Document:

Exhibit 10.7

 

 

THIS WARRANT AND THE UNDERLYING SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF
APPLICABLE STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD
EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION UNDER SUCH LAWS OR AN EXEMPTION
FROM SUCH REGISTRATION REQUIREMENT.

 

WARRANT TO PURCHASE COMMON STOCK

 

OF

 

FREIGHTCAR AMERICA, INC.

 

	NO. W-[●]	 	[●],2020

 

THIS WARRANT CERTIFIES
THAT, for value received, CO Finance LVS VI LLC, a Delaware limited liability company, or its assigns (the “Holder”),
is entitled to subscribe for and purchase from FREIGHTCAR AMERICA, INC., a Delaware corporation (the “Company”),
a number of shares of the Company’s common stock, par value $0.01 per share (“Common Stock”), equal to
(a) 23.0% of the Common Stock Deemed Outstanding on the date of any exercise of this Warrant less (b) the aggregate number of shares
of Common Stock previously issued from time to time as a result of any partial exercise of this Warrant in accordance with the
terms set forth herein (collectively, the “Exercise Shares”), at a purchase price per share of $0.01 (the “Exercise
Price”), all subject to the terms, conditions and adjustments set forth below in this Warrant.

 

This Warrant is being
issued pursuant to the terms of the Warrant Acquisition Agreement, dated as of October [●], 2020, by and between the Company
and the Holder (the “Warrant Agreement”). Certain capitalized terms used herein are defined in Section 1
hereof. Capitalized terms not otherwise defined herein shall have the meaning given to such terms in the Warrant Agreement. The
Exercise Shares are subject to adjustment as provided herein.

 

This Warrant is subject
to the following terms and conditions:

 

1.       DEFINITIONS.
As used herein, the following terms shall have the following respective meanings:

 

(a)              
“Aggregate Exercise Price” means an amount equal to the product of (a) the number of Exercise
Shares in respect of which this Warrant is then being exercised pursuant to Section 2 hereof, multiplied by (b) the Exercise
Price.

 

(b)              
“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks
in New York City are authorized by law to close.

 

(c)              
“Change of Control” means: (i) a capital reorganization or reclassification of the capital stock
of the Company resulting in any Person or group of Persons other than holders of the voting securities of the Company outstanding
immediately prior to such transaction, becoming the holder, directly or indirectly, of more than 50% of the combined voting power
of the outstanding voting securities of the Company having the right to vote for the election of members of the Board of Directors
of the Company; (ii) a merger, consolidation or reorganization or other similar transaction or series of related transactions,
in each case which results in the voting securities of the Company outstanding immediately prior thereto representing immediately
thereafter (either by remaining outstanding or by being converted into voting securities of the surviving or acquiring entity)
less than 50% of the combined voting power of the outstanding voting securities of the Company having the right to vote for the
election of members of the Board of Directors of the Company or such surviving or acquiring entity outstanding immediately after
such merger, consolidation or reorganization; (iii) the issuance by the Company of shares of capital stock of the Company, in a
single transaction or series of related transactions, representing at least 50% of the combined voting power of the outstanding
voting securities of the Company having the right to vote for the election of members of the Board of Directors of the Company;
or (iv) the acquisition by any “person” (together with his, her or its Affiliates) or “group” (within the
meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
directly or indirectly, of the beneficial ownership (as such term is defined in Rule 13d-3 promulgated under the Exchange Act)
of outstanding shares of capital stock and/or other equity securities of the Company, in a single transaction or series of related
transactions (including, without limitation, one or more tender offers or exchange offers), representing at least 50% of the combined
voting power of the outstanding voting securities of the Company having the right to vote for the election of members of the Board
of Directors of the Company; provided that a transaction (or series of related transactions) consisting solely of the issuance
by the Company of equity securities of the Company for cash consideration shall not be considered a Change of Control.

     

     

    

(d)              
“Common Stock Deemed Outstanding” means, at any given time, the sum of (a) the number of shares
of Common Stock actually outstanding at such time, plus (b) the number of shares of Common Stock issuable upon exercise of Options
actually outstanding at such time, plus (c) the number of shares of Common Stock reserved for issuance under any equity incentive
plan approved by the Board of Directors of the Company at such time, regardless of whether the shares of Common Stock are actually
subject to outstanding Options or Convertible Securities, plus (d) the number of shares of Common Stock issuable upon conversion
or exchange of Convertible Securities actually outstanding at such time (treating as actually outstanding any Convertible Securities
issuable upon exercise of Options actually outstanding at such time), in each case, regardless of whether the Options or Convertible
Securities are actually exercisable at such time, plus (e) the number of shares of Common Stock that may be issued pursuant to
any contract, agreement or arrangement of the Company in effect at such time, including without limitation shares of Common Stock
to be issued in connection with any acquisition, joint venture, commercial relationship or the acquisition or license by the Company
of the securities, businesses, property or other assets of another person or entity or pursuant to any employee benefit plan assumed
by the Company in connection with any such acquisition; provided that Common Stock Deemed Outstanding at any given time
shall not include shares of Common Stock owned or held by or for the account of the Company or any of its wholly owned subsidiaries

 

(e)              
 “Convertible Securities” means any securities (directly or indirectly) convertible into or exchangeable
for the Common Stock, but excluding Options.

 

(f)               
“Exercise Period” means the period commencing on the date hereof and ending on the Expiration
Date.

 

(g)              
“Expiration Date” means ten (10) years from the date hereof.

 

(h)              
“Fair Market Value” means, as of any particular date: (a) the volume weighted average of the closing
sales prices of the Common Stock for such day on all U.S. securities exchanges on which the Common Stock may at the time be listed;
(b) if there have been no sales of the Common Stock on any such exchange on any such day, the average of the highest bid and lowest
asked prices for the Common Stock on all such exchanges at the end of such day; (c) if on any such day the Common Stock is not
listed on a domestic securities exchange, the closing sales price of the Common Stock as quoted on the OTC Bulletin Board, the
Pink OTC Markets or similar quotation system or association for such day; or (d) if there have been no sales of the Common Stock
on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association on such day, the average of the highest
bid and lowest asked prices for the Common Stock quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system
or association at the end of such day; in each case, averaged over twenty (20) consecutive Business Days ending on the Business
Day immediately prior to the day as of which “Fair Market Value” is being determined; provided that, if the
Common Stock is listed on any U.S. securities exchange, the term "Business Day" as used in this sentence means Business
Days on which such exchange is open for trading. If at any time the Common Stock is not listed on any domestic securities exchange
or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association, the "Fair Market Value”
of the Common Stock shall be the fair market value per share as determined jointly by the Company’s Board of Directors and
the Holder.

    	 	2	 

     

    

(i)                
“Liquid Securities” means a class of securities registered under Section 12(b) of the Exchange
Act, which are listed or quoted for trading on a national securities exchange.

 

(j)                
“Options” means any warrants or other rights or options to subscribe for, acquire, purchase or
otherwise be issued Common Stock or Convertible Securities.

 

(k)              
“Original Issue Date” means [●], 2020.

 

(l)                
“OTC Bulletin Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic
inter-dealer quotation system.

 

(m)            
“Person” means any individual, sole proprietorship, partnership, limited liability company, corporation,
joint venture, trust, incorporated organization or government or department or agency thereof.

 

(n)              
“Pink OTC Markets” means the OTC Markets Group Inc. electronic inter-dealer quotation system,
including OTCQX, OTCQB and OTC Pink.

 

(o)              
“Securities Act” means the Securities Act of 1933, as amended.

 

2.       EXERCISE
OF WARRANT. 

 

2.1Exercise.
The rights represented by this Warrant may be exercised in whole or in part at any time during the Exercise Period, by delivery
of the following to the Company at its address set forth above (or at such other address as it may designate by notice in writing
to the Holder):

 

(a)              
an executed Notice of Exercise in the form attached hereto;

 

(b)              
payment of the Exercise Price in cash (by wire transfer to the account designated in writing by the Company) or by
check; and

 

(c)              
this Warrant.

 

Upon receipt by the
Company of this Warrant and payment of the Exercise Price in cash (by wire transfer to the account designated in writing by the
Company) or by check, or pursuant to Section 2.2, shares in certificated or book entry form representing the Exercise Shares
so purchased, registered in the name of the Holder or Persons affiliated with the Holder, if the Holder so designates, shall be
issued and delivered to the Holder at the Company’s expense within three (3) Business Days after such receipt.

