Document:

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                                                                   Exhibit 10.21

                            INDEMNIFICATION AGREEMENT

         This Indemnification Agreement (the "Agreement") dated as of [______],
2004, by and between National Atlantic Holdings Corp., a New Jersey corporation
(the "Company"), and [______], an [officer] [director] of the Company (the
"Indemnitee"):

                                   WITNESSETH:

        WHEREAS, the Indemnitee is presently serving as an [officer] [director]
of the Company, and the Company desires the Indemnitee to continue in such
capacity;

        WHEREAS, the Indemnitee is willing, subject to certain conditions
(including the execution and performance of this Agreement by the Company), to
continue in that capacity;

        WHEREAS, in addition to the indemnification to which the Indemnitee is
entitled under the Company's certificate of incorporation (the "Certificate"),
the Company maintains at its sole expense insurance protecting its officers and
directors (including the Indemnitee) against certain losses arising out of
actual or threatened actions, suits or proceedings to which such persons may be
made or threatened to be made parties; and

        WHEREAS, as a result of circumstances having no relation to, and beyond
the control of, the Company and the Indemnitee, there can be no assurance of the
continuation or renewal of that insurance;

         NOW, THEREFORE, to induce the Indemnitee to continue to serve in his
present capacity and in consideration of these premises and the mutual
agreements set forth in this Agreement, the Company and the Indemnitee agree as
follows:

         1. Continued Service. The Indemnitee will continue to serve as [a
director of the Company so long as he is duly elected and qualified in
accordance with the Company's by-laws (the "By-Laws") or until he resigns in
writing in accordance with applicable law] [an officer of the Company until
removal by the Board of Directors in accordance with the Company's by-laws (the
"By-Laws") or he resigns in writing in accordance with applicable law].

         2. Initial Indemnity. (a) The Company shall indemnify the Indemnitee
who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, administrative,
investigative or criminal (other than an action by or in the right of the
Company), by reason of the fact that he is or was or had agreed to become an
[officer] [director] of the Company, or is or was serving or had agreed to serve
at the request of the Company as a director, officer, trustee, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise,
or by reason of any action alleged to have been taken or omitted in such
capacity, against any and all costs, charges and expenses (including attorneys'
and others' fees and expenses), judgments, fines and amounts paid in settlement
actually and reasonably incurred by the Indemnitee in connection therewith and
any appeal therefrom if the Indemnitee acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the
Company, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful. The termination of any
action, suit or proceeding by judgment, order, settlement, conviction or upon a
plea of nolo contendre or its equivalent shall not, of itself, create a
presumption that the Indemnitee did not satisfy the foregoing standard of
conduct to the extent applicable thereto.

                  (b) The Company shall indemnify the Indemnitee who was or is a
party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding by or in the right of the Company to
procure a judgment in its favor by reason of the fact that he is or was or had
agreed to become an [officer] [director] of the Company, or is or was serving or
had agreed to serve at the request of the Company as a director, officer,
trustee, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise against costs, charges and expenses (including
attorneys' and others' fees and expenses) actually and reasonably incurred by
him in connection with the defense or settlement thereof
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or any appeal therefrom if he acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the Company and except
that no indemnification shall be made in respect of any claim, issue or matter
as to which the Indemnitee shall have been adjudged to be liable to the Company
unless and only to the extent that the Superior Court or the court in which such
action, suit or proceeding was brought shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of
the case, the Indemnitee is fairly and reasonably entitled to indemnity for such
expenses which the Superior Court or such other court shall deem proper.

                  (c) To the extent that the Indemnitee has been successful on
the merits or otherwise, including without limitation the dismissal of an action
without prejudice, in any action, suit or proceeding referred to in Sections
2(a) or 2(b) or in defense of any claim, issue or matter therein, he shall be
indemnified against costs, charges and expenses (including attorneys' and
others' fees and expenses) actually and reasonably incurred by him in connection
therewith.

                  (d) Any indemnification under Sections 2 (a) or 2(b) (unless
ordered by a court) shall be made by the Company only as authorized in the
specific case upon a determination in accordance with Section 4 hereof any
applicable provision of the Certificate, By-Laws or resolution of the Board of
Directors of the Company. Such determination shall be made (i) by the Board of
Directors of the Company (the "Board") by a majority vote of a quorum consisting
of directors who were not parties to such action, suit or proceeding, (ii) if
such a quorum of disinterested directors is not available or so directs, by
independent legal counsel (designated in the manner provided below in this
subsection (d)) in a written opinion or (iii) by a majority vote of a quorum of
the stockholders of the Company at a meeting duly called and held present (the
"Stockholders"). Independent legal counsel shall be designated by vote of a
majority of the disinterested directors; provided, however, that if the Board is
unable or fails to so designate, such designation shall be made by the
Indemnitee subject to the approval of the Company (which approval shall not be
unreasonably withheld). Independent legal counsel shall not be any person or
firm who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company
or the Indemnitee in an action to determine the Indemnitee's rights under this
Agreement. The Company agrees to pay the reasonable fees and expenses of such
independent legal counsel and to indemnify fully such counsel against costs,
charges and expenses (including attorneys' and others' fees and expenses)
actually and reasonably incurred by such counsel in connection with this
Agreement or the opinion of such counsel pursuant hereto.

