Document:

Exhibit
10.4

 

[Estate]

Lock-Up
Agreement

 

April     ,
2005

 

Bear, Stearns & Co.
Inc.

As Representative of the
several

Underwriters referred to
below

c/o Bear, Stearns &
Co. Inc.

383 Madison Avenue

New York, New York 10179

Attention: Equity Capital
Markets

 

The Greenbrier
Companies, Inc. Lock-Up Agreement

 

Ladies and Gentlemen:

 

This letter
agreement (this “Agreement”) relates to the proposed public offering (the “Offering”)
by The Greenbrier Companies, Inc., a Delaware corporation (the “Company”), of
its common stock, $.001 par value (the “Stock”).

 

In order to induce you
and the other underwriters for which you act as representative (the “Underwriters”)
to underwrite the Offering, the undersigned hereby agrees that, without the
prior written consent of Bear, Stearns & Co. Inc. (“Bear Stearns”), during
the period from the date hereof (i)
until ninety (90) days from the date of the final prospectus for the Offering, or (ii) if the date of the final prospectus
for the Offering is not prior to June 19, 2005, until June 19, 2005 (the
“Lock-Up Period”), the undersigned (a) will not, directly or indirectly, offer,
sell, agree to offer or sell, solicit offers to purchase, grant any call option
or purchase any put option with respect to, pledge, borrow or otherwise dispose
of any Relevant Security (as defined below), and (b) will not establish or
increase any “put equivalent position” or liquidate or decrease any “call
equivalent position” with respect to any Relevant Security (in each case within
the meaning of Section 16 of the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder), or otherwise enter into
any swap, derivative or other transaction or arrangement that transfers to
another, in whole or in part, any economic consequence of ownership of a
Relevant Security, whether or not such transaction is to be settled by delivery
of Relevant Securities, other securities, cash or other consideration; provided,
however, that the foregoing restrictions shall not preclude or otherwise
limit (i) the exercise of an option to purchase Stock previously granted to the
undersigned by the Company, (ii) the transfer to the Company of Stock in
connection with an exercise of an option to purchase Stock solely to pay the
option exercise price or any taxes required to be withheld by the Company to
the extent such transfer is permitted to satisfy such obligations pursuant to
the Company’s equity compensation plans or the agreement pursuant to which such
option was granted and so long as such transfer does not result in a sale of
Stock to the public, (iii) a bona fide gift of Stock approved by Bear Stearns
so long as the recipient of such Stock agrees in writing to be bound by the
restrictions of this Lock-Up Letter Agreement or, (iv) the sale of Stock to the Company as contemplated
by that certain Stock Purchase Agreement among the undersigned, William A.
Furman and the Company, or (v) the pledge of up to 750,000 shares of
Stock by the undersigned to secure a loan of up to $5.0 million in principal
amount; provided as to (iii) above, each resulting transferee of 

 

 

Relevant Securities executes and delivers to you an agreement
satisfactory to you certifying that such transferee is bound by the terms of
this Agreement and has been in compliance with the terms hereof since the date
first above written as if it had been an original party hereto.  As used herein “Relevant Security” means the
Stock, any other equity security of the Company or any of its subsidiaries and
any security convertible into, or exercisable or exchangeable for, any Stock or
other such equity security.

 

The undersigned hereby authorizes the Company during
the Lock-Up Period to cause any transfer agent for the Relevant Securities to
decline to transfer, and to note stop transfer restrictions on the stock
register and other records relating to, Relevant Securities for which the
undersigned is the record holder and, in the case of Relevant Securities for
which the undersigned is the beneficial but not the record holder, agrees during
the Lock-Up Period to cause the record holder to cause the relevant transfer
agent to decline to transfer, and to note stop transfer restrictions on the
stock register and other records relating to, such Relevant Securities.  The undersigned hereby further agrees that,
without the prior written consent of Bear Stearns, during the Lock-up Period
the undersigned (x) will not file or participate in the filing with the
Securities and Exchange Commission of any registration statement, or circulate
or participate in the circulation of any preliminary or final prospectus or
other disclosure document with respect to any proposed offering or sale of a
Relevant Security and (y) will not exercise any rights the undersigned may have
to require registration with the Securities and Exchange Commission of any
proposed offering or sale of a Relevant Security.

