Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

Published CUSIP Numbers: 
  

 
  

Deal: 78355FAN3 
 Domestic Revolver:
78355FAS2 
 Canadian Revolver: 78355FAR4 

U.K. Revolver: 78355FAP8 
 PR
Revolver: 78355FAQ6 
 THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

dated as of December 14, 2021 

by and among 
 RYDER SYSTEM, INC.,

 RYDER TRUCK RENTAL HOLDINGS CANADA LTD., 

RYDER TRUCK RENTAL CANADA LTD., 

RYDER SUPPLY CHAIN SOLUTIONS CANADA ULC, 

RYDER LIMITED, 
 RYDER SYSTEM
HOLDINGS (UK) LIMITED, 
 RYDER PUERTO RICO, INC., 

RYDER SUPPLY CHAIN SOLUTIONS PUERTO RICO, LLC, 

and 
 CERTAIN OTHER SUBSIDIARIES OF
RYDER PARTY HERETO, 
 as the Borrowers, 

BANK OF AMERICA, N.A., 
 as the
Administrative Agent, a L/C Issuer, a Domestic Swing Line Lender, and the U.K. Swing Line Lender, 
 ROYAL BANK OF CANADA, 

as the Canadian Agent and the Canadian Swing Line Lender, 

MUFG BANK, LTD., 
 as Syndication
Agent, 
 BNP PARIBAS, 
 MIZUHO
BANK, LTD., 
 PNC BANK, NATIONAL ASSOCIATION, 

ROYAL BANK OF CANADA, 
 TRUIST BANK,

 U.S. BANK NATIONAL ASSOCIATION, 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as Co-Documentation Agents, 

and 
 THE OTHER LENDERS, L/C
ISSUERS AND SWING LINE LENDERS PARTY HERETO 
 BOFA SECURITIES, INC., 

MUFG BANK, LTD., 
 BNP PARIBAS, 

MIZUHO BANK, LTD., 
 PNC CAPITAL
MARKETS LLC, 
 RBC CAPITAL MARKETS1, 

TRUIST SECURITIES, INC., 
 U.S. BANK
NATIONAL ASSOCIATION, 
 and 

WELLS FARGO SECURITIES, LLC, 
 as
Joint Lead Arrangers 
 BOFA SECURITIES, INC. 

and 
 MUFG BANK, LTD., 

as Joint Bookrunners 
  

 
  

 
 1 RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada and its affiliates. 

 TABLE OF CONTENTS 

 

							
	 Section
	 	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	  	 	2	 
			
	 Section 1.01
	 	Defined Terms	  	 	2	 
	 Section 1.02
	 	Other Interpretive Provisions	  	 	43	 
	 Section 1.03
	 	Accounting Terms	  	 	44	 
	 Section 1.04
	 	Rounding	  	 	45	 
	 Section 1.05
	 	Times of Day	  	 	45	 
	 Section 1.06
	 	Letter of Credit Amounts	  	 	45	 
	 Section 1.07
	 	Interest Rates	  	 	45	 
	 Section 1.08
	 	Exchange Rates; Currency Equivalents	  	 	45	 
	 Section 1.09
	 	Change of Currency	  	 	46	 
	 Section 1.10
	 	Amendment and Restatement	  	 	46	 
		
	 ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	46	 
			
	 Section 2.01
	 	Revolving Loans	  	 	46	 
	 Section 2.02
	 	Revolving Borrowings; Conversions and Continuations of Revolving Loans	  	 	48	 
	 Section 2.03
	 	Letters of Credit	  	 	52	 
	 Section 2.04
	 	Swing Line Loans	  	 	61	 
	 Section 2.05
	 	Prepayments	  	 	73	 
	 Section 2.06
	 	Termination or Reduction of Aggregate Commitments; Reallocation of Commitments	  	 	76	 
	 Section 2.07
	 	Repayment of Loans	  	 	79	 
	 Section 2.08
	 	Interest	  	 	79	 
	 Section 2.09
	 	Fees	  	 	80	 
	 Section 2.10
	 	Computation of Interest and Fees	  	 	82	 
	 Section 2.11
	 	Evidence of Debt	  	 	83	 
	 Section 2.12
	 	Payments Generally; Agent’s Clawback	  	 	83	 
	 Section 2.13
	 	Sharing of Payments by Lenders	  	 	85	 
	 Section 2.14
	 	Extension of Maturity Date	  	 	86	 
	 Section 2.15
	 	Increase in Aggregate Commitments	  	 	87	 
	 Section 2.16
	 	Cash Collateral	  	 	88	 
	 Section 2.17
	 	Defaulting Lenders	  	 	89	 
	 Section 2.18
	 	Designated Borrowers	  	 	92	 
	 Section 2.19
	 	Bankers’ Acceptances	  	 	93	 
	 Section 2.20
	 	ESG Adjustments	  	 	96	 
		
	 ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	97	 
			
	 Section 3.01
	 	Taxes	  	 	97	 
	 Section 3.02
	 	Illegality	  	 	105	 
	 Section 3.03
	 	Inability to Determine Rates	  	 	105	 
	 Section 3.04
	 	Increased Costs	  	 	110	 
	 Section 3.05
	 	Compensation for Losses	  	 	112	 
	 Section 3.06
	 	Mitigation Obligations; Replacement of Lenders	  	 	112	 
	 Section 3.07
	 	Survival	  	 	113	 

  
 i 

							
	 ARTICLE IV. CONDITIONS PRECEDENT TO CLOSING AND EFFECTIVENESS; CONDITIONS PRECEDENT TO
CREDIT EXTENSIONS
	  	 	113	 
			
	 Section 4.01
	 	Conditions to Closing and Effectiveness	  	 	113	 
	 Section 4.02
	 	Conditions to all Credit Extensions	  	 	114	 
		
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	  	 	116	 
			
	 Section 5.01
	 	Corporate Authority	  	 	116	 
	 Section 5.02
	 	Governmental Approvals	  	 	116	 
	 Section 5.03
	 	Title to Properties; Leases	  	 	116	 
	 Section 5.04
	 	Financial Statements	  	 	116	 
	 Section 5.05
	 	Litigation	  	 	117	 
	 Section 5.06
	 	Compliance With Other Instruments, Laws, etc.	  	 	117	 
	 Section 5.07
	 	Tax Status	  	 	117	 
	 Section 5.08
	 	No Default	  	 	117	 
	 Section 5.09
	 	Holding Company and Investment Company Acts	  	 	117	 
	 Section 5.10
	 	Absence of Financing Statements, etc	  	 	117	 
	 Section 5.11
	 	ERISA Compliance	  	 	118	 
	 Section 5.12
	 	Environmental Compliance	  	 	118	 
	 Section 5.13
	 	Disclosure	  	 	119	 
	 Section 5.14
	 	[Reserved]	  	 	119	 
	 Section 5.15
	 	Debt Ratings	  	 	119	 
	 Section 5.16
	 	Consolidated Subsidiaries	  	 	119	 
	 Section 5.17
	 	OFAC; Anti-Corruption Laws; Anti-Money Laundering Laws	  	 	119	 
	 Section 5.18
	 	Use of Proceeds	  	 	119	 
	 Section 5.19
	 	No Affected Financial Institution	  	 	120	 
	 Section 5.20
	 	Covered Entity	  	 	120	 
	 Section 5.21
	 	Representations as to Foreign Obligors	  	 	120	 
		
	 ARTICLE VI. AFFIRMATIVE COVENANTS
	  	 	121	 
			
	 Section 6.01
	 	Punctual Payment	  	 	121	 
	 Section 6.02
	 	[Reserved]	  	 	121	 
	 Section 6.03
	 	Records and Accounts	  	 	121	 
	 Section 6.04
	 	Financial Statements, Certificates and Information	  	 	121	 
	 Section 6.05
	 	Existence; Compliance with Laws and Other Agreements	  	 	123	 
	 Section 6.06
	 	Maintenance of Properties	  	 	123	 
	 Section 6.07
	 	Insurance	  	 	124	 
	 Section 6.08
	 	Taxes	  	 	124	 
	 Section 6.09
	 	Inspection of Properties, Books and Contracts	  	 	124	 
	 Section 6.10
	 	Notice of Potential Claims or Litigation	  	 	124	 
	 Section 6.11
	 	Notice of Default	  	 	124	 
	 Section 6.12
	 	Use of Proceeds	  	 	124	 
	 Section 6.13
	 	Debt Ratings	  	 	125	 
	 Section 6.14
	 	Notice of any ERISA Event	  	 	125	 
	 Section 6.15
	 	Further Assurances	  	 	125	 
	 Section 6.16
	 	Anti-Corruption Laws; Anti-Money Laundering Laws; Sanctions	  	 	125	 
		
	 ARTICLE VII. NEGATIVE COVENANTS
	  	 	125	 
			
	 Section 7.01
	 	Restrictions on Secured Indebtedness	  	 	125	 

  
 ii 

							
	 Section 7.02
	 	Restrictions on Liens	  	 	125	 
	 Section 7.03
	 	Fundamental Changes; Sales or Dispositions of Assets	  	 	126	 
	 Section 7.04
	 	Leasebacks	  	 	127	 
	 Section 7.05
	 	Limitations on Agreements	  	 	128	 
	 Section 7.06
	 	Sanctions	  	 	128	 
	 Section 7.07
	 	Anti-Corruption Laws and Anti-Money Laundering Laws	  	 	128	 
	 Section 7.08
	 	Financial Covenant	  	 	128	 
		
	 ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES
	  	 	128	 
			
	 Section 8.01
	 	Events of Default; Remedies	  	 	128	 
	 Section 8.02
	 	Termination of Aggregate Commitments	  	 	131	 
	 Section 8.03
	 	Application of Funds	  	 	131	 
		
	 ARTICLE IX. AGENTS
	  	 	132	 
			
	 Section 9.01
	 	Appointment and Authority	  	 	132	 
	 Section 9.02
	 	Rights as a Lender	  	 	132	 
	 Section 9.03
	 	Exculpatory Provisions	  	 	132	 
	 Section 9.04
	 	Reliance by Agents	  	 	133	 
	 Section 9.05
	 	Delegation of Duties	  	 	133	 
	 Section 9.06
	 	Resignation of Agent	  	 	134	 
	 Section 9.07
	 	Non-Reliance on the Agents, the Arrangers, Sustainability Coordinator and the Other Lenders	  	 	135	 
	 Section 9.08
	 	No Other Duties, Etc.	  	 	135	 
	 Section 9.09
	 	Administrative Agent May File Proofs of Claim	  	 	135	 
	 Section 9.10
	 	Certain ERISA Matters	  	 	136	 
	 Section 9.11
	 	Recovery of Erroneous Payments	  	 	137	 
		
	 ARTICLE X. GUARANTY
	  	 	137	 
			
	 Section 10.01
	 	Guaranty of Payment	  	 	137	 
	 Section 10.02
	 	Ryder’s Agreement to Pay Enforcement Costs, Etc.	  	 	138	 
	 Section 10.03
	 	Waivers by Ryder; Lenders’ Freedom to Act	  	 	138	 
	 Section 10.04
	 	Unenforceability of Guaranteed Obligations	  	 	139	 
	 Section 10.05
	 	Subrogation; Subordination	  	 	139	 
	 Section 10.06
	 	Further Assurances	  	 	140	 
	 Section 10.07
	 	Reinstatement	  	 	140	 
	 Section 10.08
	 	Successors and Assigns	  	 	140	 
	 Section 10.09
	 	Currency of Payment	  	 	140	 
	 Section 10.10
	 	Concerning Joint and Several Liability of the U.K	  	 	140	 
		
	 ARTICLE XI. MISCELLANEOUS
	  	 	142	 
			
	 Section 11.01
	 	Amendments, Etc.	  	 	142	 
	 Section 11.02
	 	Notices; Effectiveness; Electronic Communication	  	 	143	 
	 Section 11.03
	 	No Waiver; Cumulative Remedies; Enforcement	  	 	145	 
	 Section 11.04
	 	Expenses; Indemnity; Damage Waiver	  	 	146	 
	 Section 11.05
	 	Payments Set Aside	  	 	147	 
	 Section 11.06
	 	Successors and Assigns	  	 	148	 
	 Section 11.07
	 	Treatment of Certain Information; Confidentiality	  	 	153	 
	 Section 11.08
	 	Right of Setoff	  	 	154	 
	 Section 11.09
	 	Interest Rate Limitation	  	 	155	 
	 Section 11.10
	 	Integration; Effectiveness	  	 	155	 
	 Section 11.11
	 	Survival of Representations and Warranties	  	 	155	 

  
 iii 

							
	 Section 11.12
	 	Severability	  	 	155	 
	 Section 11.13
	 	Replacement of Lenders	  	 	156	 
	 Section 11.14
	 	Governing Law; Jurisdiction; Etc.	  	 	157	 
	 Section 11.15
	 	Waiver of Jury Trial	  	 	157	 
	 Section 11.16
	 	No Advisory or Fiduciary Responsibility	  	 	158	 
	 Section 11.17
	 	Electronic Execution; Electronic Records; Counterparts	  	 	158	 
	 Section 11.18
	 	USA PATRIOT Act; Canadian AML Acts	  	 	159	 
	 Section 11.19
	 	ENTIRE AGREEMENT	  	 	159	 
	 Section 11.20
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	160	 
	 Section 11.21
	 	Judgment Currency	  	 	160	 
	 Section 11.22
	 	Acknowledgement Regarding Any Supported QFCs	  	 	160	 

  
 iv 

 SCHEDULES 
  

					
		 	1.01	  	Existing Letters of Credit
		 	2.01	  	Commitments and Applicable Percentages
		 	2.03	  	L/C Commitments
	        	 	2.04	  	Swing Line Commitments
		 	2.19	  	Power of Attorney Terms – Bankers’ Acceptances
		 	5.05	  	Litigation
		 	5.07	  	Taxes
		 	5.12	  	Environmental Compliance
		 	5.15	  	Senior Public Debt Ratings
		 	5.16	  	Consolidated Subsidiaries
		 	11.02	  	Head Offices; Certain Addresses for Notices

 EXHIBITS 
  

					
		 	A	  	Form of Assignment and Assumption
		 	B-1	  	Form of Domestic Loan Notice
	          	 	B-2	  	Form of Canadian Loan Notice
		 	B-3	  	Form of U.K. Loan Notice
		 	B-4	  	Form of PR Loan Notice
		 	C-1	  	Form of Domestic Swing Line Loan Notice
		 	C-2	  	Form of Canadian Swing Line Loan Notice
		 	C-3	  	Form of U.K. Swing Line Loan Notice
		 	D	  	Form of Note
		 	E	  	Form of Designated Borrower Notice
		 	F	  	Form of Designated Borrower Request and Assumption Agreement
		 	G	  	Form of Extension Letter
		 	H	  	Form of Letter of Credit Report
		 	I	  	Form of Bankers’ Acceptance Notice
		 	J	  	Form of Compliance Certificate
		 	K-1	  	Form of U.S. Tax Compliance Certificate – Foreign Lenders (Not Partnerships)
		 	K-2	  	Form of U.S. Tax Compliance Certificate – Non-U.S. Participants (Not Partnerships)
		 	K-3	  	Form of U.S. Tax Compliance Certificate – Non-U.S. Participants (Partnerships)
		 	K-4	  	Form of U.S. Tax Compliance Certificate – Foreign Lenders (Partnerships)

  
 v 

 THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

This THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT is entered into as of December 14, 2021 by and among
(a) RYDER SYSTEM, INC., a corporation organized under the laws of Florida (“Ryder”), RYDER TRUCK RENTAL HOLDINGS CANADA LTD., a corporation organized under the laws of Nova Scotia, Canada (“Ryder Holdings
Canada”), RYDER TRUCK RENTAL CANADA LTD. LOCATION DE CAMIONS RYDER DU CANADA LTEE., a corporation organized under the laws of Ontario, Canada (“Ryder Canada Limited”), RYDER SUPPLY CHAIN SOLUTIONS CANADA ULC, an unlimited
liability company organized under the laws of Nova Scotia, Canada (“Ryder Supply Chain Canada”), certain Canadian Subsidiaries of Ryder party hereto pursuant to Section 2.18 (each, a “Designated
Canadian Borrower” and collectively, the “Designated Canadian Borrowers”; the Designated Canadian Borrowers, together with Ryder Holdings Canada, Ryder Canada Limited, and Ryder Supply Chain Canada, the “Canadian
Borrowers” and each a “Canadian Borrower”), RYDER LIMITED, a corporation organized under the laws of England and Wales (“Ryder Limited”), RYDER SYSTEM HOLDINGS (UK) LIMITED, a corporation organized under
the laws of England and Wales (“RSH”), certain U.K. Subsidiaries of Ryder party hereto pursuant to Section 2.18 (each, a “Designated U.K. Borrower” and collectively, the “Designated
U.K. Borrowers”; the Designated U.K. Borrowers, together with Ryder Limited and RSH, the “U.K. Borrowers” and each a “U.K. Borrower”), RYDER PUERTO RICO, INC., a corporation organized under the laws of
Delaware (“Ryder PR”), RYDER SUPPLY CHAIN SOLUTIONS PUERTO RICO, LLC, a limited liability company organized under the laws of Delaware (“Ryder Supply Chain PR”), certain Domestic Subsidiaries of Ryder party hereto
pursuant to Section 2.18 (each, a “Designated PR Borrower” and collectively, the “Designated PR Borrowers”; the Designated PR Borrowers, together with Ryder PR and Ryder Supply Chain PR,
the “PR Borrowers” and each a “PR Borrower”; the PR Borrowers together with Ryder, the Canadian Borrowers, and the U.K. Borrowers, the “Borrowers” and each a “Borrower”), (b) each
Lender from time to time party hereto, (c) BANK OF AMERICA, N.A., as the Administrative Agent, a L/C Issuer, a Domestic Swing Line Lender, and the U.K. Swing Line Lender, (d) ROYAL BANK OF CANADA, as the Canadian Agent and the Canadian
Swing Line Lender, and (e) the other L/C Issuers and Swing Line Lenders party hereto. 
 Ryder has requested that the Lenders provide
credit facilities for the purposes set forth herein, and the Lenders are willing to do so on the terms and conditions set forth herein; 

Ryder, certain of its affiliates, certain lending institutions and the agents party thereto have entered into that certain Second Amended and
Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as amended and in effect immediately prior to the Closing Date, the “Existing Credit Agreement”); 

Ryder has requested that the Existing Credit Agreement be amended and restated as set forth herein; and 

Subject to the terms and conditions set forth herein, the parties hereto have agreed to amend and restate the Existing Credit Agreement as
hereinafter provided. 

  
 1 

 In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows: 
 ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS 

Section 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth
below: 
 “Acceptance Fee” has the meaning specified in Section 2.19(c). 

“Adjusted Consolidated Tangible Assets” means, as at any date, Consolidated Tangible Assets after (a) including the
consolidated book value of all assets of Ryder and its Consolidated Subsidiaries which are subject to any synthetic lease, and (b) excluding the consolidated book value of all assets of Ryder and its Consolidated Subsidiaries that are reflected
on the consolidated balance sheet of Ryder and its Consolidated Subsidiaries, prepared in accordance with GAAP, and secure or are the subject of any Limited Recourse Facility. 

“Administrative Agent” means Bank of America (through itself or through one of its designated Affiliates or branch offices)
in its capacity as administrative agent, and agent for the Aggregate Domestic Commitments, the Aggregate PR Commitments, and the Aggregate U.K. Commitments under any of the Loan Documents, or any successor administrative agent and agent for the
Aggregate Domestic Commitments, the Aggregate PR Commitments, and the Aggregate U.K. Commitments. 
 “Administrative
Questionnaire” means an administrative questionnaire in a form approved by the Administrative Agent. 
 “Affected Financial
Institution” means (a) any EEA Financial Institution, or (b) any UK Financial Institution. 

“Affiliate” or “affiliate” means, with respect to a specified Person, another Person that directly or
indirectly Controls or is Controlled by or is under common Control with the Person specified. 
 “Agent” means each of the
Administrative Agent and the Canadian Agent. 
 “Aggregate Canadian Commitments” means, as of any date of determination,
the aggregate Canadian Commitments of all the Canadian Lenders as of such date. The Aggregate Canadian Commitments of all of the Canadian Lenders on the Closing Date shall be $150,000,000. 

“Aggregate Commitments” means, as of any date of determination, the aggregate Commitments of all the Lenders as of such date.

 “Aggregate Domestic Commitments” means, as of any date of determination, the aggregate Domestic Commitments of all the
Domestic Lenders as of such date. The Aggregate Domestic Commitments of all of the Domestic Lenders on the Closing Date shall be $1,135,000,000. For the avoidance of doubt, if all of the Aggregate Canadian Commitments, all of the Aggregate U.K.
Commitments and all of the Aggregate PR Commitments are reallocated to the Aggregate Domestic Commitments in accordance with Section 2.06(e), the Aggregate Domestic Commitments shall be $1,400,000,000 (subject to adjustment
as provided in Sections 2.06(a) through (d), Section 2.15, or Section 8.02). 

“Aggregate PR Commitments” means, as of any date of determination, the aggregate PR Commitments of all the PR Lenders as of
such date. The Aggregate PR Commitments of all of the PR Lenders on the Closing Date shall be $15,000,000. 
 “Aggregate U.K.
Commitments” means, as of any date of determination, the aggregate U.K. Commitments of all the U.K. Lenders as of such date. The Aggregate U.K. Commitments of all of the U.K. Lenders on the Closing Date shall be $100,000,000. 

“Agreement” means this Third Amended and Restated Global Revolving Credit Agreement. 

  
 2 

 “Agreement Currency” has the meaning specified in
Section 11.21. 
 “Alternative Currency” means each of the following currencies: Euros, Sterling,
and Canadian Dollars. 
 “Alternative Currency Daily Rate Loan” means a Revolving Loan that bears interest at a rate based
on the definition of “Alternative Currency Daily Rate.” All Alternative Currency Daily Rate Loans must be denominated in an Alternative Currency. 

“Alternative Currency Daily Rate” means, for any day, with respect to any Revolving Loan denominated in Sterling, the rate
per annum equal to SONIA determined pursuant to the definition thereof plus the SONIA Adjustment; provided, that, if any Alternative Currency Daily Rate shall be less than zero, such rate shall be deemed zero for purposes of
this Agreement. Any change in an Alternative Currency Daily Rate shall be effective from and including the date of such change without further notice. 

“Alternative Currency Equivalent” means, at any time, with respect to any amount denominated in Canadian Dollars, Dollars,
Euros, or Sterling, the equivalent amount thereof in the applicable Alternative Currency as determined by the applicable Agent, the Canadian Swing Line Lender or the U.K. Swing Line Lender, as the case may be, by reference to Bloomberg (or such
other publicly available service for displaying exchange rates), to be the exchange rate for the purchase of such Alternative Currency with Dollars, Euros, or Sterling, as applicable, at approximately 11:00 a.m. (local time for such Agent) on the
date two (2) Business Days prior to the date as of which the foreign exchange computation is made; provided, that, if no such rate is available, the “Alternative Currency Equivalent” shall be determined by the applicable
Agent, the Canadian Swing Line Lender or the U.K. Swing Line Lender, as the case may be, using any reasonable method of determination its deems appropriate in its sole discretion (and such determination shall be conclusive absent manifest error).

 “Alternative Currency Loan” means an Alternative Currency Daily Rate Loan or an Alternative Currency Term Rate Loan, as
applicable. 
 “Alternative Currency Term Rate Loan” means a Revolving Loan that bears interest at a rate based on the
definition of “Alternative Currency Term Rate.” All Alternative Currency Term Rate Loans must be denominated in an Alternative Currency. 

“Alternative Currency Term Rate” means, for any Interest Period, with respect to any Revolving Loan denominated in Euros, the
rate per annum equal to the Euro Interbank Offered Rate (“EURIBOR”), as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the
Administrative Agent from time to time) on the day that is two (2) TARGET Days preceding the first day of such Interest Period with a term equivalent to such Interest Period; provided, that, if any Alternative Currency Term Rate
shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 
 “Anniversary Date” has the
meaning specified in Section 2.14(a). 
 “Anti-Money Laundering Law” means any law, statute,
regulation or obligatory government order, decree, ordinance or rule applicable to any Borrower or any Subsidiary related to terrorism financing or money laundering, including any applicable provision of the PATRIOT Act and the Canadian AML Acts,
The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12U.S.C. §§ 1818(s), 1820(b) and 1951-1959), and the Money Laundering Control Act of 1986. 

  
 3 

 “Applicable Authority” means (a) with respect to SOFR, the SOFR
Administrator or any Governmental Authority having jurisdiction over the applicable Agent or the SOFR Administrator, and (b) with respect to any Alternative Currency, the applicable administrator for the Relevant Rate for such Alternative
Currency or any Governmental Authority having jurisdiction over the applicable Agent or such administrator. 
 “Applicable BA
Discount Rate” means (a) with respect to an issue of Bankers’ Acceptances accepted by a Schedule I Bank, the CDOR Rate; and (b) with respect to an issue of Bankers’ Acceptances accepted by a Canadian Lender that is a Non-Schedule I Bank, the lesser of: (i) the rate set out in clause (a) above plus ten (10) basis points; and (ii) the annual rate, expressed as a percentage, as being the average
discount rate for bankers’ acceptances having a comparable face value and a comparable issue and maturity date to the face value and issue and maturity date of such issue of Bankers’ Acceptances, expressed on the basis of a year of 365
days, quoted by the Canadian Reference Lenders that are Non-Schedule I Banks, for the purchase by such Canadian Lenders of Bankers’ Acceptances accepted by them, at or about 10:00 a.m. (Toronto time) on
the date of issue of such Bankers’ Acceptances. 
 “Applicable Foreign Obligor Documents” has the meaning specified in
Section 5.21(a). 
 “Applicable Percentage” means, (a) in respect of the Aggregate Domestic
Commitments, with respect to any Domestic Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Domestic Commitments represented by such Domestic Lender’s Domestic Commitment at such time, subject to
adjustment as provided in Section 2.17, (b) in respect of the Aggregate Canadian Commitments, with respect to any Canadian Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate
Canadian Commitments represented by such Canadian Lender’s Canadian Commitment at such time, subject to adjustment as provided in Section 2.17, (c) in respect of the Aggregate U.K. Commitments, with respect to any U.K.
Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate U.K. Commitments represented by such U.K. Lender’s U.K. Commitment at such time, subject to adjustment as provided in
Section 2.17, (d) in respect of the Aggregate PR Commitments, with respect to any PR Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate PR Commitments represented by such PR
Lender’s PR Commitment at such time, subject to adjustment as provided in Section 2.17. If the commitment of each Domestic Lender to make Domestic Revolving Loans and the obligation of the L/C Issuers to make L/C
Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Domestic Commitments have expired, then the Applicable Percentage of each Domestic Lender in respect of the Aggregate Domestic Commitments
shall be determined based on the Applicable Percentage in respect of the Aggregate Domestic Commitments of such Domestic Lender most recently in effect, giving effect to any subsequent assignments and to any Domestic Lender’s status as a
Defaulting Lender at the time of determination. If the commitment of each Canadian Lender to make Canadian Revolving Loans and to accept and purchase Bankers’ Acceptances have been terminated pursuant to Section 8.02
or if the Aggregate Canadian Commitments have expired, then the Applicable Percentage of each Canadian Lender in respect of the Aggregate Canadian Commitments shall be determined based on the Applicable Percentage in respect of the Aggregate
Canadian Commitments of such Canadian Lender most recently in effect, giving effect to any subsequent assignments and to any Canadian Lender’s status as a Defaulting Lender at the time of determination. If the commitment of each U.K. Lender to
make U.K. Revolving Loans have been terminated pursuant to Section 8.02 or if the Aggregate U.K. Commitments have expired, then the Applicable Percentage of each U.K. Lender in respect of the Aggregate U.K. Commitments
shall be determined based on the Applicable Percentage in respect of the Aggregate U.K. Commitments of such U.K. Lender most recently in effect, giving effect to any subsequent assignments and to any U.K. Lender’s status as a Defaulting Lender
at the time of determination. If the commitment of each PR Lender to make PR Revolving Loans have been terminated pursuant to Section 8.02 or if the Aggregate PR Commitments have expired, then the Applicable Percentage of
each PR Lender in respect of the Aggregate PR Commitments shall be determined based on the 

  
 4 

 
Applicable Percentage in respect of the Aggregate PR Commitments of such PR Lender most recently in effect, giving effect to any subsequent assignments and to any PR Lender’s status as a
Defaulting Lender at the time of determination. The initial Applicable Percentage of each Lender in respect of the Aggregate Domestic Commitments, the Aggregate Canadian Commitments, the Aggregate U.K. Commitments, and the Aggregate PR Commitments
is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption or other documentation pursuant to which such Lender becomes a party hereto, as applicable. 

“Applicable Rate” means, from time to time, the following percentages per annum, based upon the Senior Public Debt Ratings as
set forth below: 
  

															
	 Pricing Level
	  	Debt Ratings
S&P/Moody’s/Fitch	  	Facility
Fees	 	 	Eurodollar Rate Loans,
Alternative Currency Loans,
U.K. Swing Line Loans,
Letter of Credit Fees, and
Acceptance
Fees	 	  	Base Rate
Loan, Canadian
Prime Loans,
Domestic Swing
Line Loans, and
Canadian Swing
Line Loans	 
	 1
	  	A/A2/A or better	  	 	0.070	 % 	 	 	0.805 %	 	  	 	0.000 %	 
	 2
	  	A-/A3/A-	  	 	0.080	 % 	 	 	0.920 %	 	  	 	0.000 %	 
	 3
	  	BBB+/Baa1/BBB+	  	 	0.100	 % 	 	 	1.025 %	 	  	 	0.025 %	 
	 4
	  	BBB/Baa2/BBB	  	 	0.125	 % 	 	 	1.125 %	 	  	 	0.125 %	 
	 5
	  	BBB-/Baa3/BBB- or worse	  	 	0.175	 % 	 	 	1.200 %	 	  	 	0.200 %	 

 For purposes of this definition, the Senior Public Debt Rating at Pricing Level 1 shall be the highest Senior Public Debt
Rating and the Senior Public Debt Rating for Pricing Level 5 shall be the lowest Senior Public Debt Rating. If at any time there is a split among Senior Public Debt Ratings of S&P, Fitch and Moody’s such that all three ratings fall in
different Pricing Levels in the table above, the Applicable Rate shall be determined by the Senior Public Debt Rating that is neither the highest nor the lowest of the three ratings, and, if at any time there is a split among Senior Public Debt
Ratings of S&P, Fitch and Moody’s such that two (2) of such Senior Public Debt Ratings are in one Pricing Level in the table above (the “Majority Level”) and the third Senior Public Debt Rating is in a different
Pricing Level, the Applicable Rate 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 Rate shall be as set forth in
the table above based on the Senior Public Debt Ratings of S&P, Moody’s and Fitch that are available and in effect on such day; provided, that, (a) in the event of a one Pricing Level split in the Senior Public Debt
Rating by S&P, Moody’s and Fitch, as the case may be, then the Pricing Level for the higher Senior Public Debt Rating shall apply and (b) in the event of a two or more Pricing Level split in the Senior Public Debt Rating by S&P,
Moody’s and Fitch, as the case may be, the Pricing Level which is one step higher than the Pricing Level for the lower Senior Public Debt 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 Rate shall be as set forth in the table above based on the Senior Public Debt Rating available from S&P or Moody’s, as the case may be, in effect on such day. In the event that neither S&P nor
Moody’s has a Senior Public Debt Rating available, the Applicable Rate shall be as set forth in Pricing Level 5 in the table above. If there is no Senior Public Debt Rating from any of Fitch, S&P or Moody’s, Pricing Level 5
in the table above shall apply. Adjustments to the Applicable Rate shall be made on, and shall be effective as of, the day of any adjustment in the Senior Public Debt Rating. 

“Applicable Time” means, with respect to any Borrowings and payments in any Alternative Currency, the local time in the place
of settlement for such Alternative Currency as may be determined by the applicable Agent, the Canadian Swing Line Lender, or the U.K. Swing Line Lender, as the case may be, to be necessary for timely settlement on the relevant date in accordance
with normal banking procedures in the place of payment. 

  
 5 

 “Applicant Borrower” means any Applicant Canadian Borrower, Applicant PR
Borrower, and any Applicant U.K. Borrower. 
 “Applicant Canadian Borrower” has the meaning specified in
Section 2.18(a). 
 “Applicant PR Borrower” has the meaning specified in
Section 2.18(a). 
 “Applicant U.K. Borrower” has the meaning specified in
Section 2.18(a). 
 “Approved Fund” means any Fund that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Arranger” means each of (a) BofA Securities, in its capacities as a joint lead arranger and a joint bookrunner,
(b) MUFG Bank, Ltd., in its capacity as a joint lead arranger and a joint bookrunner, (c) BNP Paribas, in its capacity as a joint lead arranger, (d) Mizuho Bank, Ltd., in its capacity as a joint lead arranger, (e) PNC Capital
Markets LLC, in its capacity as a joint lead arranger, (f) RBC Capital Markets, in its capacity as a joint lead arranger (it being understood that RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada
and its affiliates), (g) Truist Securities, Inc., in its capacity as a joint lead arranger, (h) U.S. Bank National Association, in its capacity as a joint lead arranger, and (i) Wells Fargo Securities, LLC, in its capacity as a joint lead
arranger. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible
Assignee (with the consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any other form (including electronic
documentation generated by use of an electronic platform) approved by the Administrative Agent. 
 “Auto-Extension Letter of
Credit” has the meaning specified in Section 2.03(b). 
 “Available Tenor” means, as of
any date of determination and with respect to the then-current Benchmark, as applicable, (a) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period, or
(b) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date. 

“BA Discount Proceeds” means with respect to any Bankers’ Acceptance to be accepted and purchased by a Canadian Lender,
an amount (rounded to the nearest whole Canadian cent, and with one-half of one Canadian cent being rounded up) calculated on such day by multiplying (a) the face amount of such Bankers’ Acceptance
times (b) the quotient equal to (such quotient being rounded up or down to the nearest fifth decimal place and .000005 being rounded up) (i) one divided by (ii) the sum of (A) one plus (B) the
product of (1) the Applicable BA Discount Rate (expressed as a decimal) applicable to such Bankers’ Acceptance times (2) the quotient equal to (x) the number of days remaining in the term of such Bankers’ Acceptance
divided by (y) 365. 
 “Bail-In Action” means the exercise of any Write-Down
and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

  
 6 

 “Bail-In Legislation” means,
(a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country
from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and
any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other
insolvency proceedings). 
 “Balance Sheet Date” means December 31, 2020. 

“Bank of America” means Bank of America, N.A. and its successors. 

“Bankers’ Acceptance” means a non-interest bearing draft drawn by a Canadian
Borrower in Canadian Dollars in the form of either a depository bill subject to the Depository Bills and Notes Act (Canada) or a non-interest bearing bill of exchange, as defined in the Bills of Exchange Act
(Canada), in either case issued by a Canadian Borrower which has been accepted, and, if applicable, purchased by the Canadian Lenders at the request of a Canadian Borrower pursuant to Section 2.19. 

“Bankers’ Acceptance Credit Extension” means, with respect to any Bankers’ Acceptance, the acceptance or purchase
thereof. 
 “Bankers’ Acceptance Notice” has the meaning specified in Section 2.19(a). 

“Base Rate Loan” means a Domestic Base Rate Loan or a Canadian Base Rate Loan, as the context may require. 

“Benchmark” means, initially, LIBOR; provided, that, if a replacement of the Benchmark has occurred pursuant to
Section 3.03(c) then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall
include, as applicable, the published component used in the calculation thereof. 
 “Benchmark Replacement” means: 

(a) For purposes of Section 3.03(c)(i), the first alternative set forth below that can be determined
by the Administrative Agent: 
 (i) the sum of: (A) Term SOFR; plus (B) 0.11448% (11.448 basis points) for an
Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration, and 0.71513% (71.513 basis points) for an Available Tenor of twelve-months’ duration; or 

(ii) the sum of: (i) Daily Simple SOFR; plus (ii) 0.11448% (11.448 basis points); 

provided, that, if initially LIBOR is replaced with the rate contained in clause (a)(ii) above and subsequent to such
replacement, the Administrative Agent determines that Term SOFR has become available and is administratively feasible for the Administrative Agent in its sole discretion, and the Administrative Agent notifies Ryder and each Lender of such
availability, then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30) days after the date of such notice, the
Benchmark Replacement shall be as set forth in clause (a)(i) above; and 

  
 7 

 (b) for purposes of Section 3.03(c)(ii), the sum
of (i) the alternate benchmark rate, plus (ii) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and Ryder as the replacement Benchmark giving due
consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by a Relevant Governmental Body, for Dollar-denominated syndicated credit facilities at such time; 

provided, that, if any Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than zero, such
Benchmark Replacement will be deemed to be zero for the purposes of this Agreement and the other Loan Documents. Any Benchmark Replacement shall be applied in a manner consistent with market practice; provided, that, to the extent such
market practice is not administratively feasible for the Administrative Agent, such Benchmark Replacement shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “Domestic Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” the definition of “U.K. Swing Line Overnight Dollar
Rate,” the timing and frequency of determining rates and making payments of interest, the timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of
breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides, in consultation with Ryder, may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to
permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or
if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides, in consultation with Ryder, is reasonably
necessary in connection with the administration of this Agreement and the other Loan Documents). 
 “Benchmark Transition
Event” means, with respect to any then-current Benchmark other than LIBOR, the occurrence of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark or a Governmental Authority
with jurisdiction over such administrator announcing or stating that all Available Tenors are or will no longer be representative, or made available, or used for determining the interest rate of loans, or shall or will otherwise cease;
provided, that, at the time of such statement or publication, there is no successor administrator that is satisfactory to the Administrative Agent that will continue to provide any representative tenors of such Benchmark after such
specific date. 
 “Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the
Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code, or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975
of the Code) the assets of any such “employee benefit plan” or “plan”. 

  
 8 

 “BHC Act Affiliate” of a party means an “affiliate” (as such term
is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 
 “Blocking Law” means
(a) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law or regulation implementing such Regulation in any member state of the European Union), (b) any provision of Council Regulation (EC) No 2271/1996 of
22 November 1996, as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, or (c) section 7 of the German Foreign Trade Regulation
(Außenwirtschaftsverordnung). 
 “BofA Securities” means BofA Securities, Inc. 

“Borrower” and “Borrowers” each has the meaning specified in the introductory paragraph hereto. 

“Borrower Materials” has the meaning specified in Section 6.04. 

“Borrowing” means a Revolving Borrowing, a Domestic Swing Line Borrowing, a Canadian Swing Line Borrowing, or a U.K. Swing
Line Borrowing, as the context may require. 
 “Business Day” means,
(a) when used in connection with the Domestic Commitments, the U.K. Commitments, and the PR Commitments, any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact
closed in, the state where the Administrative Agent’s Head Office is located and (b) when used in connection with the Canadian Commitments, any day other than a Saturday, Sunday, or any day on which banking institutions in Toronto, Canada
or New York, New York are authorized or required by Laws to be closed; provided, that: (i) if such day relates to Eurodollar Rate Loans or U.K. Swing Line Overnight Dollar Rate Loans, means a Business Day that is also a day on
which dealings in Dollar deposits are conducted by and between banks in the London interbank Eurodollar market, (ii) if such day relates to any interest rate settings as to an Alternative Currency Loan or a U.K. Swing Line Alternative Currency
Rate Loan denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such Alternative Currency Loan or such U.K. Swing Line Alternative Currency Rate Loan, or any other dealings in Euro to be carried out
pursuant to this Agreement in respect of any such Alternative Currency Loan or any such U.K. Swing Line Alternative Currency Rate Loan, means a Business Day that is also a TARGET Day; (iii) if such day relates to any interest rate settings as
to an Alternative Currency Loan or a U.K. Swing Line Alternative Currency Rate Loan denominated in Sterling, means any such day other than a day banks are closed for general business in London because such day is a Saturday, Sunday or a legal
holiday under the laws of the United Kingdom; (iv) if such day relates to a U.K. Swing Line Loan, means any such other than a day banks are closed for general business in London because such day is a Saturday, Sunday or a legal holiday under
the laws of the United Kingdom; and (v) if such day relates to any fundings, disbursements, settlements and payments in a currency other than Euro in respect of an Alternative Currency Loan denominated in a currency other than Euro, or any
other dealings in any currency other than Euro to be carried out pursuant to this Agreement in respect of any such Alternative Currency Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange
business in the principal financial center of the country of such currency. 
 “Canadian Agent” means RBC, in its capacity
as the agent with respect to the Aggregate Canadian Commitments under any of the Loan Documents, or any successor agent for the Aggregate Canadian Commitments. 

“Canadian AML Acts” means applicable Canadian law regarding anti-money laundering, anti-terrorist financing, government
sanction and “know your client” matters, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada). 

  
 9 

 “Canadian Availability Period” means the period from and including the
Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Canadian Commitments pursuant to Section 2.06(b), and (c) the date of termination of the commitment of each
Canadian Lender to make Canadian Revolving Loans and Canadian Swing Line Loans and to accept Bankers’ Acceptances pursuant to Section 8.01. 

“Canadian Base Rate” means, with respect to a Canadian Revolving Loan that is a Canadian Base Rate Loan or a Canadian Swing
Line Loan denominated in U.S. Dollars, the annual rate of interest announced from time to time by the Canadian Agent as its reference rate then in effect for U.S. Dollar denominated commercial loans made by the Canadian Agent in Canada;
provided, that, if the Canadian Base Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Canadian Base Rate Loan” means a Canadian Revolving Loan or a Canadian Swing Line Loan that bears interest based at the
Canadian Base Rate. All Canadian Base Rate Loans are only available to the Canadian Borrowers and shall be denominated in Dollars. 

“Canadian Borrower” and “Canadian Borrowers” each has the meaning specified in the introductory paragraph
hereto. 
 “Canadian Commitment” means, as to each Canadian Lender, its obligation to (a) make Canadian Revolving
Loans to the Canadian Borrowers pursuant to Section 2.01(b), (b) accept Bankers’ Acceptances for the Canadian Borrowers, and (c) purchase participations in Canadian Swing Line Loans, in an aggregate principal
amount at any one time outstanding not to exceed the amount set forth opposite such Canadian Lender’s name on Schedule 2.01 or in the Assignment and Assumption or other documentation pursuant to which such Canadian Lender becomes a party
hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
 “Canadian
Dollars” or “C$” means the lawful currency of Canada. 
 “Canadian Excess Amount” has the meaning
specified in Section 2.05(d)(i). 
 “Canadian Facility Fee” has the meaning specified in
Section 2.09(a)(ii). 
 “Canadian Lender” means, at any time, (a) so long as any Canadian
Commitment is in effect, any Lender that has a Canadian Commitment at such time, or (b) if the Canadian Commitments have terminated or expired, any Lender that has a Canadian Revolving Loan or a participation in Canadian Swing Line Loans at
such time or has accepted a Bankers’ Acceptance at such time, and, in each case, each of which is a bank or other financial institution which is resident in Canada for purposes of the Income Tax Act (Canada) and which is named in Schedule I or
Schedule II to the Bank Act (Canada) or deemed resident in Canada for purposes of Part XIII of the Income Tax Act (Canada) in respect of amounts paid or credited under this Agreement and which is named in Schedule III to the Bank Act (Canada). 

“Canadian Loan Notice” means a notice of (a) a Canadian Revolving Borrowing, or (b) a conversion of Canadian
Revolving Loans from one Type to the other, pursuant to Section 2.02(b), which shall be substantially in the form of Exhibit B-2 or such other form as may be approved by the
Canadian Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Canadian Agent), appropriately completed and signed by a Responsible Officer of the applicable Canadian Borrower. 

  
 10 

 “Canadian Prime Rate” means, with respect to a Canadian Revolving Loan that
is a Canadian Prime Rate Loan or a Canadian Swing Line Loan denominated in Canadian Dollars, the annual rate of interest announced from time to time by the Canadian Agent as its reference rate then in effect for determining interest rates for
commercial loans in Canadian Dollars made by the Canadian Agent in Canada; provided, that, if the Canadian Prime Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 “Canadian Prime Rate Loan” means a Canadian Revolving Loan or a Canadian Swing Line Loan that bears interest based at
the Canadian Prime Rate. All Canadian Prime Rate Loans are only available to the Canadian Borrowers and shall be denominated in Canadian Dollars. 

“Canadian Reference Lenders” means Mizuho Bank Ltd. and RBC. 

“Canadian Revolving Borrowing” means a borrowing consisting of simultaneous Canadian Revolving Loans of the same Type, in the
same currency, and, in the case of Eurodollar Rate Loans, having the same Interest Period, made by each of the Canadian Lenders pursuant to Section 2.01(b). 

“Canadian Revolving Credit Exposure” means, as to any Canadian Lender at any time, the aggregate principal amount of such
Canadian Lender’s (a) outstanding Canadian Revolving Loans at such time, plus (b) outstanding Bankers’ Acceptances at such time, plus (c) participation in Canadian Swing Line Loans at such time. 

“Canadian Revolving Loan” has the meaning specified in Section 2.01(b). 

“Canadian Sanctions List” means the list of names subject to the Regulations Establishing a List of Entities made under
subsection 83.05(1) of the Criminal Code (Canada), the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism, the United Nations Al-Qaida and Taliban Regulations and/or the
Special Economic Measures Act (Canada). 
 “Canadian Subsidiary” means a Subsidiary organized under the Laws of Canada.

 “Canadian Swing Line Borrowing” means a borrowing of a Canadian Swing Line Loan pursuant to
Section 2.04. 
 “Canadian Swing Line Commitment” means, as to the Canadian Swing Line Lender,
the amount set forth opposite the Canadian Swing Line Lender’s name on Schedule 2.04 (as such Schedule may be updated from time to time pursuant to this Agreement). The Canadian Swing Line Commitment of the Canadian Swing Line Lender may
be modified from time to time by agreement among Ryder, the Canadian Agent, and the Canadian Swing Line Lender. Schedule 2.04 shall be deemed to be automatically updated to reflect any modification to the Canadian Swing Line Lender’s
Canadian Swing Line Commitment effected pursuant to the immediately preceding sentence. 
 “Canadian Swing Line Lender”
means RBC (through itself or through one of its designated Affiliates or branch offices), in its capacity as provider of Canadian Swing Line Loans hereunder. The definition of “Canadian Swing Line Lender” shall be deemed to be
automatically updated to reflect any replacement or resignation of the Canadian Swing Line Lender pursuant to Section 2.04(g)(ii), Section 2.04(h)(ii), or
Section 11.06(f), as applicable. 
 “Canadian Swing Line Loan” has the meaning specified in
Section 2.04(a)(ii). 

  
 11 

 “Canadian Swing Line Loan Notice” means a notice of a Canadian Swing Line
Borrowing pursuant to Section 2.04(b)(ii), which shall be substantially in the form of Exhibit C-2 or such other form as approved by the Canadian Agent and the Canadian Swing
Line Lender (including any form on an electronic platform or electronic transmission system as shall be approve by the Canadian Agent), appropriately completed and signed by a Responsible Officer of the applicable Canadian Borrower. 

“Canadian Swing Line Sublimit” means, as of any date of determination, an amount equal to the lesser of (a) $50,000,000, and
(b) the amount of the Aggregate Canadian Commitments as of such date. The Canadian Swing Line Sublimit is part of, and not in addition to, the Aggregate Canadian Commitments. 

“Capitalized Lease” means, with respect to any Person, any lease under which such Person or any of its consolidated
Subsidiaries is the lessee or obligor, the discounted future rental payment obligations under which are required to be capitalized on the balance sheet of the lessee or obligor in accordance with GAAP. 

“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more
of the L/C Issuers or the Domestic Lenders, as collateral for L/C Obligations or obligations of the Domestic Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the
applicable L/C Issuer shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and such L/C Issuer. “Cash Collateral” shall
have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“CDOR Rate” means, on any day, the annual rate of interest determined by the Canadian Agent which is equal to the average of
the yield rates per annum (calculated on the basis of a year of 365 days) applicable to Canadian Dollar bankers’ acceptances having, where applicable, identical issue and comparable maturity dates as the Bankers’ Acceptances proposed to be
issued by the Canadian Borrowers displayed and identified as such on the “CDOR Page” (or any display substituted therefore) of Reuters Monitor Money Rates Service at approximately 10:00 a.m. (Toronto time) on that day or, if that day is
not a Business Day, then on the immediately preceding Business Day (as adjusted by the Canadian Agent after 10:00 a.m. (Toronto time) to reflect any error in a posted rate of interest or in the posted average annual rate of interest);
provided, however, (a) if those rates do not appear on that CDOR Page, then the CDOR Rate shall be the discount rate (expressed as a rate per annum on the basis of a year of 365 day) applicable to those Canadian Dollar
bankers’ acceptances in a comparable amount to the Bankers’ Acceptances proposed to be issued by the Canadian Borrowers quoted by the Canadian Agent as of 10:00 a.m. (Toronto time) on that day or, if that day is not a Business Day, then on
the immediately preceding Business Day and (b) if the CDOR Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Each determination of the CDOR Rate by the Canadian Agent shall
be conclusive and binding, absent manifest error. 
 “Change in Law” means the occurrence, after the Closing Date, of any
of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any
Governmental Authority; or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, that, notwithstanding anything herein to the
contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in the implementation thereof, and (ii) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States, Canadian, or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented. 

  
 12 

 “ChoiceLease Charge to Equity” has the meaning specified in the definition
of “Consolidated Adjusted Net Worth.” 
 “Closing Date” means December 14, 2021. 

“Code” means the Internal Revenue Code of 1986. 

“Commitment” means a Domestic Commitment, a Canadian Commitment, a U.K. Commitment and/or a PR Commitment, as the context may
require. 
 “Communication” means this Agreement, any other Loan Document, and any other document, amendment, approval,
consent, information, notice, certificate, request, statement, disclosure or authorization related to any Loan Document. 

“Compliance Certificate” has the meaning specified in Section 6.04(c). 

“Conforming Changes” means, with respect to the use, administration of or any conventions associated with ESTR, EURIBOR,
Simple SONIA, SONIA, or any proposed Successor Rate for an Alternative Currency, as applicable, any conforming changes to the definition of “ESTR,” the definition of “EURIBOR,” the definition of “Simple SONIA,” the
definition of “SONIA,” the definition of “Interest Period,”, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of
doubt, the definition of “Business Day,” timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) that the Administrative Agent decides, in consultation with Ryder, may be appropriate
to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the applicable Agent in a manner substantially consistent with market practice for such Alternative Currency (or, if the applicable
Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate for such Alternative Currency exists, in such other manner of administration as the
applicable Agent determines, in consultation with Ryder, is reasonably necessary in connection with the administration of this Agreement and any other Loan Document). 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Consolidated” or “consolidated” with reference to
any term defined herein means as that term is applied to the accounts of Ryder and its Consolidated Subsidiaries consolidated in accordance with GAAP. 

“Consolidated Adjusted Net Worth” means, at any date, the total of (a) consolidated shareholders’ equity of Ryder
and its Consolidated Subsidiaries, plus (b) any non-cash goodwill impairment charges for the FMS North America reporting unit of Ryder and its Consolidated Subsidiaries which after May 22,
2020 are recorded on the consolidated financial statements of Ryder and its Consolidated Subsidiaries in accordance with GAAP in an aggregate amount not exceed $244,000,000 during the period from May 22, 2020 through the Maturity Date,
plus (c) that certain $374,000,000 after-tax charge to shareholders’ equity of Ryder and its Consolidated Subsidiaries resulting from the adoption of FASB ASC 842 which was recorded on the
consolidated financial statements of Ryder and its Consolidated Subsidiaries for the fiscal year ended December 31, 2018, in accordance with GAAP (the “ChoiceLease Charge to Equity”), minus (d) an amount equal to
(i) $6,700,000 on May 22, 2020, and (ii) $6,700,000 per fiscal quarter, commencing with the fiscal quarter ended June 30, 2020 (it being understood that each such $6,700,000 reduction of shareholders’ equity of Ryder and its
Consolidated Subsidiaries pursuant to this clause (d)(ii) shall occur on the last day of each fiscal quarter), in each case, as amortization of the ChoiceLease Charge to Equity in 

  
 13 

 
an aggregate amount not to exceed $187,000,000 during the period from May 22, 2020 through the Maturity Date, minus (e) investments in Subsidiaries other than Consolidated
Subsidiaries; provided, that, Consolidated Adjusted Net Worth shall exclude (i) any accumulated other comprehensive income or loss associated with Ryder and its Consolidated Subsidiaries’ pension and other post-retirement
plans which is recorded on the consolidated financial statements of Ryder and its Consolidated Subsidiaries in accordance with GAAP, and (ii) any non-cash gains or losses from currency translation
adjustments which are recorded in shareholders’ equity on the consolidated financial statements of Ryder and its Consolidated Subsidiaries in accordance with GAAP. 

“Consolidated Subsidiary” means, as of any date, any Subsidiary or other Person the accounts of which would be consolidated
with those of Ryder in its consolidated financial statements if prepared on such date, in accordance with Generally Accepted Accounting Principles. 

“Consolidated Tangible Assets” means, as at any date, the consolidated assets of Ryder and its Consolidated Subsidiaries
which may properly be classified as assets in accordance with GAAP, on a consolidated basis and after eliminating (a) all intercompany items, (b) all Intangible Assets, and (c) all investments in Subsidiaries other than Consolidated
Subsidiaries (to the extent such investments are not otherwise eliminated). 
 “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto. 
 “Corresponding Tenor” with respect to any Available Tenor means, as applicable,
either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Covered Entity” means any of the following: (a) a “covered entity” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in,
and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Covered Party” has the meaning specified in
Section 11.22. 
 “Credit Extension” means each of the following: (a) a Borrowing;
(b) a L/C Credit Extension, and (c) a Bankers’ Acceptance Credit Extension. 
 “Current Maturity Date” has
the meaning specified in Section 2.14(a). 
 “Daily Simple SOFR” with respect to any applicable
determination date means the secured overnight financing rate (“SOFR”) published on such date by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank
of New York’s website (or any successor source). 
 “DBNA” has the meaning specified in
Section 2.19(a)(iii). 
 “Debt Rating” has the meaning specified in the definition of
“Applicable Rate.” 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, the Bankruptcy and
Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), and all other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States, Canada, or other applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally. 

  
 14 

 “Deemed Indebtedness Under Limited Recourse Facilities” means (a) the
Deemed Receivables Indebtedness, (b) the Deemed Securitization Indebtedness, and (c) in respect of any other Limited Recourse Facility, an amount equal to the greater of (i) ten percent (10%) of the principal amount or aggregate
payment obligations, as applicable, under such Limited Recourse Facility, and (ii) two (2) times the percentage recourse under such Limited Recourse Facility of the principal amount or aggregate payment obligations, as applicable, under such
Limited Recourse Facility (as determined in accordance with the definition of “Limited Recourse Facility”). 
 “Deemed
Receivables Indebtedness” means, in respect of any Receivables Purchase Agreement, so long as there is a purchased receivables balance outstanding under such Receivables Purchase Agreement, an amount equal to ten percent (10%) of the
aggregate face amount of all accounts receivable of Ryder and its Consolidated Subsidiaries which at any given time constitute purchased receivables under such Receivables Purchase Agreement. 

“Deemed Securitization Indebtedness” means, in respect of any Securitization Transaction, an amount equal to twenty-five
percent (25%) of the amount of Indebtedness of Ryder and its Consolidated Subsidiaries (or of any special purpose securitization conduit incurred in connection with such Securitization Transaction) incurred in connection with such Securitization
Transaction, excluding any Indebtedness as to which Ryder and its Consolidated Subsidiaries is the holder. 
 “Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 

“Default Rate” means: (a) when used with respect to Obligations other than Letter of Credit Fees and Acceptance Fees, an
interest rate equal to (i) the Domestic Base Rate, plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans, plus (iii) two percent (2%) per annum; provided, that, with respect to a Eurodollar
Rate Loan or an Alternative Currency Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus two percent (2%) per annum; (b) when used with
respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus two percent (2%) per annum; and (c) when used with respect to Acceptance Fees, a rate equal to the Applicable Rate plus two percent (2%) per annum. 

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable. 
 “Defaulting Lender” means, subject to Section 2.17(b),
any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the applicable Agent and Ryder in writing
that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not
been satisfied, or (ii) pay to any Agent, any L/C Issuer, any Swing Line Lender, or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit, in Domestic Swing Line
Loans, Canadian Swing Line Loans, or in U.K. Swing Line Loans) within two (2) Business Days of the date when due, (b) has notified Ryder, any Agent, any L/C Issuer, or any Swing Line Lender in writing that it does not intend to comply with
its funding obligations hereunder, or has made a public statement to that effect with respect to its funding obligations hereunder or has defaulted in fulfilling its obligation under other credit agreements in which it commits to extend credit,
(c) has failed, 

  
 15 

 
within three (3) Business Days after written request by the applicable Agent or Ryder, to confirm in writing to such Agent and Ryder that it will comply with its prospective funding
obligations hereunder (provided, that, such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by such Agent and Ryder), or (d) has, or has a direct or
indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar
Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, (iii) taken any action in furtherance
of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment, or (iv) become the subject of a Bail-In Action; provided, that, a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide
such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or
disaffirm any contracts or agreements made with such Lender. Any determination by any Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status,
shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(b)) as of the date established therefor by such Agent in a written notice of such
determination, which shall be delivered by such Agent to Ryder, each L/C Issuer, each Swing Line Lender and each other Lender promptly following such determination. 

“Derivatives Obligations” means, with respect to any Person, all obligations of such Person in respect of any rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, total rate of return swap, credit default swap, interest rate option, foreign exchange
transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of the foregoing
transactions) or any combination of the foregoing transactions. For purposes of Section 7.01 and Section 8.01(f), the “aggregate amount” of any Derivatives Obligations at any time shall
be the maximum amount of any termination or loss payment required to be paid by Ryder and/or its Subsidiaries if such Derivatives Obligations were, at the time of determination hereunder, to be terminated by reason of any event of default or early
termination event thereunder, whether or not such event of default or early termination event has in fact occurred. 
 “Designated
Borrower” means any Designated Canadian Borrower, any Designated PR Borrower, and any Designated U.K. Borrower. 

“Designated Borrower Notice” means the notice substantially in the form of Exhibit E attached hereto. 

“Designated Borrower Request and Assumption Agreement” means the notice substantially in the form of Exhibit F
attached hereto. 
 “Designated Borrower Requirements” has the meaning specified in
Section 2.18(a). 
 “Designated Canadian Borrower” and “Designated Canadian
Borrowers” each has the meaning specified in the introductory paragraph hereto. 
 “Designated PR Borrower” and
“Designated PR Borrowers” each has the meaning specified in the introductory paragraph hereto. 

  
 16 

 “Designated U.K. Borrower” and “Designated U.K. Borrowers”
each has the meaning specified in the introductory paragraph hereto. 
 “Designated Jurisdiction” means any country or
territory to the extent that such country or territory itself is the subject of any Sanction. 
 “Direction” has the
meaning specified in Section 3.01(i)(iii). 
 “Dollar” and “$” mean lawful money
of the United States. 
 “Dollar Equivalent” means, for any amount, at the time of determination thereof, (a) if such
amount is expressed in Dollars, such amount, (b) if such amount is expressed in an Alternative Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase of Dollars with the Alternative Currency
last provided (either by publication or otherwise provided to the applicable Agent, the Canadian Swing Line Lender, or the U.K. Swing Line Lender, as applicable) by the applicable Bloomberg source (or such other publicly available source for
displaying exchange rates) on date that is two (2) Business Days immediately preceding the date of determination (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in Dollars as
determined by the applicable Agent, the Canadian Swing Line Lender or the U.K. Swing Line Lender, as applicable, using any method of determination it deems appropriate in its sole discretion), and (c) if such amount is denominated in any other
currency, the equivalent of such amount in Dollars as determined by the applicable Agent using any method of determination it deems appropriate in its sole discretion. Any determination by the applicable Agent, the Canadian Swing Line Lender or the
U.K. Swing Line Lender pursuant to clause (b) above shall be conclusive absent manifest error. 
 “Domestic Availability
Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Domestic Commitments pursuant to Section 2.06(a), and
(c) the date of termination of the commitment of each Domestic Lender to make Domestic Revolving Loans and Domestic Swing Line Loans and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant to
Section 8.01. 
 “Domestic Base Rate” means
for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its
“prime rate,” (c) the Eurodollar Rate plus 1%; provided, that, if the Domestic Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. The “prime rate” is a rate set
by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below
such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. If the Domestic Base Rate is being used as an alternate rate
of interest pursuant to Section 3.03, then the Domestic Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. 

“Domestic Base Rate Loan” means a Domestic Revolving Loan, a U.K. Revolving Loan, or a PR Revolving Loan that bears interest
based on the Domestic Base Rate. All Domestic Base Rate Loans are only available to Ryder, the U.K. Borrowers, or the PR Borrowers and shall be denominated in Dollars. 

