Document:

Exhibit

EXHIBIT 10.3

WAFERGEN BIO-SYSTEMS, INC.
2008 STOCK INCENTIVE PLAN
NOTICE OF STOCK OPTION AWARD

Grantee’s Name:    ______________
    
You (the “Grantee”) have been granted an option to purchase Shares (the “Option”), subject to the terms and conditions of this Notice of Stock Option Award (the “Notice”), the WaferGen Bio-systems, Inc. 2008 Stock Incentive Plan, as amended from time to time (the “Plan”) and the Stock Option Award Agreement (the “Option Agreement”) attached hereto, as follows.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice.
Award Number     ______________
Date of Award     ______________
Vesting Commencement Date     ______________
Exercise Price per Share     $_____________
Total Number of Shares Subject 
to the Option (the “Shares”)    ______________
Total Exercise Price     $_____________
Type of Option:      Incentive Stock Option
Expiration Date:     ______________

Vesting Schedule:
Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice, the Plan and the Option Agreement, the Option may be exercised, in whole or in part, in accordance with the following schedule:
The Shares subject to the Option shall vest on the following terms: ___________________________________________________________________________________________________________________________________________________________.
During any authorized leave of absence, the vesting of the Option as provided in this schedule shall be suspended after the leave of absence exceeds a period of three (3) months.  Vesting of the Option shall resume upon the Grantee’s termination of the leave of absence and return to service to the Company or a Related Entity.  The Vesting Schedule of the Option shall be extended by the length of the suspension.

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As set forth in Section 11 of the Plan, in the event of a Corporate Transaction, (i) any portion of the Option that is not Assumed or Replaced shall become fully vested and exercisable immediately prior to the specified effective date of such Corporate Transaction and (ii) with respect to any portion of the Option that is Assumed or Replaced, the Option (if Assumed), the replacement option (if Replaced), or the cash incentive program (if Replaced) automatically shall become fully vested, exercisable and payable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at Fair Market Value) for all of the shares at the time represented by such Assumed or Replaced portion of the Option, immediately prior to a termination of the Grantee’s Continuous Service that occurs within twelve (12) months after the Corporate Transaction if such Continuous Service is terminated by the successor company or the Company without Cause.  In the event of a Change in Control (other than a Change in Control which also is a Corporate Transaction) and immediately prior to a termination of the Grantee’s Continuous Service within twelve (12) months after the Change in Control if such Continuous Service is terminated by the Company or a Related Entity without Cause, the Option automatically shall become fully vested and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at Fair Market Value).
Post-termination Exercise Period:
Any unvested portion of the Option expires immediately and any vested portion of the Option remains exercisable for three months following termination of Continuous Service for any reason other than death, “Disability” (as defined for purposes of Code Section 22) or Cause.  Any unvested portion of the Option expires immediately and any vested portion of the Option remains exercisable for 12 months following termination of Continuous Service due to death or Disability. The entire Option, including any vested and unvested portion, expires immediately upon termination of Continuous Service for Cause.
IN NO EVENT MAY THE OPTION BE EXERCISED AFTER THE EXPIRATION DATE AS PROVIDED ABOVE.
IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Option is to be governed by the terms and conditions of this Notice, the Plan, and the Option Agreement.
WaferGen Bio-systems, Inc.,  
a Nevada corporation

By: _____________________________ 
       Name: 
       Title:

THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SUBJECT TO THE OPTION SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE 

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GRANTEE’S CONTINUOUS SERVICE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER).  THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE OPTION AGREEMENT, OR THE PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE RIGHT OF THE COMPANY OR ANY RELATED ENTITY TO WHICH THE GRANTEE PROVIDES SERVICES TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE.  THE GRANTEE ACKNOWLEDGES THAT THE GRANTEE’S EMPLOYMENT STATUS IS AT WILL.

