Document:

EX-10.1

 Exhibit 10.1 

THE GREENBRIER COMPANIES, INC. 

2014 AMENDED AND RESTATED STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

Pursuant to Article 10 of the 2014 Amended and Restated Stock Incentive Plan (the “Plan”) of The Greenbrier Companies, Inc.,
an Oregon corporation (the “Company”), on             , 2015 (the “Grant Date”) the Compensation Committee of the Board of Directors of the Company
(the “Committee”) authorized and granted to                      (the “Recipient”) an award of restricted
stock units (“RSUs”) with respect to the Company’s common stock (“Common Stock”), subject to the terms and conditions of this agreement between the Company and the Recipient (this “Agreement”).
By accepting this award, the Recipient agrees to all of the terms and conditions of this Agreement. Capitalized terms not otherwise defined in this Agreement shall have the meanings as defined in the Plan. 

 

	1.	Award and Terms of Restricted Stock Units. 

 (a) Number of RSUs Awarded. The
Company awards to the Recipient                      RSUs (the “Award”), subject to the restrictions, terms and conditions
set forth in this Agreement and the Plan. 
 (b) Rights under Restricted Stock Units. An RSU obligates the Company to issue to the
Recipient one share of Common Stock for each vested RSU, upon the later of (i) vesting in accordance with this Agreement, or (ii) the distribution date or dates elected by the Recipient, if the Recipient elects to defer receipt of the
shares otherwise issuable upon vesting, pursuant to the terms of the Company’s Nonqualified Deferred Compensation Plan (the “Deferred Compensation Plan”).

 

	2.	Vesting and Forfeiture of RSUs. 

 (a) The RSUs awarded under this Agreement shall
initially be 100% unvested and subject to forfeiture. One-half of the RSUs, covering                  shares of Common Stock, will vest in equal installments over
a period of three years (the “Time-Based RSUs”) and one-half of the RSUs, covering                  shares of Common Stock, will vest, in whole
or in part, on the Vesting Date based upon achievement of performance criteria during the Measurement Period, as described in subsection 2(c) (the “Performance-Based RSUs”). To the extent that
any partial vesting would result in the issuance of fractional shares, such shares shall be rounded up to the nearest whole number of shares. 

(b) Vesting of Time-Based RSUs. The Time-Based RSUs shall vest in equal annual installments over a period of three years, on the first,
second and third anniversaries of the Grant Date, provided the Recipient remains in Service with the Company, subject to subsections 2(b)(i) and (ii), below: 

(i) Termination of Service Due to Death, Disability or Retirement. If the Recipient’s Service terminates due to
death, Disability or Retirement, any unvested 

  
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Time-Based RSUs shall immediately become fully vested. If Recipient is or becomes eligible for Retirement prior to the date any Time-Based RSUs would
otherwise vest, the Time-Based RSUs will no longer be subject to a substantial risk of forfeiture for tax purposes, and will be deemed a “deferral of compensation” as defined under Internal Revenue Code §409A
(“§409A”), and any dividends accrued on such Time-Based RSUs pursuant to subsection 5(a) of this Agreement shall also be deemed deferred compensation subject to §409A. 

(ii) Change of Control. In the event of a Change of Control, acceleration of vesting of Time-Based Shares shall be
governed by the terms of the individual agreement between the Company and the Recipient, if any. 
 (c) Vesting of Performance-Based
RSUs. Within 90 days of the end of the Measurement Period, the Committee shall determine the extent to which the Performance-Based RSUs have vested based upon achievement of the performance goals set forth in this subsection 2(c).
Up to 50% of the Performance-Based RSUs shall vest based upon achievement of Adjusted EBITDA goals (the “Adjusted EBITDA Performance RSUs”), and up to 50% of the Performance-Based RSUs shall vest based upon
achievement of Return on Equity (“ROE”) goals (the “ROE Performance RSUs”), during the Measurement Period, as set forth in subsections 2(c)(i) and (ii), below: 

(i) Adjusted EBITDA Performance RSUs. 

(1) 100% of the Adjusted EBITDA Performance RSUs (50% of the total number of Performance-Based RSUs) will vest on the Vesting
Date if the Company’s Adjusted EBITDA equals the Adjusted EBITDA Target Level. 
 (2) 50% of the Adjusted EBITDA
Performance RSUs (25% of the total number of Performance-Based RSUs) will vest on the Vesting Date if the Company’s Adjusted EBITDA equals the Adjusted EBITDA Threshold Level. 

(3) If the Company’s Adjusted EBITDA is greater than the Threshold Level but less than the Target Level, vesting of the
Adjusted EBITDA Performance RSUs will be interpolated between 50% and 100%. 
 (4) If the Company’s Adjusted EBITDA is
less than the Threshold Level, none of the Adjusted EBITDA Performance RSUs will vest. 
 (ii) ROE Performance RSUs.

 (1) 100% of the ROE Performance RSUs (50% of the total number of Performance-Based RSUs) will vest on the Vesting Date if
the Company achieves its ROE Target Level. 
 (2) 50% of the ROE Performance RSUs (25% of the total number of
Performance-Based RSUs) will vest on the Vesting Date if the Company achieves its ROE Threshold Level. 

  
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Agreement 
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 (3) If the Company’s ROE performance is greater than the Threshold Level but
less than the Target Level, vesting of the ROE Performance RSUs will be interpolated between 50% and 100%. 
 (4) If the
Company’s ROE performance is less than the Threshold Level, no ROE Performance RSUs will vest. 
 (iii) Termination
of Service due to Death or Disability. If the Recipient’s Service terminates prior to the end of the Measurement Period due to death or Disability, any unvested Performance-Based RSUs shall immediately become fully vested. 

(iv) Retirement. If the Recipient’s Service terminates prior to the end of the Measurement Period due to
Retirement, the Recipient’s Performance-Based RSUs will continue to vest based on performance during the Measurement Period. Upon vesting of the Performance-Based RSUs, Recipient will be entitled to receive a prorated number of shares, equal to
the number of vested RSUs (if any), multiplied by a fraction, the numerator of which is the number of full and partial months in the Measurement Period during which Recipient remained in Service with the Company and the denominator of which is 30.

 (v) Change of Control. In the event of a Change of Control prior to the end of the Measurement Period, vesting of
the Performance-Based RSUs shall be as set forth in Appendix A to this Agreement. 
 (d) Issuance of Additional Shares upon Achievement
in Excess of Target Goals. Subject to a determination by the Committee that the Company has achieved greater than its Adjusted EBITDA Target Level and/or ROE Target Level during the Measurement Period, the RSUs will be settled for a number of
shares in excess of 100% of the number of Performance RSUs awarded pursuant to this Agreement, as described in subsections 2(d)(i) and (ii) below: 

(i) If the Company achieves its Adjusted EBITDA Stretch Level during the Measurement Period, the Adjusted EBITDA Performance
RSUs will be settled for 200% of the number of shares underlying the Adjusted EBITDA Performance RSUs. If the Company’s Adjusted EBITDA during the Measurement Period exceeds the Adjusted EBITDA Target Level but is below the Adjusted EBITDA
Stretch Level, the number of shares for which the Adjusted EBITDA Performance RSUs will be settled will be interpolated between 100% and 200% of the number of shares underlying the Adjusted EBITDA Performance RSUs at the Target level, based on the
level of Adjusted EBITDA performance achieved. 
 (ii) If the Company achieves its ROE Stretch Level during the Measurement
Period, the ROE Performance RSUs will be settled for 200% of the number of shares underlying the ROE Performance RSUs. If the Company’s ROE during the Measurement Period exceeds the ROE Target Level but is below the ROE Stretch Level, the
number of shares for which the ROE Performance RSUs will be settled will be interpolated between 100% and 200% of the number of shares underlying the ROE Performance RSUs at the Target level, based on the level of ROE performance achieved. 

  
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Agreement 
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 (e) Forfeiture of RSUs on Termination of Service. Except as expressly provided in this
Agreement, or except to the extent that there exists a separate individual agreement between the Recipient and the Company, the terms of which provide otherwise, if the Recipient ceases to be an employee of the Company or a subsidiary of the Company
for any reason, the Recipient shall immediately forfeit all outstanding but unvested RSUs awarded pursuant to this Agreement and the Recipient shall have no right to receive the related Common Stock. 

 

	3.	Delivery Date for the Shares Underlying the RSUs.  

 (a) As soon as practicable
following a date on which any RSUs vest, (or, if applicable, the distribution date or dates in accordance with the Recipient’s deferral election pursuant to the Deferred Compensation Plan, or the distribution date specified in subsection (b),
below) the Company will issue the Recipient the Common Stock underlying the then vested RSUs in the form of uncertificated shares in book entry form. The shares of Common Stock will be issued in the Recipient’s name or, in the event of the
Recipient’s death, in the name of either (i) the beneficiary designated by the Recipient on a form supplied by the Company or (ii) if the Recipient has not designated a beneficiary, the person or persons establishing rights of
ownership by will or under the laws of descent and distribution. 
 (b) To the extent that any Time-Based RSUs and any related accrued
dividends provided for in this Agreement constitute a “deferral of compensation” within the meaning of Treas. Reg. §1.409A-1(b) and the underlying shares and any accrued dividends become payable as a result of
Recipient’s termination of employment, such payment shall be payable within one day of the date of the Recipient’s “separation from service” within the meaning of Treas. Reg. §1.409A-1(h). The
foregoing notwithstanding, in the event that Recipient is determined to be a “specified employee” within the meaning of Treas. Reg. § 1.409A-1(i), then to the extent any
payment under this Agreement payable upon a separation from service constitutes a “deferral of compensation” within the meaning of §409A, such payment shall not be made and such benefit shall not be provided until the earlier of
(A) the first business day occurring after the date that is six months after Recipient’s separation of service as that term is defined in Treas. Reg. §1.409A-1(h), and (B) Recipient’s death. 

 

	4.	Income and Payroll Taxes. 

 (a) Taxes and Tax Withholding. The Recipient
acknowledges and agrees that no election under Section 83(b) of the Internal Revenue Code can or will be made with respect to the RSUs. The Recipient acknowledges that, if no deferral election pursuant to the Company’s Deferred
Compensation Plan has been made with respect to receipt of the shares of Common Stock underlying the RSUs, then on each date that shares of Common Stock underlying the RSUs vest (the “Payment Date”), the Value (as defined below) of
the vested shares will be treated as ordinary compensation for federal and state income and FICA tax purposes, and that the Company will be required to withhold taxes on these income amounts. To satisfy the required minimum withholding amounts, the
Company shall withhold from the shares of Common Stock otherwise issuable the number of shares having a Value equal to the minimum statutory withholding amount. For purposes of this Section 4, the “Value” of a share shall be equal to
the closing market price for the Common Stock on the last trading day preceding the Payment Date. Alternatively, the Recipient may, at his or her option, pay such withholding 

