Document:

Second Amended and Restated Change of Control Agreement

 Exhibit 10.17 
 SECOND AMENDED AND RESTATED CHANGE OF CONTROL AGREEMENT 
 This Second
Amended and Restated Change of Control Agreement (this “Agreement”) is entered into by and between The Greenbrier Companies, Inc., an Oregon corporation (the “Company”), and William Glenn (the “Executive”) as of the
28th day of August, 2012. This Agreement supersedes and replaces the Amended and Restated Change of Control Agreement between the parties dated June 30, 2008. 
 In consideration of the promises and covenants contained herein, and for other good and valuable consideration, the adequacy and receipt of which the parties acknowledge, it is hereby agreed as follows:

  

	1.	Intent; Certain Definitions. 

 The intent of this Agreement is to entitle the Executive to receive from the Company certain payments and benefits in the event that the Executive’s employment is terminated following a Change of
Control, subject to the terms, conditions and limitations set forth herein. 
 (a) The “Effective Date” shall mean the
first date during the Change of Control Period (as defined in Section 1(b)) on which a Change of Control occurs, subject to Section 1(c), below. 
 (b) The “Change of Control Period” shall mean the period commencing on the Effective Date and ending on the second anniversary of such date. 

(c) Notwithstanding any other provision of this Agreement to the contrary, if a Change of Control occurs and if the Executive’s
employment with the Company is terminated prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party who has taken
steps reasonably calculated to effect the Change of Control or (ii) otherwise arose in connection with or anticipation of the Change of Control, then for all purposes of this Agreement the “Effective Date” shall mean the date
immediately prior to the date of such termination of employment, and such termination shall be deemed to have occurred during the Change of Control Period. 
  

	2.	Change of Control. 

 For the purpose of
this Agreement, a “Change of Control” shall mean the occurrence of any of the following: 
 (a) The acquisition by any
individual, entity or group (within the meaning of section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d–3 promulgated under the
Exchange Act) of 30 percent or more of the stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of the Company (irrespective of whether at the time stock of any class or classes of the
Company shall have or might have voting power by reason of the happening of any contingency); provided, however, that for purposes of this subsection (a), the following acquisitions will not constitute a Change of Control: (i) any acquisition
directly from the Company; (ii) any acquisition by the Company or a subsidiary of the Company; or (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by
the Company. 

  

					
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 (b) The individuals who, as of the date of this Agreement, are the members of the Board of
Directors of the Company (the “Incumbent Board”) cease for any reason to constitute a majority of the Board, unless the election or appointment, or nomination for election or appointment, of any new member of the Board was approved by a
vote of a majority of the Incumbent Board of Directors, then such new member shall be considered as though such individual were a member of the Incumbent Board. 
 (c) The consummation of a merger or consolidation involving the Company if the stockholders owning the capital and profits (“ownership interests”) of the Company immediately before such merger
or consolidation do not, as a result of such merger or consolidation, own, directly or indirectly, more than 50 percent of the combined voting power or ownership interests of the Company, or the entity resulting from such merger or consolidation, in
substantially the same proportion as their ownership of the combined voting power or ownership interests outstanding immediately before such merger or consolidation. 
 (d) The sale or other disposition of all or substantially all of the assets of the Company. 
 (e) The dissolution or the complete or partial liquidation of the Company. 
  

	3.	Termination of Employment. 

(a) Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the
Change of Control Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Change of Control Period (pursuant to the definition of Disability set forth below), it may give to the Executive written
notice in accordance with Section 13(b) of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the
Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. For purposes of this Agreement,
“Disability” shall mean the absence of the Executive from the Executive’s duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined
to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative (such agreement as to acceptability not to be withheld unreasonably). 

(b) Cause. The Company may terminate the Executive’s employment during the Change of Control Period for Cause. For purposes
of this Agreement, “Cause” shall mean the conviction of the Executive (including a plea of nolo contendere) of a felony or gross misdemeanor under federal or state law which is materially and demonstrably injurious to the Company or which
impairs the Executive’s ability to perform substantially the Executive’s duties for the Company. 