    	 	3	 

     

    

The Person in whose
name any certificate or book entry representing the Exercise Shares that are to be issued upon exercise of this Warrant shall be
deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the
Exercise Price was made, irrespective of the date of delivery of such shares.

 

2.2       Net
Exercise. Notwithstanding any provisions herein to the contrary, if the Fair Market Value of one Exercise Share issuable hereunder
is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment
of cash, the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof
being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice
of Exercise in which event the Company shall issue to the Holder a number of Exercise Shares computed using the following formula:

 

X = Y (A-B)

A

 

Where X = the number of Exercise
Shares to be issued to the Holder

 

		Y =	the number of Exercise Shares purchasable under the Warrant or, if only a portion of the Warrant
is being exercised, the portion of the Warrant being canceled (at the date of such calculation)

 

		A =	the Fair Market Value of one Exercise Share purchasable under the Warrant (at the date of such
calculation)

 

	 	B =	Exercise
Price (as adjusted to the date of such calculation)

 

The Company acknowledges that the provisions
of this Section 2.2 are intended, in part, to ensure that a full or partial exchange of this Warrant pursuant to this Section
2.2 will qualify as a conversion, within the meaning of paragraph (d)(3)(iii) of Rule 144 under the Securities Act. At the
request of the Holder, the Company will accept reasonable modifications to the exchange procedures provided for in this Section
in order to accomplish such intent. For all purposes of this Warrant (other than this Section 2), any reference herein to
the exercise of this Warrant shall be deemed to include a reference to the exchange of this Warrant for Exercise Shares in accordance
with the terms of this Section 2.2.

 

2.3       Automatic
Exercise.

 

(a)       Change
of Control. In the event of a Change of Control, if the fair market value of the consideration payable in connection with such
Change of Control for each share of Common Stock is greater than the per share Exercise Price hereunder, the Company may elect
by providing proper notice pursuant to Section 3.4 hereof (“Auto-Exercise Notice”) to cause this Warrant
to be automatically exercised (even if this Warrant is not surrendered), in lieu of an exercise in accordance with Section 2.1
or Section 2.2, upon consummation of such Change of Control to the extent that any portion of the Warrant remains unexercised
at the time of the consummation of the Change of Control. The Holder shall be entitled to receive consideration in the amount equal
to the difference between the consideration payable in connection with such Change of Control for the Exercise Shares, if exercised,
and the Aggregate Exercise Price for such Exercise Shares. The consideration payable to the Holder in connection with this Section
2.3(a) shall be in the same form as the consideration distributed to holders of Common Stock in connection with such Change
of Control; provided that, if the consideration distributed to holders of Common Stock in connection with such Change of
Control consists of consideration other than cash or Liquid Securities (or a combination thereof), the consideration payable to
the Holder in connection with this Section 2.3(a) shall be an amount of cash payable by the Company equal to the aggregate
Fair Market Value of the Exercise Shares minus the Aggregate Exercise Price. To the extent this Warrant or any portion thereof
is automatically exercised pursuant to this Section 2.3(a), the Company agrees to promptly notify the Holder of the amount
and form of consideration payable to the Holder in connection with such Change of Control. This Warrant shall terminate in connection
with a deemed exercise pursuant to this Section 2.3. If the fair market value of the consideration payable in connection
with a Change of Control for each share of Common Stock is equal to or less than the per share Exercise Price, this Warrant will
expire upon the consummation of a Change of Control to the extent this Warrant has not been previously exercised as to all Exercise
Shares subject hereto.

    	 	4	 

     

    

(b)       Expiration
Date. To the extent that there has not been an exercise of this Warrant pursuant to this Section 2, any portion of the Warrant
that remains unexercised shall be exercised automatically in whole (not in part), upon the Expiration Date in the manner set forth
in Section 2.2.

 

2.4       Delivery of
New Warrant. Unless the purchase rights represented by this Warrant shall have expired or shall have been fully exercised,
the Company shall, at the time of delivery of the shares representing the Exercise Shares being issued in accordance with this
Section 2, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unexpired and unexercised
Exercise Shares called for by this Warrant. Such new Warrant shall in all other respects be identical to this Warrant.

 

3.                 
COVENANTS OF THE COMPANY. 

 

3.1       Covenants
as to Exercise Shares. The Company covenants and agrees that all Exercise Shares that may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable. The Company
further covenants and agrees that the Company will at all times during the Exercise Period have authorized and reserved, free from
preemptive rights, a sufficient number of Exercise Shares to provide for the exercise of the rights represented by this Warrant.
If at any time during the Exercise Period the number of authorized but unissued Exercise Shares shall not be sufficient to permit
exercise of this Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase
its authorized but unissued Exercise Shares to such number of shares as shall be sufficient for such purposes.

 

3.2       Expenses
and Taxes. The Company shall pay all reasonable and documented expenses, taxes and owner charges payable in connection with
the preparation, issuance and delivery of certificates (if any) for the Exercise Shares and any new Warrants.

 

3.3       No
Impairment. Except and to the extent as waived or consented to by the Requisite Holders, the Company will not adopt any amendment
to its certificate of incorporation or by-laws which has as a principal purpose thereof the disproportionate and adverse treatment
of the Holder or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed
hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant
and in the taking of all such action as may be necessary or appropriate in order to protect the exercise rights of the Holder as
set forth herein against impairment.

    	 	5	 

     

    

3.4       Notices.
Prior to (a) any taking by the Company of a record of the holders of any class of securities for the purpose of determining
the holders thereof who are entitled to receive any dividend or other distribution, (b) a Change of Control, (c) the issuance by
the Company of any shares of Common Stock, Options, Convertible Securities or any other equity securities of the Company, in each
case that would result in an adjustment pursuant to Section 4 to the number of Exercise Shares issuable upon exercise of
this Warrant, the Company shall send to the Holder, at least thirty (30) days prior to the date of any such action, a notice specifying
the date on which any such proposed action is to be taken and, in the case of a Change of Control, whether the Company intends
to exercise its automatic exercise rights under Section 2.3(a) upon the Change of Control.

 

4.                 
EFFECT OF CERTAIN EVENTS ON EXERCISE SHARES.

 

4.1       Adjustment
to Exercise Shares Upon Reorganization, Reclassification, Consolidation or Merger. In the event of any (i) capital reorganization
of the Company, (ii) reclassification of the stock of the Company (other than a change in par value or from par value to no par
value or from no par value to par value or as a result of a stock dividend or subdivision, split-up or combination of shares),
(iii) consolidation or merger of the Company with or into another Person, (iv) sale of all or substantially all of the Company’s
assets to another Person or (v) other similar transaction, in each case which entitles the holders of Common Stock to receive (either
directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock, each Warrant
shall, immediately after such reorganization, reclassification, consolidation, merger, sale or similar transaction, remain outstanding
and shall thereafter, in lieu of or in addition to (as the case may be) the number of Exercise Shares then exercisable under this
Warrant, be exercisable for the kind and number of shares of stock or other securities or assets of the Company or of the successor
Person resulting from such transaction to which the Holder would have been entitled upon such reorganization, reclassification,
consolidation, merger, sale or similar transaction if the Holder had exercised this Warrant in full immediately prior to the time
of such reorganization, reclassification, consolidation, merger, sale or similar transaction and acquired the applicable number
of Exercise Shares then issuable hereunder as a result of such exercise (without taking into account any limitations or restrictions
on the exercisability of this Warrant); and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder)
shall be made with respect to the Holder’s rights under this Warrant to insure that the provisions of this Warrant shall
thereafter be applicable, as nearly as possible, to any shares of stock, securities or assets thereafter acquirable upon exercise
of this Warrant. The provisions of this Section 4.1 shall similarly apply to successive reorganizations, reclassifications,
consolidations, mergers, sales or similar transaction. The Company shall not effect any such reorganization, reclassification,
consolidation, merger, sale or similar transaction unless, prior to the consummation thereof, the successor Person (if other than
the Company) resulting from such reorganization, reclassification, consolidation, merger, sale or similar transaction, shall assume,
by written instrument substantially similar in form and substance to this Warrant and satisfactory to the Holder, the obligation
to deliver to the Holder such shares of stock, securities or assets which, in accordance with the foregoing provisions, such Holder
shall be entitled to receive upon exercise of this Warrant. Notwithstanding anything to the contrary contained herein, with respect
to any corporate event or other transaction contemplated by the provisions of this Section 4.1, the Holder shall have the
right to elect, prior to the consummation of such event or transaction, to give effect to the exercise rights contained in Section
2 instead of giving effect to the provisions contained in this Section 4.1 with respect to this Warrant.