  
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amount in cash or cash equivalents promptly upon vesting, provided the Recipient has delivered a withholding tax election in the form attached as Exhibit A to the Company sufficiently in advance
of the vesting date to permit timely administration of the withholding obligation. If the Recipient does not timely deliver an executed tax withholding form to the Company, the Company shall withhold shares to satisfy the required minimum
withholding amounts. 
 (b) Payment of FICA Upon Vesting of RSUs Subject to Deferral Election. The Recipient acknowledges that FICA
payroll taxes become due upon vesting of the RSUs, even if a deferral election under the Deferred Compensation Plan has been made with respect to receipt of the shares underlying the RSUs. FICA taxes that become due upon vesting of RSUs that are
subject to a deferral election may not be paid by share withholding. Recipient agrees to pay to the Company in cash or cash equivalents, on or before each vesting date, the amount of FICA taxes due and owing as a result of vesting of the RSUs. If
Recipient does not make such payment timely, the Company will deduct FICA taxes from other wages payable in cash to Recipient. 
 (c)
Payment of FICA on Time-Based RSUs Held by Retirement-Eligible Recipients. The Recipient further acknowledges that FICA payroll taxes become due upon Recipient being or becoming eligible for Retirement, even if Recipient does not terminate
employment. FICA taxes that become due as a result of Recipient being or becoming eligible for Retirement may not be paid by share withholding. Recipient agrees to pay to the Company in cash or cash equivalents the amount of FICA taxes due and
owing. If Recipient does not make such payment timely, the Company will deduct FICA taxes from other wages payable in cash to Recipient. 
  

	5.	Other Rights and Restrictions. 

 (a) Cash Dividends. The Recipient will be
entitled to receive any cash dividends declared on the Common Stock underlying the RSUs after the RSUs have vested and the Common Stock has been issued. The Company shall accrue and pay to the Recipient an amount in cash equal to dividends that
would have been paid on the Common Stock underlying the RSUs after the date of the issuance of the RSUs, which amount shall be payable as soon as practicable following the date the underlying RSUs vest in accordance with this Agreement, subject to
required withholding taxes. No interest shall be paid by the Company on accrued amounts. Receipt of cash dividends may not be deferred under the Deferred Compensation Plan. The foregoing notwithstanding, any dividends accrued on Time-Based RSUs that
are “deferred compensation” as described in subsection 2(b)(i) of this Agreement shall be subject to the payment timing rules set forth in subsection 3(b). 

(b) Adjustments. The number of shares of Common Stock issuable with respect to each RSU is subject to adjustment as determined by the
Committee as to the number and kind of shares of stock deliverable in the event of any merger, reorganization, consolidation, recapitalization, stock dividend, spin-off or other change in the corporate structure affecting the Common Stock generally.

  
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 (c) No Voting Rights. The Recipient shall have no rights as a shareholder with respect to
the RSUs or the Common Stock underlying the RSUs until the underlying Common Stock is issued to the Recipient. 
 (d) Certain
Transactions. To the extent not otherwise governed by the Change of Control provisions of this Agreement or any other individual agreement between the Company and the Recipient, in the event of dissolution of the Company or a merger,
consolidation or plan of exchange affecting the Company, the Committee may, in its sole discretion and to the extent possible under the structure of the applicable transaction, select one or a combination of the following alternatives for treating
this award of RSUs: 
 (i) The RSUs shall remain in effect in accordance with the terms of this Agreement; or 

(ii) The RSUs shall be converted into restricted stock units or restricted stock of one or more of the corporations that are
the surviving or acquiring corporations in the applicable transaction. The amount and type of converted restricted stock units or restricted stock shall be determined by the Company, taking into account the relative values of the companies involved
in the applicable transaction and the exchange rate, if any, used in determining shares of the surviving corporation(s) to be held by holders of shares of the Company following the applicable transaction. 

The foregoing notwithstanding, Time-Based RSUs that are “deferred compensation” subject to §409A shall be treated in accordance with the
requirements of §409A, including without limitation the prohibition on subsequent deferrals. 
 (e) Restrictions on Transfer.
The Recipient may not sell, transfer, assign, pledge or otherwise encumber or dispose of the RSUs subject to this Agreement. The Recipient may designate beneficiaries to receive the shares of Common Stock underlying the RSUs subject to this
Agreement if the Recipient dies before delivery of the shares of Common Stock by so indicating on a form supplied by the Company. If the Recipient fails to designate a beneficiary, such Common Stock will be delivered to the person or persons
establishing rights of ownership by will or under the laws of descent and distribution. 
 (f) Not a Contract of Employment. Nothing
in the Plan or this Agreement shall confer upon Recipient any right to be continued in the employment of the Company or any parent or subsidiary of the Company, or to interfere in any way with the right of the Company or any parent or subsidiary by
whom Recipient is employed to terminate Recipient’s employment at any time or for any reason, with or without cause, or to decrease Recipient’s compensation or benefits, subject to the Recipient’s rights under any applicable
individual employment agreement. 
  

	6.	Definitions. 

 Initially capitalized terms not otherwise defined herein shall have the
meanings as defined in the Plan. 
 (a) “Agreement” shall mean this Restricted Stock Unit Agreement. 

  
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 (b) “Adjusted EBITDA” shall mean the Company’s EBITDA as reported in
quarterly financial disclosures, as adjusted for Extraordinary Items by the Committee in its sole discretion. 
 (c) “Adjusted
EBITDA Stretch Level” shall mean cumulative Adjusted EBITDA during the Measurement Period of $         million. 

