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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">As filed with the Securities and Exchange Commission on June&nbsp;2, 2004



<P align="right" style="font-size: 10pt">Registration No.&nbsp;33-<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>



<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">





<div align="center" style="font-size: 14pt">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</div>

<DIV align="center" style="font-size: 12pt">Washington, D.C. 20549<BR>
<HR align="center" size="1" noshade width="25%">
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 12pt">REGISTRATION STATEMENT
<DIV align="center" style="font-size: 12pt">UNDER THE SECURITIES ACT OF 1933</DIV>



<P align="center" style="font-size: 24pt">The Greenbrier Companies, Inc.


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="100%"></DIV>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware<BR>
<HR align="center" size="1" noshade width="100%">
(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">93-0816972<BR>
<HR align="center" size="1" noshade width="100%">
(IRS Employer</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>

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</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">One Centerpointe Drive, Suite&nbsp;200</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">Lake Oswego, Oregon
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">97035</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><HR align="center" size="1" noshade width="100%">
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR align="center" size="1" noshade width="100%">
(Zip Code)</TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">2004 Employee Stock Purchase Plan


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="100%"></DIV>


<DIV align="center" style="font-size: 10pt">(Full title of the plan)</DIV>



<P align="center" style="font-size: 10pt">William A. Furman<BR>
President and Chief Executive Officer<BR>
The Greenbrier Companies, Inc.<BR>
One Centerpointe Drive, Suite&nbsp;200<BR>
Lake Oswego, Oregon 97035<BR>
(503)&nbsp;684-7000


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="100%"></DIV>


<DIV align="center" style="font-size: 10pt">(Name, address and telephone number of agent for service)</DIV>



<P align="center" style="font-size: 10pt">Copy to:<BR>
Kenneth D. Stephens<BR>
Tonkon Torp LLP<BR>
1600 Pioneer Tower<BR>
888 S.W. Fifth Avenue<BR>
Portland, Oregon 97204<BR>
(503)&nbsp;221-1440



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Title of securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate offering price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>to be registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per share (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registration fee</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock, $.001
par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">750,000 shares</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,027,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,650.58</TD>
    <TD>&nbsp;</TD>
</TR>

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</TABLE>
</DIV>



<P align="left" style="margin-left: 3%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(1)&nbsp;Calculated pursuant to Rule&nbsp;457(h)(1) and 457(c) for purposes of computing
the registration fee, based on the average of the high and low sales prices of
the Common Stock on May&nbsp;25, 2004, as reported by the New York Stock Exchange.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
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	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Part II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item 9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="v99408orexv5w1.txt">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="v99408orexv23w1.txt">EXHIBIT 23.1</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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<DIV align="left"><A NAME="000"></A></DIV>



<P align="center" style="font-size: 10pt">PART II



<P align="center" style="font-size: 10pt">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents filed or furnished by the Company with the Securities and
Exchange Commission (the &#147;Commission&#148;) are incorporated by reference in this
registration statement:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company&#146;s annual report on Form 10-K for the fiscal year ended
August&nbsp;31, 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company&#146;s quarterly reports on Form 10-Q for the quarters ended
November&nbsp;30, 2003 and February&nbsp;29, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company&#146;s reports on Form 8-K dated January&nbsp;13, 2004 and April&nbsp;14,
2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The description of the Company&#146;s common stock, $0.001 par value, set
forth in the Company&#146;s Registration Statement on Form S-1, as declared
effective on July&nbsp;11, 1994 (Registration No.&nbsp;33-78852), and any amendment or
report filed for the purpose of updating such description.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Company subsequent to those listed above with
the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934 (the &#147;Exchange Act&#148;), prior to the filing of a
post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference into this Registration Statement and
to be a part hereof from the date of filing of such documents. Any statement
contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the
extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part
of this Registration Statement.

<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.

<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware General Corporation Law (&#147;DGCL&#148;), the Company&#146;s
Restated Certificate of Incorporation (the &#147;Certificate&#148;), and the Company&#146;s
Amended and Restated Bylaws (the &#147;Bylaws&#148;), the Company has broad powers to
indemnify directors and officers against liabilities that they may incur in
such capacities.