The Grantee acknowledges receipt of a copy of the Plan (which is also filed publicly), a prospectus that describes the terms of the Plan and the Option Agreement, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Option subject to all of the terms and provisions hereof and thereof.  The Grantee has reviewed this Notice, the Plan, and the Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice, and fully understands all provisions of this Notice, the Plan and the Option Agreement.  The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the Plan and the Option Agreement shall be resolved by the Administrator in accordance with Section 12 of the Option Agreement.  The Grantee further agrees to the venue selection in accordance with Section 13 of the Option Agreement.

Dated: ______________________        Signed: ________________________________    
                                         

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Award Number:  _________
WAFERGEN BIO-SYSTEMS, INC.
2008 STOCK INCENTIVE PLAN
STOCK OPTION AWARD AGREEMENT
1.Grant of Option.  WaferGen Bio-systems, Inc., a Nevada corporation (the “Company”), hereby grants to the Grantee (the “Grantee”) named in the Notice of Stock Option Award (the “Notice”), an option (the “Option”) to purchase the Total Number of Shares of Common Stock subject to the Option (the “Shares”) set forth in the Notice, at the Exercise Price per Share set forth in the Notice (the “Exercise Price”) subject to the terms and provisions of the Notice, this Stock Option Award Agreement (the “Option Agreement”) and the Company’s 2008 Stock Incentive Plan, as amended from time to time (the “Plan”), which are incorporated herein by reference.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Option Agreement.
The Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code; provided, that to the extent the Option fails to meet the requirements of an Incentive Stock Option, the Option shall be treated as a Non-Qualified Stock Option.  
2.    Exercise of Option.
(a)    Right to Exercise.  The Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice and with the applicable provisions of the Plan and this Option Agreement.  The Option shall be subject to the provisions of Sections 10 and 11 of the Plan relating to the exercisability or termination of the Option in the event of a Corporate Transaction or Change in Control.  The Grantee shall be subject to reasonable limitations on the number of requested exercises during any monthly or weekly period as determined by the Administrator.  In no event shall the Company issue fractional Shares.  
(b)    Method of Exercise.  The Option shall be exercisable by delivery of an exercise notice (a form of which is attached as Exhibit A) or by such other procedure as specified from time to time by the Administrator which shall state the election to exercise the Option, the whole number of Shares in respect of which the Option is being exercised, and such other provisions as may be required by the Administrator.  The exercise notice shall be delivered in person, by certified mail, or by such other method (including electronic transmission) as determined from time to time by the Administrator to the Company accompanied by payment of the Exercise Price and all applicable income and employment taxes required to be withheld.  The Option shall be deemed to be exercised upon receipt by the Company of such notice accompanied by the Exercise Price and all applicable withholding taxes, which, to the extent selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 3(d) below to the extent such procedure is available to the Grantee at the time of exercise and such an exercise would not violate any Applicable Law.

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(c)    Taxes.  No Shares will be delivered to the Grantee or other person pursuant to the exercise of the Option until the Grantee or other person has made arrangements acceptable to the Administrator for the satisfaction of applicable income tax and employment tax withholding obligations, including, without limitation, such other tax obligations of the Grantee incident to the receipt of Shares.  Upon exercise of the Option, the Company or the Grantee’s employer may offset or withhold (from any amount owed by the Company or the Grantee’s employer to the Grantee) or collect from the Grantee or other person an amount sufficient to satisfy such tax withholding obligations.  Furthermore, in the event of any determination that the Company has failed to withhold a sum sufficient to pay all withholding taxes due in connection with the Option, the Grantee agrees to pay the Company the amount of such deficiency in cash within five (5) days after receiving a written demand from the Company to do so, whether or not the Grantee is an employee of the Company at that time.
(d)    Section 16(b).  Notwithstanding any provision of this Option Agreement to the contrary, other than termination of the Grantee’s Continuous Service for Cause, if a sale of Shares acquired upon the exercise of the Option would subject the Grantee to suit under Section 16(b) of the Exchange Act, the Option shall remain exercisable until the earliest to occur of (i) the tenth (10th) day following the date on which a sale of such Shares by the Grantee would no longer be subject to such suit, (ii) the one hundred and ninetieth (190th) day after the Grantee’s termination of Continuous Service, or (iii) the date on which the Option expires.
3.    Method of Payment.  Payment of the Exercise Price shall be made by any of the following, or a combination thereof, at the election of the Grantee; provided, however, that such exercise method does not then violate any Applicable Laws:
(a)    cash;
(b)    check;
(c)    surrender of Shares held for the requisite period, if any, necessary to avoid a charge to the Company’s earnings for financial reporting purposes, or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require which have a Fair Market Value on the date of surrender or attestation equal to the aggregate Exercise Price of the Shares as to which the Option is being exercised;
(d)    payment through a broker-dealer sale and remittance procedure pursuant to which the Grantee (i) shall provide written instructions to a Company-designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate Exercise Price payable for the purchased Shares and (ii) shall provide written directives to the Company to deliver the certificates for the purchased Shares directly to such brokerage firm in order to complete the sale transaction; or
(e)    payment through a “net exercise” such that, without the payment of any funds, the Grantee may exercise the Option and receive the net number of Shares equal to (i) the number of Shares as to which the Option is being exercised, multiplied by (ii) a fraction, the numerator of which is the Fair Market Value per Share (on such date as is determined by the 