(d) “Adjusted EBITDA Target Level” shall mean cumulative Adjusted EBITDA during the Measurement Period of
$         million. 
 (e) “Adjusted EBITDA Threshold Level” shall mean
cumulative Adjusted EBITDA during the Measurement Period of $         million. 
 (f)
“Deferred Compensation Plan” shall mean The Greenbrier Companies, Inc. Nonqualified Deferred Compensation Plan. 
 (g)
“Extraordinary Items” shall mean extraordinary, unusual and/or non-recurring items, including but not limited to (i) restructuring or restructuring-related charges, (ii) gains or losses on the disposition of a business or
major asset, (iii) the effect of changes in tax laws and other laws, accounting principles, or provisions affecting reported results, (iv) resolution and/or settlement of litigation and other legal proceedings, (v) extraordinary,
nonrecurring items as described in Accounting Principles Board Opinion No. 30 or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to shareholders for the
applicable year, (vi) the effect of a merger or acquisition, or (vii) foreign exchange gains and losses, provided that an adjustment for any such item(s) would not cause the performance-based portion of this Award to fail to comply with
the requirements of Section 162(m) of the Internal Revenue Code, or any successor provision thereto, and the regulations there under. 

(h) “Measurement Period” shall mean the thirty-month period beginning March 1, 2015 and ending August 31, 2017.

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

(j) “Retirement” shall mean the termination of the Recipient’s Service within the Company or its subsidiaries as an
employee either (i) on or after attainment of age 65, or (ii) prior to age 65, with the permission of the Chief Executive Officer of the Company. 

(k) “Return on Equity” or “ROE” shall mean the quarterly Net earnings (loss) attributable to the Company, as
reported in quarterly financial disclosures, divided by the quarterly Total Equity of the Company, the results of which are averaged over the Measurement Period, and annualized. Net earnings (loss) attributable to the Company and ROE shall be
adjusted for Extraordinary Items, as determined by the Committee in its sole discretion. 
 (l) “ROE Stretch Level” shall
mean ROE of     %. 
 (m) “ROE Target Level” shall mean ROE of     %.

  
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 (n) “ROE Threshold Level” shall mean ROE of     %.

 (o) “Vesting Date” shall mean the date that the Committee makes an affirmative determination that the vesting criteria
applicable to Performance-Based RSUs, as set forth in subsection 2(c)(i) or (ii), have been met. 
  

	7.	Miscellaneous. 

 (a) Entire Agreement; Amendment. This Agreement, the Plan and the
Company’s Umbrella Performance-Based Plan for Executive Officers, to the extent applicable, constitute the entire agreement of the parties with regard to the subjects hereof. 

(b) Interpretation of the Plan and the Agreement. The Committee shall have the sole authority to interpret the provisions of this
Agreement and the Plan and all determinations by it shall be final and conclusive. With respect to awards made to executive officers of the Company, the Committee shall interpret and administer this Agreement in accordance with the terms of the
Company’s Umbrella Performance-Based Plan for Executive Officers, with the intent that the Performance-Based RSUs shall qualify as “performance-based compensation” for purposes of Internal Revenue Code Section 162(m). 

(c) Electronic Delivery. The Recipient consents to the electronic delivery of notices and any prospectus and any other documents
relating to this Award in lieu of mailing or other form of delivery. 
 (d) Rights and Benefits. The rights and benefits of this
Agreement shall inure to the benefit of and be enforceable by the Company’s successors and assigns and, subject to the restrictions on transfer of this Agreement, be binding upon the Recipient’s heirs, executors, administrators, successors
and assigns. 
 (e) Further Action. The parties agree to execute such instruments and to take such action as may reasonably be
necessary to carry out the intent of this Agreement. 
 (f) Governing Law. This Agreement and the Plan will be interpreted under the
laws of the state of Oregon, exclusive of choice of law rules. 
 [Signature page follows.] 

 

							
	RECIPIENT:				THE GREENBRIER COMPANIES, INC.:
				
	  
				By:		  

  
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Agreement 
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 APPENDIX A 

VESTING OF PERFORMANCE-BASED RSUs 

FOLLOWING A CHANGE OF CONTROL 

In the event that a Change of Control of the Company occurs prior to August 31, 2017 (the end of the Measurement Period) vesting of
Performance-Based RSUs and issuance of additional shares based on achievement in excess of target goals shall be governed by this Appendix A: 

1. Conversion of Performance-Based RSUs into Time-Vested RSUs. As of the effective date of the Change of Control, all Performance-Based
RSUs shall automatically convert into and become time-vested RSUs (the “Converted RSUs”), which shall vest in full on August 31, 2017, provided Participant remains employed by the Company through that date. 

2. Award of Additional Shares for Performance Above Target Levels. The Compensation Committee shall evaluate the Company’s
financial performance from March 1, 2015 until the date immediately preceding the effective date of the Change of Control, and shall determine whether the Company was performing above the target level of performance on its Adjusted EBITDA
and/or ROE goals as of such date. If the Compensation Committee determines that the Company was performing above the target level on either or both of its Adjusted EBITDA and/or ROE goals as of the date of the Change of Control, the Compensation
Committee shall determine the number of additional shares above 100% of the number of Performance-Based RSUs awarded (the “Stretch Shares”) that the Participant would have been entitled to receive pursuant to Section 2(d)(i) and/or
(ii) of the Agreement if the Company had performed during the entire Measurement Period at the level achieved through the date of the Change of Control. Participant shall be entitled to receive a grant of additional shares equal to the number
of Stretch Shares. The Stretch Shares shall be time-vested shares and shall vest in full on August 31, 2017, provided Participant remains employed by the Company. 

  
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 Exhibit A to RSU Agreement 

RESTRICTED STOCK UNIT 

TAX WITHHOLDING ELECTION FORM 
  

					
	Name of Recipient:		  
		
			
	Grant Date:		  
		
			
	Number of RSUs:		  
		

 I hereby elect to pay all withholding taxes due upon vesting of the above-referenced RSUs by check rather than by share
withholding, and promise to deliver such payment to the Company promptly upon vesting of the RSUs. 
  