“Domestic Commitment” means, as to each Domestic Lender, its obligation to (a) make Domestic Revolving Loans to Ryder
pursuant to Section 2.01(a), (b) purchase participations in L/C Obligations, and (c) purchase participations in Domestic Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the
amount set forth opposite such Domestic Lender’s name on Schedule 2.01 or in the Assignment and Assumption or other documentation pursuant to which such Domestic Lender becomes a party hereto, as applicable, as such amount may be
adjusted from time to time in accordance with this Agreement. 

  
 17 

 “Domestic Facility Fee” has the meaning specified in
Section 2.09(a)(i). 
 “Domestic Lender” means, at any time, (a) so long as any Domestic
Commitment is in effect, any Lender that has a Domestic Commitment at such time, or (b) if the Domestic Commitments have terminated or expired, any Lender that has a Domestic Revolving Loan or a participation in Domestic Swing Line Loans or L/C
Obligations at such time. 
 “Domestic Loan Notice” means a notice of (a) a Domestic Revolving Borrowing, (b) a
conversion of Domestic Revolving Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans that are Domestic Revolving Loans, pursuant to Section 2.02(a), which shall be substantially in the form
of Exhibit B-1 or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the
Administrative Agent), appropriately completed and signed by a Responsible Officer of Ryder. 
 “Domestic Revolving
Borrowing” means a borrowing consisting of simultaneous Domestic Revolving Loans of the same Type, in the same currency, and, in the case of Eurodollar Rate Loans, having the same Interest Period, made by each of the Domestic Lenders
pursuant to Section 2.01(a). 
 “Domestic Revolving Credit Exposure” means, as to any Domestic
Lender at any time, the aggregate principal amount of such Domestic Lender’s (a) outstanding Domestic Revolving Loans at such time, plus (b) participation in L/C Obligations at such time, plus (c) participation in
Domestic Swing Line Loans at such time. 
 “Domestic Revolving Loan” has the meaning specified in
Section 2.01(a). 
 “Domestic Subsidiary” means any Subsidiary that is organized under the laws
of the United States, any state thereof or the District of Columbia. 
 “Domestic Swing Line Borrowing” means a borrowing
of a Domestic Swing Line Loan pursuant to Section 2.04. 
 “Domestic Swing Line Commitment”
means, as to any Domestic Swing Line Lender, the amount set forth opposite such Domestic Swing Line Lender’s name on Schedule 2.04 (as such Schedule may be updated from time to time pursuant to this Agreement). The Domestic Swing Line
Commitment of any Domestic Swing Line Lender may be modified from time to time by agreement among Ryder, the Administrative Agent, and such Domestic Swing Line Lender. Schedule 2.04 shall be deemed to be automatically updated to reflect any
modification to any Domestic Swing Line Lender’s Domestic Swing Line Commitment effected pursuant to the immediately preceding sentence. 

“Domestic Swing Line Lender” means each of (a) Bank of America (through itself or through one of its designated
Affiliates or branch offices), in its capacity as provider of Domestic Swing Line Loans hereunder, (b) MUFG Bank, Ltd., in its capacity as provider of Domestic Swing Line Loans hereunder, and (c) any Person that becomes a domestic swing
line lender hereunder pursuant to Section 2.04(g)(i). The definition of “Domestic Swing Line Lender” shall be deemed to be automatically updated to reflect any replacement or resignation of a Domestic Swing Line
Lender pursuant to Section 2.04(g)(i), Section 2.04(h)(i) or Section 11.06(f), as applicable. 

  
 18 

 “Domestic Swing Line Loan” has the meaning specified in
Section 2.04(a)(i). 
 “Domestic Swing Line Loan Notice” means a notice of a Domestic Swing Line
Borrowing pursuant to Section 2.04(b)(i), which shall be substantially in the form of Exhibit C-1 or such other form as approved by the Administrative Agent and the applicable
Domestic Swing Line Lender (including any form on an electronic platform or electronic transmission system as shall be approve by the Administrative Agent), appropriately completed and signed by a Responsible Officer of Ryder. 

“Domestic Swing Line Sublimit” means, as of any date of determination, an amount equal to the lesser of (a) $100,000,000, and
(b) the amount of the Aggregate Domestic Commitments as of such date. The Domestic Swing Line Sublimit is part of, and not in addition to, the Aggregate Domestic Commitments. 

“Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the
Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Early Opt-in
Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders. 

“Early Opt-in Election” means the occurrence of: (a) a determination by the
Administrative Agent, or a notification by Ryder to the Administrative Agent that Ryder has made a determination, that Dollar-denominated syndicated credit facilities currently being executed, or that include language similar to that contained in
Section 3.03(c), are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR; and (b) the joint election by the Administrative Agent and Ryder to replace LIBOR
with a Benchmark Replacement and the provision by the Administrative Agent of written notice of such election to the Lenders. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial
institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Electronic Copy” has the meaning specified in Section 11.17. 

“Electronic Record” has the meaning assigned to it by 15 USC §7006. 

“Electronic Signature” has the meaning assigned to it by 15 USC §7006. 

“Eligible Assignee” means any Person that is a Qualifying Lender that (a) is a Lender, an Affiliate of a Lender or an
Approved Fund; (b) a commercial bank, finance company or financial institution organized under the Laws of the United States, or any state thereof or the District of Columbia, and having total assets in excess of $1,000,000,000; (c) a savings
and loan association or savings bank organized under the Laws of the United States, or any state thereof or the District of Columbia, and having a net worth of at 

  
 19 

 
least $1,000,000,000, calculated in accordance with GAAP; (d) a commercial bank or financial institution organized under the Laws of any other country which is a member of the Organization
for Economic Cooperation and Development (the “OECD”), or a political subdivision of any such country, and having total assets in excess of $1,000,000,000 (or the local currency equivalent thereof), provided that such bank is acting
through a branch or agency located in the country in which it is organized or another country which is also a member of the OECD; and (e) the central bank of any country which is a member of the OECD, in each case, that meets the requirements to be an assignee under Section 11.06(b)(iii) and (v) (subject to such consents, if any, as may be required under
Section 11.06(b)(iii)); provided, that, neither General Electric Capital Corporation nor any Affiliate of General Electric Capital Corporation shall be an “Eligible Assignee” for the purposes of this
Agreement. 
 “Environmental Law” means any judgment, decree, order, law, permit, license, rule or regulation pertaining to
environmental matters, or any United States, Canadian, United Kingdom or Puerto Rican federal, state, provincial, territorial or local statute, regulation, ordinance, order or decree relating to public health, waste transportation or disposal, or
the environment. 
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for
damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrowers or any guarantor hereunder or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Substances, (c) exposure to any Hazardous Substances, (d) the release or threatened release of any Hazardous
Substances into the environment, or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests, beneficial interests or other
ownership interests, whether voting or nonvoting, in, or interests in the income or profits of, a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with Ryder or any of its
Subsidiaries within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means: (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of any Borrower or
any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated
as such a withdrawal under Section 4062(e) of ERISA; (c) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; or
(d) the imposition of any liability under Title IV of ERISA with respect to a Pension Plan, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Borrower or any ERISA Affiliate. 

“ESG” has the meaning set forth in Section 2.20(a). 

“ESG Amendment” has the meaning set forth in Section 2.20(a). 

“ESG Applicable Rate Adjustments” has the meaning set forth in Section 2.20(a). 

  
 20 

 “ESG Pricing Provisions” has the meaning set forth in
Section 2.20(a). 
 “ESTR” means, with respect to any applicable determination date, the Euro
Short Term Rate published on the first (1st) Business Day preceding such date on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be
designated by the Administrative Agent from time to time); provided, that, if such determination date is not a Business Day, ESTR means such rate that applied on the first (1st)
Business Day immediately prior thereto. 
 “ESTR Adjustment” means 0.085%. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“EURIBOR” has the meaning specified in the definition of “Alternative Currency Term Rate.” 

“Euro”, “EU”, and “€” means the single currency of the Participating Member States.

 “Eurodollar Rate” means: 

(a) for any Interest Period with respect to a Eurodollar Rate Loan that is a Domestic Revolving Loan, a PR Revolving Loan, or a
U.K. Revolving Loan, the rate per annum equal to the London Interbank Offered Rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for Dollars for a period equal in length to such
Interest Period) (“LIBOR”), as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) (in such
case, the “LIBOR Rate”) at or about 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period; 
 (b) for any interest calculation with respect to a Domestic Base Rate Loan on any
date, the rate per annum equal to the LIBOR Rate, at or about 11:00 a.m., London time, two (2) Business Days prior to such date for Dollar deposits with a term of one (1) month commencing that day; and 

(c) for any Interest Period with respect to a Eurodollar Rate Loan that is a Canadian Revolving Loan denominated in Dollars,
the rate per annum equal to LIBOR, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Canadian Agent from time to time) at or about 11:00 a.m.,
London time, two (2) Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; 

provided, that, if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 

“Eurodollar Rate Loan” means (a) a Domestic Revolving Loan, a PR Revolving Loan, or a U.K. Revolving Loan denominated in
Dollars that bears interest at a rate based on clause (a) of the definition of “Eurodollar Rate” and (b) a Canadian Revolving Loan denominated in Dollars that bears interest at a rate based on clause (c) of the
definition of “Eurodollar Rate”. 
 “Event of Default” has the meaning specified in
Section 8.01. 

  
 21 

 “Exchange Act” means the Securities Exchange Act of 1934. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or
deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income or profit (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii) that are Other Connection Taxes; (b) in the
case of a Lender, withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or commitment pursuant to a law in effect on the date on which (i) such Lender acquires such
interest in the Loan or commitment (other than pursuant to an assignment request by Ryder under Section 11.13), or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to
Section 3.01(b) or (d), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its
Lending Office; (c) any Canadian federal withholding Taxes imposed on amounts payable to or for the account of a Recipient as a result of such Recipient (i) not dealing at arm’s length (within the meaning of the Income Tax Act
(Canada) with a Borrower, or (ii) being a “specified shareholder” (as defined in subsection 18(5) of the Income Tax Act (Canada)) of a Borrower or not dealing at arm’s length (within the meaning of the Income Tax Act (Canada))
with a “specified shareholder” of a Borrower, except, in each case, where the non-arm’s length relationship arises, or where the Recipient is a “specified shareholder” or does not deal
at arm’s length with a “specified shareholder”, in connection with or as a result of the Recipient having become a party to, received or perfected a security interest under or received or enforced any rights under, a Loan Document,
(d) Taxes attributable to such Recipient’s failure to comply with Section 3.01(g) or any Taxes in respect of which no additional amounts are payable pursuant to Section 3.01(i); (e) any
withholding Taxes imposed pursuant to FATCA; and (f) VAT, which for the avoidance of doubt, shall be dealt with under Section 3.01(j). 

“Existing Credit Agreement” has the meaning specified in the introductory paragraphs hereto. 

“Existing Letters of Credit” means the letters of credit described on Schedule 1.01. 

“Extending Lender” has the meaning specified in Section 2.14(d). 

“Extension Letter” means a letter from the Borrowers to the Agents requesting an extension of each Lender’s Scheduled
Maturity Date, substantially in the form of Exhibit G. 
 “Facility Fees” means, collectively, the Domestic Facility
Fee, the Canadian Facility Fee, the U.K. Facility Fee, and the PR Facility Fee. 
 “FASB ASC” means the Accounting
Standards Codification of the Financial Accounting Standards Board. 
 “FATCA” means Sections 1471 through 1474 of the
Code, as of the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into
pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the
implementation of the foregoing. 
 “FATCA Deduction” means a deduction or withholding from a payment under a Loan Document
required by FATCA. 

  
 22 

 “FCA” has the meaning specified in
Section 3.03(c)(i). 
 “Federal Funds Rate”
means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York
shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; provided, that, if the Federal Funds Rate as so
determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “Fee Letter”
means the fee letter agreement, dated November 15, 2021, among Ryder, Bank of America, and BofA Securities. 
 “Financial
Officer” of any Person means the chief financial officer, principal accounting officer, controller, assistant controller, treasurer, associate or assistant treasurer or director of treasury services of such Person. 

“Fitch” means Fitch Ratings, a wholly owned subsidiary of Fimilac, S.A, or any of its successors. 

“Foreign Borrower” means each Canadian Borrower, each U.K. Borrower, and any other Foreign Subsidiary that becomes a Borrower
hereunder. 
 “Foreign Lender” means, with respect to any Borrower, (a) if such Borrower is a U.S. Person, a Lender
that is not a U.S. Person, and (b) if such Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which such Borrower is resident for tax purposes. For purposes of this
definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“Foreign Obligor” means each Foreign Borrower and any other Foreign Subsidiary that becomes a guarantor hereunder. 

“Foreign Subsidiary” means any Subsidiary that is organized under the Laws of a jurisdiction other than the United States, a
State thereof or the District of Columbia. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender,
(a) with respect to any L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations, other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to
other Lenders or Cash Collateralized in accordance with the terms hereof, (b) with respect to any Domestic Swing Line Lender, such Defaulting Lender’s Applicable Percentage of Domestic Swing Line Loans, other than Domestic Swing Line Loans
as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders in accordance with the terms hereof, (c) with respect to the Canadian Swing Line Lender, such Defaulting Lender’s Applicable
Percentage of Canadian Swing Line Loans, other than Canadian Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders in accordance with the terms hereof, and (d) with respect to
the U.K. Swing Line Lender, such Defaulting Lender’s Applicable Percentage of U.K. Swing Line Loans, other than U.K. Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders in
accordance with the terms hereof. 
 “Fund” means any Person (other than a natural Person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

  
 23 

 “GAAP” or “Generally Accepted Accounting Principles” means
generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession) including the FASB ASC, that are applicable to the circumstances as of the date of determination,
consistently applied and subject to Section 1.03. 
 “Governmental Authority” means any nation or
government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government. 
 “Guaranteed Obligations” has the meaning specified in
Section 10.01. 
 “Guaranty” means the guaranty contained in Article X hereof. 

“Hazardous Substance” means any toxic substance, hazardous waste or other material regulated by any Environmental Law. 

“Head Office” means, with respect to each Agent, with respect to any currency, such Agent’s address and, as appropriate,
account as set forth on Schedule 11.02 with respect to such currency, or such other address or account with respect to such currency as such Agent may from time to time notify Ryder and the Lenders. 

“IBA” has the meaning specified in Section 3.03(c)(i). 

“Immaterial Subsidiary” means, as of any date, a Subsidiary whose results of operations, considered alone or in the aggregate
with other Subsidiaries treated as Immaterial Subsidiaries, do not have a material effect on the business, consolidated financial position or consolidated results of operations of Ryder and its Consolidated Subsidiaries, taken as a whole. 

“Indebtedness” means, with respect to any Person, at any date, without duplication, (a) all obligations of such Person
for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts
payable arising in the ordinary course of business, (d) all obligations of such Person as lessee under Capitalized Leases, (e) all Deemed Indebtedness Under Limited Recourse Facilities of such Person, (f) all obligations of such
Person as lessee in respect of synthetic leases, and (g) all Indebtedness of others guaranteed by such Person. For the avoidance of doubt, all obligations under Limited Recourse Facilities other than Deemed Indebtedness Under Limited Recourse
Facilities shall not be Indebtedness for the purposes of this definition. 
 “Indemnified Taxes” means (a) Taxes,
other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Borrower under any Loan Document, and (b) to the extent not otherwise described in clause (a) above, Other Taxes.

 “Indemnitee” has the meaning specified in Section 11.04(b). 

“Information” has the meaning specified in Section 11.07. 

  
 24 

 “Intangible Assets” means the aggregate amount of the sum of the following
(to the extent reflected in determining consolidated shareholders’ equity of Ryder and its Consolidated Subsidiaries): (a) all write-ups (other than write-ups resulting from foreign currency transactions
and write-ups of assets of a going concern business made within twelve (12) months after the acquisition of such business) subsequent to December 31, 2020 in the book value of any assets owned by
Ryder or a Consolidated Subsidiary, (b) all investments in Subsidiaries other than Consolidated Subsidiaries, and (c) all unamortized debt discount and expense, unamortized deferred charges, goodwill, patents, trademarks, service marks,
trade names, copyrights, organization or developmental expenses and other intangible assets. 
 “Intercompany Indebtedness”
means any Indebtedness owed directly between Ryder and a Subsidiary of Ryder or between Subsidiaries of Ryder. 
 “Interest Payment
Date” means: (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Eurodollar Rate Loan and the Maturity Date; provided, that, if any Interest Period for a Eurodollar Rate Loan
exceeds three (3) months, the respective dates that fall every three (3) months after the beginning of such Interest Period shall also be Interest Payment Dates; (b) as to any Base Rate Loan, any Canadian Prime Rate Loan, any Domestic
Swing Line Loan, any Canadian Swing Line Loan, or any U.K. Swing Line Loan, the last Business Day of each March, June, September and December and the Maturity Date; (c) as to any Alternative Currency Daily Rate Loan, the last Business Day of
each calendar month and the Maturity Date; and (d) as to any Alternative Currency Term Rate Loan, the last day of each Interest Period applicable to such Alternative Currency Term Rate Loan and the Maturity Date; provided, that,
that if any Interest Period for an Alternative Currency Term Rate Loan exceeds three (3) months, the respective dates that fall every three (3) months after the beginning of such Interest Period shall be Interest Payment Dates. 

“Interest Period” means, as to each Eurodollar Rate Loan and each Alternative Currency Term Rate Loan, the period commencing
on the date such Eurodollar Rate Loan or such Alternative Currency Term Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan or an Alternative Currency Term Rate Loan, as applicable, and ending on the date one (1), three
(3), or six (6) months thereafter (in each case, subject to availability for the interest rate applicable to the relevant currency), as selected by the applicable Borrower in its Loan Notice, or such other period that is twelve months or less
requested by the applicable Borrower and consented to by all the applicable Lenders; provided, that: (a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the immediately preceding Business Day; (b) any Interest Period that begins on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and (c) no Interest Period shall
extend beyond the Maturity Date. 
 “IRS” means the United States Internal Revenue Service. 

“ISP” means the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later
version thereof as may be in effect at the applicable time). 
 “Issuer Document” means, with respect to any Letter of
Credit, each of the Letter of Credit Application delivered with respect to such Letter of Credit, and any other document, agreement (including any reimbursement agreement) or instrument entered into by the applicable L/C Issuer and Ryder (or any
Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit. 
 “Judgment Currency” has the meaning
specified in Section 11.21. 
 “KPIs” has the meaning set forth in
Section 2.20. 

  
 25 

 “Law” or “law” means any international, foreign, Federal,
state, provincial or local statute, treaty, rule, guideline, regulation, ordinance, code or administrative or judicial precedent or authority, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and any applicable administrative order, directed duty, request, license, authorization or permit of, or agreement with, any Governmental Authority. 

“L/C Commitment” means the amount set forth opposite each L/C Issuer’s name on Schedule 2.03 (as such Schedule
may be updated from time to time pursuant to this Agreement). The L/C Commitment of each L/C Issuer may be modified from time to time by agreement among Ryder, the Administrative Agent, and such L/C Issuer. Schedule 2.03 shall be deemed to be
automatically updated to reflect any modification to any L/C Issuer’s L/C Commitment effected pursuant to the immediately preceding sentence. 

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date
thereof, or the increase of the amount thereof. 
 “L/C Disbursement” means a payment made by a L/C Issuer pursuant to a
Letter of Credit. 
 “L/C Issuer” means each of Bank of America (through itself or through one of its designated Affiliates
or branch offices), U.S. Bank National Association, and Wells Fargo Bank, National Association, in each case, in its capacity as issuer of Letters of Credit hereunder, and each other Lender (if any) as Ryder may from time to time select as a L/C
Issuer hereunder pursuant to Section 2.03; provided that such Lender has agreed to be a L/C Issuer. Any L/C Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such
L/C Issuer, in which case the term “L/C Issuer” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. The definition of “L/C Issuer” shall be deemed to be automatically updated to reflect
any replacement of a L/C Issuer pursuant to Section 2.03(p) or Section 11.06(f), as applicable. 

“L/C Obligations” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit
at such time, including any automatic or scheduled increases provided for by the terms of such Letters of Credit, determined without regard to whether any conditions to drawing could be met at that time, plus (b) the aggregate amount of
all Unreimbursed Amounts. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the UCP or
Rule 3.13 or Rule 3.14 of the ISP or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the
amount so remaining available to be paid, and the obligations of the Borrowers and each Lender shall remain in full force and effect until the L/C Issuers and the Lenders shall have no further obligations to make any payments or disbursements under
any circumstances with respect to any Letter of Credit. 
 “Lender” means each of the Persons identified as a
“Lender” on the signature pages hereto, each other Person that becomes a “Lender” in accordance with this Agreement, and their successors and assigns and, unless the context requires otherwise, includes Swing Line Lender. Subject
to Section 3.06, each Lender at its option may make any Credit Extension or otherwise perform its obligations hereunder through any Lending Office. 

“Lender Party” means each Lender, each L/C Issuer, and each Swing Line Lender. 

  
 26 

 “Lending Office” means, as to any Lender, the office or offices of such
Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify Ryder and the Administrative Agent, which office may include any Affiliate of such Lender or
any domestic or foreign branch of such Lender or such Affiliate. For purposes of this Agreement, each of Bank of America, London Branch and Bank of America Europe Designated Activity Company is a designated Affiliate of Bank of America. Unless the
context otherwise requires each reference to a Lender shall include its applicable Lending Office. 
 “Letter of Credit”
means any letter of credit issued hereunder providing for the payment of cash upon the honoring of a presentation thereunder and shall include the Existing Letters of Credit. A Letter of Credit may be a commercial letter of credit or a standby
letter of credit. 
 “Letter of Credit Application” means an application and agreement for the issuance or amendment of a
Letter of Credit in the form from time to time in use by the applicable L/C Issuer. 
 “Letter of Credit Fee” has the
meaning specified in Section 2.03(l). 
 “Letter of Credit Report” means a certificate
substantially the form of Exhibit H or any other form approved by the Administrative Agent. 
 “Letter of Credit
Sublimit” means, as of any date of determination, an amount equal to the lesser of (a) $75,000,000, and (b) the amount of the Aggregate Domestic Commitments as of such date. The Letter of Credit Sublimit is part of, and not in addition
to, the Aggregate Domestic Commitments. 
 “LIBOR” has the meaning specified in the definition of “Eurodollar
Rate.” 
 “LIBOR Rate” has the meaning specified in the definition of “Eurodollar Rate.” 

“Lien” means any mortgage, pledge, hypothecation, assignment, security interest, hypothec, deposit arrangement, encumbrance,
lien (statutory or other), charge, or other preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, the interest of a lessor under a
Capitalized Lease, and any financing lease having substantially the same economic effect as any of the foregoing). 
 “Limited
Recourse Facility” means (a) any Receivables Purchase Agreement, (b) any Securitization Transaction, and (c) any other transaction similar to any of those described in clause (a) or clause (b) above to
which such Ryder or any of its Consolidated Subsidiaries is a party, under which recourse as a general obligation of Ryder and its Consolidated Subsidiaries (other than a special purpose non-operating
Subsidiary formed for the purpose of the relevant transaction) is limited to not more than twenty five percent (25%) of the aggregate principal amount or aggregate payment obligations, as applicable, under such transaction. Limited recourse as
provided for in clause (c) above shall be determined by Ryder as set forth in a written notice to the Administrative Agent (together with any appropriate supporting documentation) and shall be reasonably acceptable to the Administrative
Agent; provided, that, if the Administrative Agent does not accept such determination, Ryder and the Administrative Agent shall enter into good faith negotiations in order to determine the amount of the limited recourse with respect to
any such transaction and, prior to Ryder and the Administrative Agent making such determination, such transaction shall not be treated as a “Limited Recourse Facility” hereunder. 

“Loan” means an extension of credit by a Lender to a Borrower under Article II in the form of a Domestic Revolving
Loan, a Canadian Revolving Loan, a U.K. Revolving Loan, a PR Revolving Loan, a Domestic Swing Line Loan, a Canadian Swing Line Loan, or a U.K. Swing Line Loan. 

  
 27 

 “Loan Document” means each of this Agreement, each Note, each Bankers’
Acceptance, each Issuer Document, the Fee Letter, each Designated Borrower Request and Assumption Agreement, each ESG Amendment, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of this Agreement, each
guaranty executed and delivered pursuant to Section 7.05, and any other document, instrument or agreement designated as a “Loan Document” by Ryder and the Administrative Agent. 

“Loan Notice” means a Domestic Loan Notice, a Canadian Loan Notice, a U.K. Loan Notice, or a PR Loan Notice, as the context
may require. 
 “Majority Level” has the meaning specified in the definition of “Applicable Rate”. 

“Maturity Date” means the later of (a) December 14, 2026, and (b) if maturity is extended pursuant to
Section 2.14, such extended maturity date as determined pursuant to Section 2.14 (such date, as so extended as it relates to any Lender, being referred to herein as such Lender’s
“Scheduled Maturity Date”); provided, that, in each case, if such date is not a Business Day, the Maturity Date shall be the immediately preceding Business Day. 

“Maximum Rate” has the meaning specified in Section 11.09. 

“Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit
account balances provided to reduce or eliminate Fronting Exposure during any period when a Lender constitutes a Defaulting Lender, an amount equal to the Fronting Exposure of all L/C Issuers with respect to Letters of Credit issued and outstanding
at such time, or (b) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.03(q) or Section 8.01, an amount
equal to the Outstanding Amount of all L/C Obligations. 
 “Moody’s” means Moody’s Investors Service, Inc., and
any successor thereto. 
 “Multiemployer Plan” means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which any Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including any Borrower or any ERISA
Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 
 “New
U.K. Lender” has the meaning specified in Section 3.01(i)(ix). 

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or
amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 11.01, and (b) has been approved by the Required Lenders. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting
Lender at such time. 
 “Non-Extending Lender” has the meaning specified in
Section 2.14(b). 
 “Non-Extension Notice Date” has the
meaning specified in Section 2.03(b). 
 “Non-Reimbursement
Notice” has the meaning specified in Section 2.03(f). 

  
 28 

 “Non-Schedule I Bank” means at
least one but not more than two Canadian Lenders which are Schedule II Banks or Schedule III Banks under the Bank Act (Canada) to be designated by the Canadian Agent and the Canadian Borrowers (with the consent of each such Canadian Lender). 

“Note” means a promissory note made by one or more of the Borrowers in favor of a Lender evidencing Loans made by such
Lender, substantially in the form of Exhibit D. 
 “Notice Date” has the meaning specified in
Section 2.14(b). 
 “Notice of Additional L/C Issuer” means a certificate in a form approved by
the Administrative Agent. 
 “Obligation” means any indebtedness, obligation or liability of the Borrowers, and any
obligation with respect to any Letter of Credit issued for the account of any of Ryder’s Domestic Subsidiaries, to any Lender, to any Agent, or to any L/C Issuer, individually or collectively, existing on the Closing Date or arising thereafter,
direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, in each case, arising or incurred under this Agreement or any
of the other Loan Documents or in respect of any of the Loans made, any of the L/C Obligations incurred, any of the Bankers’ Acceptances incurred, or under or in connection with any Letter of Credit Application, Letter of Credit, Note, or any
other instrument at any time evidencing any thereof. 
 “Other Connection Taxes” means, with respect to any Recipient,
Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Rate Early Opt-in” means the Administrative Agent and Ryder have elected to
replace LIBOR with a Benchmark Replacement other than a SOFR-based rate pursuant to (a) an Early Opt-in Election, and (b) Section 3.03(c)(ii) and clause (b) of
the definition of “Benchmark Replacement.” 
 “Other Taxes” means all present or future stamp, court or
documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise
with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06). 

“Outstanding Amount” means: (a) with respect to Revolving Loans, Domestic Swing Line Loans, Canadian Swing Line Loans,
and U.K. Swing Line Loans on any date, the Dollar Equivalent of the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Loans, Domestic Swing Line Loans, Canadian Swing Line
Loans, and U.K. Swing Line Loans, as the case may be, occurring on such date; (b) with respect to any L/C Obligations on any date, the Dollar Equivalent of the aggregate outstanding amount of such L/C Obligations on such date after giving
effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrowers of Unreimbursed Amounts; and (c) with
respect to any Bankers’ Acceptances on any date, the Dollar Equivalent of the aggregate outstanding amount of such Bankers’ Acceptances on such date after giving effect to any issuances or purchases or refunds of such Bankers’
Acceptances on such date. 

  
 29 

 “Overnight Rate” means, for any day, (a) with respect to any amount
denominated in Dollars, the greater of (i) the Federal Funds Rate, and (ii) an overnight rate determined by the applicable Agent, the applicable L/C Issuer, or the applicable Swing Line Lender, as the case may be, in accordance with
banking industry rules on interbank compensation, and (b) with respect to any amount denominated in an Alternative Currency, an overnight rate determined by the applicable Agent or the applicable Swing Line Lender, as the case may be, in
accordance with banking industry rules on interbank compensation. 
 “Participant” has the meaning specified in
Section 11.06(d). 
 “Participant Register” has the meaning specified in
Section 11.06(d). 
 “Participating Member State” means any member state of the European Union
that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 

“Party” has the meaning specified in Section 3.01(i)(vi)(B). 

“PATRIOT Act” has the meaning specified in Section 11.18. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required
contributions (including any installment payment thereof) to Pension Plans and set forth in Sections 412, 430 and 436 of the Code and Sections 302, 303 and 307 of ERISA. 

“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan) that is maintained or is
contributed to by any Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code, other than a Multiemployer Plan. 

“Permitted Liens” has the meaning specified in Section 7.02. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee benefit plan within the meaning of
Section 3(3) of ERISA (including a Pension Plan), maintained for employees of any Borrower or any ERISA Affiliate or any such Plan to which any Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees, other
than a Multiemployer Plan. 
 “Platform” has the meaning specified in Section 6.04. 

“PR Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date,
(b) the date of termination of the Aggregate PR Commitments pursuant to Section 2.06(d), and (c) the date of termination of the commitment of each PR Lender to make PR Revolving Loans pursuant to
Section 8.01. 
 “PR Borrower” and “PR Borrowers” each has the meaning specified
in the introductory paragraph hereto. 

  
 30 

 “PR Commitment” means, as to each PR Lender, its obligation to make PR
Revolving Loans to the PR Borrowers pursuant to Section 2.01(d), in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such PR Lender’s name on Schedule 2.01 or
in the Assignment and Assumption or other documentation pursuant to which such PR Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

“PR Facility Fee” has the meaning specified in Section 2.09(a)(iv). 

“PR Lender” means, at any time, (a) so long as any PR Commitment is in effect, any Lender that has a PR Commitment at
such time, or (b) if the PR Commitments have terminated or expired, any Lender that has a PR Revolving Loan at such time. 

“PR Loan Notice” means a notice of (a) a PR Revolving Borrowing, (b) a conversion of PR Revolving Loans from one
Type to the other, or (c) a continuation of Eurodollar Rate Loans that are PR Revolving Loans, pursuant to Section 2.02(d), which shall be substantially in the form of Exhibit
B-4 or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent),
appropriately completed and signed by a Responsible Officer of the applicable PR Borrower. 
 “PR Revolving Borrowing”
means a borrowing consisting of simultaneous PR Revolving Loans of the same Type, in the same currency, and, in the case of Eurodollar Rate Loans, having the same Interest Period, made by each of the PR Lenders pursuant to
Section 2.01(d). 
 “PR Revolving Credit Exposure” means, as to any PR Lender at any time, the
aggregate principal amount of such PR Lender’s outstanding PR Revolving Loans at such time. 
 “PR Revolving Loan” has
the meaning specified in Section 2.01(d). 
 “Preferred Stock” means capital stock which is
preferred as to dividends or upon liquidation to any other capital stock of such Consolidated Subsidiary. 
 “Pricing
Level” means any of Pricing Level 1, Pricing Level 2, Pricing Level 3, Pricing Level 4, or Pricing Level 5 set forth in the table in the definition of “Applicable Rate”. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. 
 “Public Lender” has the meaning specified in Section 6.04. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in
accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” has the meaning specified in
Section 11.22. 
 “Qualifying Lender” means with respect to: (a) any Domestic Lender and/or
PR Lender, a Person that is incorporated or organized under the Laws of the United States or a state thereof or the District of Columbia or that has complied with the provisions of Section 3.01 with respect to such
Person’s complete exemption from deduction or withholding of United States federal income taxes; (b) any U.K. Lender, a U.K. Qualifying Lender; and (c) any Canadian Lender, a Person that is resident in Canada for purposes of the
Income Tax Act (Canada) and which is named in Schedule I or Schedule II to the Bank Act (Canada) or deemed resident in Canada for purposes of Part XIII of the Income Tax Act (Canada) in respect of amounts paid or credited under this Agreement and
which is named in Schedule III to the Bank Act (Canada). 

  
 31 

 “RBC” means Royal Bank of Canada. 

“Real Property” means all real property now or hereafter owned, operated, or leased by Ryder or any of its Consolidated
Subsidiaries. 
 “Reallocation” means a transfer by the Borrowers of a portion of the Domestic Commitments, or all or a
portion of the Canadian Commitments, or all or a portion of the U.K. Commitments, or all or a portion of the PR Commitments, in each case in accordance with Section 2.06(e) hereof. 

“Receivables Purchase Agreement” means (a) any trade receivables purchase and sale facilities and/or other receivables
purchase agreements permitted pursuant to Section 7.03 (including the Trade Receivables Purchase and Sale Agreement, dated October 30, 2009, by and among Ryder Receivable Funding III, L.L.C., Ryder, MUFG Bank, Ltd.,
New York Branch, and Victory Receivables Corporation (and any replacement, amendment or restatement to such facility)), and (b) any other trade receivables facility that has been consented to by the Administrative Agent, such consent not to be
unreasonably withheld, and, in either case, whether characterized as a sales agreement or a security agreement. 

“Recipient” means any Agent, any Lender, any L/C Issuer, or any other recipient of any payment to be made by or on account of
any obligation of any Borrower hereunder. 
 “Refunding Bankers’ Acceptance” has the meaning specified in
Section 2.19(b). 
 “Register” has the meaning specified in
Section 11.06(c). 
 “Related Parties” means, with respect to any Person, such Person’s
Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors, consultants, service providers and representatives of such Person and of such Person’s Affiliates. 

“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of
New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. 

“Relevant Rate” means with respect to any (a) Revolving Loan denominated in Dollars, LIBOR (or any Benchmark Replacement
thereto for Revolving Loans denominated in Dollars), (b) Revolving Loans denominated in Sterling, SONIA (or any Successor Rate thereto), (c) Revolving Loan denominated in Euros, EURIBOR (or any Successor Rate thereto), (d) U.K. Swing Line Loan
denominated in Dollars, LIBOR (or any Benchmark Replacement thereto for U.K. Swing Line Loans denominated in Dollars), (e) U.K. Swing Line Loan denominated in Euros, ESTR (or any Successor Rate thereto), (f) U.K. Swing Line Loan denominated in
Sterling, Simple SONIA (or any Successor Rate thereto), and (g) any Bankers’ Acceptance, the CDOR Rate (or any Successor Rate thereto). 

“Removal Effective Date” has the meaning specified in Section 9.06(b). 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty
(30) day notice period has been waived. 

  
 32 

 “Request for Credit Extension” means (a) with respect to a Domestic
Revolving Borrowing, or a conversion or continuation of Domestic Revolving Loans, a Domestic Loan Notice, (b) with respect to a Canadian Revolving Borrowing, or a conversion or continuation of Canadian Revolving Loans, a Canadian Loan Notice,
(c) with respect to a U.K. Revolving Borrowing, or a conversion or continuation of U.K. Revolving Loans, a U.K. Loan Notice, (d) with respect to a PR Revolving Borrowing, or a conversion or continuation of PR Revolving Loans, a PR Loan
Notice, (e) with respect to a L/C Credit Extension, a Letter of Credit Application, (f) with respect to a Domestic Swing Line Loan, a Domestic Swing Line Loan Notice, (g) with respect to a Canadian Swing Line Loan, a Canadian Swing
Line Loan Notice, (h) with respect to a U.K. Swing Line Loan, a U.K. Swing Line Loan Notice, and (i) with respect to a Bankers’ Acceptance, a Bankers’ Acceptance Notice. 

“Required Canadian Lenders” means, at any time, Canadian Lenders having Total Canadian Credit Exposures representing more
than fifty percent (50%) of the Total Canadian Credit Exposures of all Canadian Lenders at such time. The Total Canadian Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Canadian Lenders at any time;
provided, that, the amount of any participation in any Canadian Swing Line Loan that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Canadian Lender shall be deemed to be held by the
Canadian Lender that is the Canadian Swing Line Lender in making such determination. 
 “Required Domestic Lenders” means,
at any time, Domestic Lenders having Total Domestic Credit Exposures representing more than fifty percent (50%) of the Total Domestic Credit Exposures of all Domestic Lenders at such time. The Total Domestic Credit Exposure of any Defaulting Lender
shall be disregarded in determining Required Domestic Lenders at any time; provided, that, the amount of any participation in any Domestic Swing Line Loan and any Unreimbursed Amounts that such Defaulting Lender has failed to fund that
have not been reallocated to and funded by another Domestic Lender shall be deemed to be held by the Domestic Lender that is the applicable Domestic Swing Line Lender or the applicable L/C Issuer, as the case may be, in making such determination.

 “Required Lenders” means, at any time, Lenders having Total Credit Exposures representing more than fifty percent (50%)
of the Total Credit Exposures of all Lenders at such time. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time; provided, that, the amount of any participation in any
Domestic Swing Line Loan, any Canadian Swing Line Loan, or any U.K. Swing Line Loan and any Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held
by the Lender that is the applicable Domestic Swing Line Lender, the Canadian Swing Line Lender, the U.K. Swing Line Lender, or the applicable L/C Issuer, as the case may be, in making such determination. 

“Required PR Lenders” means, at any time, PR Lenders having Total PR Credit Exposures representing more than fifty percent
(50%) of the Total PR Credit Exposures of all PR Lenders at such time. The Total PR Credit Exposure of any Defaulting Lender shall be disregarded in determining Required PR Lenders at any time. 

“Required U.K. Lenders” means, at any time, U.K. Lenders having Total U.K. Credit Exposures representing more than fifty
percent (50%) of the Total U.K. Credit Exposures of all U.K. Lenders at such time. The Total U.K. Credit Exposure of any Defaulting Lender shall be disregarded in determining Required U.K. Lenders at any time; provided, that, the
amount of any participation in any U.K. Swing Line Loan that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another U.K. Lender shall be deemed to be held by the U.K. Lender that is the U.K. Swing Line
Lender in making such determination. 
 “Rescindable Amount” has the meaning specified in
Section 2.12(b)(ii). 

  
 33 

 “Resignation Effective Date” has the meaning specified in
Section 9.06(a). 
 “Resolution Authority” means an EEA Resolution Authority or, with respect to
any UK Financial Institution, a UK Resolution Authority. 
 “Responsible Officer” means, with respect to any Borrower, the
chief executive officer, a president, or a Financial Officer of such Borrower, with respect to any U.K. Borrower, any director of such U.K. Borrower, and, solely for purposes of the delivery of incumbency certificates in connection with this
Agreement, the secretary or any assistant secretary of such Borrower, and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Borrower so designated by any of the foregoing officers in
a notice to the Agents or any other officer or employee of the applicable Borrower designated in or pursuant to an agreement between the applicable Borrower and the Agents. Any document delivered hereunder that is signed by a Responsible Officer of
a Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of such
Borrower. 
 “Revaluation Date” means: (a) with respect to any Revolving Loan denominated in an Alternative Currency,
each of the following: (i) each date of a Revolving Borrowing of an Alternative Currency Loan; (ii) each date of a continuation of an Alternative Currency Term Rate Loan pursuant to Section 2.02; (iii) with
respect to an Alternative Currency Daily Rate Loan, each Interest Payment Date, (iv) with respect to Canadian Revolving Loans, such additional dates as the Canadian Agent shall determine or the Required Canadian Lenders shall require;
(v) with respect to U.K. Revolving Loans, such additional dates as the Administrative Agent shall determine or the Required U.K. Lenders shall require; (b) with respect to any Canadian Swing Line Loan denominated in an Alternative
Currency: (i) each date of a Canadian Swing Line Borrowing; and (ii) such additional dates as the Canadian Agent or the Canadian Swing Line Lender shall determine or the Required Canadian Lenders shall require; (c) with respect to any
U.K. Swing Line Loan denominated in an Alternative Currency: (i) each date of a U.K. Swing Line Borrowing; and (ii) such additional dates as the Administrative Agent or the U.K. Swing Line Lender shall determine or the Required U.K.
Lenders shall require; and (d) with respect to any Bankers’ Acceptance, each of the following: (i) each date of an acceptance of a Bankers’ Acceptance denominated in Canadian Dollars, (ii) each date of an amendment of any
such Bankers’ Acceptance having the effect of increasing the amount thereof (solely with respect to the increased amount), (iii) each date of any payment by any Canadian Lender under any Bankers’ Acceptance denominated in Canadian Dollars,
and (iv) such additional dates as the Canadian Agent shall determine or the Required Canadian Lenders shall require. 

“Revolving Borrowing” means a Domestic Revolving Borrowing, a Canadian Revolving Borrowing, a U.K. Revolving Borrowing, or a
PR Revolving Borrowing, as the context may require. 
 “Revolving Credit Exposure” means, as to any Lender at any time, the
aggregate principal amount of such Lender’s (a) outstanding Revolving Loans at such time, plus (b) participation in L/C Obligations at such time, plus (c) participation in Domestic Swing Line Loans at such time,
plus (d) outstanding Bankers’ Acceptances at such time at such time. 
 “Revolving Loan” means a Domestic
Revolving Loan, a Canadian Revolving Loan, a U.K. Revolving Loan, or a PR Revolving Loan, as the context may require. 

“RSH” has the meaning specified in the introductory paragraph hereto. 

“Ryder” has the meaning specified in the introductory paragraph hereto. 

  
 34 

 “Ryder Canada Limited” has the meaning specified in the introductory
paragraph hereto. 
 “Ryder Holdings Canada” has the meaning specified in the introductory paragraph hereto. 

“Ryder Limited” has the meaning specified in the introductory paragraph hereto. 

“Ryder PR” has the meaning specified in the introductory paragraph hereto. 

“Ryder Supply Chain Canada” has the meaning specified in the introductory paragraph hereto. 

“Ryder Supply Chain PR” has the meaning specified in the introductory paragraph hereto. 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and any
successor thereto. 
 “Same Day Funds” means (a) with respect to disbursements and payments in Dollars, immediately
available funds, and (b) with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be reasonably determined by the applicable Agent, or the applicable Swing Line Lender, as the case may be, to be
customary in the place of disbursement or payment for the settlement of international banking transactions in the relevant Alternative Currency. 

“Sanctions” means any sanction laws relating to terrorism and anti-money laundering administered or enforced by the United
States government (including OFAC), the Canadian government, the United Nations Security Council, the European Union, Her Majesty’s Treasury or the Canadian government. 

“Schedule I Bank” means any bank named on Schedule I to the Bank Act (Canada). 

“Scheduled Maturity Date” has the meaning specified in the definition of “Maturity Date”. 

“Scheduled Unavailability Date” has the meaning specified in Section 3.03(b). 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Secured Indebtedness” means (a) Indebtedness and all Derivatives Obligations of any Borrower or any of
Ryder’s Consolidated Subsidiaries and all reimbursement obligations with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person, in each case, secured by a lien or other encumbrance
on, or title to, any real or personal property, (b) unsecured Indebtedness and Derivatives Obligations of any of Ryder’s Consolidated Subsidiaries (other than the Canadian Borrowers or the U.K. Borrowers) and unsecured reimbursement
obligations with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of Ryder’s Consolidated Subsidiaries (other than the Canadian Borrowers or the U.K. Borrowers), (c) the aggregate liquidation
preference of all Preferred Stock issued by Ryder’s Consolidated Subsidiaries which is not owned by Ryder and its Consolidated Subsidiaries, and (d) any Deemed Indebtedness Under Limited Recourse Facilities and all obligations as lessee in
respect of synthetic leases, in each case to the extent not otherwise included as Secured Indebtedness pursuant to clauses (a) and (b) above. 

“Securities Act” means the Securities Act of 1933. 

“Securitization Subsidiary” has the meaning specified in the definition of “Securitization Transaction.” 

  
 35 

 “Securitization Transaction” means: (a) any securitization transaction
permitted pursuant to Section 7.03 whereby (i) Ryder or an Affiliate of Ryder transfers the beneficial interests in certain of its assets directly or indirectly to a special purpose bankruptcy-remote Subsidiary of
Ryder (a “Securitization Subsidiary”) in transfers that include one or more true sales of such beneficial interests, (ii) such Securitization Subsidiary finances (which may or may not be a financing for accounting and tax
purposes) the beneficial interests directly with a lender or a purchaser or by issuing new securities backed by the beneficial interests, and (iii) such financing is on a non-recourse basis to Ryder or
any of its other Subsidiaries and/or Affiliates (other than with respect to (A) the applicable Securitization Subsidiary, (B) any limited recourse contemplated under this Agreement under any of the Limited Recourse Facilities, or
(C) for breaches of standard representations, warranties and covenants and indemnification obligations that would not have a material adverse effect on the business, assets or financial condition of Ryder and its Subsidiaries); provided,
that, any amendments to such securitization transactions do not materially modify or alter the terms of recourse or levels of recourse under such transaction to levels greater than those permitted by Section 7.03;
and (b) any other securitization transaction that has been consented to by the Administrative Agent, such consent not to be unreasonably withheld. 

“Securitized Assets” has the meaning specified in Section 7.03(e). 

“Senior Public Debt Ratings” means 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 approved by the Administrative Agent) upon request of Ryder. 

“Simple SONIA” means, with respect to any applicable determination date, the Sterling Overnight Index Average Reference Rate
published on the first Business Day preceding such date on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time);
provided, that, if such determination date is not a Business Day, Simple SONIA means such rate that applied on the first (1st) Business Day immediately prior thereto. 

“SOFR” has the meaning specified in the definition of “Daily Simple SOFR.” 

“SOFR Administrator” means the Federal Reserve Bank of New York, as the administrator of SOFR, or any successor administrator
of SOFR designated by the Federal Reserve Bank of New York or other Person acting as the SOFR Administrator at such time. 
 “SOFR
Early Opt-in” means the Administrative Agent and Ryder have elected to replace LIBOR pursuant to (a) an Early Opt-in Election, and
(b) Section 3.03(c)(i) and clause (a) of the definition of “Benchmark Replacement.” 

“SONIA” means, with respect to any applicable determination date, the Sterling Overnight Index Average Reference Rate
published on the fifth (5th) Business Day preceding such date on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by
the Administrative Agent from time to time); provided, that, if such determination date is not a Business Day, SONIA means such rate that applied on the first (1st) Business Day
immediately prior thereto. 
 “SONIA Adjustment” means, (a) with
respect to SONIA, 0.0326% per annum and (b) with respect to Simple SONIA, 0.0168% per annum. 

  
 36 

 “Sterling” and “£” means the lawful currency of the
United Kingdom. 
 “Subject Party” has the meaning specified in Section 3.01(j)(ii). 

“Subsidiary” means, with respect to any parent entity, any Person of which such parent entity shall at any time own directly
or indirectly through a Subsidiary or Subsidiaries of such parent entity at least a majority of the outstanding capital stock or other interest entitled to vote generally. Unless otherwise specified, all references herein to a “Subsidiary”
or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Ryder. 
 “Successor Rate” has the meaning
specified in Section 3.03(b). 
 “Supplier” has the meaning specified in
Section 3.01(j)(ii). 
 “Supported QFC” has the meaning specified in
Section 11.22. 
 “Sustainability Coordinator” means BofA Securities, in its capacity as the
sustainability coordinator. 
 “Sustainability Linked Loan Principles” means the Sustainability Linked Loan Principles (as
published in May 2021 by the Loan Market Association, Asia Pacific Loan Market Association and Loan Syndications & Trading Association). 

“Swing Line Lender” means each Domestic Swing Line Lender (in the case of Domestic Swing Line Loans), the Canadian Swing Line
Lender (in the case of Canadian Swing Line Loans), and the U.K. Swing Line Lender (in the case of U.K. Swing Line Loans), as the context may require. 

“Swing Line Loan” means any Domestic Swing Line Loan, any Canadian Swing Line Loan, and/or any U.K. Swing Line Loans, as the
context may require. 
 “Swing Line Loan Notice” means a Domestic Swing Line Loan Notice, a Canadian Swing Line Loan
Notice, and/or a U.K. Swing Line Loan Notice, as the context may require. 
 “TARGET2” means the Trans-European Automated
Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 19, 2007. 

“TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if
any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
value added taxes or any other goods and services, use or sales taxes, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term SOFR” means, for the applicable Corresponding Tenor (or if any Available Tenor of a Benchmark does not
correspond to an Available Tenor for the applicable Benchmark Replacement, the closest corresponding Available Tenor and if such Available Tenor corresponds equally to two Available Tenors of the applicable Benchmark Replacement, the Corresponding
Tenor of the shorter duration shall be applied), the forward-looking term rate based on the secured overnight financing rate that has been selected or recommended by the Relevant Governmental Body. 

  
 37 

 “Total Canadian Credit Exposure” means, as to any Canadian Lender at any
time, the unused Canadian Commitment of such Canadian Lender at such time and the Canadian Revolving Credit Exposure of such Canadian Lender at such time. 

“Total Canadian Outstandings” means, as of any date of determination, the aggregate Outstanding Amount of all Canadian
Revolving Loans as of such date, plus the aggregate Outstanding Amount of all Canadian Swing Line Loans as of such date, plus the aggregate Outstanding Amount of all Bankers’ Acceptances as of such date. 

“Total Credit Exposure” means, as to any Lender at any time, the unused Commitment of such Lender at such time and the
Revolving Credit Exposure of such Lender at such time. 
 “Total Domestic Credit Exposure” means, as to any Domestic Lender
at any time, the unused Domestic Commitment of such Domestic Lender at such time and the Domestic Revolving Credit Exposure of such Domestic Lender at such time. 

“Total Domestic Outstandings” means, as of any date of determination, the aggregate Outstanding Amount of all Domestic
Revolving Loans as of such date, plus the aggregate Outstanding Amount of all Domestic Swing Line Loans as of such date, plus the aggregate Outstanding Amount of all L/C Obligations as of such date. 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans of such date, plus the aggregate Outstanding
Amount of all L/C Obligations as of such date, plus the aggregate Outstanding Amount of all Bankers’ Acceptances as of such date. 

“Total PR Credit Exposure” means, as to any PR Lender at any time, the unused PR Commitment of such PR Lender at such time
and the PR Revolving Credit Exposure of such PR Lender at such time. 
 “Total PR Outstandings” means, as of any date of
determination, the aggregate Outstanding Amount of all PR Revolving Loans as of such date. 
 “Total U.K. Credit Exposure”
means, as to any U.K. Lender at any time, the unused U.K. Commitment of such U.K. Lender at such time and the U.K. Revolving Credit Exposure of such U.K. Lender at such time. 

“Total U.K. Outstandings” means, as of any date of determination, the aggregate Outstanding Amount of all U.K. Revolving
Loans as of such date, plus the aggregate Outstanding Amount of all U.K. Swing Line Loans as of such date. 
 “Type”
means, with respect to a Revolving Loan, its character as a Domestic Base Rate Loan, a Canadian Base Rate Loan, a Canadian Prime Rate Loan, a Eurodollar Rate Loan, an Alternative Currency Daily Rate Loan or an Alternative Currency Term Rate Loan.

 “U.K. Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity
Date, (b) the date of termination of the Aggregate U.K. Commitments pursuant to Section 2.06(c), and (c) the date of termination of the commitment of each U.K. Lender to make U.K. Revolving Loans and U.K. Swing
Line Loans pursuant to Section 8.01. 
 “U.K. Borrower” and “U.K. Borrowers”
each has the meaning specified in the introductory paragraph hereto. 

  
 38 

 “U.K. Borrower DTTP Filing” means an H.M. Revenue & Customs’
Form DTTP2, duly completed and filed with H.M. Revenue & Customs by the relevant U.K. Borrower, which: (a) where it relates to a U.K. Treaty Lender that is a U.K. Lender on the day this Agreement (or any amendment hereto) is entered
into, contains the scheme reference number and jurisdiction of tax residence stated on its signature page to this Agreement (or any amendment hereto) or as otherwise notified to Ryder by that U.K. Treaty Lender in writing, and (i) where the
U.K. Borrower is a Borrower on the day this Agreement (or any amendment hereto) is entered into, is filed with H.M. Revenue & Customs within 30 days of the day this Agreement (or any amendment hereto) is entered into, or (ii) where the
U.K. Borrower is not a Borrower on the day this Agreement is entered into, is filed with H.M. Revenue & Customs within 30 days of the date on which that U.K. Borrower becomes a U.K. Borrower; or (b) where it relates to a U.K. Treaty
Lender that is not a party to this Agreement on the day this Agreement (or any amendment hereto) is entered into, contains the scheme reference number and jurisdiction of tax residence stated in respect of that U.K. Lender in the relevant Assignment
and Assumption or other agreement where such Person become a party hereto, as the case may be, or as otherwise notified to Ryder in writing, and (i) where the U.K. Borrower is a U.K. Borrower as at the relevant assignment date or the date on
which the increase to the Aggregate U.K. Commitments take(s) effect (as applicable) is filed with H.M. Revenue & Customs within 30 days of that date, or (ii) where the U.K. Borrower is not a U.K. Borrower as at the relevant assignment
date or the date on which the increase to the Aggregate U.K. Commitments take(s) effect (as applicable) is filed with H.M. Revenue & Customs within 30 days of the date on which that U.K. Borrower becomes a U.K. Borrower. 

“U.K. Commitment” means, as to each U.K. Lender, its obligation to (a) make U.K. Revolving Loans to the U.K. Borrowers
pursuant to Section 2.01(c), and (b) purchase participations in U.K. Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such U.K. Lender’s
name on Schedule 2.01 or in the Assignment and Assumption or other documentation pursuant to which such U.K. Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 “U.K. CTA 2009” means the United Kingdom Corporation Tax Act 2009. 

“U.K. Excess Amount” has the meaning specified in Section 2.05(d)(ii). 

“U.K. Facility Fee” has the meaning specified in Section 2.09(a)(iii). 

“U.K. ITA 2007” means the United Kingdom Income Tax Act 2007. 

“U.K. Lender” means, at any time, (a) so long as any U.K. Commitment is in effect, any Lender that has a U.K. Commitment
at such time, or (b) if the U.K. Commitments have terminated or expired, any Lender that has a U.K. Revolving Loan or a participation in U.K. Swing Line Loans at such time. 

“U.K. Lender Party” means the Administrative Agent, any U.K. Lender, or the U.K. Swing Line Lender. 

“U.K. Loan Notice” means a notice of (a) a U.K. Revolving Borrowing, or (b) a continuation of Alternative Currency
Term Rate Loans that are U.K. Revolving Loans, pursuant to Section 2.02(c), which shall be substantially in the form of Exhibit B-3 or such other form as may be approved by the
Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the applicable U.K. Borrower. 

  
 39 

 “U.K. Qualifying Lender” means (a) a U.K. Lender which is beneficially
entitled to interest payable to that U.K. Lender in respect of an advance under a Loan Document and is (i) a U.K. Lender (A) which is a bank (as defined for the purpose of section 879 of the U.K. ITA 2007) making an advance under a Loan
Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the U.K. CTA 2009, or
(B) in respect of an advance made under a Loan Document by a person that was a bank (as defined for the purpose of section 879 of the U.K. ITA 2007) at the time that that advance was made and is either within the charge to United Kingdom
corporation tax as respects any payments of interest made in respect of that advance, or is a bank (as defined for the purpose of section 879 of the U.K. ITA 2007) and would be within such charge as respects such payments apart from section 18A of
the U.K. CTA 2009, or (ii) a U.K. Lender which is (A) a company resident in the United Kingdom for United Kingdom tax purposes, or (B) a partnership each member of which is (x) a company so resident in the United Kingdom, or
(y) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the U.K.
CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the U.K. CTA 2009, or (C) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the U.K. CTA 2009) of that company, or (iii) a U.K. Treaty
Lender, or (b) a U.K. Lender which is a building society (as defined for the purposes of section 880 of the U.K. ITA 2007) making an advance under a Loan Document. 

“U.K. Revolving Borrowing” means a borrowing consisting of simultaneous U.K. Revolving Loans of the same Type, in the same
currency, and, in the case of Eurodollar Rate Loans or Alternative Currency Term Rate Loans, having the same Interest Period, made by each of the U.K. Lenders pursuant to Section 2.01(c). 

“U.K. Revolving Credit Exposure” means, as to any U.K. Lender at any time, the aggregate principal amount of such U.K.
Lender’s (a) outstanding U.K. Revolving Loans at such time, plus (b) participation in U.K. Swing Line Loans at such time. 

“U.K. Revolving Loan” has the meaning specified in Section 2.01(c). 

“U.K. Subsidiary” means a Subsidiary organized under the Laws of England and Wales. 

“U.K. Swing Line Alternative Currency Rate” means, for any day, with respect to any U.K. Swing Line Loan: 

(a) denominated in Sterling, the rate per annum equal to Simple SONIA determined pursuant to the definition thereof plus
the SONIA Adjustment; and 
 (b) denominated in Euros, the rate per annum equal to ESTR plus the ESTR Adjustment; 

provided, that, if any U.K. Swing Line Alternative Currency Rate shall be less than zero, such rate shall be deemed zero for purposes of
this Agreement. Any change in a U.K. Swing Line Alternative Currency Rate shall be effective from and including the date of such change without further notice. 

“U.K. Swing Line Alternative Currency Rate Loan” means a U.K. Swing Line Loan denominated in Euros or Sterling that bears
interest at a rate based on the definition of “U.K. Swing Line Alternative Currency Rate.” All U.K. Swing Line Alternative Currency Rate Loans are only available to the U.K. Borrowers and must be denominated in Euros or Sterling. 

  
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 “U.K. Swing Line Borrowing” means a borrowing of a U.K. Swing Line Loan
pursuant to Section 2.04. 
 “U.K. Swing Line Commitment” means, as to the U.K. Swing Line
Lender, the amount set forth opposite the U.K. Swing Line Lender’s name on Schedule 2.04 (as such Schedule may be updated from time to time pursuant to this Agreement). The U.K. Swing Line Commitment of the U.K. Swing Line Lender may be
modified from time to time by agreement among Ryder, the Administrative Agent, and the U.K. Swing Line Lender. Schedule 2.04 shall be deemed to be automatically updated to reflect any modification to the U.K. Swing Line Lender’s U.K.
Swing Line Commitment effected pursuant to the immediately preceding sentence. 
 “U.K. Swing Line Lender” means Bank of
America (through itself or through one of its designated Affiliates or branch offices), in its capacity as provider of U.K. Swing Line Loans hereunder. The definition of “U.K. Swing Line Lender” shall be deemed to be automatically updated
to reflect any replacement or resignation of the U.K. Swing Line Lender pursuant to Section 2.04(g)(iii), Section 2.04(h)(iii), or Section 11.06(f), as applicable. 

“U.K. Swing Line Loan” has the meaning specified in Section 2.04(a)(iii). 

“U.K. Swing Line Loan Notice” means a notice of a U.K. Swing Line Borrowing pursuant to
Section 2.04(b)(iii), which shall be substantially in the form of Exhibit C-3 or such other form as approved by the Administrative Agent and the U.K. Swing Line Lender
(including any form on an electronic platform or electronic transmission system as shall be approve by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the applicable U.K. Borrower. 

“U.K. Swing Line Overnight Dollar Rate” means, for any day, the annual rate of interest equal to LIBOR, or a comparable or
successor rate which rate is approved by the Administrative Agent, for overnight deposits in Dollars, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by
the Administrative Agent from time to time) at approximately 11:00 a.m. (London time) on such day; provided, that, if such rate shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement. 

“U.K. Swing Line Overnight Dollar Rate Loan” means a U.K. Swing Line Loan that bears interest based on the U.K. Swing Line
Overnight Dollar Rate. All U.K. Swing Line Overnight Dollar Rate Loans are only available to the U.K. Borrowers and shall be denominated in Dollars. 

“U.K. Swing Line Sublimit” means, as of any date of determination, an amount equal to the lesser of (a) $50,000,000, and
(b) the amount of the Aggregate U.K. Commitments as of such date. The U.K. Swing Line Sublimit is part of, and not in addition to, the Aggregate U.K. Commitments. 

