Document:

exv10w5

 

Exhibit 10.5

Ryder System, Inc.

Long-Term Incentive Plan

Compensation and Benefits

January 1, 2002

As Amended December 16, 2004

As Amended May 6, 2005

MASTER

 

 

Introduction

The Board of Directors of Ryder System Inc. has approved a Long-Term Incentive Plan for
designated executives as a component of Ryder’s targeted total direct compensation package. The
LTIP is designed to reward key executives with additional compensation contingent upon attainment
of critical business objectives over a three-year period.

Definitions

For this Plan, the following terms will have these meanings:

Annual Base Pay means the participant’s base salary on January 1, 2002, the beginning of
the initial Plan Cycle. For subsequent Plan Cycles, annual base pay will mean bonusable base pay
as of December 31 of the first year in the three year cycle.

Change of Control means the definition set forth in each Participant’s Change of Control
Severance Agreement.

Company or Ryder means Ryder System, Inc.

Compensation Committee means the Committee appointed by the Board of Directors to
administer all Compensation and Benefit Plans including the LTIP. May also be referred to as the
“Committee”.

Disability means an injury or illness that entitles the Participant to long-term disability
payments under the Company’s Long-Term Disability Plan, as in effect from time to time.

Earned Cash means the cumulative total amount earned in each plan year during the
three-year Plan Cycle. Earned cash is payable according to the Plan’s schedule following the end
of each Plan Cycle.

Eligible Employee or Participant means any Employee designated by the Compensation
Committee to participate in this Plan.

Employee means any employee of the Company.

Investment options mean those investment funds made available under the LTIP.

LTIP or Plan means the Ryder System, Inc. Long-Term Incentive Plan.

LTIP Account means an account established for each Participant in the LTIP.

LTIP Balance means a Participant’s balance in his or her LTIP Account.

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LTIP Target means the percentage of annual base salary established for each participant for
the purpose of the LTIP. This target percentage is distributed equally: 50% in cash and 50% in
stock. The cash payout is governed by this Plan. The stock award is governed by the terms of the
1995 Incentive Stock Plan, or any successor stock plan.

Plan Cycle means the three-year period during which time a participant has the opportunity
to earn cash compensation under the Plan.

Retirement means retirement under the provisions of the Ryder System, Inc. Retirement Plan,
or any successor pension plan maintained by the Company, in each case in effect from time to time.

Supplement means a supplement to the Plan for a particular Plan Cycle.

Trustee means the trustee of the Plan which shall initially be Merrill Lynch Trust Company
and which can be changed by the Company at its discretion.

Vesting means the time at which the Participant gains ownership to a portion of such
Participant’s LTIP Balance.

Effective Date

The effective date of the Plan is January 1, 2002. The initial Plan Cycle commences on
January 1, 2002 and ends on December 31, 2004. Subsequent Plan Cycles will begin on January 1 as
approved by the Compensation Committee.

Eligibility

Executives will be designated each year to participate in this Plan. Eligibility is based on
the decision of the Compensation Committee and is not tied to position, management level or past
eligibility. Participation during one Plan Cycle is not a guarantee of future participation.

How the Plan Works

Performance Criteria and Goal Setting

Each Plan Cycle is comprised of three consecutive years with performance measure(s) for each year.
The Committee will determine and approve performance measurements and pay contingencies (targets
and goals) by March 15th of the first year of each Plan Cycle. The performance
measurements will be documented in the Supplement for each Plan Cycle.

Performance will be measured each year of the Plan individually against an annual performance goal.
Achievement of the performance target or failure to achieve the

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performance target in one plan year will not affect the target, performance goals or compensation
for any other plan year.

Cash for Performance

Payment for the initial Plan Cycle is based on a performance spread from 80% to 120% of target for
the performance criteria. For subsequent Plan Cycles, payment is based on a performance spread.
Cash payouts for meeting a performance spread is 50% to 200% of target compensation. Incremental
payouts will be made based on actual performance results.

For example:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Performance Spread
	 	 	 	<80	%	 	 	 	80	%	 	 	 	100	%	 	 	 	120	%	 
	 	Cash Payouts
	 	 	 	0	%	 	 	 	50	%	 	 	 	100	%	 	 	 	200	%	 
	 

Earned Cash Opportunity

Each Plan Cycle has an earned cash target opportunity equal to 50% of the total LITP cash target.

LTIP Target: 125%       Earned Cash Target: 62.5%

To determine the earned cash opportunity for the Plan Cycle, multiply your annual base pay by
earned cash target percentage.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	   Salary	 	 	 	 	 	Earned Cash Target	 	 	 	 	 	 	Earned Cash Opportunity @ Target	 
	$300,000
	 	 	X	 	 	 	62.5	%	 	 	=	 	 	$	187,500	 

This is the earned cash target opportunity for the entire three-year Plan Cycle.

Each year of the Plan Cycle has performance measurements as detailed in the Supplement for each
Plan Cycle. Cash payouts are based on performance results. The following example assumes that 80%
of the performance spread is reached in the first year of the Plan Cycle, 100% in the second year
of the Plan Cycle and 100% in third year of the Plan Cycle.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Plan	 	 	Performance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Earned	 	 
	 	Cycle	 	 	Spread Achieved	 	 	 	Minimum	 	 	 	Target	 	 	 	Maximum	 	 	 	Payment	 	 
	 	1st Year
	 	 	 	80	%	 	 	$	31,250	 	 	 	$	62,500	 	 	 	$	125,000	 	 	 	$	31,250	 	 
	 	2nd Year
	 	 	 	100	%	 	 	$	31,250	 	 	 	$	62,500	 	 	 	$	125,000	 	 	 	$	62,500	 	 
	 	3rd Year
	 	 	 	100	%	 	 	$	31,250	 	 	 	$	62,500	 	 	 	$	125,000	 	 	 	$	62,500	 	 
	 	Earned Cash Target Opportunity
	 	 	 	 	 	 	 	 	 	 	 	 	$	187,500	 	 	 	 	 	 	 	 	$	156,250	 	 
	 

This example shows the participant had the opportunity to earn $187,500 upon achieving 100% of
performance targets. Based on performance results, the participant earned $156,250.

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Distribution of LTIP Awards

Each year during the Plan Cycle, the Compensation Committee will determine what, if any, cash
payments are payable to each Participant in the Plan. Any awards payable with respect to such year
will be deposited into each Participant’s LITP Account with the Trustee.

Investment Elections

Each Participant has the right to allocate the funds in his or her LTIP Account to one or more
of several investment options, including the purchase of Ryder stock, made available by the Trustee
(as amended from time to time). Such investment elections are within the sole discretion of each
Participant, who bears all the risk associated with such investments.

Making Investment Elections

Participants meet with a Merrill Lynch investment advisor to discuss investment choices and
allocation of awards into the Participant’s LTIP Account. The Participant submits a signed
allocation form to the Compensation Department for processing with Merrill Lynch.

Ryder Stock

The purchase and sale of Ryder stock in the Participant’s LTIP Account must be pre-approved by the
Law Department.

Ryder Stock held in a Participant’s LTIP Account will count toward such Participant’s compliance
with Ryder’s Stock Ownership Guidelines.

Vesting and Forfeiture

The cumulative earnings (total of each of the three years of the Plan Cycle together will all
gains and losses realized in a Participant’s LTIP Account) become vested and non-forfeitable
following the close of the three-year Plan Cycle according to the following schedule:

	 	•  	Six (6) months after the end of the Plan Cycle
	 
	 	•  	Eighteen (18) months after the end of the Plan Cycle

To vest and be eligible for cash distributions, a Participant must be actively employed in good
standing with the Company. Participants who are not actively employed in good standing with the
Company at the time of distribution are not eligible for payment and forfeit any unvested award.

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Cash Payments and Method of Distribution

Payment Distribution

All payments are subject to approval by the Compensation Committee.

Distribution of each Participant’s earnings under the Plan will be paid, as soon as practicable,
after each vesting date.

The following example shows both the vesting and distribution schedule for one plan cycle:

	 	 	 	 	 
	 
	Plan Cycle	 	January 1, 2002
– December 31, 2004
	 	 
	Plan Cycle Ends	 	December 31, 2004
	 	 
	Vesting and
Distribution

	 	June 30, 2005 — 50%
of a Participant’s
LTIP Balance on such
vesting date
	 	June 30, 2006 — The remainder of a
Participant’s LTIP
Balance for such Plan
Cycle
	 	 

Participants whose employment with the Company terminates for any reason prior to a payment date
are not eligible for a payout under the LTIP Plan, except upon death, Disability or Retirement as
follows:

	 	•  	Death, Disability or Retirement: If the death, Disability or Retirement occurs during
the Plan Cycle, the Participant (or beneficiary in the event of death) will receive a
pro-rata payment on the payment date(s) based on the number of months worked during the
Plan Cycle. If the death, Disability or Retirement occurs after the Plan Cycle has ended,
the Participant (or beneficiary in the event of death) will receive all amounts due on the
relevant payment date(s).