 

4.2       Dividends
and Distributions. Subject to the provisions of Section 4.1, as applicable, if the Company shall, at any time or from
time to time after the Original Issue Date, make or declare, or fix a record date for the determination of holders of Common Stock
entitled to receive, a dividend or any other distribution payable in securities of the Company (other than a dividend or distribution
of shares of Common Stock, Options or Convertible Securities in respect of outstanding shares of Common Stock), cash or other property,
then, and in each such event, provision shall be made so that the Holder shall receive upon exercise of the Warrant, in addition
to the number of Exercise Shares receivable thereupon, the kind and amount of securities of the Company, cash or other property
which the Holder would have been entitled to receive had the Warrant been exercised in full for Exercise Shares on the date of
such event and had the Holder thereafter, during the period from the date of such event to and including the Exercise Date, retained
such securities, cash or other property receivable by them as aforesaid during such period, giving application to all adjustments
called for during such period under this Section 4.2 with respect to the rights of the Holder; provided that no such
provision shall be made if the Holder receives, simultaneously with the distribution to the holders of Common Stock, a dividend
or other distribution of such securities, cash or other property in an amount equal to the amount of such securities, cash or other
property as the Holder would have received if the Warrant had been exercised in full for Exercise Shares on the date of such event.

    	 	6	 

     

    

4.3       Certificate
as to Adjustment. 

 

(a)               
As promptly as reasonably practicable following any adjustment to the Exercise Shares, but in any event not later than five
(5) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer setting forth in reasonable
detail such adjustment and the facts upon which it is based and certifying the calculation thereof.

 

(b)               
As promptly as reasonably practicable following the receipt by the Company of a written request by the Holder, but in any
event not later than five (5) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer
certifying the Exercise Price then in effect and the number of Exercise Shares or the amount, if any, of other shares of stock,
securities or assets then issuable upon exercise of the Warrant.

 

5.                  
FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes
of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would
result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise
entitled to such fraction a sum in cash equal to the product resulting from multiplying the then current Fair Market Value of an
Exercise Share by such fraction.

 

6.                  
NO STOCKHOLDER RIGHTS. This Warrant in and of itself shall not entitle the Holder to any rights as a stockholder of
the Company, and prior to the issuance to the Holder of the Exercise Shares to which the Holder is then entitled to receive upon
the due exercise of this Warrant, the Holder shall not be entitled to vote or be deemed the holder of shares of capital stock of
the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, any
of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings,
or subscription rights, or otherwise; provided that, in the event the Company declares a dividend during the Exercise Period,
the Holder shall be entitled to participate in such dividend in accordance with Section 4.2 hereof.

 

7.                  
COMPLIANCE WITH THE SECURITIES ACT; LEGEND. The Holder, by acceptance of this Warrant, agrees to comply in all respects
with the provisions of this Section 7 and the restrictive legend requirements set forth on the face of this Warrant. This
Warrant and all Exercise Shares issued upon exercise of this Warrant (unless registered under the Securities Act) shall be stamped
or imprinted with a legend in substantially the following form:

    	 	7	 

     

    

THIS WARRANT AND THE UNDERLYING
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES
LAWS OF APPLICABLE STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED
OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION UNDER SUCH LAWS OR AN
EXEMPTION FROM SUCH REGISTRATION REQUIREMENT.

 

8.                 
TRANSFER OF WARRANT. Subject to applicable laws and the restriction on transfer set forth on the first
page of this Warrant and the Warrant Agreement, this Warrant and all rights hereunder are transferable, in whole or in part, by
the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to
any transferee designated by Holder.

 

9.                 
LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed,
the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated
or destroyed.

 

10.             
NOTICES, ETC. Any notice required or permitted hereunder shall be given in writing and shall be conclusively
deemed effectively given upon personal delivery or delivery by courier, or on the first Business Day after transmission if sent
by confirmed facsimile transmission, or four (4) Business Days after deposit in the United States mail, by registered or certified
mail, postage prepaid, addressed (i) if to the Company, at the Company’s address as set forth in the Warrant Agreement, and
(ii) if to the Holder, at the Holder’s address as set forth in the Warrant Agreement, or at such other address as the Company
or Holder may designate by advance written notice.

 

11.             
AMENDMENT AND WAIVER. Any term of this Warrant may be amended or waived with the written consent of the
Company and the Requisite Holders.

 

12.             
GOVERNING LAW. This Warrant and all rights, obligations and liabilities hereunder shall be governed by
and construed in accordance with the Delaware General Corporation Law as to matters within the scope thereof, and as to all other
matters shall be governed by, and construed in accordance with, the internal laws of the State of New York, without reference to
principles of conflict of laws or choice of laws.

 

[signature
page follows]

 

 

 

 

 

    	 	8	 

     

    

IN WITNESS WHEREOF,
the Company and the Holder have each caused this Warrant to be executed by its duly authorized officer as of the date first
above written.

 

	 	FREIGHTCAR AMERICA, INC.
	 	 	 
	 	 	 
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	CO FINANCE LVS VI LLC
	 	 
	 	 
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

 

 

 

    
	[Signature Page to Warrant]

 

     

    

NOTICE OF EXERCISE

 

1.a.☐The undersigned
hereby elects to purchase a number of shares of Common Stock, par value $0.01 per share (the “Securities”),
of FreightCar America, Inc. (the “Company”) equal to ___% of the Common Stock Deemed Outstanding pursuant to
the terms of the attached Warrant, and tenders herewith payment of the exercise price in full.

 

1.b☐The undersigned
hereby elects to purchase a number of shares of Common Stock, par value $0.01 per share (the “Securities”),
of FreightCar America, Inc. (the “Company”) equal to ___% of the Common Stock Deemed Outstanding pursuant to
the terms of the net exercise provisions set forth in Section 2.2 of the attached Warrant.

 

2.       Please
issue said shares of Common Stock in the name of the undersigned or in such other name as is specified below:

 

 

	 	 	 
	(Name)	 	 
	 	 	 
	 	 	 
	 	 	 
	(Address)	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	(Date)	 	(Signature)
	 	 	 
	 	 	 
	 	 	(Print name)
	 	 	 

 

 

     

     

    

ASSIGNMENT FORM

 

(To assign the foregoing Warrant or
a portion thereof, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED,
the foregoing Warrant (or portion thereof) and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 	 	(“Assignee”)
	 	 	(Please Print)	 	 
	 	 	 	 	 
	Address: 	 	 	 	 
	 	 	(Please Print)	 	 

 

Assignee
agrees to take and hold the Warrant and any shares of stock to be issued upon exercise of the rights thereunder subject to, and
to be bound by, the terms and conditions set forth in the Warrant to the same extent as if Assignee were the original holder thereof.

 

Dated: ___________, 20__

 

	Holder’s 

Signature:	 	 	 
	 	 	 	 
	Holder’s 

Address:	 	 	 
	 	 	 	 
	Assignee’s 

Signature:	 	 	 
	 	 	 	 
	Assignee’s 

Address:	 	 	 

 

 

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever.
Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority
to assign the foregoing Warrant (or portion thereof).Exhibit 10.8

 

REGISTRATION
RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is dated as of [●], 2020 (the “Effective
Date”), by and between FreightCar America, Inc., a Delaware corporation (the “Company”), and CO Finance
LVS VI LLC, a Delaware limited liability company (the “Investor”).

 

Recitals

 

A.                
The Investor shall acquire a warrant (the “Warrant”) which shall be exercisable for shares of Common
Stock, par value $0.01 per share, of the Company (the “Common Stock”) equal, in the aggregate, to twenty-three
percent (23%) of the Common Stock Deemed Outstanding (the “Shares”) pursuant to that certain Warrant Acquisition
Agreement, dated as of October [●], 2020, by and between the Company and the Investor (the “Warrant Agreement”).

 

B.                 
In connection with the closing of the transactions contemplated by the Warrant Agreement (the “Closing”),
the Company desires to enter into this Agreement with the Investor to grant the Investor the registration rights set forth below.

 

AGREEMENT

 

The parties to this
Agreement, intending to be legally bound, agree as follows:

 

		1.	DEFINITIONS

 

All capitalized terms
used but not defined herein shall have the meanings ascribed to those terms in the Warrant Agreement. As used in this Agreement,
and unless the context requires a different meaning, the following terms have the meanings indicated:

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Business
Day” is any day other than a day on which banks and other financial institutions are authorized or required to be closed
for business in the State of New York.

 

“Closing”
has the meaning set forth in the Recitals.

 

“Common Stock”
has the meaning set forth in the Recitals.

 

“Company”
has the meaning set forth in the Preamble.

 

“Demand Registration
Notice” has the meaning set forth in Section 2.1.

 

“Demand Registration
Statement” has the meaning set forth in Section 2.1.

 

“Effective
Date” has the meaning set forth in the Preamble.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

     

     

    

“General Disclosure
Package” has the meaning set forth in Section 6.1(a).

 

“Indemnified
Party” has the meaning set forth in Section 6.3.

 

“Indemnifying
Party” has the meaning set forth in Section 6.3.

 

“Initiating
Investor” has the meaning set forth in Section 3.2.

 

“Investor”
has the meaning set forth in the Preamble.

 

“Permitted
Transferee” means, with respect to any Investor, any other person in which the Investor owns a majority of the equity
interests or any other investment entity that is controlled, advised or managed by the same person or persons that control the
Investor or is an Affiliate of that person.

 

“Piggyback
Registration Statement” has the meaning set forth in Section 3.1.

 

“Purchase
Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Registrable
Shares” means the Common Stock held by the Investor in the Company or any successor to the Company (including Common
Stock acquired on or after the Effective Date or upon the exercise of the Warrant), excluding any Common Stock that (a) has been
disposed of pursuant to any offering or sale in accordance with a Registration Statement, or has been sold pursuant to Rule 144
or Rule 145 (or any successor provisions) under the Securities Act or in any other transaction in which the purchaser does not
receive “restricted securities” (as that term is defined for purposes of Rule 144 under the Securities Act), (b) has
been transferred to a transferee that has not agreed in writing and for the benefit of the Company to be bound by the terms and
conditions of this Agreement or (c) has ceased to be of a class of securities of the Company that is listed and traded on a recognized
national securities exchange or automated quotation system.

 

“Registration
Expenses” means all expenses incurred in connection with the preparation, printing and distribution of any Registration
Statement and Prospectus and all amendments and supplements thereto, and any and all expenses incident to the performance by the
Company of its registration obligations pursuant to this Agreement, including: (a) all registration, qualification and filing fees;
(b) all fees and expenses associated with a required listing of the Registrable Shares on any securities exchange or market; (c)
fees and expenses with respect to filings required to be made with The Nasdaq Stock Market (or such other securities exchange or
market on which the Shares are then listed or quoted) or FINRA; (d) fees and expenses of compliance with securities or “blue
sky” laws; (e) fees and expenses related to registration in any non U.S. jurisdictions, as applicable; (f) fees and disbursements
of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company (including
the expenses of any comfort letters, costs associated with the delivery by independent certified public accountants of a comfort
letter or comfort letters, and expenses of any special audits incident to or required by any such registration); (g) all internal
expenses of the Company (including all salaries and expenses of its officers and employees performing legal or accounting duties);
(h) the fees and expenses of any person, including special experts, retained by the Company in connection with the preparation
of any Registration Statement; and (i) the reasonable fees and disbursements of one special legal counsel to represent the Investor.

 

“Registration
Statement” and “Prospectus” mean, as applicable, the Demand Registration Statement and related prospectus
(including any preliminary prospectus) or the Piggyback Registration Statement and related prospectus (including any preliminary
prospectus), whichever is utilized by the Company to satisfy the Investor’s registration rights pursuant to this Agreement,
including, in each case, any documents incorporated therein by reference.

    	 	2	 

     

    

“Rule 144”
means Rule 144 under the Securities Act or any successor rule thereto.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Suspension
Event” has the meaning set forth in Section 4.

 

		2.	DEMAND
REGISTRATION RIGHTS

 

2.1              
Demand Rights. At any time, and from time to time, the Investor may deliver to the Company a written notice
(a “Demand Registration Notice”) informing the Company of its desire to have some or all of its Registrable
Shares registered for sale. As soon as reasonably practicable after receiving the Demand Registration Notice, but in no event more
than sixty (60) calendar days following receipt of such notice, the Company shall file a registration statement and related prospectus
that complies as to form and substance in all material respects with applicable SEC rules providing for the sale by the Investor
of all of the Registrable Shares requested to be registered by the Investor (the “Demand Registration Statement”),
and agrees (subject to Sections 4 and 5.2) to use commercially reasonable efforts to cause the Demand Registration
Statement to be declared effective by the SEC upon, or as soon as practicable following, the filing thereof. Subject to Section
4, the Company agrees to use commercially reasonable efforts to keep the Demand Registration Statement continuously effective
(including the preparation and filing of any amendments and supplements necessary for that purpose) until the date on which the
Investor consummates the sale of all of the Registrable Shares registered for resale under the Demand Registration Statement or
such earlier date on which all Registrable Shares held by the Investor are freely tradeable in a single transaction pursuant to
Rule 144 (or any successor provision).

 

2.2              
Underwritten Offering. If the Investor intends to distribute the Registrable Shares covered by its Demand
Registration Notice by means of an underwriting, it shall so advise the Company as a part of its Demand Registration Notice. Notwithstanding
any other provision of this Section 2, if an underwriter advises the Company that, in the opinion of the underwriter, the
distribution of all of the Registrable Shares requested to be registered would materially and adversely affect the distribution
of all of the securities to be underwritten, then (a) the Company shall deliver to the Investor a copy of the underwriter’s
opinion, which shall be in writing and state the reasons for its opinion, and (b) the number of Registrable Shares that may be
included in such registration shall be allocated: (i) first, to the Investor; and (ii) second, to the other persons proposing to
register securities in such registration, if any; provided, however, that the number of Registrable Shares to be
included in the underwriting shall not be reduced unless all other securities are entirely excluded from the underwriting. Any
Registrable Shares excluded or withdrawn from the underwriting shall be withdrawn from the registration.

 

2.3              
Selection of Underwriter. The Investor shall have the right to select the underwriter or underwriters to administer
any underwritten demand registration offering or underwritten takedown under a Demand Registration Statement; provided that
the underwriter or underwriters shall be reasonably acceptable to the Company.

 

		3.	INCIDENTAL OR “PIGGY-BACK” REGISTRATION

    	 	3	 

     

    

3.1              
Piggy-Back Rights. If the Company proposes to
file a Registration Statement under the Securities Act with respect to an offering of its Common Stock, whether to be sold by the
Company or by one or more selling securityholders, other than (a) a Demand Registration Statement (in which case the ability
of an Investor to participate in the Demand Registration Statement shall be governed by Section  2.1) or (b) a
registration statement (i) on Form S-8 or any successor form to Form S-8 or in connection with any employee or director welfare,
benefit or compensation plan, (ii) in connection with an exchange offer or an offering of securities exclusively to existing
securityholders of the Company or its subsidiaries or (iii) relating to a transaction pursuant to Rule 145 under the Securities
Act, the Company shall give written notice of the proposed registration to the Investor at least twenty (20) calendar days prior
to the filing of the Registration Statement. The Investor shall have the right to request that all or any portion of its Registrable
Shares be included in the Registration Statement by giving written notice to the Company within ten (10) calendar days after receipt
of the foregoing notice by the Company. Subject to the provisions of Sections  3.1, 3.2 and 5.2, the
Company will include all such Registrable Shares requested to be included by the Investor in the Piggyback Registration Statement.
For purposes of this Agreement, any Registration Statement of the Company in which Registrable Shares are included pursuant to
this Section  3.1 shall be referred to as a “Piggyback Registration Statement.”