<P align="center" style="font-size: 10pt">II-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;102(b)(7) of the DGCL, Article&nbsp;Sixth of the
Certificate contains the following provision relating to the personal liability
of the Company&#146;s directors:


<P align="left" style="margin-left: 10%; text-indent: 0%; margin-right: 0%; font-size: 10pt">&#147;No director of the corporation shall be personally
liable to the corporation or its stockholders for
monetary damages for breach of fiduciary duty as a
director, except for liability, to the extent provided
by applicable law, (i)&nbsp;for any breach of the
director&#146;s duty of loyalty to the corporation or its
stockholders, (ii)&nbsp;for acts or omissions not in good
faith or which involve intentional misconduct or a
knowing violation of the law, (iii)&nbsp;under Section&nbsp;174
of the General Corporation Law of Delaware, or (iv)
for any transaction from which the director derived an
improper personal benefit. If the General Corporation
Law of Delaware is amended to authorize corporate
action further eliminating or limiting the personal
liability of directors, then the liability of a
director of the corporation shall be eliminated or
limited to the fullest extent permitted by the General
Corporation Law of Delaware, as so amended. This
Article&nbsp;Sixth shall not eliminate or limit the
liability of a director for any act or omission which
occurred prior to the effective date of its adoption.
Any repeal or modification of this Article&nbsp;Sixth by
the stockholders of the corporation shall not
adversely affect any right or protection of a director
of the corporation existing at the time of such repeal
or modification.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to DGCL Section&nbsp;145 and Article&nbsp;Seventh of the Certificate,
Article&nbsp;VIII of the Company&#146;s Amended and Restated Bylaws provides:


<P align="left" style="margin-left: 10%; text-indent: 0%; margin-right: 0%; font-size: 10pt">&#147;Section&nbsp;1. Directors and Officers.


<P align="left" style="margin-left: 10%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(a)&nbsp;Indemnity in Third-Party Proceedings. The
corporation shall indemnify its Directors and officers
in accordance with the provisions of this Section 1(a)
if the Director or officer was or is a party to, or is
threatened to be made a party to, any proceeding
(other than a proceeding by or in the right of the
corporation to procure a judgment in its favor),
against all expenses, judgments, fines and amounts
paid in settlement, actually and reasonably incurred
by the Director or officer in connection with such
proceeding if the Director or officer acted in good
faith and in a manner the Director or officer
reasonably believed was in or not opposed to the best
interests of the corporation, and, with respect to any
criminal action or proceeding, the Director or
officer, in addition, had no reasonable cause to
believe that the Director&#146;s or officer&#146;s conduct was
unlawful; provided, however, that the Director or
officer shall not be entitled to indemnification under
this Section&nbsp;1(a): (i)&nbsp;in connection with any
proceeding charging improper personal benefit to the
Director or officer in which the Director or officer
is adjudged liable on the basis that personal benefit
was improperly received by the Director or officer
unless and only to the extent that the court
conducting such proceeding or any other court of
competent jurisdiction determines upon application
that, despite the adjudication of liability, the
Director