If the Company terminates the Participant’s employment for cause after payment has been made, the
Company has the right to reclaim and receive from the Participant any amounts already paid during
the one year period before the date of the Participant’s termination of employment.

Date and Method of Payment

Prior to the beginning of each Plan Cycle, Participants must complete a payment distribution
election form. The Participant elects both the date when payments are to begin and the method of
payment. These elections are irrevocable.

Date

Participants may elect to receive account balances according to the set payment schedule (see
above) or they may elect to defer payments beyond the set payment schedule to a future date.

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Method of Payment 

There are two methods of payment available: lump sum or annual installments that will pay in a
minimum of two (2) years to a maximum of ten (10) years.

	ü    Lump Sum Payment — the vested account balance will be paid in a
lump sum on the pre-selected date on file with the Company.
	 
	ü    Annual Installment Payment — the vested account balance will be
paid in annual installments beginning on the pre-selected date.

Change of Control

In the event of a Change of Control, each Participant’s LTIP Balance will vest and be
distributed as soon as practicable following such Change of Control.

Each Participant should refer to his/her individual, signed Change of Control Agreement for full
details.

Limitations

An Eligible Employee may participate in a maximum of three concurrent Plan Cycles at any given
time.

Exclusion

Participation is the Plan is not a right but a privilege subject to annual review by the
Committee. The Committee reserves the right, at its sole and absolute discretion, to withhold
payment from any Participant who violates or who has violated any Company principle or policy, even
if there are no documented performance issues in the Participant’s personnel file.

Plan Administration

The Compensation Committee shall have full power and authority to construe, interpret and
administer the Plan. All decisions, actions or interpretations related to the Plan are the
responsibility of the Compensation Committee, subject to the Compensation Committee’s sole and
absolute discretion, and shall be final, conclusive and binding on all parties.

The Committee is responsible for designating Participants; setting goals; reviewing results and
proposed payments and approving cash payouts.

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In the event a Participant is not actively employed by the Company the Committee has the authority
to accelerate vesting and to approve a lump sum distribution of all or a pro-rata portion of earned
cash payouts.

The Compensation Committee has the right to amend or terminate the Plan, although it cannot rescind
any payments already granted to a Participant so long as that person is employed by the Company,
and is qualified under the terms of the Plan.

General Provisions

Non-Transferable - A Participant’s rights under this Plan may not be sold, pledged,
assigned or transferred in any manner, except if required by the laws of descent and distribution
(transfers of earned compensation at death through wills or intestate transfers).

No Right to Employment - Nothing in this Plan shall be construed as an agreement by Ryder
to employ an employee for a specific period of time, or to change the at-will status of any
employee.

Plan Funding & Security - Amounts allocated to the Plan are general liabilities of Ryder
and will be funded in a Rabbi Trust, which is an irrevocable trust used to fund deferred
compensation benefits for key employees. The primary purpose of a Rabbi Trust is to provide and
protect nonqualified plan assets, guaranteeing that funds will be available when promised, except
in the case of bankruptcy.

In the event of bankruptcy, the assets of the Trust are subject to the claims of general creditors,
but are inaccessible to the Company for discretionary use. In the event that the Company becomes
insolvent, each Participant will be an unsecured general creditor of the Company. Your claim
against the assets of the Company will be considered in sequence with the claims of other general
creditors of the Company.

 -7-exv10w6

 

Exhibit 10.6

AMENDMENT AGREEMENT NO. 1

to that certain

REVOLVING CREDIT AGREEMENT

     This
AMENDMENT AGREEMENT NO. 1 (this “Amendment”), dated
as of May 11, 2005, relates to that
certain Revolving Credit Agreement dated as of May 11, 2004 (as amended and in effect from time to
time, the “Credit Agreement”) by and among (a) RYDER SYSTEM, INC.
(“Ryder”), RYDER TRUCK RENTAL HOLDINGS CANADA LTD. (“Ryder Holdings
Canada”), RYDER TRUCK RENTAL CANADA LTD. (“Ryder Canada Limited”
and together with Ryder Holdings Canada, the “Canadian Borrowers”), RYDER PLC
(“Ryder PLC”), RYDER SYSTEM HOLDINGS (U.K.) LIMITED (“RSH” and together
with Ryder PLC, the “U.K. Borrowers”), RYDER PUERTO RICO, INC. (“Ryder PR”), (b)
the lending institutions identified as Banks therein, (c) FLEET NATIONAL BANK, as
administrative agent for the Banks (the “Administrative Agent”),
(d) CITICORP USA, INC., as syndication agent thereunder (the “Syndication Agent”),
(e) BANK OF TOKYO-MITSUBISHI TRUST COMPANY, MIZUHO CORPORATE BANK, LTD., ROYAL BANK OF SCOTLAND PLC
and WACHOVIA BANK, N.A., each a documentation agent thereunder (each a “Co-Documentation
Agent” and collectively, the “Co-Documentation Agents”), (f) ROYAL BANK OF
CANADA, as Canadian agent for the Banks (the “Canadian Agent”), and (g) ROYAL BANK
OF SCOTLAND PLC, as United Kingdom agent for the Banks (the “U.K. Agent”).