 

3.2              
Withdrawal of Exercise of Rights. If, at any time after giving written notice of its intention to register any securities
and prior to the effective date of the Piggyback Registration Statement filed in connection with such registration, the Company
or any other holder of securities that initiated such registration (each, an “Initiating Investor”) determines
for any reason not to proceed with the proposed registration, the Company may at its election (or the election of the Initiating
Investor(s), as applicable) give written notice of the determination to the Investor and thereupon shall be relieved of its obligation
to register any Registrable Shares in connection with such registration (but not from its obligation to pay the Registration Expenses
incurred in connection therewith).

 

3.3              
Underwritten Offering. If a registration pursuant to this Section 3 involves an underwritten offering and
the managing underwriter advises the Company in writing that, in its opinion, the number of securities which the Company and the
holders of the Registrable Shares and any other persons intend to include in the registration exceeds the largest number of securities
that can be sold in the offering without having an adverse effect on the offering (including the price at which the securities
can be sold), then the Company shall include in the registration the maximum number of securities as follows: (a) first, all
of the securities the Company proposes to sell for its own account, if any; provided that the registration of the securities
was initiated by the Company with respect to securities intended to be registered for sale for its own account; (b) second,
the number of Registrable Shares requested to be included in the registration by the Investor which, in the opinion of the managing
underwriter, can be sold without having the adverse effect described above; and (c) third, the securities requested to be included
therein by holders of Common Stock other than holders of Registrable Securities, allocated among such holders in such manner as
they may agree.

 

3.4              
Selection of Underwriter. Except to the extent Section 2.3 applies, Registrable Shares proposed to be registered
and sold under this Section 3 pursuant to an underwritten offering for the account of the Investor holding Registrable
Shares shall be sold to prospective underwriters selected by the Company and on the terms and subject to the conditions of one
or more underwriting agreements negotiated by the Company and the Investor.

 

		4.	Suspension of OfferingS

    	 	4	 

     

    

Notwithstanding the
provisions of Section  2 or 3, the Company shall be entitled to postpone the effectiveness of the Registration
Statement, and from time to time to require the Investor not to sell under the Registration Statement or to suspend the effectiveness
thereof, if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or another event has
occurred, which negotiation, consummation or event the Company reasonably believes would require additional disclosure by the Company
in the Registration Statement of material information that the Company has a bona fide business purpose for keeping confidential
and the non-disclosure of which in the Registration Statement would be expected, in the Company’s reasonable determination,
to cause the Registration Statement to fail to comply with applicable disclosure requirements (each such circumstance, a “Suspension
Event”); provided, however, that the Company may not delay or suspend the Registration Statement on more
than two (2) occasions or for more than thirty (30) consecutive calendar days, or more than one hundred twenty (120) total calendar
days, during any twelve (12) month period. Upon receipt of any written notice from the Company of the happening of any Suspension
Event during the period that the Registration Statement is effective or, if as a result of a Suspension Event, the Registration
Statement or related Prospectus contains any untrue statement of a material fact or omits to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the
case of the Prospectus) not misleading, the Investor agrees that it will immediately discontinue offers and sales of the Registrable
Shares under the Registration Statement until the Investor receives copies of a supplemental or amended Prospectus (which the Company
agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective
amendment has become effective or unless otherwise notified by the Company that it may resume such offers and sales. If so directed
by the Company, the Investor will deliver to the Company or, in the Investor’s sole discretion, destroy all copies of the
Prospectus covering the Registrable Shares in the Investor’s possession.

 

		5.	Registration Procedures

 

5.1              
Obligations of the Company. When the Company
is required to effect the registration of Registrable Shares under the Securities Act pursuant to this Agreement, the Company shall:

 

(a)               
use commercially reasonable efforts to register or qualify the Registrable Shares by the time the applicable
Registration Statement is declared effective by the SEC under all applicable state securities or “blue sky” laws of
such jurisdictions as the Investor may reasonably request in writing, to keep each such registration or qualification effective
during the period such Registration Statement is required to be kept effective pursuant to this Agreement, and to do any other
similar acts and things that may be reasonably necessary or advisable to enable the Investor to consummate the disposition of the
Registrable Shares owned by the Investor in each such jurisdiction; provided, however, that the Company shall not
be required to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction
where it would not otherwise be required to qualify but for this Agreement, (ii) take any action that would cause it to become
subject to any taxation in any jurisdiction where it would not otherwise be subject to such taxation or (iii) take any action
that would subject it to the general service of process in any jurisdiction where it is not then subject;

 

(b)              
prepare and file with the SEC such amendments and supplements as to the Registration Statement and the Prospectus
used in connection therewith as may be necessary to (i) keep such Registration Statement effective, and (ii) comply with
the provisions of the Securities Act with respect to the disposition of the Registrable Shares covered by such Registration Statement,
in each case for such time as is contemplated in the applicable provisions above;

    	 	5	 

     

    

(c)               
promptly furnish, without charge, to the Investor the number of copies of the Registration Statement, each amendment
and supplement thereto (in each case including all exhibits), and the Prospectus included in such Registration Statement (including
each preliminary Prospectus) in conformity with the requirements of the Securities Act, the documents incorporated by reference
in such Registration Statement or Prospectus and such other documents as the Investor may reasonably request to facilitate the
public sale or other disposition of the Registrable Shares owned by the Investor;

 

(d)              
promptly notify the Investor (i) when the Registration Statement, any pre-effective amendment, the Prospectus
or any prospectus supplement related thereto or post-effective amendment to the Registration Statement has been filed, and,
with respect to the Registration Statement or any post-effective amendment, when the same has become effective, (ii) of
the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation or threat
of any proceedings for that purpose, (iii) of any delisting or pending delisting of the Common Stock by any national securities
exchange or market on which the Common Stock is then listed or quoted, and (iv) of the receipt by the Company of any notification
with respect to the suspension of the qualification of any Registrable Shares for sale under the securities or “blue sky”
laws of any jurisdiction or the initiation of any proceeding for such purpose;

 

(e)               
use commercially reasonable efforts to prevent
the issuance of any order suspending the effectiveness of a Registration Statement, and, if any such order suspending the effectiveness
of a Registration Statement is issued, shall promptly use commercially
reasonable efforts to obtain the withdrawal of such order at the earliest possible moment;

 

(f)                
until the expiration of the period during which the Company is required to maintain the effectiveness of the
applicable Registration Statement as set forth in the applicable sections hereof, promptly notify the Investor: (i) of the
existence of any fact of which the Company is aware or the happening of any event that has resulted, or could reasonably be expected
to result, in (x) the Registration Statement, as is then in effect, containing an untrue statement of a material fact or omitting
to state a material fact required to be stated therein or necessary to make any statements therein not misleading, or (y) the
Prospectus included in such Registration Statement containing an untrue statement of a material fact or omitting to state a material
fact necessary to make any statements therein, in the light of the circumstances under which they were made, not misleading, and
(ii) of the Company’s reasonable determination that a post-effective amendment to the Registration Statement would
be appropriate or that there exist circumstances not yet disclosed to the public which make further sales under such Registration
Statement inadvisable pending such disclosure and post-effective amendment;

 

(g)               
if any event or occurrence giving rise to an obligation of the Company to notify the Investor pursuant to Section 5.1(f)
takes place, subject to Section 4, the Company shall prepare and, to the extent the exemption from prospectus delivery
requirements in Rule 172 under the Securities Act is not available, furnish to the Investor a reasonable number of copies of a
supplement or post-effective amendment to such Registration Statement or related Prospectus or any document incorporated therein
by reference or file any other required document, and shall use commercially reasonable efforts to have the supplement or amendment
declared effective, if required, as soon as practicable following the filing thereof, so that (i) such Registration Statement
shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, and (ii) as thereafter delivered to the purchasers of the Registrable Shares
being sold thereunder, such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

    	 	6	 

     

    

(h)              
use commercially reasonable efforts to cause all such Registrable Shares to be listed or quoted on the national
securities exchange or market on which the Common Stock is then listed or quoted, if the listing or quotation of the Registrable
Shares is then permitted under the rules of such national securities exchange or market;

 