<P align="center" style="font-size: 10pt">II-2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="margin-left: 10%; text-indent: 0%; margin-right: 0%; font-size: 10pt">or officer is fairly and reasonably entitled to
indemnification in view of all the relevant
circumstances, or (ii)&nbsp;in connection with any
proceeding (or part thereof) initiated by such person
or any proceeding by such person against the
corporation or its Directors, officers, employees or
other agents unless (A)&nbsp;such indemnification is
expressly required to be made by law, (B)&nbsp;the
proceeding was authorized by the Board of Directors,
or (C)&nbsp;such indemnification is provided by the
corporation, in its sole discretion, pursuant to the
powers vested in the corporation under the Delaware
General Corporation Law.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the indemnification and exculpation provided by the
Company&#146;s Certificate and Bylaws, the Company has entered into an
indemnification agreement with each of its directors and officers. The
indemnification agreements provide that no director or officer shall have a
monetary liability of any kind in respect of the director&#146;s or officer&#146;s errors
or omissions in serving the Company or any of its subsidiaries, stockholders or
related enterprises, so long as such errors are not shown by clear and
convincing evidence to have involved: (i)&nbsp;any breach of the duty of loyalty to
such entities; (ii)&nbsp;any act or omission not in good faith or which involved
intentional misconduct or a knowing violation of the law; (iii)&nbsp;any transaction
from which the director or officer derived an improper personal benefit; (iv)
any unlawful corporate distribution as defined in the DGCL; or (v)&nbsp;profits made
from the purchase and sale by the director or officer of securities of the
Company within the meaning of Section 16(b) of the Securities Exchange Act of
1934, as amended. Furthermore, regardless of the theory of liability asserted
and to the fullest extent permitted by law, no director or officer shall have
personal liability for (i)&nbsp;punitive, exemplary or consequential damages; (ii)
treble or other damages computed based upon any multiple of damages actually
and directly proved to have been sustained; (iii)&nbsp;fees of attorneys,
accountants, expert witnesses or professional consultants; or (iv)&nbsp;civil fines
or penalties of any kind or nature whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification agreements also require the Company to indemnify any
director or officer who is a party to, or is threatened to be made a party to,
any proceeding, against all expenses, judgments, fines and amounts paid in
settlement, actually and reasonably incurred by the director or officer in
connection with such proceeding, if the director or officer: (i)&nbsp;acted in good
faith and in a manner the director or officer reasonably believed was in or not
opposed to the best interests of the Company; and (ii)&nbsp;with respect to any
criminal proceeding, the director or officer also had no reasonable cause to
believe that his or her conduct was unlawful. In any proceeding charging a
director or officer with improper personal benefit to the director or officer,
the Company will indemnify the director or officer if the appropriate court
determines that the director or officer is fairly and reasonably entitled to
indemnification.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification agreements also provide indemnity to a director or
officer in proceedings brought by or in the right of the Company, as long as
the director or officer acted in good faith and in a manner which he or she
reasonably believed to be in, or not opposed to, the best interests of the
Company. If a director or officer is adjudged liable to the Company, he or she
will not be indemnified unless the appropriate court determines that the
director or officer is fairly and reasonably entitled to indemnification.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the indemnification agreements indemnify
each director and officer to the fullest extent permitted by law with respect
to any proceeding against all expenses, judgments, fines and amounts paid in
settlement, actually and reasonably incurred by the director or officer in
connection with any proceeding. The forms of indemnification


<P align="center" style="font-size: 10pt">II-3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">agreements entered into between the Company and its officers and directors have
been filed with the Commission and are incorporated by reference to the
Company&#146;s Registration Statement on Form S-1, as declared effective on July&nbsp;11,
1994 (Registration No.&nbsp;33-78852).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains directors&#146; and officers&#146; liability insurance under
which the Company&#146;s directors and officers are insured against claims for
errors, neglect, breach of duty and other matters.

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>

<!-- link2 "Item 9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Tonkon Torp LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Tonkon Torp LLP (included in Exhibit&nbsp;5.1)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (on signature page)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being
made and to the extent required by the Securities Act of 1933 and the rules and
regulations promulgated thereunder, a post-effective amendment to this
registration statement:



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events
arising after the effective date of this registration statement (or
the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in
the information set forth in this registration statement.
Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed
with the SEC pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20&nbsp;percent
change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective
registration statement;



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect
to the plan of distribution not previously disclosed in this
registration statement or any material change to such information
in this registration statement;


<P align="center" style="font-size: 10pt">II-4
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed by the registrant
pursuant to Section&nbsp;13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in this registration statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
<I>bona fide </I>offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant&#146;s annual report pursuant to section 13(a) or section
15(d) of the Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant to section 15(d) of
the Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceedings) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.


<P align="center" style="font-size: 10pt"><B>&#091;This space is intentionally left blank&#093;</B>



<P align="center" style="font-size: 10pt">II-5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center" style="font-size: 10pt">SIGNATURES



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
the registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Lake Oswego, Oregon, on April&nbsp;13, 2004.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">THE GREENBRIER COMPANIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000">By  /s/ William A. Furman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">William A. Furman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">POWER OF ATTORNEY




