Document:

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                                                                 Exhibit 10.5(c)

                              RYDER SYSTEM, INC.
                             DIRECTORS STOCK PLAN
                       (as amended through May 4, 2001)

                                   SECTION I

                             Purposes Of The Plan

The Ryder System, Inc. Directors Stock Plan (the "Plan") is intended to enable
Ryder System, Inc. (the "Company") to attract and retain persons of outstanding
competence to serve as members of the Board of Directors of the Company and to
provide a direct link between Directors' compensation and shareholder value.

                                  SECTION II

                          Administration Of The Plan

A. Committee -- The Plan shall be administered by the Compensation Committee of
the Board of Directors of the Company (the "Committee"), which shall consist of
not less than three members of the Board of Directors, each of whom shall be a
"disinterested person" as that term is used in Rule 16b-3 under the Securities
Exchange Act of 1934, as amended. Grants of stock to eligible participants under
the Plan and the amount, nature and timing of the grants shall be automatically
determined as described in Sections IV and V and shall not be subject to the
determination of the Committee.

B. Authority of the Committee -- Subject to certain specific limitations and
restrictions set forth in the Plan, the Committee shall have full and final
authority to interpret the Plan; to prescribe, amend and rescind rules and
regulations, if any, relating to the Plan; and to make all determinations
necessary or advisable for the administration of the Plan. No member of the
Committee shall be liable for anything done or omitted to be done by him or by
any other member of the Committee in connection with the Plan, except for his
own willful misconduct or gross negligence. All decisions which are made by the
Committee with respect to interpretation of the terms of the Plan and with
respect to any questions or disputes arising under the Plan shall be final and
binding on the Company and the participants, their heirs or beneficiaries. The
Committee shall not be empowered to take any action, whether or not otherwise
authorized under the Plan, which would result in any Director failing to qualify
as a "disinterested person".

C. Acts of the Committee -- A majority of the Committee will constitute a quorum
and the acts of a majority of the members present at any meeting at which a
quorum is present, or acts approved in writing by all members of the Committee
without a meeting, will be the acts of the Committee.

                                  SECTION III

                           Stock Subject to the Plan

A. Common Stock -- The stock which is the subject of grants under the Plan shall
be the Company's Common Stock, par value $ .50 per share ("Common Stock"), which
shares shall be subject to the terms, conditions and restrictions described in
the Plan.

B. Maximum Number Of Shares That May Be Granted -- There may be granted under
the Plan an aggregate of not more than one hundred thousand (100,000) shares of
Common Stock, subject to adjustment as provided in Section VII hereof. Shares of
Common Stock granted pursuant to the Plan may be either authorized, but
unissued, shares or reacquired shares, or both.

C. Rights With Respect To Shares -- A Director to whom a grant of Common Stock
has been made shall have absolute beneficial ownership of the shares of Common
Stock granted to that Director, including the right to vote the shares and to
receive dividends thereunder; subject, however, to the terms, conditions and
restrictions described in the Plan, including, but not limited to, Section V.
The certificate(s) for such shares shall be held by the Company (or by an agent
designated by the Secretary of the Company) for the Director's benefit until the
terms, conditions and restrictions lapse, whereupon the certificates shall be
delivered to the Director.
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                                  SECTION IV

                                 Participation

A. Directors -- Participation in the Plan shall be limited to persons who serve
as members of the Board of Directors of the Company and who, at the time of
grant, are not "employees" of the Company and/or any of its subsidiaries, within
the meaning of the Employee Retirement Income Security Act of 1974 ("ERISA"). A
Director who is an employee and who retires or resigns from employment with the
Company and/or any of its subsidiaries, but remains, a Director of the Company,
shall become eligible to participate in the Plan at the time of such termination
of employment.

B. Elections -- Any eligible Director may elect to participate in the Plan and
receive grants of Common Stock as set out in Paragraph C of this Section IV by
delivering to the Committee a written notice to such effect. Such election shall
be made at least six (6) months prior to the Grant Date (as defined below) and
shall be irrevocable in a manner sufficient to satisfy the Rules established by
the Securities and Exchange Commission (the "SEC") pursuant to Rule 16b.3 under
the Securities Exchange Act of 1934, as amended then in effect, and according to
procedures established by the Committee.

C. Grants -- Each participating Director who has made an election pursuant to
Paragraph B of this Section IV shall be eligible to receive annually, on the
first New York Stock Exchange trading day of each calendar year (the "Grant
Date"), following such election, in lieu of such Director's annual retainer for
service as a director of the Company (the, "Annual Retainer",): (i) a grant of
Common Stock and (ii) Eleven Thousand Five Hundred Dollars ($11,500.00)
(collectively, the, "Formula",). The amount of Common Stock which shall be
granted to a participating Director will be the number of whole shares which can
be purchased for Fifteen Thousand Dollars ($15,000.00) based on the Fair Market
Value of the shares on the Grant Date. Fractional shares shall not be granted.
"Fair Market Value" will be the mean of the highest and lowest sale price for
the Common Stock as reported on the New York Stock Exchange Composite
Transaction Reporting System on the Grant Date.