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Administrator) less the Exercise Price per Share, and the denominator of which is such Fair Market Value per Share (the number of net Shares to be received shall be rounded down to the nearest whole number of Shares). 
4.    Restrictions on Exercise.  The Option may not be exercised if such exercise would constitute a violation of any Applicable Laws.  If the exercise of the Option within the applicable time periods set forth in Section 5 below is prevented by the provisions of this Section 4, the Option shall remain exercisable until one (1) month after the date the Grantee is notified by the Company that the Option is exercisable, but in any event no later than the Expiration Date set forth in the Notice (the “Expiration Date”).
5.    Termination or Change of Continuous Service.  In the event the Grantee’s Continuous Service terminates, the Grantee may, but only during the Post-Termination Exercise Period set forth in the Notice, exercise the portion of the Option that was vested at the date of such termination (the “Termination Date”).  In the event of termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Option shall terminate immediately.  In no event may the Option be exercised later than the Expiration Date.  In the event of the Grantee’s change in status from Employee, Director or Consultant to any other status of Employee, Director or Consultant, the Option shall remain in effect and the Option shall continue to vest in accordance with the Vesting Schedule set forth in the Notice, provided that the Option shall, to the extent required by the Code, convert automatically to a Non-Qualified Stock Option on the day three months and one day following such change of status.  Except as provided in this Section 5, to the extent that the Option was unvested on the Termination Date, or if the Grantee does not exercise the vested portion of the Option within the Post-Termination Exercise Period, the Option shall terminate.
6.    Transferability of Option.  The Option may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised during the lifetime of the Grantee only by the Grantee.  Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s Option in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator.  Following the death of the Grantee, the Option, to the extent provided in Section 8 below, may be exercised (a) by the person or persons designated under the deceased Grantee’s beneficiary designation or (b) in the absence of an effectively designated beneficiary, by the Grantee’s legal representative or by any person empowered to do so under the deceased Grantee’s will or under the then applicable laws of descent and distribution.  The terms of the Option shall be binding upon the executors, administrators, heirs, successors and transferees of the Grantee. 
7.    Disqualifying Disposition. If the Grantee makes any disposition of Shares delivered pursuant to the Option under the circumstances described in Code Section 421(b) (relating to certain disqualifying dispositions), the Grantee shall notify the Company of such disposition within 10 days of the disposition.
8.    Term of Option.  The Option must be exercised no later than the Expiration Date set forth in the Notice or such earlier date as otherwise provided herein.  After the Expiration 

