Document:

EX-10.2

 Exhibit 10.2 

ENERNOC, INC. 

SEVERANCE AGREEMENT 
 This
Severance Agreement is made as of the 11 day of June, 2013 by and between EnerNOC, Inc., a Delaware corporation (the “Company”), and Matthew Cushing (the “Employee”). 

WHEREAS, the Employee currently serves as an executive of the Company; and 

WHEREAS, the Company and the Employee desire to provide for severance arrangements for the Employee under certain circumstances as of
the Effective Date; 
 NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Company
and the Employee agree as follows: 
 1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

1.1. “Accrued Base Compensation”: all amounts of compensation for services rendered to the Company that have been earned or
accrued through the date of the Employee’s termination of employment but that have not been paid as of such date including (i) Base Salary, (ii) reimbursement for reasonable business expenses incurred by the Employee on behalf of the
Company during the period ending on such date, and (iii) vacation pay; provided, however, that Accrued Compensation shall not include any amounts described in clause (i) that have been deferred pursuant to any salary reduction or
deferred compensation elections made by the Employee. 
 1.2. “Agreed Bonus Target”: shall mean the bonus target amount as
established from time to time by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”). 

1.3. “Base Salary”: shall mean the Employee’s base compensation per annum as established by the Compensation Committee.

 1.4. “Cause”: (i) willful failure to perform, or gross negligence in the performance of, the Employee’s duties
for the Company or any of its affiliates; (ii) knowing and material breach by the Employee of any obligation to the Company or any of its affiliates with respect to confidential information, non-competition, non-solicitation or the like;
(iii) the Employee’s breach of fiduciary duty, fraud, embezzlement or other material dishonesty with respect to the Company or any of its affiliates; or (iv) the Employee’s conviction of, or plea of nolo contendere to, a felony
(other than felonies vehicular in nature) or any other crime involving moral turpitude; provided, however that with respect to the grounds set forth in Section 1.4(i), Cause shall not be deemed to exist until the Employee has been given written
notice of the facts or circumstances allegedly constituting such grounds and, where reasonably subject to cure, thirty (30) days to cure. 

1.5. “Good Reason”: (i) a substantial reduction in the Employee’s then current Base Salary, without the
Employee’s consent; (ii) material and continuing diminution of the Employee’s title or the Employee’s responsibilities, duties or authority in the operation and management of the Company as compared to such title or
responsibilities, duties and authority on the Effective Date, without the Employee’s consent; (iii) relocation of Employee’s principal place of employment 50 miles or more outside of downtown Boston, MA, or (iv) the
Company’s material breach of any written agreement between Company and Employee. 
 1.6. “Change of Control”:
(i) the sale of all or substantially all of the assets or more than fifty percent of the issued and outstanding capital stock of the Company, or (ii) merger, reorganization or consolidation involving the Company in which stockholders of
the Company immediately before such merger, reorganization or consolidation do not own immediately after such merger or consolidation capital stock or other equity interests of the surviving corporation or entity representing more than fifty percent
in voting power of capital stock or other equity interests of such surviving corporation or entity outstanding immediately after such merger or consolidation 

1.7. “Disability”: a physical or mental infirmity that impairs the Employee’s ability to substantially perform his
duties with the Company for six consecutive months as determined by a physician mutually acceptable to Employee and the Company. 

