Document:

Exhibit

Exhibit 10.2.2
AMENDMENT NO. 3
 TRINITY INDUSTRIES, INC.
 DIRECTORS’ RETIREMENT PLAN
     Pursuant to the provisions of Section 12 thereof, the Trinity Industries, Inc. Directors’ Retirement Plan (the “Plan”) is hereby amended effective as of December 15, 2005 in the following respects only:
     FIRST: A new Section 13 is added as follows:
     13. Notwithstanding anything in this Plan to the contrary, the interest in this Plan of each member of the Board of Directors as of December 15, 2005 who is not an employee of the Company and who has served as a director for ten or more years as of December 15, 2005 shall be terminated as of December 15, 2005 and each such director shall be paid before December 31, 2005 a lump sum as hereinafter provided. The lump sum payment shall be calculated by first determining an annual retainer projection by increasing the annual retainer in effect on December 15, 2005 of $40,000 by 4% for each year remaining between December 15, 2005 and May 15 of the year following such director’s 72 nd  birthday (the “Projected Annual Retainer Factor”) and second, discounting ten years of payments of the Projected Annual Retainer back to December 15, 2005 using a present value discount factor of 5%.
     SECOND: A new Section 14 is added as follows:
     14. Notwithstanding anything in this Plan to the contrary, the interest in this Plan of each member of the Board of Directors as of December 15, 2005 who was elected to the Board prior to August 9, 2005, who is not an employee of the Company, and who has served on the Board less than ten years as of December 15, 2005 and therefore not 100% vested pursuant to Section 3 of this Plan (the “Remaining Directors”), shall be terminated and paid a lump sum on the earlier to occur of retirement, death, a Change of Control as defined by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), or after ten full years of service on the Board (the “Date of Calculation”) based on the vesting schedule as provide in Section 3 as of the Date of Calculation. The lump sum payment shall be calculated by first determining the Projected Annual Retainer; second, determining the vesting percentage as provided in Section 3 of this Plan; and third, discounting the ten years of payments of the Projected Annual Retainer back to the Date of Calculation, using a present value discount factor of 5%. Upon a Change of Control as defined by Section 409A of the Code, the Remaining Directors shall become 100% vested.
     THIRD: In all other respects, the terms of the Plan are ratified and confirmed.
 

 

     IN WITNESS WHEREOF, this Amendment has been executed as of this 7th day of December, 2005.
	
					
	 
	 
	 
	 
	 

	 
	 
	TRINITY INDUSTRIES, INC.

	 
	 
	 
	 
	 

	 
	 
	BY:
	 
	 

	 
	 
	 
	 
	 

	 
	 
	Vice President and Corporate SecretaryExhibit

EXHIBIT 10.3.1
AMENDMENT NO. 1 TO
 1993 STOCK OPTION AND INCENTIVE PLAN
          The Trinity Industries, Inc. 1993 Stock Option and Incentive Plan, as amended from time to time (the “Plan”), is hereby amended by this Amendment No. 1, effective as of June 9, 1994, as set forth below.
          Any term which is not defined below shall have the meaning set forth for such term in the Plan.
          1. Section 9(c) of the Plan is hereby amended and restated as follows:
     (c) If the Optionee ceases to be an officer, director, or employee of the Company or any Affiliate by reason of the Optionee’s retirement, all rights of the Optionee to exercise an option shall terminate, lapse, and be forfeited (i) in the case of an Incentive Stock Option, three (3) months after the date of the Optionee’s retirement and (ii) in the case of a Non-Qualified Stock Option, thirty-six (36)months after the date of the Optionee’s retirement; provided however, if the Optionee shall die during the applicable period provided under clause (i) or (ii), the personal representatives, heirs, legatees, or distributees of the Optionee, as appropriate, shall have the right up to twelve (12) months from the date of death to exercise any such option to the extent that the option was exercisable prior to death and had not been so exercised.
          IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by a duly authorized officer of the Company as of the day and year first above written,
	
					
	 
	 
	 
	 
	 

	 
	 
	TRINITY INDUSTRIES, INC.

	 
	 
	 
	 
	 

	 
	 
	By:
	 
	/s/ W. Ray WallaceExhibit

EXHIBIT 10.3.2
AMENDMENT NO. 2 TO
 1993 STOCK OPTION AND INCENTIVE PLAN
          The Trinity Industries, Inc. 1993 Stock Option and Incentive Plan, as amended from time to time (the “Plan”), is hereby further amended, effective as of May 6, 1997, as set forth below.
          Any term which is not defined below shall have the meaning set forth for such term in the Plan.
          1. Section 2 of the Plan is hereby amended to delete the definition of “Reorganization” contained therein.
          2. The last sentence of Section 10(a) of the Plan is amended and restated as follows:
The option vesting schedule will be accelerated if, in the sole discretion of the Committee, the Committee determines that acceleration of the option vesting schedule would be desirable for the Company.
          3. Section 10(c) of the Plan is hereby amended and restated as follows:
  (c) In the event of a Change in Control (as hereinafter defined), each stock option granted under the Plan shall become fully vested and exercisable.
  For purposes hereof, a “Change in Control” shall be deemed have occurred if the event set forth in any one of the following paragraphs shall have occurred:
        (I) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company  (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates) representing 30% or more of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (i) of paragraph (III) below; or
        (II) the following individuals cease for any reason to constitute a majority
 

 

of the number of directors then serving: individuals who, on May 6, 1997, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on May 6, 1997 or whose appointment, election or nomination for election was previously so approved or recommended; or
        (III) there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 60% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial. Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 30% or more of the combined voting power of the company’s then outstanding securities; or
        (IV) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other
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than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 60% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.
For purposes hereof:
“Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act.
“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.
“Person” shall have the meaning given in Section 3(a)(9) of the Exchange act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.
          4. Section 10 of the Plan is hereby amended by deleting subsections (d) and (e) thereof.
          IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by a duly authorized officer of the Company as of the day and year first above written.
	
					
	 
	 
	 
	 
	 

	 
	 
	TRINITY INDUSTRIES, INC.

	 
	 
	 
	 
	 

	 
	 
	By:
	 
	/s/ W. Ray Wallace

	 
	 
	 
	 
	 

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