Document:

exv10w4

Exhibit 10.4

AMENDMENT NO. 2 TO NOTE PURCHASE AGREEMENT

(Series 2010-A)

     THIS AMENDMENT NO. 2 TO NOTE PURCHASE AGREEMENT (Series 2010-A) (this “Amendment”) is
executed as of June 17, 2011, by and among Cofina Funding, LLC, as the Issuer (the
“Issuer”), NIEUW AMSTERDAM RECEIVABLES CORPORATION, as the Conduit Purchaser, and
COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,“RABOBANK NEDERLAND”, NEW YORK BRANCH
(“Rabobank”), as the Funding Agent and as a Committed Purchaser.

RECITALS

     WHEREAS, the parties hereto are parties to that certain Note Purchase Agreement dated as of
December 23, 2010 (as amended through the date hereof, the “Agreement”); and

     WHEREAS, the parties hereto desire to amend the Agreement as hereinafter set forth.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

     SECTION 1. Certain Defined Terms. Each capitalized term used but not defined herein
shall have the meaning ascribed thereto or incorporated by reference in the Agreement.

     SECTION 2. Amendment to Agreement. The Agreement is hereby amended as follows:

     (a) The “Maximum Funded Amount” is increased to $200,000,000.

     SECTION 3. Funding Agreement. On the date hereof, the Issuer will request any
necessary funds and/or provide any necessary prepayments such that, after giving effect to the
increased Maximum Funded Amount under Series 2010-A, each Series is utilized in the same proportion
of its “Maximum Funded Amount.”

     SECTION 4. Effect of Amendment. Except as expressly amended and modified by this
Amendment, all provisions of the Agreement shall remain in full force and effect. After this
Amendment becomes effective, all references in the Agreement to “this Agreement”, “hereof”,
“herein” or words of similar effect referring to the Agreement shall be deemed to be references to
the Agreement as amended by this Amendment. This Amendment shall not be deemed to expressly or
impliedly waive, amend or supplement any provision of the Agreement other than as set forth herein.

     SECTION 5. Effectiveness. This Amendment shall become effective on the first date on
which Rabobank has received:

     (a) counterparts of this Amendment executed by each of the parties hereto (whether by
facsimile or otherwise); and

 

 

     (b) the fee set forth in the fee letter dated the date hereof.

     SECTION 6. Counterparts. This Amendment may be executed by different parties in any
number of counterparts, each of which when so executed shall be deemed to be an original and all of
which when so executed shall together constitute but one and the same instrument.

     SECTION 7. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York.

     SECTION 8. Section Headings. The various headings of this Amendment are inserted for
convenience only and shall not affect the meaning or interpretation of this Amendment or the
Agreement or any provision hereof or thereof.

[Signatures Follow]

2

 

     IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first written above.

	 	 	 	 	 
	 	COFINA FUNDING, LLC, 
 as the Issuer

 	 
	 	By:  	/s/ James M. Grafing
 	 
	 	 	Name:  	James M. Grafing 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

[Signatures Continue on the Following Page]

Amendment No. 2 to Series 2010-A NPA

S-1

 

	 	 	 	 	 
	 	NIEUW AMSTERDAM RECEIVABLES CORPORATION, 
 as the Conduit Purchaser

 	 
	 	By:  	/s/ Damian Perez
 	 
	 	 	Name:  	Damian Perez 	 
	 	 	Title:  	Vice President 	 
	 
	 	

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.,“RABOBANK

 NEDERLAND”, NEW YORK BRANCH,
 as Funding Agent and Committed Purchaser

 	 
	 	By:  	/s/ Raymond Dixon
 	 
	 	 	Name:  	Raymond Dixon 	 
	 	 	Title:  	Executive Director 	 
	 
	 	 	 
	 	By:  	                                              /s/ Brett Delfino
 	 
	 	 	Name:  	Brett Delfino 	 
	 	 	Title:  	Executive Director 	 
	 

Amendment No. 2 to Series 2010-A NPA

S-2exv10w1

	 	 	 	 	 

Exhibit 10.1

THE GREENBRIER COMPANIES

NONQUALIFIED DEFERRED COMPENSATION PLAN

Amendment No. 1

     The Greenbrier Companies, Inc. (the “Company”) hereby adopts this Amendment No. 1 to The
Greenbrier Companies Nonqualified Deferred Compensation Plan (the “Plan”) in order to permit
participants in the Plan to defer receipt of shares of restricted stock issuable pursuant to awards
made under the Company’s 2010 Stock Incentive Plan, or a successor stock-based incentive plan (the
“Stock Incentive Plan”). This Amendment No. 1 amends the terms of the Adoption Agreement for the
Plan executed on December 29, 2009.

