Document:

EX-10.3

Exhibit 10.3

PERFORMANCE-BASED CASH AWARDS

ISSUED UNDER

RYDER SYSTEM, INC. 2005 EQUITY COMPENSATION PLAN

2008 TERMS AND CONDITIONS

The following terms and conditions apply to the performance-based cash awards (the “PBCAs”) granted
by Ryder System, Inc. (the “Company”) under the Ryder System, Inc. 2005 Equity Compensation Plan
(the “Plan”), as specified in the Performance-Based Cash Award Notification (the “Notification”),
to which these terms and conditions are appended. Certain terms of the PBCAs are set forth in the
Notification. The Compensation Committee of the Company’s Board of Directors (the “Committee”)
shall administer the PBCAs in accordance with the Plan. Capitalized terms used herein and not
defined shall have the meaning ascribed to such terms in the Plan or in the Notification.

	 	1.	 	General. Each PBCA represents the right to receive a fixed dollar amount on a
future date based upon the attainment of certain financial performance goals, on the
terms and conditions set forth herein, in the Notification and in the Plan, the
applicable terms, conditions and other provisions of which are incorporated by
reference herein (collectively, the “Award Documents”). A copy of the Plan and the
documents that constitute the “Prospectus” for the Plan under the Securities Act of
1933, have been delivered to the Participant prior to or along with delivery of the
Notification. In the event there is an express conflict between the provisions of the
Plan and those set forth in any other Award Document, the terms and conditions of the
Plan shall govern. It is intended that the PBCAs qualify as “performance-based
compensation” for purposes of Section 162(m) of the Internal Revenue Code of 1986, as
amended (the “Code”), including any successor provisions and regulations.

The terms and conditions contained herein may be amended by the Committee as permitted by
the Plan; none of the terms and conditions of the PBCAs may be amended or waived without
the prior approval of the Committee. Any amendment or waiver not approved by the
Committee will be void and have no force or effect. Any employee or officer of the
Company who authorizes any such amendment or waiver without the prior approval of the
Committee will be subject to disciplinary action up to and including forfeiture of his or
her PBCAs and/or termination of employment (unless otherwise prohibited by law). All
decisions and determination made by the Committee relating to the PBCAs shall be final
and binding on the Participant, his or her beneficiaries and any other person having or
claiming an interest under the Plan.

	 	2.	 	Financial Performance Goals; Performance Period. The PBCAs will vest only if
the Company is among the top two-thirds of companies that, as of the last day of the
three-year period specified in the Notification (the “Performance Period”), comprise
the S&P 500, ranked based on Total Shareholder Return for the Performance Period. As
used herein, the term “Total Shareholder Return” shall mean the percentage change in
the stock price or index, as applicable, assuming reinvestment of dividends on the
ex-dividend date.

	 	3.	 	Payment of Cash. Subject to this Section 3 and Section 4 below, if the
Performance Goal is attained and the Committee otherwise approves the payment of the
PBCAs, the Participant will be entitled to receive payment of the PBCAs, provided the
Participant is, on the date of such approval, and has been from the date of grant of
the PBCAs to the date of such approval, continuously employed by the Company or one of
its Subsidiaries. For purposes of these terms and conditions, the Participant shall
not be deemed to have terminated his or her employment with the Company and its
Subsidiaries if he or she is immediately thereafter employed by the Company or another
Subsidiary. The Participant will receive the cash payment (net of any applicable
taxes) by the March 15th immediately following the end of the Performance
Period, unless administratively impracticable to do so.

	 	4.	 	Termination of PBCAs; Forfeiture. The PBCAs will terminate upon or following
the termination of the Participant’s employment with the Company and its Subsidiaries
as described below.