D. Adjustment of Formula -- In the event that there shall be an increase or
decrease in the Annual Retainer, the Formula shall adjust automatically so that
both the relationship between the Formula and the Annual Retainer and the
proportion of Common Stock and cash paid to a participating Director pursuant to
the Formula are maintained.

                                   SECTION V

                     Terms And Conditions Of Stock Grants

A. Vesting -- Each grant of Common Stock to a participating Director in
accordance with the Plan shall be vested on the six-month anniversary of the
Grant Date, so long as the Director has served continuously as a director of the
Company during the intervening six-month period. In the event a Director's
service to the Company terminates before the shares have vested, then all shares
granted to such Director which have not vested shall be cancelled and the shares
forfeited and retransferred to the Company, with the Director having no further
right or interest in such forfeited and retransferred shares.

B. Restrictions on Transfer -- Shares of Common Stock granted to a participating
Director may not be assigned, (transferred, pledged, hypothecated or otherwise
disposed of (i) before they have vested in accordance with (i) Paragraph A of
this Section V and (ii) until six (6) months after the termination of the
Director's service to the Company as a director.

                                  SECTION VI

                   Compliance With Law And Other Conditions

A. Restrictions Upon Grant Of Common Stock -- The listing upon the New York
Stock Exchange or the registration or qualification under any federal or state
law of any shares of Common Stock to be granted pursuant to the Plan may be
necessary or desirable as a condition of, or in connection with, such grant and,
in any such event, delivery of the certificates for such shares of Common Stock
shall, if the Committee, in its sole discretion, shall determine, not be made
until such listing, registration or qualification shall have been completed.

B. Restrictions Upon Resale Of Unregistered Stock -- If the issuances of the
shares of Common Stock that have been granted to a participating Director
pursuant to the terms of the Plan are not registered under the Securities Act of
1933, as amended, pursuant to an effective registration statement, such
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Director, if the Committee shall deem it advisable, may be required to represent
and agree in writing.

   (i)  that any shares of Common Stock acquired by such Director pursuant to
the Plan will not be sold, except pursuant to an effective registration
statement under the Securities Act of 1933, as amended, or pursuant to an
exemption from registration under such Act, and

   (ii) that such Director is acquiring such shares of Common Stock for his own
account and not with a view to the distribution thereof.

                                  SECTION VII

                                  Adjustments

The number of shares of Common Stock of the Company reserved for grants under
the Plan shall be subject to appropriate adjustment by the Committee, as
necessary, to reflect any stock split, stock dividend, recapitalization, merger,
consolidation, reorganization, combination or exchange of shares or similar
event.

                                 SECTION VIII

                           Miscellaneous Provisions

A. Nothing in the Plan shall be construed to give any Director of the Company
any right to a grant of Common Stock under the Plan unless all conditions
described within the Plan are met as determined in the sole discretion of the
Committee.

B. Neither the Plan, nor the granting of Common Stock nor any other action taken
pursuant to the Plan, shall constitute or be evidence of any agreement or
understanding, express or implied, that the Company will retain a Director for
any period of time. Nothing in the Plan shall in any manner be construed to
limit in any way the right of the Company or its shareholders to reelect or not
reelect or renominate or not renominate a participating Director.

C. Any shares of Common Stock of the Company issued as a stock dividend, or as a
result of stock splits, combinations, exchanges of shares, reorganizations,
mergers, consolidations or otherwise with respect to shares of Common Stock
granted pursuant to the Plan shall have the same status and be subject to the
same restrictions as the shares granted.

D. The costs and expenses of administering the Plan shall be borne by the
Company and not charged to any grant of Common Stock nor to any participating
Director.

E. The Company may make such provisions and take such steps as it may deem
necessary or appropriate for the withholding of any taxes which the Company is
required by any law or regulation of any governmental authority, whether
federal, state or local, to withhold in connection with any event or action
under the Plan.