	
	  

	Signature of Recipient
	  
  

	Date Signed

  
 Restricted Stock Unit
Agreement 
 Page 10EX-10.2

 Exhibit 10.2 

THE GREENBRIER COMPANIES, INC. 

AGREEMENT CONCERNING INDEMNIFICATION AND RELATED MATTERS 

(Directors) 
 This
Agreement is made as of             , 20    , by and between THE GREENBRIER COMPANIES, INC., an Oregon corporation (the “Corporation”), and
                    (the “Director”), a director of the Corporation. 

WHEREAS, it is essential to the Corporation to retain and attract as directors of the Corporation the most capable persons available and
persons who have significant experience in business, corporate and financial matters; and 
 WHEREAS, the Corporation has identified the
Director as a person possessing the background and abilities desired by the Corporation and desires the Director to serve as a director of the Corporation; and 

WHEREAS, the substantial increase in corporate litigation may, from time to time, subject directors to burdensome litigation, the risks of
which frequently far outweigh the advantages of serving in such capacity; and 
 WHEREAS, in recent times the cost of liability insurance
has increased and the availability of such insurance is, from time to time, severely limited; and 
 WHEREAS, the Corporation and the
Director recognize that serving as a director of a corporation at times calls for subjective evaluations and judgments upon which reasonable persons may differ and that, in that context, it is anticipated and expected that directors of corporations
will and do from time to time commit actual or alleged errors or omissions in the good faith exercise of their corporate duties and responsibilities; and 

WHEREAS, it is the express policy of the Corporation to indemnify its directors to the fullest extent permitted by law; and 

WHEREAS, the Articles of Incorporation of the Corporation permit, and the Bylaws of the Corporation require, indemnification of the directors
of the Corporation to the fullest extent permitted by law, including but not limited to the Oregon Business Corporation Act (the “OBCA”), and the OBCA expressly provides that the indemnification provisions set forth therein are not
exclusive, and thereby contemplates that contracts may be entered into between the Corporation and its directors with respect to indemnification; and 

WHEREAS, the Corporation and the Director desire to articulate clearly in contractual form their respective rights and obligations with regard
to the Director’s service on behalf of the Corporation as a director and with regard to claims for loss, liability, expense or damage which, directly or indirectly, may arise out of or relate to such service; 

 WHEREAS, this Agreement expresses the entire understanding of the parties hereto with respect to
the subject matter hereof and it supersedes and replaces any and all former or contemporaneous agreements, understandings, representations or warranties relating to such subject matter and contains all of the terms, conditions, understandings,
representations, warranties, and promises of the parties hereto in connection therewith. 
 NOW THEREFORE, the Corporation and the Director
agree as follows: 
  

	1.	Agreement to Serve. 

 The Director shall serve as a director of the Corporation for so
long as the Director is duly elected or until the Director tenders a resignation in writing. This Agreement creates no obligation on either party to continue the service of the Director for a particular term or any term. 

 

	2.	Definitions.  

 As used in this Agreement: 

 

	 	(a)	The term “Proceeding” shall include any threatened, pending or completed action, suit or proceeding, whether brought in the right of the Corporation or otherwise, and whether of a civil, criminal,
administrative or investigative nature, whether formal or informal, in which the Director may be or may have been involved as a party, witness or otherwise, by reason of the fact that the Director is or was a director of the Corporation, or is or
was serving at the request of the Corporation as a director, officer, partner, trustee, manager, employee or agent of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, whether or not serving in
such capacity at the time any liability or expense is incurred for which exculpation, indemnification or reimbursement can be provided under this Agreement. 

  

	 	(b)	The term “Expenses” includes, without limitation thereto, expenses of investigations, judicial or administrative proceedings or appeals, attorney, accountant and other professional fees and disbursements and
any expenses of establishing a right to indemnification under Section 12 of this Agreement, but shall not include amounts paid in settlement by the Director or the amount of judgments or fines against the Director. 

 

	 	(c)	 References to “other enterprise” include, without limitation, employee benefit plans; references to “fines” include, without
limitation, any excise taxes assessed on a person with respect to any employee benefit plan; references to “serving at the request of the Corporation” include, without limitation, any service as a director, officer, partner, trustee,
manager, employee or agent which imposes duties on, or involves services by, such director, officer, partner, trustee, manager, employee or agent with respect to an employee benefit plan, its participants, or its

  
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beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall
be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Agreement. 

  

	 	(d)	References to “the Corporation” shall include, in addition to the resulting entity, any constituent corporation or other entity (including any constituent of a constituent) absorbed in a consolidation or
merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, partners, trustees, managers, employees or agents, so that any person who is or was a director, officer, partner,
trustee, manager, employee or agent of such constituent entity, or is or was serving at the request of such constituent entity as a director, officer, partner, trustee, manager, employee or agent of another corporation, limited liability company,
partnership, joint venture, trust or other enterprise, shall stand in the same position under this Agreement with respect to the resulting or surviving entity as such person would have with respect to such constituent entity if its separate
existence had continued. 

  

	 	(e)	For purposes of this Agreement, the meaning of the phrase “to the fullest extent permitted by law” shall include, but not be limited to: 

 

	 	(i)	to the fullest extent authorized or permitted by any amendments to or replacements of the OBCA adopted after the date of this Agreement that increase the extent to which a corporation may indemnify or exculpate its
directors; and 

  

	 	(ii)	to the fullest extent permitted by the provision of the OBCA that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the OBCA.

