Document:

exv10w52

 

Exhibit 10.52

ARI / ARL RENT AND BUILDING SERVICES

EXTENSION AGREEMENT

     ARI / ARL RENT AND BUILDING SERVICES EXTENSION AGREEMENT (this “Extension Agreement”)
made this 22nd day of February 2008, between AMERICAN RAILCAR INDUSTRIES, INC., a Delaware
corporation (“ARI”), and AMERICAN RAILCAR LEASING LLC, a Delaware limited liability company
(“ARL”), effective as of December 31, 2007 (the “Effective Date”).

RECITALS

     WHEREAS, ARI and ARL are parties to that certain Services Agreement dated as of April 1, 2005,
as amended June 30, 2005 (the “Transitional Services Agreement”), pursuant to which among
other things ARL agreed to provide ARI the ARL Services (as defined in the Transitional Services
Agreement), which included, among other services being provided by ARL to ARI, the Rent and
Building Services (as defined in the Transitional Services Agreement);

     WHEREAS, pursuant to that certain ARI / ARL Services Separation Agreement (the “Separation
Agreement”) by and between ARI and ARL, effective as of December 31, 2006, ARI and ARL agreed,
among other things, to terminate upon the terms and conditions stated in the Separation Agreement
all of the ARL Services other than the Rent and Building Services;

     WHEREAS, pursuant to the Transitional Services Agreement, the Term (as defined in the
Transitional Services Agreement) of the Rent and Building Services continued until December 31,
2007;

     WHEREAS, since December 31, 2007 ARL has continued to provide ARI the Rent and Building
Services and ARI has continued to pay ARL Fees in consideration thereof; and

     WHEREAS, each of ARI and ARL desire to evidence in writing the parties’ extension of the Term
of the Rent and Building Services beyond December 31, 2007;

     NOW, THEREFORE, in consideration of these premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, ARI and ARL agree as
follows:

     1. Definitions. Unless otherwise defined herein, capitalized terms used in this
Services Extension Agreement shall have the meanings ascribed to such terms in the Transitional
Services Agreement, the Services Separation Agreement and/or as the context shall require.

     2. Rent and Building Services Extension. Notwithstanding anything to the contrary in
(i) the Transitional Services Agreement, including without limitation Sections 3.1 and 3.2 thereof,
or (ii) the Separation Agreement, including without limitation Section 2(c) thereof, ARI and ARL
hereby agree that:

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          (a) the Term of the Rent and Building Services shall extend beyond December 31, 2007 and shall
persist unless and until otherwise terminated in accordance with subsection (c) below;

          (b) the Rent and Building Services shall be provided by ARL to ARI during the remainder of the
Term on the same terms and conditions, including without limitation as to any Fees payable by ARI
in consideration thereof, as were in effect immediately prior to the Effective Date of this
Extension Agreement, unless and until otherwise mutually agreed by the parties in writing; and

          (c) the Term of the Rent and Building Services may be terminated by (i) either party upon six
(6) months prior written notice to the other party or (ii) the parties in writing upon their mutual
agreement.

     3. Entire Agreement; Modification and Waiver. Except as expressly modified herein,
the terms of the Transitional Services Agreement and the Separation Agreement remain in full force
and effect. No provision of this Extension Agreement may be waived, changed, altered, modified or
amended in any respect without a writing to that effect, signed by both of the parties hereto.

     4. Communications. All notices, requests, demands, consents, approvals, reports,
statements and other communications under this Extension Agreement shall be in writing and shall be
deemed to have been given (a) upon receipt when delivered by hand, overnight delivery service or
facsimile transmission with respect to which receipt has been acknowledged or (b) three (3)
business days after mailing, by registered or certified mail, postage prepaid, return receipt
requested or (c) upon delivery when delivered by email, and addressed to the party for whom
intended at the following addresses or such changed address as such parties may have fixed by
notice:

To ARL:

American Railcar Leasing LLC

100 Clark Street

St. Charles, Missouri 63301

Attention: Umesh Choksi, Chief Financial Officer

Telecopy no.: (636) 940-6044

Telephone no.: (636) 940-6000

Email: uchoksi@arleasing.com

To ARI:

American Railcar Industries, Inc.

100 Clark Street

St. Charles, Missouri 63301

Attention: William P. Benac, Senior Vice President, Chief Financial

Officer and Treasurer

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Telecopy no.: (636) 940-6044

Telephone no.: (636) 940-6000

Email: wbenac@americanrailcar.com

provided, however, that any notice of change of address shall be effective only
upon receipt.

     5. Counterparts. This Extension Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

[Signature Page Follows]

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Executed as an instrument as of the date first above written.

	 	 	 	 	 
	 	AMERICAN RAILCAR LEASING LLC

 	 
	 	By:  	/s/
Harry L. McKinstry 	 
	 	 	Name:  	H.L.
McKinstry 	 
	 	 	Title:  	V.P.
Finance - Controller 	 
	 
	 	AMERICAN RAILCAR INDUSTRIES, INC.