	 	(a)	 	Resignation by the Participant or Termination by the Company or a
Subsidiary: All outstanding PBCAs will be cancelled and the Participant will
not have any right to delivery of cash in respect of PBCAs. If the Participant’s
employment is terminated by the Company or a Subsidiary for Cause (as defined in
Section 12), then the Company shall have the right to reclaim and receive (at the
time and in the manner set forth in Section 3) from the Participant cash delivered
to the Participant upon the vesting of any PBCAs within the one year period before
the date of the Participant’s termination of employment, or to the extent the
Participant has transferred such Shares, the equivalent value thereof in cash.

	 	(b)	 	Termination by reason of Death, Disability or Retirement: If the
death, Disability (as defined in Section 12) or Retirement (as defined in
Section 12) occurs after the end of the Performance Period, the Participant (or his
or her Beneficiary, in the event of death) shall be entitled to receive the cash
amounts due to him or her under the Award. If the death, Disability or Retirement
occurs during the Performance Period and, based on actual performance during the
Performance Period the Participant would have received a payment under the Award but
for his or her death, Disability or Retirement, the Participant (or his or her
Beneficiary, in the event of death) will be entitled to receive a pro-rata cash
payment based on the number of days worked during the Performance Period, payable at
the time and manner specified in Section 3 above.

	 	(c)	 	Proscribed Activity: If, during the Proscribed Period (as
defined in Section 12) but prior to a Change of Control (as defined in Section 12
below), the Participant engages in a Proscribed Activity, then the Company shall
have the right to reclaim and receive from the Participant all cash delivered to the
Participant in respect of any PBCAs during the one year period immediately prior to,
or at any time following, the date of the Participant’s termination of employment.

	 	5.	 	Change of Control. Notwithstanding anything contained herein to the contrary,
unless otherwise determined by the Committee prior to a Change of Control, [all
outstanding PBCAs will become fully payable immediately prior to any such Change of
Control]. To the extent (i) Participant’s employment was terminated by the Company
other than for Cause or Disability within the 12 months prior to the date on which the
Change of Control occurred, (ii) during such 12 month period the Participant did not
engage in a Proscribed Activity, and (iii) the Committee determines, in its sole and
absolute discretion, that the decision related to such termination was made in
contemplation of the Change of Control, then the Participant shall be treated as if he
or she had remained employed with the Company until the date of the Change of Control.

	 	6.	 	U.S. Withholding Taxes. The cash when delivered will be taxable to the
Participant when paid as ordinary income, subject to wage-based withholding and
reporting. The Company will satisfy this withholding obligation by reducing the cash
to be delivered in an amount sufficient to satisfy the withholding obligations.
However, if the cash is delivered with performance-based restricted stock (PBRSRs), the
amount of the cash to be delivered may be further reduced in an amount sufficient to
satisfy the PBRSR withholding obligations. This Section 6 shall only apply with
respect to the Company’s U.S. withholding obligations. The Company may satisfy any tax
obligations it may have in any other jurisdiction in any manner it deems, in its sole
and absolute discretion, to be necessary or appropriate.

	 	7.	 	Statute of Limitations and Conflicts of Laws. All rights of action by, or on
behalf of the Company or by any shareholder against any past, present, or future member
of the Board of Directors, officer, or employee of the Company arising out of or in
connection with the PBCAs or the Award Documents, must be brought within three years
from the date of the act or omission in respect of which such right of action arises.
The PBCAs and the Award Documents, shall be governed by the laws of the State of
Florida, without giving effect to principles of conflict of laws, and construed
accordingly.

	 	8.	 	No Employment Right. Neither the grant of the PBCAs nor any action taken
hereunder shall be construed as giving any employee or any Participant any right to be
retained in the employ of the Company. The Company is under no obligation to grant
PBCAs hereunder. Nothing contained in the Award Documents shall limit or affect in any
manner or degree the normal and usual powers of management, exercised by the officers
and the Board of Directors or committees thereof, to change the duties or the character
of employment of any employee of the Company or to remove the individual from the
employment of the Company at any time, all of which rights and powers are expressly
reserved.

