Amendment to Employment Agreement between The Greenbrier Companies, Inc. and Employee (March 1, 2009)

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment modifies the employment agreement between The Greenbrier Companies, Inc. and the employee, effective March 1, 2009. It temporarily reduces the employee's annual base salary according to a set schedule, with reductions ranging from 0% to 50% based on salary level. The reduction remains in effect until the Compensation Committee decides to reinstate salaries. Severance and change in control benefits are not affected and will be calculated as if the salary had not been reduced.

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EX-10.1 2 v52071exv10w1.htm EX-10.1 exv10w1
Exhibit 10.1
Amendment to Employment Agreement
     This Amendment to Employment Agreement is effective as of March 1, 2009 and amends the Employment Agreement currently in effect by and between The Greenbrier Companies, Inc. (“Greenbrier”) and the undersigned employee of Greenbrier.
     Notwithstanding any other provision of my Employment Agreement with Greenbrier to the contrary, I hereby agree that the rate of my annual base compensation will be temporarily reduced from its current level in accordance with the schedule below. Such reduction will be effective as of March 1, 2009, and continue until such time as the Compensation Committee of the Board of Directors shall determine that current salaries for executive officers shall be reinstated, in whole or in part, with such reinstatement to be made in a comparable manner for all executive officers.
         
Annual Base Compensation Range (U.S. $)   Percentage Reduction
William A. Furman’s base compensation
     50.0 %
Over $250,000
     12.5 %
$200,000 — $249,999
     10.0 %
$125,000 — $199,999
     7.5 %
$75,000 — $124,999
     5.0 %
Under $75,000
     0.0 %
     Nothing in this Amendment shall change the amounts to be paid to me, if applicable, as severance benefits, upon a Change in Control or otherwise; such amounts to be determined as if my annual base compensation were unchanged by this Amendment.
                 
The Greenbrier Companies, Inc.:       Employee:    
 
                
By: