Document:

EX-10.1

Exhibit 10.1

ANNUAL INCENTIVE CASH AWARDS

GRANTED UNDER

RYDER SYSTEM, INC. 2005 EQUITY COMPENSATION PLAN

TERMS AND CONDITIONS

The following terms and conditions apply to the annual incentive cash awards (the “Awards”)
granted by Ryder System, Inc. under the Ryder System, Inc. 2005 Equity Compensation Plan (the
“Plan”) a description of which is set forth in the relevant Guide to the Annual Incentive
Compensation Program (the “Guide”) to which these terms and conditions are appended. No individual
shall receive an Award unless the Company has notified the individual of the Award and delivered
these Terms and Condition and the Guide to the individual. Certain terms of the Award, including
the performance goals and target payout amounts, are set forth in the Guide or the payout grids
titled “Incentive Payout Components by Position” (“Payout Grid”) applicable to the Participant.
The Compensation Committee of the Company’s Board of Directors (the “Committee”) shall administer
the Awards in accordance with the Plan. Capitalized terms used herein and not defined shall have
the meaning ascribed to such terms in the Plan or the Guide.

	 	1.	 	General. The Award represents the right to receive a cash payment based on the
attainment of certain financial performance goals, on the terms and conditions set
forth herein, in the Guide and in the Plan, the applicable terms, conditions and other
provisions of which are incorporated by reference herein (collectively, the “Award
Documents”). It is intended that the Awards qualify as “performance-based
compensation” for purposes of Section 162(m) of the Internal Revenue Code of 1986, as
amended, including any successor provisions and regulations.

The Award Documents supersede any and all prior oral representations, promises or
guarantees relating to short-term incentives or annual bonuses. All provisions of the
Award Documents shall apply unless otherwise prohibited by law.

In the event there is an express conflict between the provisions of the Plan and those
set forth in the Guide or in these terms and conditions, the terms and conditions of the
Plan shall govern. Unless otherwise approved by the Committee, individuals who have
written agreements which specifically provide for annual incentive compensation other
than that which is provided under the Award or who are participants in any other
short-term incentive compensation plan of the Company or its subsidiaries and affiliates
are not eligible to receive an Award hereunder. The Company may, in its sole
discretion, provide discretionary or other bonuses to Company employees, whether or not
they receive an Award.

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 Award 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 an
Award and/or termination of employment (unless otherwise prohibited by law). All
decisions and determination made by the Committee relating to the Awards 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 Awards are intended to
reward Participants for the attainment by the Company of certain performance goals and,
in certain cases, individual performance. The performance metrics (the “Performance
Metrics”) and performance goals (the “Performance Goals”) applicable to a Participant,
the weight given to each of the Performance Metrics and any other requirements or
limitations of the Awards are approved by the Committee, may vary based on the
Participant’s Management Level, position and responsibilities and will be set forth in
the Guide and the Payout Grid applicable to such Participant.

The target incentive award (expressed as a percentage of the Participant’s Eligible Base
Salary) to be paid under the Award, as approved by the Committee, are also set forth in
the Guide.

For purposes of the Award, Eligible Base Salary means the annual rate of pay for the
Performance Period, excluding all other compensation paid to the Participant during the
year, including but not limited to bonuses, incentives, commissions, car allowance,
employee benefits, relocation expenses, and any imputed income for which the Participant
may be eligible (all as more fully described in the Guide). As soon as practicable
after the end of the Performance Period, the Committee will determine the attainment of
the Performance Goals, to the extent applicable, in accordance with generally accepted
accounting principles (“GAAP”).

The Committee may increase or decrease a Participant’s Payout Amount (as defined below)
based on the Participant’s individual performance by way of a performance modifier to
the extent provided in the Guide; provided, however that in no event may the Payout
Amount for a Participant that is in a Management Level of 14 or above be increased or
decreased by way of a performance modifier.

	 	3.	 	Payment. Subject to Section 4 and 5 below and the provisions of the Guide,
amounts due under the Award (the “Payout Amount”) will be payable in cash to the
Participant as soon as practicable following the determination that the Performance
Goals have been satisfied and the Committee’s (or Board, as the case may be) approval
of the payout (the “Payment Date”), provided that the Participant is, on the Payment
Date, and has been from the first day of the Performance Period through the Payment
Date, continuously employed in good standing by the Company or a Subsidiary. No
Participant shall have a vested or accrued right to any payment under the Award. 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 immediately thereafter employed by the Company or another Subsidiary.
Notwithstanding anything to the contrary set forth herein, (i) the Company retains the
right, in its sole and absolute discretion, to withhold payment and participation, from
any Participant who violates or has violated any Company value, principle, agreement,
plan, procedure, protocol, policy or the rules contained in the Award Documents even if
there are no documented performance issues in the Participant’s personnel file and (ii)
if the Company has any claim against the Participant for money or assets owed that have
not been satisfied by the Participant, the Payout Amount shall be reduced by any such
unpaid claims unless otherwise prohibited by law. The calculation of Payout Amounts
for Participants outside of the U.S. will be set forth in the Guide.

	 	4.	 	New Hire, Promotion or Transfer. Participants who are newly hired, promoted,
or transferred into or out of eligible positions, and those who move from one
eligibility level to another, will receive a pro-rata incentive based on the terms in
effect for his/her Management Level, position, the portion of time spent in each
position during the year, the annual rate of pay and the Target Incentive Award for the
eligible position(s).

	 	5.	 	Termination of Employment; Temporary Leave. The Award will terminate and no
amounts will be paid under the Award following the termination of the Participant’s
employment as follows:

	 	(a)	 	Resignation by the Participant or Termination by the
Company or a Subsidiary: The Award will terminate and no amounts will be
paid under the Award, provided that if a Participant’s employment is terminated
after October 1st of the performance year but before the Payment
Date as a result of a reduction in force by the Company, or a location closing
or loss of business, as determined by the Committee, in its sole and absolute
discretion, the Participant shall be eligible to receive a pro-rata payment (or
full payment if termination occurs after the end of the performance year) on
the Payment Date, provided that the Participant has executed and delivered to
the Company a release in favor of the Company in form and substance
satisfactory to the Company.

	 	(b)	 	Death or Disability (including Disability Retirement):
If the death or Disability occurs after the end of the Performance Period, the
Participant (or his or her Beneficiary, in the event of death) shall receive
all amounts due to him or her under the Award on the Payment Date. If the
death or Disability occurs during the Performance Period and the Participant
would have received a payment under the Award but for his or her death or
Disability, the Participant (or his or her Beneficiary, in the event of death)
will receive a pro-rata payment on the Payment Date based on the number of days
worked during the Performance Period. As used herein, the term “Disability”
means an injury or illness that entitles the Participant to long-term
disability payments under the Company’s Long-Term Disability Plan or successor
plan, as in effect from time to time.

	 	(c)	 	Workers’ Compensation or Approved Leave of Absence: A
Participant who takes an approved workers’ compensation leave or an approved
leave of absence will be eligible to receive a pro-rata incentive for the year
in which they leave, provided that the Participant worked at least six (6)
months of the Performance Period.

	 	(d)	 	Retirement: If the Retirement occurs after the end of
the Performance Period, the Participant shall receive all amounts due to him or
her under the Award on the Payment Date. If the Retirement occurs during the
Performance Period, the Award will terminate and no amounts will be paid under
the Award. As used herein, the term “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 as in effect from time to time.

	 	6.	 	Withholding Taxes. The Company will deduct from all payments made under the
Award any federal, state or local taxes required by law to be withheld with respect
thereto.