	 	9.	 	No Assignment. A Participant’s rights and interest under the PBCAs may not be
assigned or transferred, except as otherwise provided herein, and any attempted
assignment or transfer shall be null and void and shall extinguish, in the Company’s
sole discretion, the Company’s obligation under the PBCAs or the Award Documents.

	 	10.	 	Unfunded Plan. Any amounts owed under the PBCAs shall be unfunded. The Company
shall not be required to establish any special or separate fund, or to make any other
segregation of assets, to assure payment of any earned amounts.

	 	11.	 	Definitions.

	 	(a)	 	“Cause” shall have the meaning set forth in any individual,
valid, written agreement between the Participant and the Company or any
Subsidiary, or, if none exists, shall mean a determination of “Cause” under any
applicable Severance Plan, as in effect on the date of grant of the PBCAs.
Notwithstanding the foregoing, unless otherwise set forth in any individual,
valid, written agreement between the Participant and the Company or any
Subsidiary, during the one year period following a Change of Control, in no
event shall a failure to meet performance expectations constitute Cause unless
such failure was willful.

	 	(b)	 	“Change of Control” occurs when:

	 	(i)	 	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 “1934 Act”)) (a “Person”) becomes the beneficial owner,
directly or indirectly, of thirty percent (30%) or more of the combined
voting power of the Company’s outstanding voting securities ordinarily
having the right to vote for the election of directors of the Company;
provided, however, that for purposes of this subparagraph (i), the
following acquisitions shall not constitute a Change of Control: (A) any
acquisition by any employee benefit plan or plans (or related trust) of
the Company and its subsidiaries and affiliates or (B) any acquisition by
any corporation pursuant to a transaction which complies with clauses
(A), (B) and (C) of subparagraph (iii) below; or

	 	(ii)	 	the individuals who, as of January 1, 2007,
constituted the Board of Directors of the Company (the “Board” generally
and as of January 1, 2007 the “Incumbent Board”) cease for any reason
to constitute at least a majority of the Board, provided that any person
becoming a director subsequent to January 1, 2007 whose election, or
nomination for election, was approved by a vote of the persons comprising
at least a majority of the Incumbent Board (other than an election or
nomination of an individual whose initial assumption of office is in
connection with an actual or threatened election contest, as such terms
are used in Rule 14a-11 of Regulation 14A promulgated under the 1934 Act)
shall be, for purposes of this Plan, considered as though such person
were a member of the Incumbent Board; or

	 	(iii)	 	there is a reorganization, merger or
consolidation of the Company (a “Business Combination”), in each case,
unless, following such Business Combination, (A) all or substantially
all of the individuals and entities who were the beneficial owners,
respectively, of the Company’s outstanding Shares and outstanding voting
securities ordinarily having the right to vote for the election of
directors of the Company immediately prior to such Business Combination
beneficially own, directly or indirectly, more than fifty percent (50%)
of, respectively, the then outstanding shares of common stock and the
combined voting power of the then outstanding voting securities
ordinarily having the right to vote for the election of directors, as
the case may be, of the corporation resulting from such Business
Combination (including, without limitation, a corporation which as a
result of such transaction owns the Company or all or substantially all
of the Company’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination, of the Company’s
outstanding Shares and outstanding voting securities ordinarily having
the right to vote for the election of directors of the Company, as the
case may be, (B) no Person (excluding any corporation resulting from
such Business Combination or any employee benefit plan or plans (or
related trust) of the Company or such corporation resulting from such
Business Combination and their subsidiaries and affiliates) beneficially
owns, directly or indirectly, 30% or more of the combined voting power
of the then outstanding voting securities of the corporation resulting
from such Business Combination and (C) at least a majority of the
members of the board of directors of the corporation resulting from such
Business Combination were members of the Incumbent Board at the time of
the execution of the initial agreement, or of the action of the Board,
providing for such Business Combination; or

	 	(iv)	 	there is a liquidation or dissolution of the
Company approved by the shareholders; or

(v) there is a sale of all or substantially all of the assets of the Company.

Notwithstanding anything in this Section 11 to the contrary, for purposes of
the acceleration of the payment pursuant to Section 5, a Change of Control
shall only be deemed to occur if such transactions or events would give rise
to a “change in ownership or effective control” under Section 409A of the
Code, and the rulings and regulations issued thereunder.

	 	(c)	 	“Disability” means an illness or injury that entitles the
Participant to long-term disability payments under the Company’s Long Term
Disability Plan or any successor plan, as in effect from time to time.

	 	(d)	 	“Proscribed Activity” means any of the following:

	 	(i)	 	the Participant’s breach of any written agreement
between the Participant and the Company or any of its Subsidiaries,
including any agreement relating to nondisclosure, noncompetition,
nonsoliciation and/or nondisparagement;

	 	(ii)	 	the Participant’s direct or indirect unauthorized
use or disclosure of confidential information or trade secrets of the
Company or any Subsidiary, including, but not limited to, such matters
as costs, profits, markets, sales, products, product lines, key
personnel, pricing policies, operational methods, customers, customer
requirements, suppliers, plans for future developments, and other
business affairs and methods and other information not readily available
to the public;

	 	(iii)	 	the Participant’s direct or indirect engaging or
becoming a partner, director, officer, principal, employee, consultant,
investor, creditor or stockholder in/for any business, proprietorship,
association, firm or corporation not owned or controlled by the Company
or its Subsidiaries which is engaged or proposes to engage in a business
competitive directly or indirectly with the business conducted by the
Company or its Subsidiaries in any geographic area where such business
of the Company or its Subsidiaries is conducted, provided that the
Participant’s investment in one percent (1%) or less of the outstanding
capital stock of any corporation whose stock is listed on a national
securities exchange shall not be treated as a Proscribed Activity;

	 	(iv)	 	the Participant’s direct or indirect, either on
the Participant’s own account or for any person, firm or company,
soliciting, interfering with or inducing, or attempting to induce, any
employee of the Company or any of its Subsidiaries to leave his or her
employment or to breach his or her employment agreement;

	 	(v)	 	the Participant’s direct or indirect taking away,
interfering with relations with, diverting or attempting to divert from
the Company or any Subsidiary any business with any customer of the
Company or any Subsidiary, including (A) any customer that has been
solicited or serviced by the Company within one (1) year prior to the
date of termination of Participant’s employment with the Company and (B)
any customer with which the Participant has had contact or association,
or which was under the supervision of Participant, or the identity of
which was learned by the Participant as a result of Participant’s
employment with the Company;

	 	(vi)	 	the Participant’s making of any remarks
disparaging the conduct or character of the Company or any of its
Subsidiaries, or their current or former agents, employees, officers,
directors, successors or assigns; or

	 	(vii)	 	the Participant’s failure to cooperate with the
Company or any Subsidiary, for no additional compensation (other than
reimbursement of expenses), in any litigation or administrative
proceedings involving any matters with which the Participant was
involved during the Participant’s employment with the Company or any
Subsidiary.

	 	(e)	 	“Proscribed Period” means the period beginning on the date of
termination of Participant’s employment and ending on the later of (A) the one
year anniversary of such termination date or (B) if the Participant is entitled
to severance benefits in the form of salary continuation, the date on which
salary continuation is no longer payable to the Participant.

	 	(f)	 	“Retirement” means termination of employment for any reason
(other than for Cause or by reason of death or Disability) upon or following
attainment of age 55 and completion of at least 10 years of service, or upon or
following attainment of age 65 without regard to years of service.