                                  SECTION IX

                                   Amendment

The Committee or the Board of Directors of the Company may suspend or
discontinue the Plan, or revise or amend it in any respect whatsoever; except
that, without shareholder approval, the Committee or the Board of Directors may
not (a) materially increase the benefits accruing to participants under the
Plan, (b) increase the number of shares of Common Stock available for grants
under the Plan, or (c) materially modify the requirements as to eligibility for
participation in the Plan. Additionally, should the Plan require amendment to
maintain full legal compliance because of rules, regulations, opinions or
statutes issued by the SEC, the U.S. Department of the Treasury or any other
governmental or governing body, then the Committee or the Board of Directors may
take whatever action, including but not limited to amending or modifying the
Plan, is necessary to maintain such compliance. The termination or any
modification or amendment of the Plan shall not, without the consent of any
participant involved, adversely affect rights under a previous grant of Common
Stock. In no event shall Plan provisions dealing with the eligibility of
participants to receive grants, the amount and price of securities to be
granted, or the timing of the grants be amended more than once every six months,
other than to comport with changes in the Internal Revenue Code, ERISA, or the
rules thereunder.
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                                   SECTION X

                                 Governing Law

The Plan and all determinations made and actions taken pursuant thereto shall be
governed by the laws of the State of Florida and construed accordingly.

                                  SECTION XI

                           Approval By Shareholders

The Plan shall become effective only upon approval by the shareholders of the
Company.10Q Q1 2002 Exhibit 10.1

Exhibit 10.1

PHARMACYCLICS, INC.

                  995 East Arques Avenue

                  Sunnyvale, CA  94086-4593

August 14, 2001

 

 

Dear Tim:

On behalf of the Company's Board of Directors, I am pleased to make
you an offer to join the Company as its Senior Vice President of Marketing and
Sales.  The purpose of this letter is to set forth the terms of your proposed
employment with the Company, including your compensation level and benefit
entitlements.

	Employment and Duties.

A.The Company will employ you as Senior Vice President of Marketing and
Sales, commencing not later than September 15, 2001, and you will accordingly
make yourself available on a full-time basis to assume that position on or
before such date.  In that position, you will report directly to the President.

	Compensation.

A.Your initial base salary will be at the rate of $260,000 per year.
Your base salary will be subject to adjustment by the Company's Board of
Directors on an annual basis.

B.Your base salary will be paid at periodic intervals in accordance with
the Company's payroll practices for salaried employees.

C.You will be eligible for the executive bonus plan currently in place
for other executives in the company for fiscal year 2002.  The range of possible
payments under this plan is 0-10% of base salary depending on the achievement of
various corporate milestones.  These payments will be prorated based on your
employment start date.

D.The Company will deduct and withhold, from the base salary and bonuses
payable to you hereunder, any and all applicable Federal, state and local income
and employment withholding taxes and any other amounts required to be deducted
or withheld by the Company under applicable statute or regulation.

	Employee Stock Options.

As soon as possible after you join the Company as
Senior Vice President of Marketing and Sales you will be granted a stock option
to purchase 100,000 shares of Pharmacyclics Common Stock (the "First
Option") and an option to purchase an additional 50,000 shares of
Pharmacyclics Common Stock (the "Second Option").   Each option will
have an exercise price equal to 100% of the fair market value of the
Pharmacyclics Common Stock on the grant date and will have a maximum term of 10
years, subject to earlier termination upon your cessation of employment with the
Company.  The First Option will become exercisable as follows: the option will
become exercisable for 20,000 shares upon completion of one year of service
after your date of hire, and then the option will become exercisable for the
remaining 80,000 shares in a series of 48 equal successive monthly installments
upon completion of each month of service thereafter.  The Second Option will
become exercisable as follows: following the first 24 months of full-time
employment, the option will become exercisable in a series of 36 equal
successive monthly installments upon completion of each month of service
thereafter.  All vesting under your options will cease upon your termination of
employment.  The remaining terms and conditions of your options will be in
accordance with the standard provisions utilized for stock option grants under
the Company's 1995 Stock Option Plan.

	Signing Bonus.

You will receive a signing bonus of $150,000 divided into two parts; $75,000
will be paid on the completion of one month of full-time employment and an
additional $75,000 will be paid on the completion of six months of employment.

	Severance Payment.

If within the first one year of full-time employment the company terminates
your employment or substantially decreases your compensation or responsibilities
without Cause (as defined in paragraph 13 below) or you terminate your
employment due to the Company's requirement that you relocate to its
headquarters in Sunnyvale, California, you will be entitled to receive one year
of base salary payable in twelve equal monthly increments.  If within the second
year of full-time employment, the company terminates your employment or
substantially decreases your compensation or responsibilities without Cause (as
defined in paragraph 13 below) or you terminate your employment due to the
Company's requirement that you relocate to its headquarters in Sunnyvale,
California, you will be entitled to receive six months of base salary payable in
six equal monthly increments.  If within the third year of full-time employment,
the company terminates your employment or substantially decreases your
compensation or responsibilities without Cause (as defined in paragraph 13
below), you will be entitled to receive six months of base salary payable in six
equal monthly increments.