                  (e) All expenses (including attorneys' and others' fees and
expenses) incurred by the Indemnitee in his capacity as an officer of the
Company in defending an actual or threatened civil or criminal action, suit or
proceeding shall be paid by the Company in advance of the final disposition of
such action, suit or proceeding in the manner prescribed by Section 4(b).

                  (f) The Company shall not adopt any amendment to the
Certificate or By-Laws the effect of which would be to deny, diminish or
encumber the Indemnitee's rights to indemnity or encumber the Indemnitee's
rights to indemnity pursuant to the Certificate, By-Laws, the New Jersey
Business Corporation Act (the "Corporation Act") or any other applicable law as
applied to any act or failure to act occurring in whole or in part prior to the
date (the "Effective Date") upon which the amendment was approved by the Board
or Stockholders, as the case may be. If the Company shall adopt any amendment to
the Certificate or By-Laws the effect of which would be to so deny, diminish or
encumber the Indemnitee's rights to indemnity, such amendment shall apply only
to acts or failures to act occurring entirely after the Effective Date thereof.

                  (g) Notwithstanding any other provision of this Agreement, to
the extent that Indemnitee is, by reason of the fact that he is or was or had
agreed to become an officer or the Company or is or was serving or had agreed to
serve at the request of the Company as a director, officer, trustee, employee or
agent of another corporation, partnership, joint venture, trust or other
enterprise, a witness in any proceeding, he shall be indemnified against all
costs, charges and expenses (including attorneys' and others' fees and expenses)
actually and reasonably incurred by him or on his behalf in connection
therewith.

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         3. Additional Indemnification. (a) Pursuant to Section 14A:3-5 of the
Corporation Act, without limiting any right which the Indemnitee may have
pursuant to Section 2, the Certificate, the By-Laws, the Corporation Act, any
policy of insurance or otherwise, but subject to the limitations on the maximum
permissible indemnity which may exist under applicable law at the time of any
request for indemnity hereunder, the Company shall indemnify the Indemnitee
against any amount which he is or becomes legally obligated to pay relating to
or arising out of any claim made against him because of any act, failure to act
or neglect or breach of duty, including any actual or alleged error,
misstatement or misleading statement, which he commits, suffers, permits or
acquiesces in while acting in his capacity as a [officer] [director] of the
Company, or, at the request of the Company, as a director, officer, trustee,
employee or agent of another corporations partnership, joint venture, trust or
other enterprise. The payments which the Company is obligated to make pursuant
to this Section 3 shall include without limitation damages, judgments,
settlements and charges, costs, expenses, expenses of investigation and expenses
of defense of legal actions, suits, proceedings or claims and appeals therefrom,
and expenses of appeal, attachment or similar bonds; provided, however, that the
Company shall not be obligated under this Section 3(a) to make any payment in
connection with any claim against the Indemnitee if a judgment or other final
adjudication adverse to the Indemnitee establishes that his acts or omissions
(i) were in breach of his duty of loyalty to the Company or the Stockholders,
(ii) were not in good faith or involved a knowing violation of law, or (iii)
resulted in receipt by the Indemnitee of an improper personal benefit. The
determination of whether the Indemnitee shall be entitled to indemnification
under this Section 3(a) may be, but shall not be required to, be made in
accordance with Section 4(a). If that determination is so made, it shall be
binding upon the Company and the Indemnitee for all purposes.

                  (b) Expenses (including without limitation attorneys' and
others' fees and expenses) incurred by Indemnitee in defending any actual or
threatened civil or criminal action, suit, proceeding or claim shall be paid by
the Company in advance of the final disposition thereof as authorized in
accordance with Section 4(b).

         4. Certain Procedures Relating to Indemnification and Advancement of
Expenses. (a) Except as otherwise permitted or required by the Corporation Act,
for purposes of pursuing his rights to indemnification under Sections 2(a), 2(b)
or 3(a), as the case may be, the Indemnitee may, but shall not be required to,
(i) submit to the Board a sworn statement of request for indemnification
substantially in the form of Exhibit A attached hereto and made a part hereof
(the "Indemnification Statement") averring that he is entitled to
indemnification hereunder; and (ii) present to the Company reasonable evidence
of all expenses for which payment is requested, including appropriate invoices.
Submission of an Indemnification Statement to the Board shall create a
presumption that the Indemnitee is entitled to indemnification under Sections
2(a), 2(b) or 3(a), as the case may be, and the Board shall be deemed to have
determined that the Indemnitee is entitled to such indemnification unless within
30 calendar days after submission of the Indemnification Statement the Board
shall determine by vote of a majority of the directors at a meeting at which a
quorum is present, based upon clear and convincing evidence (sufficient to rebut
the foregoing presumption), and the Indemnitee shall have received notice within
such period in writing of such determination, that the Indemnitee is not so
entitled to indemnification, which notice shall disclose with particularity the
evidence in support of the Board's determination. The foregoing notice shall be
signed by the director presiding as chairman at the meeting at which the vote to
deny indemnification was taken or, if the action to deny indemnification was by
written consent without a meeting, signed by all persons who participated in the
determination and voted to deny indemnification. The provisions of this Section
4(a) are intended to be procedural only and shall not affect the right of the
Indemnitee to indemnification under this Agreement, and any determination by the
Board that the Indemnitee is not entitled to the indemnification and any failure
to make the payments requested in the Indemnification Statement shall be subject
to judicial review as provided in Section 7.