	 	 	 	12. Other Benefits. No amount accrued or paid under the PBCAs shall be deemed
compensation for purposes of computing a Participant’s benefits under any retirement
plan of the Company or its Subsidiaries, nor affect any benefits under any other
benefit plan now or subsequently in effect under which the availability or amount of
benefits is related to the Participant’s level of compensation.EX-10.4

Exhibit 10.4

RESTRICTED STOCK RIGHTS

ISSUED UNDER

RYDER SYSTEM, INC. 2005 EQUITY COMPENSATION PLAN

2008 TERMS AND CONDITIONS

The following terms and conditions apply to the Restricted Stock Rights (the “RSRs”) granted by
Ryder System, Inc. (the “Company”) under the Ryder System, Inc. 2005 Equity Compensation Plan (the
“Plan”), as specified in the Restricted Stock Rights Award Notification (the “Notification”), to
which these terms and conditions are appended. Certain terms of the RSRs, including the number of
shares of Ryder common stock underlying the RSRs, are set forth in the Notification. The
Compensation Committee of the Company’s Board of Directors (the “Committee”) shall administer the
RSRs in accordance with the Plan. Capitalized terms used herein and not defined shall have the
meaning ascribed to such terms in the Plan or in the Notification.

	 	1.	 	General. Each RSR represents the right to receive one Share on a future date;
on the terms and conditions set forth herein, in the Notification and in the Plan, the
applicable terms, conditions and other provisions of which are incorporated by
reference herein (collectively, the “Award Documents”). A copy of the Plan and the
documents that constitute the “Prospectus” for the Plan under the Securities Act of
1933, have been delivered to the Participant prior to or along with delivery of the
Notification. In the event there is an express conflict between the provisions of the
Plan and those set forth in any other Award Document, the terms and conditions of the
Plan shall govern.

The terms and conditions contained herein may be amended by the Committee as
permitted by the Plan; none of the terms and conditions of the RSRs may be amended or
waived without the prior approval of the Committee. Any amendment or waiver not
approved by the Committee will be void and have no force or effect. Any employee or
officer of the Company who authorizes any such amendment or waiver without the prior
approval of the Committee will be subject to disciplinary action up to and including
forfeiture of his or her RSRs and/or termination of employment (unless otherwise
prohibited by law). All decisions and determination made by the Committee relating
to the RSRs shall be final and binding on the Participant, his or her beneficiaries
and any other person having or claiming an interest under the Plan.

	 	2.	 	Delivery of Shares. Subject to Section 3 and 4 below, the RSRs will vest
pursuant to the vesting schedule set forth in the Notification Letter, provided the
Participant is, on the relevant vesting date, and has been from the date of grant of
the RSRs to the relevant vesting date, continuously employed by the Company or one of
its Subsidiaries. For purposes of these terms and conditions, the Participant shall
not be deemed to have terminated his or her employment with the Company and its
Subsidiaries if he or she is then employed by the Company or another Subsidiary without
a break in service.

Upon vesting, the Shares subject to the vested RSRs will be transferred to an account
held in the name of the Participant by the Company’s independent stock plan
administrator and the Participant will receive notice of such transfer together with
all relevant account details

	 	3.	 	Termination of RSRs; Forfeiture. The RSRs will terminate upon or following the
termination of the Participant’s employment with the Company and its Subsidiaries as
described below.

	 	(a)	 	Resignation by the Participant or Termination by the Company
or a Subsidiary: All outstanding RSRs will be forfeited and the Participant
will not have any right to delivery of Shares that did not vest prior to such
termination. If the Participant’s employment is terminated by the Company or a
Subsidiary for Cause (as defined in Section 10), then the Company shall have the
right to reclaim and receive (at the time and in the manner set forth in Section
2) from the Participant any Shares delivered to the Participant upon the vesting
of any RSRs within the one year period before the date of the Participant’s
termination of employment, or to the extent the Participant has transferred such
Shares, the equivalent value thereof in cash.

