.

     (a) Good Reason or During the Window Period; Other than for Cause or Disability. If, during
the Change of Control Period, the Company shall terminate the Executive’s employment other than for
Cause or Disability or the Executive shall terminate employment either for Good Reason or without
any reason during the Window Period:

     (i)
Subject to Section 5 below, the Company shall pay to the Executive in a lump sum in
cash within 30 days after the Date of Termination the aggregate of the following amounts:

          (A) the Executive’s Base Salary through the Date of Termination and

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any accrued vacation pay, in each case to the extent not previously paid (the sum of
such amounts shall be hereinafter referred to as the “Accrued Obligations”); and

          (B) the amount equal to                      times the amount of the sum of (x) the Executive’s Base
Salary and (y) the Average Bonus (such amount shall be hereinafter referred to as the
“Severance Amount”).

     (ii) “Base Salary” shall mean Executive’s current annual base salary in effect at the
time a Change in Control occurs. “Average Bonus” shall mean the average of the two most
recent annual bonuses received by the Executive prior to the year in which a Change of
Control occurs, or, if the Executive shall not have been employed by the Company for a
sufficient tenure as to have been eligible to receive two annual bonuses, an amount equal to
the most recent annual bonus, if any, received by the Executive.

     (iii) To the extent not theretofore paid or provided, the Company shall timely pay or
provide to the Executive and/or the Executive’s family any other amounts or benefits
required to be paid or provided or which the Executive and/or the Executive’s family is
eligible to receive pursuant to this Agreement and under any plan, program, policy or
practice or contract or agreement of the Company and its affiliated companies as in effect
and applicable generally to other peer Executives of the Company and its affiliated
companies and their families during the 90-day period immediately preceding the Effective
Date or, if more favorable to the Executive, as in effect generally thereafter with respect
to other peer Executives of the Company and its affiliated companies and their families
(such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).

     (iv) All unvested stock options and restricted stock grants held by Executive shall
become fully vested and exercisable as of the Date of Termination.

     (v) For a period of two years and one-half years following the Date of Termination (the
“Executive Benefit Continuation Period”), the Company shall continue to provide all insured
and self-insured employee benefits (including, without limitation, medical, life, dental,
vision and disability plans) to the Executive and/or the Executive’s family reasonably
similar to those which would have been provided to them in accordance with the plans,
programs, practices and policies if the Executive’s employment had not been terminated (such
continuation of benefits shall be referred to as “Executive Benefit Continuation”). If the
Executive becomes reemployed with another employer during the Executive Benefit Continuation
Period and is eligible to receive medical or other employee benefits under another employer
provided plan, the Company shall not be obligated to continue to provide the medical and
other employee benefits described herein, to the extent that reasonably similar medical or
other benefits are available to the Executive pursuant to such employer-provided plan. For
purposes of Executive’s rights to continuation coverage pursuant to COBRA, Executive shall
be considered to have remained employed until, and Executive’s COBRA rights shall be
triggered by, the end of the Executive Benefit Continuation Period. “COBRA” refers to the
Consolidated Omnibus Budget Reconciliation Act of 1985.

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     (b) Death. If the Executive’s employment is terminated by reason of the Executive’s death
during the Change of Control Period, this Agreement shall terminate without further obligations to
the Executive’s legal representatives under this Agreement, other than for (i) payment of Accrued
Obligations (which shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump
sum in cash within 30 days of the Date of Termination); and (ii) the timely payment or provision of
the Executive Benefit Continuation and Other Benefits.

     (c) Disability. If the Executive’s employment is terminated by reason of the Executive’s
Disability during the Change of Control Period, this Agreement shall terminate without further
obligations to the Executive, other than for (i) payment of Accrued Obligations (which shall be
paid to the Executive in a lump sum in cash within 30 days of the Date of Termination); and (ii)
the timely payment of provision of the Executive Benefit Continuation and Other Benefits.

     (d) Cause; Other than for Good Reason. If the Executive’s employment shall be terminated for
Cause during the Change of Control Period, this Agreement shall terminate without further
obligations to the Executive other than the obligation to pay to the Executive Annual Base Salary
through the Date of Termination to the extent previously unpaid. If the Executive terminates
employment during the Change of Control Period, excluding a termination for Good Reason, this
Agreement shall terminate without further obligations to the Executive, other than for Accrued
Obligations and the timely payment or provision of Other Benefits. In such case, all Accrued
Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of
Termination.

5. Six-Month Payment Delay for Specified Executives. Notwithstanding any other provision of this
Agreement to the contrary, in the event that the Executive is determined to be a “specified
employee” within the meaning of Treas. Reg. §1.409A-1(i), then no payments shall be made to the
Executive pursuant to this Agreement before the date that is six months after the date of the
Executive’s separation from service, as that term is defined in Treas. Reg. §1.409A-1(h).