“U.K. Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or
interest payable in connection with any failure to pay or any delay in paying of any of the same). 
 “U.K. Tax
Confirmation” means a confirmation by a U.K. Lender that the person beneficially entitled to interest payable to that U.K. Lender in respect of an advance under a Loan Document is either (a) a company resident in the United Kingdom for
United Kingdom tax purposes, or (b) a partnership each member of which is (i) a company so resident in the United Kingdom, or (ii) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through
a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the U.K. CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by

  
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reason of Part 17 of the U.K. CTA 2009, or (c) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which
brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the U.K. CTA 2009) of that company. 

“U.K. Tax Credit” means a credit against, relief or remission for, or repayment of any U.K. Tax. 

“U.K. Tax Deduction” means a deduction or withholding for, or on account of, Tax imposed by the United Kingdom from a payment
under a Loan Document, other than a FATCA Deduction. 
 “U.K. Tax Payment” means either the increase in a payment made by a
U.K. Borrower to a U.K. Lender under Section 3.01(k) or a payment under Section 3.01(k)(i). 

“U.K. Treaty” has the meaning assigned to such term in the definition of “U.K. Treaty State”. 

“U.K. Treaty Lender” means a U.K. Lender which (a) is treated as a resident of a U.K. Treaty State for the purposes of
the relevant U.K. Treaty, (b) does not carry on a business in the United Kingdom through a permanent establishment with which that U.K. Lender’s participation in the Loan is effectively connected, and (c) subject to the completion of
procedural formalities, fulfills any other conditions which must be fulfilled under the relevant U.K. Treaty to obtain full exemption from Tax imposed by the United Kingdom on payments of interest. 

“U.K. Treaty State” means a jurisdiction having a double taxation agreement with the United Kingdom (a “U.K.
Treaty”) which makes provision for full exemption from Tax imposed by the United Kingdom on interest. 
 “U.S.
Person” means any Person that is a “United States person” as defined in Section 7701(a) (30) of the Code. 

“U.S. Special Resolution Regimes” has the meaning specified in Section 11.22. 

“U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(g)(ii)(B)(iii). 

“UCP” means the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication
No. 600 (or such later version thereof as may be in effect at the applicable time). 
 “UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from
time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. 
 “United States” and “U.S.” mean the United States of
America. 
 “Unreimbursed Amount” has the meaning specified in Section 2.03(f). 

  
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 “VAT” means (a) any value added tax imposed by the Value Added Tax Act
1994, (b) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112), and (c) any other tax of a similar nature, whether imposed in the United Kingdom or in
a member state of the European Union in substitution for, or levied in addition to, such tax referred to in clause (a) or (b) above, or imposed elsewhere. 

“VAT Recipient” has the meaning specified in Section 3.01(j)(ii). 

“Withholding Agent” means Ryder and any Agent. 

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 

Section 1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document,
unless otherwise specified herein or in such other Loan Document: 
 (a) The definitions of terms herein shall apply equally
to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the
context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any organizational document) shall be construed as referring to such agreement, instrument or other document as from time
to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include
such Person’s permitted successors and permitted assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan
Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting
such law and any reference to any law, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

(b) In the computation of periods of time from a specified date to a later specified date, the word “from”
means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.” 

(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect
the interpretation of this Agreement or any other Loan Document. 

  
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 (d) Any reference herein to a merger, consolidation, amalgamation,
assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or
allocation), as if it were a merger, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate
Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person). 

(e) Any provision of Section 5.17, 6.16, or 7.06 shall not apply to or in favor of any
Person if and to the extent that it would result in a breach, by or in respect of that Person, of any applicable Blocking Law. 

Section 1.03 Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with,
and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the audited financial statements for Ryder for the fiscal year of Ryder ended December 31, 2020, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for
purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, (i) Indebtedness of Ryder and its Subsidiaries shall be deemed to be carried at one hundred percent (100%) of the
outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded, and (ii) all liability amounts shall be determined excluding
any liability relating to any operating lease, all asset amounts shall be determined excluding any right-of-use assets relating to any operating lease, all amortization
amounts shall be determined excluding any amortization of a right-of-use asset relating to any operating lease, and all interest amounts shall be determined excluding
any deemed interest comprising a portion of fixed rent payable under any operating lease, in each case to the extent that such liability, asset, amortization or interest pertains to an operating lease under which the covenantor or a member of its
consolidated group is the lessee and would not have been accounted for as such under GAAP as in effect on December 31, 2015. 

(b) Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either Ryder or the Required Lenders shall so request, the Administrative Agent, the Lenders and Ryder shall negotiate in good faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided, that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change
therein and (ii) the Borrowers shall provide to the Agents and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP. 
 (c) Consolidation of Variable Interest
Entities. All references herein to consolidated financial statements of Ryder and its Subsidiaries or to the determination of any amount for Ryder and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be
deemed to include each variable interest entity that Ryder is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein. 

  
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 Section 1.04 Rounding. Any financial ratios required to be
maintained by Ryder pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the
result up or down to the nearest number (with a rounding-up if there is no nearest number). 

Section 1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Eastern time (daylight or standard, as applicable). 
 Section 1.06 Letter of Credit Amounts.
Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, that, (a) with respect to
any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent
of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time, and (b) with respect to any Letter of Credit where the stated amount
decreases, the maximum stated amount of such Letter of Credit shall reflect such decrease solely after giving effect to such decrease. 

Section 1.07 Interest Rates. No Agent warrants, nor accepts responsibility, nor shall any Agent have any
liability with respect to the administration, submission or any other matter related to the rates in the definition of “Eurodollar Rate”, “Alternative Currency Daily Rate”, “Alternative Currency Term Rate”, “U.K.
Swing Line Overnight Dollar Rate”, “U.K. Swing Line Alternative Currency Rate”, or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an
alternative or replacement for or successor to any such rate (including, any Benchmark Replacement or any Successor Rate) or the effect of any of the foregoing, or of any Benchmark Replacement Conforming Changes or Conforming Changes. 

Section 1.08 Exchange Rates; Currency Equivalents. 

(a) The applicable Agent or the applicable Swing Line Lender, as applicable, shall determine the Dollar Equivalent amounts of
Credit Extensions and Outstanding Amounts denominated in Alternative Currencies (which determination shall be made no later than 4:00 p.m. (local time for such Agent or Swing Line Lender) on each applicable Revaluation Date). Such Dollar Equivalent
shall become effective as of such Revaluation Date and shall be the Dollar Equivalent of such amounts until the next Revaluation Date to occur. Except for purposes of financial statements delivered by Ryder hereunder or calculating financial
covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the applicable Agent or the
applicable Swing Line Lender, as applicable. 
 (b) Wherever in this Agreement in connection with a Revolving Borrowing of an
Alternative Currency Loan, or a conversion, continuation or prepayment of an Alternative Currency Loan, or a Canadian Swing Line Borrowing denominated in an Alternative Currency, or the prepayment of Canadian Swing Line Loans denominated in an
Alternative Currency, or a U.K. Swing Line Borrowing denominated in an Alternative Currency, or the prepayment of U.K. Swing Line Loans denominated in an Alternative Currency, an amount, such as a required minimum or multiple amount, is expressed in
Dollars, but such Borrowing or Loan is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit
being rounded upward), as determined by the applicable Agent or the applicable Swing Line Lender, as the case may be. 

  
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 Section 1.09 Change of Currency. 

(a) Each obligation of the Borrowers to make a payment denominated in the national currency unit of any member state of the
European Union that adopts the Euro as its lawful currency after the Closing Date shall be redenominated into Euro at the time of such adoption. If, in relation to the currency of any such member state, the basis of accrual of interest expressed in
this Agreement in respect of that currency shall be inconsistent with any convention or practice in the interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or
practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided, that, if any Borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement
shall take effect, with respect to such Borrowing, at the end of the then current Interest Period. 
 (b) Each provision of
this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant
market conventions or practices relating to the Euro. 
 (c) Each provision of this Agreement also shall be subject to such
reasonable changes of construction as the applicable Agent may from time to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency. 

Section 1.10 Amendment and Restatement. On the Closing Date, this Agreement shall amend, restate and
supersede the Existing Credit Agreement in its entirety, except as provided in this Section 1.10 (it being understood that this Agreement is not intended by the parties to be a novation of the Loan Documents (as defined in
the Existing Credit Agreement) or the credit facilities under the Existing Credit Agreement). On the Closing Date, the rights and obligations of the parties evidenced by the Existing Credit Agreement shall be evidenced by this Agreement and the
other Loan Documents. All references to the Existing Credit Agreement in any Loan Document or other document or instrument delivered in connection therewith shall be deemed to refer to this Agreement and the provisions hereof. Without limiting the
generality of the foregoing and to the extent necessary, the Lenders and the Agents reserve all of their rights under the Existing Credit Agreement, as amended and restated by this Agreement. 

All interest and fees and expenses, if any, owing or accruing under or in respect of the Existing Credit Agreement through the Closing Date
shall be calculated as of the Closing Date (pro-rated in the case of any fractional periods), and shall be paid on the Closing Date; provided, that, all Obligations (as defined in the Existing
Credit Agreement) outstanding on the Closing Date that are not repaid on the Closing Date immediately prior to or simultaneously with the effectiveness of this Agreement shall in all respects be continuing and shall be deemed to be Obligations
outstanding hereunder on the terms set forth herein. Commencing on the Closing Date, all fees hereunder shall be payable by the Borrowers to the Agents for the account of the Lenders in accordance with this Agreement. 

ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS 

Section 2.01 Revolving Loans. 

(a) Domestic Revolving Loans. Subject to the terms and conditions set forth herein, each Domestic Lender severally
agrees to make loans (each such loan, a “Domestic Revolving Loan”) in Dollars to Ryder from time to time on any Business Day during the Domestic Availability Period, in an aggregate amount not to exceed at any time outstanding the
amount of such Domestic 

  
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Lender’s Domestic Commitment; provided, that, after giving effect to any Domestic Revolving Borrowing, (i) the Total Domestic Outstandings shall not exceed the Aggregate
Domestic Commitments, and (ii) the Domestic Revolving Credit Exposure of any Domestic Lender shall not exceed such Domestic Lender’s Domestic Commitment. Within the limits of each Domestic Lender’s Domestic Commitment, and subject to
the other terms and conditions hereof, Ryder may borrow Domestic Revolving Loans under this Section 2.01(a), prepay Domestic Revolving Loans under Section 2.05(a), and reborrow Domestic Revolving
Loans under this Section 2.01(a). Domestic Revolving Loans may be Domestic Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

(b) Canadian Revolving Loans. Subject to the terms and conditions set forth herein, each Canadian Lender severally
agrees to make loans (each such loan, a “Canadian Revolving Loan”) in Dollars or Canadian Dollars to any Canadian Borrower from time to time on any Business Day during the Canadian Availability Period, in an aggregate amount not to
exceed at any time outstanding the amount of such Canadian Lender’s Canadian Commitment; provided, that, after giving effect to any Canadian Revolving Borrowing, (i) the Total Canadian Outstandings shall not exceed the
Aggregate Canadian Commitments, and (ii) the Canadian Revolving Credit Exposure of any Canadian Lender shall not exceed such Canadian Lender’s Canadian Commitment. Within the limits of each Canadian Lender’s Canadian Commitment, and
subject to the other terms and conditions hereof, each Canadian Borrower may borrow Canadian Revolving Loans under this Section 2.01(b), prepay Canadian Revolving Loans under Section 2.05(a), and
reborrow Canadian Revolving Loans under this Section 2.01(b). Canadian Revolving Loans may be Canadian Base Rate Loans, Eurodollar Rate Loans, or Canadian Prime Rate Loans, as further provided herein. 

(c) U.K. Revolving Loans. Subject to the terms and conditions set forth herein, each U.K. Lender severally agrees to
make loans (each such loan, a “U.K. Revolving Loan”) in Dollars, Euros, or Sterling to any U.K. Borrower from time to time on any Business Day during the U.K. Availability Period, in an aggregate amount not to exceed at any time
outstanding the amount of such U.K. Lender’s U.K. Commitment; provided, that, after giving effect to any U.K. Revolving Borrowing, (i) the Total U.K. Outstandings shall not exceed the Aggregate U.K. Commitments, and
(ii) the U.K. Revolving Credit Exposure of any U.K. Lender shall not exceed such U.K. Lender’s U.K. Commitment. Within the limits of each U.K. Lender’s U.K. Commitment, and subject to the other terms and conditions hereof, each U.K.
Borrower may borrow U.K. Revolving Loans under this Section 2.01(c), prepay U.K. Revolving Loans under Section 2.05(a), and reborrow U.K. Revolving Loans under this
Section 2.01(c). U.K. Revolving Loans may be Domestic Base Rate Loans, Eurodollar Rate Loans, Alternative Currency Daily Rate Loans, or Alternative Currency Term Rate Loans, as further provided herein. 

(d) PR Revolving Loans. Subject to the terms and conditions set forth herein, each PR Lender severally agrees to make
loans (each such loan, a “PR Revolving Loan”) in Dollars to any PR Borrower from time to time on any Business Day during the PR Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such PR
Lender’s PR Commitment; provided, that, after giving effect to any PR Revolving Borrowing, (i) the Total PR Outstandings shall not exceed the Aggregate PR Commitments, and (ii) the PR Revolving Credit Exposure of any PR
Lender shall not exceed such PR Lender’s PR Commitment. Within the limits of each PR Lender’s PR Commitment, and subject to the other terms and conditions hereof, each PR Borrower may borrow PR Revolving Loans under this
Section 2.01(d), prepay PR Revolving Loans under Section 2.05(a), and reborrow PR Revolving Loans under this Section 2.01(d). PR Revolving Loans may be Domestic Base Rate
Loans or Eurodollar Rate Loans, as further provided herein. 

  
 47 

 Section 2.02 Revolving Borrowings; Conversions and
Continuations of Revolving Loans. 
 (a) Each Domestic Revolving Borrowing, each conversion of Domestic Revolving Loans
from Eurodollar Rate Loans to Domestic Base Rate Loans, each conversion of Domestic Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, and each continuation of Eurodollar Rate Loans shall be made upon Ryder’s irrevocable
notice to the Administrative Agent, which may be given by telephone or a Domestic Loan Notice; provided, that, any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Domestic Loan Notice. Each
Domestic Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three (3) Business Days prior to the requested date of any Domestic Revolving Borrowing of, conversion to, or continuation of, Eurodollar Rate
Loans, or any conversion of Eurodollar Rate Loans to Domestic Base Rate Loans, and (ii) on the requested date of any Domestic Revolving Borrowing of Domestic Base Rate Loans; provided, that, if Ryder wishes to request Domestic
Revolving Loans that are Eurodollar Rate Loans having an Interest Period other than one (1), three (3), or six (6) months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the
Administrative Agent not later than 11:00 a.m. four (4) Business Days prior to the requested date of such Domestic Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans, whereupon the Administrative Agent shall give prompt
notice to the Domestic Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m., three (3) Business Days prior to the requested date of such Domestic Revolving
Borrowing, conversion or continuation of Eurodollar Rate Loans, the Administrative Agent shall notify Ryder (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Domestic Lenders. Each
Domestic Revolving Borrowing of, conversion to, or continuation of Eurodollar Rate Loans shall be in a minimum principal amount of $10,000,000 or a whole multiple of $500,000 in excess thereof. Except as provided in
Section 2.03(e)(ii) and Section 2.04(c)(i)(A), each Domestic Revolving Borrowing of or conversion to Domestic Base Rate Loans shall be in a minimum principal amount of $500,000 or a whole multiple
of $100,000 in excess thereof. Each Domestic Loan Notice shall specify (A) whether Ryder is requesting a Domestic Revolving Borrowing, a conversion of Domestic Revolving Loans from Eurodollar Rate Loans to Domestic Base Rate Loans, a conversion
of Domestic Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, or a continuation of Eurodollar Rate Loans, (B) the requested date of such Domestic Revolving Borrowing, conversion or continuation, as the case may be (which
shall be a Business Day), (C) the principal amount of the Domestic Revolving Loans to be borrowed, converted or continued, (D) the Type of Domestic Revolving Loans to be borrowed or to which existing Domestic Revolving Loans are to be
converted, and (E) if applicable, the duration of the Interest Period with respect thereto. If Ryder fails to specify a Type of Domestic Revolving Loan in a Domestic Loan Notice or if Ryder fails to give a timely notice requesting a conversion
or continuation, then the applicable Revolving Loans shall be made as, or converted to, Domestic Base Rate Loans. 
 (b) Each
Canadian Revolving Borrowing, each conversion of Canadian Revolving Loans from Eurodollar Rate Loans to Canadian Base Rate Loans, each conversion of Canadian Revolving Loans from Canadian Base Rate Loans to Eurodollar Rate Loans, and each
continuation of Eurodollar Rate Loans shall be made upon the applicable Canadian Borrower’s irrevocable notice to the Canadian Agent, which may be given by telephone or a Loan Notice; provided, that, any telephonic notice must be
confirmed immediately by delivery to the Canadian Agent of a Loan Notice. Each Loan Notice must be received by the Canadian Agent not later than 12:00 noon (Toronto time) (i) three (3) Business Days prior to the requested date of any Canadian
Revolving Borrowing of, conversion to, or continuation of, Eurodollar Rate Loans, or any conversion of Eurodollar Rate Loans to Canadian Base Rate Loans and (ii) one (1) Business Day prior to the

  
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requested date of any Canadian Revolving Borrowing of Canadian Base Rate Loans or Canadian Prime Rate Loans; provided, that, if the applicable Canadian Borrower wishes to request
Canadian Revolving Loans that are Eurodollar Rate Loans having an Interest Period other than one (1), three (3), or six (6) months in duration as provided in the definition of “Interest Period,” the applicable notice must be received
by the Canadian Agent not later than 12:00 noon (Toronto time) four (4) Business Days prior to the requested date of such Canadian Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans, whereupon the Canadian Agent shall give
prompt notice to the Canadian Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 12:00 noon (Toronto time), three (3) Business Days prior to the requested date of such
Canadian Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans, the Canadian Agent shall notify the applicable Canadian Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to
by all the Canadian Lenders. Except as provided in Section 2.04(c)(ii)(A), each Canadian Revolving Borrowing, conversion, or continuation of Eurodollar Rate Loans, Canadian Base Rate Loans, or Canadian Prime Rate Loans
shall be in a minimum principal amount of C$3,000,000 (or the Dollar Equivalent thereof, as applicable) or a whole multiple of C$100,000 (or the Dollar Equivalent thereof, as applicable) in excess thereof. Each Loan Notice shall specify
(A) whether the applicable Canadian Borrower is requesting a Canadian Revolving Borrowing, a conversion of Canadian Revolving Loans from Eurodollar Rate Loans to Canadian Base Rate Loans, a conversion of Canadian Revolving Loans from Canadian
Base Rate Loans to Eurodollar Rate Loans, or a continuation of Eurodollar Rate Loans, (B) the requested date of such Canadian Revolving Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (C) the currency
and principal amount of the Canadian Revolving Loans to be borrowed, converted or continued, (D) the Type of Canadian Revolving Loans to be borrowed or to which existing Canadian Revolving Loans are to be converted, (E) if applicable, the
duration of the Interest Period with respect thereto, and (F) the applicable Canadian Borrower. If the applicable Canadian Borrower fails to specify a currency in a Loan Notice requesting a Canadian Revolving Borrowing, then the Revolving Loans
so requested shall be made in Canadian Dollars. If the applicable Canadian Borrower fails to specify a Type of Canadian Revolving Loan in a Loan Notice or if such Canadian Borrower fails to give a timely notice requesting a conversion or
continuation, then the applicable Revolving Loans shall be made as, or converted to, Canadian Prime Rate Loans. Except as otherwise provided in this Agreement, no Canadian Revolving Loan may be converted into or continued as a Canadian Revolving
Loan denominated in a different currency, but instead must be repaid in the original currency of such Canadian Revolving Loan and reborrowed in the other currency. 

(c) Each U.K. Revolving Borrowing, each conversion of U.K. Revolving Loans from Eurodollar Rate Loans to Domestic Base Rate
Loans, each conversion of U.K. Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, and each continuation of Eurodollar Rate Loans or Alternative Currency Term Rate Loans shall be made upon the applicable U.K. Borrower’s
irrevocable notice to the Administrative Agent, which may be given by telephone or a U.K. Loan Notice; provided, that, any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a U.K. Loan Notice.
Each U.K. Loan Notice must be received by the Administrative Agent not later than (i) 12:00 noon (London time) (A) three (3) Business Days prior to the requested date of any U.K. Revolving Borrowing of, conversion to, or continuation of
Eurodollar Rate Loans, or any conversion of Eurodollar Rate Loans to Domestic Base Rate Loans, and (B) three (3) Business Days prior to the requested date of any U.K. Revolving Borrowing of Alternative Currency Loans, or any continuation of
Alternative Currency Term Rate Loans, and (ii) 11:00 a.m. (Eastern time) on the requested date of any U.K. Revolving Borrowing of Domestic Base Rate Loans; provided, that, if the applicable U.K. Borrower wishes to request U.K.
Revolving Loans that are Eurodollar Rate Loans or Alternative Currency Term Rate Loans having an Interest 

  
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Period other than one (1), three (3), or six (6) months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative
Agent not later than 12:00 noon (London time) four (4) Business Days prior to the requested date of such U.K. Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans or Alternative Currency Term Rate Loans, whereupon the
Administrative Agent shall give prompt notice to the U.K. Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 12:00 noon (London time), three (3) Business Days prior to the
requested date of such U.K. Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans or Alternative Currency Term Rate Loans, the Administrative Agent shall notify the applicable U.K. Borrower (which notice may be by telephone)
whether or not the requested Interest Period has been consented to by all the U.K. Lenders. Except as provided in Section 2.04(c)(iii)(A), Each U.K. Revolving Borrowing or continuation of Eurodollar Rate Loans, and each
U.K. Revolving Borrowing, conversion or continuation of Alternative Currency Loans shall be in a minimum principal amount of $1,000,000 if denominated in Dollars, £500,000 if denominated in Sterling, or EUR1,000,000 if denominated in Euro or a
whole multiple of $500,000 if denominated in Dollars, £100,000 if denominated in Sterling, or EUR500,000 if denominated in Euro in excess thereof. Each U.K. Revolving Borrowing of or conversion to Domestic Base Rate Loans shall be in a minimum
principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each U.K. Loan Notice shall specify (1) whether the applicable U.K. Borrower is requesting a U.K. Revolving Borrowing, a conversion of U.K. Revolving Loans from
Eurodollar Rate Loans to Domestic Base Rate Loans, a conversion of U.K. Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, a continuation of Eurodollar Rate Loans, or a continuation of Alternative Currency Term Rate Loans,
(2) the requested date of such U.K. Revolving Borrowing or continuation, as the case may be (which shall be a Business Day), (3) the currency and principal amount of the U.K. Revolving Loans to be borrowed or continued, (4) the Type of
U.K. Revolving Loans to be borrowed, (5) if applicable, the duration of the Interest Period with respect thereto, and (6) the applicable U.K. Borrower. If the applicable U.K. Borrower fails to specify a currency in a U.K. Loan Notice
requesting a U.K. Revolving Borrowing, then the Revolving Loans so requested shall be made in Sterling. If the applicable U.K. Borrower fails to timely request a continuation of Eurodollar Rate Loans or Alternative Currency Term Rate Loans, as
applicable, such U.K. Revolving Loans shall be continued as Eurodollar Rate Loans or Alternative Currency Term Rate Loans, as applicable in their original currency with an Interest Period of one (1) month. If the applicable U.K. Borrower
requests a U.K. Revolving Borrowing of, or continuation of, Eurodollar Rate Loans or Alternative Currency Term Rate Loans in any such U.K. Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period
of one (1) month. Except as otherwise provided in this Agreement, no U.K. Revolving Loan may be converted into or continued as a U.K. Revolving Loan denominated in a different currency, but instead must be repaid in the original currency of
such U.K. Revolving Loan and reborrowed in the other currency. 
 (d) Each PR Revolving Borrowing, each conversion of PR
Revolving Loans from Eurodollar Rate Loans to Domestic Base Rate Loans, each conversion of PR Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, and each continuation of Eurodollar Rate Loans shall be made upon the applicable PR
Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone or a PR Loan Notice; provided, that, any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a PR
Loan Notice. Each PR Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three (3) Business Days prior to the requested date of any PR Revolving Borrowing of, conversion to, or continuation of, Eurodollar Rate
Loans, or any conversion of Eurodollar Rate Loans to Domestic Base Rate Loans, and (ii) on the requested date of any PR Revolving Borrowing of Domestic Base Rate Loans; provided, that, if the applicable PR Borrower wishes to
request PR Revolving Loans that are Eurodollar Rate Loans having an Interest Period other than one (1), three 

  
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(3), or six (6) months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 a.m.
four (4) Business Days prior to the requested date of such PR Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans, whereupon the Administrative Agent shall give prompt notice to the PR Lenders of such request and determine
whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m., three (3) Business Days prior to the requested date of such PR Revolving Borrowing, conversion or continuation of Eurodollar Rate Loans, the
Administrative Agent shall notify the applicable PR Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the PR Lenders. Each PR Revolving Borrowing of, conversion to, or continuation
of Eurodollar Rate Loans shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess thereof. Each PR Revolving Borrowing of or conversion to Domestic Base Rate Loans shall be in a minimum principal amount of
$100,000 or a whole multiple of $100,000 in excess thereof. Each PR Loan Notice shall specify (A) whether the applicable PR Borrower is requesting a PR Revolving Borrowing, a conversion of PR Revolving Loans from Eurodollar Rate Loans to
Domestic Base Rate Loans, a conversion of PR Revolving Loans from Domestic Base Rate Loans to Eurodollar Rate Loans, or a continuation of Eurodollar Rate Loans, (B) the requested date of such PR Revolving Borrowing, conversion or continuation,
as the case may be (which shall be a Business Day), (C) the principal amount of the PR Revolving Loans to be borrowed, converted or continued, (D) the Type of PR Revolving Loans to be borrowed or to which existing PR Revolving Loans are to be
converted, (E) if applicable, the duration of the Interest Period with respect thereto, and (F) the applicable PR Borrower. If the applicable PR Borrower fails to specify a Type of PR Revolving Loan in a PR Loan Notice or if the applicable
PR Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Revolving Loans shall be made as, or converted to, Domestic Base Rate Loans. 

(e) Following receipt of a Loan Notice, the applicable Agent shall promptly notify each applicable Lender of the amount and
currency of its Applicable Percentage of the applicable Revolving Loans, and if no timely notice of a conversion or continuation is provided by the applicable Borrower, the Administrative Agent shall notify each Lender of the details of any
automatic conversion to Base Rate Loans, continuation of Eurodollar Rate Loans or continuation of Alternative Currency Term Rate Loans described in Section 2.02(a), 2.02(b), 2.02(c), or 2.02(d), as
applicable. In the case of a Revolving Borrowing, each Lender shall make the amount of its Revolving Loan available to the applicable Agent in Same Day Funds at the Head Office for the applicable Agent for the applicable currency not later than 1:00
p.m. (local time for the applicable Agent, or in connection with any U.K. Revolving Borrowing (other than a U.K. Revolving Borrowing of Domestic Base Loans), London time), in the case of Revolving Loans denominated in Dollars, and not later than the
Applicable Time, in the case of any Revolving Loan denominated in an Alternative Currency, in each case, on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in
Section 4.02 (and, if such Revolving Borrowing is the initial Credit Extension, Section 4.01), the applicable Agent shall make all funds so received available to the applicable Borrower in like
funds as received by such Agent either by (i) crediting the account of such Borrower on the books of the applicable Agent with the amount of such funds, or (ii) wire transfer of such funds, in each case in accordance with instructions
provided to (and reasonably acceptable to) the applicable Agent by such Borrower; provided, that, in connection with a Domestic Revolving Borrowing, if, on the date the Domestic Loan Notice with respect to such Domestic Revolving
Borrowing is given by Ryder, there are Unreimbursed Amounts outstanding, then the proceeds of such Domestic Revolving Borrowing, first, shall be applied to the payment in full of any such Unreimbursed Amounts, and second, shall be made
available to Ryder as provided above. 

  
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 (f) Except as otherwise provided herein, a Eurodollar Rate Loan or an
Alternative Currency Term Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan or such Alternative Currency Term Rate Loan, as applicable. During the existence of an Event of Default,
(i) no Domestic Revolving Loans may be requested as, converted to, or continued as Eurodollar Rate Loans without the consent of the Required Domestic Lenders, (ii) no Canadian Revolving Loans may be requested as, converted to, or continued
as Eurodollar Rate Loans without the consent of the Required Canadian Lenders, (iii) no U.K. Revolving Loans may be requested as or continued as Eurodollar Rate Loans or Alternative Currency Term Rate Loans, as applicable, without the consent
of the Required U.K. Lenders, and (iv) no PR Revolving Loans may be requested as, converted to, or continued as Eurodollar Rate Loans without the consent of the Required PR Lenders. 

(g) After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type to the other, and all
continuations of Revolving Loans of the same Type, there shall not be more than twenty (20) Interest Periods in effect with respect to the Revolving Loans. 

(h) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the
portion of its Revolving Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by Ryder, the applicable Agent, and
such Lender. 
 (i) With respect to any Alternative Currency Daily Rate, the Administrative Agent will have the right to make
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document (other than Ryder’s right to be consulted pursuant to the definition of Conforming Changes), any amendments implementing
such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; provided, that, with respect to any such amendment effected, the Administrative Agent
shall post each such amendment implementing such Conforming Changes to Ryder and the Lenders reasonably promptly after such amendment becomes effective. 

(j) For the avoidance of doubt, this Section 2.02 shall not apply to Domestic Swing Line Loans,
Canadian Swing Line Loans, or U.K. Swing Line Loans. 
 Section 2.03 Letters of Credit. 

(a) General. Subject to the terms and conditions set forth herein, in addition to the Domestic Revolving Loans provided
for in Section 2.01(a), Ryder may request any L/C Issuer, in reliance on the agreements of the Domestic Lenders set forth in this Section 2.03, to issue, at any time and from time to time during
the Domestic Availability Period, Letters of Credit denominated in Dollars for its own account or the account of any of its Domestic Subsidiaries in such form as is acceptable to the applicable L/C Issuer in its reasonable determination. Letters of
Credit issued hereunder shall constitute utilization of the Aggregate Domestic Commitments. 
 (b) Notice of Issuance,
Amendment, Extension, Reinstatement or Renewal. To request the issuance of a Letter of Credit (or the amendment of the terms and conditions, extension of the terms and conditions, extension of the expiration date, or reinstatement of amounts
paid, or renewal of an outstanding Letter of Credit), Ryder shall deliver (or transmit by electronic communication, if arrangements for doing so have been approved by the applicable L/C Issuer) to 

  
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the L/C Issuer selected by it and to the Administrative Agent not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and such L/C
Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be
amended, extended, reinstated or renewed, and specifying the date of issuance, amendment, extension, reinstatement or renewal (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with
Section 2.03(d)), the amount of such Letter of Credit, the name and address of the beneficiary thereof, the purpose and nature of the requested Letter of Credit and such other information as shall be necessary to prepare,
amend, extend, reinstate or renew such Letter of Credit. If requested by the applicable L/C Issuer, Ryder also shall submit a Letter of Credit Application and reimbursement agreement on such L/C Issuer’s standard form in connection with any
request for a Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Application, any reimbursement agreement, any other Issuer Document or any
other agreement submitted by Ryder to, or entered into by Ryder with, the applicable L/C Issuer relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 

If Ryder so requests in any applicable Letter of Credit Application (or the amendment of an outstanding Letter of Credit), the
applicable L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided, that, any such Auto-Extension Letter
of Credit shall permit such L/C Issuer to prevent any such extension at least once in each twelve (12)-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a
day (the “Non-Extension Notice Date”) in each such twelve (12)-month period to be agreed upon by Ryder and such L/C Issuer at the time such Letter of Credit is issued. Unless otherwise
directed by the applicable L/C Issuer, Ryder shall not be required to make a specific request to such L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Domestic Lenders shall be deemed to have authorized
(but may not require) the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to an expiration date not later than the date permitted pursuant to Section 2.03(d); provided, that,
such L/C Issuer shall not (i) permit any such extension if (A) such L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised (as extended) form under
the terms hereof (except that the expiration date may be extended to a date that is no more than one (1) year from the then-current expiration date), or (B) it has received notice (which may be in writing or by telephone (if promptly
confirmed in writing)) on or before the day that is five (5) Business Days before the Non-Extension Notice Date from the Administrative Agent that the Required Domestic Lenders have elected not to permit
such extension, or (ii) be obligated to permit such extension if it has received notice (which may be in writing or by telephone (if promptly confirmed in writing)) on or before the day that is five (5) Business Days before the Non-Extension Notice Date from the Administrative Agent or Ryder that one or more of the applicable conditions set forth in Section 4.02 is not then satisfied, and in each such case
directing such L/C Issuer not to permit such extension. 
 If any Letter of Credit contains provisions providing for
automatic reinstatement of the stated amount after any drawing thereunder, (i) unless otherwise directed by the L/C Issuer, Ryder and/or any of its Domestic Subsidiaries shall not be required to make a specific request to the L/C Issuer to
permit such reinstatement, and (ii) the Administrative Agent and the Domestic Lenders hereby authorize and direct the L/C Issuer to permit such automatic reinstatement, whether or not a Default then exists, unless the Issuing Bank has received
a notice (which may be by telephone or in writing) on or before the day that is two Business Days before the reinstatement date from any Administrative gent, the Required Domestic Lenders or any Borrower that one or more of the applicable conditions
specified in Section 4.02 is not then satisfied and directing the L/C Issuer to cease permitting such automatic reinstatement of such Letter of Credit. 

  
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 Promptly after its delivery of any Letter of Credit or any amendment to a
Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to Ryder and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

(c) Limitations on Amounts, Issuance and Amendment. 

(i) A Letter of Credit shall be issued, amended, extended, reinstated or renewed only if (and upon issuance, amendment,
extension, reinstatement or renewal of each Letter of Credit, Ryder shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, extension, reinstatement or renewal (A) the aggregate amount of the outstanding
Letters of Credit issued by any L/C Issuer shall not exceed its L/C Commitment, (B) the aggregate L/C Obligations shall not exceed the Letter of Credit Sublimit, (C) the Domestic Revolving Credit Exposure of any Domestic Lender shall not
exceed such Domestic Lender’s Domestic Commitment, and (D) the Total Domestic Outstandings shall not exceed the Aggregate Domestic Commitments. 

(ii) No L/C Issuer shall be under any obligation to issue any Letter of Credit if: 

(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain
such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit,
or request that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital
requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such
L/C Issuer in good faith deems material to it; 
 (B) the issuance of such Letter of Credit would violate one or more
policies of such L/C Issuer applicable to letters of credit generally; 
 (C) except as otherwise agreed by the
Administrative Agent and such L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000, in the case of a commercial Letter of Credit, or $100,000, in the case of a standby Letter of Credit; 

(D) such Letter of Credit is to be denominated in a currency other than Dollars; 

  
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 (E) any Domestic Lender is at that time a Defaulting Lender, unless such
L/C Issuer has been Cash Collateralized in accordance with Section 2.16(a) or otherwise entered into arrangements satisfactory to such L/C Issuer (in its reasonable discretion) with Ryder or such Domestic Lender to
eliminate such L/C Issuer’s actual or potential Fronting Exposure (determined after giving effect to Section 2.17(a)(iv) and any Cash Collateral provided by such Defaulting Lender) with respect to the Defaulting Lender
arising from either such Letter of Credit then proposed to be issued or such Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure; or 

(F) subject to Section 2.03(b), the Letter of Credit contains any provisions for automatic
reinstatement of the stated amount after any drawing thereunder. 
 (iii) No L/C Issuer shall be under any obligation to
amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed
amendment to the Letter of Credit. 
 (d) Expiration Date. Each Letter of Credit shall have a stated expiration date
no later than the earlier of the date that is five (5) Business Days prior to the Maturity Date. 
 (e)
Participations. 
 (i) By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount or extending the expiration date thereof), and without any further action on the part of the applicable L/C Issuer or the Domestic Lenders, such L/C Issuer hereby grants to each Domestic Lender, and each Domestic Lender hereby acquires from
such L/C Issuer, a participation in such Letter of Credit equal to such Domestic Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each Domestic Lender acknowledges and agrees that its
obligation to acquire participations pursuant to this Section 2.03(e)(i) in respect of Letters of Credit is absolute, unconditional and irrevocable and shall not be affected by any circumstance whatsoever, including any
amendment, extension, reinstatement or renewal of any Letter of Credit, the occurrence and continuance of a Default, a reduction of any Domestic Commitments, or the termination of the Aggregate Domestic Commitments. Each Domestic Lender further
acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Domestic Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit at each
time such Domestic Lender’s Domestic Commitment is amended pursuant to the provisions of this Agreement. 
 (ii) In
consideration and in furtherance of the foregoing, upon receipt of any Non-Reimbursement Notice, each Domestic Lender hereby absolutely, unconditionally and irrevocably agrees to pay to the Administrative
Agent, for account of the applicable L/C Issuer, such Domestic Lender’s Applicable Percentage of each L/C Disbursement made by such L/C Issuer not later than 1:00 p.m. on the Business Day specified in such
Non-Reimbursement Notice, until such L/C Disbursement is reimbursed by Ryder or at any time after any reimbursement payment is required to be refunded to Ryder for any reason, including after the Maturity
Date. Such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each such payment shall be made in the same manner as provided in Section 2.02 (but without regard to the minimum and
multiples specified therein for the principal amount of Domestic Revolving Loans that are Domestic Base Rate Loans) with respect to Domestic Revolving Loans made by such Domestic Lender (and Section 2.02 shall apply,
mutatis mutandis, to the payment obligations of the Lenders pursuant to this Section 2.03(e)(ii)). The Administrative Agent shall promptly pay 

  
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to the applicable L/C Issuer the amounts so received by it from the Domestic Lenders. Promptly following receipt by the Administrative Agent of any payment from Ryder pursuant to
Section 2.03(f), the Administrative Agent shall distribute such payment to the applicable L/C Issuer or, to the extent that the Domestic Lenders have made payments pursuant to this Section 2.03(e)
to reimburse such L/C Issuer, then to such Domestic Lenders and such L/C Issuer as their interests may appear. Any payment made by a Domestic Lender pursuant to this Section 2.03(e) to reimburse the applicable L/C Issuer
for any L/C Disbursement (other than, for the avoidance of doubt, any Domestic Revolving Loan made by a Domestic Lender pursuant to the first proviso set forth in Section 2.03(f)) shall not constitute a Domestic Revolving
Loan and, in any event, shall not relieve Ryder of its obligation to reimburse such L/C Disbursement. 
 (iii) If any
Domestic Lender fails to make available to the Administrative Agent for the account of the applicable L/C Issuer any amount required to be paid by such Domestic Lender pursuant to the foregoing provisions of this
Section 2.03(e), then, without limiting the other provisions of this Agreement, such L/C Issuer shall be entitled to recover from such Domestic Lender (acting through the Administrative Agent), on demand, such amount with
interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the applicable Overnight Rate and a rate determined by
such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing. A certificate of the applicable
L/C Issuer submitted to any Domestic Lender (through the Administrative Agent) with respect to any amounts owing under this Section 2.03(e)(iii) shall be conclusive absent manifest error. 

(f) Reimbursement. If any L/C Issuer shall make any L/C Disbursement in respect of a Letter of Credit, Ryder shall
reimburse such L/C Issuer in respect of such L/C Disbursement by paying to the Administrative Agent an amount equal to such L/C Disbursement not later than 1:00 p/m/ on (i) the Business Day that Ryder receives notice of such L/C Disbursement,
if such notice is received prior to 11:00 a.m., or (ii) the Business Day immediately following the day that Ryder receives such notice, if such notice is not received prior to such time; provided, that, Ryder may, subject to the
conditions to borrowing set forth herein (without regard to the notice requirement, minimum principal amount and multiples specified in Section 2.02), request in accordance with Section 2.02 that
such payment be financed with a Domestic Revolving Borrowing of Domestic Base Rate Loans in an equivalent amount and, to the extent so financed, Ryder’s obligation to make such payment shall be deemed to have been satisfied and replaced by the
resulting Domestic Revolving Borrowing of Domestic Base Rate Loans. If Ryder fails to make such payment when due, the Administrative Agent shall notify each Domestic Lender of the applicable L/C Disbursement, the payment then due from Ryder in
respect thereof (the “Unreimbursed Amount”) and such Domestic Lender’s Applicable Percentage thereof (each such notice, a “Non-Reimbursement Notice”). Promptly upon
receipt of any Non-Reimbursement Notice, each Domestic Lender shall pay to the Administrative Agent its Applicable Percentage of the Unreimbursed Amount pursuant to
Section 2.03(e)(ii), subject to the amount of the unutilized portion of the Aggregate Domestic Commitments. Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this
Section 2.03(f) may be given by telephone if promptly confirmed in writing; provided, that, the lack of such a prompt confirmation shall not affect the conclusiveness or binding effect of such notice. 

  
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 (g) Obligations Absolute. Ryder’s obligation to reimburse L/C
Disbursements as provided in Section 2.03(f) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of: 
 (i) any lack of validity or enforceability of this Agreement, any other Loan Document or any Letter of
Credit, or any term or provision herein or therein; 
 (ii) the existence of any claim, counterclaim, setoff, defense or
other right that Ryder or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), any L/C Issuer or any other Person,
whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii) any draft, demand, certificate or other document presented under a Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement in such draft or other document being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit; 
 (iv) honor of a demand for payment presented electronically even if such Letter of Credit required that
demand be in the form of a draft; 
 (v) payment by the applicable L/C Issuer under a Letter of Credit against presentation
of a draft or other document that does not comply strictly with the terms of such Letter of Credit; or any payment made by any L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter
of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; 
 (vi) any adverse change in
the relevant currency markets generally; or 
 (vii) any other event or circumstance whatsoever, whether or not similar to
any of the foregoing, that might, but for the provisions of this Section 2.03, constitute a legal or equitable discharge of, or provide a right of setoff against, Ryder’s obligations hereunder. 

(h) Examination. Ryder shall promptly examine a copy of each Letter of Credit and each amendment thereto that is
delivered to it and, in the event of any claim of noncompliance with Ryder’s instructions or other irregularity, Ryder will immediately notify the applicable L/C Issuer. Ryder shall be conclusively deemed to have waived any such claim against
each L/C Issuer and its correspondents unless such notice is given as aforesaid. 
 (i) Liability. None of the
Administrative Agent, any Domestic Lender, any L/C Issuer, or any of their respective Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by the applicable
L/C Issuer or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in Section 2.03(g)), or any error, omission, interruption, loss or delay in transmission or delivery
of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising
from causes beyond the control 

  
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of the applicable L/C Issuer; provided, that, the foregoing shall not be construed to excuse any L/C Issuer from liability to Ryder to the extent of any direct damages (as opposed
to consequential damages) suffered by Ryder that are caused by the such L/C Issuer’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof or such L/C
Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. The parties hereto expressly
agree that, in the absence of gross negligence or willful misconduct on the part of any L/C Issuer (as finally determined by a court of competent jurisdiction), such L/C Issuer shall be deemed to have exercised care in each such determination, and
that: (i) such L/C Issuer may replace a purportedly lost, stolen, or destroyed original Letter of Credit or missing amendment thereto with a certified true copy marked as such or waive a requirement for its presentation; (ii) such L/C
Issuer may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make
payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit and without regard to any non-documentary condition in such Letter of
Credit; (iii) such L/C Issuer shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; and (iv) this
sentence shall establish the standard of care to be exercised by such L/C Issuer when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent
permitted by applicable Law, any standard of care inconsistent with the foregoing). 
 Without limiting the foregoing, none
of the Administrative Agent, any Domestic Lender, any L/C Issuer or any of their respective Related Parties shall have any liability or responsibility by reason of (A) any presentation that includes forged or fraudulent documents or that is
otherwise affected by the fraudulent, bad faith, or illegal conduct of the beneficiary or other Person, (B) any L/C Issuer declining to take-up documents and make payment (1) against documents that
are fraudulent, forged, or for other reasons by which that it is entitled not to honor, or (2) following Ryder’s waiver of discrepancies with respect to such documents or request for honor of such documents, or (C) any L/C Issuer
retaining proceeds of a Letter of Credit based on an apparently applicable attachment order, blocking regulation, or third-party claim notified to such L/C Issuer. 

(j) Applicability of ISP. Unless otherwise expressly agreed by the applicable L/C Issuer and Ryder, when a Letter of
Credit is issued by it (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit and (ii) the rules of the UCP shall apply to each commercial Letter of
Credit. 
 (k) Benefits. Each L/C Issuer shall act on behalf of the Domestic Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and each L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by
such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX included
such L/C Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to such L/C Issuer. 

(l) Letter of Credit Fees. Ryder shall pay to the Administrative Agent for the account of each Domestic Lender in
accordance, subject to Section 2.17, with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable

  
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Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of
such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the first (1st) Business Day after
the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Maturity Date and thereafter on demand, and (ii) computed on a quarterly basis in arrears. If
there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such
Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Domestic Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. 

(m) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers. Ryder shall pay directly to the
applicable L/C Issuer for its own account a fronting fee with respect to each Letter of Credit at the rate per annum equal to the percentage separately agreed upon between Ryder and such L/C Issuer, computed on the daily amount available to be drawn
under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on the first (1st) Business Day after the end of each March, June, September and December in
respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Maturity Date and thereafter on demand. For
purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, Ryder shall pay directly to the
applicable L/C Issuer for its own account, in Dollars, the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect.
Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. 
 (n)
Disbursement Procedures. The applicable L/C Issuer shall, within the time allowed by applicable Laws or the specific terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for
payment under such Letter of Credit. The applicable L/C Issuer shall promptly after such examination notify the Administrative Agent and Ryder in writing of such demand for payment if such L/C Issuer has made or will make a L/C Disbursement
thereunder; provided, that, any failure to give or delay in giving such notice shall not relieve Ryder of its obligation to reimburse such L/C Issuer and the Domestic Lenders with respect to any such L/C Disbursement. 

(o) Interim Interest. If any L/C Issuer shall make any L/C Disbursement, then, unless Ryder shall reimburse such L/C
Disbursement in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such L/C Disbursement is made to but excluding the date that Ryder reimburses such L/C
Disbursement, at the rate per annum then applicable to Domestic Base Rate Loans; provided, that, if Ryder fails to reimburse such L/C Disbursement when due pursuant to Section 2.03(f), then
Section 2.08(b) shall apply. Interest accrued pursuant to this Section 2.03(o) shall be for account of the applicable L/C Issuer, except that interest accrued on and after the date of payment by
any Domestic Lender pursuant to Section 2.03(f) to reimburse such L/C Issuer shall be for account of such Domestic Lender to the extent of such payment. 

  
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 (p) Replacement of any L/C Issuer. Any L/C Issuer may be replaced at
any time by written agreement among Ryder, the Administrative Agent, the replaced L/C Issuer, and the successor L/C Issuer. The Administrative Agent shall notify the Domestic Lenders of any such replacement of any L/C Issuer. At the time any such
replacement shall become effective, Ryder shall pay all unpaid fees accrued for the account of the replaced L/C Issuer. From and after the effective date of any such replacement, (i) the successor L/C Issuer shall have all the rights and
obligations of a L/C Issuer under this Agreement with respect to Letters of Credit to be issued by it thereafter, and (ii) references herein to the term “L/C Issuer” shall be deemed to include such successor or any previous L/C
Issuer, or such successor and all previous L/C Issuers, as the context shall require. After the replacement of any L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations of
a L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. Schedule 2.03 shall be deemed to be automatically updated to reflect
the L/C Commitment of any Person that becomes a L/C Issuer after the Closing Date pursuant to this Section 2.03(p). 

(q) Cash Collateralization. Without limiting Section 2.03(d), on the Business Day that Ryder
receives notice from the Administrative Agent or the applicable L/C Issuer if any L/C Obligations remain outstanding after the expiration date specified in Section 2.03(d), Ryder shall immediately deposit into an account
established and maintained on the books and records of the Administrative Agent an amount in cash equal to the Minimum Collateral Amount as collateral for such L/C Obligations. 

Cash Collateral deposited pursuant to this Section 2.03(q) shall be applied by the Administrative
Agent to reimburse the applicable L/C Issuer for L/C Disbursements for which it has not been reimbursed, together with related fees, costs, and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction of
the reimbursement obligations of Ryder for the L/C Obligations at such time or, if the maturity of the Domestic Revolving Loans and Domestic Swing Line Loans has been accelerated (but subject to the consent of Domestic Lenders with L/C Obligations
representing at least fifty percent (50%) of the total L/C Obligations), be applied to satisfy other obligations of Ryder under this Agreement. 

(r) Letters of Credit Issued for Domestic Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding
hereunder is in support of any obligations of, or is for the account of, a Domestic Subsidiary, Ryder shall be obligated to reimburse, indemnify and compensate the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit
as if such Letter of Credit had been issues solely for the account of Ryder. Ryder irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Domestic Subsidiary
in respect of such Letter of Credit. Ryder hereby acknowledges that the issuance of Letters of Credit for the account of Domestic Subsidiaries inures to the benefit of Ryder, and that Ryder’s business derives substantial benefits from the
businesses of such Domestic Subsidiaries. 
 (s) L/C Issuer Reports to the Administrative Agent. Unless otherwise
agreed by the Administrative Agent, each L/C Issuer shall, in addition to its notification obligations set forth elsewhere in this Section 2.03, provide the Administrative Agent a Letter of Credit Report, as set forth
below: 
 (i) reasonably prior to the time that such L/C Issuer issues, amends, renews, increases or extends a Letter of
Credit, the date of such issuance, amendment, renewal, increase or extension and the stated amount of the applicable Letters of Credit after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have
changed); 

  
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 (ii) on each Business Day on which such L/C Issuer makes a payment pursuant
to a Letter of Credit, the date and amount of such payment; 
 (iii) on any Business Day on which Ryder fails to reimburse a
payment made pursuant to a Letter of Credit required to be reimbursed to such L/C Issuer on such day, the date of such failure and the amount of such payment; 

(iv) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters
of Credit issued by such L/C Issuer; and 
 (v) for so long as any Letter of Credit issued by a L/C Issuer is outstanding,
such L/C Issuer shall deliver to the Administrative Agent (A) on the last Business Day of each calendar month, (B) at all other times a Letter of Credit Report is required to be delivered pursuant to this Agreement, and (C) on each
date that (1) a L/C Credit Extension occurs or (2) there is any expiration, cancellation and/or disbursement, in each case, with respect to any such Letter of Credit, a Letter of Credit Report appropriately completed with the information
for every outstanding Letter of Credit issued by such L/C Issuer. 
 (t) Additional L/C Issuers. Any Lender hereunder
may become a L/C Issuer upon receipt by the Administrative Agent of a fully executed Notice of Additional L/C Issuer which shall be signed by Ryder, the Administrative Agent and the applicable L/C Issuer. Such new L/C Issuer shall provide its L/C
Commitment in such Notice of Additional L/C Issuer and upon the receipt by the Administrative Agent of the fully executed Notice of Additional L/C Issuer, the definition of “L/C Commitment” in Section 1.01 shall
be deemed amended to incorporate the L/C Commitment of such new L/C Issuer. 
 Section 2.04 Swing Line Loans. 

(a) The Swing Line. 

(i) Domestic Swing Line Loans. Subject to the terms and conditions set forth herein, each Domestic Swing Line Lender, in
reliance upon the agreements of the other Domestic Lenders set forth in this Section 2.04, agrees to make loans (each such loan, a “Domestic Swing Line Loan”) to Ryder in Dollars from time to time on any
Business Day during the Domestic Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Domestic Swing Line Sublimit; provided, that, (A) after giving effect to any Domestic Swing Line
Loan, (1) the Total Domestic Outstandings shall not exceed the Aggregate Domestic Commitments, (2) the Domestic Revolving Credit Exposure of any Domestic Lender shall not exceed such Domestic Lender’s Domestic Commitment, and
(3) the aggregate amount of the outstanding Domestic Swing Line Loans issued by any Domestic Swing Line Lender shall not exceed such Domestic Swing Line Lender’s Domestic Swing Line Commitment, (B) Ryder shall not use the proceeds of
any Domestic Swing Line Loan to refinance any outstanding Domestic Swing Line Loan, and (C) no Domestic Swing Line Lender shall be under any obligation to make any Domestic Swing Line Loan if it shall determine (which determination shall be
conclusive and binding absent manifest error) that it has, or by such Credit Extension will have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, Ryder may borrow Domestic Swing Line Loans under
this Section 2.04(a)(i), prepay Domestic Swing Line Loans pursuant to Section 2.05, and reborrow Domestic Swing Line Loans under this Section 2.04(a)(i). Immediately upon
the making of a Domestic Swing Line Loan, each Domestic Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the applicable Domestic Swing Line Lender a risk participation in such Domestic Swing Line Loan in
an amount equal to the product of such Domestic Lender’s Applicable Percentage times the amount of such Domestic Swing Line Loan. 

  
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 (ii) Canadian Swing Line Loans. Subject to the terms and conditions
set forth herein, the Canadian Swing Line Lender, in reliance upon the agreements of the other Canadian Lenders set forth in this Section 2.04, agrees to make loans (each such loan, a “Canadian Swing Line
Loan”) to any Canadian Borrower in Dollars or Canadian Dollars from time to time on any Business Day during the Canadian Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Canadian Swing Line
Sublimit; provided, that, (A) after giving effect to any Canadian Swing Line Loan, (1) the Total Canadian Outstandings shall not exceed the Aggregate Canadian Commitments, (2) the Canadian Revolving Credit Exposure of
any Canadian Lender shall not exceed such Canadian Lender’s Canadian Commitment, and (3) the Dollar Equivalent of the aggregate amount of the outstanding Canadian Swing Line Loans issued by the Canadian Swing Line Lender shall not exceed
the Canadian Swing Line Lender’s Canadian Swing Line Commitment, (B) no Canadian Borrower shall not use the proceeds of any Canadian Swing Line Loan to refinance any outstanding Canadian Swing Line Loan, and (C) the Canadian Swing
Line Lender shall be under no obligation to make any Canadian Swing Line Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension will have, Fronting Exposure. In
addition, in the event that the Canadian Borrowers cause an overdraft in the net position of all its Canadian Dollar accounts maintained with the Canadian Agent, the Canadian Borrowers shall be deemed to have requested a Canadian Swing Line Loan
(subject to the terms and conditions set forth in this Section 2.04 and in Article IV, to the extent applicable) in the amount of such overdraft. Within the foregoing limits, and subject to the other terms and
conditions hereof, each Canadian Borrower may borrow Canadian Swing Line Loans under this Section 2.04(a)(ii), prepay Canadian Swing Line Loans pursuant to Section 2.05, and reborrow Canadian Swing
Line Loans under this Section 2.04(a)(ii). Immediately upon the making of a Canadian Swing Line Loan, each Canadian Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Canadian
Swing Line Lender a risk participation in such Canadian Swing Line Loan in an amount equal to the product of such Canadian Lender’s Applicable Percentage times the amount of such Canadian Swing Line Loan. 

(iii) U.K. Swing Line Loans. Subject to the terms and conditions set forth herein, the U.K. Swing Line Lender, in
reliance upon the agreements of the other U.K. Lenders set forth in this Section 2.04, agrees to make loans (each such loan, a “U.K. Swing Line Loan”) to any U.K. Borrower in Dollars, Euros, or Sterling
from time to time on any Business Day during the U.K. Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the U.K. Swing Line Sublimit; provided, that, (A) after giving effect to any U.K.
Swing Line Loan, (1) the Total U.K. Outstandings shall not exceed the Aggregate U.K. Commitments, (2) the U.K. Revolving Credit Exposure of any U.K. Lender shall not exceed such U.K. Lender’s U.K. Commitment, and (3) the Dollar
Equivalent of the aggregate amount of the outstanding U.K. Swing Line Loans issued by the U.K. Swing Line Lender shall not exceed the U.K. Swing Line Lender’s U.K. Swing Line Commitment, (B) no U.K. Borrower shall use the proceeds of any
U.K. Swing Line Loan to refinance any outstanding U.K. Swing Line Loan, and (C) the U.K. Swing Line Lender shall be under no obligation to make any U.K. Swing Line Loan if it shall determine (which determination shall be conclusive and binding
absent manifest error) that it has, or 

  
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by such Credit Extension will have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, each U.K. Borrower may borrow U.K. Swing Line Loans under
this Section 2.04(a)(iii), prepay U.K. Swing Line Loans pursuant to Section 2.05, and reborrow U.K. Swing Line Loans under this Section 2.04(a)(iii). Immediately upon the
making of a U.K. Swing Line Loan, each U.K. Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the U.K. Swing Line Lender a risk participation in such U.K. Swing Line Loan in an amount equal to the product
of such U.K. Lender’s Applicable Percentage times the amount of such U.K. Swing Line Loan. 
 (b) Swing Line
Borrowing Procedures. 
 (i) Each Domestic Swing Line Borrowing shall be made upon Ryder’s irrevocable notice to the
applicable Domestic Swing Line Lender and the Administrative Agent, which may be given by telephone or by a Domestic Swing Line Loan Notice; provided, that, any telephonic notice must be confirmed promptly by delivery to the applicable
Domestic Swing Line Lender and the Administrative Agent of a Domestic Swing Line Loan Notice. Each Domestic Swing Line Loan Notice must be received by the applicable Domestic Swing Line Lender and the Administrative Agent not later than 2:00 p.m. on
the requested borrowing date, and shall specify (A) the amount to be borrowed, which shall be a minimum of $1,000,000 or an integral multiple thereof (in each case, or such smaller amount as may be agreed by the applicable Domestic Swing Line
Lender), and (B) the requested borrowing date, which shall be a Business Day. Promptly after receipt by the applicable Domestic Swing Line Lender of any Domestic Swing Line Loan Notice, such Domestic Swing Line Lender will confirm with the
Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Domestic Swing Line Loan Notice and, if not, such Domestic Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of
the contents thereof. Unless the applicable Domestic Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 3:00 p.m. on the date of the proposed Domestic
Swing Line Borrowing (1) directing such Domestic Swing Line Lender not to make such Domestic Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a)(i), or
(2) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the applicable Domestic Swing Line Lender will, promptly on the borrowing date specified
in such Domestic Swing Line Loan Notice, make the amount of its Domestic Swing Line Loan available to Ryder by (x) crediting the account of Ryder on the books of the applicable Domestic Swing Line Lender with the amount of such funds, or
(y) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the applicable Domestic Swing Line Lender by Ryder. 

(ii) Each Canadian Swing Line Borrowing shall be made upon the applicable Canadian Borrower’s irrevocable notice to the
Canadian Swing Line Lender and the Canadian Agent, which may be given by telephone or by a Canadian Swing Line Loan Notice; provided, that, any telephonic notice must be confirmed promptly by delivery to the Canadian Swing Line Lender
and the Canadian Agent of a Canadian Swing Line Loan Notice. Each Canadian Swing Line Loan Notice must be received not later than 2:00 p.m. (Toronto time) on the requested borrowing date, and shall specify (A) the name of the applicable
Canadian Borrower, (B) the amount and currency to be borrowed, which amount shall be a minimum of $500,000 (or the Alternative Currency equivalent thereof) or such 

  
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integral multiple thereof (in each case, or such smaller amount as may be agreed by the Canadian Swing Line Lender); provided, that, there shall be no minimum amount for any
Canadian Swing Line Loan which is advanced in order to fund an overdraft in the Canadian Borrowers’ Canadian Dollar accounts maintained with the Canadian Swing Line Lender (as provided in Section 2.04(a)(ii)), (C) the
requested borrowing date, which shall be a Business Day, and (D) the location and number of such Canadian Borrower’s account to which funds are to be disbursed. Unless the Canadian Swing Line Lender has received notice (by telephone or in
writing) from the Canadian Agent (including at the request of any Lender) prior to 3:00 p.m. (Toronto time), on the date of the proposed Canadian Swing Line Borrowing (1) directing the Canadian Swing Line Lender not to make such Canadian Swing
Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a)(ii), or (2) that one or more of the applicable conditions specified in Article IV is not then
satisfied, then, subject to the terms and conditions hereof, the Canadian Swing Line Lender shall, promptly after receipt of the applicable Canadian Swing Line Loan Notice with respect to such Canadian Swing Line Borrowing, make such Canadian Swing
Line Loan to the applicable Canadian Borrower by means of a wire transfer to the account specified in such Canadian Swing Line Loan Notice. 