	 	(b)	 	Death, Disability or Retirement: A prorated portion of the RSRs
shall vest, calculated as follows: (A) the total number of RSRs awarded,
multiplied by a fraction (and rounded down to the nearest whole Share), the
numerator of which shall be the number of days from the date of grant of the
RSRs to the date of death, Disability or Retirement, as the case may be, and the
denominator of which shall be the number of days from the date of grant of the
RSRs to the last scheduled vesting date for the RSRs set forth in the
Notification Letter, less (B) the number of RSRs already vested at the time of
the Participant’s death, Disability or Retirement, as the case may be. Shares
equal to the prorated number of RSRs that so vest will be delivered to the
Participant (or his or her Beneficiary, in the event of death) as soon as
practicable following the date of death, Disability or Retirement, as the case
may be.

	 	(c)	 	Proscribed Activity: If, during the Proscribed Period (as
defined in Section 10) but prior to a Change of Control (as defined in Section
10 below), the Participant engages in a Proscribed Activity, then the Company
shall have the right to reclaim and receive from the Participant all Shares
delivered to the Participant upon the vesting of any RSRs during the one year
period immediately prior to, or at any time following, the date of the
Participant’s termination of employment, or to the extent the Participant has
transferred such Shares, the equivalent value thereof in cash.

	 	4.	 	Change of Control. Notwithstanding anything contained herein to the contrary,
unless otherwise determined by the Committee prior to a Change of Control, all
outstanding RSRs will become fully vested immediately prior to any such Change of
Control, and all Shares subject to such RSRs will be delivered to the Participant at
that time in accordance with Section 2 above. To the extent (i) Participant’s
employment was terminated by the Company other than for Cause or Disability within the
12 months prior to the date on which the Change of Control occurred, (ii) during such
12 month period the Participant did not engage in a Proscribed Activity, and (iii) the
Committee determines, in its sole and absolute discretion, that the decision related to
such termination was made in contemplation of the Change of Control, then the
Participant shall be treated as if he or she had remained employed with the Company
until the date of the Change of Control.

	 	5.	 	Rights as a Shareholder; Dividend Equivalents. The Participant will not have
the rights of a shareholder of the Company with respect to Shares subject to the RSRs
until such Shares are actually delivered to the Participant. However, the Company will
pay cash dividend equivalents with respect to each RSR at the same time and in the same
amount as cash dividends are paid on a Share.

	 	6.	 	U.S. Withholding Taxes. The RSRs will not be taxable until the Shares are
delivered, provided that cash dividend equivalents will be taxable to the Participant
as ordinary income, subject to wage-based withholding and reporting. The Shares when
delivered will be taxable to the Participant at their then fair market value as
ordinary income, subject to wage-based withholding and reporting. The Company will
satisfy this withholding obligation by reducing the number of Shares to be delivered to
the Participant in an amount sufficient to satisfy the withholding obligations (based
on the Fair Market Value of the Shares on the vesting date for the related RSRs),
provided that the Participant may elect to satisfy all or part of the withholding tax
obligation in cash or its equivalent by (i) delivering to the Company a written
election form satisfactory to the Company to that effect prior to the vesting date for
the related RSRs and (ii) delivering the cash or cash equivalents to the Company no
later than the vesting date for the related RSRs.

	 	7.	 	Statute of Limitations and Conflicts of Laws. All rights of action by, or on
behalf of the Company or by any shareholder against any past, present, or future member
of the Board of Directors, officer, or employee of the Company arising out of or in
connection with the RSRs or the Award Documents, must be brought within three years
from the date of the act or omission in respect of which such right of action arises.
The RSRs and the Award Documents, shall be governed by the laws of the State of
Florida, without giving effect to principles of conflict of laws, and construed
accordingly.

	 	8.	 	No Employment Right. Neither the grant of the RSRs nor any action taken
hereunder shall be construed as giving any employee or any Participant any right to be
retained in the employ of the Company. The Company is under no obligation to grant RSRs
hereunder. Nothing contained in the Award Documents shall limit or affect in any
manner or degree the normal and usual powers of management, exercised by the officers
and the Board of Directors or committees thereof, to change the duties or the character
of employment of any employee of the Company or to remove the individual from the
employment of the Company at any time, all of which rights and powers are expressly
reserved.