  

					
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 (c) Good Reason. The Executive’s employment may be terminated during the Change
of Control Period by the Executive for Good Reason. For purposes of this Agreement, “Good Reason” shall mean: 
 (A) Any material diminution in the Executive’s title, position, duties or responsibilities or authorities (which shall include, without limitation, any change such that Executive is no longer serving
in the position of senior executive officer in charge of commercial activities in a publicly-traded company); the assignment to him of duties that are materially inconsistent with, or materially impair his ability to perform, the duties then
assigned to him, in each case as determined by Executive in good faith; or any change in the reporting structure so that the Executive is required to report to any person other than the Company’s Chief Executive officer; 

(B) A reduction by the Company of Executive’s base salary exceeding 5 percent of Executive’s prior year’s
base salary (or an adverse change in the form or timing of the payment thereof) as in effect immediately prior to the Effective Date; 
 (C) A reduction by the Company of Executive’s annual bonus exceeding 20 percent of Executive’s prior year’s annual bonus (unless such reduction relates to the amount of annual bonus payable
to Executive for the achievement of specified performance goals or to the attainment of profitability levels of the Company or certain of its subsidiaries, and the non-achievement of such goals and/or the non-attainment of profitability levels of
the Company or certain of its subsidiaries is the reason for the reduction in Executive’s annual bonus compared to the prior year’s bonus); 
 (D) the Company’s requiring the Executive to be based at any office more than 30 miles from where Executive’s office is located immediately prior to the Effective Date; 

(E) any purported termination by the Company of the Executive’s employment otherwise than as expressly permitted by
this Agreement; or 
 (F) any failure by the Company to comply with and satisfy Section 12(c), provided that
such successor has received at least ten days’ prior written notice from the Company or the Executive of the requirements of Section 12(c). 
 For purposes of this Section 3(c), any good faith determination of “Good Reason” made by the Executive shall be conclusive. 

(d) Notice of Termination. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by
Notice of Termination to the other party hereto given in accordance with Section 13(b). For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in
this Agreement relied upon, (ii) to the extent applicable sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and
(iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date of such notice. The failure by 

  

					
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the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive
or the Company hereunder or preclude the Executive or the Company from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 

(e) Date of Termination. “Date of Termination” means (i) if the Executive’s employment is terminated by the
Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, (ii) if the Executive’s employment is terminated by the Company other than
for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination, and (iii) if the Executive’s employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be. 
  

	4.	Obligations of the Company upon Termination. 

 (a) Good Reason; Other than for Cause or Disability. If, during the Change of Control Period, the Company shall terminate the Executive’s employment other than for Cause or Disability or the
Executive shall terminate employment either for Good Reason: 
 (i) Subject to Section 5 below, the Company
shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the aggregate of the following amounts: 
 (A) the Executive’s Base Salary through the Date of Termination and any accrued vacation pay, in each case to the extent not previously paid (the sum of such amounts shall be hereinafter referred to
as the “Accrued Obligations”); and 
 (B) the amount equal to two and one-half times the amount of the
sum of (x) the Executive’s Base Salary and (y) the Average Bonus (such amount shall be hereinafter referred to as the “Severance Amount”). 

(ii) “Base Salary” shall mean Executive’s current annual base salary in effect at the time a Change in
Control occurs. “Average Bonus” shall mean the average of the two most recent annual bonuses received by the Executive prior to the year in which a Change of Control occurs, or, if the Executive shall not have been employed by the Company
for a sufficient tenure as to have been eligible to receive two annual bonuses, an amount equal to the most recent annual bonus, if any, received by the Executive. 

(iii) To the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive and/or the
Executive’s family any other amounts or benefits required to be paid or provided or which the Executive and/or the Executive’s family is eligible to receive pursuant to this Agreement and under any plan, program, policy or practice or
contract or agreement of the Company and its affiliated companies as in effect and applicable generally to other peer executives of the Company and its affiliated companies and their families during the 90–day period immediately preceding the
Effective Date or, if more favorable to the Executive, as in effect generally thereafter with respect to other peer executives of the Company and its affiliated companies and their families (such other amounts and benefits shall be hereinafter
referred to as the “Other Benefits”). 