     1. Definition of “Compensation”. Section 1.15(e) of the Adoption Agreement is
amended by deleting the exclusion of Restricted Stock from the definition of Compensation eligible
to be deferred under the Plan. Participants shall be permitted to elect to defer receipt of shares
of restricted stock awarded under the Stock Incentive Plan, and shares of restricted stock issuable
pursuant to awards of restricted stock units made under the Stock Incentive Plan. Stock dividends
payable on shares of Restricted Stock deferred under the Plan shall be payable to the Trustee under
the Plan and credited to Participants’ accounts under the Plan. Cash dividends payable on shares
of Restricted Stock deferred under the Plan shall be paid directly to the Participant when declared
and paid to shareholders, and shall not be deferred under the Plan or credited to Participants’
accounts under the Plan.

     2. Maximum Elective Deferral Amount. Section 2.02(A)(b) of the Adoption Agreement is
amended to read as follows:

“(b) Maximum Elective Deferral amount: 50% of Base Salary, bonus and other cash
Compensation. 100% of stock-based Compensation, including all stock-based awards
made pursuant to the Company’s Stock Incentive Plan, whether paid in cash or Shares
of Company stock .”

     3. Effective Date. This Amendment No. 1 shall be effective as of May 25, 2011.
Except as hereby amended, the Plan shall remain in full force and effect.

	 	 	 	 	 
	 	

THE GREENBRIER COMPANIES, INC.

 	 
	 	By:  	/s/ William A. Furman
 	 
	 	 	Title:      President and Chief Executive Officer 	 
	 	 	 	 

 

 

	 	 	 	 	 

     This Amendment No. 1 to The Greenbrier Companies Nonqualified Deferred Compensation Plan was
adopted and approved by the Compensation Committee of the Board of Directors on May 25, 2011.exv10w2

Exhibit 10.2

THE GREENBRIER COMPANIES, INC.

2010 AMENDED AND RESTATED STOCK INCENTIVE PLAN

EMPLOYEE RESTRICTED SHARE AGREEMENT

     This AGREEMENT is made as of this _____ day of_____, 20__ between The Greenbrier Companies,
Inc., an Oregon corporation (the “Company”), and ___________ (the “Participant”) under the
Company’s 2010 Amended and Restated 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 three years (the
“Time-Vested Shares”) and of which _____________ Shares will vest, in whole or in part, on the
Vesting Date based upon achievement of performance criteria during the applicable Measurement
Period, as described in subsection 1(e) (the “Performance-Vested Shares”). To the extent that any
partial vesting results in vesting of fractional Shares, such Shares shall be rounded up to the
nearest whole number of 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 or vesting 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 three years, on the first, second and third anniversaries of the date
of this Agreement, subject to subsections 1(d)(i) and (ii), below:

     (i) Termination of Service — If the Participant’s Service terminates due to death,
Disability, or Retirement, any unvested Time-Vested Shares shall immediately become fully
vested. Except to the extent that there exists a separate individual agreement between the
Participant and the Company, the terms of which provide otherwise, 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.

Employee Restricted Share Agreement

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     (ii) Change of Control — 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. Up to __% of the Performance-Vested Shares shall
vest based upon achievement of Adjusted EBITDA goals (the “Adjusted EBITDA Performance Shares”),
and up to __% of the Performance-Vested Shares shall vest based upon achievement of Working Capital
goals (the “Working Capital Performance Shares”), during the applicable Measurement Period, as set
forth in subsections 1(e)(i) and (ii), below:

     (i) Adjusted EBITDA Performance Shares.

          (1) ___% of the Adjusted EBITDA Performance Shares (__% of the total number of
Performance-Vested Shares) will vest on the Vesting Date if the Company’s Adjusted EBITDA
equals the Adjusted EBITDA Target Level.

          (2) __% of the Adjusted EBITDA Performance Shares (__% of the total number of
Performance-Vested Shares) 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 Shares will be interpolated
between __% and ___%.

          (4) If the Company’s Adjusted EBITDA is less than the Threshold Level, none of the
Adjusted EBITDA Performance Shares will vest.

     (ii) Working Capital Performance Shares.

          (1) ___% of the Working Capital Performance Shares (__% of the total number of
Performance-Vested Shares) will vest on the Vesting Date if the Company achieves its Working
Capital Target Level.

          (2) __% of the Working Capital Performance Shares (__% of the total number of
Performance-Vested Shares) will vest on the Vesting Date if the Company achieves its Working
Capital Threshold Level.

          (3) If the Company’s Working Capital performance is greater than the Threshold Level
but less than the Target Level, vesting of the Working Capital Performance Shares will be
interpolated between __% and ___%.

          (4) If the Company’s Working Capital performance is less than the Threshold Level, no
Working Capital Performance Shares will vest.