(iii) Each U.K. Swing Line Borrowing shall be made upon the applicable U.K. Borrower’s irrevocable notice to the U.K.
Swing Line Lender and the Administrative Agent by delivery of a U.K. Swing Line Loan Notice. Each U.K. Swing Line Loan Notice must be received not later than (A) with respect to U.K. Swing Line Loans denominated in Sterling, 10:00 a.m. (London
time) on the requested borrowing date and (B) with respect to U.K. Swing Line Loans denominated in Dollars or Euros, 11:00 a.m. (London time) on the requested borrowing date, and shall specify (A) the name of the applicable U.K. Borrower,
(B) the amount and currency to be borrowed, which amount shall be a minimum of £500,000 (or the Dollar Equivalent thereof if denominated in Dollars or the Alternative Currency equivalent thereof if denominated in Euros) or such integral
multiple thereof (in each case, or such smaller amount as may be agreed by the U.K. Swing Line Lender), (C) the requested borrowing date, which shall be a Business Day, and (D) the location and number of such U.K. Borrower’s account to
which funds are to be disbursed. Unless the U.K. Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 3:00 p.m. (London time), on the date of the proposed
U.K. Swing Line Borrowing (1) directing the U.K. Swing Line Lender not to make such U.K. Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a)(iii), or
(2) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the U.K. Swing Line Lender shall, promptly after receipt of the applicable U.K. Swing Line
Loan Notice with respect to such U.K. Swing Line Borrowing, make such U.K. Swing Line Loan to the applicable U.K. Borrower by means of a wire transfer to the account specified in such U.K. Swing Line Loan Notice. 

(c) Refinancing. 

(i) Refinancing of Domestic Swing Line Loans. 

(A) Each Domestic Swing Line Lender at any time in its sole discretion may request, on behalf of Ryder (which hereby
irrevocably authorizes each Domestic Swing Line Lender to so request on its behalf), that each Domestic Lender make a Domestic Revolving Loan that is a Domestic Base Rate Loan in an amount equal to such Domestic Lender’s Applicable Percentage
of the amount of 

  
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such Domestic Swing Line Lender’s Domestic Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Domestic Loan Notice for
purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Domestic Revolving Loans that are Domestic Base Rate Loans,
but subject to the unutilized portion of the Aggregate Domestic Commitments and the conditions set forth in Section 4.02. The applicable Domestic Swing Line Lender shall furnish Ryder with a copy of the applicable Domestic
Loan Notice promptly after delivering such notice to the Administrative Agent. Each Domestic Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Domestic Loan Notice available to the Administrative Agent in
Same Day Funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable Domestic Swing Line Loan) for the account of the applicable Domestic Swing Line Lender at the Head Office for the Administrative Agent
for Dollar-denominated payments not later than 1:00 p.m. on the day specified in such Domestic Loan Notice, whereupon, subject to Section 2.04(c)(i)(B), each Domestic Lender that so makes funds available shall be deemed to
have made a Domestic Revolving Loan that is a Domestic Base Rate Loan to Ryder in such amount. The Administrative Agent shall remit the funds so received to the applicable Domestic Swing Line Lender. 

(B) If for any reason any Domestic Swing Line Loan cannot be refinanced by such a Domestic Revolving Borrowing in accordance
with Section 2.04(c)(i)(A), the request for Domestic Revolving Loans that are Domestic Base Rate Loans submitted by the applicable Domestic Swing Line Lender as set forth herein shall be deemed to be a request by such
Domestic Swing Line Lender that each of the Domestic Lenders fund its risk participation in the relevant Domestic Swing Line Loan and each Domestic Lender’s payment to the Administrative Agent for the account of such Domestic Swing Line Lender
pursuant to Section 2.04(c)(i)(A) shall be deemed payment in respect of such participation. 
 (C)
If any Domestic Lender fails to make available to the Administrative Agent for the account of the applicable Domestic Swing Line Lender any amount required to be paid by such Domestic Lender pursuant to the foregoing provisions of this
Section 2.04(c)(i) by the time specified in Section 2.04(c)(i)(A), the applicable Domestic Swing Line Lender shall be entitled to recover from such Domestic Lender (acting through the
Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such Domestic Swing Line Lender at a rate per annum equal to the
greater of the applicable Overnight Rate from time to time in effect and a rate determined by the applicable Domestic Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing
or similar fees customarily charged by such Domestic Swing Line Lender in connection with the foregoing. If such Domestic Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Domestic Lender’s
Domestic Revolving Loan included in the relevant Domestic Revolving Borrowing or funded participation in the relevant Domestic Swing Line Loan, as the case may be. A certificate of any Domestic Swing Line Lender submitted to any Domestic Lender
(through the Administrative Agent) with respect to any amounts owing under this Section 2.04(c)(i)(C) shall be conclusive absent manifest error. 

  
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 (D) Each Lender’s obligation to make Domestic Revolving Loans or to
purchase and fund risk participations in Domestic Swing Line Loans pursuant to this Section 2.04(c)(i) shall be absolute and unconditional and shall not be affected by any circumstance, including (1) any setoff,
counterclaim, recoupment, defense or other right which such Domestic Lender may have against any Domestic Swing Line Lender, Ryder or any other Person for any reason whatsoever, (2) the occurrence or continuance of a Default, or (3) any
other occurrence, event or condition, whether or not similar to any of the foregoing; provided, that, each Domestic Lender’s obligation to make Revolving Loans pursuant to this Section 2.04(c)(i) is
subject to the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of Ryder to repay Domestic Swing Line Loans, together with interest as provided
herein. 
 (ii) Refinancing of Canadian Swing Line Loans. 

(A) The Canadian Swing Line Lender at any time in its sole discretion may request, no later than 12:00 p.m. (Toronto time), on
any Business Day, on behalf of the applicable Canadian Borrower(s) (and the Canadian Borrowers hereby irrevocably authorize the Canadian Swing Line Lender to so request on its behalf), that each Canadian Lender make (1) with respect to Canadian
Swing Line Loans denominated in Dollars, a Canadian Revolving Loan that is a Canadian Base Rate Loan in an amount equal to such Canadian Lender’s Applicable Percentage of the amount of the Canadian Swing Line Lender’s Canadian Swing Line
Loans denominated in Dollars then outstanding and (2) with respect to Canadian Swing Line Loans denominated in Canadian Dollars, a Canadian Revolving Loan that is a Canadian Prime Rate Loan in an amount equal to such Canadian Lender’s
Applicable Percentage of the amount of the Canadian Swing Line Lender’s Canadian Swing Line Loans denominated in Canadian Dollars then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Canadian
Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Canadian Base Rate Loans or Canadian Prime
Rate Loans, as applicable, but subject to the unutilized portion of the Aggregate Canadian Commitments and the conditions set forth in Section 4.02. The Canadian Swing Line Lender shall furnish the applicable Canadian
Borrower(s) with a copy of the applicable Canadian Loan Notice promptly after delivering such notice to the Canadian Agent. Each Canadian Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Canadian Loan
Notice available to the Canadian Agent in Same Day Funds (and the Canadian Agent may apply Cash Collateral available with respect to the applicable Canadian Swing Line Loan) for the account of the Canadian Swing Line Lender at the Head Office for
the Canadian Agent for Dollar-denominated payments or Canadian Dollar-denominated payments, as applicable, not later than 5:00 p.m. (Toronto time), on the Business Day such Canadian Loan Notice is received (if such Canadian Loan Notice was received
by 12:00 p.m. (Toronto time) on such Business Day) or 10:00 a.m. (Toronto time), on the immediately succeeding Business Day (if such Canadian Loan Notice was received after 12:00 

  
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p.m. (Toronto time)), as applicable, whereupon, subject to Section 2.04(c)(ii)(B), each Canadian Lender that so makes funds available shall be deemed to have made a
Canadian Revolving Loan that is a Canadian Base Rate Loan or a Canadian Prime Rate Loan, as applicable, to the applicable Canadian Borrower(s) in such amount. The Canadian Agent shall remit the funds so received to the Canadian Swing Line Lender.

 (B) If for any reason any Canadian Swing Line Loan cannot be refinanced by such a Canadian Revolving Borrowing in
accordance with Section 2.04(c)(ii)(A), the request for Canadian Revolving Loans that are Canadian Base Rate Loans or Canadian Prime Rate Loans, as applicable, submitted by the Canadian Swing Line Lender as set forth herein
shall be deemed to be a request by the Canadian Swing Line Lender that each of the Canadian Lenders fund its risk participation in the relevant Canadian Swing Line Loan and each Canadian Lender’s payment to the Canadian Agent for the account of
the Canadian Swing Line Lender pursuant to Section 2.04(c)(ii)(A) shall be deemed payment in respect of such participation. 

(C) If any Canadian Lender fails to make available to the Canadian Agent for the account of the Canadian Swing Line Lender any
amount required to be paid by such Canadian Lender pursuant to the foregoing provisions of this Section 2.04(c)(ii) by the time specified in Section 2.04(c)(ii)(A), the Canadian Swing Line Lender
shall be entitled to recover from such Canadian Lender (acting through the Canadian Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the Canadian Swing Line Lender at a rate per annum equal to the greater of the applicable Overnight Rate from time to time in effect and a rate determined by the Canadian Swing Line Lender in accordance with banking industry rules on interbank
compensation, plus any administrative, processing or similar fees customarily charged by the Canadian Swing Line Lender in connection with the foregoing. If such Canadian Lender pays such amount (with interest and fees as aforesaid), the
amount so paid shall constitute such Canadian Lender’s Canadian Revolving Loan included in the relevant Canadian Revolving Borrowing or funded participation in the relevant Canadian Swing Line Loans, as the case may be. A certificate of the
Canadian Swing Line Lender submitted to any Canadian Lender (through the Canadian Agent) with respect to any amounts owing under this Section 2.04(c)(ii)(C) shall be conclusive absent manifest error. 

(D) Each Canadian Lender’s obligation to make Canadian Revolving Loans or to purchase and fund risk participations in
Canadian Swing Line Loans pursuant to this Section 2.04(c)(ii) shall be absolute and unconditional and shall not be affected by any circumstance, including (1) any setoff, counterclaim, recoupment, defense or other
right which such Canadian Lender may have against the Canadian Swing Line Lender, any Canadian Borrower or any other Person for any reason whatsoever, (2) the occurrence or continuance of a Default, or (3) any other occurrence, event or
condition, whether or not similar to any of the foregoing; provided, that, each Canadian Lender’s obligation to make Canadian Revolving Loans pursuant to this Section 2.04(c)(ii) is subject to the
conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the Canadian Borrowers to repay Canadian Swing Line Loans, together with interest as provided
herein. 

  
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 (iii) Refinancing of U.K. Swing Line Loans. 

(A) The U.K. Swing Line Lender at any time in its sole discretion may request, no later than 12:00 p.m. (London time), on any
Business Day, on behalf of the applicable U.K. Borrower(s) (and the U.K. Borrowers hereby irrevocably authorize the U.K. Swing Line Lender to so request on its behalf), that each U.K. Lender make (1) with respect to U.K. Swing Line Loans
denominated in Dollars, a U.K. Revolving Loan that is a Eurodollar Rate Loan (with in Interest Period of one (1) month) in an amount equal to such U.K. Lender’s Applicable Percentage of the amount of the U.K. Swing Line Lender’s U.K.
Swing Line Loans denominated in Dollars then outstanding, (2) with respect to U.K. Swing Line Loans denominated in Euros, a U.K. Revolving Loan that is an Alternative Currency Term Rate Loan (with in Interest Period of one (1) month)
denominated in Euro in an amount equal to such U.K. Lender’s Applicable Percentage of the amount of the U.K. Swing Line Lender’s U.K. Swing Line Loans denominated in Euros then outstanding, and (3) with respect to U.K. Swing Line
Loans denominated in Sterling, a U.K. Revolving Loan that is an Alternative Currency Daily Rate Loan denominated in Sterling in an amount equal to such U.K. Lender’s Applicable Percentage of the amount of the U.K. Swing Line Lender’s U.K.
Swing Line Loans denominated in Sterling then outstanding. Such request shall be made in writing (which written request shall be deemed to be a U.K. Loan Notice for purposes hereof) and in accordance with the requirements of
Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of U.K. Revolving Loans but subject to the unutilized portion of the Aggregate U.K. Commitments and the conditions set
forth in Section 4.02. The U.K. Swing Line Lender shall furnish the applicable U.K. Borrower(s) with a copy of the applicable U.K. Loan Notice promptly after delivering such notice to the Administrative Agent. Each U.K.
Lender shall make an amount equal to its Applicable Percentage of the amount specified in such U.K. Loan Notice available to the Administrative Agent in Same Day Funds (and the Administrative Agent may apply Cash Collateral available with respect to
the applicable U.K. Swing Line Loan) for the account of the U.K. Swing Line Lender at the Head Office for the Administrative Agent for Dollar-denominated payments, Euro-denominated payments, or Sterling-denominated payments, as applicable, not later
than 5:00 p.m. (London time), on the Business Day such U.K. Loan Notice is received (if such U.K. Loan Notice was received by 12:00 p.m. (London time) on such Business Day) or 10:00 a.m. (London time), on the immediately succeeding Business Day (if
such U.K. Loan Notice was received after 12:00 p.m. (London time)), as applicable, whereupon, subject to Section 2.04(c)(iii)(B), each U.K. Lender that so makes funds available shall be deemed to have made a U.K. Revolving
Loan that is a U.K. Revolving Loan that is a Eurodollar Rate Loan denominated in Dollars, a U.K. Revolving Loan that is an Alternative Currency Term Rate Loan denominated in Euros, or a U.K. Revolving Loan that is an Alternative Currency Daily Rate
Loan denominated in Sterling, as applicable, to the applicable U.K. Borrower(s) in such amount. The Administrative Agent shall remit the funds so received to the U.K. Swing Line Lender. 

  
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 (B) If for any reason any U.K. Swing Line Loan cannot be refinanced by such
a U.K. Revolving Borrowing in accordance with Section 2.04(c)(iii)(A), the request for U.K. Revolving Loans that are Eurodollar Rate Loans denominated in Dollars, Alternative Currency Term Rate Loans denominated in Euros,
or Alternative Currency Daily Rate Loans denominated in Sterling, as applicable submitted by the U.K. Swing Line Lender as set forth herein shall be deemed to be a request by the U.K. Swing Line Lender that each of the U.K. Lenders fund its risk
participation in the relevant U.K. Swing Line Loan and each U.K. Lender’s payment to the Administrative Agent for the account of the U.K. Swing Line Lender pursuant to Section 2.04(c)(iii)(A) shall be deemed payment in
respect of such participation. 
 (C) If any U.K. Lender fails to make available to the Administrative Agent for the account
of the U.K. Swing Line Lender any amount required to be paid by such U.K. Lender pursuant to the foregoing provisions of this Section 2.04(c)(iii) by the time specified in Section 2.04(c)(iii)(A),
the U.K. Swing Line Lender shall be entitled to recover from such U.K. Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such
payment is immediately available to the U.K. Swing Line Lender at a rate per annum equal to the greater of the applicable Overnight Rate from time to time in effect and a rate determined by the U.K. Swing Line Lender in accordance with banking
industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the U.K. Swing Line Lender in connection with the foregoing. If such U.K. Lender pays such amount (with interest and fees as
aforesaid), the amount so paid shall constitute such U.K. Lender’s U.K. Revolving Loan included in the relevant U.K. Revolving Borrowing or funded participation in the relevant U.K. Swing Line Loans, as the case may be. A certificate of the
U.K. Swing Line Lender submitted to any U.K. Lender (through the Administrative Agent) with respect to any amounts owing under this Section 2.04(c)(iii)(C) shall be conclusive absent manifest error. 

(D) Each U.K. Lender’s obligation to make U.K. Revolving Loans or to purchase and fund risk participations in U.K. Swing
Line Loans pursuant to this Section 2.04(c)(iii) shall be absolute and unconditional and shall not be affected by any circumstance, including (1) any setoff, counterclaim, recoupment, defense or other right which such
U.K. Lender may have against the U.K. Swing Line Lender, any U.K. Borrower or any other Person for any reason whatsoever, (2) the occurrence or continuance of a Default, or (3) any other occurrence, event or condition, whether or not
similar to any of the foregoing; provided, that, each U.K. Lender’s obligation to make U.K. Revolving Loans pursuant to this Section 2.04(c)(iii) is subject to the conditions set forth in
Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the U.K. Borrowers to repay U.K. Swing Line Loans, together with interest as provided herein. 

(d) Repayment of Participations. 

(i) Repayment of Participations in Domestic Swing Line Loans. 

(A) At any time after any Domestic Lender has purchased and funded a risk participation in a Domestic Swing Line Loan, if the
applicable Domestic Swing Line Lender receives any payment on account of such Domestic Swing Line Loan, such Domestic Swing Line Lender will distribute to such Domestic Lender its Applicable Percentage thereof in the same funds as those received by
such Domestic Swing Line Lender. 

  
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 (B) If any payment received by the applicable Domestic Swing Line Lender in
respect of principal or interest on any Domestic Swing Line Loan is required to be returned by such Domestic Swing Line Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement
entered into by such Domestic Swing Line Lender in its discretion), each Domestic Lender shall pay to the applicable Domestic Swing Line Lender its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon
from the date of such demand to the date such amount is returned, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The Administrative Agent will make such demand upon the request of such Domestic Swing Line
Lender. The obligations of the Domestic Lenders under this Section 2.04(d)(i)(B) shall survive the payment in full of the Obligations arising under the Loan Documents and the termination of this Agreement. 

(ii) Repayment of Participations in Canadian Swing Line Loans. 

(A) At any time after any Canadian Lender has purchased and funded a risk participation in a Canadian Swing Line Loan, if the
Canadian Swing Line Lender receives any payment on account of such Canadian Swing Line Loan, the Canadian Swing Line Lender will distribute to such Canadian Lender its Applicable Percentage thereof in the same funds as those received by the Canadian
Swing Line Lender. 
 (B) If any payment received by the Canadian Swing Line Lender in respect of principal or interest on
any Canadian Swing Line Loan is required to be returned by the Canadian Swing Line Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by the Canadian Swing
Line Lender in its discretion), each Canadian Lender shall pay to the Canadian Swing Line Lender its Applicable Percentage thereof on demand of the Canadian Agent, plus interest thereon from the date of such demand to the date such amount is
returned, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The Canadian Agent will make such demand upon the request of the Canadian Swing Line Lender. The obligations of the Canadian Lenders under this
Section 2.04(d)(ii)(B) shall survive the payment in full of the Obligations arising under the Loan Documents and the termination of this Agreement. 

(iii) Repayment of Participations in U.K. Swing Line Loans. 

(A) At any time after any U.K. Lender has purchased and funded a risk participation in a U.K. Swing Line Loan, if the U.K.
Swing Line Lender receives any payment on account of such U.K. Swing Line Loan, the U.K. Swing Line Lender will distribute to such U.K. Lender its Applicable Percentage thereof in the same funds as those received by the U.K. Swing Line Lender. 

  
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 (B) If any payment received by the U.K. Swing Line Lender in respect of
principal or interest on any U.K. Swing Line Loan is required to be returned by the U.K. Swing Line Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by the U.K. Swing
Line Lender in its discretion), each U.K. Lender shall pay to the U.K. Swing Line Lender its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is
returned, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The Administrative Agent will make such demand upon the request of the U.K. Swing Line Lender. The obligations of the U.K. Lenders under this
Section 2.04(d)(iii)(B) shall survive the payment in full of the Obligations arising under the Loan Documents and the termination of this Agreement. 

(e) Interest for Account of Swing Line Lenders. 

(i) Each Domestic Swing Line Lender shall be responsible for invoicing Ryder for interest on the applicable Domestic Swing Line
Loans. Until each Domestic Lender funds its Domestic Revolving Loan that is a Domestic Base Rate Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s Applicable Percentage of any Domestic
Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the applicable Domestic Swing Line Lender. 

(ii) The Canadian Swing Line Lender shall be responsible for invoicing the applicable Canadian Borrowers for interest on the
applicable Canadian Swing Line Loans. Until each Canadian Lender funds its Canadian Revolving Loan or risk participation pursuant to this Section 2.04 to refinance such Canadian Lender’s Applicable Percentage of any
Canadian Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Canadian Swing Line Lender. 

(iii) The U.K. Swing Line Lender shall be responsible for invoicing the applicable U.K. Borrowers for interest on the
applicable U.K. Swing Line Loans. Until each U.K. Lender funds its U.K. Revolving Loan or risk participation pursuant to this Section 2.04 to refinance such U.K. Lender’s Applicable Percentage of any U.K. Swing Line
Loan, interest in respect of such Applicable Percentage shall be solely for the account of the U.K. Swing Line Lender. 
 (f)
Payments Directly to Swing Line Lenders. 
 (i) Ryder shall make all payments of principal and interest in respect of
the Domestic Swing Line Loans directly to the applicable Domestic Swing Line Lender. 
 (ii) The Canadian Borrowers shall
make all payments of principal and interest in respect of the Canadian Swing Line Loans directly to the Canadian Swing Line Lender. 

(iii) The U.K. Borrowers shall make all payments of principal and interest in respect of the U.K. Swing Line Loans directly to
the U.K. Swing Line Lender. 
 (g) Replacement of Swing Line Lenders. 

(i) Any Domestic Swing Line Lender may be replaced at any time by written agreement among Ryder, the Administrative Agent, the
replaced Domestic Swing Line Lender, and a successor Domestic Swing Line Lender. The Administrative Agent shall notify the Domestic Lenders of any such replacement of a Domestic Swing Line Lender. At the time any such replacement shall become
effective, Ryder shall pay all unpaid interest 

  
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accrued for the account of the replaced Domestic Swing Line Lender pursuant to Section 2.08. From and after the effective date of any such replacement, (A) the
successor Domestic Swing Line Lender shall have all the rights and obligations of the replaced Domestic Swing Line Lender under this Agreement with respect to Domestic Swing Line Loans made thereafter, and (B) references herein to the term
“Domestic Swing Line Lender” shall be deemed to refer to such successor or to any previous Domestic Swing Line Lender, or to such successor and all previous Domestic Swing Line Lenders, as the context shall require. After the replacement
of a Domestic Swing Line Lender hereunder, the replaced Domestic Swing Line Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Domestic Swing Line Lender under this Agreement with respect to Domestic
Swing Line Loans made by it prior to its replacement, but shall not be required to make additional Domestic Swing Line Loans. Schedule 2.04 shall be deemed to be automatically updated to reflect the Domestic Swing Line Commitment of any
Person that becomes a Domestic Swing Line Lender after the Closing Date pursuant to this Section 2.04(g)(i). 

(ii) The Canadian Swing Line Lender may be replaced at any time by written agreement among the Canadian Borrowers, the Canadian
Agent, the replaced Canadian Swing Line Lender, and the successor Canadian Swing Line Lender. The Canadian Agent shall notify the Canadian Lenders of any such replacement of the Canadian Swing Line Lender. At the time any such replacement shall
become effective, the applicable Canadian Borrowers shall pay all unpaid interest accrued for the account of the replaced Canadian Swing Line Lender pursuant to Section 2.08. From and after the effective date of any such
replacement, (A) the successor Canadian Swing Line Lender shall have all the rights and obligations of the replaced Canadian Swing Line Lender under this Agreement with respect to Canadian Swing Line Loans made thereafter, and
(B) references herein to the term “Canadian Swing Line Lender” shall be deemed to refer to such successor or to any previous Canadian Swing Line Lender, or to such successor and all previous Canadian Swing Line Lenders, as the context
shall require. After the replacement of the Canadian Swing Line Lender hereunder, the replaced Canadian Swing Line Lender shall remain a party hereto and shall continue to have all the rights and obligations of the Canadian Swing Line Lender under
this Agreement with respect to Canadian Swing Line Loans made by it prior to its replacement, but shall not be required to make additional Canadian Swing Line Loans. Schedule 2.04 shall be deemed to be automatically updated to reflect the
Canadian Swing Line Commitment of any Person that becomes the Canadian Swing Line Lender after the Closing Date pursuant to this Section 2.04(g)(ii). 

(iii) The U.K. Swing Line Lender may be replaced at any time by written agreement among the U.K. Borrowers, the Administrative
Agent, the replaced U.K. Swing Line Lender, and the successor U.K. Swing Line Lender. The Administrative Agent shall notify the U.K. Lenders of any such replacement of the U.K. Swing Line Lender. At the time any such replacement shall become
effective, the applicable U.K. Borrowers shall pay all unpaid interest accrued for the account of the replaced U.K. Swing Line Lender pursuant to Section 2.08. From and after the effective date of any such replacement,
(A) the successor U.K. Swing Line Lender shall have all the rights and obligations of the replaced U.K. Swing Line Lender under this Agreement with respect to U.K. Swing Line Loans made thereafter, and (B) references herein to the term
“U.K. Swing Line Lender” shall be deemed to refer to such successor or to any previous U.K. Swing Line Lender, or to such successor and all previous U.K. Swing Line Lenders, as the context shall require. After the replacement of the U.K.
Swing Line Lender hereunder, the replaced U.K. Swing Line Lender shall remain a party hereto and shall continue to have all the rights and obligations 

  
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of the U.K. Swing Line Lender under this Agreement with respect to U.K. Swing Line Loans made by it prior to its replacement, but shall not be required to make additional U.K. Swing Line Loans.
Schedule 2.04 shall be deemed to be automatically updated to reflect the U.K. Swing Line Commitment of any Person that becomes the U.K. Swing Line Lender after the Closing Date pursuant to this Section 2.04(g)(iii).

 (h) Resignation of Swing Line Lenders. 

(i) In addition to the rights of any Domestic Swing Line Lender pursuant to Section 11.06(f), subject
to the appointment and acceptance of a successor Domestic Swing Line Lender, any Domestic Swing Line Lender may resign as a Domestic Swing Line Lender at any time upon forty-five (45) days’ prior written notice to the Administrative Agent
and Ryder, in which case, such Domestic Swing Line Lender shall be replaced in accordance with Section 2.04(g)(i). 

(ii) In addition to the rights of the Canadian Swing Line Lender pursuant to Section 11.06(f),
subject to the appointment and acceptance of a successor Canadian Swing Line Lender, the Canadian Swing Line Lender may resign as the Canadian Swing Line Lender at any time upon forty-five (45) days’ prior written notice to the Canadian
Agent and the Canadian Borrowers, in which case, the Canadian Swing Line Lender shall be replaced in accordance with Section 2.04(g)(ii). 

(iii) In addition to the rights of the U.K. Swing Line Lender pursuant to Section 11.06(f), subject
to the appointment and acceptance of a successor U.K. Swing Line Lender, the U.K. Swing Line Lender may resign as the U.K. Swing Line Lender at any time upon forty-five (45) days’ prior written notice to the Administrative Agent and the
U.K. Borrowers, in which case, the U.K. Swing Line Lender shall be replaced in accordance with Section 2.04(g)(iii). 

Section 2.05 Prepayments. 

(a) Each Borrower may, upon notice (which notice shall be in a form acceptable to the applicable Agent) to the applicable
Agent, at any time or from time to time, voluntarily prepay Revolving Loans in whole or in part without premium or penalty; provided, that, unless otherwise agreed by the applicable Agent: (i) such notice must be received by such
Agent not later than 11:00 a.m. (local time for such Agent) (A) one (1) Business Day prior to any date of prepayment of Domestic Revolving Loans (other than Domestic Base Rate Loans), Canadian Revolving Loans, PR Revolving Loans (other than
Domestic Base Rate Loans), and U.K. Revolving Loans (other than Domestic Base Rate Loans), and (B) on the date of prepayment of any Domestic Base Rate Loans; (ii) any prepayment of Domestic Revolving Loans that are Eurodollar Rate Loans
shall be in a principal amount of $5,000,000 or a whole multiple of $500,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (iii) any prepayment of PR Revolving Loans that are Eurodollar Rate Loans shall be in
a principal amount of $100,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (iv) any prepayment of Domestic Base Rate Loans shall be in a principal amount of $500,000 or a
whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (v) any prepayment of Canadian Revolving Loans shall be in a principal amount of C$1,000,000 (or the Dollar Equivalent thereof, as
applicable) or a whole multiple of C$100,000 (or the Dollar Equivalent thereof, as applicable) in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (vi) any prepayment of U.K. Revolving Loans shall be in a
principal amount of $1,000,000 if denominated in Dollars, £500,000 if denominated in Sterling, or 

  
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EUR1,000,000 if denominated in Euro or a whole multiple of $500,000 in denominated in Dollars, £100,000 if denominated in Sterling, or EUR500,000 if denominated in Euro (or, if less, the
entire principal amount thereof then outstanding). Each such notice shall specify the date, amount and currency of such prepayment and the Type(s) of Revolving Loans to be prepaid, and if Eurodollar Rate Loans or Alternative Currency Term Rate Loans
are to be prepaid, the Interest Period(s) of such Revolving Loans. The applicable Agent will promptly notify each applicable Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment.
If such notice is given by a Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of any Revolving Loan shall be accompanied by all
accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.17, each such prepayment shall be applied to the Revolving Loans
of the Lenders in accordance with their respective Applicable Percentages. 
 (b) The applicable Borrower may, upon notice
(which notice shall be in a form acceptable to the applicable Swing Line Lender and the applicable Agent) to the applicable Swing Line Lender (with a copy to the applicable Agent), at any time or from time to time, voluntarily prepay Swing Line
Loans in whole or in part without premium or penalty; provided, that, unless otherwise agreed by the applicable Swing Line Lender, (i) such notice must be received by the applicable Swing Line Lender and the applicable Agent not
later than 11:00 a.m. (local time for such Swing Line Lender) on the date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000 (or the Alternative Currency Equivalent thereof) (or such smaller
amount as may be agreed by the applicable Swing Line Lender). Each such notice shall specify the date, currency, and amount of such prepayment. If such notice is given by a Borrower, such Borrower shall make such prepayment and the payment amount
specified in such notice shall be due and payable on the date specified therein. 
 (c) (i) If for any reason the Total
Outstandings at any time exceed the Aggregate Commitments then in effect, the applicable Borrowers shall immediately prepay Loans, Cash Collateralize the L/C Obligations, and/or cash collateralize the outstanding Bankers’ Acceptances in an
aggregate amount equal to such excess; provided, that, the Borrowers shall not be required to Cash Collateralize the L/C Obligations or cash collateralize the outstanding Bankers’ Acceptances pursuant to this
Section 2.05(c)(i) unless after the prepayment in full of the Loans the Total Outstandings exceeds the Aggregate Commitments then in effect. 

(ii) If for any reason the Total Domestic Outstandings at any time exceed the Aggregate Domestic Commitments then in effect,
Ryder shall immediately prepay Domestic Revolving Loans, Domestic Swing Line Loan and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, that, Ryder shall not be required to Cash
Collateralize the L/C Obligations pursuant to this Section 2.05(c)(ii) unless after the prepayment in full of the Domestic Revolving Loans and the Domestic Swing Line Loans, the Total Domestic Outstandings at such time
exceed the Aggregate Domestic Commitments then in effect. 
 (iii) Except as provided in
Section 2.05(d)(i), if for any reason the Total Canadian Outstandings at any time exceed the Aggregate Canadian Commitments then in effect, the Canadian Borrowers shall immediately prepay Canadian Revolving Loans, Canadian
Swing Line Loans and/or cash collateralize the outstanding Bankers’ Acceptances in an aggregate amount equal to such excess; provided, that, the Canadian Borrowers shall not be required to cash collateralize the outstanding
Bankers’ Acceptances pursuant to this Section 2.05(c)(iii) unless after the prepayment in full of the Canadian Revolving Loans and the Canadian Swing Line Loans, the Total Canadian Outstandings at such time exceed the
Aggregate Canadian Commitments then in effect. 

  
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 (iv) Except as provided in Section 2.05(d)(ii), if
for any reason the Total U.K. Outstandings at any time exceed the Aggregate U.K. Commitments then in effect, the U.K. Borrowers shall immediately prepay U.K. Revolving Loans and U.K. Swing Line Loans in an aggregate amount equal to such excess. 

(v) If for any reason the Total PR Outstandings at any time exceed the Aggregate PR Commitments then in effect, the PR
Borrowers shall immediately prepay PR Revolving Loans in an aggregate amount equal to such excess. 
 (d) (i) If, on any
Revaluation Date, the Total Canadian Outstandings exceed an amount equal to 101% of the Aggregate Canadian Commitments (the amount of such excess referred to herein as the “Canadian Excess Amount”), then (A) the Canadian Agent
shall give notice thereof to the Canadian Borrowers and the Canadian Lenders and (B) within two (2) Business Days thereafter, the Canadian Borrowers shall repay or prepay Canadian Revolving Loans and/or Canadian Swing Line Loans and/or
cash collateralize the outstanding Bankers’ Acceptances in an aggregate principal amount equal to such Canadian Excess Amount. Notwithstanding the foregoing, to avoid the incurrence of breakage costs with respect to Canadian Revolving Loans
which are Eurodollar Rate Loans, the Canadian Borrowers shall not be obligated to repay any Canadian Revolving Loan that is a Eurodollar Rate Loan until the end of the Interest Period relating thereto to the extent that the unused amount of the
Domestic Commitments of the Domestic Lenders which are affiliates of the Canadian Lenders shall be greater than or equal to the Canadian Excess Amount, and for the avoidance of doubt, no Default under Section 8.01(a) shall
have occurred with respect to any such Canadian Revolving Loan until after a payment with respect to such Canadian Revolving Loan is required to be made in accordance with this sentence. On each Revaluation Date and until the Canadian Revolving
Loans and/or Canadian Swing Line Loans are repaid in accordance with the first sentence of this Section 2.05(d)(i), the Aggregate Domestic Commitments shall be automatically reduced by an amount equal to the Canadian Excess
Amount. Such reduction shall be made by reducing the Domestic Commitments of each such Domestic Lender that is an affiliate of a Canadian Lender by an amount equal to such Domestic Lender’s Applicable Percentage of the Canadian Excess Amount.

 (ii) If, on any Revaluation Date, the Total U.K. Outstandings exceed an amount equal to 101% of the Aggregate U.K.
Commitments (the amount of such excess referred to herein as the “U.K. Excess Amount”), then (A) the Administrative Agent shall give notice thereof to the U.K. Borrowers and the U.K. Lenders and (B) within two
(2) Business Days thereafter, the U.K. Borrowers shall repay or prepay U.K. Revolving Loans and/or U.K. Swing Line Loans in an aggregate principal amount such that, after giving effect thereto, the Total U.K. Outstandings no longer exceed the
Aggregate U.K. Commitments. Notwithstanding the foregoing, to avoid the incurrence of breakage costs with respect to U.K. Revolving Loans which are Eurodollar Rate Loans or Alternative Currency Term Rate Loans, the U.K. Borrowers shall not be
obligated to repay any U.K. Revolving Loans that are Eurodollar Rate Loans or Alternative Currency Term Rate Loans until the end of the Interest Period relating thereto to the extent that the unused amount of the Domestic Commitments of the Domestic
Lenders which are affiliates of the U.K. Lenders shall be greater than or equal to the U.K. Excess Amount, and for the avoidance of doubt, no Default under Section 8.01(a) shall have occurred with respect to any such U.K.
Revolving Loan until after a payment with respect to such U.K. Revolving Loan is required to be made in accordance with this sentence. On each Revaluation Date and until 

  
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the U.K. Lenders are repaid in accordance with the first sentence of this Section 2.05(d)(ii), the Aggregate Domestic Commitments shall be automatically reduced by an
amount equal to the U.K. Excess Amount. Such reduction shall be made by reducing the Domestic Commitments of each such Domestic Lender that is an affiliate of a U.K. Lender by an amount equal to such Domestic Lender’s Applicable Percentage of
the U.K. Excess Amount. 
 Section 2.06 Termination or Reduction of Aggregate Commitments; Reallocation of Commitments. 

(a) Termination or Reduction of Aggregate Domestic Commitments. Ryder may, upon notice to the Administrative Agent,
terminate the Aggregate Domestic Commitments, or from time to time permanently reduce the Aggregate Domestic Commitments; provided, that, unless otherwise agreed by the Administrative Agent: (i) any such notice shall be received
by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to the date of termination or reduction; (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000
in excess thereof; (iii) Ryder shall not terminate or reduce the Aggregate Domestic Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Domestic Outstandings would exceed the Aggregate Domestic
Commitments; and (iv) if, after giving effect to any reduction of the Aggregate Domestic Commitments, the Letter of Credit Sublimit or the Domestic Swing Line Sublimit exceeds the amount of the Aggregate Domestic Commitments, the Letter of
Credit Sublimit or the Domestic Swing Line Sublimit, as applicable, shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Domestic Lenders and each other Agent of any such notice of
termination or reduction of the Aggregate Domestic Commitments. Any reduction of the Aggregate Domestic Commitments shall be applied to the Domestic Commitment of each Domestic Lender according to its Applicable Percentage. All fees accrued until
the effective date of any termination of the Aggregate Domestic Commitments shall be paid on the effective date of such termination. 

(b) Termination or Reduction of Aggregate Canadian Commitments. The Canadian Borrowers may, upon notice to the Canadian
Agent, terminate the Aggregate Canadian Commitments, or from time to time permanently reduce the Aggregate Canadian Commitments; provided, that, unless otherwise agreed by the Canadian Agent: (i) any such notice shall be received
by the Canadian Agent not later than 11:00 a.m. (Toronto time) three (3) Business Days prior to the date of termination or reduction; (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of
$1,000,000 in excess thereof; (iii) the Canadian Borrowers shall not terminate or reduce the Aggregate Canadian Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Canadian Outstandings would
exceed the Aggregate Canadian Commitments; and (iv) if, after giving effect to any reduction of the Aggregate Canadian Commitments, the Canadian Swing Line Sublimit exceeds the amount of the Aggregate Canadian Commitments, the Canadian Swing
Line Sublimit, as applicable, shall be automatically reduced by the amount of such excess. The Canadian Agent will promptly notify the Canadian Lenders and each other Agent of any such notice of termination or reduction of the Aggregate Canadian
Commitments. Any reduction of the Aggregate Canadian Commitments shall be applied to the Canadian Commitment of each Canadian Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the
Aggregate Canadian Commitments shall be paid on the effective date of such termination. 

  
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 (c) Termination or Reduction of Aggregate U.K. Commitments. The U.K.
Borrowers may, upon notice to the Administrative Agent, terminate the Aggregate U.K. Commitments, or from time to time permanently reduce the Aggregate U.K. Commitments; provided, that, unless otherwise agreed by the Administrative
Agent: (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. (London time) three (3) Business Days prior to the date of termination or reduction; (ii) any such partial reduction shall be in an
aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof; (iii) the U.K. Borrowers shall not terminate or reduce the Aggregate U.K. Commitments if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total U.K. Outstandings would exceed the Aggregate U.K. Commitments; and (iv) if, after giving effect to any reduction of the Aggregate U.K. Commitments, the U.K. Swing Line Sublimit exceeds the amount of the Aggregate U.K.
Commitments, the U.K. Swing Line Sublimit, as applicable, shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the U.K. Lenders and each other Agent of any such notice of termination or reduction
of the Aggregate U.K. Commitments. Any reduction of the Aggregate U.K. Commitments shall be applied to the U.K. Commitment of each U.K. Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of
the Aggregate U.K. Commitments shall be paid on the effective date of such termination. 
 (d) Termination or Reduction of
Aggregate PR Commitments. The PR Borrowers may, upon notice to the Administrative Agent, terminate the Aggregate PR Commitments, or from time to time permanently reduce the Aggregate PR Commitments; provided, that, unless otherwise
agreed by the Administrative Agent: (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to the date of termination or reduction; (ii) any such partial reduction
shall be in an aggregate amount of $1,000,000 or any whole multiple of $500,000 in excess thereof; and (iii) the PR Borrowers shall not terminate or reduce the Aggregate PR Commitments if, after giving effect thereto and to any concurrent
prepayments hereunder, the Total PR Outstandings would exceed the Aggregate PR Commitments. The Administrative Agent will promptly notify the PR Lenders and each other Agent of any such notice of termination or reduction of the Aggregate PR
Commitments. Any reduction of the Aggregate PR Commitments shall be applied to the PR Commitment of each PR Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate PR Commitments
shall be paid on the effective date of such termination. 
 (e) Reallocation of Commitments. 

(i) Subject to the conditions set forth in this Section 2.06(e), the Borrowers shall have the right
at any time and from time to time upon five (5) Business Days prior written notice to each of the Agents to (A) increase the Aggregate Domestic Commitments by reducing and reallocating by an equivalent amount all or a portion of the
Aggregate Canadian Commitments and/or the Aggregate U.K. Commitments and/or the Aggregate PR Commitments to the Aggregate Domestic Commitments, (B) increase the Aggregate Canadian Commitments (to the extent the same has been previously
reallocated to the Aggregate Domestic Commitments or the Aggregate U.K. Commitments or the Aggregate PR Commitments) by reducing and reallocating by an equivalent amount a portion of the Aggregate Domestic Commitments and/or the Aggregate U.K.
Commitments and/or the Aggregate PR Commitments to the Aggregate Canadian Commitments, (C) increase the Aggregate U.K. Commitments (to the extent the same has been previously reallocated to the Aggregate Domestic Commitments or the Aggregate
Canadian Commitments or the Aggregate PR Commitments) by reducing and reallocating by an equivalent amount a portion of the Aggregate Domestic Commitments and/or all or a portion of the Aggregate Canadian Commitments and/or the Aggregate PR
Commitments to the Aggregate U.K. Commitments or (D) increase the Aggregate PR Commitments (to the extent the same has been previously reallocated to the Aggregate Domestic Commitments or the Aggregate Canadian Commitments or the Aggregate U.K.
Commitments) by reducing or reallocating by an equivalent amount a portion of the Aggregate Domestic Commitments and/or Aggregate Canadian Commitments and/or Aggregate U.K. Commitments to the Aggregate PR Commitments. 

  
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 (ii) Any Reallocation pursuant to this
Section 2.06(e) shall be subject to the following conditions: 
 (A) Each Reallocation of
Commitments shall be made only between the offices or affiliates of a Lender such that the sum of all the Commitments of each Lender and its affiliates shall not be increased or decreased as a result of any Reallocation. 

(B) Each increase in the Aggregate Domestic Commitments, Aggregate Canadian Commitments, Aggregate U.K. Commitments or
Aggregate PR Commitments, as the case may be, shall be offset by a corresponding and equivalent reduction in one or more of the Aggregate Domestic Commitments, Aggregate Canadian Commitments, Aggregate U.K. Commitments and Aggregate PR Commitments,
such that the Aggregate Commitments in effect immediately before a Reallocation shall be equal to the Aggregate Commitments immediately after, and after giving effect to, such Reallocation. 

(C) No Reallocation shall increase (1) the Aggregate Canadian Commitments in excess of $150,000,000, (2) the Aggregate
U.K. Commitments in excess of $100,000,000 or (3) the Aggregate PR Commitments in excess of $15,000,000. 
 (D) No
Reallocation shall result in (1) any Domestic Lender having a positive Canadian Commitment, U.K. Commitment or PR Commitment if such Domestic Lender, or its affiliate, did not have such positive Canadian Commitment, U.K. Commitment or PR
Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (2) any U.K. Lender having a positive Canadian Commitment or PR Commitment if such U.K. Lender, or its affiliate, did not have such positive
Canadian Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (3) any Canadian Lender having a positive U.K. Commitment or PR Commitment if such Canadian Lender, or its affiliate,
did not have such positive U.K. Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (4) any PR Lender having a positive U.K. Commitment or Canadian Commitment if such PR Lender, or
its affiliate, did not have such positive U.K. Commitment or Canadian Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date. 

(E) Subject to Section 2.06(e)(ii)(D), each Reallocation shall be made pro rata among the
Lenders whose Commitments are being reallocated from one type of Commitment to another, but shall not cause the Commitments of any other Lenders to change (but will result in a change in Applicable Percentages). 

  
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 (F) Subject to Section 2.05(d), in no event shall
(1) the Total Domestic Outstandings exceed the Aggregate Domestic Commitments; (2) the Total Canadian Outstandings exceed the Aggregate Canadian Commitments; (3) the Total U.K. Outstandings exceed the Aggregate U.K. Commitments; or
(4) the Total PR Outstandings exceed the Aggregate PR Commitments. 
 (iii) The Administrative Agent shall
(A) notify each of the Lenders promptly after receiving any notice of a Reallocation delivered by the Borrowers pursuant to this Section 2.06(e) and (B) promptly upon the effectiveness of any such Reallocation,
distribute to each Lender an updated Schedule 2.01 hereto, reflecting the changes in the respective Commitments of the Lenders, and the Borrowers hereby authorize such amendment to Schedule 2.01. 

Section 2.07 Repayment of Loans. 

(a) Each Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Revolving Loans made to
such Borrower outstanding on such date. 
 (b) Ryder shall repay each Domestic Swing Line Loan on the earlier to occur of
(i) the date ten (10) Business Days after such Domestic Swing Line Loan is made, and (ii) the Maturity Date. At any time that there shall exist a Defaulting Lender, immediately upon the request of any Domestic Swing Line Lender, Ryder
shall repay the outstanding Domestic Swing Line Loans made by such Domestic Swing Line Lender in an amount sufficient to eliminate any Fronting Exposure in respect of such Domestic Swing Line Loans. 

(c) Each Canadian Borrower shall repay each Canadian Swing Line Loan on the earlier to occur of (i) the date ten
(10) Business Days after such Canadian Swing Line Loan is made, and (ii) the Maturity Date. At any time that there shall exist a Defaulting Lender, immediately upon the request of the Canadian Swing Line Lender, the Canadian Borrowers
shall repay the outstanding Canadian Swing Line Loans made by the Canadian Swing Line Lender in an amount sufficient to eliminate any Fronting Exposure in respect of such Canadian Swing Line Loans. 

(d) Each U.K. Borrower shall repay each U.K. Swing Line Loan on the earlier to occur of (i) the date ten
(10) Business Days after such U.K. Swing Line Loan is made, and (ii) the Maturity Date. At any time that there shall exist a Defaulting Lender, immediately upon the request of the U.K. Swing Line Lender, the U.K. Borrowers shall repay the
outstanding U.K. Swing Line Loans made by the U.K. Swing Line Lender in an amount sufficient to eliminate any Fronting Exposure in respect of such U.K. Swing Line Loans. 

Section 2.08 Interest. 

(a) Subject to the provisions of Section 2.08(b): (i) each Eurodollar Rate Loan shall bear interest
on the outstanding principal amount thereof for each Interest Period from the applicable borrowing date at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Domestic Base Rate Loan
shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Domestic Base Rate plus the Applicable Rate; (iii) each Canadian Base Rate Loan shall bear interest on
the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Canadian Base Rate plus the Applicable Rate; (iv) each Canadian Prime Rate Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the Canadian Prime Rate plus the Applicable Rate; (v) each Alternative Currency Daily Rate Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the Alternative Currency 

  
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Daily Rate plus the Applicable Rate; (vi) each Alternative Currency Term Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate
per annum equal to the Alternative Currency Term Rate for such Interest Period plus the Applicable Rate; (vii) each Domestic Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing
date at a rate per annum equal to the Domestic Base Rate plus the Applicable Rate; (viii) each Canadian Swing Line Loan denominated in Dollars shall bear interest on the outstanding principal amount thereof from the applicable borrowing
date at a rate per annum equal to the Canadian Base Rate plus the Applicable Rate; (ix) each Canadian Swing Line Loan denominated in Canadian Dollars shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Canadian Prime Rate plus the Applicable Rate; (x) each U.K. Swing Line Loan denominated in Dollars shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to U.K. Swing Line Overnight Dollar Rate plus the Applicable Rate; and (xi) each U.K. Swing Line Loan denominated in Euros or Sterling shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to U.K. Swing Line Alternative Currency Rate plus the Applicable Rate. 

(b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether
at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii) If any amount (other than principal of any Loan) payable by any Borrower under any Loan Document is not paid when due
(without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all
times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (iii) Upon the request of the Required
Lenders, while any Event of Default exists, the Borrowers shall pay interest on the principal amount of all outstanding Obligations under the Loan Documents at a fluctuating interest rate per annum at all times equal to the Default Rate to the
fullest extent permitted by applicable Laws. 
 (iv) Accrued and unpaid interest on past due amounts (including interest on
past due interest) shall be due and payable upon demand. 
 (c) Interest on each Loan shall be due and payable in arrears on
each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any
proceeding under any Debtor Relief Law. 
 Section 2.09 Fees. In addition to certain fees described in
Section 2.03: 
 (a) Facility Fees. 

(i) Ryder shall pay to the Administrative Agent for the account of each Domestic Lender in accordance with its Applicable
Percentage, a facility fee (the “Domestic Facility Fee”) in Dollars equal to the Applicable Rate times the actual daily amount of the Aggregate Domestic Commitments (or, if the Aggregate Domestic Commitments have terminated,
on the Total Domestic Outstandings), regardless of usage, 

  
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subject to adjustment as provided in Section 2.17. The Domestic Facility Fee shall accrue at all times during the Domestic Availability Period (and thereafter so long as
there are Total Domestic Outstandings), including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and
December, commencing with the first such date to occur after the Closing Date, and on the last day of the Domestic Availability Period (and, if applicable, thereafter on demand). The Domestic Facility Fee shall be calculated quarterly in arrears,
and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 

(ii) The Canadian Borrowers shall pay to the Canadian Agent for the account of each Canadian Lender in accordance with its
Applicable Percentage, a facility fee (the “Canadian Facility Fee”) in Dollars equal to the Applicable Rate times the actual daily amount of the Aggregate Canadian Commitments (or, if the Aggregate Canadian Commitments have
terminated, on the Total Canadian Outstandings), regardless of usage, subject to adjustment as provided in Section 2.17. The Canadian Facility Fee shall accrue at all times during the Canadian Availability Period (and
thereafter so long as there are Total Canadian Outstandings), including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March,
June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Canadian Availability Period (and, if applicable, thereafter on demand). The Canadian Facility Fee shall be calculated
quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was
in effect. 
 (iii) The U.K. Borrowers shall pay to the Administrative Agent for the account of each U.K. Lender in
accordance with its Applicable Percentage, a facility fee (the “U.K. Facility Fee”) in Dollars equal to the Applicable Rate times the actual daily amount of the Aggregate U.K. Commitments (or, if the Aggregate U.K.
Commitments have terminated, on the Total U.K. Outstandings), regardless of usage, subject to adjustment as provided in Section 2.17. The U.K. Facility Fee shall accrue at all times during the U.K. Availability Period (and
thereafter so long as there are Total U.K. Outstandings), including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March,
June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the U.K. Availability Period (and, if applicable, thereafter on demand). The U.K. Facility Fee shall be calculated quarterly in
arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

 (iv) The PR Borrowers shall pay to the Administrative Agent for the account of each PR Lender in accordance with its
Applicable Percentage, a facility fee (the “PR Facility Fee”) in Dollars equal to the Applicable Rate times the actual daily amount of the Aggregate PR Commitments (or, if the Aggregate PR Commitments have terminated, on the
Total PR Outstandings), regardless of usage, subject to adjustment as provided in Section 2.17. The PR Facility Fee shall accrue at all times during the PR Availability 

  
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Period (and thereafter so long as there are Total PR Outstandings), including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable
quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the PR Availability Period (and, if applicable, thereafter on
demand). The PR Facility Fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period
during such quarter that such Applicable Rate was in effect. 
 (b) Other Fees. 

(i) Ryder shall pay to BofA Securities and the Administrative Agent, for their own respective accounts, in Dollars, fees in the
amounts and at the times specified in the Fee Letter. 
 (ii) Ryder shall pay to each Agent, such fees as shall have been
separately agreed upon in writing in the amounts and at the times so specified. 
 (iii) Ryder shall pay to each Arranger,
such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. 
 (iv) Ryder
shall pay to the Lenders, such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. 

Section 2.10 Computation of Interest and Fees. 

(a) Except as otherwise expressly provided herein, all computations of interest for: (i) Base Rate Loans (including
Domestic Base Rate Loans determined by reference to the Eurodollar Rate) and Domestic Swing Line Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed; and (ii) Alternative Currency Daily
Rate Loans and U.K. Swing Line Alternative Currency Rate Loans denominated in Sterling shall be made on the basis of a year of 365 days and actual days elapsed; and all other computations of fees and interest, including those with respect to
Eurodollar Rate Loans, U.K. Swing Line Overnight Dollar Rate Loans, U.K. Swing Line Alternative Currency Rate Loans denominated in Euros, and Alternative Currency Term Rate Loans, shall be made on the basis of a
360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year), or, in the case
of interest in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance with such market practice. Interest shall accrue on each Loan for the day on which the Loan is made, and
shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided, that, any Loan that is repaid on the same day on which it is made shall, subject to
Section 2.12(a), bear interest for one day. Each determination by the applicable Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(b) For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the
basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or
fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and
(iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields. 

  
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 Section 2.11 Evidence of Debt. 

(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender
in the ordinary course of business. The Administrative Agent shall maintain the Register in accordance with Section 11.06(c). The accounts or records maintained by each Lender shall be conclusive absent manifest error of
the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder
to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the Register, the Register shall control in the absence of manifest error. Upon the request of any
Lender to a Borrower made through the applicable Agent, such Borrower shall execute and deliver to such Lender (through the applicable Agent) a Note, which shall evidence such Lender’s Loans to such Borrower in addition to such accounts or
records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount, currency, and maturity of its Loans and payments with respect thereto. 

(b) In addition to the accounts and records referred to in Section 2.11(a), each Lender and each
Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit, Domestic Swing Line Loans, Canadian Swing Line Loans, and U.K. Swing Line Loans.
In the event of any conflict between the accounts and records maintained by the applicable Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the such Agent shall control in the absence of
manifest error. 
 Section 2.12 Payments Generally; Agent’s Clawback. 

(a) General. All payments to be made by the Borrowers shall be made free and clear of and without condition or deduction
for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein and except with respect to principal of and interest on Loans or Bankers’ Acceptances denominated in an Alternative Currency, all payments by the
Borrowers hereunder shall be made to the applicable Agent, for the account of the respective Lenders to which such payment is owed, at the Head Office for such Agent in Dollars and in Same Day Funds not later than 2:00 p.m. (local time for such
Agent) on the date specified herein. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder with respect to principal and interest on Loans or Bankers’ Acceptances denominated in an Alternative Currency shall be
made to the applicable Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Head Office for such Agent in such Alternative Currency and in Same Day Funds not later than the Applicable Time specified by
such Agent on the dates specified herein. If, for any reason, any Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency, such Borrower shall make such payment in Dollars in the Dollar Equivalent of
the Alternative Currency payment amount. Notwithstanding the foregoing, Acceptance Fees shall be payable solely in Canadian Dollars and any and all other fees payable hereunder shall be payable in solely Dollars unless, with respect to any fees
payable by the Canadian Borrowers and the U.K. Borrowers, otherwise agreed to by the Canadian Agent and/or the Administrative Agent respectively. The applicable Agent will promptly distribute to each Lender its Applicable Percentage (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by 

  
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the applicable Agent after (i) 2:00 p.m. (local time for such Agent), in the case of payments in Dollars, or (ii) after the Applicable Time specified by such Agent, in the case of payments
in an Alternative Currency, shall, in each case, be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by any Borrower shall come due on a day other than a
Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 

(b) (i) Funding by Lenders; Presumption by Agents. Unless the Administrative Agent or the Canadian Agent, as applicable,
shall have received notice from a Lender prior to the proposed date of any Revolving Borrowing of Eurodollar Rate Loans or Alternative Currency Loans (or, in the case of any Revolving Borrowing of Domestic Base Rate Loans, prior to 12:00 p.m. on the
date of such Revolving Borrowing) that such Lender will not make available to the applicable Agent such Lender’s share of such Revolving Borrowing, such Agent may assume that such Lender has made such share available on such date in accordance
with Section 2.02 (or, in the case of any Revolving Borrowing of Domestic Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by
Section 2.02) and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Revolving Borrowing
available to the applicable Agent, then the applicable Lender and, if such amount is not made available to such Agent by such Lender within three (3) Business Days of such Revolving Borrowing, the applicable Borrower severally agree to pay to
such Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to such Agent, at
(A) in the case of a payment to be made by such Lender, the greater of the applicable Overnight Rate and a rate determined by such Agent in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by such Agent in connection with the foregoing, and (B) in the case of a payment to be made by such Borrower, the interest rate applicable to Base Rate Loans, or in the case of Alternative
Currencies, in accordance with such market practice, in each case, as applicable. If such Borrower and such Lender shall pay such interest to the applicable Agent for the same or an overlapping period, such Agent shall promptly remit to such
Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Revolving Borrowing to the applicable Agent, then the amount so paid shall constitute such Lender’s Revolving Loan
included in such Revolving Borrowing. Any payment by such Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the applicable Agent. 

(ii) Payments by Borrower; Presumptions by Agents. Unless the Administrative Agent or the Canadian Agent, as applicable,
shall have received notice from Ryder, a Canadian Borrower, a PR Borrower, or a U.K. Borrower, as applicable, prior to the date on which any payment is due to such Agent for the account of the Lenders or the L/C Issuers hereunder that such Borrower
will not make such payment, such Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuers, as the case may be, the amount
due. With respect to any payment that any Agent makes for the account of any Lender or any L/C Issuer hereunder as to which such Agent determines (which determination shall be conclusive absent manifest error) that any of the following
applies (such payment referred to as the “Rescindable Amount”): (A) the applicable Borrower has not in fact made such payment; (B) such Agent has made a payment in excess of the amount so paid by such Borrower (whether or not
then owed); or (C) such Agent has 

  
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for any reason otherwise erroneously made such payment; then each of the Lenders or the L/C Issuers, as the case may be, severally agrees to repay to such Agent forthwith on demand the
Rescindable Amount so distributed to such Lender or such L/C Issuer, in Same Day Funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to such Agent, at the
greater of the Federal Funds Rate and a rate determined by such Agent in accordance with banking industry rules on interbank compensation. 

A notice of the applicable Agent to any Lender or any Borrower with respect to any amount owing under this
Section 2.12(b) shall be conclusive, absent manifest error. 
 (c) Failure to Satisfy Conditions
Precedent. If any Lender makes available to the applicable Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to any Borrower by such Agent
because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, such Agent shall return such funds (in like funds as received from such Lender) to such Lender,
without interest. 
 (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Revolving
Loans, to accept and purchase Bankers’ Acceptances, to fund participations in Letters of Credit and Swing Line Loans, and to make payments pursuant to Section 11.04(c) are several and not joint. The failure of any
Lender to make any Revolving Loan, to fund any such participation or to make any payment under Section 11.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on
such date, and no Lender shall be responsible for the failure of any other Lender to so make its Revolving Loan, to accept and purchase Bankers’ Acceptances, to purchase its participation or to make its payment under
Section 11.04(c). 
 (e) Funding Source. Nothing herein shall be deemed to obligate any
Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

Section 2.13 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Revolving Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting in such Lender’s receiving
payment of a proportion of the aggregate amount of such Revolving Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall
(a) notify the applicable Agent of such fact, and (b) purchase (for cash at face value) participations in the Revolving Loans and subparticipations in L/C Obligations and in Swing Line Loans of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and other amounts
owing them; provided, that: (i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and
the purchase price restored to the extent of such recovery, without interest; and (ii) the provisions of this Section 2.13 shall not be construed to apply to (A) any payment made by or on behalf of any Borrower
pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) the application of Cash Collateral provided for in
Section 2.16, or (C) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Revolving Loans or subparticipations in L/C Obligations or in Swing Line Loans to
any assignee or participant, other than an assignment to Ryder or any Subsidiary 

  
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(as to which the provisions of this Section 2.13 shall apply). Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of such Borrower in the amount of such participation. 
 Section 2.14 Extension of Maturity Date. 

(a) Requests for Extension. The Borrowers may, by sending an Extension Letter to the Agents (who shall promptly notify
the Lenders) no earlier than sixty (60) days and no later than forty-five (45) days prior to any anniversary of the Closing Date (each such anniversary of the Closing Date being an “Anniversary Date”), request that each
Lender extend such Lender’s then-existing Scheduled Maturity Date (with respect to each Lender, such Lender’s “Current Maturity Date”) for one year; provided, that, no more than two Extension Letters may be
submitted by the Borrowers during the term of this Agreement. 
 (b) Lender Elections to Extend. Each Lender, acting
in its sole discretion, shall, by notice to the Agents given promptly after such Lender’s receipt of an Extension Letter and, in any event, no later than thirty (30) days prior to the applicable Anniversary Date (the “Notice
Date”), advise the Agents whether such Lender agrees to such extension (each Lender that determines not to so extend its Scheduled Maturity Date being referred to herein as a
“Non-Extending Lender”); provided, that, any Lender that does not so advise the Agents on or before the applicable Notice Date shall be deemed to be a Non-Extending Lender. For the avoidance of doubt, (i) the election of any Lender to agree to such extension shall not obligate any other Lender to so agree, and (ii) each
Non-Extending Lender shall be required to maintain its original Commitments pursuant to the terms and conditions contained herein to and including such Non-Extending
Lender’s then-existing Scheduled Maturity Date (without giving effect to such extension). 
 (c) Notification by
Agents. The Agents shall notify the Borrowers of each Lender’s determination under Section 2.14(b) no later than the date that is twenty-five (25) days prior to the applicable Anniversary Date (or, if such
date is not a Business Day, on the immediately preceding Business Day). 
 (d) Minimum Extension Requirement. If (and
only if) the total of the Commitments of the Lenders that have agreed so to extend their Current Maturity Date (each, an “Extending Lender”) shall be more than fifty percent (50%) of the Aggregate Commitments in effect immediately
prior to the applicable Anniversary Date, then, subject to the satisfaction of the conditions set forth in Section 2.14(f), effective as of the applicable Anniversary Date, the Scheduled Maturity Date of each Extending
Lender shall be extended to the date falling one year after the Current Maturity Date of each Extending Lender (except that, if such date is not a Business Day, such Scheduled Maturity Date as so extended shall be the immediately preceding Business
Day). 
 (e) Replacement of Non-Extending Lenders. Subject to the satisfaction
of the minimum extension requirement in Section 2.14(d) and the other conditions to the effectiveness of any such extension set forth in Section 2.14(f), the Borrowers shall have the right (but not
the obligation), in their sole discretion, to, no later than the date that occurs sixty (60) days following the applicable Anniversary Date, elect to replace any Non-Extending Lender by causing such Non-Extending Lender to assign and delegate, without recourse, its interests, rights and obligations as a Lender under this Agreement and the related Loan Documents to one or more existing Lenders or Eligible
Assignees pursuant to the terms of Section 11.13. 