 In addition to the severance payments described above, you and your family
will continue to receive the same medical and dental benefits you received while
an employee of the Company during the period of time during which you are
entitled to severance payments unless your family's medical and dental benefits
are covered to any extent under another employer's health benefit program.  

	Relocation.

The Company may, at any time after June 30, 2002, notify you that you are
required to relocate to its headquarters in a reasonable period of time
following such notification. The Company agrees that a "reasonable
time" would include the period of time necessary so as not to cause you to
have to relocate while your children are in school.  Should the company require
you to relocate to the California location on a permanent basis, you will be
entitled to reimbursement from the Company for the reasonable costs you incur to
move your household to the San Francisco Bay area. These costs will be
reimbursed upon receipt of a suitable prepared expense report with documented
receipts. Expenses to be reimbursed include the cost of packing and moving
household goods, moving up to two personal automobiles, travel expenses for you
and your immediate family (economy class airfare and ground transportation) and
temporary housing when you arrive. In addition, subject to the approval of the
Board of Directors, the Company will provide you with a loan, some part of which
will be forgivable in 5 equal amounts over 5 years on the anniversary dates of
the loan provided that you are employed by the Company on such dates, in an
amount to be determined at the time of your relocation, but in no event less
than $500,000, for the purpose of purchasing a home in the San Francisco Bay
area. Also, in no event shall the forgivable portion of the loan be in an amount
less than $250,000.  Such loan will be evidenced by a promissory note and will
be secured by an interest in the purchased property.

	Involuntary Termination Upon Change in Control.

You will be entitled to the same agreement and conditions made available to
other executives of the company. 

	Expense Reimbursement.  

You will be entitled to reimbursement from the Company for all customary,
ordinary and necessary business expenses incurred by you in the performance of
your duties hereunder, provided you furnish the Company with vouchers, receipts
and other details of such expenses within thirty (30) days after they are
incurred.

	Fringe Benefits.  

You will be eligible to participate in any group life insurance plan, group
medical and/or dental insurance plan, accidental death and dismemberment plan,
short-term disability program and other employee benefit plans, including the
Section 401(k) plan and the Employee Stock Purchase Plan, which are made
available to employees of the Company and for which you otherwise qualify.

	Vacation.  

You will accrue paid vacation benefits in accordance with the Company policy
in effect for executive officers.

	Restrictive Covenants.  

During the period of service as Senior Vice President of Marketing and
Sales

	you will devote your full working time and effort to the performance of your
duties as Senior Vice President of Marketing and Sales; and
	except as approved by the President & CEO you will not directly or
indirectly, whether for your own account or as an employee, consultant or
advisor, provide services to any business enterprise other than the
Company.

However, you will have the right to perform such incidental services as are
necessary in connection with (a) your private passive investments, (b) your
charitable or community activities, and (c) your participation in trade or
professional organizations, but only to the extent such incidental services do
not interfere with the performance of your services as Senior Vice President of
Marketing and Sales.

	Proprietary Information.  

Upon the commencement of your services as Senior Vice President of Marketing
and Sales you will sign and deliver to the Company the standard-form Proprietary
Information and Inventions Agreement required of all key employees of the
Company.

	Termination of Employment.

A.  Your employment as Senior Vice President of Marketing and Sales
pursuant to this agreement will be entirely at will.

B.  The Company may terminate your employment under this agreement at
any time for any reason, with or without Cause (as defined below). If your
employment is terminated without Cause, the Company must provide you with at
least thirty (30) days prior written notice.  

C.  You may terminate your employment under this agreement at any time for
any reason upon thirty (30) days prior written notice to the Company.

D.  The Company may at any time, upon written notice, terminate your
employment hereunder for Cause.  Such termination will be effective immediately
upon such notice.

For purposes of this agreement, your employment with the Company will be
deemed to have been involuntarily terminated for Cause if your services are
terminated by the Company for one or more of the following reasons:

	acts of fraud or embezzlement or other intentional misconduct which
adversely affects the Company's business, or
	failure or refusal in a material respect to follow reasonable policies or
directions established by the Board of Directors and/or President or gross
negligence, incompetence or dishonesty in the performance of your services as
Senior Vice President of Marketing and Sales, or
	misappropriation or unauthorized disclosure or use of the Company's
proprietary information.

Please indicate your acceptance of the foregoing provisions of this
employment agreement by signing the enclosed copy of this agreement and
returning it to the Company.

		
	 	
                                   Very truly yours,

                                   PHARMACYCLICS, INC.

                    By          /s/  Richard A. Miller, M.D.

           Title:  President and Chief Executive Officer

 

 

ACCEPTED BY AND AGREED TO

 

Signature:   /s/  Timothy G. Whitten
 

Dated:              August 21, 2001

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