	 	9.	 	No Assignment. A Participant’s rights and interest under the RSRs may not be
assigned or transferred, except as otherwise provided herein, and any attempted
assignment or transfer shall be null and void and shall extinguish, in the Company’s
sole discretion, the Company’s obligation under the RSRs or the Award Documents.

	 	10.	 	Definitions.

	 	(a)	 	“Cause” shall have the meaning set forth in any individual,
valid, written agreement between the Participant and the Company or any
Subsidiary, or, if none exists, shall mean a determination of “Cause” under any
applicable Severance Plan, as in effect on the date of grant of the RSRs.
Notwithstanding the foregoing, unless otherwise set forth in any individual,
valid, written agreement between the Participant and the Company or any
Subsidiary, during the one year period following a Change of Control, in no
event shall a failure to meet performance expectations constitute Cause unless
such failure was willful.

	 	(b)	 	“Change of Control” occurs when:

	 	(i)	 	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 “1934 Act”)) (a “Person”) becomes the beneficial owner,
directly or indirectly, of thirty percent (30%) or more of the combined
voting power of the Company’s outstanding voting securities ordinarily
having the right to vote for the election of directors of the Company;
provided, however, that for purposes of this subparagraph (i), the
following acquisitions shall not constitute a Change of Control: (A) any
acquisition by any employee benefit plan or plans (or related trust) of
the Company and its subsidiaries and affiliates or (B) any acquisition by
any corporation pursuant to a transaction which complies with clauses
(A), (B) and (C) of subparagraph (iii) below; or

	 	(ii)	 	the individuals who, as of January 1, 2007,
constituted the Board of Directors of the Company (the “Board” generally
and as of January 1, 2007 the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board, provided that any person
becoming a director subsequent to January 1, 2007 whose election, or
nomination for election, was approved by a vote of the persons comprising
at least a majority of the Incumbent Board (other than an election or
nomination of an individual whose initial assumption of office is in
connection with an actual or threatened election contest, as such terms
are used in Rule 14a-11 of Regulation 14A promulgated under the 1934 Act)
shall be, for purposes of this Plan, considered as though such person
were a member of the Incumbent Board; or

	 	(iii)	 	there is a reorganization, merger or
consolidation of the Company (a “Business Combination”), in each case,
unless, following such Business Combination, (A) all or substantially
all of the individuals and entities who were the beneficial owners,
respectively, of the Company’s outstanding Shares and outstanding voting
securities ordinarily having the right to vote for the election of
directors of the Company immediately prior to such Business Combination
beneficially own, directly or indirectly, more than fifty percent (50%)
of, respectively, the then outstanding shares of common stock and the
combined voting power of the then outstanding voting securities
ordinarily having the right to vote for the election of directors, as
the case may be, of the corporation resulting from such Business
Combination (including, without limitation, a corporation which as a
result of such transaction owns the Company or all or substantially all
of the Company’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination, of the Company’s
outstanding Shares and outstanding voting securities ordinarily having
the right to vote for the election of directors of the Company, as the
case may be, (B) no Person (excluding any corporation resulting from
such Business Combination or any employee benefit plan or plans (or
related trust) of the Company or such corporation resulting from such
Business Combination and their subsidiaries and affiliates) beneficially
owns, directly or indirectly, 30% or more of the combined voting power
of the then outstanding voting securities of the corporation resulting
from such Business Combination and (C) at least a majority of the
members of the board of directors of the corporation resulting from such
Business Combination were members of the Incumbent Board at the time of
the execution of the initial agreement, or of the action of the Board,
providing for such Business Combination; or

	 	(iv)	 	there is a liquidation or dissolution of the
Company approved by the shareholders; or

(v) there is a sale of all or substantially all of the assets of the
Company.

Notwithstanding anything in this Section 10 to the contrary, for purposes of
the acceleration of the payment pursuant to Section 4, a Change of Control
shall only be deemed to occur if such transactions or events would give rise
to a “change in ownership or effective control” under Section 409A of the
Code, and the rulings and regulations issued thereunder.

	 	(c)	 	“Disability” means an illness or injury that entitles the
Participant to long-term disability payments under the Company’s Long Term
Disability Plan, or any successor plan, as in effect from time to time.

	 	(d)	 	“Proscribed Activity” means any of the following:

	 	(i)	 	the Participant’s breach of any written agreement
between the Participant and the Company or any of its Subsidiaries,
including any agreement relating to nondisclosure, noncompetition,
nonsoliciation and/or nondisparagement;

	 	(ii)	 	the Participant’s direct or indirect unauthorized
use or disclosure of confidential information or trade secrets of the
Company or any Subsidiary, including, but not limited to, such matters
as costs, profits, markets, sales, products, product lines, key
personnel, pricing policies, operational methods, customers, customer
requirements, suppliers, plans for future developments, and other
business affairs and methods and other information not readily available
to the public;

	 	(iii)	 	the Participant’s direct or indirect engaging or
becoming a partner, director, officer, principal, employee, consultant,
investor, creditor or stockholder in/for any business, proprietorship,
association, firm or corporation not owned or controlled by the Company
or its Subsidiaries which is engaged or proposes to engage in a business
competitive directly or indirectly with the business conducted by the
Company or its Subsidiaries in any geographic area where such business
of the Company or its Subsidiaries is conducted, provided that the
Participant’s investment in one percent (1%) or less of the outstanding
capital stock of any corporation whose stock is listed on a national
securities exchange shall not be treated as a Proscribed Activity;

	 	(iv)	 	the Participant’s direct or indirect, either on
the Participant’s own account or for any person, firm or company,
soliciting, interfering with or inducing, or attempting to induce, any
employee of the Company or any of its Subsidiaries to leave his or her
employment or to breach his or her employment agreement;

	 	(v)	 	the Participant’s direct or indirect taking away,
interfering with relations with, diverting or attempting to divert from
the Company or any Subsidiary any business with any customer of the
Company or any Subsidiary, including (A) any customer that has been
solicited or serviced by the Company within one (1) year prior to the
date of termination of Participant’s employment with the Company and (B)
any customer with which the Participant has had contact or association,
or which was under the supervision of Participant, or the identity of
which was learned by the Participant as a result of Participant’s
employment with the Company;

	 	(vi)	 	the Participant’s making of any remarks
disparaging the conduct or character of the Company or any of its
Subsidiaries, or their current or former agents, employees, officers,
directors, successors or assigns; or

	 	(vii)	 	the Participant’s failure to cooperate with the
Company or any Subsidiary, for no additional compensation (other than
reimbursement of expenses), in any litigation or administrative
proceedings involving any matters with which the Participant was
involved during the Participant’s employment with the Company or any
Subsidiary.

	 	(e)	 	“Proscribed Period” means the period beginning on the date of
termination of Participant’s employment and ending on the later of (A) the one
year anniversary of such termination date or (B) if the Participant is entitled
to severance benefits in the form of salary continuation, the date on which
salary continuation is no longer payable to the Participant.

	 	(f)	 	“Retirement” means termination of employment for any reason
(other than for Cause or by reason of death or Disability) upon or following
attainment of age 55 and completion of 10 years of service, or upon or following
attainment of age 65 without regard to years of service.

	 	 	 	11. Other Benefits. No amount accrued or paid under the RSRs shall be deemed
compensation for purposes of computing a Participant’s benefits under any retirement
plan of the Company or its Subsidiaries, nor affect any benefits under any other
benefit plan now or subsequently in effect under which the availability or amount of
benefits is related to the Participant’s level of compensation.

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