  
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 (f) Conditions to Effectiveness of Extensions. Notwithstanding the
foregoing, the extension of each Extending Lender’s then-existing Scheduled Maturity Date pursuant to this Section 2.14 shall not be effective with respect to any Extending Lender unless, on the applicable Anniversary
Date: (i) no Default or Event of Default shall exist or be continuing either prior to or after giving effect thereto, and (ii) the representations and warranties contained in Section 5.01,
Section 5.02, Section 5.06(a), Section 5.09, Section 5.10, Section 5.17, Section 5.18, and
Section 5.21 shall be true at and as of the time of the effective date of such extension, with the same effect as if made at and as of that time (except to the extent of changes resulting from transactions contemplated or
permitted by this Agreement and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse to the business, assets or financial condition of Ryder and its Consolidated Subsidiaries, taken as a
whole, or to the extent that such representations and warranties relate expressly and solely to an earlier date). 
 (g)
Extension Amendment; Conflicting Provisions. In connection with any extension of the Maturity Date pursuant to this Section 2.14(g), Ryder, the Agents and each Extending Lender, without the consent of any other party
to this Agreement, may make such amendments to this Agreement as the Agents determine to be reasonably necessary to evidence such extension. This Section 2.14 shall supersede any provisions in this Agreement to the
contrary. 
 Section 2.15 Increase in Aggregate Commitments. The Borrowers may, at any time and from time
to time prior to the Maturity Date, upon prior written notice by the Borrowers to the applicable Agent, increase the Aggregate Domestic Commitments, the Aggregate Canadian Commitments, the Aggregate U.K. Commitments, and/or the Aggregate PR
Commitments (but not the Domestic Swing Line Sublimit, the Canadian Swing Line Sublimit, the U.K. Swing Line Sublimit, or the Letter of Credit Sublimit), by a maximum aggregate amount not to exceed $200,000,000 for all such increases, with
additional Commitments from any Lender or new Commitments from one or more Eligible Assignees selected by the Borrowers and acceptable to the applicable Agent, the applicable Swing Line Lender (as applicable) and the L/C Issuers (as applicable);
provided, that: 
 (a) any such increase shall be in a minimum principal amount of $10,000,000 and in integral
multiples of $1,000,000 in excess thereof; 
 (b) no Default or Event of Default shall exist and be continuing at the time of
any such increase; 
 (c) no existing Lender shall be under any obligation to increase any of its Commitments and any such
decision whether to increase any of its Commitments shall be in such Lender’s sole and absolute discretion; 
 (d) (i)
any new Lender shall join this Agreement by executing such joinder documents as are required by the applicable Agent, and/or (ii) any existing Lender electing to increase its relevant Commitment shall have executed a commitment agreement
satisfactory to the applicable Agent; 
 (e) as a condition precedent to such increase, Ryder shall deliver to the applicable
Agent a certificate of the applicable Borrowers dated as of the date of such increase signed duly authorized officers of each such Borrower (i) certifying and attaching the resolutions adopted by such Borrowers approving or consenting to such
increase, and (ii) in the case of Ryder, certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Section 5.01, Section 5.02,
Section 5.06(a), Section 5.09, Section 5.10, Section 5.17, Section 5.18, and Section 5.21 are
true at and as of the time of the effective date of such increase, 

  
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with the same effect as if made at and as of that time (except to the extent of changes resulting from transactions contemplated or permitted by this Agreement and changes occurring in the
ordinary course of business which singly or in the aggregate are not materially adverse to the business, assets or financial condition of Ryder and its Consolidated Subsidiaries, taken as a whole, or to the extent that such representations and
warranties relate expressly and solely to an earlier date) and (B) no Default or Event of Default exists or would result in connection with such increase; 

(f) Ryder shall deliver to the applicable Agent a certificate demonstrating that, upon giving pro forma effect to such increase
(and assuming for such purpose that the entire amount of such increase is fully drawn), Ryder would be in compliance with the ratio set forth in Section 7.08 as of the most recent fiscal quarter for which Ryder was required
to deliver financial statements pursuant to Section 6.04(a) or 6.04(b); and 
 (g)
Schedule 2.01 shall be deemed revised to include any increase in the applicable Commitments pursuant to this Section 2.15 and to include thereon any Eligible Assignee that becomes a Lender pursuant to this
Section 2.15. 
 The applicable Borrower shall prepay any Loans owing by it and outstanding on the date of any such increase (and
pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Loans ratable with any revised Commitments arising from any non-ratable
increase in the Commitments under this Section 2.15. In connection with any increase in the Aggregate Domestic Commitments, the Aggregate Canadian Commitments, the Aggregate U.K. Commitments, or the Aggregate PR Commitments
pursuant to this Section 2.15, Ryder, the applicable Agent and each Lender providing a portion of such increase in the Aggregate Domestic Commitments, the Aggregate Canadian Commitments, the Aggregate U.K. Commitments, or
the Aggregate PR Commitments with respect to such increase, without the consent of any other party to this Agreement, may make such amendments to this Agreement as the applicable Agent determines to be reasonably necessary to evidence such increase.
This Section 2.15 shall supersede any provisions in Section 2.13 or 11.01 to the contrary. 

Section 2.16 Cash Collateral. 

(a) Obligation to Cash Collateralize. In addition to the obligations set forth in
Section 2.03(q), at any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written request of the Administrative Agent or any L/C Issuer (with a copy to the Administrative
Agent), Ryder shall Cash Collateralize the L/C Issuers’ Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.17(a)(iv) and any Cash Collateral provided by such
Defaulting Lender) in an amount not less than the Minimum Collateral Amount. 
 (b) Grant of Security Interest. Ryder,
and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers, and the Lenders, and agrees to
maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to
which such Cash Collateral may be applied pursuant to Section 2.16(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative
Agent or any L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount (or otherwise less than the amount then required to be provided), Ryder will, promptly upon demand by the
Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (determined after giving effect 

  
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to Section 2.17(a)(iv) and any Cash Collateral provided by the Defaulting Lender). All Cash Collateral (other than credit support not constituting funds subject to
deposit) shall be maintained in blocked, non-interest-bearing deposit accounts at Bank of America. Ryder shall pay on demand therefor from time to time all customary account opening, activity and other
administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral. 
 (c)
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund
participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property
as may otherwise be provided for herein. 
 (d) Release. Cash Collateral (or the appropriate portion thereof) provided
to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender
status of the applicable Lender), or (ii) the determination by the Administrative Agent and the L/C Issuers that there exists excess Cash Collateral; provided, that, the Person providing Cash Collateral and the L/C Issuers may
agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations. 

Section 2.17 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in the definitions of “Required Lenders”, “Required Domestic Lenders”, “Required Canadian Lenders”, “Required U.K. Lenders”, and
“Required PR Lenders”, and Section 11.01. 
 (ii) Defaulting Lender Waterfall. Any
payment of principal, interest, fees or other amounts received by an Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by such Agent from a
Defaulting Lender pursuant to Section 11.08 shall be applied at such time or times as may be determined by such Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to such Agent
hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any L/C Issuer and any Swing Line Lender hereunder; third, to Cash Collateralize any L/C Issuer’s Fronting Exposure with
respect to such Defaulting Lender in accordance with Section 2.16; fourth, as Ryder may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the such Agent; fifth, if so determined by such Agent and Ryder, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting
Lender’s potential future funding obligations with respect to Loans under this Agreement, and (y) Cash Collateralize any L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of
Credit issued under this Agreement, in accordance with Section 2.16; sixth, to the payment of any amounts owing 

  
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to the Lenders, the L/C Issuers, and the Swing Line Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any L/C Issuer, or any Swing Line Lender
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to Ryder as a result of any judgment of a
court of competent jurisdiction obtained by Ryder against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a
court of competent jurisdiction; provided, that, (A) such payment is a payment of the principal amount of any Loans or L/C Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share, and
(B) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Article IV were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to,
all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in L/C Obligations and in Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to Section 2.17(a)(iv). Any payments, prepayments or other
amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.17(a)(ii) shall be deemed paid to and redirected by
such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii) Certain Fees. 

(A) Each Defaulting Lender shall be entitled to receive Facility Fees for any period during which that Lender is a Defaulting
Lender only to extent allocable to the sum of (1) the outstanding principal amount of the Revolving Loans funded by it, and (2) its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral
pursuant to Section 2.16. 
 (B) Each Defaulting Lender shall be entitled to receive Letter of
Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to
Section 2.16. 
 (C) With respect to any Facility Fee or any Letter of Credit Fee not required to
be paid to any Defaulting Lender pursuant to Section 2.17(a)(iii)(A) or (a)(iii)(B), Ryder shall (1) pay to each Non-Defaulting Lender that portion of any such fee
otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations, in Domestic Swing Line Loans, in Canadian Swing Line Loans, or in U.K. Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to Section 2.17(a)(iv), (2) pay to each L/C Issuer, each Domestic Swing Line Lender, the Canadian Swing Line Lender, and the U.K. Swing Line Lender, as
applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s, such Domestic Swing Line Lender’s, the Canadian Swing Line Lender’s or the U.K. Swing Line Lender’s
Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining amount of any such fee. 

  
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 (iv) Reallocation of Applicable Percentages to Reduce Fronting
Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations, in Domestic Swing Line Loans, in Canadian Swing Line Loans, and in U.K. Swing Line Loans shall be reallocated among the
Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not
cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject to
Section 11.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim
of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(v) Cash Collateral, Repayment of Swing Line Loans. If the reallocation described in
Section 2.17(a)(iv) cannot, or can only partially, be effected, Ryder shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (A) first, prepay (1) Domestic Swing
Line Loans in an amount equal to the Domestic Swing Line Lenders’ Fronting Exposure, (2) Canadian Swing Line Loans in an amount equal to the Canadian Swing Line Lender’s Fronting Exposure, and (3) U.K. Swing Line Loans in an
amount equal to the U.K. Swing Line Lender’s Fronting Exposure, and (B) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.16. 

(b) Defaulting Lender Cure. If Ryder, the applicable Agents, the L/C Issuers, and the applicable Swing Line Lenders
agree in writing that a Lender is no longer a Defaulting Lender, the applicable Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include
arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be
necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit, in Domestic Swing Line Loans, in Canadian Swing Line Loans and in U.K. Swing Line Loans to be held pro rata by the Lenders in accordance with the
Commitments (without giving effect to Section 2.17(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided, that, no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of Ryder while that Lender was a Defaulting Lender; provided, further, that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to
Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

(c) New Letters of Credit; New Swing Line Loans. So long as any Domestic Lender is a Defaulting Lender, (i) no L/C
Issuer shall be required to issue, extend, increase, reinstate or renew any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto and (ii) no Domestic Swing Line Lender shall be required to
fund any Domestic Swing Line Loan unless it is satisfied that it will have no Fronting Exposure after giving effect to such Domestic Swing Line Loan. So long as any Canadian Lender is a Defaulting Lender, the Canadian Swing Line Lender shall not be
required to fund any Canadian Swing Line Loan unless it is satisfied that it will have no Fronting Exposure after giving effect to such Canadian Swing Line Loan. So long as any U.K. Lender is a Defaulting Lender, the U.K. Swing Line Lender shall not
be required to fund any U.K. Swing Line Loan unless it is satisfied that it will have no Fronting Exposure after giving effect to such U.K. Swing Line Loan. 

  
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 Section 2.18 Designated Borrowers. 

(a) Designated Borrowers. Ryder may at any time, upon not less than fifteen (15) Business Days’ notice from
Ryder to the Canadian Agent or the Administrative Agent, as applicable (or such shorter period as may be agreed by such Agent in its sole discretion), (i) request to designate any additional Canadian Subsidiary of Ryder (an
“Applicant Canadian Borrower”) as a Designated Canadian Borrower to receive Canadian Revolving Loans, Canadian Swing Line Loans, and Bankers’ Acceptances hereunder by delivering to the Canadian Agent (which shall promptly
deliver counterparts thereof to each Canadian Lender) a duly executed Designated Borrower Request and Assumption Agreement with respect to such Applicant Canadian Borrower, (ii) request to designate any additional Domestic Subsidiary of
Ryder (an “Applicant PR Borrower”) as a Designated PR Borrower to receive PR Revolving Loans hereunder by delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each PR Lender) a duly executed
Designated Borrower Request and Assumption Agreement with respect to such Applicant PR Borrower, and (iii) request to designate any additional U.K. Subsidiary of Ryder (an “Applicant U.K. Borrower”) as a Designated U.K.
Borrower to receive U.K. Revolving Loans and U.K. Swing Line Loans by delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each U.K. Lender) a duly executed Designated Borrower Request and Assumption Agreement
with respect to such Applicant U.K. Borrower. The parties hereto acknowledge and agree that prior to any Applicant Borrower becoming entitled to utilize the credit facilities provided for herein (A) (1) with respect to an Applicant Canadian
Borrower, the Canadian Agent and each Canadian Lender must each agree to such Applicant Borrower becoming a Designated Borrower, (2) with respect to an Applicant PR Borrower, the Administrative Agent and each PR Lender must each agree to such
Applicant Borrower becoming a Designated Borrower, and (3) with respect to an Applicant U.K. Borrower, the Administrative Agent and each U.K. Lender must each agree to such Applicant Borrower becoming a Designated Borrower, (B) the
applicable Agent shall have received such supporting resolutions, incumbency certificates, opinions of counsel and other documents or information, in form, content and scope reasonably satisfactory to such Agent, as may be required by such Agent,
and Notes signed by such new Designated Borrower to the extent any applicable Lender so requires, and (C) upon the reasonable request of any applicable Lender, such Applicant Borrower shall have provided to such Lender, and such Lender shall be
reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act and the
Canadian AML Acts and if such Applicant Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, such Applicant Borrower shall have delivered, to each such Lender that so requests, a Beneficial Ownership
Certification in relation to such Applicant Borrower (the requirements in clauses (A), (B) and (C) hereof, the “Designated Borrower Requirements”). If the Designated Borrower Requirements are met with
respect to an Applicant Canadian Borrower, the Canadian Agent shall send a Designated Borrower Notice to Ryder and the Canadian Lenders specifying the effective date upon which such Applicant Canadian Borrower shall constitute a Designated
Canadian Borrower for purposes hereof, whereupon each of the Canadian Lenders agrees to permit such Designated Canadian Borrower to receive Canadian Revolving Loans, Canadian Swing Line Loans, and Bankers’ Acceptances hereunder, on the terms
and conditions set forth herein, and each of the parties agrees that such Designated Canadian Borrower otherwise shall be a Canadian Borrower for all purposes of this Agreement; provided that no Canadian Loan Notice, Canadian Swing Line Loan
Notice or Bankers’ Acceptance Notice may be submitted by or on behalf of such Designated Canadian Borrower until the date five (5) Business Days after such effective date. If the Designated Borrower Requirements are met with respect to an
Applicant PR Borrower, the Administrative Agent shall send a Designated Borrower Notice to Ryder and the PR Lenders specifying the effective date upon which such Applicant PR Borrower shall constitute a Designated

  
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PR Borrower for purposes hereof, whereupon each of the PR Lenders agrees to permit such Designated PR Borrower to receive PR Revolving Loans on the terms and conditions set forth herein, and each
of the parties agrees that such Designated PR Borrower otherwise shall be a PR Borrower for all purposes of this Agreement; provided that no PR Loan Notice may be submitted by or on behalf of such Designated PR Borrower until the date five
(5) Business Days after such effective date. If the Designated Borrower Requirements are met with respect to an Applicant U.K. Borrower, the Administrative Agent shall send a Designated Borrower Notice to Ryder and the U.K. Lenders
specifying the effective date upon which such Applicant U.K. Borrower shall constitute a Designated U.K. Borrower for purposes hereof, whereupon each of the U.K. Lenders agrees to permit such Designated U.K. Borrower to receive U.K. Revolving Loans
and U.K. Swing Line Loans hereunder, on the terms and conditions set forth herein, and each of the parties agrees that such Designated U.K. Borrower otherwise shall be a U.K. Borrower for all purposes of this Agreement; provided that no U.K.
Loan Notice or U.K. Swing Line Loan Notice may be submitted by or on behalf of such Designated U.K. Borrower until the date five (5) Business Days after such effective date. 

(b) Appointment. Each Canadian Subsidiary, Domestic Subsidiary, or U.K. Subsidiary, as applicable, of Ryder that is or
becomes a “Designated Borrower” pursuant to this Section 2.18 hereby irrevocably appoints Ryder to act as its agent for all purposes of this Agreement and the other Loan Documents and agrees that (i) Ryder
may execute such documents on behalf of such Designated Borrower as Ryder deems appropriate in its sole discretion and each Designated Borrower shall be obligated by all of the terms of any such document executed on its behalf, (ii) any notice
or communication delivered by any Agent or any Lender to Ryder shall be deemed delivered to such Designated Borrower, and (iii) any Agent or any Lender may accept, and be permitted to rely on, any document, instrument or agreement executed by
Ryder on behalf of any such Designated Borrower. 
 (c) Amendment. In connection with the addition of any Applicant
Borrower to this Agreement pursuant to this Section 2.18, Ryder and the Canadian Agent or the Administrative Agent, as applicable, without the consent of any other party to this Agreement, may make such amendments to this
Agreement as Ryder and the Canadian Agent or the Administrative Agent, as applicable, determine to be reasonably necessary to add such Applicant Borrower as a Canadian Borrower, a PR Borrower, or a U.K. Borrower, as applicable, under this Agreement.
This Section 2.18 shall supersede any provisions in Section 11.01 to the contrary. 

Section 2.19 Bankers’ Acceptances. 

(a) Acceptance and Purchase. Subject to the terms and conditions hereof, each Canadian Lender severally agrees to accept
and purchase Bankers’ Acceptances drawn upon it by the Canadian Borrowers denominated in Canadian Dollars. The Canadian Borrowers shall notify the Canadian Agent by irrevocable written notice (each a “Bankers’ Acceptance
Notice”) by 11:00 a.m. (Toronto time) within one (1) Business Day of the date of any borrowing by way of Bankers’ Acceptances. Each borrowing by way of Bankers’ Acceptances shall be in a minimum aggregate face amount of
C$3,000,000 or an integral multiple of C$100,000 thereof. The face amount of each Bankers’ Acceptance shall be C$100,000 or any integral multiple thereof. Each Bankers’ Acceptance Notice shall be in the form of Exhibit I. A
Bankers’ Acceptance shall be purchased and accepted only if, after giving effect to such purchase and acceptance (i) the Canadian Revolving Credit Exposure of any Canadian Lender shall not exceed such Canadian Lender’s Canadian
Commitment, and (ii) the Total Canadian Outstandings shall not exceed the Aggregate Canadian Commitments. 

  
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 (i) Term. Each Bankers’ Acceptance shall be issued and shall
mature on a Business Day. Each Bankers’ Acceptance shall have a term of 1, 2, or 3 months, shall mature no later than five (5) days prior to the Maturity Date, and shall be in form and substance reasonably satisfactory to the Canadian
Lender which is accepting such Bankers’ Acceptance. 
 (ii) Bankers’ Acceptances in Blank. To facilitate the
acceptance of Bankers’ Acceptances under this Agreement, the Canadian Borrowers shall, upon execution of this Agreement and from time to time as required, provide to the Canadian Agent bills of exchange or depository bills, in form satisfactory
to the Canadian Agent, duly executed and endorsed in blank by the Canadian Borrowers in quantities sufficient for each Canadian Lender to fulfill its obligations hereunder. In addition, the Canadian Borrowers hereby appoint each Canadian Lender as
its attorney to sign and endorse on its behalf, in handwriting or by facsimile or mechanical signature as and when deemed necessary by such Canadian Lender, blank forms of Bankers’ Acceptances. The Canadian Borrowers recognize and agree that
all Bankers’ Acceptances signed and/or endorsed on its behalf by a Canadian Lender shall bind the Canadian Borrowers as fully and effectually as if signed in the handwriting of and duly issued by the proper signing officers of the Canadian
Borrowers. Each Canadian Lender is hereby authorized to issue such Bankers’ Acceptances endorsed in blank in such face amounts as may be determined by such Canadian Lender; provided, that, the aggregate amount thereof is equal to
the aggregate amount of Bankers’ Acceptances required to be accepted and purchased by such Canadian Lender pursuant to Section 2.19(a)(iv). No Canadian Lender shall be responsible or liable for its failure to accept a
Bankers’ Acceptance if the cause of such failure is, in whole or in part, due to the failure of the Canadian Borrowers to provide duly executed and endorsed bills of exchange or depository bills to the Canadian Agent on a timely basis nor shall
any Canadian Lender or the Canadian Agent be liable for any damage, loss or other claim arising by reason of any loss or improper use of any such instrument except loss or improper use arising by reason of the gross negligence or willful misconduct
of such Canadian Lender or the Canadian Agent, its officers, employees, agents or representatives. Each Canadian Lender shall maintain a record with respect to Bankers’ Acceptances (A) received by it from the Canadian Agent in blank
hereunder, (B) voided by it for any reason, (C) accepted by it hereunder, (D) purchased by it hereunder, and (E) cancelled at their respective maturities. Each Canadian Lender further agrees to retain such records in the manner
and for the statutory periods provided in the various Canadian provincial or federal statutes and regulations which apply to such Canadian Lender. 

(iii) Depository Bills. All Bankers’ Acceptances accepted by any Canadian Lender issued in the form of a depository
bill (as defined in the Depository Bills and Notes Act (Canada) (“DBNA”)) shall be deposited with the Canadian Depository for Securities and shall be made payable to CDS & Co. In order to give effect to the foregoing, the
Canadian Agent may, acting reasonably, establish and notify the Canadian Borrowers and the other Canadian Lender of any additional procedures, consistent with the terms of this Agreement and the requirements, of the DBNA, as are reasonably necessary
to accomplish the parties intention, including, without limitation: (A) inserting a phrase in the drafts held by the Canadian Agent to the effect that the Bankers’ Acceptance is issued pursuant to the DBNA; (B) removing any reference
to authentication of a Bankers’ Acceptance; and (C) removing any reference to the bearer of the depository bill. 

  
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 (iv) Execution of Bankers’ Acceptances. Bills of exchange or
depository bills of the Canadian Borrowers to be accepted as Bankers’ Acceptances hereunder shall be duly executed by one or more duly authorized officers on behalf of the Canadian Borrowers. Notwithstanding that any person whose signature
appears on any Bankers’ Acceptance as a signatory for the Canadian Borrowers may no longer be an authorized signatory for the Canadian Borrowers at the date of issuance of a Bankers’ Acceptance, such signature shall nevertheless be valid
and sufficient for all purposes as if such authority had remained in force at the time of such issuance and any such Bankers’ Acceptance so signed shall be binding on the Canadian Borrowers. As a condition precedent to each Canadian
Lender’s obligation to accept and, if applicable, purchase Bankers’ Acceptances hereunder, each of the Canadian Borrowers hereby agrees to the Power of Attorney Terms – Bankers’ Acceptances set out in Schedule 2.19 and
hereby grants to each Canadian Lender a power of attorney on the terms set out in such Schedule 2.19; provided, that, if any Canadian Borrower revoke such power of attorney, the Canadian Lender shall not be entitled to issue
Bankers’ Acceptances hereunder unless the Canadian Borrowers, the Canadian Agent and all of the Canadian Lenders have agreed on amendments to this Agreement which would allow the Canadian Borrowers to again issue Bankers’ Acceptances. Any
executed drafts or orders to be used as Bankers’ Acceptances shall be held in safekeeping with the same degree of care as if they were a Canadian Lender’s property. 

(v) Issuance of Bankers’ Acceptances. Promptly following receipt of a Bankers’ Acceptance Notice, the Canadian
Agent shall so advise the Canadian Lender of the face amount of each Bankers’ Acceptance to be accepted by it and the term thereof. The aggregate face amount of Bankers’ Acceptances to be accepted by a Canadian Lender shall be determined
by the Canadian Agent by reference to the respective Canadian Commitments of the Canadian Lenders, except that, if the face amount of a Bankers’ Acceptance, which would otherwise be accepted by a Canadian Lender, would not be C$100,000 or an
integral multiple thereof, such face amount shall be increased or reduced by the Canadian Agent in its sole and absolute discretion to the nearest integral multiple of C$100,000. 

(vi) Acceptance of Bankers’ Acceptances. Each Bankers’ Acceptance to be accepted by a Canadian Lender shall be
accepted at such Canadian Lender’s office designated by said Canadian Lender in its Administrative Questionnaire from time to time. 

(vii) Purchase of Bankers’ Acceptances. On the relevant date of borrowing, each Canadian Lender severally agrees to
purchase from the Canadian Borrowers, at the face amount thereof discounted by the Applicable BA Discount Rate, any Bankers’ Acceptance accepted by it and provide to the Canadian Agent, for the account of the Canadian Borrowers, the BA Discount
Proceeds in respect thereof after deducting therefrom the amount of the applicable Acceptance Fee. 
 (viii) Sale of
Bankers’ Acceptances. Each Canadian Lender may at any time and from time to time hold, sell, rediscount or otherwise dispose of any or all Bankers’ Acceptances accepted and purchased by it. 

(ix) Waiver of Presentment and Other Conditions. The Canadian Borrowers waive presentment for payment and any other
defense to payment of any amounts due to a Canadian Lender in respect of a Bankers’ Acceptance accepted and purchased by such Canadian Lender pursuant to this Agreement which might exist solely by reason of such Bankers’ Acceptance being
held, at the maturity thereof, by such Canadian Lender in its own right. The Canadian Borrowers agree not to claim or require any days of grace or require the Canadian Agent or any Canadian Lender to claim any days of grace if any Canadian Lender as
holder sues or otherwise commences legal proceedings for the payment of any Bankers’ Acceptance. 

  
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 (b) Refunding Bankers’ Acceptances. With respect
to each Bankers’ Acceptance, the Canadian Borrowers, except during the occurrence and continuation of an Event of Default, may give irrevocable telephone or written notice (or such other method of notification as may be agreed upon between the
Canadian Agent and the Canadian Borrowers) to the Canadian Agent at or before 11:00 a.m. (Toronto time) within one (1) Business Day of such maturity date of such Bankers’ Acceptance of any Canadian Borrower’s intention to issue one or
more Bankers’ Acceptances on such maturity date (each a “Refunding Bankers’ Acceptance”) to provide for the payment of such maturing Bankers’ Acceptance (it being understood that payments by the Canadian
Borrowers and fundings by the Canadian Lenders in respect of each maturing Bankers’ Acceptance and each related Refunding Bankers’ Acceptance shall be made on a net basis reflecting the difference between the face amount of such maturing
Bankers’ Acceptance and the BA Discount Proceeds (net of the applicable Acceptance Fee) of such Refunding Bankers’ Acceptance). Any funding on account of any maturing Bankers’ Acceptance must be made at or before 12:00 noon (Toronto
time) on the maturity date of such Bankers’ Acceptance. If the Canadian Borrowers fail to give such notice, the Canadian Borrowers shall be irrevocably deemed to have requested and to have been advanced a Canadian Revolving Loan bearing
interest at the Canadian Prime Rate in the face amount of such maturing Bankers’ Acceptance on the maturity date of such maturing Bankers’ Acceptance from the Canadian Lender which accepted such maturing Bankers’ Acceptance, which
Loan shall thereafter bear interest as such in accordance with the provisions hereof and otherwise shall be subject to all provisions of this Agreement applicable to Canadian Revolving Loans until paid in full. Notwithstanding anything to the
contrary contained herein, the Canadian Borrowers shall not prepay the Outstanding Amount of any Bankers’ Acceptance, as a whole or in part, at any time. 

(c) Acceptance Fee. An acceptance fee (the “Acceptance Fee”) shall be payable by the Canadian Borrowers
to each Canadian Lender and each Canadian Lender shall deduct the amount of such Acceptance Fee from the BA Discount Proceeds (in the manner specified in Section 2.19(a)(vii) in respect of each Bankers’ Acceptance),
said fee to be calculated at a rate per annum equal to the Applicable Rate calculated on the face amount of such Bankers’ Acceptance and computed on the basis of the number of days in the term of such Bankers’ Acceptance and a year of 365
days. 
 Section 2.20 ESG Adjustments. 

(a) After the Closing Date, Ryder, in consultation with the Sustainability Coordinator, shall be entitled, in its sole
discretion, to establish specified key performance indicators (“KPIs”) with respect to certain environmental, social and governance (“ESG”) targets of Ryder and its Subsidiaries. The Sustainability Coordinator and
Ryder may amend this Agreement (such amendment, an “ESG Amendment”) solely for the purpose of incorporating the KPIs and other related provisions (the “ESG Pricing Provisions”) into this Agreement, and any such
amendment shall become effective at 5:00 p.m. on the tenth (10th) Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and Ryder unless, prior to
such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent (who shall promptly notify Ryder) written notice that such Required Lenders object to such ESG Amendment. In the event that Required Lenders deliver a
written notice objecting to any such ESG Amendment, an alternative ESG Amendment may be effectuated with the consent of the Required Lenders, Ryder and the Sustainability Coordinator. Upon the effectiveness of any such ESG Amendment, based on
Ryder’s performance against the KPIs, certain adjustments (increase, decrease or no 

  
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adjustment) (such adjustments, the “ESG Applicable Rate Adjustments”) to the otherwise applicable Applicable Rate for Eurodollar Rate Loans, Alternative Currency Loans, Base Rate
Loans, Canadian Prime Rate Loans, Swing Line Loans, Letter of Credit Fees, the Acceptance Fees, and the Facility Fees will be made; provided, further, that, the amount of such adjustments shall not exceed (i) in the case of
the Applicable Rate for the Facility Fees, an increase and/or decrease of 0.01% and (ii) in the case of the Applicable Rate for Eurodollar Rate Loans, Alternative Currency Loans, Base Rate Loans, Canadian Prime Rate Loans, Swing Line Loans,
Letter of Credit Fees, and the Acceptance Fees, an increase and/or decrease of 0.04%; provided, that, in no event shall the Applicable Rate for Eurodollar Rate Loans, Alternative Currency Loans, Base Rate Loans, Canadian Prime Rate
Loans, Swing Line Loans, Letter of Credit Fees, Acceptance Fees, or Facility Fees be less than zero. The KPIs, Ryder’s performance against the KPIs, and any related ESG Applicable Rate Adjustments resulting therefrom, will be determined based
on certain certificates, reports and other documents, in each case, setting forth the calculation and measurement of the KPIs in a manner that is aligned with the Sustainability Linked Loan Principles and to be mutually agreed between Ryder and the
Sustainability Coordinator (each acting reasonably). Following the effectiveness of an ESG Amendment, any modification to the ESG Pricing Provisions shall be subject only to the consent of the Required Lenders so long as such modification does not
have the effect of reducing the Applicable Rate for Eurodollar Rate Loans, Alternative Currency Loans, Base Rate Loans, Canadian Prime Rate Loans, Swing Line Loans, Letter of Credit Fees, Acceptance Fees, or Facility Fees to a level not otherwise
permitted by this Section 2.20(a). 
 (b) The Sustainability Coordinator will (i) assist Ryder
in determining the ESG Pricing Provisions in connection with the ESG Amendment and (ii) assist Ryder in preparing informational materials focused on ESG to be used in connection with the ESG Amendment. 

(c) This Section 2.20 shall supersede any provisions in Section 11.01 to
the contrary. 
 ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY 

Section 3.01 Taxes. 

(a) Defined Terms. For purposes of this Section 3.01, the term “applicable
Law” includes FATCA. 
 (b) Payments Free of Taxes. Any and all payments by or on account of any obligation
of any Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Law. If any applicable Law (as determined in the good faith discretion of an applicable Withholding Agent)
requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to
the relevant Governmental Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Borrower shall be increased as necessary so that after such deduction or withholding has been made
(including such deductions and withholdings applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or
withholding been made. For the avoidance of doubt, this Section 3.01(b) shall not apply to U.K. Tax Deductions (to which the provisions of Section 3.01(i) shall apply). 

(c) Payment of Other Taxes by Borrowers. The Borrowers shall timely pay to the relevant Governmental Authority in
accordance with applicable Law, or at the option of the applicable Agent timely reimburse it for the payment of, any Other Taxes. 

  
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 (d) Indemnification by Borrowers. Each of the Borrowers shall
indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Ryder by a Lender (with a copy to the applicable Agent), or by the applicable Agent
on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (e) Indemnification by the
Lenders. Each Lender shall severally indemnify each Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Borrower has not already indemnified such
Agent for such Indemnified Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.06(d) relating to the
maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by such Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the applicable Agent shall be
conclusive absent manifest error. Each Lender hereby authorizes each Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by such Agent to the Lender from any other source
against any amount due to such Agent under this Section 3.01(e). 
 (f) Evidence of
Payments. As soon as practicable after any payment of Taxes by Ryder to a Governmental Authority as provided in this Section 3.01, Ryder shall deliver to the applicable Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the applicable Agent. 

(g) Status of Lenders; Tax Documentation. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to Ryder and the applicable Agent, at the time or times reasonably requested by Ryder or such Agent, such properly completed and executed documentation reasonably requested by Ryder or such Agent as will permit such
payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Ryder or the applicable Agent, shall deliver such other documentation prescribed by applicable Law or reasonably
requested by Ryder or such Agent as will enable Ryder or such Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 3.01(g)(ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. For the avoidance of doubt, this
Section 3.01(g) shall not apply to U.K. Treaty Lenders (to which the provisions of Section 3.01(i)(vi) shall apply). 

  
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 (ii) Without limiting the generality of the foregoing, in the event that a
Borrower is a U.S. Person: 
 (A) any Lender that is a U.S. Person shall deliver to Ryder and the Administrative Agent on or
prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Ryder or the Administrative Agent), executed copies of IRS Form W-9
certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to the
extent it is legally entitled to do so, deliver to Ryder and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of Ryder or the Administrative Agent), whichever of the following is applicable: 

(iii) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN-E (or W-8BEN, as
applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty, and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“business profits” or “other income” article of such tax treaty; 
 (iv) executed copies of IRS Form W-8ECI; 
 (v) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit K-1 to the effect that such Foreign Lender is not a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”), and (y) executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable); or 
 (vi) to the extent a Foreign Lender is not the beneficial
owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form
W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-2 or Exhibit K-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable;
provided, that, if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate
substantially in the form of Exhibit K-4 on behalf of each such direct and indirect partner; 

(A) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Ryder and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Ryder or the Administrative
Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by
applicable Law to permit Ryder or the Administrative Agent to determine the withholding or deduction required to be made; and 

  
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 (B) if a payment made to a Lender under any Loan Document would be subject
to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to Ryder and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by Ryder or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Ryder or the Administrative Agent as may be necessary for Ryder and the Administrative Agent to comply with their obligations under FATCA and to
determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 3.01(g)(ii)(D),
“FATCA” shall include any amendments made to FATCA after the Closing Date. 
 (vii) Each Lender agrees that if any
form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Ryder and the
Administrative Agent in writing of its legal inability to do so. 
 (h) Treatment of Certain Refunds. Unless required
by applicable Laws, at no time shall any Agent have any obligation to file for or otherwise pursue on behalf of a Lender or a L/C Issuer, or have any obligation to pay to any Lender or any L/C Issuer, any refund of Taxes withheld or deducted from
funds paid for the account of such Lender or such L/C Issuer, as the case may be. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any
Borrower or with respect to which any Borrower has paid additional amounts pursuant to this Section 3.01, it shall pay to such Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or
additional amounts paid, by such Borrower under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund); provided, that, such Borrower, upon the request of the Recipient, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 3.01(h), in no event will the applicable
Recipient be required to pay any amount to any Borrower pursuant to this Section 3.01(h) the payment of which would place the Recipient in a less favorable net after-Tax position than
such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never
been paid. This subsection shall not be construed to require any Recipient to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Borrower or any other Person. 

(i) United Kingdom Withholding Matters. 

  
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 (i) If a U.K. Tax Deduction is required by law to be made by any U.K.
Borrower, the amount of the payment due from that U.K. Borrower shall be increased to an amount which (after making any U.K. Tax Deduction) leaves an amount equal to the payment which would have been due if no U.K. Tax Deduction had been required.

 (ii) Ryder shall promptly upon becoming aware that a U.K. Borrower must make a U.K. Tax Deduction (or that there is any
change in the rate or the basis of a U.K. Tax Deduction) notify the Administrative Agent accordingly. Similarly, a Lender shall promptly notify (in writing) the Administrative Agent on becoming so aware in respect of a payment payable to that
Lender. If the Administrative Agent receives such notification from a Lender it shall promptly notify Ryder. For the avoidance of doubt, any failure by a Lender to comply with this Section 3.01(i)(ii) shall not limit or
otherwise affect any of such Lender’s rights under any Loan Document or any obligation of a U.K. Borrower under any Loan Document. 

(iii) In the case of a Lender advancing a Loan to a U.K. Borrower, a payment by a U.K. Borrower shall not be increased pursuant
to Section 3.01(b) or Section 3.01(i)(i) by reason of a U.K. Tax Deduction on account of Tax if on the date on which the payment falls due (A) the payment could have been made to the relevant
Lender without a U.K. Tax Deduction if the Lender had been a U.K. Qualifying Lender, but on that date that Lender is not or has ceased to be a U.K. Qualifying Lender other than as a result of any change after the date it became a Lender under this
Agreement in (or in the interpretation, administration, or application of) any law or U.K. Treaty, or any published practice or published concession of any relevant taxing authority, or (B) the relevant Lender is a U.K. Treaty Lender and the
U.K. Borrower making the payment is able to demonstrate that the payment could have been made to the Lender without the U.K. Tax Deduction had that Lender complied with its obligations under Section 3.01(i)(vi) or
Section 3.01(i)(vii), as applicable, or (C) the relevant Lender is a U.K. Qualifying Lender solely by virtue of clause (a)(ii) of the definition of “U.K. Qualifying Lender” and (x) an officer of
H.M. Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931 of the U.K. ITA 2007 which relates to the payment and that Lender has received from the U.K. Borrower making the payment, or
from Ryder, a certified copy of that Direction, and (y) the payment could have been made to the Lender without any U.K. Tax Deduction if that Direction had not been made, or (D) the relevant Lender is a U.K. Qualifying Lender solely by
virtue of clause (a)(ii) of the definition of “U.K. Qualifying Lender” and (x) the relevant Lender has not given a U.K. Tax Confirmation to the relevant U.K. Borrower or Ryder, and (y) the payment could have been made to
the relevant Lender without any U.K. Tax Deduction if the Lender had given a U.K. Tax Confirmation to the relevant U.K. Borrower or Ryder, on the basis that the U.K. Tax Confirmation would have enabled the U.K. Borrower to have formed a reasonable
belief that the payment was an “excepted payment” for the purpose of section 930 of the U.K. ITA 2007. 
 (iv) As
soon as practicable after making either a U.K. Tax Deduction or any payment required in connection with that U.K. Tax Deduction the Borrower making that U.K. Tax Deduction shall deliver to the Administrative Agent for the U.K. Lender Party entitled
to the payment a statement under section 975 of the U.K. ITA 2007 or other evidence reasonably satisfactory to that U.K. Lender Party that the U.K. Tax Deduction has been made or (as applicable) any appropriate payment paid to H.M.
Revenue & Customs. 

  
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 (v) If a U.K. Borrower is required to make a U.K. Tax Deduction, that U.K.
Borrower shall make that U.K. Tax Deduction and any payment required in connection with that U.K. Tax Deduction within the time allowed and the minimum amount required by law. 

(vi) In the case of a Lender advancing a Loan to a U.K. Borrower: 

(A) Subject to clause (B) below, each U.K. Treaty Lender and each U.K. Borrower which makes a payment to which
that U.K. Treaty Lender is entitled shall cooperate in completing any procedural formalities necessary for such Borrower to obtain authorization to make such payment without a U.K. Tax Deduction. 

(B) (1) A U.K. Treaty Lender which becomes a party to this Agreement (a “Party”) on the day on which this
Agreement (or any amendment hereto) is entered into (x) that holds a passport under the H.M. Revenue & Customs DT Treaty Passport scheme, and (y) which wishes such scheme to apply to this Agreement, shall confirm its scheme
reference number and its jurisdiction of tax residence on its signature page to this Agreement (or any amendment hereto) or otherwise in writing to Ryder; and 

(2) a U.K. Treaty Lender which becomes a Lender hereunder after the day on which this Agreement (or any amendment hereto) is
entered into that (x) holds a passport under the H.M. Revenue & Customs DT Treaty Passport scheme, and (y) wishes such scheme to apply to this Agreement, shall provide its scheme reference number and its jurisdiction of tax
residence in the Assignment and Assumption or otherwise in writing to Ryder; 
 and having done so, that U.K. Treaty Lender shall not be
under any obligation pursuant to paragraph (A) above in relation to any U.K. Borrower making a payment to that U.K. Treaty Lender. 

(C) Upon satisfying either paragraph (B)(1) or (B)(2) above, such Lender thereby notifies each U.K. Borrower that, to the
extent that that U.K. Treaty Lender is a U.K. Treaty Lender under a Loan made available to that U.K. Borrower and the H.M. Revenue & Customs Treaty Passport scheme is to apply, in respect of that U.K. Lender’s Commitment(s) or its
participation in any Loan to that U.K. Borrower, that U.K. Borrower making payments to that U.K. Treaty Lender must make a U.K. Borrower DTTP filing. 

(vii) If a U.K. Treaty Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance
with Section 3.01(i)(vi)(B), thereby notifying each U.K. Borrower, the U.K. Borrowers making payments to that U.K. Treaty Lender shall make a U.K. Borrower DTTP Filing with respect to such Lender, and shall promptly provide
such Lender with a copy of such filing; provided that if a U.K. Borrower making a payment to that U.K. Treaty Lender has made a U.K. Borrower DTTP Filing in respect of that U.K. Treaty Lender but: 

(A) such U.K. Borrower DTTP Filing has been rejected by H.M. Revenue & Customs; or 

  
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 (B) H.M. Revenue & Customs has not given such U.K. Borrower
authority to make payments to such Lender without a U.K. Tax Deduction within 60 days of the date of such U.K. Borrower DTTP Filing; 
 and
in each case, such U.K. Borrower has notified that U.K. Treaty Lender in writing of either (1) or (2)(A) or (B) above, then that U.K. Treaty Lender and that U.K. Borrower shall co-operate in
completing any additional procedural formalities necessary for such U.K. Borrower to obtain authorization to make that payment without a U.K. Tax Deduction. 

(viii) If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with
Section 3.01(i)(vi)(B), no U.K. Borrower shall make a U.K. Borrower DTTP Filing or file any other form relating to the H.M. Revenue & Customs DT Treaty Passport scheme in respect of that Lender’s Commitment(s)
or its participation in any Loan unless the Lender otherwise agrees. 
 (ix) Each U.K. Lender which becomes a Party after the
Closing Date (a “New U.K. Lender”) shall indicate in the relevant Assignment and Assumption or other agreement executed pursuant to the terms of this Agreement which it executes on becoming a Party as a U.K. Lender, and for the
benefit of the Administrative Agent and without liability to any U.K. Borrower, which of the following categories it falls in: (i) not a U.K. Qualifying Lender; (ii) a U.K. Qualifying Lender (other than a U.K. Treaty Lender); or
(iii) a U.K. Treaty Lender, and if the New U.K. Lender fails to indicate its status in accordance with this Section 3.01(i)(ix) then such New U.K. Lender shall be treated for the purposes of this Agreement (including
by each U.K. Borrower) as if it is not a U.K. Qualifying Lender until such time as it notifies the Administrative Agent which category applies (and the Administrative Agent, upon receipt of such notification, shall inform the relevant U.K.
Borrower). For the avoidance of doubt, an Assignment and Assumption or any other such agreement pursuant to any Person becomes a Party shall not be invalidated by any failure of a Lender to comply with this
Section 3.01(i)(ix). 
 (j) VAT. 

(i) All amounts set out or expressed in a Loan Document to be payable by any Party to any U.K. Lender Party which (in whole or
in part) constitute the consideration for any supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to Section 3.01(j)(ii),
if VAT is or becomes chargeable on any supply made by any U.K. Lender Party to any Party under a Loan Document and such U.K. Lender Party is required to account to the relevant tax authority for the VAT, that Party shall pay to such U.K. Lender
Party, as applicable, (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such U.K. Lender Party, as applicable, shall promptly provide an appropriate VAT invoice to
such Party). 
 (ii) If VAT is or becomes chargeable on any supply made by any U.K. Lender Party (the
“Supplier”) to any other U.K. Lender Party (the “VAT Recipient”) under a Loan Document, and any Party other than the VAT Recipient (the “Subject Party”) is required by the terms of any Loan Document
to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse the VAT Recipient in respect of that consideration): 

  
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 (A) where the Supplier is the person required to account to the relevant
tax authority for the VAT, the Subject Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The VAT Recipient will, where this
Section 3.01(j)(ii)(A) applies, promptly pay to the Subject Party an amount equal to any credit or repayment obtained by the VAT Recipient from the relevant tax authority which the VAT Recipient reasonably determines
relates to the VAT chargeable on that supply; and 
 (B) (where the VAT Recipient is the person required to account to the
relevant tax authority for the VAT), the Subject Party shall promptly, following demand from the VAT Recipient, pay to the VAT Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the VAT Recipient reasonably
determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. 
 (iii)
Where a Loan Document requires any Party to reimburse or indemnify a U.K. Lender Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such U.K. Lender Party for the full amount of such cost or expense,
including such part thereof as represents VAT, save to the extent that the U.K. Lender Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. 

(iv) Any reference in this Section 3.01(j) to any Party shall, at any time when such Party is treated
as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the
supply, under the grouping rules (provided for in the Value Added Tax Act 1994, Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or any other similar provision in any jurisdiction
other than the United Kingdom or a member state of the European Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which that Party is a member for VAT purposes
at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the relevant time (as the case may be). 

(v) In relation to any supply made by a U.K. Lender Party to any Party under a Loan Document, if reasonably requested by such
U.K. Lender Party, that Party must promptly provide details of its VAT registration and such other information as is reasonably requested in connection with such U.K. Lender Party’s VAT reporting requirements in relation to such supply. 

(k) U.K. Tax Credit. If a U.K. Borrower makes a U.K. Tax Payment and the relevant U.K. Lender Party determines that
(i) a U.K. Tax Credit is attributable to an increased payment of which that U.K. Tax Payment forms part, to that U.K. Tax Payment or to a U.K. Tax Deduction in consequence of which that U.K. Tax Payment was required, and (ii) that U.K.
Lender Party has obtained and utilized that U.K. Tax Credit, the U.K. Lender Party shall pay an amount to such U.K. Borrower which will leave it (after that payment) in the same after-Tax position as it would
have been in had the U.K. Tax Payment not been required to be made by such U.K. Borrower. 

  
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 (l) Survival. Each party’s obligations under this
Section 3.01 shall survive the resignation or replacement of any Agent or any assignment of rights by, or the replacement of, a Lender or a L/C Issuer, the termination of the Aggregate Commitments and the repayment,
satisfaction or discharge of all other Obligations arising under the Loan Documents. 
 Section 3.02
Illegality. If any Lender reasonably determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund or
charge interest with respect to any Credit Extension, or to determine or charge interest rates based upon a Relevant Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell Dollars or
any Alternative Currency in the applicable interbank market, then, on notice thereof by such Lender to Ryder through the applicable Agent, (a) any obligation of such Lender to issue, make, maintain, fund or charge interest with respect to any
such Credit Extension or continue Eurodollar Rate Loans or Alternative Currency Loans in the affected currency or currencies, or to convert Base Rate Loans to Eurodollar Rate Loans, shall be suspended, and (b) if such notice asserts the
illegality of such Lender making or maintaining Domestic Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Domestic Base Rate, the interest rate on which Domestic Base Rate Loans of such
Lender, shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Domestic Base Rate, in each case until such Lender notifies the applicable Agent and Ryder that
the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (i) the Borrowers shall, upon demand from such Lender (with a copy to the applicable Agent), prepay all Alternative Currency Loans, Canadian Swing
Line Loans or U.K. Swing Line Loans in the affected currency or currencies, if applicable in the case of Eurodollar Rate Loans to Ryder, any U.K. Borrower or any PR Borrower, convert all such Eurodollar Rate Loans of such Lender to Domestic Base
Rate Loans (the interest rate on which Domestic Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Domestic Base Rate),
either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans, or if
applicable in the case of Eurodollar Rate Loans to any Canadian Borrower, convert all such Eurodollar Rate Loans of such Lender to Canadian Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue
to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans, and (ii) if such notice asserts the illegality of such Lender determining or charging interest
rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Domestic Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until the Administrative
Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on
the amount so prepaid or converted, together with any additional amounts required pursuant to Section 3.05.  

Section 3.03 Inability to Determine Rates. 

(a) If in connection with any request for a Eurodollar Rate Loan, an Alternative Currency Loan, or a U.K. Swing Line Loan, or
in connection with a request for a conversion of Base Rate Loans to Eurodollar Rate Loans, or in connection with a request for continuation of any such Eurodollar Rate Loans or Alternative Currency Loans, as applicable, (i) the applicable Agent
determines that (A) no Benchmark Replacement or Successor Rate, as applicable, for the Relevant Rate for the applicable currency has been determined in accordance with Section 3.03(b) or
Section 3.03(c), as applicable, and the circumstances under Section 3.03(b)(i) or the Scheduled Unavailability Date has occurred with respect to such Relevant Rate (as applicable), or
(B) adequate 

  
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and reasonable means do not otherwise exist for determining the Relevant Rate for the applicable currency for any determination date(s) or requested Interest Period, as applicable, with respect
to a proposed Eurodollar Rate Loan, a proposed Alternative Currency Loan, or a proposed U.K. Swing Line Loan, or in connection with an existing or proposed Base Rate Loan, or (ii) the applicable Agent or the Required Lenders determine that for
any reason the Relevant Rate with respect to a proposed Revolving Loan or U.K. Swing Line Loan for any requested Interest Period or determination date(s) does not adequately and fairly reflect the cost to such Lenders of funding such Revolving Loan
or U.K. Swing Line Loan, the applicable Agent will promptly so notify Ryder and each Lender. 
 Thereafter, (i) the
obligation of the Lenders to make or maintain Revolving Loans or U.K. Swing Line Loans in the affected currency or currencies or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended (to the extent of the affected Loans or Interest
Periods or determination dates, as applicable), and (ii) in the event of a determination described in the preceding paragraph with respect to the Eurodollar Rate component of the Domestic Base Rate, the utilization of the Eurodollar Rate
component in determining the Domestic Base Rate shall be suspended, in each case until the applicable Agent (or, in the case of a determination by the Required Lenders described in clause (a)(ii) of the preceding paragraph, until the
applicable Agent upon instruction of the Required Lenders) revokes such notice. Upon receipt of such notice: 
 (A) (1) the
Borrowers may revoke any pending request for a Revolving Borrowing of, or conversion to, Eurodollar Rate Loans, or any pending request for a Revolving Borrowing of, or a continuation of Alternative Currency Loans, or any pending request for a U.K.
Swing Line Loan, in each case to the extent of the affected Loans or Interest Period or determination date(s), as applicable, or (2) failing that, in the case of a request for Domestic Revolving Loans, U.K. Revolving Loans that are Eurodollar
Rate Loans, or PR Revolving Loans, will be deemed to have converted such request into a request for a Domestic Revolving Borrowing or a PR Revolving Borrowing, as applicable, of Domestic Base Rate Loans in the amount specified therein;
provided, that, if no election is made by the applicable Borrower in the case of a Domestic Revolving Loan, a U.K. Revolving Loan that is a Eurodollar Rate Loan, or a PR Revolving Loan by the date that is three (3) Business Days
after receipt by Ryder of such notice, such Borrower shall be deemed to have elected clause (2) of this paragraph (as applicable); 

(B) any outstanding affected Alternative Currency Loans, at the applicable Borrower’s election shall either (1) be
converted into a U.K. Revolving Borrowing of Domestic Base Rate Loans in the Dollar Equivalent of the amount of such outstanding Alternative Currency Loan immediately, in the case of an Alternative Currency Daily Rate Loan or at the end of the
applicable Interest Period, in the case of an Alternative Currency Term Rate Loan, or (2) be prepaid in full immediately, in the case of an Alternative Currency Daily Rate Loan, or at the end of the applicable Interest Period, in the case of an
Alternative Currency Term Rate Loan; provided, that, if no election is made by the applicable Borrower (X) in the case of an Alternative Currency Daily Rate Loan, by the date that is three (3) Business Days after receipt by
Ryder of such notice, or (Y) in the case of an Alternative Currency Term Rate Loan, by the last day of the current Interest Period for the applicable Alternative Currency Term Rate Loan, such Borrower shall be deemed to have elected clause
(1) above; and 

  
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 (C) any outstanding U.K. Swing Line Loans shall either (1) be
converted into a U.K. Revolving Borrowing of Domestic Base Rate Loans in the Dollar Equivalent of the amount of such outstanding U.K. Swing Line Loan immediately, or (2) be prepaid in full immediately; provided, that, if no
election is made by the applicable Borrower by the date that is three (3) Business Days after receipt by Ryder of such notice, such Borrower shall be deemed to have elected clause (1) above. 

(b) Notwithstanding anything to the contrary in this Agreement or any other Loan Document, if the applicable Agent determines
(which determination shall be conclusive absent manifest error), or Ryder or the Required Canadian Lenders (with respect to the Relevant Rate or any then-current Successor Rate for Canadian Dollars) or the Required U.K. Lenders (with respect to the
Relevant Rate or any then-current Successor Rate for Canadian Euros or Sterling), as applicable, notify such Agent (with, in the case of the Required Canadian Lenders or the Required U.K. Lenders, as applicable, a copy to Ryder) that Ryder or the
Required Canadian Lenders or the Required U.K. Lenders, as applicable have determined that: 
 (i) adequate and reasonable
means do not exist for ascertaining the Relevant Rate for an Alternative Currency because none of the tenors of such Relevant Rate (including any forward-looking term rate thereof) is available or published on a current basis and such circumstances
are unlikely to be temporary; or 
 (ii) the Applicable Authority has made a public statement identifying a specific date
after which all tenors of the Relevant Rate for an Alternative Currency (including any forward-looking term rate thereof) shall or will no longer be representative or made available, or used for determining the interest rate of loans denominated in
such Alternative Currency, or shall or will otherwise cease; provided, that, in each case, at the time of such statement, there is no successor administrator that is satisfactory to the applicable Agent that will continue to provide
such representative tenor(s) of the Relevant Rate for such Alternative Currency (the latest date on which all tenors of the Relevant Rate for such Alternative Currency (including any forward-looking term rate thereof) are no longer representative or
available permanently or indefinitely, the “Scheduled Unavailability Date”); or 
 (iii) syndicated loans
currently being executed and agented in the United States are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the Relevant Rate for an Alternative Currency; 

or if the events or circumstances of the type described in Section 3.03(b)(i), (ii) or (iii) have
occurred with respect to any Successor Rate then in effect, then, the applicable Agent and Ryder may amend this Agreement solely for the purpose of replacing the Relevant Rate for an Alternative Currency or any then-current Successor Rate for an
Alternative Currency in accordance with this Section 3.03(b) with an alternative benchmark rate giving due consideration to any evolving or then-existing convention for similar credit facilities syndicated and agented in
the United States and denominated in such Alternative Currency for such alternative benchmarks, and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then-existing convention
for similar credit facilities syndicated and agented in the United States and denominated in such Alternative Currency for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as
selected by the applicable Agent from time to time in its reasonable discretion and may be periodically updated (and any such proposed rate, including for the avoidance of doubt, any 

  
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adjustment thereto, a “Successor Rate”), and any such amendment shall become effective at 5:00 p.m. on the fifth (5th)
Business Day after the applicable Agent shall have posted such proposed amendment to all Canadian Lenders or all U.K. Lenders, as applicable, and Ryder unless, prior to such time, Lenders comprising the Required Canadian Lenders or the Required U.K.
Lenders, as applicable, have delivered to such Agent written notice that such Required Canadian Lenders or such Required U.K. Lenders, as applicable, object to such amendment. 

The applicable Agent will promptly (in one or more notices) notify Ryder and each Canadian Lender or each U.K. Lender, as
applicable, of the implementation of any Successor Rate. Any Successor Rate shall be applied in a manner consistent with market practice; provided, that, to the extent such market practice is not administratively feasible for the
applicable Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by such Agent. Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than zero, such
Successor Rate will be deemed to be zero for the purposes of this Agreement and the other Loan Documents. 
 In connection
with the implementation of a Successor Rate, the applicable Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document (other than Ryder’s right to
be consulted pursuant to the definition of Conforming Changes), any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided, that, with
respect to any such amendment effected, such Agent shall post each such amendment implementing such Conforming Changes to Ryder and the Lenders reasonably promptly after such amendment becomes effective. 

(c) Notwithstanding anything to the contrary in this Agreement or any other Loan Document: 

(i) On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of LIBOR’s
administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12- month Dollar LIBOR tenor settings. On the earliest of
(A) the date that all Available Tenors of Dollar LIBOR have permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative,
(B) June 30, 2023, and (C) the Early Opt-in Effective Date in respect of a SOFR Early Opt-in, if the then-current Benchmark is LIBOR, the Benchmark
Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other
party to this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis. 

(ii) (A) Upon (1) the occurrence of a Benchmark Transition Event, or (2) a determination by the Administrative Agent
that neither of the alternatives under clause (a) of the definition of “Benchmark Replacement” are available, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Loan
Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any
amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not 

  
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received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders (and any such objection shall be conclusive and binding absent
manifest error); provided, that, solely in the event that the then-current Benchmark at the time of such Benchmark Transition Event is not a SOFR-based rate, the Benchmark Replacement therefor shall be determined in accordance with
clause (a) of the definition of “Benchmark Replacement” unless the Administrative Agent determines that neither of such alternative rates is available. 

(B) On the Early Opt-in Effective Date in respect of an Other Rate Early Opt-in, the Benchmark Replacement will replace LIBOR for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment
to, or further action or consent of any other party to this Agreement or any other Loan Document. 
 (iii) At any time that
the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement
or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Borrowers may revoke any request for a
borrowing of, conversion to or continuation of Revolving Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrowers’ receipt of notice from the Administrative Agent that a Benchmark
Replacement has replaced such Benchmark, and, failing that, only with respect to Domestic Revolving Loans, U.K. Revolving Loans, and PR Revolving Loans, Ryder, the applicable U.K. Borrower, or the applicable PR Borrower, as applicable, will be
deemed to have converted any such request into a request for a borrowing of, or conversion to, Domestic Base Rate Loans. During the period referenced in the foregoing sentence, the component of Domestic Base Rate based upon the Benchmark will not be
used in any determination of the Domestic Base Rate. 
 (iv) In connection with the implementation and administration of a
Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document (other than Ryder’s right
to be consulted pursuant to the definition of Benchmark Replacement Conforming Changes), any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this
Agreement. 
 (v) The Administrative Agent will promptly notify Ryder and the Lenders of (A) the implementation of any
Benchmark Replacement, and (B) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Administrative Agent pursuant to this Section 3.03(c),
including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will
be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.03(c). 

  
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 (vi) At any time (including in connection with the implementation of a
Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or
non-representative for Benchmark (including Benchmark Replacement) settings, and (B) the Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark
Replacement) settings. 
 Section 3.04 Increased Costs. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)) or any L/C Issuer; 

(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (f) of the definition of “Excluded Taxes,” and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities
or capital attributable thereto; or 
 (iii) impose on any Lender or any L/C Issuer or any applicable interbank market any
other condition, cost or expense affecting this Agreement, or Eurodollar Rate Loans, Alternative Currency Loans, Canadian Swing Line Loans, or U.K. Swing Line Loans made by such Lender, or Bankers’ Acceptances accepted our purchased by such
Lender, or any Letter of Credit or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such
Lender of making, converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender of accepting our purchasing any Bankers’ Acceptance, or to increase the cost to
such Lender or such L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such
Lender or such L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or such L/C Issuer, Ryder will pay (or cause the applicable Borrower to pay) to such Lender or such L/C Issuer, as the case
may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered. A Borrower shall only be obligated to pay a Lender or L/C Issuer such
additional amounts to the extent such Lender or L/C Issuer has allocated such additional costs, reduction, payment or foregone interest or other sum among its like situated customers in good faith and on an equitable and nondiscriminatory basis.