     WHEREAS, Each of Ryder, the Canadian Borrowers, the U.K. Borrowers and Ryder PR (collectively,
the “Borrowers”) have requested that the Administrative Agent and the Banks agree, and the
Administrative Agent and the Banks have agreed, on the terms and subject to the conditions set
forth herein, to amend certain of the terms and provisions of the Credit Agreement;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     §1. Defined Terms . Capitalized terms which are used herein without definition
and which are defined in the Credit Agreement shall have the same meanings herein as in the Credit
Agreement.

     §2. Amendments to the Credit Agreement.

     (a) Maturity Date. The definition of “Maturity Date” in Section 1.1 of the
Credit Agreement is hereby amended by deleting the definition of “Maturity Date” set forth therein
in its entirety and substituting in lieu thereof the following new definition:

     “Maturity Date. May 11, 2010.”

 

 

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     (b) Pricing Table. The definition of “Pricing Table” set forth in Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Pricing Table” set forth
therein in its entirety and substituting in lieu thereof the following new definition:

     “Pricing Table. With respect to Domestic Loans, Canadian Loans, U.K.
Loans, PR Loans, Bankers’ Acceptances, Letters of Credit, Letter of Credit Fees, Domestic
Commitments, Canadian Commitments, U.K. Commitments and PR Commitments, on each day the
Applicable Acceptance Fee Rate, Applicable Facility Fee Rate, and Applicable Margin shall
be as set forth in the table below (expressed in basis points per annum)
based on the Senior Public Debt Ratings in effect on such day and shall correspond to the
highest level in such table at which the Senior Public Debt Ratings threshold shall be
satisfied. If at any time there is a split among ratings of S&P, Fitch and Moody’s such
that all three ratings fall in different Levels in the table below, the Applicable
Acceptance Fee Rate, Applicable Facility Fee Rate, and Applicable Margin shall be
determined by the rating that is neither the highest nor the lowest of the three ratings,
and, if at any time there is a split among ratings of S&P, Fitch and Moody’s such that two
of such ratings are in one Level in the table below (the “Majority Level”)
and the third rating is in a different Level, the Applicable Acceptance Fee Rate,
Applicable Facility Fee Rate, and Applicable Margin shall be determined by the rating at
the Majority Level. In the event that a Senior Public Debt Rating is not available from any
one of S&P, Moody’s or Fitch, the Applicable Acceptance Fee Rate, Applicable Facility Fee
Rate, and Applicable Margin shall be as set forth in the table below (expressed in basis
points per annum) based on the Senior Public Debt Ratings of S&P, Moody’s
and Fitch that are available and in effect on such day and shall correspond to the highest
level in such table at which the Senior Public Debt Ratings threshold shall be satisfied;
provided that (i) in the event of a one step split rating by S&P, Moody’s and
Fitch, as the case may be, the higher step rating shall apply and (ii) in the event of a
two or more step split rating by S&P, Moody’s and Fitch, as the case may be, the step
rating that is one step above the lower rating shall apply. In the event that a Senior
Public Debt Rating is not available from Fitch and one of S&P or Moody’s, the Applicable
Acceptance Fee Rate, Applicable Facility Fee Rate, and Applicable Margin shall be as set
forth in the table below (expressed in basis points per annum) based on the
Senior Public Debt Ratings available from S&P or Moody’s, as the case may be, in effect on
such day and shall correspond to the highest level in such table at which the Senior Public
Debt Ratings threshold shall be satisfied. In the event that neither S&P nor Moody’s has a
Senior Public Debt Rating available, the Applicable Acceptance Fee Rate, the Applicable
Facility Fee Rate, and the Applicable Margin shall be as set forth in Level VI in the table
below. Adjustments to the Applicable Acceptance Fee Rate, the Applicable Facility Fee
Rate, and the Applicable Margin shall be made on, and shall be effective as of, the day of
any adjustment in the Senior Public Debt Rating.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	Applicable	 
	 	 	 	 	Senior Public Debt	 	 	Applicable Facility	 	 	Applicable	 	 	Acceptance	 
	 	Level	 	 	Rating	 	 	Fee Rate	 	 	Margin	 	 	Fee Rate	 
	 	I

	 	 	greater than or equal to

A/A2
	 	 	 	8.00	 	 	 	 	24.00	 	 	 	 	24.00	 	 
	 	II

	 	 	greater than or equal to

A-/A3
	 	 	 	9.00	 	 	 	 	30.00	 	 	 	 	30.00	 	 
	 	III

	 	 	greater than or equal to

BBB+/Baa1
	 	 	 	11.00	 	 	 	 	36.50	 	 	 	 	36.50	 	 
	 

 