 1.8. “Effective Date”: shall be June 11, 2013 

1.9. “Severance Compensation”: 50% of the Employee’s Base Salary on the effective date of termination and 50% of the
Agreed Bonus Target in effect on the effective date of termination. 
 1.10. “Stock Award”: shall mean any grant of equity
under the Company’s 2007 Employee, Director and Consultant Stock Plan or any subsequent stock plan of the Company. 
 2. Payments upon
Termination. 
 2.1. If the Company terminates the Employee’s employment without Cause, or the Employee terminates his or her
employment with Good Reason, the Company will pay the Employee an amount equal to his Severance Compensation in six (6) equal monthly installments in arrears commencing one month after the date of termination and shall also pay him, on the date
of termination, his Accrued Base Compensation as of the termination date. The Company’s obligation to make such payments shall cease upon the Employee’s material breach of any written agreement between the Company and the Employee or of
any written policy of the Company by which the Employee is bound, if such breach causes or is substantially likely to cause material harm to the Company. All payments to be made under Section 2.3 shall be made on the same schedule as set forth
in this Section 2.1. In addition, in the event of such termination without cause or if the Employee terminates for Good Reason, then to the extent Employee holds Stock Awards subject to future vesting in the Company, the Employee will continue
to vest such Stock Awards for a period of six (6) months from the date of termination so long as if such Stock Awards are subject to performance-based vesting criteria that such performance-based vesting criteria are achieved within six
(6) months from the date of termination. In the event that such Stock Awards that vested during the six month period included stock options, the Employee will have 3 business days from the date of termination to exercise. 

2.2. If the Company terminates the Employee’s employment at any time for Cause, or upon the Employee’s death or Disability, the
Company will pay the Employee his Accrued Base Compensation. 
 2.3. Upon any termination of the Employee’s employment with the Company
to which Section 2.1 applies, the Company shall maintain the benefits that the Employee is receiving as of the termination date and shall take such measures as are permissible under its medical, life, and disability insurance and any other
employee benefit plans or programs to continue coverage or reimbursement for the Employee (and the Employee’s family, if applicable) on the same terms (including any required contribution by the Employee) as immediately prior to such
termination. If it is not permissible to continue any such coverage under any such insurance plans, the Company will pay the Employee, as additional severance compensation, such amount, net of state and federal income taxes payable by the Employee
with respect thereto, as will be sufficient for the Employee to obtain such insurance coverage on an individual basis assuming that the Employee (and each member of the Employee’s family who is to be covered) is a “standard risk” for
insurance purposes. The Employee’s rights under this Section 2.3 shall continue only for so long as the Employee is entitled to receive payments of Severance Compensation under Section 2.1. 

3. CHANGE OF CONTROL. 
 3.1. In
the event of a Change of Control in which the Company is valued at equal to or greater than $75 million, the vesting schedule of each unvested Stock Awards shall, on the date of the Change of Control, be, automatically and without and further action
on the part of the Employee or the Company, accelerated such that all (100%) of the Employee’s Stock Awards subject to future vesting shall become vested on the closing of such event. 

4. Mutual Release. Upon any termination of the Employee’s employment with the Company to which Section 2.1 applies, the
Employee and the Company shall execute a reasonable and customary mutual release (the “Mutual Release”) within 60 days following termination; provided that the Mutual Release will not be required to release any claims Employee may have to
accrued compensation, any benefits provided for in the Restricted Stock Agreement or this Severance Agreement, indemnification to which he is entitled under the Company’s charter or bylaws, any written agreement with the Company, insurance or
reimbursement under the Company’s D&O insurance or any other insurance to which he is entitled, and any unpaid medical or dental claims relating to services rendered during time of employment. The Employee’s execution of the Mutual
Release shall be a condition precedent to the effectiveness of Sections 2.1 and 2.2. 

  
 2 

 5. Employee Agreement. The Employee agrees that his Employee’s Invention, Non-Competition and
Non-Disclosure Agreement (a copy of which is attached hereto) is in full force and effect on the date hereof and is not modified or terminated by any provision of this agreement. This agreement is referred to in the Mutual Release as “the
Employee Agreement.” 
 6. Miscellaneous. 