                  (b) For purposes of determining whether to authorize
advancement of expenses pursuant to Section 2(e), the Indemnitee shall submit to
the Board a sworn statement of request for advancement of expenses substantially
in the form of Exhibit B attached hereto and made a part hereof (the
"Undertaking"), averring that (i) he has reasonably incurred or will reasonably
incur actual expenses in defending an actual

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or threatened civil or criminal action, suit, proceeding or claim and (ii) he
undertakes to repay such amount if it shall ultimately be determined that he is
not entitled to be indemnified by the Company under this Agreement or otherwise,
which repayment shall be made within 180 days of a written request therefor by
the Company. For purposes of requesting advancement of expenses pursuant to
Section 3(b), the Indemnitee may, but shall not be required to, submit an
Undertaking or such other form of request, as he determines to be appropriate
(an "Expense Request"). Upon receipt of an Undertaking or Expense Request, as
the case may be, the Board may make reasonable inquiries to determine whether
such expenses relate to an action, suit, proceeding or claim the subject matter
of which is of the type for which the Indemnitee may make a claim for
indemnification under this Agreement. Unless the Board determines within 10
calendar days after receipt of such Undertaking or Expense Request that such
expenses relate to an action, suit, proceeding or claim the subject matter of
which is not of the type for which the Indemnitee may make a claim for
indemnification under this Agreement, the Board shall authorize immediate
payment of the expenses stated in the Undertaking or Expense Request, as the
case may be, whereupon such payments shall immediately be made by the Company.
No security shall be required in connection with any Undertaking or Expense
Request and any Undertaking or Expense Request shall be accepted without
reference to the Indemnitee's ability to make repayment. For purposes of
pursuing his rights to advancement of expenses hereunder, the Indemnitee shall
present to the Company reasonable evidence of all expenses for which advancement
is requested, including appropriate invoices.

         5. Subrogation; Duplication of Payments. (a) In the event of payment
under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of recovery of the Indemnitee, who shall execute
all papers required and shall do everything that may be necessary to secure such
rights, including the execution of such documents necessary to enable the
Company effectively to bring suit to enforce such rights.

                  (b) The Company shall not be liable under this Agreement to
make any payment in connection with any claim made against the Indemnitee to the
extent the Indemnitee has actually received payment (under any insurance policy,
the Certificate, the By-Laws or otherwise) of the amounts otherwise payable
hereunder.

         6. Insurance. To the extent that the Company maintains an insurance
policy or policies providing liability insurance for directors, officers,
employees, agents or fiduciaries or the Company or of any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise
which such person serves at the request of the Company, Indemnitee shall be
covered by such policy or policies in accordance with its or their terms to the
maximum extent of such coverage available for any such director, officer,
employee or agent under such policy or policies.

         7. Enforcement. (a) if a claim for indemnification made to the Company
pursuant to Section 4 is not paid in full by the Company within 30 calendar days
after a written claim has been received by the Company, the Indemnitee may at
any time thereafter bring suit against the Company to recover the unpaid amount
of the claim.

                  (b) In any action brought under Section 7 (a), it shall be a
defense to a claim for indemnification pursuant to Sections 2(a) or 2(b) (other
than an action brought to enforce a claim for expenses incurred in defending any
proceeding in advance of its final disposition where the Undertaking, if any is
required, has been tendered to the Company) that the Indemnitee has not met the
standards of conduct which make it permissible under the Corporation Act for the
Company to indemnify the Indemnitee for the amount claimed, but the burden or
proving such defense shall be on the Company. Neither the failure of the Company
(including the Board, independent legal counsel or the Stockholders) to have
made a determination prior to commencement of such action that indemnification
of the Indemnitee is proper in the circumstances because he has met the
applicable standard of conduct set forth in the Corporation Act, nor an actual
determination by the Company (including the Board, independent legal counsel or
the Stockholders) that the Indemnitee has not met such applicable standard of
conduct, shall be a defense to the action or create a presumption that the
Indemnitee has not met the applicable standard of conduct.

                                        4
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                  (c) The Indemnitee shall not be required to incur the expenses
associated with the enforcement of his rights under thus Agreement by litigation
or other legal action because the cost and expense thereof would substantially
detract from the benefits intended to be extended to the Indemnitee hereunder.
Accordingly, if the Company has failed to comply with any of its obligations
under this Agreement or if the Company or any other person takes any action to
declare this Agreement void or unenforceable, or institutes any action, suit or
proceeding designed (or having the effect of being designed) to deny, or to
recover from, the Indemnitee the benefits intended to be provided to the
Indemnitee hereunder, the Company irrevocably authorizes the Indemnitee from
time to time, at the expense of the Company as hereinafter provided, to retain
counsel to represent the Indemnitee in connection with the initiation or defense
of any such action, suit, or proceeding, whether by or against the Company or
any director, officer, stockholder or other person affiliated with the Company,
in any jurisdiction. The Company shall pay and be solely responsible for any and
all costs, charges and expenses (including attorneys' and others' fees and
expenses) reasonably incurred by the Indemnitee (i) as a result of the Company's
failure to perform this Agreement or any provision hereof or (ii) as a result of
the Company or any Person contesting the validity or enforceability, of this
Agreement or any provision hereof as aforesaid.

         8. Counsel. With respect to any action, suit, proceeding or claim for
which indemnification or advancement of expenses may be sought pursuant to this
Agreement and upon request of the Indemnitee after the Indemnitee has submitted
an Indemnification Statement to the Board, the Company shall retain counsel
reasonably satisfactory to the Indemnitee to represent the Indemnitee and any
other the Company may designate (which may include the Company) in connection
with the action, suit, proceeding or claim to which the Indemnification
Statement relates. In connection with any such action, suit, proceeding or
claim, the Indemnitee shall have the right to retain his own counsel at his own
expense, except that the fees and expenses of such counsel retained by the
Indemnitee shall be expenses for which indemnification and advancement shall be
available under this Agreement if (i) the Company and the Indemnitee shall have
agreed to the retention of such counsel or (ii) the parties named or threatened
to be named in any such action, suit, proceeding or claim (including impleaded
parties) include, in addition to the Indemnitee, the Company or another party
who may be indemnified by the Company and representation of more than one party
by the same counsel would be inappropriate due to actual or, in the reasonable
opinion of the Indemnitee, potential conflicts of interests between them.

         9. Merger or Consolidation. If the Company shall be a constituent
corporation in a consolidation, merger or other reorganization, the Company, if
it shall not be the surviving, resulting or other corporation therein, shall
require as a condition thereto the surviving, resulting or acquiring corporation
to agree to indemnify the Indemnitee to the full extent provided in this
Agreement. Whether or not the Company is the resulting, surviving or acquiring
corporation in any such transaction, the Indemnitee shall also stand in the same
position under this Agreement with respect to the resulting, acquiring
corporation as he or she would have with respect to the Company if its separate
existence had continued.

         10. Nonexclusivity and Severability. (a) The right to indemnification
provided by this Agreement shall not be exclusive of any other rights to which
the Indemnitee may be entitled under the Certificate, By-Laws, the Corporation
Act, any other statute, insurance policy, agreement, vote of stockholders or
directors or otherwise, both as to actions in his official capacity and as to
actions in another capacity while holding such office, and shall continue after
the Indemnitee has ceased to be a director, officer, trustee, employee or agent.

                  (b) If any provision of this Agreement or the application of
any provision hereof to any person or circumstances is held invalid,
unenforceable or otherwise illegal, the remainder of this Agreement and the
application of such provision to other persons or circumstances shall not be
affected, and the provision so held to be invalid, unenforceable or otherwise
illegal shall be reformed to the extent (and only to the extent) necessary to
make it enforceable, valid and legal.

         11. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New Jersey, without giving effect to
the principles of conflicts of law thereof.

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         12. Modification; Survival. This Agreement contains the entire
agreement of the parties relating to the subject matter hereof. This Agreement
may be modified only by an instrument in writing signed by both parties hereto.
The provisions of this Agreement shall survive the death, disability, or
incapacity of the Indemnitee or the termination of the Indemnitee's service as
an officer of the Company and shall inure to the benefit of the Indemnitee's
heirs, executors and administrators.

         13. Notice By Indemnitee. Indemnitee agrees to promptly notify the
Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any proceeding
or matter which may be subject to indemnification or advancement of expenses
covered hereunder.

         13. Certain Terms. For purposes of this Agreement, references to "other
enterprises" shall include employee benefit plans; references to "fines" shall
include any excise taxes assessed on Indemnitee with respect to any employee
benefit plan; and references to "serving at the request of the Company" shall
include any service as a director, officer, trustee, employee or agent of the
Company which imposes duties on, or involves services by, the Indemnitee with
respect to an employee benefit plan, its participants or beneficiaries;
references to the masculine shall include the feminine; references to the
singular shall include the plural and vice versa; and if the Indemnitee acted in
good faith and in a manner reasonably believed to be in the interest of the
participants and beneficiaries of an employee benefit plan he shall be deemed to
have acted in a manner "not opposed to the best interests of the Company" as
referenced to herein.

         14. Headings and Interpretation. When a reference is made in this
Agreement to Sections or Exhibits, such references shall be to a Section or
Exhibit to this Agreement unless otherwise indicated

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         IN WITNESS WHEREOF, the Company and the Indemnitee have duly executed
this Agreement as of the date first above written.

                                                NATIONAL ATLANTIC HOLDINGS CORP.

                                       By:
                                          -----------------------------
                                       Name:
                                       Title:

                                      ---------------------------------
                                                [__________]

                                       7
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                                    EXHIBIT A

                    STATEMENT OF REQUEST FOR INDEMNIFICATION

STATE OF                                )
                                        ) SS
COUNTY OF                               )

         I,              , being first duly sworn, do depose and say as follows:

         1. This Indemnification Statement is submitted pursuant to the
Indemnification Agreement dated as of [_______], 2004 between National Atlantic
Holdings Corp., a New Jersey corporation (the "Company"), and the undersigned.

         2. 1 am requesting indemnification against charges, costs, expenses
(including attorneys' and others' fees and expenses), judgments, fines and
amounts paid in settlement, all of which (collectively, "Liabilities") have been
or will be incurred by me in connection with an actual or threatened action,
suit, proceeding or claim to which I am a party or am threatened to be made a
party.

         3. With respect to all matters related to any action, suit, proceeding
or claim, I am entitled to be indemnified as herein contemplated pursuant to the
aforesaid Indemnification Agreement.

         4. Without limiting any other rights which I have or may have, I am
requesting indemnification against Liabilities which have or may arise out of
                  .

         Subscribed and sworn to before me, a Notary Public in and for said
County and State, this day of           ,               .

                                                  ------------------------------

[Seal]

         My commission expires        the day of         ,        .

                                       8
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                                    EXHIBIT B

                                   UNDERTAKING

STATE OF                                )
                                        ) SS
COUNTY OF                               )

         I,              , being first duly sworn, do depose and say as follows:

         1. This Undertaking is submitted pursuant to the Indemnification
Agreement dated as of [________], 2004 between National Atlantic Holdings Corp.,
a New Jersey corporation (the "Company"), and the undersigned.

         2. I am requesting advancement of certain costs, charges and expenses
which I have incurred or will incur in defending an actual or threatened civil
or criminal action, suit, proceeding or claim.

         3. I hereby undertake to repay this advancement of expenses if it shall
ultimately be determined that I am not entitled to be indemnified by the Company
under the aforesaid Indemnity Agreement or otherwise. Such repayment shall be
made within 180 days of a written request therefor by the Company.

         4. The costs, charges and expenses for which advancement is requested
are, in general, all expenses related to              .

                                                  ------------------------------

Subscribed and sworn to before me, a Notary Public in and for said County and
State, this         day of              ,          .

                                                  ------------------------------

[Seal]

         My commission expires the        day of               ,        .

                                       9<PAGE>
                                                                   EXHIBIT 10.27

                              EMPLOYMENT AGREEMENT

         This is an Employment Agreement (the "Agreement") dated as of February
15, 2004, between The Greenbrier Companies, Inc., its affiliates, successors and
assigns, ("EMPLOYER") and James T. Sharp, 5099 Woodwinds Ct., West Linn, Oregon
97068 ("EMPLOYEE").

         A. Employer is a corporation organized and existing under and by virtue
of the laws of the State of Delaware.

         B. Employee has heretofore been an employee of Employer and the parties
now wish to formalize the employment arrangement by this Employment Agreement
(the "Agreement") and substantially alter Employee's duties and
responsibilities.

         C. Employer and Employee desire for Employee to perform the duties, and
to be subject to all of the terms and conditions, set forth in this Agreement.

1. EMPLOYMENT RELATIONSHIP

         1.01 EMPLOYMENT COVENANTS. Employer hereby agrees to employ Employee,
and Employee agrees to serve, in accordance with the terms and conditions set
forth in this Agreement.

         1.02 TITLE - REPORTING RELATIONSHIP - DUTIES - AUTHORITY. Employer
shall cause Employee to be elected President of Greenbrier Leasing Corporation,
an affiliate of Employer. Employee shall report to Employer's President and
Chief Executive Officer ("CEO") and will be responsible for, among other things,
(A) reorganizing the various departmental functions currently engaged in various
aspects of the asset management of the Company into a single organization
designed to increase profitability, grow revenue and improve service to internal
and external customers, (B) improving utilization and returns on GLC rail
assets, (C) the acquisition and sale of railcars by GLC and (D) lease revenues
and returns while cars are held in the portfolio. As part of the senior
management group reporting to the CEO, Employee will participate in the
strategic planning process of the Company. Employee's duties and
responsibilities may change, from time to time, and he shall have such
additional duties and responsibilities as shall be assigned by the CEO.

         1.03 EXTENT OF SERVICES. Employee shall devote his full business time,
attention and best efforts to furthering the affairs of Employer during the
period of employment. It is expressly acknowledged and agreed that Employee's
innovations, ideas, plans and business improvements will be performed on behalf
of Employer and become the Employer's property for further use,
commercialization and exploitation.

         1.04 INTENTIONALLY LEFT BLANK.

                                     Page 1
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         1.05 LOCATION OF EMPLOYMENT. During the term of Employee's employment
under this Agreement, Employee shall be located at Employer's corporate
headquarters in Lake Oswego, Oregon, or as otherwise agreed by Employee and CEO.

         1.06 TERM OF EMPLOYMENT. Subject to the provisions of this Agreement,
including especially Section 4, Employee's employment shall extend for a period
of ten years, at which time it shall terminate; provided, however, that Employer
may terminate this Agreement at any time upon twenty-four (24) months' advance
written notice. Neither termination of this Agreement nor completion of the
assignment contemplated hereby shall effect (a) any compensation earned by
Employee up to the date of termination or completion as the case may be, (b) any
compensation to be earned by Employee after termination pursuant to Section 4
hereof, (c) the reimbursement of expenses incurred by Employee up to the date of
termination or completion and (d) the provisions of this Agreement which are
intended to survive its termination.