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS that each person whose signature appears
below hereby constitutes and appoints William A. Furman his true and lawful
attorney-in-fact and agent, with full power of substitution for him in any and
all capacities, to sign any and all amendments or post-effective amendments to
this registration statement, and to file the same, with all exhibits thereto
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto such attorney and agent full power and authority to
do any and all acts and things necessary or advisable in connection with such
matters, and hereby ratifying and confirming all that the attorney and agent,
or his substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
this registration statement has been signed by the following persons in the
capacities and on the date(s) indicated:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Principal Executive Officers:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date:</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William A. Furman
<HR align="left" size="1" noshade width="55%">
William A. Furman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;13, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President, Chief Executive Officer and Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Alan James<BR>
<HR align="left" size="1" noshade width="55%">
Alan James
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;13, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chairman of the Board of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Principal Financial and Accounting Officer:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Larry G. Brady
<HR align="left" size="1" noshade width="55%">
Larry G. Brady
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;13, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vice President, Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Victor G. Atiyeh
<HR align="left" size="1" noshade width="55%">
Victor G. Atiyeh
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;13, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">II-6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Benjamin R. Whiteley
<HR align="left" size="1" noshade width="55%">
Benjamin R. Whiteley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;13, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ C. Bruce Ward
<HR align="left" size="1" noshade width="55%">
C. Bruce Ward
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;13, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ A. Daniel O&#146;Neal, Jr.
<HR align="left" size="1" noshade width="55%">
A. Daniel O&#146;Neal, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;13, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Duane C. McDougall
<HR align="left" size="1" noshade width="55%">
Duane C. McDougall
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;13, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">II-7
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt">INDEX TO EXHIBITS


<DIV align="left">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><b>Exhibit</b></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><b>Number</b><BR>
<HR align="left" size="1" noshade width="50%">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>Description</b><BR>
<HR align="left" size="1" noshade width="11%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Tonkon Torp LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Tonkon Torp LLP (included in Exhibit&nbsp;5.1)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (on signature page)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">II-8
</DIV>