6.1. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the Commonwealth of Massachusetts.
Any action brought by any party to this Agreement shall be brought and maintained in a court of competent jurisdiction in Middlesex or Suffolk Counties in the Commonwealth of Massachusetts, and each party herby consents to the jurisdiction of such
courts. 
 6.2. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs,
legal representatives, successors and assigns. 
 6.3. This Agreement may be amended, modified or supplemented, and any obligation hereunder
may be waived, only by a written instrument executed by the parties hereto. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate as a waiver of any subsequent breach. No failure on the part of any party to
exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or remedy by such party preclude any other or further exercise thereof or the exercise
of any other right or remedy. All rights and remedies hereunder are cumulative and are in addition to all other rights and remedies provided by law, agreement or otherwise. 

6.4. This Agreement constitutes the entire agreement between the parties with respect to severance matters and terminates and supersedes any
and all prior severance agreements and amendments (whether written or oral) between the parties. The Employee acknowledges and agrees that neither the Company, nor anyone acting on its behalf has made, and in executing this Agreement the Employee
has not relied upon, any representations, promises, or inducements regarding severance matters except to the extent the same is expressly set forth herein. 

7. 409A Compliance. 
 7.1.
Notwithstanding any other provision with respect to the timing of payments under this Agreement, if, at the time of your termination, you are deemed to be a “specified employee” of the Company within the meaning of Code Section 409A,
then limited only to the extent necessary to comply with the requirements of Code Section 409A, any payments to which you may become entitled under this Agreement which are subject to Code Section 409A (and not otherwise exempt from its
application) will be withheld until the first (1st) business day of the seventh (7th) month following your termination of employment, at which time you shall be paid an aggregate amount equal to the accumulated, but unpaid, payments
otherwise due to you under the terms of this Agreement. 
 7.2. The Company does not guarantee the tax treatment or tax consequences
associated with any payment or benefit set forth in this Agreement, including but not limited to consequences related to Code Section 409A. You and the Company agree to both negotiate in good faith and jointly execute an amendment to modify
this Agreement to the extent necessary to comply with the requirements of Code Section 409A; provided that no such amendment shall increase the total financial obligation of the Company under this Agreement. In the event that the Company
determines in good faith that it is required to withhold taxes from any payment or benefit already provided to you, you agree to pay on demand the amount the Company and its tax counsel has determined reasonably and in good faith to the Company.

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 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Severance Agreement effective as of the date
first mentioned above. 
  

			
	ENERNOC, INC.
		
	By:	 	

		 	  

		 	Duly authorized by the Board of Directors
	
	

	  

	Employee Signature
	
	 Matthew J. Cushing

	Printed Name of Employee

  
 4EX-10.1

 Exhibit 10.1 

THE GREENBRIER COMPANIES, INC. 

2010 AMENDED AND RESTATED STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

Pursuant to Article 10 of the 2010 Amended and Restated Stock Incentive Plan (the “Plan”) of The Greenbrier Companies, Inc.,
an Oregon corporation (the “Company”), on May 5, 2014 (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. 

  
 Restricted Stock Unit
Agreement 
 Page 1 

 (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 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, Date, 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. 

  
 Restricted Stock Unit
Agreement 
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 (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. 
 (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,

  
 Restricted Stock Unit
Agreement 
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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. 
 (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 are issued to the Recipient (the “Payment Date”), the Value
(as defined below) on that date of the shares so issued 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 

  
 Restricted Stock Unit
Agreement 
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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 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.

  
 Restricted Stock Unit
Agreement 
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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. 

  
 Restricted Stock Unit
Agreement 
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	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. 

(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, 2014 and ending
August 31, 2016. 
 (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. 

  
 Restricted Stock Unit
Agreement 
 Page 7 

 (l) “ROE Stretch Level” shall mean ROE of
            %. 
 (m) “ROE Target Level” shall mean ROE
of             %. 
 (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. 
  

							
	RECIPIENT:	 		 	THE GREENBRIER COMPANIES, INC.:
				
	  
	 		 	By:	 	  

  
 Restricted Stock Unit
Agreement 
 Page 8 

 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, 2016 (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, 2016, 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, 2014 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, 2016, provided Participant remains employed by the Company. 

  
 Restricted Stock Unit
Agreement 
 Page 9 

 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 10

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