(i)                
if requested by any Investor participating in an offering of Registrable Shares, as soon as practicable after
such request, but in no event later than fifteen (15) calendar days after such request, incorporate in a prospectus supplement
or post-effective amendment such information concerning the Investor or the intended method of distribution as the Investor
reasonably requests to be included therein and is reasonably necessary to permit the sale of the Registrable Shares pursuant to
the Registration Statement, including information with respect to the number of Registrable Shares being sold, the purchase price
being paid therefor and any other material terms of the offering of the Registrable Shares to be sold in such offering; provided,
however, that the Company shall not be obligated to include in any such prospectus supplement or post-effective amendment
any requested information that is not required by the rules of the SEC and is unreasonable in scope compared with the Company’s
most recent prospectus or prospectus supplement used in connection with a primary or secondary offering of equity securities by
the Company;

 

(j)                
in connection with the preparation and filing of any Registration Statement, the Company will give the Investor
and its counsel (i) the opportunity to review and provide comments on such Registration Statement, each Prospectus included
therein or filed with the SEC and each amendment thereof or supplement thereto (other than amendments or supplements that do not
make any material change in the information related to the Company); provided that the Company shall not file any such Registration
Statement including Registrable Shares or an amendment thereto or any related Prospectus or any supplement thereto to which the
Investor or the managing underwriter or underwriters, if any, shall reasonably object in writing), and (ii) such access to
its books and records and such opportunities to discuss the business of the Company and its subsidiaries with its officers, its
counsel and the independent public accountants who have certified its financial statements as shall be necessary, in the opinion
of the Investor’s and underwriters’ respective counsel, to conduct a reasonable due diligence investigation within
the meaning of the Securities Act;

 

(k)              
provide a transfer agent and registrar and a CUSIP number for the Registrable Shares not later than the effective
date of the first Registration Statement filed hereunder;

 

(l)                
cooperate with the Investor to facilitate the timely preparation and delivery of certificates for the Registrable
Shares to be offered pursuant to the applicable Registration Statement and enable such certificates for the Registrable Shares
to be in such denominations or amounts as the case may be, as the Investor may reasonably request and, within three (3) Business
Days after a Registration Statement that includes Registrable Shares is ordered effective by the SEC, the Company shall deliver,
or shall cause legal counsel selected by the Company to deliver, to the transfer agent for the Registrable Shares (with copies
to the Investor) an appropriate instruction and opinion of such counsel;

 

(m)            
enter into an underwriting agreement in customary form and substance reasonably satisfactory to the Company,
the Investor and the managing underwriter or underwriters of the public offering of Registrable Shares, if the offering is to be
underwritten, in whole or in part, provided that the Investor may, at its option, require that any or all of the conditions
precedent to the obligations of such underwriters under such underwriting agreement be conditions precedent to the obligations
of the Investor. The Investor shall not be required to make any representations or warranties to or agreement with the Company
or the underwriters other than representations, warranties or agreements regarding the Investor and its intended method of distribution
and any other representation or warranty required by law or reasonably requested by the underwriters. The Company shall cooperate
and participate in the marketing of Registrable Shares, including participating in customary “roadshow” presentations,
as the Investor and/or the managing underwriters may reasonably request;

    	 	7	 

     

    

(n)              
furnish, at the request of the Investor on the date that any Registrable Shares are to be delivered to the underwriters
for sale in connection with a registration pursuant to this Agreement, if such shares are being sold through underwriters, or,
if such shares are not being sold through underwriters, on the date that the Registration Statement with respect to such shares
becomes effective, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration,
in form and substance as is customarily given to underwriters, if any, to the Investor, and (ii) a letter dated such date,
from the independent certified public accountants of the Company who have certified the Company’s financial statements included
in the Registration Statement, in form and substance as is customarily given by independent certified public accountants to underwriters
in an underwritten public offering, addressed to the underwriters, if any, and to the Investor;

 

(o)               
make available to the Investor, as soon as reasonably practicable, an earnings statement covering the period
of at least twelve (12) months, but not more than eighteen (18) months, beginning with the first month of the first fiscal quarter
after the effective date of the applicable Registration Statement, which earnings statement shall satisfy the provisions of Section
11(a) of the Securities Act, including Rule 158 promulgated thereunder; and

 

(p)              
take all other reasonable actions necessary to expedite and facilitate disposition by the Investor pursuant to
the applicable Registration Statement.

 

5.2              
Obligations of the Investor. In connection with any Registration Statement utilized by the Company to
satisfy the provisions of this Agreement, the Investor agrees to reasonably cooperate with the Company in connection with the preparation
of the Registration Statement, and the Investor agrees that such cooperation shall include (a) responding within fifteen (15)
calendar days to any written request by the Company to provide or verify information regarding the Investor or the Investor’s
Registrable Shares (including the proposed manner of sale) that may be required to be included in any Registration Statement pursuant
to the rules and regulations of the SEC, and (b) providing in a timely manner information regarding the proposed distribution
by the Investor of the Registrable Shares and any other information as may be requested by the Company from time to time in connection
with the preparation of and for inclusion in any Registration Statement and related Prospectus.

 

5.3              
Participation in Underwritten Registrations. No Investor may participate in any underwritten registration
hereunder unless the Investor (a) agrees to sell the Investor’s Registrable Shares on the basis provided in the applicable
underwriting arrangements (that shall include a customary form of underwriting agreement, which will provide that the representations
and warranties by, and the other agreements on the part of, the Company to and for the benefit of the underwriters shall also be
made to and for the benefit of the Investor), and (b) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents in customary form as reasonably required under the terms of such underwriting arrangements;
provided, however, that, in the case of each of clause (a) and (b), if the provisions of the underwriting arrangements,
or the terms or provisions of the questionnaires, powers of attorney, indemnities, underwriting agreements or other documents,
are less favorable in any respect to an Investor than to any other person or entity that is party to the underwriting arrangements
as a selling stockholder, then the Company shall use commercially reasonable efforts to cause the parties to the underwriting arrangements
to amend the arrangements so that the Investor receives the benefit of any provisions thereof that are more favorable to such other
person or entity . If any Investor does not approve of the terms of the underwriting arrangements, the Investor may elect to withdraw
from the offering by providing written notice to the Company and the underwriter(s).

    	 	8	 

     

    

5.4              
Offers and Sales. All offers and sales by an Investor under any Registration Statement shall be completed
within the period during which the Registration Statement is required to remain effective pursuant to the applicable provision
above and not the subject of any stop order, injunction or other order of the SEC. Upon expiration of that period, no Investor
will offer or sell the Registrable Shares under the Registration Statement. If directed in writing by the Company, the Investor
will return or, in the Investor’s sole discretion, destroy all undistributed copies of the applicable Prospectus in its possession
upon the expiration of the period.

 

		6.	INDEMNIFICATION; CONTRIBUTION

 

6.1              
Indemnification by the Company. The Company agrees to indemnify and hold harmless the Investor and each person,
if any, who controls any Investor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, and any of their partners, members, managers, officers, directors, trustees, employees or representatives, as follows:

 

(a)               
against all loss, liability, claim, damage, judgment and expense whatsoever, as incurred (including reasonable
fees and disbursements of counsel to the Investor), arising out of or based upon any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement (or any amendment thereto) pursuant to which the Registrable Shares
were registered under the Securities Act, including all documents incorporated therein by reference, or the omission or alleged
omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading
or arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Issuer Free
Writing Prospectus (within the meaning of Rule 433 under the Securities Act, and together with any preliminary Prospectus and other
information conveyed to the purchaser of Registrable Shares at the time of sale (as such terms are used in Rule 159(a) under the
Securities Act), the “General Disclosure Package”), the General Disclosure Package or any Prospectus (or any
amendment or supplement thereto), including all documents incorporated therein by reference, or the omission or alleged omission
therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading;

 

(b)              
against any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state
securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law;

 

(c)               
against all loss, liability, claim, damage, judgment and expense whatsoever, as incurred (including reasonable
fees and disbursements of counsel to the Investor), and to the extent of the aggregate amount paid in settlement of any litigation,
or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon
any such untrue statement or omission, any such alleged untrue statement or omission or any such violation or alleged violation,
if such settlement is effected with the written consent of the Company (which consent shall not be unreasonably withheld, conditioned
or delayed); and

 

(d)              
against any and all expense whatsoever, as incurred (including reasonable fees and disbursements of counsel to
the Investor), reasonably incurred in investigating, preparing, defending against or participating in (as a witness or otherwise)
any litigation, arbitration, action, or investigation or proceeding by any governmental agency or body, commenced or threatened,
in each case whether or not a party, or any claim whatsoever based upon any such untrue statement or omission, any such alleged
untrue statement or omission or any such violation or alleged violation, to the extent that any such expense is not paid under
Section 6.1(a), (b) or (c) above;

    	 	9	 

     

    

provided, however, that the
indemnity provided pursuant to this Section 6 does not apply to any Investor with respect to any loss, liability, claim,
damage, judgment or expense to the extent arising out of (i) any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in strict conformity with written information furnished to the Company by the Investor expressly
for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto), or
(ii) the Investor’s failure to deliver an amended or supplemental Prospectus furnished to the Investor by the Company,
if required by law to have been delivered, if such loss, liability, claim, damage, judgment or expense would not have arisen had
such delivery occurred.

 

6.2              
Indemnification by Investor. The Investor agrees to indemnify and hold harmless the Company, and each of its directors
and officers (including each director and officer of the Company who signed a Registration Statement), and each person, if any,
who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, as
follows:

 

(a)               
against all loss, liability, claim, damage, judgment and expense whatsoever, as incurred (including reasonable
fees and disbursements of counsel), arising out of or based upon any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement (or any amendment thereto) pursuant to which the Registrable Shares of the Investor
were registered under the Securities Act, including all documents incorporated therein by reference, or the omission or alleged
omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading
or arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Issuer Free
Writing Prospectus (within the meaning of Rule 433 under the Securities Act), the General Disclosure Package, or any Prospectus
(or any amendment or supplement thereto), including all documents incorporated therein by reference, or the omission or alleged
omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading;

 

(b)              
against all loss, liability, claim, damage, judgment and expense whatsoever, as incurred (including reasonable
fees and disbursements of counsel), and to the extent of the aggregate amount paid in settlement of any litigation, or investigation
or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue
statement or omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent
of the Investor (which consent shall not be unreasonably withheld, conditioned or delayed); and

 

(c)               
against all expense whatsoever, as incurred (including reasonable fees and disbursements of counsel), reasonably
incurred in investigating, preparing, defending against or participating in (as a witness or otherwise) against any litigation,
arbitration, action, or investigation or proceeding by any governmental agency or body, commenced or threatened, in each case whether
or not a party, or any claim whatsoever based upon any such untrue statement or omission, any such alleged untrue statement or
omission or any such violation or alleged violation, to the extent that any such expense is not paid under Section 6.2(a)
or (b) above;

 

provided, however, that the
Investor shall only be liable under the indemnity provided pursuant to Section 6.2 with respect to any loss, liability,
claim, damage, judgment or expense to the extent arising out of (i) any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in strict conformity with written information furnished to the Company by the Investor expressly
for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto), or
(ii) the Investor’s failure to deliver an amended or supplemental Prospectus furnished to the Investor by the Company,
if required by law to have been delivered, if such loss, liability, claim, damage or expense would not have arisen had such delivery
occurred. Notwithstanding the provisions of this Section 6, an Investor and any of its Permitted Transferees shall not be
required to indemnify the Company, its directors, officers or control persons for any amount in excess of the amount of the aggregate
net cash proceeds received by the Investor or its Permitted Transferee, as the case may be, from sales of the Registrable Shares
of the Investor (or Permitted Transferee) under the Registration Statement that is the subject of the indemnification claim.

    	 	10	 

     

    

6.3              
Conduct of Indemnification Proceedings. An indemnified party hereunder (the “Indemnified Party”)
shall give reasonably prompt notice to the indemnifying party (the “Indemnifying Party”) of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify the Indemnifying Party (a) shall
not relieve it from any liability which it may have under the indemnity provisions of Section 6.1 or 6.2 unless
and only to the extent it did not otherwise learn of such action and the lack of notice by the Indemnified Party results in the
forfeiture by the Indemnifying Party of substantial rights and defenses, and (b) shall not, in any event, relieve the Indemnifying
Party from any obligations to any Indemnified Party other than the indemnification obligation provided under Section 6.1
or 6.2 above. If the Indemnifying Party so elects within a reasonable time after receipt of such notice, the Indemnifying
Party may assume the defense of such action or proceeding at such Indemnifying Party’s own expense with counsel chosen by
the Indemnifying Party and approved by the Indemnified Party, which approval shall not be unreasonably withheld or delayed; provided,
however, that the Indemnifying Party will not settle, compromise or consent to the entry of any judgment with respect to
any such action or proceeding without the written consent of the Indemnified Party unless such settlement, compromise or consent
secures the unconditional release of the Indemnified Party; and provided further that, if the Indemnified Party reasonably
determines that a conflict of interest exists where it is advisable for the Indemnified Party to be represented by separate counsel
or that, upon advice of counsel, there may be legal defenses available to the Indemnified Party that are different from or in addition
to those available to the Indemnifying Party, then the Indemnifying Party shall not be entitled to assume such defense and the
Indemnified Party shall be entitled to separate counsel at the Indemnifying Party’s expense. If the Indemnifying Party is
not entitled to assume the defense of such action or proceeding as a result of the second proviso to the preceding sentence, the
Indemnifying Party’s counsel shall be entitled to conduct the Indemnifying Party’s defense and counsel for the Indemnified
Party shall be entitled to conduct the defense of the Indemnified Party, it being understood that both such counsel will cooperate
with each other to conduct the defense of such action or proceeding as efficiently as possible. If the Indemnifying Party is not
so entitled to assume the defense of such action or does not assume such defense, after having received the notice referred to
in the first sentence of this paragraph, the Indemnifying Party will pay the reasonable fees and expenses of counsel for the Indemnified
Party. In such event, however, the Indemnifying Party will not be liable for any settlement effected without the written consent
of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. If an Indemnifying Party is entitled to
assume, and assumes, the defense of such action or proceeding in accordance with this paragraph, the Indemnifying Party shall not
be liable for any fees and expenses of counsel for the Indemnified Party incurred thereafter in connection with such action or
proceeding.

    	 	11	 

     

    

6.4              
Contribution.

 

(a)               
To provide for just and equitable contribution in circumstances in which the indemnity agreement in Sections
6.1 through 6.3 is for any reason held to be unenforceable
by the Indemnified Party although applicable in accordance with its terms, the Indemnified Party and the Indemnifying Party shall
contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by such indemnity agreement
incurred by the Indemnified Party and the Indemnifying Party, in such proportion as is appropriate to reflect the relative fault
of the Indemnified Party, on the one hand, and the Indemnifying Party, on the other hand, in connection with the statements or
omissions that resulted in such losses, liabilities, claims, damages or expenses. The relative fault of the Indemnifying Party
and Indemnified Party shall be determined by reference to, among other things, whether the action in question, including any untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates
to information supplied by, the Indemnifying Party or the Indemnified Party and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action.

 

(b)              
The parties agree that it would not be just or equitable if contribution pursuant to this Section 6.4
were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 6.4, an
Investor shall not be required to contribute any amount (together with the amount of any indemnification payments made by the Investor
pursuant to Section 6.2) in excess of the amount of the aggregate net cash proceeds received by the Investor from sales
of the Registrable Shares of the Investor under the Registration Statement that is the subject of the indemnification claim.

 

(c)               
Notwithstanding the foregoing, no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
For purposes of this Section 6.4, each person, if any, who controls an Investor within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, and any of their partners, members, officers, directors, trustees, employees
or representatives, shall have the same rights to contribution as the Investor, and each director of the Company, each officer
of the Company who signed a Registration Statement and each person, if any, who controls the Company within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Company.

 

		7.	EXPENSES

 

The Company will pay
all Registration Expenses in connection with each registration of Registrable Shares pursuant to Section  2 or 3.
The Investor shall be responsible for the payment of all brokerage and sales commissions, fees and disbursements of the Investor’s
counsel that are not Registration Expenses, accountants and other advisors, and any transfer taxes relating to the sale or disposition
of the Registrable Shares by the Investor pursuant to any Registration Statement or otherwise.