 (b) Capital Requirements. If any Lender or any L/C Issuer determines that any Change in Law affecting such Lender
or such L/C Issuer or any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such
Lender’s or such L/C Issuer’s capital or on the capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement, the commitments of such Lender or the Loans made by, Bankers’
Acceptances purchased or accepted by, or participations in Letters of Credit held by, or Domestic Swing Line Loans, Canadian Swing Line Loans or U.K. Swing Line Loans held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a
level below that which such Lender or such 

  
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L/C Issuer or such Lender’s or such L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s
policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital adequacy), then from time to time Ryder will pay (or cause the applicable Borrower to pay) to such Lender or the such L/C Issuer, as
the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company for any such reduction suffered. A Borrower shall only be obligated to pay a Lender
or a L/C Issuer such cost increases to the extent such Lender or such L/C Issuer has allocated such costs among its customers in good faith and on an equitable and nondiscriminatory basis. 

(c) Certificates for Reimbursement. A certificate of a Lender or a L/C Issuer setting forth the amount or amounts
necessary to compensate such Lender or such L/C Issuer or its holding company, as the case may be, as specified in Section 3.04(a) or (b) and delivered to Ryder shall be conclusive absent manifest error. Ryder
shall pay (or cause the applicable Borrower to pay) such Lender or such L/C Issuer, as the case may be, the amount shown as due on any such certificate within fifteen (15) days after receipt thereof. Any additional amounts paid by a Borrower to
a Lender or a L/C Issuer pursuant to Section 3.04(a) or (b) which are subsequently refunded to such Lender or such L/C Issuer shall be refunded to the applicable Borrower. 

(d) Delay in Requests. Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to
the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or such L/C Issuer’s right to demand such compensation; provided, that, no Borrower shall be required to
compensate a Lender or a L/C Issuer pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender or such
L/C Issuer, as the case may be, notifies Ryder of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law
giving rise to such increased costs or reductions is retroactive, then the nine (9)-month period referred to above shall be extended to include the period of retroactive effect thereof). 

(e) Additional Reserve Requirements. Ryder shall pay (or cause the applicable Borrower to pay) to each Lender,
(i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on
the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Eurodollar Rate Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent
manifest error), and (ii) as long as such Lender shall be required to comply with any other reserve ratio requirement or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance
of the commitments or the funding of the Eurodollar Rate Loans, Alternative Currency Loans, Canadian Swing Line Loans or U.K. Swing Line Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the
nearest five decimal places) equal to the actual costs allocated to such commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive, absent manifest error), which shall be due and payable
on each date on which interest is payable on such Loan; provided, that, Ryder shall have received at least fifteen (15) days’ prior notice (with a copy to the applicable Agent) of such additional costs from such Lender. If a
Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such additional costs shall be due and payable fifteen (15) days from receipt of such notice. 

  
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 Section 3.05 Compensation for Losses. Upon demand of any
Lender (with a copy to the applicable Agent) from time to time, Ryder shall promptly compensate (or cause the applicable Borrower to compensate) such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result
of: 
 (a) any continuation, conversion, payment, prepayment or Reallocation of any Loan other than a Base Rate Loan or a
Canadian Prime Rate Loan on a day other than the last day of any Interest Period, relevant interest payment date or payment period, as applicable, for such Loan, if applicable (whether voluntary, mandatory, automatic, by reason of acceleration, or
otherwise); 
 (b) any failure by Ryder (or the applicable Borrower) (for a reason other than the failure of such Lender to
make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by Ryder or the applicable Borrower; 

(c) any failure by Ryder (or the applicable Borrower) to make payment of any Loan or any drawing under any Letter of Credit (or
any interest due thereon) denominated in an Alternative Currency on its scheduled due date or any payment thereof in a different currency; or 

(d) any assignment of a Eurodollar Rate Loan or an Alternative Currency Term Rate Loan on a day other than the last day of the
Interest Period therefor as a result of a request by Ryder pursuant to Section 11.13; 
 including any foreign exchange loss and
any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange
contract (but excluding any loss of anticipated profits). Ryder shall also pay (or cause the applicable Borrower to pay) any customary administrative fees charged by such Lender in connection with the foregoing. For purposes of calculating amounts
payable by Ryder or any applicable Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded (i) each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Eurodollar Rate
Loan by a matching deposit or other borrowing in the offshore interbank market for the currency of such Eurodollar Rate Loan for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded, and
(ii) each Alternative Currency Term Rate Loan made by it at the Alternative Currency Term Rate for such Alternative Currency Term Rate Loan by a matching deposit or other borrowing in the offshore interbank eurodollar market for the
currency of such Alternative Currency Term Rate Loan for a comparable amount and for a comparable period, whether or not such Alternative Currency Term Rate Loan was in fact so funded. 

Section 3.06 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. Each Lender may make any Credit Extension to a Borrower through any
Lending Office; provided, that, the exercise of this option shall not affect the obligation of such Borrower to repay the Credit Extension in accordance with the terms of this Agreement. If any Lender requests compensation under
Section 3.04, or requires a Borrower to pay any Indemnified Taxes or additional amounts to any Lender, any L/C Issuer, or any Governmental Authority for the account of any Lender or any L/C Issuer pursuant to
Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of Ryder such Lender or such L/C Issuer shall, as applicable, use reasonable efforts to designate a
different Lending Office for funding or booking its Credit Extensions hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or such L/C Issuer, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to
Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or such L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or
such L/C Issuer, as the case may be. Ryder hereby agrees to pay (or cause the applicable Borrower to pay) all reasonable costs and expenses incurred by any Lender or any L/C Issuer in connection with any such designation or assignment. 

  
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 (b) Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if a Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 and,
in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a), Ryder may replace such Lender in accordance with Section 11.13. 

Section 3.07 Survival. All of the Borrowers’ obligations under this Article III shall survive
termination of the Aggregate Commitments, repayment of all other Obligations under the Loan Documents, and resignation of any Agent. 

ARTICLE IV. CONDITIONS PRECEDENT TO CLOSING AND EFFECTIVENESS; 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 

Section 4.01 Conditions to Closing and Effectiveness. The effectiveness of this Agreement and the obligations
of the Lenders to make any Loans, of the Canadian Lenders to accept or purchase any Bankers’ Acceptance, of the L/C Issuers to issue, extend or renew any Letter of Credit, and of the Lenders to otherwise be bound by the terms of this Agreement
as of the Closing Date shall be subject to the satisfaction of each of the following conditions precedent: 
 (a) All
organizational action necessary for the valid execution, delivery and performance by the Borrowers existing as of the Closing Date of the Loan Documents shall have been duly and effectively taken, and evidence thereof certified by authorized
officers of the Borrowers such Borrowers and satisfactory to the Lenders, the L/C Issuers and the Agents shall have been provided to the Administrative Agent (for further distribution to the Lenders, the L/C Issuers and the Agents). 

(b) Each of the Loan Documents shall have been duly and properly authorized, executed and delivered by the respective parties
thereto and shall be in full force and effect in a form satisfactory to the Lenders. Each of the representations and warranties of the Borrowers contained in Article V shall be true as of the Closing Date. 

(c) The Administrative Agent shall have received from each of the Borrowers existing as of the Closing Date a copy, certified
by a duly authorized officer of such Person to be true and complete on the Closing Date, of (i) its charter or other organizational documents as in effect on such date of certification, and (ii) its
by-laws as in effect on such date. The Administrative Agent shall have received from each of the Borrowers existing as of the Closing Date a good standing certificate (or other similar certificate), if
applicable, dated as of a recent date in each such Borrower’s jurisdiction of organization. 
 (d) The Administrative
Agent shall have received an incumbency certificate, dated as of the Closing Date, signed by duly authorized officers giving the name and bearing a specimen signature of each individual who shall be authorized (i) to sign the Loan Documents on
behalf of each of the Borrowers existing as of the Closing Date, (ii) to submit Requests for Credit Extensions, and (iii) to give notices and to take other action on the Borrowers’ behalf under the Loan Documents. 

  
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 (e) The Administrative Agent shall have received a favorable legal opinion
from (i) Ryder Law Department, United States counsel to the Borrowers, (ii) Sullivan & Cromwell LLP, United Kingdom counsel to the U.K. Borrowers, (iii) Osler, Hoskin & Harcourt LLP, Ontario counsel to Ryder Canada
Limited, (iv) Stewart McKelvey, Nova Scotia counsel to Ryder Holdings Canada and Ryder Supply Chain Canada, and (v) Ryder Law Department, counsel to the PR Borrowers, in each case, addressed to the Agents and the Lenders, dated the Closing
Date, in form and substance satisfactory to the Administrative Agent. 
 (f) The Borrowers shall have (or concurrently with
the effectiveness of this Agreement) (i) paid all accrued and unpaid interest on the outstanding loans under the Existing Credit Agreement through the Closing Date, (ii) prepaid any loans under the Existing Credit Agreement to the extent
necessary to keep the outstanding loans ratable with the revised commitments under this Agreement as of the Closing Date, and (iii) paid all accrued fees owing to the lenders, the letter of credit issuers and the swing line lenders under the
Existing Credit Agreement through the Closing Date. 
 (g) No material adverse change, in the judgment of the Required
Lenders, shall have occurred in the financial condition, results of operations, business, properties or prospects of Ryder and its Consolidated Subsidiaries, taken as a whole, since the audited financial statements of Ryder and its Consolidated
Subsidiaries for the fiscal year ending December 31, 2020. There shall have occurred no material adverse change in the Senior Public Debt Ratings since December 31, 2020. 

(h) Each of the Borrowers shall have paid the fees required to be paid on the Closing Date. 

(i) The Administrative Agent shall have received (for further distribution to the Lenders, the L/C Issuers and the Agents) a
Compliance Certificate, dated the Closing Date, in form and substance satisfactory to the Administrative Agent, evidencing the Borrowers’ compliance with Section 7.08. 

(j) Each Agent and each Lender shall have received, to the extent requested by such Agent or such Lender, of (i) all
documentation and other information as is required by bank regulatory authorities under applicable “know your customer” and Anti-Money Laundering Laws, including the PATRIOT Act and the Canadian AML Acts, and (ii) a Beneficial
Ownership Certification with respect to each Borrower, to the extent such Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation. 

Without limiting the generality of Section 9.03, for purposes of determining compliance with the conditions
specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be
consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

Section 4.02 Conditions to all Credit Extensions. The obligations of the applicable Lenders to make any
Loans, the obligation of the Canadian Lenders to accept or purchase any Bankers’ Acceptance, and the obligation of any L/C Issuer to issue, extend or renew any Letter of Credit, in each case, at the time of and subsequent to the Closing Date is
subject to the following conditions precedent: 

  
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 (a) Each of the representations and warranties contained in
Section 5.01, Section 5.02, Section 5.06(a), Section 5.09, Section 5.10, Section 5.17,
Section 5.18, and Section 5.21 shall be true at and as of the time of the making of such Loan, at the time of acceptance or purchase of such Bankers’ Acceptance, or at the time of issuance,
extension or renewal of such Letter of Credit, as applicable, with the same effect as if made at and as of that time (except to the extent of changes resulting from transactions contemplated or permitted by this Agreement and changes occurring in
the ordinary course of business which singly or in the aggregate are not materially adverse to the business, assets or financial condition of Ryder and its Consolidated Subsidiaries, taken as a whole, or to the extent that such representations and
warranties relate expressly and solely to an earlier date). 
 (b) The Borrowers shall have performed and complied with all
terms and conditions required by Article II, as applicable, and this Section 4.02, and there shall exist no Default or Event of Default or condition which would result in a Default or an Event of Default upon
consummation of such Loan, or the acceptance and purchase of such Bankers’ Acceptance, or the issuance, extension or renewal of such Letter of Credit, as applicable. Each request for a Loan, or for the acceptance or purchase of a Bankers’
Acceptance, or for the issuance, extension or renewal of a Letter of Credit shall constitute certification by the Borrowers that the conditions specified in this Section 4.02(b) will be duly satisfied on the date of such
Loan, on the date of such acceptance or purchase, or on the date of such issuance, extension or renewal, as applicable. 

(c) No Change in Law shall have occurred as a consequence of which it shall have become and continue to be unlawful for
(i) the first Loan to be made or the first Bankers’ Acceptance to be accepted and purchased hereunder or the first Letter of Credit to be issued, renewed or extended hereunder only, or for any applicable Lender or any applicable L/C Issuer
to perform any of its agreements or obligations under any of the Loan Documents to which it is a party, or (ii) for any Borrower to perform any of its respective agreements or obligations under any of the Loan Documents. 

(d) The Borrower(s) shall have delivered to the applicable Agent(s) or the applicable L/C Issuer, as applicable, a Request for
Credit Extension and any other documentation required to be delivered hereunder in connection with such Loan, such Bankers’ Acceptance or such Letter of Credit, as applicable. 

(e) In the case of a Credit Extension to be denominated in an Alternative Currency, there shall not have occurred any change in
the general availability of such Alternative Currency as legal tender customarily used in the applicable jurisdiction which in the reasonable opinion of the Agents or the Required U.K. Lenders or the Required Canadian Lenders (as applicable, in the
case of any Loans to be denominated in an Alternative Currency) would make it impossible or impracticable for such Credit Extension to be denominated in such Alternative Currency. 

(f) If the applicable Borrower is a Designated Borrower, then the conditions of Section 2.18 to the
designation of such Borrower as a Designated Borrower shall have been met to the satisfaction of the applicable Agent. 

  
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 ARTICLE V. REPRESENTATIONS AND WARRANTIES 

Each of the Borrowers represents and warrants to the Agents, the Lenders, and the L/C Issuers that: 

Section 5.01 Corporate Authority. 

(a) Incorporation; Good Standing. Each of the Borrowers and each of Ryder’s Consolidated Subsidiaries (other than
Immaterial Subsidiaries) (i) is duly organized, validly existing and in good standing under the Laws of its respective jurisdiction of organization, (ii) has all requisite power to own its property and conduct its material business
operations so that the Borrowers and their Consolidated Subsidiaries, taken as a whole, may conduct business substantially in the manner presently conducted by them, and (iii) is in good standing (or such qualification can be readily obtained
without material penalty) in, and is duly authorized to do business in, each jurisdiction in which its property or business as presently conducted or contemplated makes such qualification necessary, except where a failure to be so qualified would
not have a material adverse effect on the business, assets or financial condition of Ryder and its Consolidated Subsidiaries, taken as a whole. 

(b) Authorization. The execution, delivery and performance of this Agreement and the other Loan Documents and the
transactions contemplated hereby and thereby (i) are within the organizational authority of each of the Borrowers, (ii) have been duly authorized by all necessary organizational proceedings on the part of each of the Borrowers,
(iii) do not materially conflict with or result in any material breach or contravention of any provision of Law, statute, rule or regulation to which any of the Borrowers is subject or any judgment, order, writ, injunction, license or permit
applicable to any of the Borrowers, and (iv) do not conflict with any provision of the corporate charter, bylaws or constitutional documents of any of the Borrowers or any material agreement or other material instrument binding upon any of the
Borrowers. 
 (c) Enforceability. The execution, delivery and performance of this Agreement and the other Loan
Documents by each of the Borrowers will result in valid and legally binding obligations of each of the Borrowers enforceable against each such Borrower in accordance with the respective terms and provisions hereof and thereof, except as
enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other Laws relating to or affecting generally the enforcement of creditors’ rights and except to the extent that availability of the remedy of specific
performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought. 

Section 5.02 Governmental Approvals. The execution, delivery and performance of this Agreement and the other
Loan Documents by each of the Borrowers and the consummation by each of the Borrowers of the transactions contemplated hereby and thereby do not require any approval or consent of, or filing with, any governmental agency or authority other than
those already obtained. 
 Section 5.03 Title to Properties; Leases. Ryder and its Consolidated
Subsidiaries own all of the assets reflected in the consolidated balance sheet of Ryder and its Consolidated Subsidiaries as at the Balance Sheet Date or acquired since that date (except property and assets (a) sold or otherwise disposed of in
the ordinary course of business since that date or as otherwise permitted pursuant to Section 7.03, or (b) held pursuant to lease, trust or conditional sales agreement), subject to no mortgages, conditional sales
agreements, title retention agreements, liens or other encumbrances except Permitted Liens. 
 Section 5.04
Financial Statements. There have been furnished to the Administrative Agent (a) the consolidated balance sheet of Ryder and its Consolidated Subsidiaries dated the Balance Sheet Date and the consolidated statements of income,
shareholders’ equity and cash flow for the fiscal periods then ended, certified by Ryder’s independent certified public accountants of nationally recognized standing, and (b) the consolidated balance sheet of Ryder and its
Consolidated Subsidiaries as of September 30, 2021 and the consolidated statements of income, shareholders’ equity and cash flows for the fiscal period then ended. All said balance sheets and statements of operations have been prepared in
accordance with GAAP (but, in the case of any of such financial statements which are unaudited, only to the extent GAAP is applicable to interim unaudited reports) and fairly present the financial condition of Ryder and its Consolidated Subsidiaries
as at the close of business on the Balance Sheet Date or September 30, 2021, as applicable, 

  
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and the results of operations for the applicable periods then ended (subject, in the case of unaudited interim financial statements, to changes resulting from audit and normal year-end adjustments and to the absence of complete footnotes). There are no contingent liabilities of Ryder and its Consolidated Subsidiaries involving material amounts, known to the officers of Ryder, which have
not been disclosed in said balance sheets and the related notes thereto or otherwise in writing to the Administrative Agent. 

Section 5.05 Litigation. Except as set forth on Schedule 5.05, there are no actions, suits,
proceedings or investigations of any kind pending or, to the knowledge of each of the Borrowers, threatened against Ryder or any of Ryder’s Consolidated Subsidiaries before any court, tribunal or administrative agency or board which, either in
any case or in the aggregate, if adversely determined, Ryder reasonably believes would be expected to have a material adverse effect on the financial condition, business, or assets of Ryder and its Consolidated Subsidiaries, considered as a whole,
or materially impair the right of Ryder and its Consolidated Subsidiaries, considered as a whole, to carry on business substantially as now conducted, or result in any substantial liability not adequately covered by insurance, or for which adequate
reserves are not maintained on the consolidated balance sheet or which question the validity of any of the Loan Documents to which Ryder or any of its Consolidated Subsidiaries is a party, or any action taken or to be taken pursuant hereto or
thereto. 
 Section 5.06 Compliance With Other Instruments, Laws, etc. None of the Borrowers nor any of
Ryder’s Consolidated Subsidiaries is violating (a) any provision of its charter documents or by-laws, or (b) any agreement or instrument to which any of them may be subject or by which any of
them or any of their properties may be bound or any decree, order, judgment, or, to the knowledge of Ryder’s officers, any statute, license, rule or regulation, in a manner which materially and adversely affects the financial condition,
business or assets of Ryder and its Consolidated Subsidiaries, considered as a whole. 
 Section 5.07 Tax
Status. Each Borrower and each of Ryder’s Consolidated Subsidiaries (other than its Immaterial Subsidiaries) have (a) made or filed all federal, state, provincial and territorial income and all other tax returns, reports and
declarations (or obtained extensions with respect thereto) required by applicable Law to be filed by them, other than state or provincial tax returns covering immaterial amounts, (b) paid all taxes and other governmental assessments and charges
as shown or determined to be due on such returns, reports and declarations, except those being contested in good faith or to the extent that the failure to do so, individually or in the aggregate, could not reasonably be expected to have a material
adverse effect, and (c) set aside on their books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. Except as set forth on Schedule
5.07, there are no unpaid taxes in any amount material to Ryder and its Consolidated Subsidiaries, taken as a whole, claimed to be due by the taxing authority of any jurisdiction, and the officers of the Borrowers know of no basis for any such
claim. 
 Section 5.08 No Default. No Default has occurred and is continuing. 

Section 5.09 Holding Company and Investment Company Acts. Neither Ryder nor any of its Subsidiaries is a
“holding company” or a “public utility company” as such terms are defined in the Public Utility Holding Company Act of 2005; nor is any of them a “registered investment company”, or an “affiliated company” or
a “principal underwriter” of a “registered investment company”, as such terms are defined in the Investment Company Act of 1940. 

Section 5.10 Absence of Financing Statements, etc. Except as permitted by Section 7.02, (a) there is no
Indebtedness of the Borrowers or obligors hereunder senior to the Obligations, and (b) there is no effective financing statement, security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any filing
records, registry, or other public office, which purports to cover, affect or give notice of any present or possible future lien on, or security interests in, any assets or property of Ryder or any of its Consolidated Subsidiaries or right
thereunder. 

  
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 Section 5.11 ERISA Compliance. 

(a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or
state laws. 
 (b) There are no pending or, to the best knowledge of the Borrowers, threatened claims, actions or lawsuits,
or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a material adverse effect on the business, financial condition, or results of operation of the Borrowers and their Subsidiaries, taken as a
whole. 
 (c) (i) No ERISA Event has occurred, and neither the Borrowers nor any ERISA Affiliate is aware of any fact, event
or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan that could reasonably be expected to have a material adverse effect on the business, financial condition, or results of
operation of the Borrowers and their Subsidiaries taken as a whole; (ii) the Borrowers and each ERISA Affiliate has met in all material respects all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no
waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; and (iii) as of the most recent valuation date for any Pension Plan, the Pension Plan unfunded liabilities did not exceed the value of its
assets in an amount that could reasonably be expected to have a material adverse effect on the business, financial condition, or results of operation of the Borrowers and their Subsidiaries, taken as a whole. 

(d) No Borrower nor any ERISA Affiliate has incurred any material liability (including secondary liability) to any
Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan under Section 4201 of ERISA or as a result of a sale of assets described in Section 4204 of ERISA that could reasonably be expected to have a
material adverse effect on the business, financial condition, or results of operation of the Borrowers and their Subsidiaries, taken as a whole. No Borrower nor any ERISA Affiliate has been notified that any Multiemployer Plan is in reorganization
or is insolvent under and within the meaning of Section 4241 or Section 4245 of ERISA or has been terminated under Section 4041A of ERISA that could reasonably be expected to have a material adverse effect on the business, financial
condition, or results of operation of the Borrowers and their Subsidiaries, taken as a whole. 
 (e) As of the Closing Date,
no Borrower is, nor will any Borrower be, using “plan assets” (within the meaning of 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection
with the Loans, the Bankers’ Acceptances, the Letters of Credit or the Commitments. 
 Section 5.12
Environmental Compliance. In the ordinary course of its business, each Borrower reviews the effect of Environmental Laws on the business, operations and properties of such Borrower and its Subsidiaries, in the course of which it identifies
and evaluates associated liabilities and costs (including capital or operating expenditures required for clean-up or closure of properties presently or previously owned, capital or operating expenditures
required to achieve or maintain compliance with environmental protection standards imposed by Law or as a condition of any license, permit or contract, any periodic or permanent shutdown of any facility or reduction in the level or change in the
nature of operation conducted thereat, any costs or liabilities in connection with off-site disposal of wastes or Hazardous Substances, and any actual or potential liabilities to third parties, including
employees, and any related costs and expenses). Except as set forth on Schedule 5.12, on the basis of this review, each Borrower has reasonably concluded that such associated liabilities and costs, including the costs of compliance with
Environmental Laws, are unlikely to have a material adverse effect on the business, financial condition, results of operations or prospects of Ryder and its Consolidated Subsidiaries, taken as a whole. 

  
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 Section 5.13 Disclosure. 

(a) The representations and warranties made by the Borrowers in this Agreement or by the Borrowers in any agreement,
instrument, document, certificate, statement or letter furnished to the Lenders in connection with the transactions contemplated by the Loan Documents do not, taken as a whole, together with all other information provided by or on behalf of the
Borrowers, which includes (i) any information provided pursuant Section 6.04 or otherwise provided by the Borrowers to the Agents and the Lenders in writing, and (ii) all information contained in the reports filed
by Ryder with the SEC, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make such representation, warranties and information, taken as a whole, in light of the circumstances under which they were
made, not misleading in any material respect. 
 (b) As of the Closing Date, the information included in any Beneficial
Ownership Certification, if applicable, is true and correct in all respects. 
 Section 5.14 [Reserved].
[Reserved]. 
 Section 5.15 Debt Ratings. Schedule 5.15 contains a true and accurate list as of the
Closing Date of the Senior Public Debt Ratings. 
 Section 5.16 Consolidated Subsidiaries. Each of the
Consolidated Subsidiaries of Ryder and the other Borrowers as of the Closing Date is listed on Schedule 5.16. 
 Section 5.17
OFAC; Anti-Corruption Laws; Anti-Money Laundering Laws. 
 (a) Neither any Borrower, nor any of its Subsidiaries, nor, to
the knowledge of any Borrower and its Subsidiaries, any director, officer, or controlled affiliate thereof, is a Person that is, or is owned or controlled by any Person that is (i) currently the subject or target of any Sanctions,
(ii) included on OFAC’s List of Specially Designated Nationals, the Canadian Sanctions List or HMT’s Consolidated List of Financial Sanctions Targets, or (iii) organized, resident or having a place of business in a Designated
Jurisdiction. 
 (b) Each Borrower and its Subsidiaries have (i) conducted their businesses in compliance with
(A) the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, the Corruption of Foreign Public Officials Act (Canada), and other similar anti-corruption legislation in other jurisdictions, (B) Anti-Money Laundering
Laws and (C) all applicable Sanctions and (ii) instituted and maintained policies and procedures designed to promote and achieve compliance with such anti-corruption legislation, such Anti-Money Laundering Laws and such Sanctions. 

Section 5.18 Use of Proceeds. Each Credit Extension, and the proceeds of each Credit Extension, shall be used
for general corporate purposes and working capital purposes. No Credit Extension, nor the proceeds of any Credit Extension, shall be used in any way that will violate Regulations T, U or X of the Board of Governors of the Federal Reserve System. The
Borrowers will not use any Credit Extension, or the proceeds of any Credit Extension, to purchase or carry any “margin security” or “margin stock” (as such terms are defined in said Regulations U and X of the Board of Governors
of the Federal Reserve System). 

  
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 Section 5.19 No Affected Financial Institution. No Borrower
nor any of its Subsidiaries is an Affected Financial Institution. 
 Section 5.20 Covered Entity. No
Borrower nor any of its Subsidiaries is a Covered Entity. 
 Section 5.21 Representations as to Foreign
Obligors. Each of Ryder and each Foreign Obligor (with regard to itself but not with regard to any other Foreign Obligor) represents and warrants to the Agents, the Lenders, and the L/C Issuers that: 

(a) Such Foreign Obligor is subject to civil and commercial Laws with respect to its obligations under this Agreement and the
other Loan Documents to which it is a party (collectively as to such Foreign Obligor, the “Applicable Foreign Obligor Documents”), and the execution, delivery and performance by such Foreign Obligor of the Applicable Foreign Obligor
Documents constitute and will constitute private and commercial acts and not public or governmental acts. Neither such Foreign Obligor nor any of its material property has any immunity from jurisdiction of any court or from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the Laws of the jurisdiction in which such Foreign Obligor is organized and existing in respect of its obligations under
the Applicable Foreign Obligor Documents. 
 (b) There are no form requirements applicable to the Applicable Foreign Obligor
Documents under the Laws of the jurisdiction in which such Foreign Obligor is organized and existing for the enforcement thereof against such Foreign Obligor under the Laws of such jurisdiction, or to ensure the legality, validity, enforceability,
priority or admissibility in evidence of the Applicable Foreign Obligor Documents. It is not necessary to ensure the legality, validity, enforceability, priority or admissibility in evidence, in each case, in all material respects, of the Applicable
Foreign Obligor Documents that the Applicable Foreign Obligor Documents be filed, registered or recorded with, or executed or notarized before, any court or other authority in the jurisdiction in which such Foreign Obligor is organized and existing
or that any registration charge or stamp or similar tax be paid on or in respect of the Applicable Foreign Obligor Documents or any other document, except for (i) any such filing, registration, recording, execution or notarization as has been
made or is not required to be made until the Applicable Foreign Obligor Document or any other document is sought to be enforced, and (ii) any charge or tax as has been timely paid. 

(c) There is no tax, levy, impost, duty, fee, assessment or other governmental charge, or any deduction or withholding, imposed
by any Governmental Authority in or of the jurisdiction in which such Foreign Obligor is organized, existing and a resident for tax purposes either (i) on or by virtue of the execution or delivery of the Applicable Foreign Obligor Documents, or
(ii) on any payment to be made by such Foreign Obligor pursuant to the Applicable Foreign Obligor Documents (other than any U.K. Tax Deduction in relation to a payment to a U.K. Lender that is not a U.K. Qualifying Lender or that is a U.K.
Treaty Lender for which procedural formalities have not been completed), except as has been disclosed to the Agents. 
 (d)
The execution, delivery and performance of the Applicable Foreign Obligor Documents executed by such Foreign Obligor are, under applicable foreign exchange control regulations of the jurisdiction in which such Foreign Obligor is organized and
existing, not subject to any notification or authorization except (i) such as have been made or obtained, or (ii) such as cannot be made or obtained until a later date and are not material (provided, that, any notification or
authorization described in clause (ii) above shall be made or obtained as soon as is reasonably practicable). 

  
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 ARTICLE VI. AFFIRMATIVE COVENANTS 

Each of the Borrowers agrees that, so long as any Obligation is outstanding or the Lenders have any obligation to make Loans, or the Canadian
Lenders have any Obligations with respect to Bankers’ Acceptances, or any L/C Issuer has any obligation to issue, extend or renew any Letters of Credit: 

Section 6.01 Punctual Payment. The applicable Borrower(s) will duly and punctually pay or cause to be paid
the principal and interest on the Loans, all Bankers’ Acceptances, all Letters of Credit, fees and other amounts provided for in this Agreement and the other Loan Documents, all in accordance with the terms of this Agreement and such other Loan
Documents. 
 Section 6.02 [Reserved]. [Reserved]. 

Section 6.03 Records and Accounts. Each of the Borrowers will, and will cause each of its Consolidated
Subsidiaries to, (a) keep true and accurate records and books of account in which full, true and correct entries will be made in accordance with (i) with respect to Ryder and its Consolidated Subsidiaries only, GAAP, and (ii) with
respect to each such Person, the requirements of all regulatory authorities, and (b) maintain adequate accounts and reserves for all taxes (including income taxes), depreciation, depletion, obsolescence and amortization of its properties, all
other contingencies, and all other proper reserves in accordance with GAAP with respect to Ryder and its Consolidated Subsidiaries and in accordance with all regulatory authorities with respect to each of the other Borrowers; provided,
that, if any changes in GAAP with which Ryder’s independent accountants concur or changes in the application of GAAP with which Ryder’s independent accountants concur result in a change (other than an immaterial change) in the
method of calculation or the basis upon which such calculation is made of any of the financial covenants, standards or terms contained in this Agreement, the Borrowers and the Lenders agree to amend such provisions to reflect such changes in GAAP so
that the criteria for evaluating the consolidated financial condition of Ryder and its Consolidated Subsidiaries shall be the same after such accounting changes as if such changes had not been made. 

Section 6.04 Financial Statements, Certificates and Information. Ryder will deliver to the Administrative
Agent (for further distribution to each of the Lenders, each L/C Issuer and each other Agent, as applicable): 
 (a) as soon
as practicable, but in any event not later than one hundred twenty (120) days after the end of each fiscal year of Ryder, (i) the consolidated balance sheet of Ryder and its Consolidated Subsidiaries as at the end of such year, and the
consolidated statements of income and cash flows for Ryder and its Consolidated Subsidiaries for the fiscal year then ended, each setting forth in comparative form the figures for the previous fiscal year, all such consolidated financial statements
to be in reasonable detail and prepared in accordance with GAAP, and audited and accompanied by a report and opinion of independent certified public accountants of nationally recognized standing selected by Ryder, which report and opinion shall be
prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit, and (ii) a written
statement from the accountants referred to in Section 6.04(a)(i) to the effect that such accountants have read a copy of this Agreement, and that, in making the examination necessary to said certification, they have
obtained no knowledge of any Default or Event of Default, or, if such accountants shall have obtained knowledge of any then-existing Default or Event of Default they shall disclose in such statement any such Default or Event of Default;
provided, that, such accountants shall not be liable to the Lenders for failure to obtain knowledge of any Default or Event of Default; 

  
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 (b) as soon as practicable, but in any event not later than sixty
(60) days after the end of each of the first three fiscal quarters of each fiscal year of Ryder, copies of the consolidated balance sheets of Ryder and its Consolidated Subsidiaries as at the end of such quarter, and the related consolidated
statements of income and cash flows for the portion of the fiscal year then ended, all in reasonable detail and prepared in accordance with GAAP (to the extent GAAP is applicable to interim unaudited financial statements) with a certification by a
Financial Officer of Ryder that the consolidated financial statements are prepared in accordance with GAAP (to the extent GAAP is applicable to interim unaudited financial statements) and fairly present the consolidated financial condition of Ryder
and its Consolidated Subsidiaries on a consolidated basis as at the close of business on the date thereof and the results of operations for the period then ended; 

(c) simultaneously with the delivery of the financial statements referred to Section 6.04(a)(i) and
Section 6.04(b), a certificate in the form of Exhibit J (a “Compliance Certificate”) signed by a Financial Officer of Ryder, stating that Ryder and its Consolidated Subsidiaries are in compliance
with Section 7.08 as of the end of the applicable period setting forth in reasonable detail computations evidencing such compliance, and certifying (i) no Default or Event of Default exists or if a Default or Event of
Default shall then exist, specifying the nature thereof, and (ii) such other matters as are set forth therein; 
 (d) as
soon as practicable, but in any event within thirty (30) Business Days after the issuance thereof, copies of all materials of a financial nature filed with the SEC or sent to the stockholders of Ryder or any of its Subsidiaries generally; and

 (e) from time to time, and with reasonable promptness, such other financial data and other information as any Lender, any
L/C Issuer or any Agent may reasonably request. 
 The Borrowers hereby authorize each Lender, each L/C Issuer and each Agent to disclose
any information obtained pursuant to this Agreement to all appropriate governmental regulatory authorities where required by Law, including with respect to requests or directives, whether or not having the force of law. Except for any such
disclosure to governmental banking regulatory authorities upon the request therefor, the applicable Lender, L/C Issuer or Agent shall, to the extent practicable and legally permissible, provide prompt written notice to Ryder so that Ryder may have
the opportunity to contest such disclosure and such Lender, such L/C Issuer or such Agent, as applicable, shall use reasonable efforts within Law to maintain the confidentiality of such information. 

Documents required to be delivered pursuant to Sections 6.04(a), (b) and (c) (to the extent any such documents are
included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (a) on which Ryder posts such documents, or provides a link thereto on its website on
the Internet at www.ryder.com, or (b) on which such documents are posted on Ryder’s behalf on an Internet or intranet website, if any, to which each Lender and each Agent has access (whether a commercial, third-party website or
whether sponsored by the Administrative Agent); provided, that: (i) Ryder shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests Ryder to deliver such paper copies until a written
request to cease delivering paper copies is given by the Administrative Agent or such Lender; and (ii) Ryder shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and
provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance Ryder shall be required to provide paper copies of each Compliance
Certificates required to be delivered pursuant to Section 6.04(c) to the 

  
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Administrative Agent. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above,
and in any event shall have no responsibility to monitor compliance by Ryder with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

Each Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders, the L/C
Issuers and the Agents materials and/or information provided by or on behalf of such Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the
“Platform”), and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to any of
the Borrowers or their respective Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. Each Borrower hereby agrees
that so long as such Borrower is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities: (i) all Borrower Materials that are
to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (ii) by marking Borrower
Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent, the Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as not containing any material
non-public information with respect to the Borrowers or their respective securities for purposes of United States Federal and state securities laws (provided, that, to the extent such Borrower
Materials constitute Information, they shall be treated as set forth in Section 11.07); (iii) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Side Information;” and (iv) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform
not designated “Public Side Information.” Notwithstanding the foregoing, no Borrower shall be under any obligation to mark any Borrower Materials “PUBLIC.” 

Section 6.05 Existence; Compliance with Laws and Other Agreements. Each of the Borrowers will, and Ryder will
cause each of its Consolidated Subsidiaries (other than its Immaterial Subsidiaries) to, (a) keep in full force and effect their respective existence and all rights, licenses, leases and franchises reasonably necessary to the conduct of its
business, and (b) comply with (i) all applicable Laws and regulations (including all Environmental Laws) wherever its business is conducted, (ii) the provisions of its charter documents, by-laws
and constitutional documents, and (iii) all agreements and instruments by which it or any of its properties may be bound, and all applicable decrees, orders and judgments, in each case in such manner that there will not result a material and
adverse effect on the financial condition, properties or business of the Borrowers, considered separately, or Ryder and its Consolidated Subsidiaries considered as a whole. 

Section 6.06 Maintenance of Properties. Each of the Borrowers will, and Ryder will cause each of its
Consolidated Subsidiaries to, cause all material properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order (ordinary wear and tear excepted) and will cause to be made all necessary
repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of Ryder and its Consolidated Subsidiaries may be necessary for the conduct of their business; provided, that, nothing in this
Section 6.06 shall prevent Ryder or any of its Consolidated Subsidiaries from discontinuing the operation and maintenance of any of its properties if such discontinuance is, in the judgment of such Person, desirable in the
conduct of its business and which does not in the aggregate materially adversely affect the financial condition, business or assets of Ryder and its Consolidated Subsidiaries, taken as a whole. 

  
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 Section 6.07 Insurance. Each of the Borrowers will, and
Ryder will cause each of its Consolidated Subsidiaries to, (a) maintain (either in the name of such Borrower or in such Subsidiary’s own name), insurance with respect to their properties in at least such amounts and against at least such
risks (and with such risk retention) as are usually insured against in the same general area by companies of established repute engaged in the same or a similar business and of similar size, and (b) furnish to the Administrative Agent (for
further distribution to the Lenders, the L/C Issuers and the Agents), upon request of the Administrative Agent, information presented in reasonable detail as to the insurance so carried. 

Section 6.08 Taxes. Each of the Borrowers will, and Ryder will cause each of its Consolidated Subsidiaries
to, duly pay and discharge, or cause to be paid and discharged, before the same shall become overdue, all taxes, assessments and other governmental charges imposed upon it and its real properties, sales and activities, or any part thereof, or upon
the income or profits therefrom, as well as all claims for labor, materials or supplies, which if unpaid might by Law become a lien or charge upon any of its property; provided, that, the Borrowers or any Consolidated Subsidiary shall
not be required to pay any such tax, assessment, charge or levy if the same shall not at the time be due and payable or can be paid thereafter without penalty; or if the validity thereof shall currently be contested in good faith by appropriate
proceedings if it shall have set aside on its books reserves deemed by it adequate with respect to such tax, assessment, charge or levy; or if the failure to pay such tax, assessment, charge or levy shall not result in a material adverse change in
the financial position, results of operations, business or other condition of the Borrowers and their Consolidated Subsidiaries, taken as a whole. 

Section 6.09 Inspection of Properties, Books and Contracts. Each of the Borrowers will permit the Lenders,
through the Agents or any of their designated representatives, to visit and inspect any of the properties of the Borrowers to examine their books of account (and to make copies thereof and extracts therefrom), and to discuss the affairs, finances
and accounts of the Borrowers with, and to be advised as to the same by, its officers, all at such reasonable times and intervals as the Lenders may reasonably request. 

Section 6.10 Notice of Potential Claims or Litigation. Each of the Borrowers shall deliver to the
Administrative Agent (for further distribution to the Lenders, the L/C Issuers and the Agents), within thirty (30) days of receipt thereof, written notice of the initiation of any action, claim, complaint, or any other notice of dispute or
potential litigation, including pursuant to any applicable Environmental Laws, against any of the Borrowers or any of Ryder’s Consolidated Subsidiaries, including the initiation of any action, claim, complaint, or any other notice of dispute or
potential litigation, including pursuant to any applicable Environmental Laws brought by any Governmental Authority, wherein the potential liability is in excess of $50,000,000 and which are required to be reported pursuant to Regulation S-K under the Securities Act. 
 Section 6.11 Notice of Default. Each of
the Borrowers will promptly notify the Administrative Agent (for further notification to the Lenders, the L/C Issuers and the Agents), in writing of the occurrence of any Default or Event of Default. 

Section 6.12 Use of Proceeds. Each of the Borrowers will, and Ryder will cause each of its Consolidated
Subsidiaries to, use the proceeds of the Loans, borrowings by Bankers’ Acceptances and the Letters of Credit solely for general corporate purposes and working capital purposes, it being understood and agreed that no Borrower will, nor will
Ryder permit any of its Consolidated Subsidiaries to, use any Loan, any Bankers’ Acceptances or any portion of any Letter of Credit (a) in any way that will violate Regulations T, U or X of the Board of Governors of the Federal Reserve
System, or (b) to purchase or carry any “margin security” or “margin stock” (as such terms are defined in said Regulations U and X of the Board of Governors of the Federal Reserve System). 

  
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 Section 6.13 Debt Ratings. The Borrowers will notify the
Administrative Agent (for further notification to the Lenders, the L/C Issuers and the Agents), promptly upon becoming aware thereof, of any publicly announced change in the Senior Public Debt Ratings and/or any change in the rating of any other
Indebtedness of any of their Subsidiaries which is rated by S&P, Moody’s or Fitch. 
 Section 6.14
Notice of any ERISA Event. Each of the Borrowers will promptly notify the Administrative Agent (for further notification to the Lenders, the L/C Issuers and the Agents) in writing of the occurrence of any ERISA Event. 

Section 6.15 Further Assurances. Each of the Borrowers will cooperate with the Agents and execute such
further instruments and documents as any Agent shall reasonably request to carry out to the Lenders’ satisfaction the transactions contemplated by this Agreement. 

Section 6.16 Anti-Corruption Laws; Anti-Money Laundering Laws; Sanctions. Each of the Borrowers will, and
Ryder will cause each of its Consolidated Subsidiaries to, (a) conduct its business in compliance with (i) the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, the Corruption of Foreign Public Officials Act
(Canada), and other similar anti-corruption legislation in other jurisdictions, (ii) Anti-Money Laundering Laws, and (iii) applicable Sanctions, and (b) maintain policies and procedures designed to promote and achieve compliance with
such anti-corruption laws, such Anti-Money Laundering Laws and such Sanctions. 
 Article VII. NEGATIVE COVENANTS 

Each of the Borrowers agrees that, so long as any Obligation is outstanding or the Lenders have any obligation to make Loans, or the Canadian
Lenders have any Obligations with respect to Bankers’ Acceptances, or any L/C Issuer has any obligation to issue, extend or renew any Letters of Credit: 

Section 7.01 Restrictions on Secured Indebtedness. None of the Borrowers will, nor will Ryder permit any of
its Consolidated Subsidiaries to, create, incur, assume, or be or remain liable, contingently or otherwise, with respect to any Secured Indebtedness, other than: 

(a) Secured Indebtedness consisting of (i) Indebtedness of Ryder’s Consolidated Subsidiaries to a Borrower, and
(ii) unsecured Intercompany Indebtedness; and 
 (b) other Secured Indebtedness (including Indebtedness under
Capitalized Leases); provided, that, the aggregate amount of Secured Indebtedness incurred in reliance on this Section 7.01(b) and outstanding at any time shall not exceed an amount equal to thirty percent
(30%) of the Adjusted Consolidated Tangible Assets determined at such time. 
 For purposes of calculating the amount of Secured Indebtedness of Ryder and
its Consolidated Subsidiaries under Section 7.01(b), Ryder shall be deemed to have incurred Secured Indebtedness in an amount equal to the aggregate amount of all Derivatives Obligations which are secured by a lien
permitted pursuant to Section 7.02(e). 
 Section 7.02 Restrictions on Liens.
None of the Borrowers will, nor will Ryder permit any of its Consolidated Subsidiaries to, create or incur or suffer to be created or incurred or to exist any Lien upon any property or assets of any character, except as follows (the
“Permitted Liens”): 
 (a) Liens securing Secured Indebtedness; provided, that, such Secured
Indebtedness is permitted pursuant to Section 7.01; provided, further, that, the aggregate net book value of the assets of Ryder and its Consolidated Subsidiaries securing Secured Indebtedness which
(i) consists of Indebtedness included within clause (a) of the definition of “Secured Indebtedness,” and (ii) is incurred in reliance on Section 7.01(b), shall not, at any time, exceed
an amount equal to two hundred percent (200%) of the aggregate outstanding principal amount of such Secured Indebtedness; 

  
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 (b) any encumbrances consisting of zoning restrictions, exceptions, easements, leases or
other like restrictions on the use of Real Property which do not materially impair the use of such property; 
 (c) the following Liens or
charges which are not yet due or are payable without penalty or of which the amount, applicability or validity is being contested in good faith by appropriate proceedings: 

(i) Liens for taxes, assessments or other governmental charges; 

(ii) Liens given in the ordinary course of business pursuant to any governmental regulation in order to allow Ryder or a
Consolidated Subsidiary to maintain self-insurance, or to participate in any fund or participate in any benefits in connection with worker’s compensation, unemployment insurance, old age pensions or other social security, or for any other
purpose at any time required by Law or governmental regulation as a condition to the transaction of business or the exercise of any privilege or license; 

(iii) mechanic’s, carrier’s, worker’s, warehouseman’s, landlord’s or other like Liens arising in the
ordinary course of business, including Liens incident to construction; 
 (iv) any inchoate Liens arising under ERISA to
secure any contingent liability of Ryder or a Consolidated Subsidiary; and 
 (v) other Liens incidental to the conduct of
business or ownership of property and assets which were not incurred in connection with the borrowing of money and which do not in the aggregate materially impair the use of property or assets of Ryder or its Consolidated Subsidiaries; 

(d) Liens on accounts receivable subject to the Receivables Purchase Agreements referred to in Section 7.03(d); 

(e) Liens on cash, cash equivalents and marketable securities securing Derivatives Obligations; and 

(f) Liens on assets subject to the securitization permitted pursuant to Section 7.03(e). 

Section 7.03 Fundamental Changes; Sales or Dispositions of Assets. None of the Borrowers will, nor will Ryder
permit any of its Consolidated Subsidiaries to, become a party to any merger, consolidation, asset acquisition, stock acquisition or disposition of assets, with the following exceptions (provided, that, any such merger, consolidation, acquisition or
disposition would not cause Ryder to not be in compliance with all the covenants and conditions of this Agreement): 
 (a)
(i) mergers or amalgamations of a Consolidated Subsidiary into another Consolidated Subsidiary (provided, that, (A) in connection with any such merger or amalgamation involving a Canadian Borrower, such Canadian Borrower shall be
the surviving or resulting Person, (B) in connection with any such merger involving a U.K. Borrower, such U.K. Borrower shall be the surviving Person, and (C) in connection with any such merger involving a PR Borrower, such PR Borrower
shall be the surviving Person), and (ii) mergers or consolidations pursuant to which Ryder is the surviving Person; 

  
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 (b) acquisitions of interests in other corporations or business entities
(either through the purchase of assets or capital stock or otherwise); 
 (c) dispositions of assets in the ordinary course
of business; 
 (d) sales by Ryder and its Subsidiaries of their accounts receivable pursuant to the Receivables Purchase
Agreements; provided, that, (i) the aggregate face amount of all accounts receivable of Ryder treated as purchased receivables and sold by Ryder and/or its Subsidiaries to the securitization conduit under the Receivables Purchase
Agreements shall not exceed at any time the lesser of (A) an amount equal to seventy-five percent (75%) of the aggregate face amount of all accounts receivable of Ryder and its Consolidated Subsidiaries, taken as a whole, including the accounts
receivable which constitute purchased receivables under the Receivables Purchase Agreements, and (B) $425,000,000, and (ii) from and after the date of the first sale of accounts receivable pursuant to the Receivables Purchase Agreements, the
cumulative net cash proceeds received by Ryder from sales of accounts receivable thereunder shall not be less than an amount equal to seventy-five percent (75%) of the cumulative face amount of all accounts receivable of Ryder sold thereunder; 

(e) the securitization, in one or more securitization transactions, by Ryder of trucks, tractors and trailers (collectively,
the “Securitized Assets”) together with the financial component of their associated lease and service agreements; provided, that, (i) the unamortized balance of all Indebtedness of Ryder and its Consolidated
Subsidiaries or of any special purpose securitization subsidiary or conduit incurred in connection with such securitization programs (excluding any Indebtedness as to which Ryder or any of its Consolidated Subsidiaries is the holder) shall not, at
any time, exceed $1,250,000,000, and (ii) the cumulative net cash proceeds received by Ryder in connection with such securitization transactions shall not be less than an amount equal to seventy-five percent (75%) of the net book value of all
such Securitized Assets; and 
 (f) other dispositions of assets not otherwise permitted pursuant to this
Section 7.03; provided, that, (i) the aggregate fair market value of assets so disposed of in any consecutive twelve (12) month period shall not exceed an amount equal to ten percent (10%) of the
aggregate book value of all Consolidated Tangible Assets, measured as of the first day of such twelve (12) month period, and (ii) the revenue attributable to the assets so disposed of in any consecutive twelve (12) month period shall
not exceed an amount equal to twenty percent (20%) of the revenues of Ryder and its Consolidated Subsidiaries during such twelve (12) month period, determined in accordance with GAAP. 

Section 7.04 Leasebacks. None of the Borrowers will, nor will Ryder permit any of its Consolidated
Subsidiaries to, sell, transfer or otherwise convey any property of Ryder or any Consolidated Subsidiary more than one hundred twenty (120) days after the acquisition thereof for purposes of leasing back such property, except for: 

(a) leasebacks with a term of three (3) years or less (including all permitted extensions and renewals); 

(b) leasebacks whereby the proceeds from the sale or transfer of property are used to reduce the Obligations or other
Indebtedness of a rank at least equal to the Obligations; or 

  
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 (c) leasebacks permitted pursuant to Section 7.01
and Section 7.02. 
 Section 7.05 Limitations on Agreements. None of the
Borrowers will, nor will Ryder permit any of its Consolidated Subsidiaries to, enter into any agreement which restricts or prohibits any guarantees, advances, dividends or distributions (a) from any Consolidated Subsidiary to such Borrower, or
(b) between or among Consolidated Subsidiaries; provided, that, notwithstanding the foregoing, any Consolidated Subsidiary may issue Preferred Stock, so long as (i) the aggregate liquidation preference of all such Preferred Stock issued by
Ryder’s Consolidated Subsidiaries which is not owned by Ryder and its Consolidated Subsidiaries does not, at any time, exceed an amount equal to five percent (5%) of Consolidated Adjusted Net Worth at such time, (ii) immediately before,
and immediately after, giving effect to such issuance of Preferred Stock, no Default or Event of Default shall have occurred and be continuing, and (iii) prior to the issuance by any Subsidiary of Preferred Stock, such Subsidiary shall have
delivered to the Administrative Agent, for the benefit of the Lenders, the L/C Issuers and the Agents, a guarantee of the Obligations, in form and substance satisfactory to the Administrative Agent (it being understood that the obligations of such
Subsidiary under such guaranty shall be limited to the aggregate amount of the liquidation preference of all such Preferred Stock issued by such Subsidiary which is not owned by Ryder and its Consolidated Subsidiaries), together with corporate
authority documentation and a legal opinion, in form and substance satisfactory to the Administrative Agent, as to the authorization, execution, delivery and enforceability of such guaranty. 

Section 7.06 Sanctions. None of the Borrowers will, nor will Ryder permit any of its Consolidated
Subsidiaries to, directly or indirectly, knowingly use any Credit Extension, or the proceeds of any Credit Extension, or lend, contribute or otherwise make available such Credit Extension, or the proceeds of such Credit Extension, to any Subsidiary,
joint venture partner or other Person, (a) to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or (b) if such use of proceeds or funding
will result in a violation by any such Person (including any Person participating in the transaction, whether as Lender, Arranger, Sustainability Coordinator, Agent, L/C Issuer, or Swing Line Lender) of Sanctions. 

Section 7.07 Anti-Corruption Laws and Anti-Money Laundering Laws. None of the Borrowers will, nor will Ryder
permit any of its Consolidated Subsidiaries to, directly or indirectly, knowingly use any Credit Extension, or the proceeds of any Credit Extension, for any purpose which would breach (a) the United States Foreign Corrupt Practices Act of 1977,
the UK Bribery Act 2010, the Corruption of Foreign Public Officials Act (Canada), and other similar anti-corruption legislation in other jurisdictions, or (b) any Anti-Money Laundering Laws. 

Section 7.08 Financial Covenant. Ryder will not, at any time, permit the ratio of (a) the aggregate
amount of Indebtedness of Ryder and its Consolidated Subsidiaries, to (b) Consolidated Adjusted Net Worth to exceed 3.00:1.00. 

ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES 

Section 8.01 Events of Default; Remedies. If any of the following events (each, an “Event of
Default”) shall occur: 
 (a) if any Borrower shall fail to pay any principal of the Loans made to such Borrower,
any L/C Obligation or any obligation in respect of any Bankers’ Acceptance when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment and such
default shall not have been remedied within one (1) Business Day after written notice thereof shall have been given to such Borrower and Ryder by an Agent; or 

  
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 (b) if any Borrower shall fail to pay any interest or fees owing by such
Borrower hereunder when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment and such default shall not have been remedied within three
(3) Business Days after written notice thereof shall have been given to such Borrower and Ryder by an Agent; or 
 (c)
if the Borrowers shall fail to comply with any of the covenants contained in Section 7.01, Section 7.02, Section 7.03, or Section 7.08; or 

(d) if the Borrowers shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan
Documents or pay any amounts (other than those specified in Sections 8.01(a), (b) and (c)) and such failure shall not be remedied within twenty (20) days after written notice of such failure shall have been given to the
Borrowers and Ryder by an Agent; or 
 (e) if any representation, warranty or certification made in writing by or on behalf
of any Borrower contained in this Agreement or in any document or instrument delivered pursuant to this Agreement shall prove to have been false in any material respect upon the date when made or repeated and such representation, warranty or
certification shall be material at the time it shall have been determined to have been false or incorrect, and if such false representation, warranty or certification or its adverse effects shall be susceptible of cure, the Borrowers shall not,
within a period of twenty (20) days after written notice thereof has been given to the Borrowers and Ryder by the Administrative Agent, (i) have cured (to the satisfaction of the Required Lenders) the representation, warranty or
certification, and (ii) have cured the adverse effect of the failure of such representation, warranty or certification to have been true and correct when made or repeated; or 

(f) if any of the Borrowers or any of Ryder’s Consolidated Subsidiaries shall (i) fail to pay within the later of
(A) three (3) Business Days after maturity, and (B) three (3) Business Days after any applicable period of grace, any Indebtedness, reimbursement obligation in respect of any letter of credit or the aggregate amount of any Derivatives
Obligation, in each case, in an aggregate amount greater than $75,000,000, or (ii) fail to observe or perform any material term, covenant or agreement contained in any one or more agreements by which it is bound, evidencing or securing any
Indebtedness, reimbursement obligation in respect of any letter of credit or the aggregate amount of any Derivatives Obligation, in each case, in an aggregate amount greater than $75,000,000, resulting in the acceleration of such Indebtedness; or

 (g) if any of the Borrowers or any of Ryder’s Consolidated Subsidiaries makes an assignment for the benefit of
creditors, or admits in writing its inability to pay or generally fails to pay its debts as they mature or become due, or petitions or applies for the appointment of a trustee or other custodian, liquidator or receiver of any such Person, or of any
substantial part of the assets of any such Person or commences any case or other proceeding relating to any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar Law of
any jurisdiction, now or hereafter in effect, or takes any action to authorize or in furtherance of any of the foregoing, or if any such petition or application is filed or any such case or other proceeding is commenced against any such Person or
any such Person indicates its approval thereof, consent thereto or acquiescence therein; or 
 (h) if a decree or order is
entered appointing any trustee, custodian, liquidator or receiver or adjudicating any of the Borrowers or any of Ryder’s Consolidated Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree
or order for relief is entered in respect of any such Person in an involuntary case under the bankruptcy laws of any jurisdiction or any analogous proceeding, procedure or step is taken in any jurisdiction as now or hereafter constituted, and such
decree or order remains in effect for more than sixty (60) days, whether or not consecutive; or 

  
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 (i) if there shall remain in force, undischarged, unsatisfied and unstayed,
for more than sixty (60) days, whether or not consecutive, any judgment or order against any of the Borrowers or any of Ryder’s Consolidated Subsidiaries which, with other outstanding judgments or orders against any such Person exceeds in
the aggregate $75,000,000; or 
 (j) if any judicial lien or attachment on the property of any Borrower or any of
Ryder’s Consolidated Subsidiaries in an amount of $75,000,000 or greater shall not be released or provided for to the satisfaction of the Administrative Agent and the Required Lenders within sixty (60) days after such lien or attachment
shall have come into existence; or 
 (k) if an ERISA Event occurs with respect to a Pension Plan and the Required Lenders
shall have determined in their reasonable discretion that such event could reasonably be expected to result in liability of any of the Borrowers or any of their Subsidiaries under Title IV of ERISA to the Pension Plan or the PBGC in an aggregate
amount in excess of $75,000,000, and such event, under the circumstances could reasonably constitute grounds for the partial or complete termination of such Plan by the PBGC or for the appointment by the appropriate United States District Court of a
trustee to administer such Plan; or a trustee shall have been appointed by the appropriate United States District Court to administer such Plan; or the PBGC shall have instituted proceedings to terminate such Plan; or 

(l) if any person or group of persons (within the meaning of Section 13 or 14 of the Exchange Act) shall have acquired
beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under the Exchange Act) of fifty percent (50%) or more of the outstanding shares of common voting stock of Ryder; or, during any
period of twelve (12) consecutive calendar months, individuals who were directors of Ryder on the first day of such period shall cease to constitute a majority of the board of directors of Ryder (excluding any directors elected or nominated by
such board); or 
 (m) if any Loan Document, at any time after its execution and delivery and for any reason other than as
expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or if Ryder or any of its Consolidated Subsidiaries contests in any manner the validity or enforceability of any Loan
Document, including any material rights and obligations thereunder; or if any Ryder or any other Borrower denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any provision of
any Loan Document; 
 then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the written or telephonic
(confirmed in writing) requests of the Required Lenders, shall, by written notice to the Borrowers, (i) declare all Obligations to be forthwith due and payable, whereupon the same shall forthwith mature and become immediately due and payable,
together with accrued interest thereon, without presentment, demand, protest or notice, all of which are hereby waived by each of the Borrowers (provided, that, in the case of the occurrence of any event specified in
Section 8.01(g) or Section 8.01(h), all Obligations shall become due and payable forthwith without the requirement of any such notice or the action of any Person and without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived by each of the Borrowers), and (ii) exercise on behalf of itself, the Lenders, the L/C Issuers, and the other Agents all rights and remedies available to it, the
Lenders, the L/C Issuers and the other Agents under the Loan Documents. Upon written demand by the Required Lenders after the occurrence of any Event of Default, and automatically without the necessity of demand in the event of any

  
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Event of Default specified in Section 8.01(g) or Section 8.01(h), Ryder shall immediately provide to the Administrative Agent cash in an amount
equal to the aggregate L/C Obligations on all then outstanding Letters of Credit issued for the account of Ryder or any of its Domestic Subsidiaries to be held by the Administrative Agent as Cash Collateral for such L/C Obligations. If Ryder is
required to provide an amount of Cash Collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied pursuant to Section 8.03) shall be returned to Ryder within three
(3) Business Days after all Events of Default have been cured or waived. 
 Section 8.02 Termination of
Aggregate Commitments. If any Event of Default pursuant to Section 8.01(g) or Section 8.01(h) shall occur, any unused portion of the Aggregate Commitments shall forthwith terminate and the
Lenders and the Agents shall be relieved of all obligations to make Loans and to accept and purchase Bankers’ Acceptances hereunder, and the L/C Issuers shall be relieved of all further obligations to issue, extend or renew Letters of Credit;
or if any other Event of Default shall occur, the Required Lenders may by notice to the Borrowers terminate the unused portion of the Aggregate Commitments, and, upon such notice being given, such unused portion of the Aggregate Commitments shall
terminate immediately and the Lenders and the Agents shall be relieved of all further obligations to make Loans or to accept and purchase Bankers’ Acceptances and the L/C Issuers shall be relieved of all further obligations to issue, extend or
renew Letters of Credit. No termination of any portion of the Aggregate Commitments shall relieve the Borrowers of any of their existing Obligations to the Lenders, the L/C Issuers or the Agents hereunder or elsewhere. 