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Date or such earlier date, the Option shall be of no further force or effect and may not be exercised.
9.    Tax Consequences.  The Grantee may incur tax liability as a result of the Grantee’s purchase or disposition of the Shares.  THE GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES.
10.    Entire Agreement: Governing Law.  The Notice, the Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee.  Nothing in the Notice, the Plan or this Option Agreement (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties.  The Notice, the Plan and this Option Agreement are to be construed in accordance with and governed by the internal laws of the State of California without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of California to the rights and duties of the parties.  Should any provision of the Notice, the Plan or this Option Agreement be determined to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable.  
11.    Construction.  The captions used in the Notice and this Option Agreement are inserted for convenience and shall not be deemed a part of the Option for construction or interpretation.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.
12.    Administration and Interpretation.  Any question or dispute regarding the administration or interpretation of the Notice, the Plan or this Option Agreement shall be submitted by the Grantee or by the Company to the Administrator.  The resolution of such question or dispute by the Administrator shall be final and binding on all persons.  
13.    Venue.  The Company, the Grantee, and the Grantee’s assignees pursuant to Section 6 above (the “parties”) agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Option Agreement shall be brought in the United States District Court for the Northern District of California (or should such court lack jurisdiction to hear such action, suit or proceeding, in a California state court in the County of Alameda) and that the parties shall submit to the jurisdiction of such court.  Each party irrevocably waives, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court.  If any one or more provisions of this Section 13 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable.

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14.    Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party.
END OF AGREEMENT

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EXHIBIT A
WAFERGEN BIO-SYSTEMS, INC.
2008 STOCK INCENTIVE PLAN
EXERCISE NOTICE
WaferGen Bio-systems, Inc.
7400 Paseo Padre Parkway 
Fremont, CA 94555
Attention: Secretary
1.Exercise of Option.  Effective as of today, ____________  ___, 2____ the undersigned (the “Grantee”) hereby elects to exercise the Grantee’s option to purchase ___________ shares of the Common Stock (the “Shares”) of WaferGen Bio-systems, Inc. (the “Company”) under and pursuant to the Company’s 2008 Stock Incentive Plan, as amended from time to time (the “Plan”) and the Stock Option Award Agreement (the “Option Agreement”) and Notice of Stock Option Award (the “Notice”) dated _________  ___, 2____.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Exercise Notice.
2.    Representations of the Grantee.  The Grantee acknowledges that the Grantee has received, read and understood the Notice, the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.  
3.    Rights as Stockholder.  Until the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option.  The Company shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised.  No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 10 of the Plan.
4.    Delivery of Payment.  The Grantee herewith delivers to the Company the full Exercise Price for the Shares, which, to the extent selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 3(d) of the Option Agreement.
5.    Tax Consultation.  The Grantee understands that the Grantee may suffer adverse tax consequences as a result of the Grantee’s purchase or disposition of the Shares.  The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with the purchase or disposition of the Shares and that the Grantee is not relying on the Company for any tax advice.

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6.    Taxes.  The Grantee agrees to satisfy all applicable foreign, federal, state and local income and employment tax withholding obligations and herewith delivers to the Company the full amount of such obligations or has made arrangements acceptable to the Company to satisfy such obligations.    
7.    Successors and Assigns.  The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this agreement shall inure to the benefit of the successors and assigns of the Company.  This Exercise Notice shall be binding upon the Grantee and his or her heirs, executors, administrators, successors and assigns.
8.    Construction.  The captions used in this Exercise Notice are inserted for convenience and shall not be deemed a part of this agreement for construction or interpretation.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.
9.    Administration and Interpretation.  The Grantee hereby agrees that any question or dispute regarding the administration or interpretation of this Exercise Notice shall be submitted by the Grantee or by the Company to the Administrator.  The resolution of such question or dispute by the Administrator shall be final and binding on all persons.  
10.    Governing Law; Severability.  This Exercise Notice is to be construed in accordance with and governed by the internal laws of the State of California without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of California to the rights and duties of the parties.  Should any provision of this Exercise Notice be determined by a court of law to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable.
11.    Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown below beneath its signature, or to such other address as such party may designate in writing from time to time to the other party.
12.    Further Instruments.  The parties agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this agreement.
13.    Entire Agreement.  The Notice, the Plan and the Option Agreement are incorporated herein by reference and together with this Exercise Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee.  Nothing in the Notice, the Plan, the 

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Option Agreement or this Exercise Notice (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties.  
	