 

		8.	RULE 144 REPORTING

 

With a view to making
available to the Investor the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit an Investor
to sell securities of the Company to the public without registration or pursuant to a registration statement, if the Common Stock
of the Company is registered under the Exchange Act, the Company agrees to:

    	 	12	 

     

    

(a)               
file with the SEC in a timely manner all reports and other documents required of the Company under the Securities
Act and the Exchange Act; and

 

(b)              
for so long as the Investor owns any Registrable Shares, furnish to any Investor upon request (i) a written
statement from the Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange
Act, or that it qualifies as a registrant whose securities may be resold pursuant to a registration statement, (ii) a copy
of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company and (iii) such
other information as may be reasonably requested in availing any Investor of any rule or regulation of the SEC that permits the
selling of any such securities without registration or pursuant to a registration statement.

 

		9.	MISCELLANEOUS

 

9.1              
Waivers. No waiver by a party shall be effective
unless made in a written instrument duly executed by the party against whom the waiver is sought to be enforced, and only to the
extent set forth in that instrument. Neither the waiver by any of the parties of a breach or a default under any of the provisions
of this Agreement, nor the failure of any of the parties, on one or more occasions, to enforce any of the provisions of this Agreement
or to exercise any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or default of
a similar nature, or as a waiver of any such provisions, rights or privileges hereunder.

 

9.2              
Notices. Notices to the Company and to the Investor
shall be sent to their respective addresses as set forth in the Warrant Agreement. The Company or any Investor may require notices
to be sent to a different address by giving notice to the other parties in accordance with this Section  9.2. Any notice
or other communication required or permitted hereunder shall be in writing and shall be deemed to have been given upon receipt
if and when delivered personally, sent by facsimile transmission (the confirmation being deemed conclusive evidence of delivery)
or by overnight courier service or three calendar days after being sent by registered or certified mail (postage prepaid, return
receipt requested), to such parties at such address.

 

9.3              
Public Announcements and Other Disclosure. No
Investor shall make any press release, public announcement or other disclosure with respect to this Agreement without obtaining
the prior written consent of the Company, except as may be required by law or the rules or regulations of any securities exchange
or national market system upon which the securities of the Investor are listed or quoted; provided that, in the case of
any disclosure required by law, rule or regulation, the Investor making the disclosure shall use all reasonable efforts to consult
with the Company prior to making the disclosure.

 

9.4              
Headings and Interpretation. All section and
subsection headings in this Agreement are for convenience of reference only and are not intended to qualify the meaning, construction
or scope of any of the provisions hereof. The Investor hereby disclaims any defense or assertion in any litigation or arbitration
that any ambiguity herein should be construed against the drafter.

 

9.5              
Entire Agreement; Amendment. This Agreement,
together with the Purchase Agreement and any related exhibits and schedules hereto or thereto, constitute the sole and entire agreement
of the parties to this Agreement with respect to the subject matter hereof and thereof, and supersede all prior agreements and
understandings of the parties with respect to the subject matter hereof and thereof. Notwithstanding the foregoing, in the event
of any conflict between the terms and provisions of this Agreement and those of the Purchase Agreement, the terms and conditions
of this Agreement shall control. Except as otherwise expressly provided in this Agreement, no amendment, modification or discharge
of this Agreement shall be valid or binding unless set forth in writing and duly executed by the Company and the Investor.

    	 	13	 

     

    

9.6              
Assignment; Successors and Assigns. This Agreement
and the rights granted hereunder may not be assigned by any Investor without the written consent of the Company; provided,
however, that the rights to cause the Company to register Registrable Shares pursuant to this Agreement may be assigned
by an Investor to a Permitted Transferee of the Investor’s Registrable Shares; and provided further that in each case
the transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement. This Agreement
shall be binding upon, and inure to the benefit of, the parties hereto, their successors, heirs, legatees, devisees, permitted
assigns, legal representatives, executors and administrators, except as otherwise provided herein.

 

9.7              
Saving Clause. If any provision of this Agreement,
or the application of such provision to any person or circumstance, is held invalid, the remainder of this Agreement, or the application
of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby. If
the operation of any provision of this Agreement would contravene the provisions of any applicable law, such provision shall be
void and ineffectual. In the event that applicable law is subsequently amended or interpreted in such a way to make any provision
of this Agreement that was formerly invalid valid, such provision shall be considered to be valid from the effective date of such
interpretation or amendment.

 

9.8              
Counterparts; Exchanges. This Agreement may be executed in multiple counterparts, each of which shall
constitute an original and all of which, when taken together, shall constitute one agreement. The execution and exchange of a fully
executed Agreement (in counterparts or otherwise) by facsimile, electronic mail or another form of electronic signature or transmission
(including .pdf) shall be sufficient to bind the parties to the terms of this Agreement.

 

9.9              
Representations and Warranties. Each of the parties
hereto, as to itself only, represents and warrants that this Agreement has been duly authorized and executed by it and that all
necessary corporate actions have been taken by it in order for this Agreement to be enforceable against it under all applicable
laws. Each party hereto, as to itself only, further represents and warrants that all persons signing this Agreement on such party’s
behalf have been duly authorized to do so.

 

9.10          
Governing Law. The parties agree that this Agreement
shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without application of
the conflict of laws principles thereof.

 

9.11          
Service of Process and Venue. Each of the parties
hereto (a) consents to submit itself to the personal jurisdiction of the United States District Court for the Southern District
of New York, the Supreme Court of the State of New York and the federal courts of the United States of America located in the State
of New York in the event any dispute arises out of this Agreement, (b) agrees that it will not attempt to deny or defeat such personal
jurisdiction by motion or other request for leave from any such court, (c) agrees that it will not bring any action relating to
this Agreement in any court other than any court of the United States located in the State of New York and (d) consents to service
being made through the notice procedures set forth in Section 9.2. Each of the parties agrees that service of any process,
summons, notice or document by registered mail pursuant to Section 9.2 shall be effective service of process for any suit
or proceeding in connection with this Agreement.

    	 	14	 

     

    

9.12          
Specific Performance. The parties agree that
irreparable damage would occur in the event the provisions of this Agreement were not performed in accordance with the terms hereof,
and that the Investor and the Company shall be entitled to specific performance of the terms hereof, in addition to any other remedy
at law or equity.

 

9.13          
No Third-Party Beneficiaries. Except as expressly set forth in Section 6, it
is the explicit intention of the parties that no person other than the parties hereto is or shall be entitled to bring any action
to enforce any provision of this Agreement against any of the parties hereto, and the covenants, undertakings and agreements set
forth in this Agreement shall be solely for the benefit of, and shall be enforceable only by, the parties hereto or their respective
successors, heirs, executors, administrators, legal representatives and permitted assigns.

 

9.14          
General Interpretive Principles. For purposes
of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

(a)               
the terms defined in this Agreement include the plural as well as the singular, and the use of any gender or
neuter form herein shall be deemed to include the other gender and the neuter form;

 

(b)              
references herein to “Sections”, “subsections,” “paragraphs”, and other subdivisions
without reference to a document are to designated Sections, paragraphs and other subdivisions of this Agreement;

 

(c)               
a reference to a paragraph without further reference to a Section is a reference to the paragraph contained in
the same Section in which the reference appears, and this rule shall also apply to other subdivisions;

 

(d)              
the words “herein”, “hereof”, “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular provision;

 

(e)               
the term “include”, includes” or “including” shall be deemed to be followed by
the words “without limitation”;

 

(f)                
the term “person” means any individual, corporation, partnership, limited liability company, association,
joint venture, an association, a joint stock company, trust, unincorporated organization, governmental or political subdivision
or agency or any other entity of whatever nature; and

 

(g)               
any reference to dollars or “$” shall be deemed to refer to U.S. dollars.

 

9.15          
Termination. This Agreement shall terminate and
be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any
further liability on the part of any party in respect thereof, upon the earlier to occur of (a) the date and time that the Purchase
Agreement is terminated in accordance with its terms, (b) upon the mutual written agreement of the parties to terminate this Agreement
or (c) the date and time at which no Registrable Securities remain outstanding; provided that Sections 6 and
7 of this Agreement shall survive any termination (along with any
other provision necessary to give effect thereto).

 

[Signature Page Follows]

    	 	15	 

     

    

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

 

	 	FREIGHTCAR AMERICA, INC.

	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 	CO Finance LVS VI LLC

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:

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