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to
enter into this Agreement and that this Agreement constitutes the legal, valid
and binding obligation of the undersigned, enforceable in accordance with its
terms.  Upon request, the undersigned
will execute any additional documents necessary in connection with enforcement
hereof.  Any obligations of the
undersigned shall be binding upon the successors and assigns of the undersigned
from the date first above written.

 

This Agreement shall be
governed by and construed in accordance with the laws of the State of New
York.  Delivery of a signed copy of this
letter by facsimile transmission shall be effective as delivery of the original
hereof.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  /s/ George L. Chelius

  	
   

  
	
   

  	
   

  
	
   

  	
  George L. Chelius, not in his individual capacity but solely as
  Executor of the Will and Estate of Alan James

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Eric Epperson

  	
   

  
	
   

  	
   

  
	
   

  	
  Eric Epperson, not in his individual capacity but solely as Executor of
  the Will and Estate of Alan James

  

 

2

 

[Furman]

Lock-Up
Agreement

 

April     ,
2005

 

Bear, Stearns & Co.
Inc.

As Representative of the
several

Underwriters referred to
below

c/o Bear, Stearns &
Co. Inc.

383 Madison Avenue

New York, New York 10179

Attention: Equity Capital
Markets

 

The Greenbrier
Companies, Inc. Lock-Up Agreement

 

Ladies and Gentlemen:

 

This letter
agreement (this “Agreement”) relates to the proposed public offering (the
“Offering”) by The Greenbrier Companies, Inc., a Delaware corporation (the
“Company”), of its common stock, $.001 par value (the “Stock”).

 

In order to induce you
and the other underwriters for which you act as representative (the
“Underwriters”) to underwrite the Offering, the undersigned hereby agrees that,
without the prior written consent of Bear, Stearns & Co. Inc. (“Bear
Stearns”), during the period from the date hereof until ninety (90) days from
the date of the final prospectus for the Offering (the “Lock-Up Period”), the
undersigned (a) will not, directly or indirectly, offer, sell, agree to offer
or sell, solicit offers to purchase, grant any call option or purchase any put
option with respect to, pledge, borrow or otherwise dispose of any Relevant
Security (as defined below), and (b) will not establish or increase any “put
equivalent position” or liquidate or decrease any “call equivalent position”
with respect to any Relevant Security (in each case within the meaning of
Section 16 of the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder), or otherwise enter into any swap,
derivative or other transaction or arrangement that transfers to another, in
whole or in part, any economic consequence of ownership of a Relevant Security,
whether or not such transaction is to be settled by delivery of Relevant
Securities, other securities, cash or other consideration; provided, however,
that the foregoing restrictions shall not preclude or otherwise limit (i) the
exercise of an option to purchase Stock previously granted to the undersigned
by the Company, (ii) the transfer to the Company of Stock in connection with an
exercise of an option to purchase Stock solely to pay the option exercise price
or any taxes required to be withheld by the Company to the extent such transfer
is permitted to satisfy such obligations pursuant to the Company’s equity
compensation plans or the agreement pursuant to which such option was granted
and so long as such transfer does not result in a sale of Stock to the public
or (iii) a bona fide gift of Stock approved by Bear Stearns so long as the
recipient of such Stock agrees in writing to be bound by the restrictions of
this Lock-Up Letter Agreement; provided as to (iii) above, each
resulting transferee of Relevant Securities executes and delivers to you an
agreement satisfactory to you certifying that such transferee is bound by the
terms of this Agreement and has been in compliance with the terms hereof since
the date first above written as if it had been an original party hereto.  As used herein “Relevant Security” means the
Stock, any other equity security of the Company or any of its 

 

 

subsidiaries and any security convertible into, or exercisable or
exchangeable for, any Stock or other such equity security.

 

If:

 

(1) during the period
that begins on the date that is 15 calendar days plus 3 business days before
the last day of the Lock-Up Period and ends on the last day of the Lock-Up
Period, the Company issues a earnings release or material news or a material
event relating to the Company occurs; or

 

(2) prior to the
expiration of the Lock-Up Period, the Company announces that it will release
earnings results during the 16-day period beginning on the last day of the
Lock-Up Period, the restrictions imposed by this Agreement shall continue to
apply until the expiration of the date that is 15 calendar days plus 3 business
days after the date on which the issuance of the earnings release or the
material news or material event occurs; provided, however, this paragraph will
not apply if, within 3 days of the termination of the Lock-Up Period, the
Company delivers to Bear Stearns a certificate, signed by the Chief Financial
Officer or Chief Executive Officer of the Company, certifying on behalf of the
Company that the Company’s shares of Stock are, as of the date of delivery of
such certificate, “actively traded securities,” as defined in Regulation M, 17
CFR 242.101(c)(1).

 

The undersigned
hereby authorizes the Company during the Lock-Up Period to cause any transfer
agent for the Relevant Securities to decline to transfer, and to note stop
transfer restrictions on the stock register and other records relating to,
Relevant Securities for which the undersigned is the record holder and, in the
case of Relevant Securities for which the undersigned is the beneficial but not
the record holder, agrees during the Lock-Up Period to cause the record holder
to cause the relevant transfer agent to decline to transfer, and to note stop
transfer restrictions on the stock register and other records relating to, such
Relevant Securities.  The undersigned
hereby further agrees that, without the prior written consent of Bear Stearns,
during the Lock-up Period the undersigned (x) will not file or participate in
the filing with the Securities and Exchange Commission of any registration
statement, or circulate or participate in the circulation of any preliminary or
final prospectus or other disclosure document with respect to any proposed
offering or sale of a Relevant Security and (y) will not exercise any rights
the undersigned may have to require registration with the Securities and
Exchange Commission of any proposed offering or sale of a Relevant Security.

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to
enter into this Agreement and that this Agreement constitutes the legal, valid
and binding obligation of the undersigned, enforceable in accordance with its
terms.  Upon request, the undersigned
will execute any additional documents necessary in connection with enforcement
hereof.  Any obligations of the
undersigned shall be binding upon the successors and assigns of the undersigned
from the date first above written.

 

2

 

This Agreement shall be
governed by and construed in accordance with the laws of the State of New
York.  Delivery of a signed copy of this
letter by facsimile transmission shall be effective as delivery of the original
hereof.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print Name:

  	
   

  	
   

  
					

 

3Exhibit 10.5

 

THE GREENBRIER COMPANIES, INC.

 

REGISTRATION RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made effective as of
April 20, 2005, by and among The Greenbrier Companies, Inc., a
Delaware corporation (the “Company”), and George L. Chelius and Eric
Epperson, not in their individual capacities but solely in their capacities as
executors of the will and estate of Alan James, pursuant to Letters
Testamentary (Case Number 050290219), dated February 17, 2005, issued by
the Circuit Court of the State of Oregon for the County of Multnomah (the “Estate”)
and in their capacities as trustees under any trusts (“Trusts” and each
a “Trust”) created under the last will and testament of Alan James,
dated March 12, 2004 (the “Representatives” and each a “Representative”).

 

WHEREAS, the
Company, the Representatives and William A. Furman have entered into a
Settlement Agreement, dated as of April    , 2005 (the “Settlement
Agreement”), which provides for the Company and the Representatives to
enter into a registration rights agreement in the form of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants contained
herein and in the Settlement Agreement, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.                                       Certain
Definitions.  As used in this
Agreement, the terms below shall have the following respective meanings:

 

(a)                                  “Affiliate” means an “affiliate”
as defined under Rule 144.

 

(b)                                 “Commission” means the Securities
and Exchange Commission or any other federal agency at the time administering
the Securities Act.

 

(c)                                  “Company Registration Expenses”
means all expenses incurred by the Company in complying with its obligations
hereunder, including without limitation, all registration, qualification,
listing and filing fees, printing expenses, fees and disbursements of counsel
for the Company, fees and expenses of the independent auditors of the Company
(including the expenses of preparing and delivering comfort letters), blue sky
fees and expenses, and the expense of any special audits incident to or
required by any such registration.

 

(d)                                 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, or any successor federal rule or
statute and the rules and regulations of the Commission thereunder, all as
the same shall be in effect at the time.

 

(e)                                  “Indemnified Party” means
each party entitled to indemnification under Section 5.

 

(f)                                    “Indemnifying Party” means
each party required to provide indemnification under Section 5.

 

 

(g)                                 “Offering” means the “Offering,”
as that term is defined in the Stock Purchase Agreement referred to in the
Settlement Agreement.

 

(h)                                 “Offering Period” means the 60-day
period commencing from the date the Prospectus Supplement is first filed with
the Commission as such period may be extended by mutual agreement of the
Representatives and the Company.

 

(i)                                     “Prospectus Supplement” means
the prospectus supplement to be filed with the Commission pursuant to Section 1.3
of the Settlement Agreement.

 

(j)                                     “Registrable Securities”
means the shares of the Company’s common stock owned by Alan James upon his
death and subsequently vested in the beneficiaries of the Estate subject to
administration of the Estate by the Representatives.

 

(k)                                  “Rule 144” means Rule 144
under the Securities Act.

 

(l)                                     “Resale Registration Statement”
means a registration statement on Form S-3 under the Securities Act, or
any successor form.

 

(m)                               “Securities Act” means the
Securities Act of 1933, as amended, or any successor federal rule or
statute and the rules and regulations of the Commission thereunder, all as
the same shall be in effect at the time.

 

2.                                       Registration
on Form S-3.

 

(a)                                  Request for Registration. 
Pursuant to Section 1.5 of the Settlement Agreement, for so
long as the Representatives hold subject to administration in the Estate at
least 500,000 shares of Registrable Securities and the Company has advised the
Representatives that it believes the Representatives are Affiliates, then the
Representatives shall have the right, by written notice delivered to the
Company (the “Registration Notice”), to require the Company to register
under and in accordance with the provisions of the Securities Act all of the
Registrable Securities.  The
Representatives shall have the right to give only one Registration Notice.  The Registration Notice must specify (i) the
legal name of the Representatives or the trustees (the “Trustees”) or
any Trust seeking such registration, (ii) the number of shares of
Registrable Securities to be registered, and (iii) the intended methods of
disposition thereof.  The Registration
Notice may be delivered at any time following the first to occur of (x) the 60th
day after completion of the Offering, or (y) the failure of the Company to
complete the Offering within the Offering Period.

 

(b)                                 Filing and Effectiveness. 
Upon receipt of the Registration Notice, the Company shall promptly, but
in no event later than 30 days after the receipt of the Registration Notice,
file with the Commission a Resale Registration Statement to provide for the
resale by the Representatives or the Trustees of the Registrable Securities and
will use its commercially reasonable efforts to cause such Resale Registration
Statement to become effective as promptly as practicable thereafter; provided that the Company shall not request the Commission
to accelerate the effective date of the Resale Registration Statement until it
has been authorized to do so by the Representatives. The Company

 

2

 

shall, subject to Section 2(c),
use its commercially reasonable efforts to keep such Resale Registration
Statement effective until the earlier of (i) such date as the
Representatives and the Trustees own less than 500,000 shares of Registrable
Securities in the aggregate, (ii) such date the Company advises the
Representatives that it does not believe the Representatives are Affiliates, or
(iii) 24 months following the date such Resale Registration Statement is
declared effective.

 

(c)                                  Suspension of Registration Rights. Notwithstanding anything in this
Agreement to the contrary, if the Company furnishes to the Representatives a
certificate signed by the Chief Executive Officer and Chief Financial Officer
of the Company stating that, in the good faith reasonable judgment of the Chief
Executive Officer and Chief Financial Officer, after consultation with the
Company’s advisors and the Board of Directors of the Company, it would be
seriously detrimental to the Company for the Resale Registration Statement to
be effected, due to (A) the existence of a material development or
potential material development involving the Company that the Company would be
obligated to disclose in the prospectus contained in the Resale Registration
Statement, which premature disclosure, in the good faith judgment of the Board
of Directors, would reasonably be expected to have an adverse effect on the
Company or (B) the existence of other facts or circumstances as a result
of which the prospectus contained in the Resale Registration Statement includes
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances under which they were made or then
existing, then the Company shall have the right (i) in the event of (A) above,
to defer the filing of the Resale Registration Statement (or suspend sales
under the filed Resale Registration Statement or defer the updating of the
filed Resale Registration Statement and suspend sales thereunder), or (ii) in
the event of (B) above, suspend sales under the filed Resale Registration
Statement, in each case until the earlier of (1) the date on which such
material information is disclosed to the public or ceases to be material or (2) the
30th calendar day after the date of the certificate delivered pursuant to this Section 2(c).  The Representatives shall keep the fact and
content of any such notice and the event or circumstances giving rise to any
such notice confidential; provided that, the Representatives may disclose the
fact and content of any such notice to their advisors and as otherwise required
by law.  Notwithstanding the foregoing,
the Company shall not defer the filing of the Resale Registration Statement,
suspend sales under the Resale Registration Statement, defer the updating of
the filed Resale Registration Statement or suspend sales under the Resale
Registration Statement for more than an aggregate of 60 days during any 365-day
period.

 

(d)                                 Registration Procedures. In connection with any
registration required under this Agreement, the Company shall take the actions
set forth below.

 

(i)                                     The Company shall notify the
Representatives in writing promptly of any stop order issued or threatened by
the Commission or other suspension of effectiveness of the Resale Registration
Statement and will take commercially reasonable actions necessary or
appropriate to prevent the entry of such stop order or to remove it as soon as
practicable if entered and will notify the Representatives in writing promptly
of the resolution of such situation.

 

3

 

(ii)                                  The Company shall furnish to the
Representatives (A) promptly after the same is prepared and publicly
distributed, filed with the Commission, or received by the Company, one copy of
the Resale Registration Statement and any amendment thereto, each prospectus
and each amendment or supplement thereto, and, as promptly as practicable after
the date of effectiveness of the Resale Registration Statement or any amendment
thereto, a written notice stating that the Resale Registration Statement or
amendment thereto has been declared effective, and (B) such number of
copies of such Resale Registration Statement, each amendment and supplement
thereto (in each case including all exhibits thereto), and the prospectus
included in such registration statement, in conformity with the requirements of
the Securities Act, and such other documents as the Representatives may
reasonably request in order to facilitate the disposition of the Registrable
Securities.  Such delivery of documents
pursuant to (B) above shall be made by the Company within three (3) trading
days of receipt of a request therefor from the Representatives.

 

(iii)                               The Company shall use its
commercially reasonable efforts to register or qualify the Registrable
Securities under the securities or “blue sky” laws of each State of the United
States of America that the Representatives may reasonably request, and shall do
any and all other acts and things which may be reasonably necessary or
advisable to enable the Representatives to consummate the disposition in such
states of the Registrable Securities; provided
that the Company shall not be required to (A) qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for
this Section 5(c)(iii), (B) subject itself to taxation in any
such jurisdiction or (C) consent to general service of process in any such
jurisdiction.

 

(iv)                              The Company shall immediately notify
the Representatives in writing of the happening of any event which comes to the
Company’s attention if, as a result of such event, the prospectus included in
the Resale Registration Statement, as then in effect, contains any untrue
statement of a material fact or omits to state any material fact necessary to
make the statements therein, in light of the circumstances under which they
were made, not misleading, and the Company shall as soon as reasonably
practicable prepare and furnish to the Representatives and file with the
Commission a supplement or amendment to such prospectus or registration
statement or take such other action so that such prospectus or registration
statement will no longer contain any untrue statement of a material fact or
omit to state any material fact necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading.

 

(v)                                 The Company shall hold in confidence
and not make any disclosure of information concerning the Representatives
provided to the Company pursuant to this Agreement unless (A) disclosure
of such information is necessary to comply with federal or state securities
laws, (B) disclosure of such information is necessary to avoid or correct
a misstatement or omission in the Resale Registration Statement, (C) release
of such information is ordered pursuant to a subpoena or other order from a
court or governmental body of competent jurisdiction, (D) such information
has been made generally available to the public other than by disclosure in
violation of this or any other agreement, or (E) the Representatives
consent to the form and content of any such disclosure.