Section 8.03 Application of Funds. After the exercise of remedies provided for in Sections 8.01 and
8.02, any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.03(q), 2.16 and 2.17, be applied by the Administrative Agent in the following order: 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees,
charges and disbursements of counsel to the respective Agents and amounts payable under Article III) payable to the Agents in their respective capacities as such, ratably among them in proportion to the respective amounts described in this
clause First payable to them; 
 Second, to payment of that portion of the Obligations constituting fees, indemnities and
other amounts (other than principal, interest, Letter of Credit Fees, and Acceptance Fees) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders and the respective L/C Issuers and
amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and Acceptance Fees and
interest on the Loans, Bankers’ Acceptances, L/C Obligations and other Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, Bankers’ Acceptances and L/C
Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Fourth held by them; 

Fifth, to the Administrative Agent for the account of the L/C Issuers, to Cash Collateralize that portion of L/C Obligations comprised
of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrowers pursuant to this Agreement; and 

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the applicable Borrower or as otherwise
required by Law. 

  
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 Subject to Sections 2.03(q) and 2.16, amounts used to Cash Collateralize the
aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have
either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 

ARTICLE IX. AGENTS 

Section 9.01 Appointment and Authority. Each of the Lenders and the L/C Issuers hereby irrevocably appoints
(a) Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and (b) RBC to act on its behalf as the Canadian Agent hereunder and under the other Loan Documents, and authorizes each
Agent to take such actions on its behalf and to exercise such powers as are delegated to the such Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article
IX are solely for the benefit of the Agents, the Lenders and the L/C Issuers, and no Borrower shall have any rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent”
herein or in any other Loan Documents (or any other similar term) with reference to the applicable Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead
such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

Section 9.02 Rights as a Lender. The Person serving as the Administrative Agent and the Canadian Agent, as
applicable, hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent or the Canadian Agent, as applicable, and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent and the Canadian Agent, as applicable, hereunder in its individual
capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind banking, trust, financial, advisory,
underwriting or other of business with any Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent and the Canadian Agent, as applicable, hereunder and without any duty to account therefor to the
Lenders or to provide notice or consent of the Lenders with respect thereto. 
 Section 9.03 Exculpatory
Provisions. Neither any Agent, any Arranger, or the Sustainability Coordinator, as applicable, shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be
administrative in nature. Without limiting the generality of the foregoing, none of any Agent, any Arranger, the Sustainability Coordinator, or any of their respective Related Parties: (a) shall be subject to any fiduciary or other implied
duties, regardless of whether a Default has occurred and is continuing; (b) shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by
the other Loan Documents that the applicable Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents);
provided, that, no Agent shall be required to take any action that, in its reasonable opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Loan Document or applicable Law, including for
the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;
(c) shall have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender or any L/C Issuer, any credit or other information concerning the business, prospects, operations, property, financial and
other condition or creditworthiness of any Borrower or any of their respective Affiliates, that is communicated to, obtained or in the possession of, such Agent, such Arranger, the 

  
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Sustainability Coordinator or any of their respective Related Parties in any capacity, except for notices, reports and other documents expressly required to be furnished to the Lenders by the
applicable Agent herein; (d) shall be liable for any action taken or not taken by the applicable Agent under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the
consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in
Section 8.01 or Section 11.01), or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment
(it being understood and agreed that no Agent shall be deemed to have knowledge of any Default unless and until notice describing such Default is given in writing to such Agent by Ryder, a Lender or a L/C Issuer); or (e) shall be responsible
for or have any duty or obligation to any Lender or participant or any other Person to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document,
(ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions
set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the applicable Agent. 

Section 9.04 Reliance by Agents. Each Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have
been signed, sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan, the purchasing of any Bankers’ Acceptance, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to
the satisfaction of a Lender or a L/C Issuer, the applicable Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless such Agent shall have received notice to the contrary from such Lender or such L/C Issuer
prior to the making of such Loan, the purchasing of such Bankers’ Acceptance, or the issuance of such Letter of Credit. Each Agent may consult with legal counsel (who may be counsel for any Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

Section 9.05 Delegation of Duties. Each Agent may perform any and all of its duties and exercise its rights
and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such Agent. Any Agent and any such sub-agent may perform any
and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article IX shall apply to any such sub-agent and to the
Related Parties of any Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as an
Agent. No Agent shall be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and
non-appealable judgment that such Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

  
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 Section 9.06 Resignation of Agent. 

(a) Any Agent may at any time give written notice of its resignation to the Lenders, the L/C Issuers and Ryder. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, in consultation with Ryder, to appoint a successor (and, so long as no Default exists, shall be acceptable to Ryder (with such acceptance not to be unreasonably withheld or
delayed)), which shall be a bank with an office in the appropriate jurisdiction for such Agent, or an Affiliate of any such bank with an office in the appropriate jurisdiction for such Agent. If no such successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within forty-five (45) days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective
Date”), then the retiring Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent or Canadian Agent, as applicable, meeting the qualifications set forth above (and, so
long as no Default exists, such successor appointed by the retiring Agent shall be acceptable to Ryder (with such acceptance not to be unreasonably withheld or delayed)); provided, that, in no event shall any such successor Agent be a
Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(b) If a Person serving as an Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the
Required Lenders may, to the extent permitted by applicable Law, by notice in writing to Ryder and such Person remove such Person as Administrative Agent or Canadian Agent, as applicable, and, in consultation with Ryder, appoint a successor (and, so
long as no Default exists, shall be acceptable to Ryder (with such acceptance not to be unreasonably withheld or delayed)). If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within
forty-five (45) days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective
Date. 
 (c) With effect from the Resignation Effective Date or the Removal Effective Date, as applicable, (i) the
retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents, and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Agent, all payments,
communications and determinations provided to be made by, to or through such Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for
above. Upon the acceptance of a successor’s appointment as Administrative Agent or Canadian Agent, as applicable hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
(or removed) Administrative Agent (other than as provided in Section 3.01(i) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Agent as of the Resignation Effective Date or the
Removal Effective Date, as applicable), and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this
Section 9.06). The fees payable by Ryder to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between Ryder and such successor. After the retiring or removed Agent’s
resignation or removal hereunder and under the other Loan Documents, the provisions of this Article IX and Section 11.04 shall continue in effect for the benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (A) while the retiring or removed Agent was acting as Administrative Agent or Canadian
Agent, as applicable, and (B) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including in respect of any actions taken in connection with transferring
the agency to any successor Agent. 

  
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 Section 9.07
Non-Reliance on the Agents, the Arrangers, Sustainability Coordinator and the Other Lenders. Each Lender and each L/C Issuer expressly acknowledges that neither any Agent, any Arranger or the
Sustainability Coordinator has made any representation or warranty to it, and that no act by any Agent, any Arranger or the Sustainability Coordinator hereafter taken, including any consent to, and acceptance of any assignment or review of the
affairs of any Borrower of any Affiliate thereof, shall be deemed to constitute any representation or warranty by such Agent, such Arranger or the Sustainability Coordinator to any Lender or any L/C Issuer as to any matter, including whether such
Agent, such Arranger or the Sustainability Coordinator have disclosed material information in their (or their respective Related Parties’) possession. Each Lender and each L/C Issuer represents to each Agent, each Arranger and the
Sustainability Coordinator that it has, independently and without reliance upon any Agent, any Arranger, the Sustainability Coordinator, any other Lender or any of their respective Related Parties and based on such documents and information as it
has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of Ryder and its Subsidiaries, and all applicable bank
or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrowers hereunder. Each Lender and each L/C Issuer also acknowledges that it will,
independently and without reliance upon any Agent, any Arranger, the Sustainability Coordinator, any other Lender or any of their respective Related Parties and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make
such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrowers. Each Lender and each L/C Issuer represents and warrants that
(a) the Loan Documents set forth the terms of a commercial lending facility, and (b) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender or a L/C Issuer for
the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to such Lender or such L/C Issuer, and not for the purpose of purchasing, acquiring or holding any other type of
financial instrument, and each Lender and each L/C Issuer agrees not to assert a claim in contravention of the foregoing. Each Lender and each L/C Issuer represents and warrants that it is sophisticated with respect to decisions to make, acquire
and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such L/C Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such
commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. 

Section 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of Arrangers,
bookrunners, co-syndications or co-documentation agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of
the other Loan Documents, except in its capacity, as applicable, as an Agent, a Lender or a L/C Issuer hereunder. 

Section 9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding
under any Debtor Relief Law or any other judicial proceeding relative to any Borrower, the Administrative Agent, or in the case of such proceeding not in the United States, the applicable local Agent, (irrespective of whether the principal of any
Loan, Bankers’ Acceptance or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the applicable Agent shall have made any demand on any Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise: (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Bankers’ Acceptances, L/C Obligations and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Agents (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders, the L/C Issuers 

  
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and the Agents and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Administrative Agent under this Agreement) allowed in such judicial
proceeding; and (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in
any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the applicable Agent and, in the event that such Agent shall consent to the making of such payments directly to the Lenders and the L/C
Issuers, to pay to such Agent any amount due for the reasonable compensation, expenses, disbursements and advances of such Agent and its agents and counsel, and any other amounts due such Agent under this Agreement. Nothing contained herein shall be
deemed to authorize any Agent to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any L/C
Issuer to authorize any Agent to vote in respect of the claim of any Lender or any L/C Issuer in any such proceeding. 

Section 9.10 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agents and not, for the avoidance of doubt, to or for the benefit of any Borrower, that at
least one of the following is and will be true: 
 (i) such Lender is not using “plan assets” (within the meaning
of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Bankers’ Acceptances, the Letters of Credit, the
Commitments or this Agreement; 
 (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Bankers’ Acceptances, the Letters of Credit, the Commitments and this Agreement; 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Bankers’
Acceptances, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Bankers’ Acceptances, the Letters of Credit, the Commitments and this
Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of
subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Bankers’ Acceptances, the
Letters of Credit, the Commitments and this Agreement; or 

  
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 (iv) such other representation, warranty and covenant as may be agreed in
writing between the Administrative Agent, in its sole discretion, and such Lender. 
 (b) In addition, unless either
(i) Section 9.10(a)(i) is true with respect to a Lender, or (ii) a Lender has provided another representation, warranty and covenant in accordance with Section 9.10(a)(iv), such Lender
further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the
benefit of, the Agents and not, for the avoidance of doubt, to or for the benefit of any Borrower, that no Agent is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Bankers’ Acceptances, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by any Agent under this Agreement, any other Loan
Document or any documents related hereto or thereto). 
 Section 9.11 Recovery of Erroneous
Payments. Without limitation of any other provision in this Agreement, if at any time any Agent makes a payment hereunder in error to any Lender Party, whether or not in respect of an Obligation due and owing by any Borrower at such time,
where such payment is a Rescindable Amount, then in any such event, each Lender Party receiving a Rescindable Amount severally agrees to repay to such Agent forthwith on demand the Rescindable Amount received by such Lender Party in Same Day Funds
in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to such Agent, at the greater of the Federal Funds Rate and a rate determined
by such Agent in accordance with banking industry rules on interbank compensation. Each Lender Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to
retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The applicable Agent shall inform each Lender Party promptly upon determining that any payment
made to such Lender Party comprised, in whole or in part, a Rescindable Amount. 
 ARTICLE X. GUARANTY 

Section 10.01 Guaranty of Payment. Ryder hereby irrevocably guarantees to the Agents, the L/C Issuers and the
Lenders, the full and punctual payment when due (whether at stated maturity, by required pre-payment, by acceleration or otherwise) of all of the Obligations of each of the PR Borrowers, each of the Canadian
Borrowers, each of the U.K. Borrowers and each of Ryder’s Domestic Subsidiaries, including, without limitation, the principal and interest accruing on the Canadian Revolving Loans, the Canadian Swing Line Loans, the obligations with respect to
Bankers’ Acceptances, the U.K. Revolving Loans, the U.K. Swing Line Loans, the PR Revolving Loans, the obligations with respect to the Letters of Credit and the L/C Obligations and all such Obligations which would become due but for the
operation of the automatic stay pursuant to §362(a) of the Bankruptcy Code of the United States or any similar provision of any other bankruptcy or insolvency law and the operation of §§502(b) and 506(b) of the Bankruptcy Code of the
United States or any similar provision of any other bankruptcy or insolvency law (all such obligations of the PR Borrowers, the Canadian Borrowers, the U.K. Borrowers and each of Ryder’s Domestic Subsidiaries being referred to herein as the
“Guaranteed Obligations”). This Guaranty is an absolute, unconditional and continuing guaranty of the full and punctual payment of all of the Guaranteed Obligations and not of their collectability only and is in no way conditioned
upon any requirement that any Agent, any L/C Issuer or any Lender first attempt to collect any of the Guaranteed Obligations from any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers, any of Ryder’s Domestic
Subsidiaries or any other Person or resort to any collateral security or other means of obtaining payment. Should an Event of Default occur as a result of a default by any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers
or any of Ryder’s Domestic Subsidiaries in the payment of any of 

  
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the Guaranteed Obligations, the Obligations of Ryder hereunder with respect to such Guaranteed Obligations in default shall, upon demand by the applicable Agent(s), become immediately due and
payable to the applicable Agent(s), for the benefit of the Lenders, the L/C Issuers and the Agents, without demand or notice of any nature, all of which are expressly waived by Ryder. Payments by Ryder hereunder may be required by the Agents on any
number of occasions. 
 Section 10.02 Ryder’s Agreement to Pay Enforcement Costs, Etc.
Ryder further agrees, as the principal obligor and not as a guarantor only, to pay to the applicable Agents, on demand, all reasonable costs and expenses (including court costs and legal expenses) incurred or expended by any Agent, any L/C Issuer or
any Lender in connection with the Guaranteed Obligations, this Guaranty and the enforcement thereof, together with interest on amounts recoverable under this Section 10.02 from the time when such amounts become due until
payment, whether before or after judgment, at the Default Rate; provided that if such interest exceeds the maximum amount permitted to be paid under applicable Law, then such interest shall be reduced to such maximum permitted amount. 

Section 10.03 Waivers by Ryder; Lenders’ Freedom to Act. Ryder agrees that the Guaranteed
Obligations will be paid strictly in accordance with their respective terms, regardless of any Law or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Agents, any L/C Issuer or any Lender with
respect thereto. Ryder waives promptness, diligence, presentment, demand, protest, notice of acceptance, notice of any Guaranteed Obligations incurred and all other notices of any kind, all defenses which may be available by virtue of any valuation,
stay, moratorium law or other similar law now or hereafter in effect, any right to require the marshalling of assets of any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers, any of Ryder’s Domestic Subsidiaries or
any other entity or other Person primarily or secondarily liable with respect to any of the Guaranteed Obligations, and all suretyship defenses generally. Without limiting the generality of the foregoing, Ryder agrees to the provisions of any
instrument evidencing, securing or otherwise executed in connection with any Guaranteed Obligation and agrees that the Guaranteed Obligations of Ryder hereunder shall not be released or discharged, in whole or in part, or otherwise affected by
(a) the failure of any Agent, any L/C Issuer or any Lender to assert any claim or demand or to enforce any right or remedy against any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers, any of Ryder’s Domestic
Subsidiaries or any other entity or other person primarily or secondarily liable with respect to any of the Guaranteed Obligations; (b) any extensions, compromise, refinancing, consolidation or renewals of any Guaranteed Obligation;
(c) any change in the time, place or manner of payment of any of the Guaranteed Obligations or any rescissions, waivers, compromise, refinancing, consolidation or other amendments or modifications of any of the terms or provisions of this
Agreement, the other Loan Documents or any other agreement evidencing, securing or otherwise executed in connection with any of the Guaranteed Obligations; (d) the addition, substitution or release of any entity or other person primarily or
secondarily liable for any Guaranteed Obligation; (e) the adequacy of any rights which any Agent, any L/C Issuer or any Lender may have against any collateral security or other means of obtaining repayment of any of the Guaranteed Obligations;
(f) the impairment of any collateral securing any of the Guaranteed Obligations, including without limitation the failure to perfect or preserve any rights which any Agent, any L/C Issuer or any Lender might have in such collateral security or
the substitution, exchange, surrender, release, loss or destruction of any such collateral security; or (g) any other act or omission which might in any manner or to any extent vary the risk of Ryder or otherwise operate as a release or
discharge of Ryder (other than the indefeasible payment in full, in cash, of all of the Guaranteed Obligations and the irrevocable termination of each of the Commitments), all of which may be done without notice to Ryder. To the fullest extent
permitted by Law, Ryder hereby expressly waives any and all rights or defenses arising by reason of (i) any “one action” or “anti-deficiency” law which would otherwise prevent any Agent, any L/C Issuer or any Lender from
bringing any action, including any claim for a deficiency, or exercising any other right or remedy (including any right of set-off), against Ryder before or after such Agent’s, such L/C Issuer’s or
such Lender’s commencement or completion of any foreclosure action, whether judicially, by exercise of power of sale or otherwise, or (ii) any other Law which in any other way would otherwise require any election of remedies by any Agent,
any L/C Issuer or any Lender. 

  
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 Section 10.04 Unenforceability of Guaranteed Obligations.
If for any reason any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers, or any applicable Domestic Subsidiary of Ryder has no legal existence or is under no legal obligation to discharge any of the Guaranteed
Obligations, or if any of the Guaranteed Obligations have become irrecoverable from any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers or such Domestic Subsidiary by reason of such Person’s insolvency, bankruptcy
or reorganization or by other operation of law or for any other reason (other than the indefeasible payment in full, in cash, of all of the Guaranteed Obligations and the irrevocable termination of each of the Commitments), to the extent permitted
by Law, this Guaranty shall nevertheless be binding on Ryder to the same extent as if Ryder at all times had been the principal obligor on all such Guaranteed Obligations. In the event that acceleration of the time for payment of any of the
Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers or any of Ryder’s Domestic Subsidiaries, or for any other reason, all such
amounts otherwise subject to acceleration under the terms of this Agreement, the other Loan Documents or any other agreement evidencing, securing or otherwise executed in connection with any Obligation shall be immediately due and payable by Ryder.

 Section 10.05 Subrogation; Subordination. 

(a) Until the final payment in full in cash of all of the Guaranteed Obligations: Ryder shall not exercise and hereby waives
any rights against any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers, or any of its Domestic Subsidiaries arising as a result of payment by Ryder hereunder, by way of subrogation, reimbursement, restitution,
contribution or otherwise, and will not prove any claim in competition with the Agents, any L/C Issuer or any Lender in respect of any payment hereunder in any bankruptcy, insolvency or reorganization case or proceedings of any nature; Ryder will
not claim any setoff, recoupment or counterclaim against any of the PR Borrowers, any of the Canadian Borrowers, any of the U.K. Borrowers or any of its Domestic Subsidiaries in respect of any liability of Ryder to any of the PR Borrowers, any of
the Canadian Borrowers, any of the U.K. Borrowers or any such Domestic Subsidiary; and Ryder waives any benefit of and any right to participate in any collateral security which may be held by the Agents, any L/C Issuer or any Lender. 

(b) Any amount for money borrowed or credit received by any Canadian Borrower, any U.K. Borrower, any PR Borrower, or any of
Ryder’s Domestic Subsidiaries now or hereafter which is owed to Ryder is hereby subordinated to the prior final payment in full in cash of all of the Guaranteed Obligations; provided that, so long as no Event of Default has occurred and
is continuing, the PR Borrowers, the Canadian Borrowers, the U.K. Borrowers or such Domestic Subsidiaries may pay, and Ryder may receive, such payment. Ryder agrees that, after the occurrence of any Event of Default, Ryder will not demand, sue for
or otherwise attempt to collect any such indebtedness of the PR Borrowers, the Canadian Borrowers, the U.K. Borrowers or Ryder’s Domestic Subsidiaries to Ryder until all of the Guaranteed Obligations shall have been irrevocably paid in full in
cash. If, notwithstanding the foregoing sentence, Ryder shall collect, enforce or receive any amounts in respect of such indebtedness while any Guaranteed Obligations are still outstanding, such amounts shall be collected, enforced and received by
Ryder as trustee for the Lenders, the L/C Issuers and the Agents and be paid over to the Agents, for the benefit of the Lenders, the L/C Issuers and the Agents, on account of the Guaranteed Obligations without affecting in any manner the liability
of Ryder under the other provisions of this Guaranty. 

  
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 (c) The provisions of this Section 10.05 shall be
supplemental to and not in derogation of any rights and remedies of the Lenders, the L/C Issuers and the Agents under any separate subordination agreement which the Agents or any of them may at any time and from time to time enter into with Ryder
for the benefit of the Lenders, the L/C Issuers and the Agents. 
 Section 10.06 Further Assurances. Ryder
agrees that it will from time to time, at the request of the Agents, do all such things and execute all such documents as the Agents may reasonably consider necessary or desirable to give full effect to this Guaranty and to perfect and preserve the
rights and powers of the Lenders, the L/C Issuers and the Agents hereunder. Ryder acknowledges and confirms that it has established its own adequate means of obtaining from each of the PR Borrowers, each of the Canadian Borrowers, each of the U.K.
Borrowers and each of its Domestic Subsidiaries on a continuing basis all information desired by it concerning the financial condition of such Persons and that it will look to such Persons and not to the Agents, any L/C Issuer or any Lender in order
for it to keep adequately informed of changes in any of such Person’s financial condition. 
 Section 10.07
Reinstatement. Notwithstanding any termination of this Guaranty upon the final and indefeasible payment in full, in cash, of the Guaranteed Obligations, this Guaranty shall continue to be effective or be reinstated, if at any time any payment
made or value received with respect to any Obligation is rescinded or must otherwise be returned by the Agents, any L/C Issuer or any Lender upon the insolvency, bankruptcy or reorganization of any of the PR Borrowers, any of the Canadian Borrowers,
any of the U.K. Borrowers or any applicable Domestic Subsidiary of Ryder, or otherwise, all as though such payment had not been made or value received. 

Section 10.08 Successors and Assigns. This Guaranty shall be binding upon Ryder, its successors and assigns,
and shall inure to the benefit of the Agents, the L/C Issuers and the Lenders and their respective successors, transferees and assigns. Without limiting the generality of the foregoing sentence, each Lender may, in accordance with the provisions of
Section 11.06 and subject to the limitations set forth therein, assign or otherwise transfer this Agreement, the other Loan Documents or any other agreement or note held by it evidencing, securing or otherwise executed in
connection with the Guaranteed Obligations, or sell participations in any interest therein, to any other entity or other person, and such other entity or other person shall thereupon become vested, to the extent set forth in the agreement evidencing
such assignment, transfer or participation, with all the rights in respect thereof granted to such Lender herein. Ryder may not assign any of its Guaranteed Obligations hereunder. 

Section 10.09 Currency of Payment. Ryder shall pay the Guaranteed Obligations in the currency in which such
Obligations were incurred by the applicable Borrower(s) or the applicable domestic Subsidiary. 
 Section 10.10
Concerning Joint and Several Liability of the U.K. Borrowers, the Canadian Borrower, and the PR Borrower. 
 (a) Each
U.K. Borrower hereby irrevocably and unconditionally jointly and severally guarantees to the Administrative Agent and the U.K. Lenders the full and punctual payment when due (whether at stated maturity, by required
pre-payment, by acceleration or otherwise) of all of the Obligations of the other U.K. Borrower hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by
the Lenders, the Agents and the L/C Issuers under this Agreement, for the mutual benefit, directly and indirectly, of each U.K. Borrower and in consideration of the undertakings of the other U.K. Borrower to accept joint and several liability for
the Obligations. Each U.K. Borrower agrees that this is an absolute, unconditional and continuing guaranty of the full and punctual payment of all of the Obligations of the other U.K. Borrower hereunder and under the other Loan Documents and not of
their 

  
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collectability only and is in no way conditioned upon any requirement that the Administrative Agent or any U.K. Lender first attempt to collect any of such Obligations from such U.K. Borrower or
resort to any collateral security or other means of obtaining payment. Each U.K. Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor,
joint and several liability with the other U.K. Borrower with respect to the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this Section 10.10(a)), it being
the intention of the parties hereto that all of the Obligations of the U.K. Borrowers shall be the joint and several Obligations of each U.K. Borrower without preferences or distinction among them. Each U.K. Borrower hereby waives all defenses
relating to the joint and several liability described above, including, without limitation, all suretyship defenses. 
 (b)
Each Canadian Borrower hereby irrevocably and unconditionally jointly and severally guarantees to the Canadian Agent and the Canadian Lenders the full and punctual payment when due (whether at stated maturity, by required pre-payment, by acceleration or otherwise) of all of the Obligations of the other Canadian Borrower hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by the
Lenders, the Agents and the L/C Issuers under this Agreement, for the mutual benefit, directly and indirectly, of each Canadian Borrower and in consideration of the undertakings of the other Canadian Borrower to accept joint and several liability
for the Obligations. Each Canadian Borrower agrees that this is an absolute, unconditional and continuing guaranty of the full and punctual payment of all of the Obligations of the other Canadian Borrower hereunder and under the other Loan Documents
and not of their collectability only and is in no way conditioned upon any requirement that the Canadian Agent or any Canadian Lender first attempt to collect any of such Obligations from such Canadian Borrower or resort to any collateral security
or other means of obtaining payment. Each Canadian Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability
with the other Canadian Borrower with respect to the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this Section 10.10(b)), it being the intention of the
parties hereto that all of the Obligations of the Canadian Borrowers shall be the joint and several Obligations of each Canadian Borrower without preferences or distinction among them. Each Canadian Borrower hereby waives all defenses relating to
the joint and several liability described above, including, without limitation, all suretyship defenses. 
 (c) Each PR
Borrower hereby irrevocably and unconditionally jointly and severally guarantees to the Administrative Agent and the PR Lenders the full and punctual payment when due (whether at stated maturity, by required
pre-payment, by acceleration or otherwise) of all of the Obligations of the other PR Borrower hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by the
Lenders, the Agents and the L/C Issuers under this Agreement, for the mutual benefit, directly and indirectly, of each PR Borrower and in consideration of the undertakings of the other PR Borrower to accept joint and several liability for the
Obligations. Each PR Borrower agrees that this is an absolute, unconditional and continuing guaranty of the full and punctual payment of all of the Obligations of the other PR Borrower hereunder and under the other Loan Documents and not of their
collectability only and is in no way conditioned upon any requirement that the Administrative Agent or any PR Lender first attempt to collect any of such Obligations from such PR Borrower or resort to any collateral security or other means of
obtaining payment. Each PR Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other PR
Borrower with respect to the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this Section 10.10(c)), it being the intention of the parties hereto that all of
the Obligations of the 

  
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PR Borrowers shall be the joint and several Obligations of each PR Borrower without preferences or distinction among them. Each PR Borrower hereby waives all defenses relating to the joint and
several liability described above, including, without limitation, all suretyship defenses. 
 ARTICLE XI. MISCELLANEOUS 

Section 11.01 Amendments, Etc. 

(a) Except as set forth in this Agreement or any other Loan Document (with respect to such Loan Document), neither this
Agreement nor any other Loan Document, nor any provision hereof or thereof, may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders, and acknowledged by the
Agents; provided, that, no such agreement shall: (i) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.01) without the written consent of such
Lender; (ii) reduce the principal amount of any Loan, Bankers’ Acceptance or L/C Obligation or reduce the rate of interest thereon, or, subject to Section 11.01(b)(iii), reduce any fees payable hereunder, without
the written consent of each Lender affected thereby; provided, that, only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrowers to pay
interest or Letter of Credit Fees at the Default Rate; (iii) postpone the date of any scheduled payment of the principal amount of any Loan or L/C Obligation, or any interest thereon, or any fees payable hereunder, or reduce the amount of,
waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby; (iv) change Section 2.13, change
Section 8.03, or change any other provision of any Loan Document in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender; (v) release any Borrower from
its obligations hereunder, or release Ryder from its obligations Article X, in each case, without the written consent of each Lender; (vi) change any of the provisions of this Section 11.01(a) or the definition
of “Required Lenders”, “Required Domestic Lenders”, “Required Canadian Lenders”, “Required U.K. Lenders”, “Required PR Lenders”, or any other provision hereof specifying the number or percentage of
Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly affected thereby; or (vii) subordinate the Obligations hereunder to
any other Indebtedness or other obligation (other than any subordination already contemplated by or provided for in this Agreement), without the written consent of each Lender directly affected thereby. 

(b) Notwithstanding anything to the contrary herein: (i) no agreement shall amend, modify or otherwise affect the rights
or duties of any Agent, any L/C Issuer, any Domestic Swing Line Lender, the Canadian Swing Line Lender or the U.K. Swing Line Lender without the prior written consent of such Agent, such L/C Issuer, such Domestic Swing Line Lender, the Canadian
Swing Line Lender or the U.K. Swing Line Lender, as the case may be; (ii) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by the Borrowers, the Required Lenders and the Agents
(and, if its rights or obligations are affected thereby, each L/C Issuer, each Domestic Swing Line Lender, the Canadian Swing Line Lender, and the U.K. Swing Line Lender) if (A) by the terms of such agreement the Commitment of each Lender not
consenting to the amendment(s) provided for therein shall terminate upon the effectiveness of such agreement, and (B) at the time such agreement becomes effective, each Lender not consenting to the amendment(s) provided for therein receives
payment in full of the principal of and interest accrued on each Loan made by it and all other amounts owing to it or accrued for its account under this Agreement; (iii) the Fee Letter may be amended, or rights or privileges thereunder waived,
in a writing executed only by the parties thereto; (iv) no Defaulting Lender shall have any right to 

  
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approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be
effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (A) the Commitment of any Defaulting Lender may not be increased or extended or the maturity of any of its Loans may not be extended, the rate of
interest on any of its Loans may not be reduced and the principal amount of any of its Loans may not be forgiven, in each case without the consent of such Defaulting Lender, and (B) any waiver, amendment, consent or modification requiring the
consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely relative to other affected Lenders shall require the consent of such Defaulting Lender; (v) this Agreement may be amended with the
written consent of the Required Lenders, the Agents and the Borrowers (A) to add one or more additional revolving credit or term loan facilities to this Agreement, and to permit the extensions of credit and all related obligations and
liabilities arising in connection therewith from time to time outstanding to share ratably (or on a basis subordinated to the existing facilities hereunder) in the benefits of this Agreement and the other Loan Documents with the obligations and
liabilities from time to time outstanding in respect of the existing facilities hereunder, and (B) in connection with the foregoing, to permit, as deemed appropriate by the Agents and approved by the Required Lenders, the Lenders providing such
additional credit facilities to participate in any required vote or action required to be approved by the Required Lenders or by any other number, percentage or class of Lenders hereunder; and (vi) if the Agents and the Borrowers acting
together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document (including the schedules and exhibits thereto), then the Agents and the Borrowers shall be
permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party if the same is
not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof. 

Section 11.02 Notices; Effectiveness; Electronic Communication. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in Section 11.02(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by facsimile or electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to any Borrower, any Agent, Bank of America, in its capacity as a L/C Issuer or a Domestic Swing Line Lender, the U.K.
Swing Line Lender, or the Canadian Swing Line Lender, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 11.02; and 

(ii) if to any other Lender (including in such Lender’s capacity as a Domestic Swing Line Lender or a L/C Issuer), to the
address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then
in effect for the delivery of notices that may contain material non-public information relating to Ryder). 

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if 

  
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not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other
communications delivered through electronic communications to the extent provided in Section 11.02(b), shall be effective as provided in Section 11.02(b). 

(b) Electronic Communications. Notices and other communications to the Lenders and the L/C Issuers hereunder may be
delivered or furnished by electronic communication (including e-mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the applicable Agent; provided, that,
the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to Article II if such Lender or such L/C Issuer, as applicable, has notified such Agent that it is incapable of receiving notices under such Article II
by electronic communication. Any Agent, any L/C Issuer, any Swing Line Lender, or Ryder may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it;
provided, that, approval of such procedures may be limited to particular notices or communications. 
 Unless
the Agents otherwise prescribe, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient
(such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor; provided, that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient,
such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED
BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN
CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall any Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower, any Lender, any L/C Issuer or any other Person
for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or the Administrative Agent’s transmission of Borrower Materials or notices through the Platform, any
other electronic platform or electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, that, in no event shall any Agent Party have any liability to any Borrower, any Lender, any L/C Issuer, or any other Person for
indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 
 (d) Change
of Address, Etc. Each of the Borrowers, the Agents, the L/C Issuers, and the Swing Line Lenders may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each
other Lender may 

  
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change its address, facsimile or telephone number for notices and other communications hereunder by notice to Ryder, each Agent, each L/C Issuer, and each Swing Line Lender. In addition, each
Lender agrees to notify the Agents from time to time to ensure that the Agents have on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may
be sent, and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information”
or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal
and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public
information with respect to any Borrower or its securities for purposes of United States Federal or state securities laws. 

(e) Reliance by Agents, L/C Issuers and Lenders. The Agents, the L/C Issuers and the Lenders shall be entitled to rely
and act upon any notices (including telephonic or electronic notices, Loan Notices, Letter of Credit Applications, Bankers’ Acceptance Notices and Swing Line Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such
notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.
The Borrowers shall indemnify each Agent, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on
behalf of any Borrower. All telephonic notices to and other telephonic communications with any Agent may be recorded by such Agent, and each of the parties hereto hereby consents to such recording. 

Section 11.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, any L/C Issuer, any
Agent, or any Borrower to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided,
and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to
enforce rights and remedies hereunder and under the other Loan Documents against the Borrowers or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and
maintained exclusively by, the Administrative Agent in accordance with Section 8.01 for the benefit of all the Lenders and the L/C Issuers; provided, that, the foregoing shall not prohibit (a) any Agent
from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as an Agent) hereunder and under the other Loan Documents, (b) any L/C Issuer or any Swing Line Lender from exercising the rights and
remedies that inure to its benefit (solely in its capacity as a L/C Issuer, a Domestic Swing Line Lender, the Canadian Swing Line Lender, or the U.K. Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any
Lender from exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on
its own behalf during the pendency of a proceeding relative to any Borrower under any Debtor Relief Law; provided, further, that, if at any time there is no Person acting as Administrative Agent hereunder and under the other
Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.01, and (ii) in addition to the matters set forth in clauses (b),
(c) and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the
Required Lenders. 

  
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 Section 11.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Borrowers shall pay (i) all reasonable, documented out-of-pocket costs and expenses incurred by each Agent and its Affiliates (including the reasonable, documented out-of-pocket
fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the
other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable, documented out-of-pocket expenses incurred by any L/C Issuer in connection with the issuance, amendment, extension, reinstatement or renewal of any Letter of Credit or any demand for
payment thereunder, and (iii) all reasonable, documented out-of-pocket expenses incurred by any Agent, any Lender, or any L/C Issuer (including the reasonable fees,
charges and disbursements of any counsel for any Agent, any Lender, or any L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights
under this Section 11.04, or (B) in connection with the Loans made or Bankers’ Acceptances and Letters of Credit issued hereunder, including all such reasonable, documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans, Bankers’ Acceptances or Letters of Credit. 

(b) Indemnification by the Borrowers. Each Borrower shall indemnify each Agent (and any
sub-agent thereof), each Arranger, each Lender, and each L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted
against any Indemnitee by any Person (including any Borrower) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or
thereby (including the Indemnitee’s reliance on any Communication executed using an Electronic Signature, or in the form of an Electronic Record), the performance by the parties hereto of their respective obligations hereunder or thereunder,
the consummation of the transactions contemplated hereby or thereby, or, in the case of each Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other
Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan, Letter of Credit, or Bankers’ Acceptance or the use or proposed use of the proceeds therefrom (including any refusal by any
L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous
Substances on or from any property owned or operated by Ryder or any of its Subsidiaries, or any Environmental Liability related in any way to Ryder or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Borrower, and regardless of whether any Indemnitee is a party thereto; provided, that, such
indemnity shall not, as to any Indemnitee, (A) be available to the extent that such loss, claim, damage, liability or related expenses (1) are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee or (2) result from a claim brought by any Borrower hereunder against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any
other Loan Document, if such Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, or (B) apply to any litigation, proceeding or dispute solely between Ryder or
any Consolidated Subsidiary on the one hand and such Indemnitee on the other hand, if the final 

  
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and nonappealable judgment in such litigation, proceeding or dispute is in favor of Ryder or any Consolidated Subsidiary and against such Indemnitee. Without limiting the provisions of
Section 3.01(d), this Section 11.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any
non-Tax claim. 
 (c) Reimbursement by Lenders. To the extent that the
Borrowers for any reason fail to indefeasibly pay any amount required under Section 11.04(a) or (b) to be paid by it to any Agent (or any sub-agent thereof), any L/C
Issuer, any Swing Line Lender, or any Related Party of any of the foregoing, each Lender severally agrees to pay to such Agent (or any such sub-agent), such L/C Issuer, such Swing Line Lender, or such Related
Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposures of all Lenders at such
time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought); provided, that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such
Agent (or any such sub-agent), such L/C Issuer, or such Swing Line Lender in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent (or any such sub-agent), such L/C Issuer, or such Swing Line Lender in connection with such capacity. The obligations of the Lenders under this Section 11.04(c) are subject to the provisions of
Section 2.12(d). 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent
permitted by applicable Law, no Borrower shall assert, and each Borrower hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan, Bankers’ Acceptance, or Letter of
Credit or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, other than for direct or actual damages resulting from the
gross negligence or willful misconduct of such Indemnitee as determined by a final, nonappealable judgment by a court of competent jurisdiction. 

(e) Payments. All amounts due under this Section 11.04 shall be payable not later than ten
(10) Business Days after demand therefor. 
 (f) Survival. The agreements in this
Section 11.04 and the indemnity provisions of Section 11.02(e) shall survive the resignation of any Agent, any L/C Issuer, or any Swing Line Lender, the replacement of any Lender, the termination
of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations arising under the Loan Documents. 

Section 11.05 Payments Set Aside. To the extent that any payment by or on behalf of any Borrower is made to
any Agent, any L/C Issuer or any Lender, or any Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by such Agent, such L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under
any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be 

  
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satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally
agrees to pay to the applicable Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by such Agent, plus interest thereon from the date of such demand to the date such payment is made at a
rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders and the L/C Issuers under clause (b) of the preceding sentence
shall survive the payment in full of the Obligations arising under the Loan Documents and the termination of this Agreement. 

Section 11.06 Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Agent and each Lender and
no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 11.06(b), (ii) by way of participation in accordance with the
provisions of Section 11.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 11.06(e) (and any other attempted assignment or transfer
by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the
extent provided in Section 11.06(d) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more
Eligible Assignees all or a portion of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment and the Loans (including for purposes of this
Section 11.06(b), participations in L/C Obligations, in Bankers’ Acceptances, in Domestic Swing Line Loans, in Canadian Swing Line Loans and in U.K. Swing Line Loans) at the time owing to it); provided,
that, any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 

(A) In the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at
the time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in Section 11.06(b)(i)(B) in the aggregate or in
the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned. 

(B) In any case not described in Section 11.06(b)(i)(A), the aggregate amount of the Commitment
(which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, Ryder otherwise consents (each such consent not to be unreasonably withheld or delayed).

  
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 (ii) Proportionate Amounts. Each partial assignment shall be made as
an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement and the other Loan Documents with respect to the Loans or the Commitment assigned, except that this
Section 11.06(b)(ii) shall not apply to any Domestic Swing Line Lender’s rights and obligations in respect of Domestic Swing Line Loans, the Canadian Swing Line Lender’s rights and obligations in respect of
Canadian Swing Line Loans, or the U.K. Swing Line Lender’s rights and obligations in respect of U.K. Swing Line Loans. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
Section 11.06(b)(i)(B) and, in addition: 
 (A) the consent of Ryder (such consent not to be
unreasonably withheld or delayed, it being understood that Ryder shall not be deemed to have unreasonably withheld its consent for the purposes of this Section 11.06(b)(iii)(A) if it advises the Administrative Agent and the
applicable assignor Lender in good faith of the competitive business reasons why Ryder does not desire a financing relationship with the proposed assignee) shall be required unless (1) an Event of Default has occurred and is continuing at the
time of such assignment, or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided, that, Ryder shall be deemed to have consented to any such assignment unless it shall object thereto by written
notice to the Administrative Agent within fifteen (15) Business Days after having received notice thereof; provided, further, that, the assignor shall notify Ryder of any assignment that does not require the consent of
Ryder prior to, or promptly after, the effective date of such assignment (it being understood that failure by such assignor to provide such notification shall not limit the effectiveness of such assignment); 

(B) the consent of the applicable Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments to an Eligible Assignee that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; 

(C) the consent of each L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment of a Domestic Commitment; and 
 (D) the consent of the applicable Swing Line Lender (such consent not to be
unreasonably withheld or delayed) shall be required for any assignment of a Domestic Commitment, a Canadian Commitment, or a U.K. Commitment, as the case may be. 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, that, the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of
any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

  
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 (v) No Assignment to Certain Persons. No such assignment shall be
made (A) to Ryder or any of Ryder’s Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in
this clause (B), (C) to a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of one or more natural Persons), or (D) to General Electric Capital Corporation or any
Affiliate of General Electric Capital Corporation. 
 (vi) Certain Additional Payments. In connection with any
assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions,
including funding, with the consent of Ryder and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably
consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, any L/C Issuer or any Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as
appropriate) its full pro rata share of all Loans and participations in Letters of Credit and in Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations
of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this Section 11.06(b)(vi), then the assignee of such interest shall be deemed to be a Defaulting
Lender for all purposes of this Agreement until such compliance occurs. 
 (vii) Effectiveness. Subject to acceptance
and recording thereof by the Administrative Agent pursuant to Section 11.06(c), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and,
to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party
hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, and 11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided,
that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a
Defaulting Lender. Upon request, each Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
Section 11.06(b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.06(d). In the case of any
assignments by and between any Lender and any affiliate of such Lender, such Persons shall use their reasonable best efforts to coordinate the administration of this Agreement and approvals of any amendment, modification or waiver of any provision
of this Agreement so as to minimize (to the extent reasonably possible) the administrative burden on the Borrowers. 

  
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 (c) Register. The Administrative Agent, acting solely for this
purpose as a non-fiduciary agent of the Borrowers, shall maintain at the Head Office for the Administrative Agent a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in
electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans, Bankers’ Acceptances, and L/C Obligations owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name
is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by any Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, any
Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of one or more natural Persons, a Defaulting
Lender Ryder or any of Ryder’s Affiliates or Subsidiaries, or General Electric Capital Corporation or any affiliate of General Electric Capital Corporation) (each, a “Participant”) in all or a portion of such Lender’s
rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations, in Domestic Swing Line Loans, in Canadian Swing Line Loans, and/or in U.K.
Swing Line Loans) owing to it) and/or Bankers’ Acceptances; provided, that, (i) each such participation shall be in an amount of not less than $5,000,000, (ii) such Lender’s obligations under this Agreement shall remain
unchanged, (iii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iv) the Borrowers, the Administrative Agent, the Lenders and the L/C Issuers shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c)
without regard to the existence of any participation. 
 Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that, such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 11.01(a) that affects such Participant. Each Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations thereof) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to Section 11.06(b) (it being understood that the documentation required under Section 3.01(g) shall be delivered to the Lender who sells the participation); provided, that,
such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 11.13 as if it were an assignee under Section 11.06(b), (B) shall not be entitled to receive any greater payment under
Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from a Change in Law that occurs after the Participant acquired the applicable participation, and (C) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of
Section 3.01 unless the Borrowers are notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 3.01(g) and
Section 3.01(i) as though it were a Lender. Each Lender that sells a participation agrees, at Ryder’s request and expense, to use reasonable efforts to cooperate with Ryder to effectuate the provisions of
Section 3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.08 as though

  
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it were a Lender; provided, that, such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a
participation shall, acting solely for this purpose as a non-fiduciary agent of Ryder, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided, that, no Lender shall have any obligation to disclose all or any portion
of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except
to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(e) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority; provided, that, no
such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(f) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained
herein, if at any time (i) the Lender that is a L/C Issuer or a Domestic Swing Line Lender assigns all of its Domestic Commitment, Domestic Revolving Loans and Domestic Swing Line Loans pursuant to Section 11.06(b),
(ii) the Lender that is the Canadian Swing Line Lender assigns all of its Canadian Commitment, Canadian Revolving Loans, and Canadian Swing Line Loans pursuant to Section 11.06(b), or (iii) the Lender that is the U.K.
Swing Line Lender assigns all of its U.K. Commitment, U.K. Revolving Loans and U.K. Swing Line Loans pursuant to Section 11.06(b), such Person may, (A) upon forty-five (45) days’ written notice to the
applicable Agent, Ryder and the Domestic Lenders, resign as a L/C Issuer, (B) upon forty-five (45) days’ notice to Ryder, resign as a Domestic Swing Line Lender, (C) upon forty-five (45) days’ notice to the Canadian
Borrowers, resign as the Canadian Swing Line Lender, and/or (D) upon forty-five (45) days’ notice to the U.K. Borrowers, resign as the U.K. Swing Line Lender. In the event of any such resignation as a L/C Issuer, a Domestic Swing Line
Lender, the Canadian Swing Line Lender, or the U.K. Swing Line Lender, Ryder shall be entitled to appoint from among (1) the Domestic Lenders, a successor L/C Issuer or a Domestic Swing Line Lender, (2) the Canadian Lenders, a successor
Canadian Swing Line Lender or (3) the U.K. Lenders, a successor U.K. Swing Line Lender; provided, that, no failure by Ryder to appoint any such successor shall affect the resignation of such Person as a L/C Issuer, a Domestic
Swing Line Lender, the Canadian Swing Line Lender and/or the U.K. Swing Line Lender, as the case may be. If such Person resigns as a L/C Issuer, it shall retain all the rights, powers, privileges and duties of a L/C Issuer hereunder with respect to
all Letters of Credit issued by it and outstanding as of the effective date of its resignation as a L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Domestic Lenders to make Domestic Revolving Loans that
are Domestic Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(f)). If such Person resigns as a Domestic Swing Line Lender, it shall retain all the rights of a Domestic Swing Line
Lender provided for hereunder with respect to Domestic Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Domestic Lenders to make Domestic Revolving Loans that are Domestic
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risk participations in outstanding Domestic Swing Line Loans pursuant to Section 2.04(c)(i). If such Person resigns as the Canadian Swing Line Lender, it shall retain
all the rights of the Canadian Swing Line Lender provided for hereunder with respect to Canadian Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Canadian Lenders to make
Canadian Revolving Loans that are Canadian Base Rate Loans or Canadian Prime Rate Loans, as applicable, or fund risk participations in outstanding Canadian Swing Line Loans pursuant to Section 2.04(c)(ii). If such Person
resigns as the U.K. Swing Line Lender, it shall retain all the rights of the U.K. Swing Line Lender provided for hereunder with respect to U.K. Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the
right to require the U.K. Lenders to make U.K. Revolving Loans or fund risk participations in outstanding U.K. Swing Line Loans pursuant to Section 2.04(c)(iii). Upon the appointment of a successor L/C Issuer, Domestic
Swing Line Lender, Canadian Swing Line Lender, and/or U.K. Swing Line Lender, (1) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, Domestic Swing Line Lender,
Canadian Swing Line Lender, or U.K. Swing Line Lender, as the case may be, and (2) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make
other arrangements satisfactory to the retiring Person to effectively assume the obligations of such Person with respect to such Letters of Credit. Schedule 2.03 and Schedule 2.04 shall be deemed to be automatically updated to reflect
the L/C Commitment, the Domestic Swing Line Commitment, the Canadian Swing Line Commitment, and/or the U.K. Swing Line Commitment of any Person that becomes a L/C Issuer, a Domestic Swing Line Lender, the Canadian Swing Line Lender, or the U.K.
Swing Line Lender after the Closing Date pursuant to this Section 11.06(f). 

Section 11.07 Treatment of Certain Information; Confidentiality. Each of each Agent, each Lender and each L/C
Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed: (a) to its Affiliates, its auditors and its Related Parties (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential in accordance with the terms herein); (b) to the extent required or requested by any regulatory authority
purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners); (c) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process; (d) to any other party hereto; (e) to the extent necessary in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement
or any other Loan Document or the enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the same as those of this Section 11.07, to (i) any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.14 or
Section 2.15, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to any Borrower and its obligations,
this Agreement or payments hereunder; (g) on a confidential basis to (i) any rating agency in connection with rating Ryder or its Subsidiaries or the credit facilities provided hereunder; (ii) the provider of any Platform or other
electronic delivery service used by any Agent, any L/C Issuer, or any Swing Line Lender to deliver Borrower Materials or notices to the Lenders, or (iii) the CUSIP Service Bureau or any similar agency in connection with the application,
issuance, publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder; (h) with the consent of Ryder; or (i) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section 11.07, (ii) becomes available to any Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than
Ryder which is authorized to disclose such Information, or (iii) is independently discovered or developed by a party hereto without utilizing any Information received from Ryder or violating the terms of this
Section 11.07. In the case of clause (b) 

  
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(except disclosure to governmental banking regulatory authorities) or clause (c) of this paragraph, the applicable Agent, Lender, or L/C Issuer shall, to the extent practicable and
legally permissible, provide prompt written notice to Ryder so that Ryder may have the opportunity to contest such disclosure and such Agent, Lender, or L/C Issuer shall use reasonable efforts within Law to maintain the confidentiality of such
Information. In addition, the Agents and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agents
and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments. 
 Except as
otherwise agreed to herein or in any of the other Loan Documents, each of the Agents, the L/C Issuers and each Lender agrees that it will not, and it will use their best efforts to cause its Related Parties not to, issue or release for external
publication any article or advertising or publicity matter relating to the transactions contemplated by this Agreement without the prior written consent of Ryder. 

For purposes of this Section 11.07, “Information” means all information received from Ryder or any
Subsidiary relating to Ryder or any Subsidiary or any of their respective businesses, whether oral or written, including, without limitation, all data, reports, interpretations, forecasts and records, regardless of storage and transmission media or
source, and all information derived, directly or indirectly, therefrom, which such Person or its Related Parties obtains or to which such Person or its Related Parties shall be afforded access in connection with the transactions contemplated by this
Agreement or any of the other Loan Documents, other than any such information that is available to any Agent, any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by Ryder or any Subsidiary; provided, that, in
the case of information received from Ryder or any Subsidiary after the Closing Date, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in
this Section 11.07 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to
its own confidential information. 
 Each Agent, each Lender, and each L/C Issuer acknowledges that (a) the Information may include
material non-public information concerning Ryder or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material
non-public information, and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state
securities Laws. 
 Section 11.08 Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender, each L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such L/C Issuer or any such Affiliate to or for the credit or the account of any
Borrower against any and all of the obligations of such Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or such L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender,
such L/C Issuer or such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of Ryder or such Borrower may be contingent or unmatured or are owed to a branch, office or Affiliate of such
Lender or such L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness. Any amounts set off pursuant to this Section 11.08 shall be distributed ratably in accordance
with Section 2.13 and Section 8.03 among all of the Lenders and L/C Issuers by the Lender or L/C Issuer setting off such amount; provided, that, in the event that any Defaulting
Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the applicable Agent for further application in accordance with the provisions of Section 2.17, and, pending
such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust 

  
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for the benefit of the Agents, the L/C Issuers and the Lenders, and (b) the Defaulting Lender shall provide promptly to the applicable Agent a statement describing in reasonable detail the
Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each L/C Issuer and their respective Affiliates under this Section 11.08 are in addition to other rights
and remedies (including other rights of setoff) that such Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify Ryder and each Agent promptly after any such setoff and application;
provided, that, the failure to give such notice shall not affect the validity of such setoff and application. 

Section 11.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan
Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (including the Criminal Code (Canada)) (the
“Maximum Rate”). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to
Ryder. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as
an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations hereunder. 
 Section 11.10 Integration; Effectiveness. This Agreement, the
other Loan Documents, and any separate letter agreements with respect to fees payable to the any Agent, any L/C Issuer or any other party hereto, constitute the entire contract among the parties relating to the subject matter hereof and supersede
any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 
 Section 11.11 Survival of Representations and
Warranties. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and
thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have
had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan, any Bankers’ Acceptance or any other Obligation arising hereunder shall remain unpaid or unsatisfied,
the Canadian Lenders have any obligation to purchase and accept Bankers’ Acceptances or any Letter of Credit shall remain outstanding. 

Section 11.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be
illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby, and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the
enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by any Agent, any L/C Issuer, or any Swing Line Lender, as applicable, then such provisions shall
be deemed to be in effect only to the extent not so limited. 

  
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 Section 11.13 Replacement of Lenders. If Ryder is
entitled to replace a Lender pursuant to the provisions of Section 2.14(e) or Section 3.06, or if any Lender is a Defaulting Lender or a
Non-Consenting Lender, then Ryder may, at its sole expense and effort, upon notice to such Lender and the Agents, require such Lender to assign and delegate, without recourse (in accordance with and subject to
the restrictions contained in, and consents required by, Section 11.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this
Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided, that: 

(a) Ryder shall have paid (or caused the applicable Borrower to pay) to the Administrative Agent the assignment fee (if any)
specified in Section 11.06(b); 
 (b) such Lender shall have received payment of an amount equal to
the outstanding principal of its Loans and purchased Bankers’ Acceptances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts); 

(c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or
payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; 

(d) such assignment does not conflict with applicable Laws; 

(e) in the case of an assignment resulting from a Lender becoming a Non-Consenting
Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent; and 
 (f) in the case
of an assignment resulting from a Lender becoming a Non-Extending Lender, the applicable assignee shall have consented to the extension of such Non-Extending
Lender’s then-existing Scheduled Maturity Date requested by the Borrowers in the applicable Extension Letter. 
 A Lender shall not be
required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling Ryder to require such assignment and delegation cease to apply. Each party hereto agrees that
(a) an assignment required pursuant to this Section 11.13 may be effected pursuant to an Assignment and Assumption executed by Ryder, the Administrative Agent and the assignee, and (b) the Lender required to make
such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; provided, that, following the effectiveness of any such assignment, the
other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender; provided, further, that, any such documents shall be without
recourse to or warranty by the parties thereto. Notwithstanding anything in this Section 11.13 to the contrary, (i) no Lender that acts as a L/C Issuer may be replaced hereunder at any time it has any Letter of Credit
outstanding hereunder unless arrangements satisfactory to such Lender (including the furnishing of a backstop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to such L/C Issuer or the depositing of
cash collateral into a cash collateral account in amounts and pursuant to arrangements reasonably satisfactory to such L/C Issuer) have been made with respect to such outstanding Letter of Credit, and (ii) no Lender that acts as an Agent may be
replaced hereunder except in accordance with the terms of Section 9.06. 

  
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 Section 11.14 Governing Law; Jurisdiction; Etc. 

(a) GOVERNING LAW. This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action
(whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and
thereby shall be governed by, and construed in accordance with, the law of the State of NEW YORK. 
 (b) SUBMISSION TO
JURISDICTION. RYDER AND EACH OTHER BORROWER IRREVOCABLY AND UNCONDITIONALLY agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise,
against ANY Agent, any Lender, ANY l/c Issuer, or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than THE COURTS OF THE STATE OF
NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF
SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER
LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST RYDER OR ANY OTHER BORROWER OR ITS PROPERTIES IN THE
COURTS OF ANY JURISDICTION. 
 (c) WAIVER OF VENUE. RYDER AND EACH OTHER BORROWER IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT
REFERRED TO IN SECTION 11.14(b). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

Section 11.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY 

  
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ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.15. 

Section 11.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), Ryder and each other Borrower acknowledges and agrees that: (a)(i) the arranging and other services
regarding this Agreement provided by the Agents, the Arrangers, the Sustainability Coordinator and the Lenders are arm’s-length commercial transactions between Ryder, each other Borrower and their
respective Affiliates, on the one hand, and the Agents, the Arrangers, the Sustainability Coordinator and the Lenders, on the other hand, (ii) each of Ryder and the other Borrowers has consulted its own legal, accounting, regulatory and
tax advisors to the extent it has deemed appropriate, and (iii) Ryder and each other Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan
Documents; (b)(i) each Agent, each Arranger, the Sustainability Coordinator and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting
as an advisor, agent or fiduciary for Ryder, any other Borrower or any of their respective Affiliates, or any other Person, and (ii) none of any Agent, any Arranger, the Sustainability Coordinator, or any Lender has any obligation to Ryder, any
other Borrower or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Agents, the Arrangers, the Sustainability
Coordinator, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Ryder, the other Borrowers and their respective Affiliates, and none of any Agent, any
Arranger, the Sustainability Coordinator or any Lender has any obligation to disclose any of such interests to Ryder, any other Borrower or any of their respective Affiliates. To the fullest extent permitted by law, each of Ryder and each
other Borrower hereby waives and releases any claims that it may have against any Agent, any Arranger, the Sustainability Coordinator or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any
aspect of any transaction contemplated hereby. 
 Section 11.17 Electronic Execution; Electronic Records;
Counterparts. This Agreement, any other Loan Document and any other Communication, including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures. Each
Borrower, each Agent and each Lender Party agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on such Person to the same extent as a manual, original signature, and that any Communication entered
into by Electronic Signature, will constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered.
Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication. For the avoidance of doubt, the authorization under
this paragraph may include use or acceptance of a manually signed paper Communication which has been converted into electronic form (such as scanned into .pdf), or an electronically signed Communication converted into another format, for
transmission, delivery and/or retention. Each of the Agents and the Lender Parties may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record (each, an “Electronic Copy”), which
shall be 

  
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deemed created in the ordinary course of such Person’s business, and destroy the original paper document. All Communications in the form of an Electronic Record, including an Electronic
Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, none of any Agent, any L/C Issuer, or any Swing
Line Lender is under any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by such Person pursuant to procedures approved by it; provided, that, without limiting the foregoing,
(a) to the extent any Agent, any L/C Issuer, and/or any Swing Line Lender has agreed to accept such Electronic Signature, each of the Agents and the Lender Parties shall be entitled to rely on any such Electronic Signature purportedly given by
or on behalf of any Borrower and/or any Lender Party without further verification, and (b) upon the request of any Agent or any Lender Party, any Electronic Signature shall be promptly followed by such manually executed counterpart. 

None of any Agent, any L/C Issuer, or any Swing Line Lender shall be responsible for or have any duty to ascertain or inquire into the
sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document (including, for the avoidance of doubt, in connection with such Agent’s, such L/C Issuer’s, or such
Swing Line Lender’s reliance on any Electronic Signature transmitted by telecopy, emailed .pdf or any other electronic means). Each Agent, each L/C Issuer, and each Swing Line Lender shall be entitled to rely on, and shall incur no liability
under or in respect of this Agreement or any other Loan Document by acting upon, any Communication (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution or signed using an Electronic
Signature) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the
maker thereof). 
 Each Borrower and each Lender Party hereby waives (a) any argument, defense or right to contest the legal effect,
validity or enforceability of this Agreement, any other Loan Document based solely on the lack of paper original copies of this Agreement, such other Loan Document, and (b) waives any claim against each Agent and each Lender Party for any
liabilities arising solely from any Agent’s and/or any Lender Party’s reliance on or use of Electronic Signatures, including any liabilities arising as a result of the failure of the Borrowers to use any available security measures in
connection with the execution, delivery or transmission of any Electronic Signature. 
 Section 11.18 USA
PATRIOT Act; Canadian AML Acts. Each Lender, each L/C Issuer and each Agent (for itself and not on behalf of any Lender or any L/C Issuer) that is subject to the PATRIOT Act or any Canadian AML Act hereby notifies the Borrowers that
pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”) and the Canadian AML Acts, it is required to
obtain, verify and record information that identifies the Borrowers and their respective Subsidiaries, which information includes the name and address of each such Person and other information that will allow such Lender, such L/C Issuer or such
Agent, as applicable, to identify such Person in accordance with the PATRIOT Act and the Canadian AML Acts. Each Borrower shall, promptly following a request by any Agent, any Lender or any L/C Issuer, provide all documentation and other information
with respect to the Borrowers and their respective Subsidiaries that such Agent, such Lender or such L/C Issuer requests in order to comply with its ongoing obligations under applicable “know your customer” and Anti-Money Laundering Laws,
including the PATRIOT Act and the Canadian AML Acts and the Beneficial Ownership Regulation. 
 Section 11.19
ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

  
 159 

 Section 11.20 Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Lender or any L/C Issuer that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the
applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any Lender or any L/C Issuer that is an Affected Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable, (i) a
reduction in full or in part or cancellation of any such liability, (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a
bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan
Document, or (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 

Section 11.21 Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to
convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the applicable Agent could purchase the first currency with
such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due from it to any Agent or any Lender hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be
discharged only to the extent that on the Business Day following receipt by such Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, such Agent or such Lender, as the case may be, may in accordance
with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to any Agent or any Lender from any Borrower in the Agreement
Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the
sum originally due to any Agent or any Lender in such currency, such Agent or such Lender, as the case may be, agrees to return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under applicable law). 