		
	Submitted by:
	Accepted by:

	GRANTEE:
	WAFERGEN BIO-SYSTEMS, INC.

	 
	By:                                                                                 

	                                                                 
	Title:                                                                              

	(Signature)
	 

	Address:
	Address:

	                                                                
                                                                
	7400 Paseo Padre Parkway 
Fremont, CA 94555

	 
	 

3EX-10.1

 Exhibit 10.1 

TERMINATION AND FUTURE SHARING AGREEMENT 

This TERMINATION AND FUTURE SHARING AGREEMENT (this “Agreement”) is entered into as of September 30, 2015, by and among
WLR-Greenbrier Rail Inc., a Delaware corporation (the “Company”) and Greenbrier Leasing Company LLC, an Oregon limited liability company (“GLC”). Capitalized terms used herein but not otherwise defined shall
have the meaning set forth in the Railcar Purchase Agreement (as defined below). 
 Background 

WHEREAS, GLC and the Company are party to the following agreements: Syndication Agreement dated April 29, 2010, Advisory Services
Agreement dated April 29, 2010, Letter Agreement regarding Participation in Line of Credit Agreement dated April 29, 2010, and a Contract Placement Agreement dated April 29, 2010 (the “Prior Agreements”); and 

WHEREAS, in connection with GLC’s purchase of that certain railcar lease fleet (the “Lease Fleet”) from WL Ross-Greenbrier Rail
I LLC (“Rail I”), an affiliate of the Company, pursuant to a Railcar Purchase Agreement dated of even date herewith (the “Railcar Purchase Agreement”), the parties desire to terminate each of the Prior Agreements and enter into
this Agreement, in part, as an inducement (i) for Rail I to enter into the Railcar Purchase Agreement, and to consummate the transactions contemplated therein, and (ii) for the Company and its affiliates to cooperate in the performance of
the transactions contemplated by the Payoff Agreement, and the remarketing of the Lease Fleet. 
 Agreement 

NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties hereto, intending to be legally bound, do hereby agree
as follows: 
 1. Termination. The parties agree that at the Closing, each of the Prior Agreements shall be terminated automatically
without any further action by either party, provided, that, all provisions of each of the Prior Agreements that expressly or by their nature provide for rights, obligations, or remedies that extend beyond termination of the Prior Agreement shall
survive and remain in full force and effect. 
 2. Fee. At the Closing, GLC shall pay the Company a fee of $1,000,000, which fee and
all amounts allocated to the Company and any of its affiliates pursuant to the first paragraph of Section 4 subparagraph (iii) below from the Citizens Accounts (as defined below), the Company agrees shall be retained in the Company and
available to Rail I to satisfy any obligations owed to GLC under the Railcar Purchase Agreement by Rail I until December 15, 2016. Such fee is in exchange for the Company: 

(a) Terminating the Prior Agreements; 

(b) Causing Rail I to enter into the Railcar Purchase Agreement and consummate the transactions contemplated thereby; and 

(c) Agreeing to maintain the existence of Rail I until December 15, 2016 and the other covenants set forth below. 

  
 Page 1 of 5—TERMINATION AGREEMENT

 3. Future Distributions. 

As further consideration of the Company’s obligations under Section 2(a)-(d) above, GLC shall also make distributions to the
Company as contemplated and set forth under Section 3(c) of Exhibit A attached hereto (the “Future Distributions”). 