2. COMPENSATION AND BENEFITS

         2.01 CASH COMPENSATION. Employee shall receive a salary of $215,000.00
per year, effective the date hereof, payable in monthly installments in
accordance with Employer's standard payroll procedures. Employee shall be
eligible to receive an annual target bonus equal to 50 percent of base
compensation, subject to performance criteria to be established. Actual annual
bonus shall be more or less than the target based on success in meeting the
performance criteria as determined by the CEO. A minimum bonus of 50 percent of
base compensation shall be guaranteed by Employer to Employee for 2004 and 2005,
payable upon the execution of this Agreement and one year thereafter,
respectively.

         2.02 EMPLOYEE BENEFIT PROGRAMS. Employee shall be entitled to
participate in health insurance, employee savings and such other fringe benefit
programs as are accorded generally to full-time employees of Employer, under
personnel policies adopted from time to time; provided, however, that

             (A) Employee's death benefit under Employer's Executive Life
Insurance Program shall be increased to a $500,000.00 pre-tax cash surrender
value at age 62.

             (B) Employee shall be included in Employer's "Target" supplemental
retirement program with a target benefit of 15 years of retirement income at
one-half projected ending compensation (i.e., salary plus target bonus)
commencing at age 65; or a similar program mutually agreeable to Employee and
Employer.

             (C) Pursuant to Employer's policy for designated officers, Employee
shall enter into a separate agreement with Employer providing protection equal
to that offered in the case of Termination Without Cause pursuant to Section
4.02 against a Change in Control, as that term is defined herein; and

                                     Page 2
<PAGE>
             (D) Employee will participate in developing a restricted stock or
options program and other compensation program developments for the Employer,
and will be a participant in them.

             (E) Employee shall participate in Employer's program for a
company-provided automobile consistent with Employees executive status,
including maintenance, fuel, insurance, etc.; provided, that Employer may opt to
fulfill this obligation with an equivalent benefit reasonably satisfactory to
Employee, including cash.

             (F) "Change in Control" means

                (1) A change in control of The Greenbrier Companies, Inc., the
parent of Greenbrier Leasing Corporation, of a nature that would be required to
be reported in response to Item 6(e) of Schedule 14A of Regulation 14A as in
effect on the date of this Agreement pursuant to the Securities Exchange Act of
1934 ("Exchange Act"); provided that, without limitation, such a change in
control shall be deemed to have occurred at such time as any Person (other than
William A. Furman or Alan James) hereafter becomes the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 30
percent or more of the combined voting power of the Voting Securities of The
Greenbrier Companies, Inc.; or

                (2) During any period of 12 consecutive calendar months,
individuals who at the beginning of such period constitute the Board of
Directors of The Greenbrier Companies, Inc. cease for any reason to constitute
at least a majority thereof unless the election, or the nomination for election,
by the shareholders of The Greenbrier Companies, Inc. of each new director was
approved by a vote of at least a majority of the directors then still in office
who were directors at the beginning of the period; or

                (3) There shall be consummated (A) any consolidation or merger
of The Greenbrier Companies, Inc. in which The Greenbrier Companies, Inc. is not
the continuing or surviving corporation or pursuant to which Voting Securities
would be converted into cash, securities, or other property, other than a merger
of The Greenbrier Companies, Inc. in which the holders of Voting Securities
immediately prior to the merger have the same, or substantially the same,
proportionate ownership of common stock of the surviving corporation immediately
after the merger, or (B) any sale, lease, exchange, or other transfer (in one
transaction or a series of related transactions) of all, or substantially all,
of the assets of The Greenbrier Companies, Inc., provided that any such
consolidation, merger, sale, lease, exchange, or other transfer consummated at
the insistence of an appropriate banking regulatory agency shall not constitute
a change in control; or

                (4) Approval by the shareholders of The Greenbrier Companies,
Inc. of any plan or proposal for the liquidation or dissolution of The
Greenbrier Companies, Inc.; or

                (5) The determination by Employer to cease paying premiums
required to be paid pursuant to Section 2.02(a) of this Agreement.

                                     Page 3
<PAGE>
                For the purposes of this Section 2.02(e), the term "Person"
shall mean and include any individual, corporation, partnership, group,
association, or other "person," as such term is used in Section 14(d) of the
Exchange Act, other than The Greenbrier Companies, Inc. or any employee benefit
plan(s) sponsored by The Greenbrier Companies, Inc. and Subsidiaries, and the
term "Voting Securities" shall mean outstanding securities of The Greenbrier
Companies, Inc. ordinarily having the right to vote at elections for directors.