     (iii) Termination of Service — If the Participant’s service terminates prior to the
end of the Measurement Period due to death or Disability, any unvested Performance-Vested
Shares shall immediately become fully vested. Except to the extent that there exists a
separate individual agreement between the Participant and the Company, the

Employee Restricted Share Agreement

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terms of which provide otherwise, if the Participant’s service terminates prior to the
end of the Measurement Period 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.

     (iv)
Change of Control — In the event of a Change of Control
prior to ______________,
20__, the Performance-Vested Shares shall automatically vest in their entirety as of that
date, regardless of whether the performance criteria have been met.

     (f) Additional Awards upon Achievement in Excess of Target Goals. Subject to a determination
by the Compensation Committee of the Company’s Board of Directors that the Company has achieved
greater than its Adjusted EBITDA Target Level and/or Working Capital Target Level during the
applicable Measurement Period, the Company will award additional fully vested Shares to Participant
as soon as administratively practicable following the end of the Measurement Periods, as described
in subsections (f)(i) and (ii) below:

     (i) If the Company achieves its Adjusted EBITDA Stretch Level during the applicable
Measurement Period, Participant will be entitled to receive an additional award of fully
vested Shares equal to the number of Adjusted EBITDA Performance Shares (described in
Section 1(e)(i)(1), above). If the Company’s Adjusted EBITDA during the applicable
Measurement Period exceeds the Adjusted EBITDA Target Level but is below the Adjusted EBITDA
Stretch Level, Participant will be entitled to receive an additional number of fully vested
Shares, interpolated between 1-99% of the number of Adjusted EBITDA Performance Shares,
based on the level of Adjusted EBITDA performance achieved.

     (ii) If the Company achieves its Working Capital Stretch Level during the applicable
Measurement Period, Participant will be entitled to receive an additional award of fully
vested Shares equal to the number of Working Capital Performance Shares (described in
Section 1(e)(ii)(1), above). If the Company’s Working Capital during the applicable
Measurement Period exceeds the Working Capital Target Level but is below the Working Capital
Stretch Level, Participant will be entitled to receive an additional number of fully vested
Shares, interpolated between 1-99% of the number of Working Capital Performance Shares,
based on the level of Working Capital performance achieved.

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

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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 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

Employee Restricted Share Agreement

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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.

     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.

Employee Restricted Share Agreement

Page 5

 

     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.

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

     (b) “Adjusted EBITDA” shall mean the Company’s earnings from continuing operations before
special charges, interest and foreign exchange, taxes, depreciation and amortization, and as
adjusted to take into account the impact of specific non-recurring or unusual items or special
charges during the applicable Measurement Period. The Compensation Committee of the Board of
Directors shall have sole discretion to determine appropriate adjustments to EBITDA (and any
resulting effects of such adjustments) that are not reflective of the ongoing operations of the
Company.

     (c) “Adjusted EBITDA Stretch Level” shall mean cumulative Adjusted EBITDA during the
applicable Measurement Period of $_______.

     (d) “Adjusted EBITDA Target Level” shall mean cumulative Adjusted EBITDA during the applicable
Measurement Period of $_______.

     (e) “Adjusted EBITDA Threshold Level” shall mean cumulative Adjusted EBITDA during the
applicable Measurement Period of $________.

     (f) “Measurement Period” as it applies to measurement of Adjusted EBITDA performance shall
mean the ______ period beginning
_________ and ending ________. “Measurement Period” as it applies
to measurement of Working Capital performance shall mean the _________ period beginning __________
and ending ___________.

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

     (h) “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.

Employee Restricted Share Agreement

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

     (j) “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).

     (k) “Vesting Date” shall mean the date that the Compensation Committee of the Board of
Directors makes an affirmative determination that the vesting criteria applicable to
Performance-Vested Shares, as set forth in either subsection 1(e)(i) or (ii), have been met. The
Compensation Committee’s determination regarding vesting of the Performance-Vested Shares shall be
made not later than ____________, 20_.

     (l) “Working Capital Stretch Level” shall mean an improvement in conversion capital of
$__________ during the applicable Measurement Period.

     (m) “Working Capital Target Level” shall mean an improvement in conversion capital of
$_________ during the applicable Measurement Period.

     (n) “Working Capital Threshold Level” shall mean an improvement in conversion capital of
$__________ during the applicable Measurement Period.

[Signature page follows]

Employee Restricted Share Agreement

Page 7

 

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

	 	 	 	 	 	 	 	 	 

	PARTICIPANT:

	 	 	 	COMPANY:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	The Greenbrier Companies, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Signature
	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 	 
	 
	 	 	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 	 
	Name
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 

Employee Restricted Share Agreement

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