 

4

 

(vi)                              The Company shall provide a transfer
agent and registrar for all Registrable Securities registered pursuant
hereunder a CUSIP number for all such Registrable Securities, in each case not
later than the effective date of such registration and shall instruct the
transfer agent that upon sale of such Registrable Securities that no legend
need be placed on the certificate of such person who purchased the Registrable
Securities pursuant to the Resale Registration Statement.

 

3.                                       Other
Registration Rights.  The
Representatives acknowledge that certain other securityholders of the Company
may now or hereafter have registration rights, and that such other
securityholders may be entitled to sell their securities at the same time as
the Representatives hereunder.

 

4.                                       Expenses.  All documented reasonable out-of-pocket
Company Registration Expenses incurred directly in connection with the Company’s
obligations hereunder shall be promptly reimbursed by the Estate upon receipt
of invoices from the Company.

 

5.                                       Indemnification.

 

(a)                                  The Company will indemnify the
Representatives, each of their advisors and agents, and each person controlling
the Representatives within the meaning of Section 15 of the Securities
Act, from and against any and all expenses, claims, losses, damages or
liabilities (or actions or proceedings in respect thereof), including, without
limitation, reasonable legal fees and expenses and reasonable costs of
investigating, preparing, compromising or defending against any litigation,
commenced or threatened, or any claim whatsoever and all amounts paid in
settlement of any such claim or litigation (provided that the Company has
consented in writing to any such settlement) arising out of or based on (i) any
untrue statement (or alleged untrue statement) of a material fact contained in
any registration statement, preliminary prospectus, prospectus, offering
circular or other document, or any amendment or supplement thereto, incident to
any such registration, or arising out of or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances in
which they were made, not misleading or (ii) any violation or alleged
violation by the Company of the Securities Act, the Exchange Act, any other
applicable securities law, including, without limitation, any state securities
law, or any rule or regulation thereunder relating to the offer or sale of
the Registrable Securities and, in either case, the Company will reimburse each
Indemnified Party, for any legal and any other expenses reasonably incurred in
connection with investigating, preparing, defending or settling (provided that
the Company has consented in writing to any such settlement) any such claim,
loss, damage, liability or action, provided
that the Company will not be liable in any such case to the extent that any
such claim, loss, damage, liability or expense arises out of or is based on any
untrue statement of material fact or omission or alleged untrue statement or
omission of a material fact, made in reliance upon and contained in written
information furnished to the Company by an instrument duly executed by the
Representatives or their controlling persons or agents, and stated to be
specifically for use therein; and provided,
further, that the foregoing
indemnity agreement is subject to the condition that, insofar as it relates to
any such

 

5

 

untrue statement, alleged untrue statement,
omission or alleged omission made in a preliminary prospectus, such indemnity
agreement shall not inure to the benefit of any person, if a copy of the final
prospectus or an amended or supplemented prospectus, as applicable, was
furnished to the Representatives or the underwriters within the period of time
required by the Securities Act, and if the final prospectus or the amended or
supplemented prospectus, as applicable, would have cured the defect giving rise
to the loss, liability, claim or damage.

 