</BODY>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on June 2, 2004
Registration No. 33-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
The Greenbrier Companies, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
93-0816972
(IRS Employer
of incorporation or organization)
Identification No.)
One Centerpointe Drive, Suite 200
Lake Oswego, Oregon
97035
(Address of principal executive offices)
(Zip Code)
2004 Employee Stock Purchase Plan
(Full title of the plan)
William A. Furman
President and Chief Executive Officer
The Greenbrier Companies, Inc.
One Centerpointe Drive, Suite 200
Lake Oswego, Oregon 97035
(503) 684-7000
(Name, address and telephone number of agent for service)
Copy to:
Kenneth D. Stephens
Tonkon Torp LLP
1600 Pioneer Tower
888 S.W. Fifth Avenue
Portland, Oregon 97204
(503) 221-1440
CALCULATION OF REGISTRATION FEE
Proposed
Proposed maximum
Title of securities
Amount to be
maximum offering
aggregate offering price
Amount of
to be registered
registered
price per share (1)
(1)
registration fee
Common Stock, $.001
par value
750,000 shares
$
17.37
$
13,027,500
$
1,650.58
(1) Calculated pursuant to Rule 457(h)(1) and 457(c) for purposes of computing
the registration fee, based on the average of the high and low sales prices of
the Common Stock on May 25, 2004, as reported by the New York Stock Exchange.
TABLE OF CONTENTS
Part II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
INDEX TO EXHIBITS
EXHIBIT 5.1
EXHIBIT 23.1
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The
following documents filed or furnished by the Company with the Securities and
Exchange Commission (the "Commission") are incorporated by reference in this
registration statement:
(a) The Company's annual report on Form 10-K for the fiscal year ended
August 31, 2003.
(b) The Company's quarterly reports on Form 10-Q for the quarters ended
November 30, 2003 and February 29, 2004.
(c) The Company's reports on Form 8-K dated January 13, 2004 and April 14,
2004.
(d) The description of the Company's common stock, $0.001 par value, set
forth in the Company's Registration Statement on Form S-1, as declared
effective on July 11, 1994 (Registration No. 33-78852), and any amendment or
report filed for the purpose of updating such description.
All documents filed by the Company subsequent to those listed above with
the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934 (the "Exchange Act"), prior to the filing of a
post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference into this Registration Statement and
to be a part hereof from the date of filing of such documents. Any statement
contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the
extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part
of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
None.
Item 6. Indemnification of Directors and Officers.
Under the Delaware General Corporation Law ("DGCL"), the Company's
Restated Certificate of Incorporation (the "Certificate"), and the Company's
Amended and Restated Bylaws (the "Bylaws"), the Company has broad powers to
indemnify directors and officers against liabilities that they may incur in
such capacities.
II-1
Table of Contents
Pursuant to Section 102(b)(7) of the DGCL, Article Sixth of the
Certificate contains the following provision relating to the personal liability
of the Company's directors:
"No director of the corporation shall be personally
liable to the corporation or its stockholders for
monetary damages for breach of fiduciary duty as a
director, except for liability, to the extent provided
by applicable law, (i) for any breach of the
director's duty of loyalty to the corporation or its
stockholders, (ii) for acts or omissions not in good
faith or which involve intentional misconduct or a
knowing violation of the law, (iii) under Section 174
of the General Corporation Law of Delaware, or (iv)
for any transaction from which the director derived an
improper personal benefit. If the General Corporation
Law of Delaware is amended to authorize corporate
action further eliminating or limiting the personal
liability of directors, then the liability of a
director of the corporation shall be eliminated or
limited to the fullest extent permitted by the General
Corporation Law of Delaware, as so amended. This
Article Sixth shall not eliminate or limit the
liability of a director for any act or omission which
occurred prior to the effective date of its adoption.
Any repeal or modification of this Article Sixth by
the stockholders of the corporation shall not
adversely affect any right or protection of a director
of the corporation existing at the time of such repeal
or modification."
Pursuant to DGCL Section 145 and Article Seventh of the Certificate,
Article VIII of the Company's Amended and Restated Bylaws provides:
"Section 1. Directors and Officers.
(a) Indemnity in Third-Party Proceedings. The
corporation shall indemnify its Directors and officers
in accordance with the provisions of this Section 1(a)
if the Director or officer was or is a party to, or is
threatened to be made a party to, any proceeding
(other than a proceeding by or in the right of the
corporation to procure a judgment in its favor),
against all expenses, judgments, fines and amounts
paid in settlement, actually and reasonably incurred
by the Director or officer in connection with such
proceeding if the Director or officer acted in good
faith and in a manner the Director or officer
reasonably believed was in or not opposed to the best
interests of the corporation, and, with respect to any
criminal action or proceeding, the Director or
officer, in addition, had no reasonable cause to
believe that the Director's or officer's conduct was
unlawful; provided, however, that the Director or
officer shall not be entitled to indemnification under
this Section 1(a): (i) in connection with any
proceeding charging improper personal benefit to the
Director or officer in which the Director or officer
is adjudged liable on the basis that personal benefit
was improperly received by the Director or officer
unless and only to the extent that the court
conducting such proceeding or any other court of
competent jurisdiction determines upon application
that, despite the adjudication of liability, the
Director
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or officer is fairly and reasonably entitled to
indemnification in view of all the relevant
circumstances, or (ii) in connection with any
proceeding (or part thereof) initiated by such person
or any proceeding by such person against the
corporation or its Directors, officers, employees or
other agents unless (A) such indemnification is
expressly required to be made by law, (B) the
proceeding was authorized by the Board of Directors,
or (C) such indemnification is provided by the
corporation, in its sole discretion, pursuant to the
powers vested in the corporation under the Delaware
General Corporation Law."
In addition to the indemnification and exculpation provided by the
Company's Certificate and Bylaws, the Company has entered into an
indemnification agreement with each of its directors and officers. The
indemnification agreements provide that no director or officer shall have a
monetary liability of any kind in respect of the director's or officer's errors