	 	7.	 	Change of Control. Notwithstanding anything herein to the contrary, in the
event of a Change in Control of the Company, (i) with respect to Participants who are
covered by Change of Control agreements with the Company, the Payout Amount will be
calculated in accordance with the Change of Control agreements and the funds necessary
to pay any such Payout Amounts will be placed in a trust administered by an outside
financial institution (as provided in the Change of Control Agreement) and (ii) with
respect to Participants who are not covered by a Change of Control Agreement with the
Company, the Committee will make all determinations relating to the calculation and
payment of any Payout Amounts. If a Change of Control occurs, Participants will
receive instructions regarding the collection of Payout Amounts.

	 	8.	 	Sale of Business. If a business unit is sold during the Performance Period,
the Participants that are employees of such business unit will receive a pro-rata
payment for the year in which the business is sold. Such payment will be made over
time or in one lump sum, as determined by the Committee.

	 	9.	 	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 Award 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 Awards 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.

	 	10.	 	No Employment Right. Neither the grant of the Award, 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
Awards 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.

	 	11.	 	No Assignment. A Participant’s rights and interest under the Award 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 Award to make any payment
thereunder.

	 	12.	 	Unfunded Plan. Any amounts owed under the Award 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 Payout Amounts.

	 	13.	 	Definitions. Capitalized terms used above that are not defined below have the
meanings set forth in the Plan.

	 	(a)	 	“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
twenty percent (20%) 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 August 18, 1995, constituted the Board of
Directors of the Company (the “Board” generally and as of August 18, 1995
the “Incumbent Board”) cease for any reason to constitute at least
two-thirds (2/3) of the Board, provided that any person becoming a director
subsequent to August 18, 1995 whose election, or nomination for election,
was approved by a vote of the persons comprising at least two-thirds (2/3)
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, 20% 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
two-thirds (2/3) 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.EX-10.2

Exhibit 10.2

PERFORMANCE-BASED RESTRICTED STOCK RIGHTS

AND RELATED CASH AWARD

ISSUED UNDER

RYDER SYSTEM, INC. 2005 EQUITY COMPENSATION PLAN

TERMS AND CONDITIONS

The following terms and conditions apply to the performance-based restricted stock rights (the
“RSRs “) and related cash awards (the “Related Cash Award”) granted by Ryder System, Inc. (the
“Company”) under the Ryder System, Inc. 2005 Equity Compensation Plan (the “Plan”), as specified in
the Performance-Based Restricted Stock Rights Award Notification Letter (the “Notification
Letter”), to which these terms and conditions are appended. Certain terms of the RSRs and the
Related Cash Award including the number of shares of Ryder common stock underlying the RSRs, are
set forth in the Notification Letter. The Compensation Committee of the Company’s Board of
Directors (the “Committee”) shall administer the RSRs and Related Cash Awards 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 Letter.

	 	1.	 	General. Each RSR represents the right to receive one Share (and the Related
Cash Award 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 Letter 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
Letter. 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 RSRs and Related Cash Awards qualify as
“performance-based compensation” for purposes of Section 162(m) of the Internal Revenue
Code of 1986, as amended, 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 RSRs or Related Cash Awards 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 the RSRs and Related Cash Awards and/or termination of employment (unless
otherwise prohibited by law). All decisions and determination made by the Committee
relating to the RSRs and Related Cash Awards 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 RSRs and Related Cash
Awards will vest only if, for the three-year period ending December 31, 2008 (the
“Performance Period”), the Company’s Total Shareholder Return meets or exceeds the
Total Shareholder Return for the S&P Composite Index for the Performance Period as
published by Standard & Poor’s as the “S&P 500 TR”, or, if no such publication is
available, based on a comparable publication selected by the Committee (the
“Performance Goal”). 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.	 	Delivery of Shares and Payment of Cash. Subject to Section 3 and 4 below, if
the Performance Goal is attained, as determined by the Committee, and the Committee
otherwise approves the issuance of the RSRs and the payment of the Related Cash Award,
the RSRs will vest and the Participant will be entitled to receive the Related Cash
Award, provided the Participant is, on the last day of the Performance Period, and has
been from the date of grant of the RSRS and Related Cash Award, 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. For the avoidance of doubt, in no event shall a
Participant be entitled to receive any cash payment under the Related Cash Award unless
the RSRs have vested.

Upon vesting, (i) a share certificate evidencing the Shares subject to the vested RSRs
will be issued in the name of the Participant and delivered to the Participant at the
Participant’s address on file with the Company on the vesting date, provided that the
Participant may request to receive delivery of the shares either by transfer of the
Shares to a broker or by depositing the Shares in an account with the Company’s transfer
agent, by delivering to the Company a written election form satisfactory to the Company
specifying such alternate delivery instructions and (ii) the Participant will receive the
cash payment by the March 15th immediately following the end of the
Performance Period, unless administratively impracticable to do so.

	 	4.	 	Termination of RSRs; Forfeiture. The RSRs and Related Cash Award 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, the Related Cash
Award will be cancelled and the Participant will not have any right to delivery
of Shares or cash in respect of RSRs or the Related Cash Award that did not vest
prior to such termination. If the Participant’s employment is terminated by the
Company or a Subsidiary for Cause, then the Company shall have the right to
reclaim and receive from the Participant any Shares or cash delivered to the
Participant upon the vesting of any RSRs or Related Cash Awards 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: If the death,
Disability or Retirement occurs after the end of the Performance Period, the
Participant (or his or her Beneficiary, in the event of death) shall receive the
number of shares of common stock and cash amounts due to him or her under the
Award on the Payment Date. If the death, Disability or Retirement occurs during
the Performance Period and 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 receive a pro-rata
number of shares of common stock and a pro-rata cash payment on the Payment Date
based on the number of days worked during the Performance Period. On the date
of death, Disability or Retirement, the Company shall calculate the pro-rata
number of shares of common stock that the Participant would be entitled to
receive on the Payment Date if the Performance Goals are achieved and shall
cancel the balance of the RSRs to which the Participant will no longer be
entitled.

	 	(c)	 	Proscribed Activity: If, during the Proscribed Period
but prior to a Change of Control, the Participant engages in a Proscribed
Activity, then the Company shall have the right to reclaim and receive from the
Participant all Shares and cash delivered to the Participant upon the vesting of
any RSRSs or Related Cash Awards 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.

	 	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 RSRs and Related Cash Awards will become fully vested immediately prior to
any such Change of Control, and all Shares subject to such RSRs and cash payable under
the Related Cash Awards 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 during the 12 month period prior to the
Change of Control, (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.	 	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.

	 	7.	 	Withholding Taxes. RSRs and the Related Cash Awards will not be taxable until
the Shares and cash 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 and cash when delivered will be taxable to the Participant at
their then fair market value as ordinary income, subject to wage-based withholding and
reporting. With respect to the Shares, 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 day immediately prior to 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.

	 	8.	 	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 Related Cash Awards 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 Related Cash Awards, 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.

	 	9.	 	No Employment Right. Neither the grant of the RSRs or Related Cash Awards, 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 or Related Cash Awards 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.

	 	10.	 	No Assignment. A Participant’s rights and interest under the RSRs or Related
Cash Awards 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 Related
Cash Awards or the Award Documents.

	 	11.	 	Unfunded Plan. Any amounts owed under the Related Cash Awards 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.

	 	12.	 	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 “Just Cause” under
the Ryder Severance Plan, as in effect on the date of grant of the RSRs and
Related Cash Awards. Notwithstanding the foregoing, during the three 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 twenty percent (20%) 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 August 18, 1995,
constituted the Board of Directors of the Company (the “Board” generally
and as of August 18, 1995 the “Incumbent Board”) cease for any reason to
constitute at least two-thirds (2/3) of the Board, provided that any
person becoming a director subsequent to August 18, 1995 whose election,
or nomination for election, was approved by a vote of the persons
comprising at least two-thirds (2/3) 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,
20% 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 two-thirds (2/3) 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.

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

	 	 	 	13. Other Benefits. No amount accrued or paid under the RSRs or Related Cash
Awards 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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