(b)                                 The Representatives will indemnify
the Company, each of its directors and officers, employees, partners, advisors
and agents and each person controlling the Company within the meaning of Section 15
of the Securities Act from and against any and all claims, losses, damages and
liabilities (or actions or proceedings in respect thereof) arising out of or
based on any untrue statement (or alleged untrue statement) of a material fact
contained in any registration statement effected pursuant to this Agreement,
prospectus, preliminary prospectus, offering circular or other document
incident to any such registration, or any omission (or alleged omission) to
state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and will reimburse each Indemnified
Party, for any legal or any other expenses reasonably incurred in connection
with investigating, preparing or defending any such claim, loss, damage,
liability or action, but, only to the extent that such untrue statement (or
alleged untrue statement) or omission (or alleged omission) is made in reliance
upon and contained in written information furnished to the Company by an
instrument furnished by the Representatives or their controlling persons or
agents and stated to be specifically for use therein; provided, however, that the foregoing
indemnity is subject to the condition that, insofar as it relates to any untrue
statement, alleged untrue statement, omission or alleged omission made in a
preliminary prospectus, such indemnity agreement shall not inure to the benefit
of any person, if a copy of the final prospectus or an amended or supplemented
prospectus, as applicable, was not furnished by the Company to the
Representatives or the underwriters within the time period required by the
Securities Act, and if the final prospectus, as amended or supplemented, as
applicable, would have cured the defect giving rise to the loss, liability,
claim or damage; provided, that in no event will any indemnity under this Section 5(b) exceed
the gross proceeds from the sale of Registrable Securities received by the
Representatives.

 

(c)                                  Each Indemnified Party shall give
written notice to the Indemnifying Party promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and
shall permit the Indemnifying Party to assume the defense of any such claim or
any litigation resulting therefrom, provided that (i) counsel for the
Indemnifying Party, who shall conduct the defense of such claim or litigation,
shall be approved by the Indemnified Party (whose approval shall not
unreasonably be withheld or delayed), and the Indemnified Party may participate
in such defense at such party’s expense, (ii) that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Section 5 unless
the failure to give such notice is materially prejudicial to an Indemnifying
Party’s ability to defend such action, and then only to the extent that such
Indemnifying Party is materially prejudiced, and (iii) that the
Indemnifying Party shall not assume the defense for matters as to which, in the
reasonable opinion of counsel

 

6

 

retained by the Indemnified Party, there is a
conflict of interest or there are separate and different defenses. No
Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party, consent to entry of any
judgment or enter into any settlement which (i) does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation and a covenant not to sue or (ii) includes admission of fault
by the Indemnified Party. The indemnification required by this Section 5
shall be made by periodic payments of the amount thereof during the course of
the investigation or defense, as such expense, loss, damage or liability is
incurred and is due and payable.

 

6.                                       Information
by the Representatives.  The
Representatives shall furnish to the Company such information regarding the
Representatives, the Registrable Securities held by them and the distribution
proposed by the Representatives as the Company may request in writing and as
shall be required in connection with any registration referred to in this
Agreement. Notwithstanding anything contained herein to the contrary, the
Company shall have no obligation to file or effect any Resale Registration
Statement hereunder prior to its receipt of such information.

 

7.                                       Transfer of
Registration Rights.  The rights to
cause the Company to register the Registrable Securities under Section 2
may not be assigned to any person or entity other than the beneficiaries of the
Estate without the prior written consent of the Company, which consent may be
withheld in the Company’s sole and absolute discretion.

 

8.                                       Amendment.  Except as otherwise provided above, any
provision of this Agreement may be amended or the observance thereof may be waived
(either generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Company and the
Representatives.

 

9.                                       Governing Law.  This Agreement shall be governed in all
respects by the laws of the State of Delaware, without regard to conflict of
laws provisions.

 

10.                                 Entire Agreement.  This Agreement, the Settlement Agreement and
the agreements and documents referred to herein or therein or contemplated
hereby or thereby constitute the full and entire understanding and agreement
among the parties regarding the matters set forth herein. The provisions hereof
shall inure to the benefit of, and be binding upon the successors, permitted
assigns, heirs, executors and administrators of the parties hereto.

 

11.                                 Notices.  Unless otherwise provided herein, all
notices, demands, requests, claims and other communications hereunder shall be
in writing and may be given by any of the following methods:  (a) personal delivery; (b) facsimile
transmission; (c) registered or certified mail, postage prepaid, return
receipt requested; or (d) internationally recognized overnight courier
service.  Such notices and communications
shall be sent to the appropriate party at its address or facsimile number given
below or at such other address or facsimile number for such as shall be
specified by notice given hereunder (and shall be deemed given upon receipt by
such party or upon actual delivery to the

 