or omissions in serving the Company or any of its subsidiaries, stockholders or
related enterprises, so long as such errors are not shown by clear and
convincing evidence to have involved: (i) any breach of the duty of loyalty to
such entities; (ii) any act or omission not in good faith or which involved
intentional misconduct or a knowing violation of the law; (iii) any transaction
from which the director or officer derived an improper personal benefit; (iv)
any unlawful corporate distribution as defined in the DGCL; or (v) profits made
from the purchase and sale by the director or officer of securities of the
Company within the meaning of Section 16(b) of the Securities Exchange Act of
1934, as amended. Furthermore, regardless of the theory of liability asserted
and to the fullest extent permitted by law, no director or officer shall have
personal liability for (i) punitive, exemplary or consequential damages; (ii)
treble or other damages computed based upon any multiple of damages actually
and directly proved to have been sustained; (iii) fees of attorneys,
accountants, expert witnesses or professional consultants; or (iv) civil fines
or penalties of any kind or nature whatsoever.
The indemnification agreements also require the Company to indemnify any
director or officer who is a party to, or is threatened to be made a party to,
any proceeding, against all expenses, judgments, fines and amounts paid in
settlement, actually and reasonably incurred by the director or officer in
connection with such proceeding, if the director or officer: (i) acted in good
faith and in a manner the director or officer reasonably believed was in or not
opposed to the best interests of the Company; and (ii) with respect to any
criminal proceeding, the director or officer also had no reasonable cause to
believe that his or her conduct was unlawful. In any proceeding charging a
director or officer with improper personal benefit to the director or officer,
the Company will indemnify the director or officer if the appropriate court
determines that the director or officer is fairly and reasonably entitled to
indemnification.
The indemnification agreements also provide indemnity to a director or
officer in proceedings brought by or in the right of the Company, as long as
the director or officer acted in good faith and in a manner which he or she
reasonably believed to be in, or not opposed to, the best interests of the
Company. If a director or officer is adjudged liable to the Company, he or she
will not be indemnified unless the appropriate court determines that the
director or officer is fairly and reasonably entitled to indemnification.
Notwithstanding the foregoing, the indemnification agreements indemnify
each director and officer to the fullest extent permitted by law with respect
to any proceeding against all expenses, judgments, fines and amounts paid in
settlement, actually and reasonably incurred by the director or officer in
connection with any proceeding. The forms of indemnification
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agreements entered into between the Company and its officers and directors have
been filed with the Commission and are incorporated by reference to the
Company's Registration Statement on Form S-1, as declared effective on July 11,
1994 (Registration No. 33-78852).
The Company maintains directors' and officers' liability insurance under
which the Company's directors and officers are insured against claims for
errors, neglect, breach of duty and other matters.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
5.1
Opinion of Tonkon Torp LLP
23.1
Consent of Deloitte & Touche LLP
23.2
Consent of Tonkon Torp LLP (included in Exhibit 5.1)
24
Power of Attorney (on signature page)
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being
made and to the extent required by the Securities Act of 1933 and the rules and
regulations promulgated thereunder, a post-effective amendment to this
registration statement:
(i) To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events
arising after the effective date of this registration statement (or
the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in
the information set forth in this registration statement.
Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed
with the SEC pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20 percent
change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective
registration statement;
(iii) To include any material information with respect
to the plan of distribution not previously disclosed in this
registration statement or any material change to such information
in this registration statement;
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Provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed by the registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in this registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
(b) The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant's annual report pursuant to section 13(a) or section
15(d) of the Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan's annual report pursuant to section 15(d) of
the Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceedings) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
[This space is intentionally left blank]
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Lake Oswego, Oregon, on April 13, 2004.
THE GREENBRIER COMPANIES, INC.
By  /s/ William A. Furman
William A. Furman
President and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that each person whose signature appears
below hereby constitutes and appoints William A. Furman his true and lawful
attorney-in-fact and agent, with full power of substitution for him in any and
all capacities, to sign any and all amendments or post-effective amendments to
this registration statement, and to file the same, with all exhibits thereto
and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto such attorney and agent full power and authority to
do any and all acts and things necessary or advisable in connection with such
matters, and hereby ratifying and confirming all that the attorney and agent,
or his substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended,
this registration statement has been signed by the following persons in the
capacities and on the date(s) indicated:
Principal Executive Officers:
Date:
/s/ William A. Furman
William A. Furman
April 13, 2004
President, Chief Executive Officer and Director
/s/ Alan James
Alan James
April 13, 2004
Chairman of the Board of Directors
Principal Financial and Accounting Officer:
/s/ Larry G. Brady
Larry G. Brady
April 13, 2004
Vice President, Chief Financial Officer
Directors:
/s/ Victor G. Atiyeh
Victor G. Atiyeh
April 13, 2004
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/s/ Benjamin R. Whiteley
Benjamin R. Whiteley
April 13, 2004
/s/ C. Bruce Ward
C. Bruce Ward
April 13, 2004
/s/ A. Daniel O'Neal, Jr.
A. Daniel O'Neal, Jr.
April 13, 2004
/s/ Duane C. McDougall
Duane C. McDougall
April 13, 2004
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INDEX TO EXHIBITS
Exhibit
Number
Description
5.1
Opinion of Tonkon Torp LLP
23.1
Consent of Deloitte & Touche LLP
23.2
Consent of Tonkon Torp LLP (included in Exhibit 5.1)
24
Power of Attorney (on signature page)
II-8