3. CONFIDENTIALITY

         3.01 CONFIDENTIALITY. Employee acknowledges that during the course of
his employment by Employer, he has been, and will be exposed to, and may develop
information that is proprietary to Employer ("CONFIDENTIAL INFORMATION").
Confidential Information includes trade secrets which may include but is not
limited to, financial data, trade secrets, information concerning the operation,
design and marketing of products, repairs and processes, business plans and
procedures, customer and supplier lists, files and profiles, needs and market
analyses, calculations, data, manuals, specifications, performance standards,
instructions, lease and financing structures and calculations, and any other
material or information related to Employer or Employer's affiliates, or their
respective businesses or operations, and the ideas and information relating
thereto. Confidential Information does not include any information which is
available to the public, in the public domain, or readily ascertainable or
available from another legitimate source. Employee will at no time use or permit
any other person or entity to examine, use or derive benefit from Confidential
Information except in the course of performing his duties under this Agreement.
Employee shall maintain all Confidential Information in the strictest
confidence, and shall take all reasonable precautions to preserve its
confidentiality during the term of his employment and thereafter. All documents
and materials evidencing Confidential Information, and copies thereof, shall at
all times remain the property of Employer. Upon request, Employee will deliver
to Employer all documents and other materials which contain or pertain to
Confidential Information.

         3.02 BREACH. Upon a breach by Employee of any of the terms or
conditions of Section 3.01, Employer (or the affected affiliate of Employer, or
their respective successors in interest) shall have the right to:

             (A) Recover from Employee its actual damages incurred by reason of
         such breach, including its attorney fees and costs, if Employer
         prevails, or provided that such is awarded to Employer by way of an
         actual judgment;

             (B) Obtain injunctive relief to prevent the breach or continued
         breach without proof of actual damages; and

             (C) Pursue any other remedy available at law or in equity.

         3.03 ACKNOWLEDGMENTS. Employee acknowledges that upon a breach of
Section 3.01, Employer will suffer immediate and irreparable harm and damage for
which money alone cannot fully compensate Employer. Employee, therefore, agrees
that, upon such breach or threat of

                                     Page 4
<PAGE>
imminent breach, Employer shall be entitled to the entry of a temporary
restraining order, preliminary injunction, permanent injunction or other
injunctive relief barring Employee from violating Section 3.01 without posting
any bond or security. Employee further agrees that Employee shall not oppose the
entry of such temporary restraining order, preliminary injunction, permanent
injunction or other injunctive relief, without requirement that Employer post
any bond or other security.

         3.04 SURVIVAL. The provisions of this Section 3 of this Agreement shall
remain in full force and effect following termination of this Agreement or
termination of Employee's employment for any reason. Employer and its
Affiliates, and their respective successors in interest, are intended
beneficiaries of this Section 3. The remedies set forth in this Section 3 are
cumulative and pursuit of any such remedy shall not operate as an election or
preclude resort to any other remedy provided in this Agreement or by law.

4. TERMINATION OF EMPLOYMENT

         4.01 TERMINATION BY EMPLOYER FOR CAUSE. Employer may terminate
Employee's employment at any time For Cause with immediate effect upon
delivering written notice thereof to Employee. For purposes of this Agreement,
the term "FOR CAUSE" shall mean: (A) gross negligence or willful misconduct in
the performance of Employee's duties; (B) embezzlement, theft, larceny, material
fraud or other acts of dishonesty; (C) violation by Employee of any of the
provisions of this Agreement or any related agreement; (D) conviction of or
entrance of a plea of guilty or nolo contendere to a felony or other crime which
has or may have a material adverse effect on Employee's ability to carry out his
duties under this Agreement; (E) conduct involving moral turpitude; or (F)
failure or refusal to carry out the reasonable directives of the CEO. Upon
termination For Cause, Employer's sole and exclusive obligation will be to pay
Employee his salary earned under Section 2.01 through the date of termination
and any outstanding reimbursements. There shall be no obligation to pay a bonus
or any portion of a bonus if Employee is terminated For Cause. Employee shall
not be entitled to any compensation after the effective date of such termination
For Cause, except for vested deferred compensation.

         4.02 TERMINATION BY EMPLOYER WITHOUT CAUSE. Employer may terminate
Employee's employment at any time without cause ("Termination Without Cause")
upon written notice. Upon Termination Without Cause, Employer's sole and
exclusive obligation will be to pay to Employee (A) salary, for two (2) years
and any guaranteed or target bonus for that period of time pursuant to Section
2.01, (B) Employee benefits listed in Section 2.2 (except 2.02(c)), unless
comparable benefits are secured by Employee through new employment, (C) full
vesting of any options awarded under Section 2.02(d), and (D) any outstanding
reimbursements. Employee shall not be entitled to any other compensation, except
for vested deferred compensation.

         4.03 TERMINATION UPON DEATH OF EMPLOYEE. In the event of Employee's
death during the term of employment, Employer's sole and exclusive obligations
will be to pay to Employee's estate such salary as Employee earned under Section
2.01 through the date of his death plus any outstanding reimbursements.

                                     Page 5
<PAGE>
         4.04 TERMINATION AT ELECTION OF EMPLOYEE. Employee may terminate his
employment prior to the expiration of the term of employment upon written notice
to Employer. Upon such termination, Employee shall be entitled to all salary
accrued to the date of termination pursuant to Section 2.01, together with any
outstanding reimbursements. There shall be no pro rata payment of any guaranteed
or target bonus.