  

	3.	Limitation of Liability 

 To the fullest extent permitted by law, the Director shall have
no monetary liability of any kind or nature whatsoever in respect of the Director’s errors or omissions (or alleged errors or omissions) in serving the Corporation or any of its subsidiaries, their respective shareholders or any other
enterprise at the request of the Corporation, so long as such errors or omissions (or alleged errors or omissions), if any, are not shown by clear and convincing evidence to have involved: 

 

	 	(i)	any breach of the Director’s duty of loyalty to such entities, shareholders or enterprises; 

  

	 	(ii)	any act or omission not in good faith or which involved intentional misconduct or a knowing violation of law; 

  
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	 	(iii)	any transaction from which the Director derived an improper personal benefit; 

  

	 	(iv)	any unlawful distribution (including, without limitation, dividends, stock repurchases and stock redemptions), as defined in the OBCA or, as applicable, in the limited liability company act of the state where the
Company’s subsidiary is organized; or 

  

	 	(v)	profits made from the purchase and sale by the Director of securities of the Corporation within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provision of any state
statutory law or common law. 

  

	 	(b)	Without limiting the generality of subparagraph (a) above and to the fullest extent permitted by law, the Director shall have no personal liability to the Corporation or any of its subsidiaries, their respective
shareholders or any other person claiming derivatively through the Corporation, regardless of the theory or principle under which such liability may be asserted, for: 

 

	 	(i)	punitive, exemplary or consequential damages; 

  

	 	(ii)	treble or other damages computed based upon any multiple of damages actually and directly proved to have been sustained; 

  

	 	(iii)	fees of attorneys, accountants, expert witnesses or professional consultants; or 

  

	 	(iv)	civil fines or penalties of any kind or nature whatsoever. 

  

	4.	Indemnity in Third Party Proceedings.  

 The Corporation shall indemnify the Director in
accordance with the provisions of this Section 4 if the Director was or is a party to, or is threatened to be made a party to, any Proceeding (other than a Proceeding by or in the right of the Corporation to procure a judgment in its favor),
against all Expenses, judgments, fines and amounts paid in settlement, actually and reasonably incurred by the Director in connection with such Proceeding if the Director acted in good faith and in a manner the Director reasonably believed was in or
not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, the Director, in addition, had no reasonable cause to believe that the Director’s conduct was unlawful. However, the Director shall
not be entitled to indemnification under this Section 4 in connection with any Proceeding charging improper personal benefit to the Director in which the Director is adjudged liable on the basis that personal benefit was improperly received by
the Director unless and only to the extent that the court conducting such Proceeding, or any other court of competent jurisdiction, determines upon application that, despite the adjudication of liability, the Director is fairly and reasonably
entitled to indemnification in view of all the relevant circumstances. 

  
 4 

	5.	Indemnity in Proceedings by or in the Right of the Corporation. 

 The Corporation shall
indemnify the Director in accordance with the provisions of this Section 5 if the Director was or is a party to, or is threatened to be made a party to, any Proceeding by or in the right of the Corporation to procure a judgment in its favor,
against all Expenses actually and reasonably incurred by the Director in connection with the defense or settlement of such Proceeding if the Director acted in good faith and in a manner the Director reasonably believed was in or not opposed to the
best interests of the Corporation. However, the Director shall not be entitled to indemnification under this Section 5 in connection with any Proceeding in which the Director has been adjudged liable to the Corporation unless and only to the
extent that the court conducting such Proceeding, or any other court of competent jurisdiction, determines upon application that, despite the adjudication of liability, the Director is fairly and reasonably entitled to indemnification in view of all
the relevant circumstances. 
  

	6.	Indemnification of Expenses of Successful Party. 

 Notwithstanding any other provisions
of this Agreement other than Section 8, to the extent that the Director has been successful, on the merits or otherwise, in defense of any Proceeding or in defense of any claim, issue or matter therein, including the dismissal of an action
without prejudice, the Corporation shall indemnify the Director against all Expenses actually and reasonably incurred in connection therewith. 
  

	7.	Additional Indemnification. 

 Notwithstanding any limitation in Sections 4, 5 or 6, the
Corporation shall indemnify the Director to the fullest extent permitted by law with respect to any Proceeding (including a Proceeding by or in the right of the Corporation to procure a judgment in its favor), against all Expenses, judgments, fines
and amounts paid in settlement, actually and reasonably incurred by the Director in connection with such Proceeding. 
  

	8.	Exclusions. 

 Notwithstanding any provision in this Agreement, the Corporation shall not
be obligated under this Agreement to make any indemnification in connection with any claim made against the Director: 
  

	 	(a)	for which payment is required to be made to or on behalf of the Director under any insurance policy, except with respect to any excess amount to which the Director is entitled under this Agreement beyond the amount of
payment under such insurance policy; 

  

	 	(b)	if a court having jurisdiction in the matter finally determines that such indemnification is not lawful under any applicable statute or public policy; 

  
 5 

	 	(c)	in connection with any Proceeding (or part of any Proceeding) initiated by the Director, or any Proceeding by the Director against the Corporation or its directors, officers, employees or other persons entitled to be
indemnified by the Corporation, unless: 

  

	 	(i)	the Corporation is expressly required by law to make the indemnification; 

  

	 	(ii)	the Proceeding was authorized by the Board of Directors of the Corporation; or 

  

	 	(iii)	the Director initiated the Proceeding pursuant to Section 12 of this Agreement and the Director is successful in whole or in part in such Proceeding; or 

 

	 	(d)	for an accounting of profits made from the purchase and sale by the Director of securities of the Corporation within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar
provision of any state statutory law or common law. 