4. Covenants. 
 The Company
covenants and agrees to (i) maintain its existence and that of Rail I until December 15, 2016; (ii) to cooperate with GLC in the remarketing and sale of the Lease Fleet following the Closing; and (iii) to work together with GLC
in good faith, and cause its affiliates to work with GLC in good faith, to reconcile and properly allocate and distribute to the appropriate parties as may be mutually agreed the funds in each of the Citizens Bank of MA accounts set forth on Exhibit
B (collectively, the “Citizen Accounts”) within five days of Closing. 
 GLC agrees to promptly provide notice to the Company of
the occurrence of any Lease Fleet Event and, within 10 business days of the end of each calendar month, provide notice and reasonable supporting details of the receipt and calculation, as applicable, of all Lease Income, Residual Income, Transaction
Income and related Fleet Reserves and Distributable Cash. 
 GLC also agrees to reimburse the Company promptly upon demand for all
incremental necessary corporate services, accounting, audit and other out-of-pocket costs and expenses of maintaining its existence and the existence of Rail I, Holdings and the Accounts from December 15, 2015 through December 15, 2016.

 5. Indemnification. 

(a) Indemnification. Each party (“Indemnifying Party”) agrees to indemnify and hold harmless the other party and such
party’s affiliates and its and their respective principals, officers, directors, shareholders, partners, members, managers and employees (each, an “Indemnified Party”) from and against, and to pay or reimburse any such Indemnified
Party for, any and all actions, claims, demands, proceedings, investigations, inquiries, liabilities, obligations, fines, deficiencies, costs, expenses, royalties, losses and damages (whether or not resulting from third party claims) related to or
arising out the Indemnifying Party’s Covered Acts, and to reimburse such Indemnified Party for out-of-pocket expenses (including reasonable and documented legal and accounting fees) incurred by it in connection with, or relating to
investigating, preparing to defend or defending any actions, claims or other proceedings (including any investigation or inquiry) arising in any manner out of, or in connection with, the Indemnifying Party’s Covered Acts (whether or not such
Indemnified Party is a named party in such proceeding); provided, however, that no party shall be responsible under this Section 5(a) for any claims, liabilities, losses, damages or expenses to the extent that they are
agreed by the Indemnifying Party and such Indemnified Party, or finally determined in arbitration or judicially (without right of further appeal), to result from actions taken by such Indemnified Party due to such Indemnified Party’s gross
negligence, willful misconduct, bad faith or knowing violation of applicable law. “Covered Acts” only includes breach of this Agreement, gross negligence, willful misconduct, bad faith or knowing violation of applicable law. 

  
 Page 2 of 5—TERMINATION AGREEMENT

 (b) Limitation on Liability. In no event will any party to this Agreement be liable under
this Agreement for any punitive, exemplary, indirect, special, incidental or consequential damages, including lost profits or savings, whether or not such damages are foreseeable, or in respect of any liabilities relating to any third party claims
(whether based in contract, tort or otherwise), unless such damages are owed and paid by such party to a third party. 
 (c)
Contribution. If and to the extent that the indemnification provided for in Section 5(a) is not enforceable for any reason, the applicable Indemnifying Party agrees to make the maximum contribution possible pursuant to applicable
law to the payment and satisfaction of any actions, claims, liabilities, losses and damages incurred by an Indemnified Party for which such Indemnified Party would have otherwise been entitled to be indemnified hereunder. 

6. Waiver and Release. Each of GLC and the Company hereby waive and release any and all claims, counterclaims, debts, liabilities,
demands, obligations, actions, and causes of action, known or unknown, vested or contingent, of every nature and kind, that either may now have or may have had against the other, or any of their affiliates, and their and their affiliates’
respective past, present, and future officers, directors, shareholders, members, managers, employees, successors, and assigns (the “Released Parties”), that may have arisen or accrued through the date of this Agreement, and upon Closing
and through the closing date thereunder, whether arising under or relating to the Prior Agreements or otherwise, and forever release and discharge the Released Parties from any and all claims, suits or causes of action they may have against any of
them as of the date of this Agreement, and upon the Closing through the closing date thereunder, whether arising under or relating to the Prior Agreements or otherwise. Notwithstanding anything to the contrary in this Section 6 the releases
provided above shall not apply to any rights or obligations arising out of or related to this Agreement, the Railcar Purchase Agreement or any rights and obligations set forth in the Prior Agreements that by their terms survive the expiration or
termination of the Prior Agreements as more fully described in Section 1 above. Each of WL Ross-Greenbrier Rail Holdings I LLC (“Holdings”) and the Company hereby waive and release any and all claims, counterclaims, debts,
liabilities, demands, obligations, actions, and causes of action, known or unknown, vested or contingent, of every nature and kind, that either may now have or may have had against the Lease Fleet, that may have arisen or accrued through the date of
this Agreement, and upon Closing and through the closing date thereunder, whether arising under or relating to the Subordinated Loan Agreement dated April 27, 2010 between Rail I and Holdings, or otherwise. 

 

	7.	Miscellaneous. 

 (a) Confidentiality. The terms and conditions of this Agreement
are confidential, and except as otherwise required by law, or disclosure in any filing required of such party or such party’s affiliate with any securities commission or other regulatory agency or as may be required by the securities listing
requirements applicable to such party or such party’s affiliates, neither party shall disclose this Agreement or any portion hereof to any person other than its legal counsel, investors, affiliates, advisors and accountants without prior
written consent of the other party. 

  
 Page 3 of 5—TERMINATION AGREEMENT

 (b) Notices. All notices, demands and other communications given or delivered under this
Agreement shall be in writing and shall be deemed to have been given (i) when personally delivered as evidenced by a signed receipt, (ii) 3 business days after being mailed by first class mail, certified with return receipt requested, or
(iii) upon actual receipt if delivered by a reputable overnight courier for next business day delivery, to the following addresses (or such other address as is specified in writing): 

Greenbrier Leasing Company LLC 

One Centerpointe Drive, Suite 200 

Lake Oswego, Oregon 97035 
 Attn:
General Counsel 
 WLR-Greenbrier Rail Inc. 

1166 Avenue of the Americas 
 New
York, New York 10036 
 Attn: Wendy L. Teramoto 

(c) Entire Agreement; Amendment and Modification. This Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof, superseding all prior understandings and agreements whether written or oral. This Agreement may not be amended or revised except by a writing signed by GLC and the Company. 

(d) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns but may not be assigned (and no duties may be delegated) by any party without the prior written consent of the other party hereto; provided that the Company may assign any of its rights to receive payments hereunder to any of its
affiliates (including related funds or investors) upon prior written notice to GLC and provided that the Company shall at all times remain liable hereunder notwithstanding such assignment, including, without limitation, remaining liable for any
indemnification hereunder. 
 (e) Governing Law; Venue. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN TITLE 14 OF ARTICLE 5 OF THE GENERAL
OBLIGATIONS LAW). 
 (f) Waiver of Jury Trial. Each party hereby irrevocably waives any right it may have, and agrees not to request,
a jury trial for the adjudication of any dispute hereunder or in connection herewith or arising out of this Agreement or any transaction contemplated hereby. 

(g) Survival. The obligations under this Agreement shall survive until fully performed and with respect to indemnification obligations,
shall survive until the expiration of the statute of limitations for any claims that may be made thereunder. 
 (i) Counterparts. This
Agreement may be signed and delivered in multiple counterparts (including delivery by means of facsimile), each of which shall be deemed an original but which together shall constitute one and the same instrument. 

[signature page follows] 

  
 Page 4 of 5—TERMINATION AGREEMENT

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

	
	WLR-GREENBRIER RAIL INC.
	
	 By: /s/ Wendy Teramoto
 Name: Wendy Teramoto

Title: Vice President

	
	GREENBRIER LEASING COMPANY LLC
	
	 By: /s/ Larry Stanley
 Name: Larry D.
Stanley
 Title: Vice President

  
 SIGNATURE PAGE—TERMINATION
AGREEMENT 

 EXHIBIT A 

Future Distributions 
  

	1)	Certain Definitions. 

  

	 	a)	“Distributable Cash” means Lease Income, Residual Income, and Transaction Income. 