6. Non-competition Agreement.

     The Company’s obligations under this Agreement are expressly conditioned upon and subject to
Executive having executed and remaining in compliance with the terms of a non-competition agreement
in favor of the Company and its subsidiaries in a form acceptable to the Company.

7. Non-Exclusivity of Rights.

Except as
provided in Sections 4(a)(v), 4(b) and 4(c), nothing in this Agreement shall prevent or limit the
Executive’s continuing or future participation in any plan, program, policy or practice provided by
the Company or any of its affiliated companies and for which the Executive may qualify, nor shall
anything herein limit or otherwise affect such rights as the Executive may have under any contract
or agreement with the Company or any of its affiliated companies. Amounts which are vested
benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice
or program of, or any contract or agreement with, the Company or any of its affiliated companies at
or subsequent to the Date of Termination shall be payable in accordance

Amended and Restated Change of Control Agreement for Senior Managers

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with such plan, policy, practice or program or contract or agreement except as explicitly modified by this
Agreement.

8. Full Settlement; Resolution of Disputes.

     (a) The Company’s obligation to make the payments provided for in this Agreement and otherwise
to perform its obligations hereunder shall not be affected by any set-off, counterclaim,
recoupment, defense or other claim, right or action which the Company may have against the
Executive or others. In no event shall the Executive be obligated to seek other employment or take
any other action by way of mitigation of the amounts payable to the Executive under any of the
provisions of this Agreement and, except as provided in
Section 4(a)(ii), such amounts shall not be
reduced whether or not the Executive obtains other employment. The Company agrees to pay promptly
as incurred, to the full extent permitted by law, all legal fees and expenses which the Executive
may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company,
the Executive or others of the validity or enforceability of, or liability under, any provision of
this Agreement or any guarantee of performance thereof (including as a result of any contest by the
Executive about the amount of any payment pursuant to this Agreement), plus in each case interest
on any delayed payment at the applicable Federal rate provided for in section 7872(f)(2)(A) of the
Internal Revenue Code (the “Code”).

     (b) If there shall be any dispute between the Company and the Executive (i) in the event of
any termination of the Executive’s employment by the Company, whether such termination was for
Cause, or (ii) in the event of any termination of employment by the Executive, whether Good Reason
existed, then, unless and until there is a final, nonappealable judgment by a court of competent
jurisdiction declaring that such termination was for Cause or that the determination by the
Executive of the existence of Good Reason was not made in good faith, the Company shall pay all
amounts, and provide all benefits, to the Executive and/or the Executive’s family or other
beneficiaries, as the case may be, that the Company would be required to pay or provide pursuant to
Section 4(a) as though such termination were by the Company without Cause, or by the Executive with
Good Reason; provided, however, that the Company shall not be required to pay any disputed amount
pursuant to this paragraph except upon receipt of an undertaking by or on behalf of the Executive
to repay all such amounts to which the Executive is ultimately adjudged by such court not to be
entitled.

9. Limitation on Payments and Benefits.

Notwithstanding anything in this Agreement to the contrary, if any of the payments or benefits to
be made or provided in connection with the Agreement, together with any other payments or benefits
which the Executive has the right to receive from the Company or any entity which is a member of an
“affiliated group” (as defined in section 1504(a) of the Code without regard to section 1504(b) of
the Code) of which the Company is a member constitute an “excess parachute payment” (as defined in
section 280G(b) of the Code), the payments or benefits to be made or provided in connection with
this Agreement will be reduced to the extent necessary to prevent any portion of such payments or
benefits from becoming nondeductible by the Company pursuant to section 280G of the Code or subject
to the excise tax imposed under section 4999 of the Code. The determination as to whether any such
decrease in the payments or benefits to be

Amended and Restated Change of Control Agreement for Senior Managers

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made or provided in connection with this Agreement is
necessary must be made in good faith by
a nationally recognized accounting firm (the “Accounting Firm”), and such determination will be
conclusive and binding upon Executive and the Company. In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or group effecting the Change of
Control, the Company shall appoint another nationally recognized accounting firm to make the
determinations required hereunder (which accounting firm shall then be referred to as the
Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by
the Company. In the event that such a reduction is necessary, Executive will have the right to
designate the particular payments or benefits that are to be reduced or eliminated so that no
portion of the payments or benefits to be made or provided to Executive in connection with the
Agreement will be excess parachute payments subject to the deduction limitations under section 280G
of the Code and the excise tax under section 4999 of the Code.