 

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	 	 	 	 	 	 	 	 	 	 	 	 	 	Applicable	 
	 	 	 	 	Senior Public Debt	 	 	Applicable Facility	 	 	Applicable	 	 	Acceptance	 
	 	Level	 	 	Rating	 	 	Fee Rate	 	 	Margin	 	 	Fee Rate	 
	 	IV

	 	 	greater than or equal to

BBB/Baa2
	 	 	 	12.50	 	 	 	 	50.00	 	 	 	 	50.00	 	 
	 	V

	 	 	greater than or equal to

BBB-/Baa3
	 	 	 	17.50	 	 	 	 	67.50	 	 	 	 	67.50	 	 
	 	VI

	 	 	less than

BBB-/Baa3
	 	 	 	25.00	 	 	 	 	90.00	 	 	 	 	90.00	 	 
	 

     (c) Receivables Purchase Agreement. The definition of “Receivables
Purchase Agreement” in Section 1.1 of the Credit Agreement is hereby amended by deleting the
definition of “Receivables Purchase Agreement” set forth therein in its entirety and substituting
in lieu thereof the following new definition:

     “Receivables Purchase Agreement. Collectively, any trade
receivables purchase and sale facilities and/or other receivables purchase agreements
permitted pursuant to §9.3 the terms and conditions of which are either (a) substantially
similar in all material respects to those provided for in the Trade Receivables Purchase
and Sale Facility, dated April 17, 2001, among Ciesco L.P., Thunder Bay Funding Inc.,
Citicorp North America Inc. (“Citicorp”), Royal Bank of Canada and Ryder Receivables
Funding, L.L.C. or (b) have been consented to by the Administrative Agent, such consent not
to be unreasonably withheld, in either case, whether characterized as sales agreements or
security agreements.”

     (d) Senior Public Debt Ratings. The definition of “Senior
Public Debt Ratings” set forth in Section 1.1 of the Credit Agreement is hereby amended by deleting
the definition of “Senior Public Debt Ratings” set forth therein in its entirety and substituting
in lieu thereof the following new definition:

     “Senior Public Debt Ratings. The rating(s) of Ryder’s
public unsecured long-term senior debt, without third party credit enhancement, issued by
Fitch, Moody’s and/or S&P; or, in the event no such debt of Ryder is outstanding or if such
debt shall be outstanding but shall not be rated by Fitch, S&P or Moody’s, the rating(s) of
this credit facility issued by Fitch, Moody’s and/or S&P (or, if Fitch, Moody’s and S&P do
not exist, another nationally recognized rating agency) upon request of Ryder.”

     (e) Utilization Fee. Section 2.2(e) of the Credit Agreement is hereby amended
by deleting the reference to “one-third (1/3)” therein and substituting in lieu thereof a reference
to “one-half (1/2)”.

     (f) Events of Default. Sections 13.1(f),(i),(j) and (k) of the Credit
Agreement are each hereby amended by deleting each reference to “$50,000,000” set forth therein and
substituting a reference to “$75,000,000” in lieu thereof.

     §3.
Affirmation, Acknowledgment
of the Borrowers . Each of the
Borrowers hereby affirms and acknowledges to the Banks as follows:

     (a) Each of the Borrowers hereby ratifies and confirms all of its Obligations to the Banks,
including, without limitation, the Loans, and each of the Borrowers hereby affirms its absolute and
unconditional promise to pay to the Banks the Loans and all other amounts due under the Credit
Agreement as amended hereby.

 

 

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     (b) Ryder hereby acknowledges the provisions of this Amendment and hereby reaffirms its
absolute and unconditional guaranty of the payment and performance of the Obligations by Ryder PR,
the Canadian Borrowers and the U.K. Borrowers as more fully described in Section 5 of the Credit
Agreement.