         4.05 EFFECT OF TERMINATION. Termination of Employee's employment shall
not relieve Employee of his duties of confidentiality under Section 3 of this
Agreement.

5. COVENANT NOT TO COMPETE

         In the case of a Termination at Election of Employee pursuant to
Section 4.04, Employee shall not, for a period of one year following such
termination, directly or indirectly, accept employment with or render any
services to any business competitive with the Company. Employee acknowledges
that the restrictions imposed by this Section 5 are fully understood and will
not preclude Employee from becoming gainfully employed following a termination
of employment with the Company.

6. GENERAL PROVISIONS

         6.01 NOTICES. Any notice required or permitted to be given under this
Agreement shall be sufficient if in writing and personally delivered or sent by
reputable air courier or by facsimile or electronic mail transmission addressed
as follows:

         If to Employer:            The Greenbrier Companies, Inc.
                                    One Centerpointe Drive, Suite 200
                                    Lake Oswego, OR 97035
                                    Attn: Chief Executive Officer
                                    Telephone:  (503) 684-7000
                                    Facsimile:  (503) 624-1488

         with a copy to:            Norriss M. Webb
                                    Executive Vice President and General Counsel
                                    The Greenbrier Companies, Inc.
                                    One Centerpointe Drive, Suite 200
                                    Lake Oswego, OR   USA   97035
                                    Telephone:  (503) 684-7000
                                    Facsimile:  (503) 684-7553

         If to Employee:            James T. Sharp
                                    5099 Woodwinds Ct.
                                    West Linn, Oregon 97068

                                     Page 6
<PAGE>
Such notice shall be effective upon the earlier of actual receipt by the
addressee or on the third business day following transmittal in accordance with
the above procedures. Inadvertent failure to provide a courtesy copy shall not
be deemed a breach of this Agreement or a failure of the giving of notice.
Either party may, by notice in writing to the other party, change the address to
which notices to that party are to be given.

         6.02 WAIVER. The waiver by either party of the breach of any provision
of this Agreement by the other party shall not operate or be construed as a
waiver of any subsequent breach by such party.

         6.03 AMENDMENT. No amendment, modification or discharge of this
Agreement shall be valid unless it is in writing and duly executed by the party
to be charged therewith.

         6.04 JURISDICTION, VENUE AND CHOICE OF APPLICABLE LAW. Employer and
Employee irrevocably consent and submit to the non-exclusive jurisdiction of the
Circuit Court of the State of Oregon for Multnomah County and the United States
District Court for the District of Oregon for purposes of resolving any disputes
pursuant to this Agreement and waive any objection based on venue or forum non
conveniens, whether now existing or hereafter arising, and whether in contract,
tort, equity or otherwise, and agree that any dispute with respect to any such
matters shall be heard only in the courts described above. This Agreement shall
be construed in accordance with and governed by the internal laws of the United
States of America and the State of Oregon, without regard to principles of
conflict of laws, even if the laws of Oregon would otherwise provide for the
selection of the substantive law of a different jurisdiction.

         6.05 ATTORNEY FEES. If any action or proceeding is instituted by any
party to this Agreement to interpret or enforce this Agreement, the prevailing
party shall be entitled to recover as part of the award its reasonable attorney
fees and costs incurred in any such action including at arbitration, trial,
bankruptcy proceeding, and appeal. To the extent this provision may conflict
with the terms of the Covenant Not to Compete Agreement regarding attorney fees
in circumstances of a breach of that agreement, the terms of the Covenant Not to
Compete Agreement shall control.

         6.06 SEVERABILITY. The invalidity or unenforceability of any provision
of this Agreement shall in no way affect the validity or enforceability of any
other provision.

         6.07 BENEFIT AND ASSIGNMENT. This Agreement shall inure to and be
binding upon the parties, their heirs, personal representatives, successors and
assigns, provided that Employee may not assign or delegate his interest in this
Agreement. Employer may assign its rights and delegate its duties under this
Agreement to any affiliate of Employer in which case Employer shall be relieved
of further liability hereunder, provided, that no such assignment shall have the
effect of changing any material term of Employee's employment under this
Agreement.

         6.08 OTHER AGREEMENTS. The entire agreement between the parties
concerning employment services provided by Employee is contained herein. This
Agreement supersedes any and all prior agreements and understandings between the
parties with respect to employment

                                     Page 7
<PAGE>
services by Employee. There are no promises or representations made on behalf of
Employer to induce Employee to enter into this Agreement which are not set forth
herein.

         6.09 CAPTIONS. The paragraph and section captions are for convenience
of the parties and shall not affect the meaning or interpretation of this
Agreement.

         6.10 COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which counterparts shall be deemed an original, but all of
which together shall constitute one and the same instrument. Any counterpart may
be introduced as evidence of the Agreement.

EMPLOYER:                                  EMPLOYEE:
THE GREENBRIER COMPANIES, INC.

By:  /s/ William A. Furman                 /s/ James T. Sharp
   ------------------------------------    -------------------------------------
                                           James T. Sharp

Its: President, Chief Executive Officer
    -----------------------------------

                                     Page 8

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