  

					
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 (iv) All unvested stock options, restricted stock grants and restricted
stock units held by Executive shall become fully vested and exercisable as of the Date of Termination. 
 (v) For
a period of one and one-half years following the Date of Termination (the “Executive Benefit Continuation Period”), the Company shall continue to provide all insured and self-insured employee benefits (including, without limitation,
medical, life, dental, vision and disability plans) to the Executive and/or the Executive’s family reasonably similar to those which would have been provided to them in accordance with the plans, programs, practices and policies if the
Executive’s employment had not been terminated (such continuation of benefits shall be referred to as “Executive Benefit Continuation”). If the Executive becomes reemployed with another employer during the Executive Benefit
Continuation Period and is eligible to receive medical or other employee benefits under another employer provided plan, the Company shall not be obligated to continue to provide the medical and other employee benefits described herein, to the extent
that reasonably similar medical or other benefits are available to the Executive pursuant to such employer-provided plan. For purposes of Executive’s rights to continuation coverage pursuant to COBRA, Executive shall be considered to have
remained employed until, and Executive’s COBRA rights shall be triggered by, the end of the Executive Benefit Continuation Period. “COBRA” refers to the Consolidated Omnibus Budget Reconciliation Act of 1985. 

(b) Death. If the Executive’s employment is terminated by reason of the Executive’s death during the Change of Control
Period, this Agreement shall terminate without further obligations to the Executive’s legal representatives under this Agreement, other than for (i) payment of Accrued Obligations (which shall be paid to the Executive’s estate or
beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination); and (ii) the timely payment or provision of the Executive Benefit Continuation and Other Benefits. 

(c) Disability. If the Executive’s employment is terminated by reason of the Executive’s Disability during the Change of
Control Period, this Agreement shall terminate without further obligations to the Executive, other than for (i) payment of Accrued Obligations (which shall be paid to the Executive in a lump sum in cash within 30 days of the Date of
Termination); and (ii) the timely payment of provision of the Executive Benefit Continuation and Other Benefits. 
 (d)
Cause; Other than for Good Reason. If the Executive’s employment shall be terminated for Cause during the Change of Control Period, this Agreement shall terminate without further obligations to the Executive other than the obligation to
pay to the Executive Annual Base Salary through the Date of Termination to the extent previously unpaid. If the Executive terminates employment during the Change of Control Period, excluding a termination for Good Reason, this Agreement shall
terminate without further obligations to the Executive, other than for Accrued Obligations and the timely payment or provision of Other Benefits. In such case, all Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30
days of the Date of Termination. 

  

					
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 5. Six-Month Payment Delay for Specified Executives. Notwithstanding any other provision of this
Agreement to the contrary, in the event that the Executive is determined to be a “specified employee” within the meaning of Treas. Reg. §1.409A-1(i), then no payments shall be made to the Executive pursuant to this Agreement before
the date that is six months after the date of the Executive’s separation from service, as that term is defined in Treas. Reg. §1.409A-1(h). 
  

	6.	Non-competition Agreement. 

The Company’s obligations under this Agreement are expressly conditioned upon and subject to Executive having executed and remaining
in compliance with the terms of a non-competition agreement in favor of the Company and its subsidiaries in a form acceptable to the Company. 
  

	7.	Non-Exclusivity of Rights. 

 Except as
provided in Sections 4(a)(v), 4(b) and 4(c), nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies
and for which the Executive may qualify, nor shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliated companies. Amounts which are vested benefits
or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its affiliated companies at or subsequent to the Date of Termination shall be payable in
accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement. 
  

	8.	Full Settlement; Resolution of Disputes. 

 (a) The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense or other claim, right or action which the Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the
Executive under any of the provisions of this Agreement and, except as provided in Section 4(a)(ii), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company agrees to pay promptly as incurred, to the
full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus in each case interest on any delayed
payment at the applicable Federal rate provided for in section 7872(f)(2)(A) of the Internal Revenue Code (the “Code”). 

  

					
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 (b) If there shall be any dispute between the Company and the Executive (i) in the
event of any termination of the Executive’s employment by the Company, whether such termination was for Cause, or (ii) in the event of any termination of employment by the Executive, whether Good Reason existed, then, unless and until
there is a final, nonappealable judgment by a court of competent jurisdiction declaring that such termination was for Cause or that the determination by the Executive of the existence of Good Reason was not made in good faith, the Company shall pay
all amounts, and provide all benefits, to the Executive and/or the Executive’s family or other beneficiaries, as the case may be, that the Company would be required to pay or provide pursuant to Section 4(a) as though such termination were
by the Company without Cause, or by the Executive with Good Reason; provided, however, that the Company shall not be required to pay any disputed amount pursuant to this paragraph except upon receipt of an undertaking by or on behalf of the
Executive to repay all such amounts to which the Executive is ultimately adjudged by such court not to be entitled. 
  

	9.	Limitation on Payments and Benefits. 

Notwithstanding anything in this Agreement to the contrary, if any of the payments or benefits to be made or provided in connection with the Agreement,
together with any other payments or benefits which the Executive has the right to receive from the Company or any entity which is a member of an “affiliated group” (as defined in section 1504(a) of the Code without regard to section
1504(b) of the Code) of which the Company is a member constitute an “excess parachute payment” (as defined in section 280G(b) of the Code), the payments or benefits to be made or provided in connection with this Agreement will be reduced
to the extent necessary to prevent any portion of such payments or benefits from becoming nondeductible by the Company pursuant to section 280G of the Code or subject to the excise tax imposed under section 4999 of the Code. The determination as to
whether any such decrease in the payments or benefits to be made or provided in connection with this Agreement is necessary must be made in good faith by a nationally recognized accounting firm (the “Accounting Firm”), and such
determination will be conclusive and binding upon Executive and the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change of Control, the Company shall appoint
another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the
Company. In the event that such a reduction is necessary, Executive will have the right to designate the particular payments or benefits that are to be reduced or eliminated so that no portion of the payments or benefits to be made or provided to
Executive in connection with the Agreement will be excess parachute payments subject to the deduction limitations under section 280G of the Code and the excise tax under section 4999 of the Code. 

 

	10.	Confidential Information. 

 The Executive
shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have been obtained
by the Executive during the Executive’s employment by the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this
Agreement). After termination of the Executive’s 

  

					
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employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such
information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted violation of the provisions of this Section 10 constitute a basis for deferring or withholding any amounts otherwise
payable to the Executive under this Agreement. 
  

	11.	Nondisparagement; Cooperation. 

 (a) Executive agrees not to disparage the Company or its officers, directors, employees, shareholders or agents, in any manner likely to be harmful to them or their business, business reputations or
personal reputations. Executive shall respond accurately and fully to any question, inquiry or request for information when required by legal process, notwithstanding the foregoing. 

(b) During the Change of Control Period and during the twelve month period following the Date of Termination, Executive will cooperate
with the Company in responding to the reasonable requests of the Board, the Company’s or its General Counsel, in connection with any and all existing or future litigation, arbitrations, mediations or investigations brought by or against the
Company, or its affiliates, agents, officers, directors or employees, whether administrative, civil or criminal in nature, in which the Company reasonably deems Executive’s cooperation necessary or desirable. In such matters, Executive agrees
to provide the Company with reasonable advice, assistance and information, including offering and explaining evidence, providing sworn statements, and participating in discovery and trial preparation and testimony. Executive also agrees to promptly
send the Company copies of all correspondence (for example, but not limited to, subpoenas) received by Executive in connection with any such legal proceedings, unless Executive is expressly prohibited by law from so doing. The Company will reimburse
Executive for reasonable out-of-pocket expenses incurred by Executive as a result of Executive’s cooperation with the obligations described in this Section 11(b), within 30 days of the presentation of appropriate documentation thereof, in
accordance with the Company’s standard reimbursement policies and procedures. 
  

	12.	Successors. 

 (a) This
Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be
enforceable by the Executive’s legal representatives. 
 (b) This Agreement shall inure to the benefit of and be binding
upon the Company and its successors and assigns. 
 (c) The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to
perform this Agreement by operation of law, or otherwise. 

  

					
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	13.	Miscellaneous. 

 (a) This
Agreement shall be governed by and construed in accordance with the laws of the State of Oregon, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or
effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 

(b) All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by
registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

							
		  	If to the Executive:	  		  	
				
		  	William Glenn	  		  	
		  	  
	  		  	
		  	  
	  		  	
				
		  	If to the Company:	  		  	
				
		  	The Greenbrier Companies, Inc.	  		  	
		  	One Centerpointe Drive, Suite 200	  		  	
		  	Lake Oswego, OR 97035 USA	  		  	
		  	Attention: President	  		  	
				
		  	With a copy to:	  		  	
				
		  	General Counsel	  		  	
		  	The Greenbrier Companies, Inc.	  		  	
		  	One Centerpointe Drive, Suite 200	  		  	
		  	Lake Oswego, OR 97035 USA	  		  	

 or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and
communications shall be effective when actually received by the addressee. 
 (c) The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
 (d) The
Company may withhold from any amounts payable under this Agreement such Federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

(e) The Executive’s or the Company’s failure to insist upon strict compliance with any provision hereof or any other provision
of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the 

  

					
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Executive to terminate employment for Good Reason pursuant to Section 3(c)(A)–(F), shall not be deemed to be a waiver of such provision or right or any other provision or right of this
Agreement. 
 (f) The Executive and the Company acknowledge that, except as may otherwise be provided under any other written
agreement between the Executive and the Company, the employment of the Executive by the Company is “at will” and, prior to the Effective Date, may be terminated by either the Executive or the Company at any time. Moreover, if prior to the
Effective Date, the Executive’s employment with the Company terminates, then the Executive shall have no further rights under this Agreement. 
 [Signature page follows.] 

  

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

							
	THE GREENBRIER COMPANIES, INC.:	 		  	EXECUTIVE:
				
	 By:
	 	 /s/ Martin R. Baker
	 		  	 /s/ William Glenn

		 		 		  	William Glenn
				
	 Its:
	 	 Senior Vice President
	 		  	

  

					
		  		  	Second Amended and Restated Change of Control Agreement
		  	Page 11Amendment No. 2 to Greenbrier Companies Nonqualified Deferred Compensation Plan

 Exhibit 10.27 
 THE GREENBRIER COMPANIES 
 NONQUALIFIED DEFERRED COMPENSATION PLAN

 Amendment No. 2 
 The Greenbrier Companies, Inc. (the “Company”) hereby adopts this Amendment No. 2 to The Greenbrier Companies Nonqualified Deferred Compensation Plan (the “Plan”) in order to
permit the Company to make discretionary “target benefit” contributions on behalf of selected Participants in the Plan. This Amendment No. 2 is effective as of August 28, 2012 (the “Effective Date”) and amends the terms
of the Adoption Agreement for the Plan executed on December 29, 2009, as previously amended. 
 1. Contributions.
Section 2.03 of the Adoption Agreement is amended by deleting the selection of subsection 2.03(a), and selecting subsection 2.03(e). Section 2.03(e) of the Adoption Agreement shall read as follows: 

“Target Benefit Program. The Company has adopted this Target Benefit Program in place of the Greenbrier Leasing Company LLC
Manager Owned Target Benefit Plan (the “Prior Target Benefit Plan”), which is being terminated. Benefits accrued by Participants under the Prior Target Benefit Plan are taken into account for purposes of determining allocation of
contributions under this Target Benefit Program. 
 A. Selection of Eligible Participants. The Compensation Committee
may, from time-to-time select employees of the Company or its affiliates who shall be eligible to participate in the “Target Benefit Program” under the Plan. Eligible Participants may receive an allocation of discretionary Company target
benefit contributions, which allocations shall be credited to a Target Benefit Program account on their behalf under the Plan. The employees who are eligible to participate in the Target Benefit Program under the Plan as of the Effective Date are
set forth on Appendix A. Any additional employees shall begin participating in the Target Benefit Program on the date specified in their designation of eligibility. If no date is specified in the designation of eligibility, participation shall begin
on the January 1 next following the date of the designation. Once an employee has been designated as eligible to participate in the Target Benefit Program, the designation of eligibility may not be revoked, and participation shall continue
until the Participant’s termination of employment with the Company and any affiliate (including any extended eligibility period that may be provided for in an individual agreement between the Company and the Participant). 

B. Target Benefit Contributions. The Target Benefit Program is designed to provide eligible Participants with a retirement benefit
in an amount (the “Target Benefit Amount”) equal to 50% of a Participant’s Final Base Salary, payable in monthly installments over 180 months beginning on the Participant’s Normal Retirement Date. The foregoing notwithstanding,
no amount or level of benefits is assured or guaranteed, and no provision of the Target Benefit Program is intended or shall be construed to create any entitlement to a specific amount or level of benefits or to impose any obligation on the Company
to make contributions of any specified amount or level whatsoever. The Compensation Committee shall determine the amount of the 

  
 1 

 
Company’s annual Target Benefit Program contribution to the Plan, if any, in its sole discretion. Participants’ benefits under the Target Benefit Program shall be fully vested and
non-forfeitable at all times. 
 C. Allocation of Contributions. Each Target Benefit Program contribution to the Plan
shall be allocated among eligible Target Benefit Program Participants except those (i) who reached age 65 any time prior to or during the Plan Year in respect of which the contribution is made, (ii) whose employment with the Company and
affiliates terminates during the Plan Year in respect of which the contribution is made, or (iii) for whom the amount of the Retirement Benefit plus benefits accrued under the Prior Target Benefit Plan is projected to equal or exceed the Target
Benefit Amount. The foregoing notwithstanding, the Compensation Committee may designate a Participant as eligible to receive an allocation for a Plan Year notwithstanding the Participant having reached age 65 or terminated employment during the Plan
Year, in its sole discretion. Each year for which the Company makes a Target Benefit Program contribution, the Administrator shall allocate the contribution among eligible Participants in such amounts as the Administrator determines in its sole
discretion and using such actuarial methodology or methodologies as the Administrator deems appropriate, which amount may be zero, with the goal or providing each eligible Participant a Retirement Benefit of the Target Benefit Amount (taking into
account the value of benefits accrued by the Participant under the Prior Target Benefit Plan as of the Effective Date, regardless of whether the Participant elects or has elected to take an early distribution of benefits under the Prior Target
Benefit Plan). 
 D. Change in Control. Within 30 days following the termination of a Participant’s employment
without Cause or for Good Reason that occurs within 24 months following a Change in Control of the Company, the Company shall contribute on behalf of the affected Participant an amount equal to the discounted present value of the aggregate projected
annual allocations to the Participant for the Plan Year in which the Participant’s employment is terminated and all future Plan Years until the Participant’s Normal Retirement Date. The amount of each future annual allocation will equal
the amount of the Participant’s average allocation for the prior three Plan Years of participation immediately preceding the year in which the Participant’s termination of employment occurred (or all Plan Years of participation, if less
than three). A full year’s allocation shall be credited for both the year in which the Participant’s termination of employment occurs and the year in which the Participant’s Normal Retirement Date occurs. The interest rate used in
determining present value shall be the interest rate applicable to the Company’s principal bank borrowings as of the effective date of the Change in Control or, if no such rate is readily determinable, at a rate equal to the current prime rate
as listed in the Eastern print edition of the Wall Street Journal as of the effective date of the Change in Control transaction plus1.5% 
 E. Definitions. For purposes of the Target Benefit Program a Participant’s: 
  

	 	(i)	“Final Base Salary” shall mean the Participant’s annualized base salary rate in effect as of the last day of the calendar year preceding the calendar
year during which the Participant attains age 65. 