     §4. Representations and Warranties. Each of the Borrowers hereby represents and
warrants to the Banks as follows:

     (a) The execution and delivery of this Amendment, and the performance by each of the Borrowers
of its obligations and agreements under this Amendment and the Credit Agreement as amended hereby,
are within the corporate authority of each of the Borrowers, have been duly authorized by all
necessary corporate proceedings on behalf of each of the Borrowers, and do not and will not
materially contravene any provision of law, statute, rule or regulation to which any of the
Borrowers is subject or any of their charters, other incorporation papers, by-laws or any stock
provisions or any amendments thereof or of any material agreements or other material instruments
binding upon any of the Borrowers.

     (b) This Amendment and the Credit Agreement as amended hereby constitute legal, valid and
binding obligations of each of the Borrowers, enforceable in accordance with their respective
terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or other laws
relating to or affecting generally the enforcement of creditors’ rights.

     (c) No approval or consent of, or filing with, any governmental agency or authority is
required to make valid and legally binding the execution, delivery or performance by each of the
Borrowers of this Amendment or the Credit Agreement as amended hereby other than those already
obtained.

     (d) The representations and warranties contained in §7 of the Credit Agreement are true and
correct at and as of the date hereof and thereof, except to the extent of changes resulting from
transactions contemplated or permitted by the Credit Agreement and the other Loan Documents and
changes occurring in the ordinary course of business that singly or in the aggregate are not
materially adverse, and to the extent that such representations and warranties relate expressly to
an earlier date.

     (e) Each of the Borrowers has performed and complied in all material respects with all the
terms and conditions herein required to be performed or complied with prior to or at the time
hereof, and as of the date hereof, after giving effect to the provisions hereof, there exists no
Default or Event of Default.

     §5.
Effectiveness. This Amendment shall be
deemed to be effective as of May 11, 2005
(the “Effective Date”), subject to the satisfaction of the following conditions precedent:

     (a) the receipt by the Administrative Agent of a fully executed counterpart hereof signed by
each of Ryder, the Canadian Borrowers, the U.K. Borrowers, Ryder PR, the Administrative Agent and
each of the Banks;

     (b) the receipt by the Administrative Agent of certificates of an appropriate officer of each
of the Borrowers, dated as of the date hereof, as to (i) the charter documents and by-laws, each as
amended, or a certificate of an appropriate officer of each of the Borrowers certifying that there
have been no amendments or other changes to the charter documents and by-laws since the Closing
Date of the Credit

 

 

-5-

Agreement, (ii) the corporate actions authorizing the execution, delivery, and performance hereof,
and (iii) the names, titles, incumbency, and specimen signatures of the officers of each of the
Borrowers authorized to sign this Amendment on behalf of such entity;

     (c) the receipt by the Administrative Agent of legal existence and good standing certificates
issued by the appropriate public officials as to each of the Borrowers, and such other
certificates, documents, or instruments with respect to this Amendment and the other Loan Documents
as the Administrative Agent or the Banks may reasonably request;

     (d) the receipt by the Administrative Agent of a favorable legal opinion of counsel from (i)
Ryder Law Department, United States counsel to the Ryder and Ryder PR and (ii) Ryder Law
Department, United Kingdom counsel to the U.K. Borrowers, in each case, addressed to the
Administrative Agent and the Banks, dated as of the date hereof, in form and substance satisfactory
to the Administrative Agent;

     (e) the receipt by the Administrative Agent and Banc of America Securities, LLC and Citigroup
Global Markets Inc., as joint lead arrangers of all reasonable out-of-pocket costs and expenses
(including, without limitation, reasonable legal fees and expenses) for which invoices have been
presented which have been incurred or sustained by the Administrative Agent or Banc of America
Securities, LLC and Citigroup Global Markets Inc. in connection with this Amendment and the Credit
Agreement;

     (f) the receipt by the Administrative Agent, for the pro rata accounts of each of the Banks,
of an amendment fee equal to five basis points (0.05%) of the Total Commitment; and

     (g) all proceedings in connection with the transactions contemplated by this Amendment and all
documents incident thereto shall be reasonably satisfactory in substance and form to the
Administrative Agent, and the Administrative Agent shall have received all information and such
counterpart originals or certified or other copies of such documents as the Administrative Agent
may reasonably request.

     §6.
Miscellaneous Provisions .

     (a) This Amendment shall constitute a Loan Document. Except as otherwise expressly provided
by this Amendment, all of the terms, conditions and provisions of the Credit Agreement shall remain
the same. It is declared and agreed by each of the parties hereto that the Credit Agreement, as
amended hereby, shall continue in full force and effect, and that this Amendment and the Credit
Agreement shall be read and construed as one instrument.

     (b) This Amendment shall be construed according to and governed by the laws of the State of
New York.