  

	 	b)	“Fleet Reserve” means a reserve amount equal to GLC’s good faith estimate of unpaid trailing expenses for the Lease Fleet. 

 

	 	c)	“Lease Fleet Event” shall mean the sale or other transfer of any ownership interests by GLC in the Lease Fleet to unaffiliated third parties. 

 

	 	d)	“Lease Income” means the cash payments received by GLC or its affiliates made by lessees pursuant to leases under the Lease Fleet (including pre-Closing Lease Income which includes amounts in the Accounts at
Closing) (i) less out-of-pocket expenses (including pre-Closing trailing expenses and any interest expense associated with GLC’s borrowing in connection with its purchase of the Lease Fleet) reasonably incurred by GLC or its
affiliates in maintaining the Lease Fleet, and (ii) less any Fleet Reserve. 

  

	 	e)	“Payment Date” is the date when GLC makes a distribution of Distributable Cash in accordance with Section 2 of this Exhibit A. 

 

	 	f)	“Residual Income” means any amounts remaining in the Fleet Reserve after all trailing expenses have been paid, once finally determined by GLC, provided in the case of any Lease Fleet Event, within two weeks of
any Lease Fleet Event, GLC shall provide a calculation of any amounts to remain in the Fleet Reserve with respect to such assets sold and an estimated time when any amount remaining in such Fleet Reserve will convert to Residual Income.

  

	 	g)	“Transaction Income” means the cash consideration received by GLC in a Lease Fleet Event (i) less the documented out-of-pocket transaction costs of such Lease Fleet Event and (i) less
any Fleet Reserve. 

  

	2)	Timing of Cash Distributions. 

  

	 	a)	GLC will distribute Transaction Income within two business days following its receipt of cash consideration, in connection with each closing of a Lease Fleet Event. 

 

	 	b)	GLC will distribute Lease Income within ten business days following the end of each calendar month. 

  

	 	c)	GLC will distribute the Residual Income within ten days following GLC’s final determination of the Residual Income, if any. 

  

	3)	On each Payment Date, GLC shall pay to the Company, or retain for itself, Distributable Cash in the following priority and amounts: 

  

	 	a)	First, GLC shall retain an amount, that when taken together with all prior amounts retained by GLC pursuant to this clause First, is equal to: (i) the purchase price paid by GLC for the Lease Fleet at the Closing
(the “Purchase Price”), (ii) plus the documented out-of-pocket expenses and closing costs incurred by GLC in connection with its purchase of the Lease Fleet, the dollar amount which shall be provided by GLC to the Company no
later October 31, 2015, (iii) plus $1 million, 

  

					
	EXHIBIT A	  	1	  	

	 	b)	Second, GLC shall retain an amount, taken together with all prior amounts distributed pursuant to this clause Second, that would yield GLC a 25% pre-tax internal annual rate of return on the total of (i) the
Purchase Price, (ii) less amounts borrowed to pay the Purchase Price, (iii) plus $1 million, (iv) plus the documented out-of-pocket expenses and closing costs incurred by GLC in connection with its purchase of the
Lease Fleet, the dollar amount which shall be provided by GLC to the Company no later October 31, 2015; 

  

	 	c)	Third, GLC shall pay the Company 75% of and retain 25% of the balance of the Distributable Cash until both (i) the amounts received by Company returns to the Company its original equity investment in Rail I of
$18,148,627.50 (the “Original Equity Investment”) plus amounts that yield the Company a pre-tax internal annual rate of return of 20% on the Original Equity Investment since the Closing and (ii) the amounts received by GLC
under this subsection returns to GLC its original investment in Rail I of $6,049,542.50 (the “GLC Original Investment”) plus amounts that yield GLC a pre-tax internal rate of return of 20% on the GLC Original Investment; and

  

	 	d)	Fourth, GLC shall retain 100% of all Distributable Cash thereafter. 

  

	4)	Example calculations of selected provisions under this Exhibit A are attached hereto as Exhibit A-1. 

  

					
	EXHIBIT A	  	2

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