GREENBRIER COMPANIES INC
EXHIBIT 10.28
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<BR></FONT><FONT SIZE=2><B>Exhibit 10.28    <BR>  </B></FONT></P>

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<BR></FONT><FONT SIZE=2><B>THE GREENBRIER COMPANIES,&nbsp;INC.<BR>  <BR>    James-Furman Supplemental 1994 Stock Option Plan<BR>  <BR>    </B></FONT><FONT SIZE=2><B><I>Amendment No.&nbsp;1    <BR>  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Article&nbsp;VIII of the James-Furman Supplemental 1994 Stock Option Plan (the "Supplemental Plan"), the Stockholders hereby amend the Supplemental
Plan as follows: </FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Article&nbsp;III
of the Supplemental Plan is amended to read as follows: </FONT></DD></DL>
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<P><FONT SIZE=2>"The
Supplemental Plan shall be effective as of July&nbsp;8, 1994, the date of its adoption by Stockholders. No Options shall be granted under the Supplemental Plan after July&nbsp;31, 1994. The
preceding sentence shall not be construed to prevent the Stockholders from extending the term of Options that were granted prior to that date and which remain outstanding under the Supplemental Plan,
regardless of whether the extension of such Options may be deemed a cancellation of outstanding Options and grant of new Options under applicable securities laws. The Supplemental Plan shall remain in
effect until all Options have been satisfied or expired. </FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Article&nbsp;VI.A.
of the Supplemental Plan is amended to read as follows: </FONT></DD></DL>
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<P><FONT SIZE=2>"A.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Option Period.&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2>The term of each Option shall automatically expire on July&nbsp;13, 2007 at which date the Options shall
be of no further force or effect." </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Greenbrier Companies,&nbsp;Inc. (the "Company") has caused this Amendment No.&nbsp;1 to be executed by an authorized officer of the Company solely for the purpose of evidencing
the Company's continuing consent to the provisions of the Supplemental Plan, including the Company's undertaking to process transfers in accordance with the provisions of the Supplemental Plan. Except
as modified by this Amendment No.&nbsp;1 the Supplemental Plan shall remain in full force and effect. </FONT></P>

<P><FONT SIZE=2>Date:
May&nbsp;20, 2002 </FONT></P>

<P><FONT SIZE=2>THE
GREENBRIER COMPANIES,&nbsp;INC. </FONT></P>

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<TD WIDTH="5%"><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>LARRY G. BRADY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><I>Senior Vice President</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ALAN JAMES</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> ALAN JAMES</FONT></TD>
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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>WILLIAM A. FURMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> WILLIAM A. FURMAN</FONT></TD>
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<FONT SIZE=2><A HREF="#toc_kc1703_2">THE GREENBRIER COMPANIES, INC. James-Furman Supplemental 1994 Stock Option Plan Amendment No. 1</A></FONT><BR>

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