     (c) This Amendment may be executed in any number of counterparts, but all such counterparts
shall together constitute but one instrument. In making proof of this Amendment it shall not be
necessary to produce or account for more than one counterpart signed by each party hereto by and
against which enforcement hereof is sought. Delivery of
an executed signature page of this Amendment by facsimile or electronic transmission shall be
effective as delivery of a manually executed counterpart thereof.

 

 

-6-

     (d) Headings or captions used in this Amendment are for convenience of reference only and
shall not define or limit the provisions hereof.

     (e) The Borrowers hereby agree to pay to the Administrative Agent, on demand by the
Administrative Agent, all reasonable out-of-pocket costs and expenses incurred or sustained by the
Administrative Agent in connection with the preparation of this Amendment (including reasonable
legal fees and expenses).

 

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
first written above.

	 	 	 	 	 
	 	 	RYDER SYSTEM, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ W. Daniel Susik
	

	 	 	 	 
	

	 	 	 	Name: W. Daniel Susik
	

	 	 	 	Title: Sr. Vice President
& Treasurer

	 	 	 	 	 
	 	 	RYDER TRUCK RENTAL
	 	 	HOLDINGS CANADA LTD.
	 
	 	 	 	 
	

	 	By:	 	/s/ W. Daniel Susik
	

	 	 	 	 
	

	 	 	 	Name: W. Daniel Susik
	

	 	 	 	Title: SVP and Treasurer

	 	 	 	 	 
	 	 	RYDER TRUCK RENTAL
	 	 	CANADA LTD.
	 
	 	 	 	 
	

	 	By:	 	/s/ W. Daniel Susik
	

	 	 	 	 
	

	 	 	 	Name: W. Daniel Susik
	

	 	 	 	Title: VP and Teasurer

	 	 	 	 	 
	 	 	RYDER PLC
	 
	 	 	 	 
	

	 	By:	 	/s/ W. Daniel Susik
	

	 	 	 	 
	

	 	 	 	Name: W. Daniel Susik
	

	 	 	 	Title: SVP and Treasurer

	 	 	 	 	 
	 	 	RYDER SYSTEM HOLDINGS
	 	 	(U.K.) LIMITED
	 
	 	 	 	 
	

	 	By:	 	/s/ W. Daniel Susik
	

	 	 	 	 
	

	 	 	 	Name: W. Daniel Susik
	

	 	 	 	Title: SVP and Treasurer

 

 

	 	 	 	 	 
	 	 	RYDER PUERTO RICO, INC.
	 
	 	 	 	 
	

	 	By:	 	/s/ W. Daniel Susik
	

	 	 	 	 
	

	 	 	 	Name: W. Daniel Susik
	

	 	 	 	Title: VP and Treasurer

 

 

	 	 	 	 	 
	 	 	FLEET NATIONAL BANK,
	 	 	individually and as Administrative Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Judith A. Huckins
	

	 	 	 	 
	

	 	 	 	Name: Judith A. Huckins
	

	 	 	 	Title: Authorized Officer

 

 

	 	 	 	 	 
	 	 	CITICORP USA, INC., individually
	 	 	and as Syndication Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Illegible
	

	 	 	 	 
	

	 	 	 	Name: Illegible
	

	 	 	 	Title: Vice President

 

 

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK,
	 
	 	 	 	 
	

	 	By:	 	/s/ Karen M. Sharf
	

	 	 	 	 
	

	 	 	 	Name: Karen M. Sharf
	

	 	 	 	Title: Vice President

 

 

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK,
	 	 	TORONTO BRANCH
	 
	 	 	 	 
	

	 	By:	 	/s/ Drew McDonald
	

	 	 	 	 
	

	 	 	 	Name: Drew McDonald
	

	 	 	 	Title: Vice President

 

 

	 	 	 	 	 
	 	 	ROYAL BANK OF CANADA
	 
	 	 	 	 
	

	 	By:	 	/s/ Barton Lund
	

	 	 	 	 
	

	 	 	 	Name: Barton Lund
	

	 	 	 	Title: Authorized Signatory

	 	 	 	 	 
	 	 	ROYAL BANK OF CANADA, as
	 	 	Canadian Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ David Wheatley
	

	 	 	 	 
	

	 	 	 	Name: David Wheatley
	

	 	 	 	Title: Manager Agency

 

 

	 	 	 	 	 
	 	 	MIZUHO CORPORATE BANK,
	 	 	LTD., individually and as Co-
	 	 	Documentation Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Robert Gallagher
	

	 	 	 	 
	

	 	 	 	Name: Robert Gallagher
	

	 	 	 	Title: Senior Vice President
& Team Leader

 

 

	 	 	 	 	 
	 	 	MIZUHO CORPORATE BANK
	 	 	(CANADA)
	 