  
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	 	(ii)	“Normal Retirement Date” shall mean the date of the Participant’s 65th birthday. 

 

	 	(iii)	“Retirement Benefit” shall mean payment of the amount credited to the Participant’s Target Benefit Program account in substantially equal month
installments beginning on the Participant’s Normal Retirement Date and continuing for 180 months. 

  

	 	(iv)	The “Administrator” shall be the Chief Financial Officer of the Company, or such other person or persons as may be appointed by the Chief Executive Officer of
the Company to administer the Target Benefit Program. The Administrator shall decide any questions about the rights of Participants and in general administer the Target Benefit Program. The Administrator may delegate all or part of his
administrative duties to one or more agents and may retain advisors for assistance. The Administrator may consult with and rely upon the advice of counsel, who may be counsel for the Company. 

 

	 	(v)	“Cause” shall mean the conviction of the Participant (including a plea of nolo contendere) of a felony or gross misdemeanor under federal or state law which
is materially and demonstrably injurious to the Company or which impairs the Participant’s ability to perform substantially the Participant’s duties for the Company. 

 

	 	(vi)	“Good Reason” shall mean the occurrence of any of the following: 

 (A) Any material diminution in the Participant’s title, position, duties or responsibilities or authorities (which shall include, without limitation , any change such that Participant is no longer
serving in the position in which he serves as of the Effective Date in publicly-traded company); the assignment to him of duties that are materially inconsistent with, or materially impair his ability to perform, the duties then assigned to him, in
each case as determined by Participant in good faith; or any change in the reporting structure so that the Participant is required to report to any person other than the Company’s Chief Executive Officer; 

(B) A reduction by the Company of Participant’s base salary exceeding 5 percent of Participant’s base salary as in effect
immediately prior to the Change in Control, or an adverse change in the form or timing of the payment of Participant’s base salary; 
 (C) A reduction by the Company of Participant’s annual bonus exceeding 20 percent of Participant’s prior year’s annual bonus (unless such reduction relates to the amount of annual bonus
payable to Participant for the achievement of specified performance goals, or to the attainment of profitability levels of the Company or certain of its subsidiaries, and the non-

  
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achievement of such goals and/or the non-attainment of profitability levels of the Company or certain of its subsidiaries, is the reason for the reduction in Participant’s annual bonus
compared to the prior year’s bonus); 
 (D) The Company’s requiring the Participant to be based at any office more than
30 miles from where Participant’s office is located immediately prior to the Change in Control. 
 (E) The Company fails to
require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, to assume expressly and agree to perform its obligations under the Target
Benefit Program, provided that such successor has received at least ten days’ prior written notice from the Company of such obligations. 
 F. Investment Options. Participants may direct the investment of their Target Benefit Program accounts in accordance with the terms of the Plan. The Administrator may make available to Target
Benefit Program Participants additional investment alternatives that are not generally available under the Plan which may be made available for investment of Target Benefit Program accounts only, including without limitation annuity investment
vehicles. 
 2. Effective Date. This Amendment No. 2 shall be effective as of the date set forth above. Except as
hereby amended, the Plan shall remain in full force and effect. 
  

					
		 	THE GREENBRIER COMPANIES, INC.
			
		 	By:	 	 /s/ Martin R. Baker

			
		 	Title:	 	 Senior Vice President

 This Amendment No. 2 to The Greenbrier Companies Nonqualified Deferred Compensation Plan was
adopted and approved by the Compensation Committee of the Board of Directors on August 28, 2012. 

  
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 APPENDIX A TO AMENDMENT NO. 2 TO THE GREENBRIER COMPANIES 

NONQUALIFIED DEFERRED COMPENSATION PLAN 
 As of the Effective Date of Amendment No. 2, the group of employees who are eligible to participate in the Target Benefit Program under the Plan are the following: 

 

	 	1.	Mark J. Rittenbaum 

  

	 	2.	Timothy A. Stuckey 

  

	 	3.	Maren C. Malik 

  

	 	4.	James T. Sharp 

  

	 	5.	Alejandro Centurion 

  
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