  

	9.	Advances of Expenses. 

 The Corporation shall pay the Expenses incurred by the Director
in any Proceeding (other than a Proceeding brought for an accounting of profits made from the purchase and sale by the Director of securities of the Corporation within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as
amended, or similar provision of any state statutory law or common law) in advance of the final disposition of the Proceeding at the written request of the Director, if the Director: 

 

	 	(a)	furnishes the Corporation a written affirmation of the Director’s good faith belief that the Director is entitled to be indemnified under this Agreement; and 

 

	 	(b)	furnishes the Corporation a written undertaking to repay the advance to the extent that it is ultimately determined that the Director is not entitled to be indemnified by the Corporation. Such undertaking shall be an
unlimited general obligation of the Director but need not be secured. 

 Advances pursuant to this Section 9 shall be
made no later than 10 days after receipt by the Corporation of the affirmation and undertaking described in Sections 9(a) and 9(b) above, and shall be made without regard to the Director’s ability to repay the amount advanced and without regard
to the Director’s ultimate entitlement to indemnification under this Agreement. The Corporation may establish a trust, escrow account or other secured funding source for the payment of advances made and to be made pursuant to this
Section 9 or of other liability incurred by the Director in connection with any Proceeding. 

  
 6 

	10.	Nonexclusivity and Continuity of Rights. 

 The indemnification, advancement of Expenses,
and exculpation from liability provided by this Agreement shall not be deemed exclusive of any other rights to which the Director may be entitled under any other agreement, any articles of incorporation, bylaws, or vote of shareholders or directors,
the OBCA, or otherwise, both as to action in the Director’s official capacity and as to action in another capacity while holding such office or occupying such position. The indemnification under this Agreement shall continue as to the Director
even though the Director may have ceased to be a director of the Corporation or a director, officer, partner, trustee, manager, employee or agent of an enterprise related to the Corporation and shall inure to the benefit of the heirs, executors,
administrators and personal representatives of the Director. 
  

	11.	Procedure Upon Application for Indemnification. 

 Any indemnification under Sections 4,
5, 6 or 7 shall be made no later than 45 days after receipt of the written request of the Director, unless a determination that the Director is not entitled to indemnification under this Agreement is made within such 45 day period: 

 

	 	(a)	by the Board of Directors by a majority vote of a quorum consisting of directors who are not parties to the applicable Proceeding; 

  

	 	(b)	if a quorum cannot be obtained under paragraph (a) of this Section 11, then by a majority vote of a committee of the Board of Directors that is (i) duly designated by the Board of Directors, with the
participation of directors who are parties to the applicable Proceeding and (ii) consists solely of two or more directors not parties to the applicable Proceeding; 

 

	 	(c)	by independent legal counsel in a written opinion, which counsel shall be appointed (i) by a majority vote of the Board of Directors or its committee in the manner prescribed by paragraph (a) or paragraph
(b) of this Section 11, or (ii) if a quorum of the Board of Directors cannot be obtained under paragraph (a) of this Section 11 or a committee cannot be designated under paragraph (b) of this Section 11, then by a
majority vote of the full Board of Directors, including directors who are parties to the applicable Proceeding; or 

  

	 	(d)	by the shareholders of the Corporation. 

  

	12.	Enforcement. 

 The Director may enforce any right to indemnification, advances or
exculpation provided by this Agreement in any court of competent jurisdiction in compliance with Section 23 if: 
  

	 	(a)	the Corporation denies the claim for indemnification, advances or exculpation, in whole or in part; or 

  
 7 

	 	(b)	the Corporation does not dispose of such claim within the time period required by this Agreement. 

It shall be a defense to any such enforcement action (other than an action brought to enforce a claim for advancement of Expenses pursuant to,
and in compliance with, Section 9 of this Agreement) that the Director is not entitled to indemnification or exculpation under this Agreement. However, except as provided in Section 13 of this Agreement, the Corporation shall not assert
any defense to an action brought to enforce a claim for advancement of Expenses pursuant to Section 9 of this Agreement if the Director has tendered to the Corporation the affirmation and undertaking required thereunder. The burden of proving
by clear and convincing evidence that indemnification or exculpation is not appropriate shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors, a committee thereof, or independent legal counsel) to have
made a determination prior to the commencement of such action that indemnification or exculpation is proper in the circumstances because the Director has met the applicable standard of conduct nor an actual determination by the Corporation
(including its Board of Directors, a committee thereof, or independent legal counsel) that indemnification or exculpation is improper because the Director has not met such applicable standard of conduct, shall be asserted as a defense to the action
or create a presumption that the Director is not entitled to indemnification or exculpation under this Agreement or otherwise. The Director’s expenses incurred in connection with successfully establishing the Director’s right to
indemnification, advances or exculpation, in whole or in part, in any Proceeding shall also be paid or reimbursed by the Corporation. 
 The
termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that: 
  

	 	(i)	the Director is not entitled to indemnification under Sections 4, 5 or 7 of this Agreement because the Director did not act in good faith and in a manner which the Director reasonably believed to be in or not opposed to
the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the Director’s conduct was unlawful; or 

 

	 	(ii)	the Director is not entitled to exculpation under Section 3 of this Agreement. 

  
 8 

	13.	Notification and Defense of Claim. 

 As a condition precedent to indemnification under
this Agreement, not later than 30 days after receipt by the Director of notice of the commencement of any Proceeding the Director shall, if a claim in respect of the Proceeding is to be made against the Corporation under this Agreement, notify the
Corporation in writing of the commencement of the Proceeding. The failure to properly notify the Corporation shall not relieve the Corporation from any liability which it may have to the Director otherwise than under this Agreement. With respect to
any Proceeding as to which the Director so notifies the Corporation of the commencement: 
  

	 	(a)	The Corporation shall be entitled to participate in the Proceeding at its own expense. 