	 	 	 	 
	

	 	By:	 	/s/ W. M. McFarland
	

	 	 	 	 
	

	 	 	 	Name: W. M. McFarland
	

	 	 	 	Title: Vice President

 

 

	 	 	 	 	 
	 	 	CITIBANK, N.A., Canadian Branch, as
	 	 	Canadian Bank
	 
	 	 	 	 
	

	 	By:	 	/s/ Adeel Kheraj
	

	 	 	 	 
	

	 	 	 	Name: Adeel Kheraj
	

	 	 	 	Title: Authorized Signer

 

 

	 	 	 	 	 
	 	 	BANK OF TOKYO-MITSUBISHI
	 	 	TRUST COMPANY, individually and
	 	 	as Co-Documentation Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Lillian Kim
	

	 	 	 	 
	

	 	 	 	Name: Lillian Kim
	

	 	 	 	Title: Vice President

 

 

	 	 	 	 	 
	 	 	DRESDNER BANK AG, NEW
	 	 	YORK & GRAND CAYMAN
	 	 	BRANCHES
	 
	 	 	 	 
	

	 	By:	 	/s/ Mark van der Griend
	

	 	 	 	 
	

	 	 	 	Name: Mark van der Griend
	

	 	 	 	Title: Managing Director
	 
	 	 	 	 
	

	 	By:	 	/s/ Joanna Solowski
	

	 	 	 	 
	

	 	 	 	Name: Joanna Solowski
	

	 	 	 	Title: Director

 

 

	 	 	 	 	 
	 	 	DEUTSCHE BANK AG, NEW
	 	 	YORK BRANCH
	 
	 	 	 	 
	

	 	By:	 	/s/ Wolfgang Winter
	

	 	 	 	 
	

	 	 	 	Name: Wolfgang Winter
	

	 	 	 	Title: Managing Director
	 
	 	 	 	 
	

	 	By:	 	/s/ Illegible
	

	 	 	 	 
	 
	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:

 

 

	 	 	 	 	 
	 	 	WACHOVIA BANK, N.A.,
	 	 	individually and as Co-Documentation
	 	 	Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Douglas T. Davis
	

	 	 	 	 
	

	 	 	 	Name: Douglas T. Davis
	

	 	 	 	Title: Director

 

 

	 	 	 	 	 
	 	 	U.S. BANK
	 
	 	 	 	 
	

	 	By:	 	/s/ Michael P. Dickman
	

	 	 	 	 
	

	 	 	 	Name: Michael P. Dickman
	

	 	 	 	Title: Vice President

 

 

	 	 	 	 	 
	 	 	KBC BANK N.V.
	 
	 	 	 	 
	

	 	By:	 	/s/ Eric Raskin
	

	 	 	 	 
	

	 	 	 	Name: Eric Raskin
	

	 	 	 	Title: Vice President
	 
	 	 	 	 
	

	 	By:	 	/s/ Robert Snauffer
	

	 	 	 	 
	

	 	 	 	Name: Robert Snauffer
	

	 	 	 	Title: First Vice President

 

 

	 	 	 	 	 
	 	 	ROYAL BANK OF SCOTLAND
	 	 	PLC
	 
	 	 	 	 
	

	 	By:	 	/s/ Maria Amaral-LeBlanc
	

	 	 	 	 
	

	 	 	 	Name: Maria Amaral-LeBlanc
	

	 	 	 	Title:Senior Vice President

	 	 	 	 	 
	 	 	ROYAL BANK OF SCOTLAND
	 	 	PLC, as U.K. Agent and as Co-
	 	 	Documentation Agent
	 
	 	 	 	 
	

	 	By:	 	/s/  Maria Amaral-LeBlanc
	

	 	 	 	 
	

	 	 	 	Name: Maria Amaral-LeBlanc
	

	 	 	 	Title: Senior Vice President

 

 

	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.
	 
	 	 	 	 
	

	 	By:	 	/s/ Judith A. Huckins
	

	 	 	 	 
	

	 	 	 	Name: Judith A. Huckins
	

	 	 	 	Title: Authorized Officer

 

 

	 	 	 	 	 
	 	 	BNP PARIBAS
	 
	 	 	 	 
	

	 	By:	 	/s/ Craig Pierce
	

	 	 	 	 
	

	 	 	 	Name: Craig Pierce
	

	 	 	 	Title: Vice President
	 
	 	 	 	 
	

	 	By:	 	/s/ Brad Ellis
	

	 	 	 	 
	

	 	 	 	Name: Brad Ellis
	

	 	 	 	Title: Associate

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]