7

 

appropriate address, or, in case of a facsimile transmission, upon
transmission thereof by the sender and issuance by the transmitting machine of
a confirmation slip that the number of pages constituting the notice have
been transmitted without error; in the case of notices sent by facsimile
transmission, the sender shall contemporaneously mail a copy of the notice to
the addressee at the address provided for above, provided  however,
that such mailing shall in no way alter the time at which the facsimile notice
is deemed received):

 

 

	
  if to the
  Representatives, to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  George L. Chelius

  
	
  Address:

  	
   

  	
  3600 Birch Street, Suite 100

  
	
   

  	
   

  	
  Newport Beach, CA 92660

  
	
  Fax No.:

  	
   

  	
  (949) 863-9010

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Eric Epperson

  
	
  Address:

  	
   

  	
  25 NW 23rd Place, Suite 6

  
	
   

  	
   

  	
  PMB 180

  
	
   

  	
   

  	
  Portland, OR 97210

  
	
  Fax No.:

  	
   

  	
  (503) 796-1833

  
	
   

  	
   

  	
   

  
	
  with a copy (which
  shall not constitute notice) to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Jeffrey T. Pero, Esq.

  
	
   

  	
   

  	
  Latham & Watkins LLP

  
	
  Address:

  	
   

  	
  505 Montgomery Street

  
	
   

  	
   

  	
  Suite 2000

  
	
   

  	
   

  	
  San Francisco, CA 94111-2562

  
	
  Fax No.:

  	
   

  	
  (415) 395-8095

  
	
   

  	
   

  	
   

  
	
  if to the Company, to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  The Greenbrier Companies, Inc.

  
	
  Address:

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  One Centerpointe Drive

  
	
   

  	
   

  	
  Lake Oswego, OR 97035

  
	
   

  	
   

  	
  Attention : Norriss Webb, Esq.

  
	
  Fax No.:

  	
   

  	
  (503) 684-7553

  
	
   

  	
   

  	
   

  
	
  with a copy (which
  shall not constitute notice) to:

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Joseph Giunta, Esq.

  
	
   

  	
   

  	
  Skadden, Arps, Slate, Meagher & Flom LLP

  
	
  Address:

  	
   

  	
  300 S. Grand Avenue, Suite 3400

  
	
   

  	
   

  	
  Los Angeles, California 90071

  
	
  Fax No.:

  	
   

  	
  (213) 687-5600

  

 

8

 

12.                                 Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

 

13.                                 No Recourse.  The Parties hereto agree that all of the
representations, warranties, covenants and agreements made by the
Representatives contained in this Agreement are made and intended only for the
purpose of making the assets held for the benefit of the beneficiaries of the
Estate (the “Estate Assets”) or the assets of the Trusts (the “Trust Assets”),
as the case may be, available for the payment of obligations of the
Representatives to the extent provided for in this Agreement.  Therefore, anything contained in this
Agreement or in any other agreement or document referred to herein or
contemplated hereby or thereby to the contrary notwithstanding, no recourse
shall be had with respect to the enforcement of this Agreement or the
obligations of the Representatives hereunder or for any claim based on any
provision of this Agreement or any of the agreements or documents referred to
herein or contemplated hereby or thereby, against the Representatives in their
individual capacities or in any capacity other than as Representatives.  Nothing contained in this Section 13
shall be construed to limit the exercise and enforcement, in accordance with
the terms of this Agreement, of rights and remedies against the Estate Assets
or the Trust Assets.

 

9

 

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

 

	
  GREENBRIER COMPANIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Larry G. Brady

  	
   

  
	
   

  	
    Name:

  	
  Larry G. Brady

  
	
   

  	
    Title:

  	
  Senior Vice President and Chief

  
	
   

  	
    Financial Officer

  
				

 

[Signature Page to
Registration Rights Agreement]

 

 

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

 

 

	
  /s/ George
  L. Chelius

  	
   

  
	
  George L.
  Chelius, in his capacity as Representative

  
	
   

  
	
   

  
	
  /s/ Eric
  Epperson

  	
   

  
	
  Eric
  Epperson, in his capacity as Representative

  

 

[Signature Page to
Registration Rights Agreement]

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