  

	 	(b)	Except as otherwise provided in this Section 13, the Corporation may, at its option and jointly with any other indemnifying party similarly notified and electing to assume such defense, assume the defense of the
Proceeding, with legal counsel reasonably satisfactory to the Director. The Director shall have the right to use separate legal counsel in the Proceeding, but the Corporation shall not be liable to the Director under this Agreement, including
Section 9 above, for the fees and expenses of separate legal counsel incurred after notice from the Corporation of its assumption of the defense, unless (i) the Director reasonably concludes that there may be a conflict of interest between
the Corporation and the Director in the conduct of the defense of the Proceeding, or (ii) the Corporation does not use legal counsel to assume the defense of such Proceeding. The Corporation shall not be entitled to assume the defense of any
Proceeding brought by or on behalf of the Corporation or as to which the Director has made the conclusion provided for in (i) above. 

  

	 	(c)	If two or more persons who may be entitled to indemnification from the Corporation, including the Director, are parties to any Proceeding, the Corporation may require the Director to use the same legal counsel as the
other parties. The Director shall have the right to use separate legal counsel in the Proceeding, but the Corporation shall not be liable to the Director under this Agreement, including Section 9 above, for the fees and expenses of separate
legal counsel incurred after notice from the Corporation of the requirement to use the same legal counsel as the other parties, unless the Director reasonably concludes that there may be a conflict of interest between the Director and any of the
other parties required by the Corporation to be represented by the same legal counsel. 

  

	 	(d)	The Corporation shall not be liable to indemnify the Director under this Agreement for any amounts paid in settlement of any Proceeding effected without its written consent, which shall not be unreasonably withheld. The
Director shall permit the Corporation to settle any Proceeding that the Corporation assumes the defense of, except that the Corporation shall not settle any action or claim in any manner that would impose any penalty or limitation on the Director
without the Director’s written consent. 

  
 9 

	14.	Partial Indemnification. 

 If the Director is entitled under any provision of this
Agreement to indemnification by the Corporation for some or a portion of the Expenses, judgments, fines or amounts paid in settlement, actually and reasonably incurred by the Director in connection with such Proceeding, but not, however, for the
total amount thereof, the Corporation shall nevertheless indemnify the Director for the portion of such Expenses, judgments, fines or amounts paid in settlement to which the Director is entitled. 

 

	15.	Interpretation and Scope of Agreement. 

 Nothing in this Agreement shall be interpreted
to constitute a contract of service for any particular period or pursuant to any particular terms or conditions. The Corporation retains the right, in its discretion, to terminate the service relationship of the Director, with or without cause, or
to alter the terms and conditions of the Director’s service all without prejudice to any rights of the Director which may have accrued or vested prior to such action by the Corporation. 

 

	16.	Severability. 

 If this Agreement or any portion thereof shall be invalidated on any
ground by any court of competent jurisdiction, the remainder of this Agreement shall continue to be valid and the Corporation shall nevertheless indemnify the Director as to Expenses, judgments, fines and amounts paid in settlement with respect to
any Proceeding to the fullest extent permitted by any applicable portion of this Agreement that shall not have been invalidated. 
  

	17.	Subrogation. 

 In the event of payment under this Agreement, the Corporation shall be
subrogated to the extent of such payment to all of the rights of recovery of the Director. The Director shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Corporation effectively
to bring suit to enforce such rights. 
  

	18.	Notices. 

 All notices, requests, demands and other communications under this Agreement
shall be in writing and shall be deemed to have been duly given upon delivery by hand to the party to whom the notice or other communication shall have been directed, or on the third business day after the date on which it is mailed by United States
mail with first-class postage prepaid, addressed as follows: 
  

	 	(a)	If to the Director, to the address indicated on the signature page of this Agreement. 

  
 10 

	 	(b)	If to the Corporation, to 

 The Greenbrier Companies, Inc. 

One Centerpointe Drive, Suite 200 

Lake Oswego, Oregon 97035 USA 

Attention: President 
 With a
copy to: 
 General Counsel 

The Greenbrier Companies, Inc. 

One Centerpointe Drive, Suite 200 

Lake Oswego, Oregon 97035 USA 
 or to any other
address as either party may designate to the other in writing. 
  

	19.	Counterparts. 

 This Agreement may be executed in any number of counterparts, each of
which shall constitute the original. 
  

	20.	Applicable Law.  

 This Agreement shall be governed by and construed in accordance with
the internal laws of the state of Oregon without regard to the principles of conflict of laws. 
  

	21.	Successors and Assigns.  

 This Agreement shall be binding upon the Corporation and its
successors and assigns. 
  

	22.	Attorney Fees. 

 If any suit, action (including, without limitation, any bankruptcy
proceeding) or arbitration is instituted to enforce or interpret any provision of this Agreement, the prevailing party shall be entitled to recover from the party not prevailing, in addition to other relief that may be provided by law, an amount
determined reasonable as attorney fees at trial and on any appeal of such suit or action. 

  
 11 

	23.	Jurisdiction and Venue. 

 Each party hereto expressly and irrevocably consents and
submits to the jurisdiction and venue of any state or federal court sitting in Multnomah County, Oregon, in any action or proceeding arising out of or relating to this Agreement and agrees that all claims in respect of the action or proceeding may
be heard and determined in such court and to the appellate courts in connection with any appeal. The parties expressly waive all defenses of lack of personal jurisdiction, improper venue and forum non-conveniens with respect to such federal and
state courts sitting within Multnomah County, Oregon. The parties expressly consent to (i) service of process being effected upon them by certified mail sent to the addresses set forth in this Agreement and (ii) any final judgment rendered
against a party in any action or proceeding being enforceable in other jurisdictions in any manner provided by law. 

  
 12 

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

									
	CORPORATION:
	THE GREENBRIER COMPANIES, INC.				DIRECTOR:
				
	By:		  
				  

	Title:		  
				

  
 13

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