 	 
	 	By:  	/s/
James Cowan 	 
	 	 	Name:  	James
Cowan 	 
	 	 	Title:  	Executive
Vice President and COO 	 
	 

The undersigned hereby acknowledges

the extension of the Term

of the Rent and Building Services:

	 	 	 	 	 
	ST. CHARLES PROPERTIES, a Missouri partnership

 	 	 
	By:  	/s/
James J. Unger 	 	 
	 	Name:  	James
J. Unger 	 	 
	 	Title:  	General
Partner 	 	 
	 

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Exhibit 10.14

DESCRIPTION OF NON-EMPLOYEE DIRECTOR

COMPENSATION ARRANGEMENTS

(Updated as of January 1, 2008)

Directors who are employees of Deluxe do not receive compensation for their service on the Board
other than their compensation as employees. Each non-employee director of Deluxe currently
receives a $50,000 annual Board retainer, payable quarterly. The Board’s non-executive chairman
currently receives an incremental annual retainer of $100,000, also payable quarterly.

In order to fairly compensate non-employee directors for their service on Board committees, the
elements and responsibilities of which will fluctuate from time to time, committee members are paid
fees for each committee meeting attended, with the chair of each committee also receiving an annual
retainer for serving as the chair. The committee fee structure currently is as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Other
	 	 	Audit	 	Compensation	 	Standing
	 	 	Committee	 	Committee	 	Committees
	Chair Retainer
	 	$	15,000	 	 	$	7,500	 	 	$	5,000	 
	In-person Meeting Attendance
	 	$	2,000	 	 	$	1,500	 	 	$	1,500	 
	Telephonic Meeting Attendance
	 	$	1,000	 	 	$	750	 	 	$	750	 

Non-employee directors also receive $1,500 for each approved site visit and director education
program attended, up to a maximum of five per year, and may receive additional compensation for the
performance of duties assigned by the Board or its committees that are considered beyond the scope
of the ordinary responsibilities of directors or committee members.

Deluxe maintains a Non-Employee Director Stock and Deferral Plan (the “Director Plan”), which was
approved by shareholders as part of Deluxe’s 2000 Stock Incentive Plan, as amended (the “Stock
Incentive Plan”). The purpose of the Director Plan is to provide an opportunity for non-employee
directors to increase their ownership of Deluxe’s common stock and thereby align their interest in
the long-term success of Deluxe with that of the other shareholders. Under the Director Plan, each
non-employee director may elect to receive, in lieu of some or all of their cash compensation,
shares of common stock having an equivalent fair market value. The shares of common stock
receivable pursuant to the Director Plan are issued quarterly or, at the option of the director,
credited to the director in the form of deferred stock units. These stock units vest and are
converted into shares of common stock on the earlier of the tenth anniversary of February
1st of the year following the year in which the non-employee director ceases to serve on
the Board or such other date as is elected by the director in his or her deferral election (for
example, upon end of service as a director). Each stock unit entitles the holder to receive
dividend equivalent payments equal to the dividend payment on one share of common stock. Any stock
units issued pursuant to the Director Plan will vest and be converted into shares of common stock
in connection with certain defined changes of control of Deluxe. All shares of common stock issued pursuant to the Director Plan are issued
under Deluxe’s Stock Incentive Plan and must be held by the non-employee director for a minimum
period of six months from the date of issuance.

 

 

Each new non-employee director elected to the Board receives a one-time grant of 1,000 shares of
restricted stock under the Stock Incentive Plan as of the date of his or her initial election to
the Board. The restricted stock vests in equal installments on the dates of Deluxe’s annual
shareholder meetings in each of the three years following the date of grant, provided that the
director remains in the office immediately following the annual meeting. These restricted stock
awards also vest immediately upon a non-employee director’s retirement from the Board in accordance
with Deluxe’s policy with respect to mandatory retirement.

Under the terms of the Stock Incentive Plan, non-employee directors also are eligible to receive
other equity-based grants, including options to purchase shares of Deluxe’s common stock. The
amount, form and terms of such grants are at the discretion of the Compensation Committee (in
consultation with the Corporate Governance Committee). Any stock options granted to non-employee
directors, however, must have an exercise price at least equal to the fair market value of Deluxe’s
common stock on the date of grant, and may not exceed 5,000 options to any director in any one
year.

Non-employee directors who were elected to the Board prior to October 1997 also are eligible for
certain retirement payments under the terms of a Board retirement plan that has since been replaced
by the Director Plan. Under this predecessor plan, non-employee directors with at least five years
of Board service who retire, resign or otherwise are not nominated for reelection are entitled to
receive an annual payment equal to the annual Board retainer in effect on July 1, 1997 ($30,000 per
year) for the number of years during which he or she served on the Board prior to October 31, 1997.
In calculating a Director’s eligibility for benefits under this plan, partial years of service are
rounded up to the nearest whole number. Retirement payments do not extend beyond the lifetime of
the retiree and are contingent upon the retiree’s remaining available for consultation with
management and refraining from engaging in any activity in competition with Deluxe.

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