10. Confidential Information.

The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or
confidential information, knowledge or data relating to the Company or any of its affiliated
companies, and their respective businesses, which shall have been obtained by the Executive during
the Executive’s employment by the Company or any of its affiliated companies and which shall not be
or become public knowledge (other than by acts by the Executive or representatives of the Executive
in violation of this Agreement). After termination of the Executive’s employment with the Company,
the Executive shall not, without the prior written consent of the Company or as may otherwise be
required by law or legal process, communicate or divulge any such information, knowledge or data to
anyone other than the Company and those designated by it. In no event shall an asserted violation
of the provisions of this Section 10 constitute a basis for deferring or withholding any amounts
otherwise payable to the Executive under this Agreement.

11. Nondisparagement; Cooperation.

     (a) Executive agrees not to disparage the Company or its officers, directors, employees,
shareholders or agents, in any manner likely to be harmful to them or their business, business
reputations or personal reputations. Executive shall respond accurately and fully to any question,
inquiry or request for information when required by legal process, notwithstanding the foregoing.

     (b) During the Change of Control Period and during the twelve month period following the Date
of Termination, Executive will cooperate with the Company in responding to the reasonable requests
of the Board, the Company’s or its General Counsel, in connection with any and all existing or
future litigation, arbitrations, mediations or investigations brought by or against the Company, or
its affiliates, agents, officers, directors or employees, whether administrative, civil or criminal
in nature, in which the Company reasonably deems Executive’s cooperation necessary or desirable.
In such matters, Executive agrees to provide the Company with reasonable advice, assistance and
information, including offering and explaining evidence, providing sworn statements, and
participating in discovery and trial preparation and testimony. Executive also agrees to promptly
send the Company copies of all correspondence (for example, but not limited to, subpoenas) received
by Executive in connection with any such legal

Amended and Restated Change of Control Agreement for Senior Managers

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proceedings, unless Executive is expressly
prohibited by law from so doing. The Company will reimburse Executive for reasonable out-of-pocket
expenses incurred by Executive as a result of
Executive’s cooperation with the obligations described in this
Section 11(b), within 30 days of
the presentation of appropriate documentation thereof, in accordance with the Company’s standard
reimbursement policies and procedures.

12. Successors.

     (a) This Agreement is personal to the Executive and without the prior written consent of the
Company shall not be assignable by the Executive otherwise than by will or the laws of descent and
distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s
legal representatives.

     (b) This Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns.

     (c) 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 to assume expressly 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. 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 assumes and agrees to perform this Agreement by
operation of law, or otherwise.

13. Miscellaneous.

     (a) This Agreement shall be governed by and construed in accordance with the laws of the State
of Oregon, without reference to principles of conflict of laws. The captions of this Agreement are
not part of the provisions hereof and shall have no force or effect. This Agreement may not be
amended or modified otherwise than by a written agreement executed by the parties hereto or their
respective successors and legal representatives.

     (b) All notices and other communications hereunder shall be in writing and shall be given by
hand delivery to the other party or by registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

     If to the Executive:

     If to the Company:

The Greenbrier Companies, Inc.

One Centerpointe Drive, Suite 200

Lake Oswego, OR 97035 USA

Attention: President

Amended and Restated Change of Control Agreement for Senior Managers

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With a copy to:

General Counsel

The Greenbrier Companies, Inc.

One Centerpointe Drive, Suite 200

Lake Oswego, OR 97035 USA

or to such other address as either party shall have furnished to the other in writing in accordance
herewith. Notice and communications shall be effective when actually received by the addressee.

     (c) The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement.

     (d) The Company may withhold from any amounts payable under this Agreement such Federal, state
or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.

     (e) The Executive’s or the Company’s failure to insist upon strict compliance with any
provision hereof or any other provision of this Agreement or the failure to assert any right the
Executive or the Company may have hereunder, including, without limitation, the right of the
Executive to terminate employment for Good Reason pursuant to Section 3(c)(A)-(F), shall not be
deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

     (f) The Executive and the Company acknowledge that, except as may otherwise be provided under
any other written agreement between the Executive and the Company, the employment of the Executive
by the Company is “at will” and, prior to the Effective Date, may be terminated by either the
Executive or the Company at any time. Moreover, if prior to the Effective Date, the Executive’s
employment with the Company terminates, then the Executive shall have no further rights under this
Agreement.

[Signature page follows.]

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

	 	 	 	 	 	 	 	 	 
	THE GREENBRIER COMPANIES, INC.:	 	 	 	EXECUTIVE:	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Its:

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

Amended and Restated Change of Control Agreement for Senior Managers

Page 11

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