Section 11.22 Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide
support, through a guarantee or otherwise, for any swap or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and
agree that, with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact
be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States), in the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights
in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under such U.S. Special Resolution Regime if the Supported QFC and such

  
 160 

 
QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC
Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against
such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under such U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or
a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a
Supported QFC or any QFC Credit Support. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 161 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
as of the date first above written. 
  

							
	BORROWERS:	 		 	RYDER SYSTEM, INC.,
		 		 	a corporation organized under the laws of Florida
				
		 		 	By:	 	 /s/ Calene F. Candela

		 		 	Name: Calene F. Candela
		 		 	Title:   Assistant Treasurer
			
		 		 	RYDER TRUCK RENTAL HOLDINGS CANADA LTD.,
		 		 	a corporation organized under the laws of Nova Scotia, Canada
				
		 		 	By:	 	 /s/ Calene F. Candela

		 		 	Name: Calene F. Candela
		 		 	Title:   Assistant Treasurer
			
		 		 	RYDER TRUCK RENTAL CANADA LTD. LOCATION DE CAMIONS RYDER DU CANADA LTEE.,
		 		 	a corporation organized under the laws of Ontario, Canada
				
		 		 	By:	 	 /s/ Calene F. Candela

		 		 	Name: Calene F. Candela
		 		 	Title:   Assistant Treasurer
			
		 		 	RYDER SUPPLY CHAIN SOLUTIONS CANADA ULC,
		 		 	an unlimited liability company organized under the laws of Nova Scotia, Canada
				
		 		 	By:	 	 /s/ Calene F. Candela

		 		 	Name: Calene F. Candela
		 		 	Title:   Assistant Treasurer
			
		 		 	RYDER LIMITED,
		 		 	a corporation organized under the laws of England and Wales
				
		 		 	By:	 	 /s/ Calene F. Candela

		 		 	Name: Calene F. Candela
		 		 	Title:   Director

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

 
			
	RYDER SYSTEM HOLDINGS (UK) LIMITED,
	a corporation organized under the laws of England and Wales
		
	By:	 	 /s/ Calene F. Candela

	Name: Calene F. Candela
	Title:   Director
	
	RYDER PUERTO RICO, INC.,
	a corporation organized under the laws of Delaware
		
	By:	 	 /s/ Calene F. Candela

	Name: Calene F. Candela
	Title:   Assistant Treasurer
	
	RYDER SUPPLY CHAIN SOLUTIONS PUERTO RICO, LLC,
	a limited liability company organized under the laws of Delaware
		
	By:	 	 /s/ Calene F. Candela

	Name: Calene F. Candela
	Title:   Assistant Treasurer

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

							
	ADMINISTRATIVE AGENT:	 		 	BANK OF AMERICA, N.A.,
		 		 	as the Administrative Agent
				
		 		 	By:	 	 /s/ Anthea Del Bianco

		 		 	Name: Anthea Del Bianco
		 		 	 Title:   Vice President

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

							
	CANADIAN AGENT:	 		 	ROYAL BANK OF CANADA,
		 		 	as the Canadian Agent
				
		 		 	By:	 	 /s/ Yvonne Brazier

		 		 	Name: Yvonne Brazier
		 		 	Title:   Manager, Agency Services

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

							
	LENDERS:	 		 	BANK OF AMERICA, N.A.,
		 		 	as a Lender, a L/C Issuer, a Domestic Swing Line Lender, and the U.K. Swing Line Lender
				
		 		 	By:	 	 /s/ Jason Yakabu

		 		 	Name: Jason Yakabu
		 		 	Title:   Vice President
			
		 		 	Jurisdiction of tax residence: United States
		 		 	Treaty Passport scheme reference number: 13/B/7418/DTTP

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

 
			
	MUFG BANK, LTD.,
	as a Lender and a Domestic Swing Line Lender
		
	By:	 	 /s/Oscar D. Cortez

	Name: Oscar D. Cortez
	Title:   Director

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

 
			
	BNP PARIBAS,
	as a Lender
		
	By:	 	 /s/ Brendan Heneghan

	Name: Brendan Heneghan
	Title: Director
		
	By:	 	 /s/ Nicolas Doche

	Name: Nicolas Doche
	Title: Vice President

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

 
			
	MIZUHO BANK, LTD.,
	as a Lender
		
	By:	 	 /s/ Donna Demagistris

	Name: Donna DeMagistris
	Title: Executive Director
	
	Jurisdiction of tax resident: Japan
	Treaty Passport scheme reference number: 43/M/274822/DTTP

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Samreen Fatima

	Name: Samreen Fatima
	Title:   Assistant Vice President

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

 
			
	ROYAL BANK OF CANADA,
	as a Lender and the Canadian Swing Line Lender
		
	By:	 	 /s/ Scott Umbs

	Name: Scott Umbs
	Title:   Authorized Signatory

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

 
			
	TRUIST BANK,
	as a Lender
		
	By:	 	 /s/ Chris Hursey

	Name: Chris Hursey
	Title:   Director

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as a Lender and a L/C Issuer
		
	By:	 	 /s/ Andrew Beckman

	Name: Andrew Beckman
	Title:   Senior Vice President

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as a Lender and a L/C Issuer
		
	By:	 	 /s/ Jonathan D. Beck

	Name: Jonathan D. Beck
	Title:   Director

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

 
			
	REGIONS BANK,
	as a Lender
		
	By:	 	 /s/ Maggie Halleland

	Name: Maggie Halleland
	Title:   Director

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

 
			
	COMERICA BANK,
	as a Lender
		
	By:	 	 /s/ Gerald R. Finney

	Name: Gerald R. Finney
	Title:   Senior Vice President

  
 RYDER SYSTEM, INC. 

THIRD AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENTExhibit
10.1 

 

Execution
Copy

 

 

MEMBERSHIP
INTEREST PURCHASE AGREEMENT

 

by
and among

 

RF
INDUSTRIES, LTD.,

 

as
the Buyer,

 

MICROLAB/FXR
LLC,

 

as
the Company,

 

WIRELESS
TELECOM GROUP, INC.,

 

Dated
as of December 16, 2021

 

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 	 
	ARTICLE
    1 DEFINITIONS	1
	 	1.1	Definitions	1
	 	1.2	Interpretive
    Provisions	18
	 	 	 	 
	ARTICLE
    2 PURCHASE AND SALE OF THE PURCHASED INTERESTS	19
	 	2.1	Purchase
    and Sale of the Purchased Interests	19
	 	2.2	Transactions
    to be Effected at the Closing	19
	 	2.3	Purchase
    Price Adjustment	21
	 	2.4	Reliance
    on Pre-Closing Statement	24
	 	2.5	Withholding	25
	 	 	 	 
	ARTICLE
    3 THE CLOSING	25
	 	3.1	Closing;
    Closing Date	25
	 	 	 	 
	ARTICLE
    4 REPRESENTATIONS AND WARRANTIES OF THE SELLER	25
	 	4.1	Binding
    Obligations	25
	 	4.2	No
    Defaults or Conflicts	26
	 	4.3	Company
    Interests	26
	 	4.4	Litigation	27
	 	4.5	Brokers	27
	 	 	 	 
	ARTICLE
    5 REPRESENTATIONS AND WARRANTIES OF THE COMPANY	27
	 	5.1	Organization
    and Qualification	27
	 	5.2	Binding
    Obligations	27
	 	5.3	No
    Defaults or Conflicts	28
	 	5.4	Capitalization	28
	 	5.5	Litigation	29
	 	5.6	Financial
    Statements	29
	 	5.7	No
    Undisclosed Liabilities	30
	 	5.8	Intellectual
    Property	30
	 	5.9	Company
    Products and Technology.	34
	 	5.10	Compliance
    with Laws	35
	 	5.11	Material
    Contracts	35
	 	5.12	Taxes	37
	 	5.13	Permits	38
	 	5.14	Employee
    Benefit Plans	39
	 	5.15	Employee
    and Labor Matters	41
	 	5.16	Environmental
    Compliance	43
	 	5.17	Insurance	43
	 	5.18	Real
    Property	44

 

    	-i-

     

    

 

	 	5.19	Title
    to Assets	45
	 	5.20	Related
    Party Transactions	45
	 	5.21	Absence
    of Certain Changes or Events	46
	 	5.22	Customers
    and Suppliers	46
	 	5.23	Illegal
    Business Practice Laws	46
	 	5.24	CARES
    Act	48
	 	5.25	Bank
    Accounts; Powers of Attorney	48
	 	5.26	Solvency	48
	 	5.27	Brokers	48
	 	 	 	 
	ARTICLE
    6 REPRESENTATIONS AND WARRANTIES OF THE BUYER	49
	 	6.1	Organization	49
	 	6.2	Binding
    Obligations	49
	 	6.3	No
    Defaults or Conflicts	49
	 	6.4	Brokers	49
	 	6.5	R&W
    Insurance Policy	50
	 	6.6	Financing	50
	 	 	 	 
	ARTICLE
    7 COVENANTS	50
	 	7.1	Conduct
    of the Business Prior to the Closing	50
	 	7.2	Access
    to Information	53
	 	7.3	Further
    Assurances; Efforts	53
	 	7.4	Acquisition
    Proposal	54
	 	7.5	Public
    Announcements	58
	 	7.6	Retention
    of Books and Records	58
	 	7.7	Employee
    Matters	59
	 	7.8	Tax
    Matters	60
	 	7.9	Releases	65
	 	7.10	Confidentiality	67
	 	7.11	Non-Competition;
    Non-Solicitation	67
	 	7.12	Voting
    Agreements	69
	 	7.13	Preparation
    of the Proxy Statement; Information Supplied; Shareholders Meeting	69
	 	7.14	Notification
    of Certain Matters	70
	 	7.15	R&W
    Insurance Policy	71
	 	7.16	Indemnification
    of Directors, Managers and Officers	71
	 	7.17	Transition
    Services	72
	 	7.18	Industrial
    Site Recovery Act	72
	 	 	 	 
	ARTICLE
    8 CONDITIONS TO CLOSING	73
	 	8.1	Conditions
    to Obligations of the Buyer	73
	 	8.2	Conditions
    to Obligations of the Seller and the Company	74

 

    	-ii-

     

    

 

	ARTICLE
    9 TERMINATION	75
	 	9.1	Termination	75
	 	9.2	Effect
    of Termination	77
	 	9.3	Termination
    Fees	77
	 	 	 	 
	ARTICLE
    10 INDEMNIFICATION	78
	 	10.1	Survival	78
	 	10.2	Indemnification.	78
	 	10.3	Limitations
    on Indemnification	79
	 	10.4	Indemnification
    Claim Process for Third Party Claims	81
	 	10.5	Indemnification
    Procedures for Non-Third Party Claims	82
	 	10.6	Recourse	82
	 	10.7	Escrow	83
	 	10.8	No
    Circular Recovery	84
	 	10.9	Exclusive
    Remedy	84
	 	10.10	Tax
    Treatment of Indemnity Payments	84
	 	 	 	 
	ARTICLE
    11 MISCELLANEOUS	84
	 	11.1	Expenses	84
	 	11.2	Amendment;
    Waiver	84
	 	11.3	Entire
    Agreement	85
	 	11.4	Headings	85
	 	11.5	Notices	85
	 	11.6	Exhibits and Schedules	86
	 	11.7	Binding
    Effect; Assignment	86
	 	11.8	Third
    Party Beneficiaries	86
	 	11.9	Counterparts	86
	 	11.10	Governing
    Law and Jurisdiction	87
	 	11.11	Consent
    to Jurisdiction and Service of Process	87
	 	11.12	WAIVER
    OF JURY TRIAL	87
	 	11.13	Specific
    Performance	87
	 	11.14	Severability	87

 

	Exhibits	 
	 	 
	Exhibit
    A	Form
    of Escrow Agreement
	Exhibit
    B	Form
    of Sublease
	Exhibit
    C	Executed
    Shareholders Voting Agreement 
	Exhibit
    D	R&W
    Insurance Policy
	Exhibit
    E	Working
    Capital Methodology Schedule
	Exhibit
    F	Form
    of Employment Agreement

 

    	-iii-

     

    

 

MEMBERSHIP
INTEREST PURCHASE AGREEMENT

 

THIS
MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Agreement”), is entered into as of December 16, 2021, by and among RF
Industries, Ltd., a Nevada corporation (the “Buyer”), Microlab/FXR LLC, a New Jersey limited liability company and
wholly-owned subsidiary of Seller (the “Company”), and Wireless Telecom Group, Inc., a New Jersey corporation (the
“Seller”). The Buyer, the Company, and the Seller are sometimes referred to herein each as a “Party”
and collectively as the “Parties”.
                  

RECITALS
                  

WHEREAS,
the Seller owns one hundred percent (100%) of the issued and outstanding Equity Interests of the Company (the “Company Interests”);
                  

WHEREAS,
on the terms and subject to the conditions set forth in this Agreement, the Buyer desires to purchase from the Seller, and the Seller
desire to sell to the Buyer, all of the Company Interests (the “Purchased Interests”);
                  

WHEREAS,
concurrently with the execution of this Agreement, in order to induce Buyer to enter into this Agreement, the Seller shall deliver, in
accordance with applicable Law, voting and support agreements for the holders of at least 11% of the outstanding shares of the Seller’s
common stock (from the shareholders listed on Exhibit C) approving this Agreement and the transactions contemplated hereby in
accordance with the form delivered to Buyer (the “Executed Voting Agreements”).
                  

And
                  

NOW
THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements contained herein,
and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:
                  

Article
1

 

DEFINITIONS
                  

1.1
Definitions. The following terms, whenever used herein, shall have the following meanings for all purposes of this Agreement.
                  

“Acceptable
Confidentiality Agreement” has the meaning set forth in Section ‎7.4(a).
                  

“Accounting
Firm” means Ernst & Young LLP or such other nationally recognized independent public accounting firm as agreed by the Buyer
and the Seller in writing.
                  

“Acquisition
Proposal” has the meaning set forth in Section ‎7.4(f)(i).
                  

    	 

     

    

 

“Adjustment
Deficit Amount” has the meaning set forth in Section ‎2.3(d)(ii).
                  

“Adjustment
Escrow Account” means the sub-account designated by the Escrow Agent as the “Adjustment Escrow Sub-Account” into
which the Adjustment Escrow Amount is deposited with the Escrow Agent and held by it, subject to disbursement as provided in this Agreement
and in the Escrow Agreement.
                  

“Adjustment
Escrow Amount” means $100,000.
                  

“Adjustment
Surplus Amount” has the meaning set forth in Section ‎2.3(d)(i).
                  

“Affiliate”
means as to any Person, any Person which directly or indirectly controls, is controlled by, or is under common control with such Person.
For purposes of this definition, “control” of a Person shall mean the power, direct or indirect, to direct or cause the direction
of the management and policies of such Person whether by ownership of voting securities, by Contract or otherwise; provided, that in
the case of the Buyer, “Affiliate” shall only include any Person for which Buyer directly or indirectly owns or controls
a majority of the outstanding Equity Interests or securities or other interests carrying a majority of the voting power in the election
of the board of directors or other governing body of such Person.
                  

“Affiliate
Agreement” means any Contract between or among (a) the Company, on the one hand, and (b) (i) the Seller or any of its Affiliates,
or (ii) any officer, director or employee of the Company (or any Related Party of any of the foregoing), on the other hand.
                  

“Agreement”
has the meaning set forth in the introductory paragraph of this Agreement.
                  

“Allocation
Schedule” has the meaning set forth in Section ‎7.8(h)7.8(h)(a)(i).
                  

“Alternative
Acquisition Agreement” has the meaning set forth in Section 7.4(b).
                  

“Annual
Financial Statements” has the meaning set forth in Section ‎5.6(a).
                  

“Balance
Sheet Date” has the meaning set forth in Section ‎5.6(a).
                  

“Balance
Sheet Rules” means (a) GAAP, as consistently applied by the Company in the preparation of the Interim Financial Statements,
and (b) the policies, practices and methods set forth on the Working Capital Methodology Schedule. In the event of an inconsistency between
the principles set forth in subsections (a) and (b) above, the principles set forth in subsection (b) above will prevail over those set
forth in subsection (a).
                  

“Bank
Accounts” has the meaning set forth in Section ‎5.23.
                  

“Base
Amount” means an amount equal to $24,250,000.
                  

“Books
and Records” has the meaning set forth in Section ‎7.6(a).
                  

    	-2-

     

    

 

“Business”
means the business of the design and manufacture of specialized RF components and integrated subsystems for the signal conditioning,
combining and distribution of 4G/LTE and 5G networks, signal repeaters and splitters for distribution of GPS signals and network monitoring
systems for public safety communications as currently conducted by the Company.
                  

“Business
Day” means any day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are authorized
or required by Law or executive order to close.
                  

“Buyer”
has the meaning set forth in the introductory paragraph of this Agreement.
                  

“Buyer
Indemnified Party” has the meaning set forth in Section ‎10.2(a).
                  

“Buyer
Return” has the meaning set forth in Section ‎7.8(c)(i).
                  

“Calculation
Time” has the meaning set forth in Section ‎3.1.
                  

“CARES
Act” means the Coronavirus Aid, Relief, and Economic Security Act (Pub. L. 116-136) and any administrative or other guidance
published with respect thereto by any Governmental Authority (including IRS Notices 2020-22 and 2020-65), or any other Law or executive
order or executive memorandum, including the Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,
dated August 8, 2020 intended to address the consequences of COVID-19 (in each case, including any comparable provisions of state, local
or non-U.S. Law and including any related or similar orders or declarations from any Governmental Authority), including any extension
of, amendment, supplement, correction, revision or similar treatment of any such legislation or guidance.
                  

“Cause”
means any of the following conduct by a Company Employee, as determined by the Buyer in its sole discretion: (i) commission of a felony
or any other crime involving moral turpitude; (ii) engaging in any form of dishonesty, fraud, embezzlement, theft or any illegal conduct
materially detrimental to the Company, the Buyer or their respective Affiliates; (iii) gross negligence in the performance of, or willful
disregard to, Company Employee’s obligations under any agreement between Company Employee and the Company and/or the Buyer; (iv)
breach of the Company’s or Buyer’s policies or any agreement between Company Employees and the Company and/or the Buyer;
(v) unauthorized disclosure of confidential information relating to the Company, the Buyer, or Affiliates of the Company or the Buyer,
or their respective businesses; or (vi) any other conduct that would be reasonably likely to cause economic or reputational harm to the
Company, the Buyer or their respective Affiliates.
                  

“CCPA”
means the California Consumer Privacy Act of 2018, as amended (Cal. Civ. Code §§ 1798.100 to 1798.199), and any related regulations
or guidance provided by the California Attorney General.
                  

    	-3-

     

    

 

“Claims”
has the meaning set forth in Section ‎10.4(a).
                  

“Closing”
has the meaning set forth in Section ‎3.1.
                  

“Closing
Cash” means the aggregate cash of the Business, excluding Trapped Cash as of the Calculation Time.
                  

“Closing
Date” has the meaning set forth in Section ‎3.1.
                  

“Closing
Indebtedness” means the Indebtedness of the Business, determined in accordance with the Balance Sheet Rules, as of the Calculation
Time.
                  

“Closing
Transaction Expenses” means the Transaction Expenses, determined in accordance with the Balance Sheet Rules, as of the Calculation
Time.
                  

“Closing
Working Capital” means the Working Capital, determined in accordance with the Balance Sheet Rules, as of the Calculation Time.
                  

“Closing
Working Capital Excess” means the amount by which the Closing Working Capital exceeds the Estimated Working Capital.
                  

“Closing
Working Capital Shortfall” means the amount by which the Estimated Working Capital exceeds the Closing Working Capital.
                  

“COBRA
Coverage” has the meaning set forth in Section ‎5.15(a).
                  

“Code”
means the Internal Revenue Code of 1986, as amended.
                  

“Company”
has the meaning set forth in the introductory paragraph of this Agreement.
                  

“Company
Employees” has the meaning set forth in Section ‎5.15(a).
                  

“Company
Interests” has the meaning set forth in the Recitals.
                  

“Company
Data and Data Sets” means all data, data sets and databases used in or held for use in the conduct of the Business of the Company.
                  

“Company
Plans” has the meaning set forth in Section ‎5.14(a).
                  

“Company
Software” has the meaning set forth in Section ‎5.8(f).
                  

“Confidentiality
Agreement” has the meaning set forth in Section ‎7.2(b).
                  

“Confidential
Information” has the meaning set forth in Section ‎7.10.
                  

    	-4-

     

    

 

“Contract”
means any legally binding agreement, contract, lease, license, instrument, commitment or arrangement, whether written or oral.
                  

“Copyleft
Software” means any Open Source Software that: (a) requires, as a condition of use, modification, and/or distribution,
that other software code incorporated into, derived from or distributed with such software code also be (i) disclosed or distributed
in source code form, (ii) licensed for the purpose of making modifications or derivative works, or (iii) redistributable at
no charge; or (b) otherwise imposes or could impose any other material limitation, restriction, or condition on the right or ability
of the Buyer to use or modify the Company’s products or services or distribute the Company’s products or services under terms
chosen by the Buyer.
                  

“COVID-19”
has the meaning set forth in Section ‎5.15(f).
                  

“COVID-19
Measures” has the meaning set forth in Section ‎5.15(i).
                  

“COVID
Related Deferrals” means any Tax liabilities or other amounts for or allocable to a Pre-Closing Tax Period, or portion of a
Straddle Period ending on the Closing Date, the payment of which is deferred, to a taxable period (or portion thereof) beginning after
the Closing Date pursuant to the CARES Act or any other Law or executive order or Presidential Memorandum (including the Presidential
Memorandum described in IRS Notice 2020-65) related to COVID-19.
                  

“Current
Assets” means the current assets of the Business determined in accordance with the Balance Sheet Rules; provided, that
notwithstanding anything to the contrary contained herein, Current Assets shall not include (a) Closing Cash, (b) deferred Tax assets
or (c) any intercompany receivables between the Company.
                  

“Current
Liabilities” means the current liabilities of the Business determined in accordance with the Balance Sheet Rules; provided,
that notwithstanding anything to the contrary contained herein, Current Liabilities shall not include (a) Indebtedness, (b) Transaction
Expenses, (c) deferred Tax liabilities or (d) any intercompany payables between the Company.
                  

“D&O
Indemnified Parties” has the meaning set forth in Section ‎7.16(a).
                  

“Deductible”
has the meaning set forth in Section ‎10.3(a)(i).
                  

“Direct
Claim Notice” has the meaning set forth in Section ‎10.5.
                  

“Disclosure
Schedules” has the meaning set forth in the introductory paragraph of ‎Article 4.
                  

“Due
Date” means the due date with respect to an applicable Tax Return (taking into account valid extensions).
                  

    	-5-

     

    

 

“Encumbrance”
means any lien (statutory or other), encumbrance, charge, mortgage, pledge, security interest, title defect, claim, community property
interest, condition, equitable interest, option, right to purchase, easement, encroachment, right of way, right of first refusal, or
restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of
ownership.
                  

“Environmental
Claims” means any Proceedings by any Person alleging liability of arising out of, based on or resulting from: (a) the
presence, use, storage, labeling, processing, disposal or Release of, or exposure to, any Hazardous Substance; or (b) any non-compliance
with or liability under any Environmental Law or term or condition of any Permit made or granted pursuant to Environmental Laws.
                  

“Environmental
Laws” means any applicable federal, state, county, provincial, or municipal Law of the United States relating to: (a) pollution
(or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety related to
exposure to Hazardous Substances, or the environment (including ambient air, soil, surface water or groundwater, or subsurface strata);
or (b) concerning the presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation,
reuse, treatment, generation, discharge, transportation, processing, production, disposal or remediation of any Hazardous Substance.
                  

“Environmental
Notice” means any written directive, written notice of violation or infraction, or written notice respecting any Environmental
Claim relating to non-compliance with or liability under any Environmental Law or any term or condition of any Permit made or granted
pursuant to Environmental Laws.
                  

“Equitable
Exceptions” has the meaning set forth in Section ‎4.1.
                  

“Equity
Interests” means: (a) any shares, interests, participations or other equivalents (however designated) of capital stock of a
corporation, (b) any ownership interests in a Person other than a corporation, including membership interests, partnership interests,
joint venture interests and beneficial interests; and (c) any warrants, options, convertible or exchangeable securities, calls or other
rights to purchase or acquire any of the foregoing.
                  

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.
                  

“ERISA
Affiliate” means, with respect to periods prior to the Closing Date, any trade or business (whether or not incorporated) that
is a member of a group of which the Company is a member and which is treated as a single employer under Section 414 of the Code.
                  

“Escrow
Agent” means Delaware Trust Company.
                  

    	-6-

     

    

 

“Escrow
Agreement” means that certain escrow agreement by and among the Seller, the Buyer and the Escrow Agent governing the administration
of the Escrow Amounts, in substantially the form attached hereto as Exhibit A.
                  

“Escrow
Amounts” means, collectively, (a) the Adjustment Escrow Amount, plus (b) the Indemnity Escrow Amount.
                  

“Estimated
Closing Cash” means the Seller’s good faith estimate of the Closing Cash, as set forth on the Pre-Closing Statement.
                  

“Estimated
Closing Indebtedness” means the Seller’s good faith estimate of the Closing Indebtedness, as set forth on the Pre-Closing
Statement.
                  

“Estimated
Purchase Price” shall be an amount equal to (a) the Base Amount, plus (b) the Estimated Closing Cash, minus (c)
the Estimated Closing Indebtedness, minus (d) the Estimated Transaction Expenses, plus or minus (e) the Estimated
Working Capital Excess or the Estimated Working Capital Shortfall, as applicable.
                  

“Estimated
Transaction Expenses” means the Seller’s good faith estimate of the Closing Transaction Expenses, as set forth on the
Pre-Closing Statement.
                  

“Estimated
Working Capital” means the Seller’s good faith estimate of the Closing Working Capital, as set forth on the Pre-Closing
Statement.
                  

“Estimated
Working Capital Excess” means the amount by which the Estimated Working Capital exceeds the Working Capital Target.
                  

“Estimated
Working Capital Shortfall” means the amount by which the Working Capital Target exceeds the Estimated Working Capital.
                  

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.
                  

“Excluded
Liabilities” means any liabilities arising out of, relating to, or in connection with (a) any and all Indebtedness and
Transaction Expenses, in each case, to the extent not actually paid at or prior to the Closing, or (b) any inaccuracy or omission or
any alleged inaccuracy or omission in the Pre-Closing Statement.
                  

“Executed
Voting Agreements” has the meaning set forth in the Recitals.
                  

“Existing
Employment Agreements” has the meaning set forth in Section ‎5.15(b).
                  

“Export
Control Laws” has the meaning set forth in Section ‎5.23(c).
                  

“FFCRA”
has the meaning set forth in Section ‎5.6(a).
                  

    	-7-

     

    

 

“FICA”
means the Federal Insurance Contributions Act and all rules and regulations promulgated thereunder, as amended, and any successor statute,
rules and regulations.
                  

“Final
Closing Cash” means the Closing Cash, as finally agreed or determined in accordance with Section ‎2.3(c).
                  

“Final
Closing Indebtedness” means the Closing Indebtedness, as finally agreed or determined in accordance with Section ‎2.3(c).
                  

“Final
Purchase Price” means the Estimated Purchase Price, as finally adjusted in accordance with the terms of this Agreement.
                  

“Final
Transaction Expenses” means the Transaction Expenses, as finally agreed or determined in accordance with Section ‎2.3(c).
                  

“Final
Working Capital” means the Closing Working Capital as finally agreed or determined in accordance with Section ‎2.3(c).
                  

“Financial
Statements” has the meaning set forth in Section ‎5.6(a).
                  

“Fraud”
means actual and intentional fraud with respect to the representations and warranties in Article IV, Article V and Article VI of this
Agreement as determined in accordance with the Laws of the State of Delaware (but excluding any equitable or constructive fraud or any
fraud based on negligence or recklessness).
                  

“Fundamental
Representations” means the representations and warranties set forth in Section ‎4.1 (Binding Obligations), Section
‎4.3 (Company Interests), Section ‎4.5 (Brokers), Section ‎5.1 (Organization and Qualification), Section
‎5.2 (Binding Obligations), Section ‎5.4 (Capitalization), Section ‎5.12 (Taxes) and Section ‎5.27
(Brokers).
                  

“GAAP”
means United States generally accepted accounting principles and practices in effect from time to time.
                  

“GDPR”
means the General Data Protection Regulation (EU) 2016/679 and any other directly applicable European Union regulation relating to privacy
and data security. For purposes of this Agreement, GDPR also means the GDPR as implemented by the United Kingdom (UK GDPR).
                  

“Governmental
Authority” means any means any (i) national, federal, state, provincial, county, municipal or local government, foreign or
domestic, (ii) any government or political subdivision of the foregoing, (iii) any entity, authority, agency, department, ministry, or
other similar body exercising any legislative, executive, judicial, regulatory or administrative authority or functions of or pertaining
to government, or instrumentality of such government or political subdivision, including any arbitrator, court, administrative hearing
body, commission, tribunal, contractor, or other dispute-resolving panel or body of competent jurisdiction, or (iv) any accrediting organization
from which the Company has sought or obtained voluntary accreditation.
                  

    	-8-

     

    

 

“Hazardous
Substance” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral
or gas that is hazardous, acutely hazardous, toxic, acutely toxic, a pollutant, or a contaminant, or described using words of similar
regulatory effect under Environmental Laws; and (b) any petroleum, radon, radioactive materials or wastes, asbestos, lead or lead-containing
materials, urea formaldehyde foam insulation or polychlorinated biphenyls.
                  

“Illegal
Business Practice Laws” means, collectively, all anti-bribery, anti-corruption, anti-fraud and anti-money laundering Laws to
which the Company and/or the Business is subject, including Chapter 11 of Title 18 of the United States Code, the U.S. Foreign Corrupt
Practices Act of 1977, the U.K. Bribery Act of 2010, all U.S. foreign Laws enacted to implement the OECD Convention on Combating Bribery
of Foreign Officials in International Business Transactions, other similar Laws prohibiting domestic and commercial bribery, and any
other Laws, including those of any state, province or municipality, whether in the United States or foreign, that prohibit the (a) corrupt
payment, transfer, or offer, promise, or authorization of, or acquiescence in, directly or indirectly, the payment, transfer or provision,
of anything of value (including gifts or entertainment) to, or for the benefit or at the behest of, any representative of a Governmental
Authority or commercial entity or (b) any other payment or provision, or any improper offer, promise or authorization of, or acquiescence
in, anything of value or any other payment in connection with any business activity of the Business, including any pay-for-play practices;
in each case, whether to obtain or maintain any business opportunity or advantage, prevent or limit any business disadvantage or detriment
or otherwise.
                  

“Indebtedness”
means, with respect to any Person, without duplication, any of the following: (a) all obligations of such Person for borrowed money,
whether evidenced by a note, bond, debenture, mortgage, or other debt instrument or debt security; (b) all liabilities secured by any
Encumbrance upon property or assets owned by such Person; (c) all liabilities created or arising under any conditional sale or other
title retention agreement with respect to property acquired by such Person; (d) all capitalized lease obligations; (e) all liabilities
of such Person in regard to guaranties or sureties by others of such Person’s liabilities, regardless of whether by payment or
performance, or whether such guaranties are in the form of letters of credit, deposits, bonds, insurance or other forms of security,
indemnity, surety or guaranty; (f) all liabilities for underfunded employee pension benefit plans and similar obligations; (g) any long-term
deferred revenue, as calculated in accordance with GAAP; (h) all liabilities to pay the deferred purchase price of any assets, property,
securities, goods or services (including deferred rent, earn-outs, contingent bonuses or other contingent payment obligations); (i) all
liabilities for accrued but unpaid interest and unpaid prepayment penalties or premiums, expenses or other amounts that are payable in
connection with retirement or prepayment in respect of any of the foregoing; (j) any off balance sheet liabilities; (k) any obligations
owing to any current or former holder of Equity Interests in the Company with respect to dividends or distributions, (l) the net cost
of unwinding or terminating any interest rate, currency or other hedging agreements; (m) accrued portions of any bonus attributable to
the 2020 calendar year payable to any employees or consultants of the Company; (n) all COVID Related Deferrals, (o) all amounts due under
any future derivative, swap, collar, put, call, forward purchase or sale transaction, fixed price contract or other agreement that is
intended to benefit from, relate to or reduce or eliminate the risk of fluctuations in interest rates, currencies basis risk or the price
of commodities, and (p) any other obligation that in accordance with GAAP is required to be reflected as debt on the consolidated balance
sheet of the Company (other than trade payables and current accruals incurred in the ordinary course of business and included in the
calculation of Working Capital).
                  

    	-9-

     

    

 

“Indemnified
Party” has the meaning set forth in Section ‎10.2(b).
                  

“Indemnifying
Party” means any party hereto from which any Indemnified Party is seeking indemnification pursuant to the provisions of this
Agreement.
                  

“Indemnity
Escrow Account” means the sub-account designated by the Escrow Agent as the “Indemnity Escrow Sub-Account” into
which the Indemnity Escrow Amount is deposited with the Escrow Agent and held by it, subject to disbursement as provided in this Agreement
and in the Escrow Agreement.
                  

“Indemnity
Escrow Amount” means $150,000.
                  

“Information
Privacy and Security Laws” means all applicable Laws relating to privacy, data privacy, data protection, data security, anti-spam,
and consumer protection, and all regulations promulgated by any Governmental Authority thereunder, including but not limited to, the
CCPA, GDPR and the US CAN-SPAM Act.
                  

“Insurance
Policies” has the meaning set forth in Section ‎5.17.
                  

“Intellectual
Property” means any and all of the following in any jurisdiction throughout the world: (a) trademarks, service marks, trade
dress, trade names, logos, corporate names (including “doing business as” or “d/b/a” registrations), and all
other indicia or identifiers of source or origin (and all goodwill associated therewith and all registrations and applications therefor);
(b) copyrights and works of authorship, whether or not copyrightable; (c) trade secrets, confidential information, know-how, and any
other information that derives independent economic value (actual or potential) from not being generally known to and not being readily
ascertainable by proper means by a person able to obtain economic value from its use or disclosure, including drawings, bills of material
and other tangible or electronic materials embodying the foregoing and relating to products or services made or sold or otherwise distributed
by the Company; (d) patents, patent applications, and inventions whether or not patentable, along with any improvements, ideas, data,
concepts, formulas, techniques, methods, prototypes, protocols, processes associated with the foregoing; (e) domain names and social
media account names or identifiers; (f) Software; (g) databases, datasets, and data; and (h) all other intellectual and related proprietary
rights, whether protected, created, or arising by operation of law, in each case whether (1) granted under common law or by statute;
(2) registered or unregistered; (3) published or unpublished; and (4) including, without limitation, (A) all registrations, recordings,
applications, rights to obtain renewals, derivations, continuations, reissues, extensions thereof; (B) all income, fees, royalties, damages,
claims, payments and proceeds at any time due or payable or asserted under or with respect to any of the foregoing, and (C) all rights
to sue for past, present or future misuses, misappropriations, or infringements thereof.
                  

    	-10-

     

    

 

“Interim
Financial Statements” has the meaning set forth in Section ‎5.6(a).
                  

“Intervening
Event” means any change, effect, event, occurrence, state of facts or development, that (a) was not known to, or reasonably
foreseeable by, the Board of Directors of Seller, or the material consequences of which were not known or reasonably foreseeable, in
each case as of or prior to the date of this Agreement, (b) becomes known to, or reasonably foreseeable by the Board of Directors of
Seller prior to the Seller Shareholder Approval and (c) does not involve or relate to (i) an Acquisition Proposal.
                  

“IP
Inbound Licenses” has the meaning set forth in Section ‎5.8(a)(iv).
                  

“IP
Licenses” has the meaning set forth in Section ‎5.8(a)(iv).
                  

“IP
Outbound Licenses” has the meaning set forth in Section ‎5.8(a)(ii).
                  

“IRS”
means the United States Internal Revenue Service.
                  

“ISRA”
means the New Jersey Industrial Site Recovery Act, N.J.S.A. 13:1K-6, et seq., as amended from time to time.
                  

“IT
Systems” means the information and communications technologies used by the Business, including hardware, Software and networks.
                  

“Key
Executive” means each of Jeffrey Roberts, Dino Giordano and Sirdhar Arunachalam.
                  

“Knowledge
of the Company” or any similar phrase means the actual knowledge of each of Tim Whelan, Mike Kandell and Dan Monopoli and the
knowledge such persons would have after reasonable due inquiry.
                  

“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.
                  

“Leased
Real Property” has the meaning set forth in Section ‎5.18(b).
                  

“Leases”
has the meaning set forth in Section ‎5.18(b).
                  

“Licensed
Site Remediation Professional” or “LSRP” has the meaning set forth in Section ‎‎7.18(a).
                  

    	-11-

     

    

 

“Lookback
Date” means January 1, 2020.
                  

“Losses”
has the meaning set forth in Section ‎10.2.
                  

“Material
Adverse Effect” means any Occurrence that has, or could reasonably be expected to have, individually or in the aggregate, a
material adverse effect on (a) the results of operations, condition (financial or otherwise), business, cash flows, assets or properties
of the Company and/or the Business, taken as a whole, or (b) the ability of the Company or the Seller to consummate the transactions
contemplated hereby on a timely basis and to perform their respective covenants and obligations hereunder; provided, however,
that “Material Adverse Effect” shall not include any Occurrence arising out of or attributable to (i) conditions or effects
that generally affect the industries in which the Business operates (including legal and regulatory changes), (ii) general economic conditions
or effects resulting from changes in equity or debt markets, in any jurisdiction in which the Business operates or the global economy
generally, including changes in interest or exchange rates, (iii) any outbreak or escalation of hostilities, acts of terrorism, political
instability, or other national or international calamity, crisis or emergency, or any governmental or other response to any of the foregoing,
(iv) acts of God (including earthquakes, storms, fires, floods and natural or man-made disasters), epidemic, disease outbreak, pandemic
(including, for the avoidance of doubt, any Occurrence resulting from, arising in connection with or otherwise related to COVID-19),
public health emergency, widespread occurrences of infectious diseases or other comparable events, or any escalation or worsening thereof,
(v) effects arising from changes or proposed changes in Laws, rules, regulations or accounting principles, (vi) ) the public announcement
of this Agreement or the transactions contemplated hereby, the performance of any Party pursuant to the terms hereof or actions or omissions
taken with the prior written consent of the Buyer (including the failure to obtain any consent or waiver or deliver any notice under
any Contract listed on Schedule 5.3) or (vii) the failure to meet any projections or forecasts (provided, that the underlying causes
of such failures (subject to the other provisions of this definition) shall not be excluded); provided, that any Occurrence referred
to in clauses (i) through (vii) above shall be taken into account in determining whether a Material Adverse Effect has occurred or could
reasonably be expected to occur to the extent that such Occurrence has a disproportionate effect on the Company and/or the Business compared
to other participants in the industries in which the Company conducts the Business.
                  

“Material
Contracts” has the meaning set forth in Section ‎5.11.
                  

“Material
Customers” has the meaning set forth in Section ‎5.22.
                  

“Material
Suppliers” has the meaning set forth in Section ‎5.22.
                  

“NJBCA”
means the New Jersey Business Corporation Act.
                  

“Notice
of Disagreement” has the meaning set forth in Section ‎2.3(c).
                  

    	-12-

     

    

 

“Notice
of Superior Proposal/Intervening Event” has the meaning set forth in Section ‎7.4(b).
                  

“NYSE
American” means the NYSE American stock exchange.
                  

“Occurrences”
means any individual or set of existences, changes, events, developments, results, situations, occurrences, circumstances or facts.
                  

“OHSA”
has the meaning set forth in Section ‎5.6(a).
                  

“Open
Source Software” means any open source, public source or freeware software made available under or otherwise subject to any
license that (a) is considered an open source software license by the Open Source Initiative or a free software license by the Free Software
Foundation, or any license substantially similar to any of the foregoing, including but not limited to any version of any software licensed
pursuant to any version of the GNU General Public License, GNU Lesser/Library General Public License, Apache Software License, Mozilla
Public License, BSD License, MIT License, Common Public License; or (b) requires, as a condition of use, modification or distribution
of software subject to such license, that (i) such software or other software combined or distributed with such software be disclosed
or distributed in source code form, or (ii) such software or other software combined or distributed with such software or any associated
Intellectual Property be made available without cost (including for the purpose of making additional copies or derivative works).
                  

“Order”
means any judgment, order, writ, injunction, decision, ruling, temporary restraining order, executive order, determination, decree or
award of any Governmental Authority.
                  

“Organizational
Documents” means, with respect to any Person (other than an individual), the certificate or articles of incorporation, formation
or organization of such Person, or any limited liability company, operating or partnership agreement, bylaws or similar documents or
agreements relating to the legal organization of such Person, including any equityholder agreements, voting trusts, voting agreement,
or similar agreements among members related to limited liability company or other equity interests, in each case with all amendments
thereto.
                  

“Owned
Intellectual Property” has the meaning set forth in Section ‎5.8(a)(i).
                  

“Party”
has the meaning set forth in the introductory paragraph of this Agreement.
                  

“Payment
Failure Amount” has the meaning set forth in Section ‎2.3(d).
                  

“Payoff
Letters” means the payoff letters from each of the holders of Closing Indebtedness for borrowed monies to be paid at Closing,
indicating in each such payoff letter that, upon payment of a specified amount, the amount of such Closing Indebtedness owed or owing
to such holder of Closing Indebtedness shall be fully paid and discharged, with no further obligations or liabilities of the Company
or the Business in respect thereof, and that all Encumbrances in respect of such Closing Indebtedness shall be released upon payment
of the amount set forth in such Payoff Letter.
                  

    	-13-

     

    

 

“Permits”
means any consents, authorizations, licenses, permits, franchises, approvals, orders or other similar authorizations.
                  

“Permitted
Encumbrances” means, (a) statutory Encumbrances for current Taxes, assessments and other government charges not yet due and
payable or which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established, (b) mechanics’,
workmen’s, repairmen’s, warehousemen’s, carriers’ or other like Encumbrances arising or incurred in the ordinary
course of business consistent with past practice or amounts that are not delinquent and which are not, individually or in the aggregate,
material to the Business, (c) any matters, restrictions, covenants, conditions, limitations, rights, rights of way, encumbrances, encroachments,
reservations, easements, agreements and other matters of record affecting the real property which do not or would not materially impair
the use or occupancy of such real property or the operation of the Company’s Business thereon and; and (d) statutory Encumbrances
to secure obligations to landlords, lessors or renters under leases or rental agreements.
                  

“Person”
means any individual, corporation (including any not for profit corporation), general or limited partnership, limited liability partnership,
joint venture, estate, trust, firm, company (including any limited liability company or joint stock company), association, organization,
entity or Governmental Authority.
                  

“Person
Responsible for Conducting the Remediation” has the meaning set forth in the Administrative Requirements for Remediation of
Contaminated Sites, N.J.A.C. 7:26C-1.3.
                  

“Personal
Information” means, collectively, any information or data that can be used, directly or indirectly, alone or in combination
with other information possessed or controlled by the Business, to identify an individual (including name, address, telephone number,
email address, credit or payment card information, bank account number, financial data or account information, password combinations,
customer account number, date of birth, government-issued identifier, social security number, race, ethnic origin/nationality, photograph,
genetic, genome or biometric data, insurance policy number, and mental or physical health or medical information) that is collected,
used, disclosed, transferred, or processed by the Company in any manner in furtherance of its business, and any data that constitutes
personal information, personal data, personally identifiable information, or similar term, under applicable Information Privacy and Security
Laws.
                  

“Privacy
and Data Security Policies” means the Company’s applicable internal and public-facing policies and notices concerning
the privacy, security, or processing of Personal Information
                  

“Post-Closing
Statement” has the meaning set forth in Section ‎2.3(b).
                  

“Pre-Closing
Taxes” means, without duplication, (a) any and all Taxes of or imposed on the Company or the Seller for any Pre-Closing
Tax Periods, (b) any and all Taxes of an “affiliated group” (as defined in Section 1504 of the Code) (or affiliated,
consolidated, unitary, combined or similar group under applicable Law) of which the Company (or any predecessor thereof) is or was a
member on or prior to the Closing Date, including pursuant to Treasury Regulations Section 1.1502-6 (or any similar state, local
or foreign Law), and (c) any and all Taxes of or imposed on the Company as a result of transferee or successor liability, which
Taxes relate to an event or transaction (including transactions contemplated by this Agreement) occurring on or before the Closing Date
(other than Taxes attributable to actions taken by the Buyer after Closing on the Closing Date which are outside the ordinary course
of business), provided, however, that Pre-Closing Taxes shall not include any Taxes to the extent such Taxes are taken
into account in the determination of Indebtedness, Current Liabilities or Transaction Expenses.
                  

    	-14-

     

    

 

“Pre-Closing
Tax Period” means any taxable period ending on or before the Closing Date and the portion of any Straddle Period ending on
the Closing Date.
                  

“Pre-Closing
Statement” has the meaning set forth in Section ‎2.3(a).
                  

“Proceeding”
means any action, claim, complaint, petition, mediation, order, inquiry, suit, proceeding, arbitration or investigation, whether civil
or criminal, before or by any court or other Governmental Authority, arbitrator or arbitration panel.
                  

“Proxy
Statement” has the meaning set forth in Section ‎4.2(b).
                  

“Purchased
Interests” has the meaning set forth in the Recitals.
                  

“R&W
Insurance Policy” means the representations and warranties insurance policy issued by Travelers Excess and Surplus Lines Company
to the Buyer in connection with the transactions contemplated hereby and bound as of the date hereof, in the form delivered by Buyer
to Seller prior to the execution of this Agreement and attached hereto as Exhibit D.
                  

“Related
Party” means (a) any officer, director or Affiliate of the Company, (b) any individual related by blood, marriage or adoption
to any such Person in clause (a) or (c) any entity in which any such Person in clause (a) owns at least a 10% beneficial interest.
                  

“Release”
means any release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, leaching, dumping, disposing or allowing
to escape or migrate into or through the environment (including, without limitation, ambient air (indoor or outdoor), surface water,
groundwater, land surface or subsurface strata or within any building, structure, facility or fixture).
                  

“Release
Date” has the meaning set forth in Section ‎10.7(a).
                  

“Representatives”
means, with respect to any Person, any director, officer, agent, employee, advisor, manager, consultant, counsel, accountant or other
representative of such Person.
                  

    	-15-

     

    

 

“Resolution
Period” has the meaning set forth in Section ‎2.3(c).
                  

“Restricted
Period” has the meaning set forth in Section ‎7.11(a).
                  

“Review
Period” has the meaning set forth in Section ‎2.3(c).
                  

“Sale
Bonus” has the meaning set forth in the definition of Transaction Expenses.
                  

“SEC”
means the Securities and Exchange Commission.
                  

“Securities
Act” means the Securities Act of 1933, as amended.
                  

“Seller”
has the meaning set forth in the introductory paragraph of this Agreement.
                  

“Seller
Adverse Recommendation Change” has the meaning set forth in Section ‎7.4(b).
                  

“Seller
Indemnified Party” has the meaning set forth in Section ‎10.2(b).
                  

“Seller
Released Claims” has the meaning set forth in Section ‎‎‎7.9(a).
                  

“Seller
Releasees” has the meaning set forth in Section ‎‎‎7.9(a).
                  

“Seller
Releasing Parties” has the meaning set forth in Section ‎‎‎7.9(a).
                  

“Seller
Shareholder Approval” has the meaning set forth in Section ‎4.1‎10.2(b).
                  

“Shareholders
Meeting” has the meaning set forth in Section ‎7.13(c).
                  

“Software”
means computer software, programs, data, and databases in any form, including internet web sites, and all versions, updates, corrections,
enhancements, replacements, and modifications thereof, and all documentation related thereto.
                  

“Straddle
Period” means any taxable period that includes (but does not end on) the Closing Date.
                  

“Sublease”
means that certain sublease by and between Boonton Electronics Corp., a New Jersey corporation, and the Buyer, in substantially the form
attached hereto as Exhibit B.
                  

“Superior
Proposal” has the meaning set forth in Section ‎7.4(f)(iii).
                  

“Tax”
or “Taxes” means, whether disputed or not, any taxes, charges, withholdings, fees, penalties, additions, interest
or other assessments of any kind whatsoever imposed by any Taxing Authority, including, without limitation, those related to income,
gross receipts, gross income, business and occupation, premium, windfall profits, environmental, customs duties, stamp, severance, profits,
withholding, payroll, employment, occupation, sales, use, value added, alternative or add-on minimum, estimated, excise, social security
(or similar), unemployment, disability, real property, personal property, unclaimed property, escheat, transfer or franchise, in each
case to the extent actually due and payable to a Taxing Authority.
                  

    	-16-

     

    

 

“Tax
Claim Notice” has the meaning set forth in Section ‎7.8(f)(i).
                  

“Tax
Contest” has the meaning set forth in Section ‎7.8(f)(i).
                  

“Tax
Returns” means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including
any schedule or attachment thereto, and including any amendment thereof.
                  

“Tax
Sharing Agreement” means any Tax indemnity agreement, Tax sharing agreement, Tax allocation agreement or similar Contract or
arrangement, whether written or unwritten (including any such agreement, Contract or arrangement included in any purchase or sale agreement,
merger agreement, joint venture agreement or other document).
                  

“Taxing
Authority” means any Governmental Authority having jurisdiction over the assessment, determination, collection, or other imposition
of any Tax.
                  

“Termination
Date” has the meaning set forth in Section ‎9.1(b).
                  

“Third
Party Claim Notice” has the meaning set forth in Section ‎10.4(a).
                  

“Transaction
Documents” means any and all agreements, documents, certificates or instruments being delivered pursuant to this Agreement,
including the Escrow Agreement, the Executed Voting Agreements, the Sublease and the Transition Services Agreement.
                  

“Transaction
Expenses” means, to the extent not paid by the Company or the Seller prior to the Closing, (a) all consolidated fees and expenses
of the Company and/or the Business incurred in connection with this Agreement, any Transaction Document or the transactions contemplated
hereby or thereby, (b) all investment banking (including, brokers or finders), legal, accounting, consulting, advisory and other expert
fees, costs and expenses, (c) any commission, severance, bonus, change of control payment or other payment of any kind payable to management,
officers, consultants or other current or former employees or service providers or any other Person that is or will become accelerated,
earned and payable as a result of the execution of this Agreement or the consummation of the transactions contemplated hereby and due
to events occurring on or prior to the date the transactions are consummated (each, a “Sale Bonus”), and (d) the employer
portion of any payroll, social security, unemployment and similar Taxes related to amounts payable to the Persons identified in clause
(c).
                  

“Transfer
Taxes” has the meaning set forth in Section ‎7.8(e).
                  

“Transition
Services Agreement” has the meaning set forth in Section ‎7.8(e).
                  

    	-17-

     

    

 

“Trapped
Cash” means cash or cash equivalents (a) of the Business which may not be freely useable or available because it is subject
to restrictions or limitations on use under Contract or applicable Laws by the Business or in order to service Indebtedness, (b) in the
form of deposits in transit and outstanding checks issued by the Company and/or the Business, or (c) that are insurance or other
recovery proceeds in respect of any condemnation, casualty, loss or other material damage to any of the assets of the Business prior
to the Closing Date.
                  

“Treasury
Regulations” mean the Treasury regulations promulgated under the Code.
                  

“WARN
Act” means the Worker Adjustment Retraining and Notification Act of 1988, as amended.
                  

“Working
Capital” means, at any date, all Current Assets minus all Current Liabilities.
                  

“Working
Capital Methodology Schedule” means the Working Capital methodology schedule attached hereto as Exhibit E.
                  

“Working
Capital Target” means $4,650,000.
                  

1.2
Interpretive Provisions. Unless the express context otherwise requires:
                  

(a)
 the words “hereof,”
“herein,” “hereby,” “hereto,”
and “hereunder” and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to
any particular provision of this Agreement;
                  

(b)
terms defined in the singular shall have a comparable
meaning when used in the plural, and vice versa;
                  

(c) the terms “Dollars”
and “$” mean United States Dollars;
                  

(d)
references herein to
a specific Article, Section, Subsection, Recital, Schedule or Exhibit shall refer,
respectively, to Articles, Sections, Subsections, Recitals, Schedules or
Exhibits of this Agreement;
                  

(e) wherever the word “include,”
“includes,” or “including”
is used in this Agreement, it shall be deemed to be followed
by the words “without limitation”;
                  

(f)
references herein to
any gender shall include each other gender;
                  

(g) references herein
to any Contract (including this Agreement)
means such Contract as amended, supplemented or modified from time to time
in accordance with the terms thereof; provided, that, any requirement to disclose and/or make
available to the Buyer any Contract shall not be
considered satisfied unless each amendment, supplement or modification to such Contract has
been so disclosed and/or made available to the Buyer;
                  

    	-18-

     

    

 

(h)
with respect to the
determination of any period of time, the word “from” means “from
and including” and the words “to” and “until”
each means “to but excluding”;
                  

(i)
references herein to
any Law or any license mean such Law or license
as amended, modified, codified, reenacted, supplemented or superseded in whole or
in part, and in effect from time to time; 
                  

(j)
 references herein to
any Law shall be deemed also to refer to
all rules and regulations promulgated thereunder;
                  

(k)
the word “or”
is not exclusive; and
                  

this
Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting
an instrument or causing any instrument to be drafted.
                  

Article
2

PURCHASE AND SALE OF THE PURCHASED
interests
                  

2.1
Purchase and Sale of the Purchased Interests. Upon and subject to the terms and conditions
set forth in this Agreement, at the Closing, the Buyer shall purchase from the Seller all right, title and interest in and to the Purchased
Interests, and the Seller shall sell, convey, assign, transfer and deliver to the Buyer, the Purchased Interests free and clear of any
Encumbrances, other than Encumbrances pursuant to applicable securities Laws, in exchange for the Final Purchase Price.
                  

2.2
Transactions to be Effected at the Closing. On the
Closing Date, the following transactions shall be effected by the Parties:
                  

(a)
The Seller and/or the
Company, as applicable, shall deliver or cause to be
delivered to the Buyer:
                  

(i)
a certificate, dated as of the Closing
Date, of the secretary or executive officer of the Company
certifying that (A) the Company has previously made available to
the Buyer a complete and correct copy of the Company’s Organizational Documents,
as amended to date, and (B) such Organizational Documents have not been amended or
modified in any respect and remain in full force and effect as of the Closing Date;
                  

(ii)
with respect to the Seller, a membership interest transfer
power, dated as of the Closing Date, duly executed by such Seller with respect to all of the Company Interests held by such Seller, in
form and substance reasonably satisfactory to the Buyer;
                  

    	-19-

     

    

 

(iii)
evidence, in form and
substance reasonably satisfactory to the Buyer, of the resignations or removal of the board
of directors (or similar governing body) and officers of the Company,
if any, requested by the Buyer, such resignations or removal
to be effective concurrently with the Closing; 
                  

(iv)
a certificate from the manager of the Company, in form
and substance reasonably satisfactory to the Buyer, certifying that the conditions set forth in Sections ‎8.1(a), ‎8.1(b),
and ‎8.1(c) have been satisfied, as applicable;
                  

(v)
duly executed certificates of non-foreign status,
in form and substance reasonably satisfactory to the Buyer, from
each of the Seller in a form and manner that complies with Sections 1445(b)(2) and 1446(f) of the Code
and the Treasury Regulations thereunder; 
                  

(vi)
each of the Transaction Documents, duly executed by
the Seller and/or the Company, as applicable; 
                  

(vii)
a good standing certificate for the Company from
the Secretary of State (or equivalent Governmental Authority) of the jurisdiction of its organization, dated no earlier than five (5)
Business Days prior to the Closing Date;
                  

(viii)   the Payoff Letters, duly executed by the applicable
holders of Indebtedness to be paid at Closing, and any other applicable releases, termination statements or other similar documentation
(to the extent not included in the Payoff Letters), in form and substance reasonably satisfactory to the Buyer, releasing and terminating
any and all Encumbrances (other than Permitted Encumbrances) relating to Indebtedness of the Company for borrowed money; 
                  

(ix) duly
executed and delivered termination agreements, in form and substance reasonably acceptable to the Buyer, with respect to any
Affiliate Agreements providing for the complete and full termination of such Affiliate Agreements at or prior to the Closing with no
liabilities to the Buyer, the Business, and/or the Company from and after the Closing;
                  

(x)
employment agreements in the form attached hereto
as Exhibit F, effective the Closing Date, signed by each of the Key Executives; and
                  

(xi)
all of the consents, notices, waivers, assignments,
amendments and approvals set forth on Schedule ‎2.2(a)(xi), each in form and substance reasonably acceptable to the Buyer.
                  

(b)
The Buyer shall
pay or deliver or cause to
be paid or delivered (as applicable):
                  

    	-20-

     

    

 

(i) the following payments:
                  

(A)
to the
Seller, the Estimated Purchase Price, less the Escrow
Amounts, by wire transfer of immediately available funds to a bank account designated in
writing by the Seller, which shall be provided to the Buyer at least five (5) Business Days prior to
the Closing Date;
                  

(B)
to the Escrow Agent,
the Adjustment Escrow Amount, by wire transfer of immediately available funds in accordance with the terms of the Escrow
Agreement;
                  

(C)
to the Escrow Agent,
the Indemnity Escrow Amount, by wire transfer of immediately available funds in accordance with the terms of the Escrow
Agreement;
                  

(D)
to the Persons entitled thereto in the amounts payable
to each counterparty or holder of Indebtedness to be paid at Closing, by wire transfer of immediately available funds in accordance with
the Payoff Letters, which shall be provided to the Buyer at least two (2) Business Days prior to the Closing Date;
                  

(E)
the Estimated Transaction Expenses (other than the Sale
Bonuses), to the Persons entitled thereto as set forth on the Pre-Closing Statement, by wire transfer of immediately available funds
to a bank account designated in writing by the Seller, which shall be provided to the Buyer at least two (2) Business Days prior to the
Closing Date;
                  

(ii)
to the Seller, a certificate from an officer of the
Buyer, in form and substance reasonably satisfactory to the Seller, certifying that the conditions set forth in Sections ‎8.2(a)
and ‎8.2(b) have been satisfied, as applicable; 
                  

(iii)  to the Seller, the Transaction
Documents, duly executed by the Buyer and/or its Affiliates, as applicable; and
                  

2.3
Purchase Price Adjustment.
                  

(a)  
At least five (5) Business
Days prior to the Closing Date, the Seller shall
deliver to the Buyer a reasonably detailed statement
(the “Pre-Closing Statement”) setting forth (i) the Seller’s good
faith calculation of (A) the Estimated Closing Cash, (B) the Estimated
Closing Indebtedness, (C) the Estimated Transaction Expenses, (D) the Estimated
Working Capital, as well as the resulting Estimated Working Capital Excess (if any) or
Estimated Working Capital Shortfall (if any), as the case may be, and (E) the Estimated Purchase
Price, and (ii) the Sale Bonus amounts to be received by the Company (on behalf of each recipient thereof). The Seller shall consider
in good faith any comments or objections to any amounts or other information set forth on the
Pre-Closing Statement notified to it by the Buyer
prior to the Closing and if, prior to
the Closing, the Seller and the Buyer agree to
make any modification to the Pre-Closing Statement,
then the Pre-Closing Statement as so modified shall be deemed to
be the Pre-Closing Statement.
                  

    	-21-

     

    

 

(b)
Within ninety (90) days after the Closing
Date, the Buyer shall deliver to the Seller a reasonably
detailed statement (the “Post-Closing Statement”) setting forth the Buyer’s
good faith calculation of (i) the Closing Cash, (ii) the Closing
Indebtedness, (iii) the Closing Transaction Expenses, (iv) the Closing
Working Capital, as well as the resulting Closing Working Capital Excess (if any) or
Closing Working Capital Shortfall (if any), as the case may be.
                  

(c)
After receipt of the Post-Closing Statement,
the Seller shall have thirty (30) days (the “Review Period”) to
review the Post-Closing Statement. During the Review Period,
the Seller and its accountants shall have access to the books
and records of the Business, the personnel of, and work papers prepared by, the Buyer
and/or the Buyer’s accountants, to the extent
that they relate to the Post-Closing Statement, and to
such historical financial information (to the extent in the Buyer’s possession) relating to
the Post-Closing Statement, as applicable, as the Seller may reasonably request for the
purpose of reviewing the Post-Closing Statement; provided, that such access shall be in
a manner that does not interfere with the normal business operations of the Buyer, the Company or the
Business; provided, further that in no event shall the Buyer be obligated to provide
any such access, work papers or information if the Buyer determines, in its reasonable judgment and on the advice of counsel, that doing
so is reasonably likely to (i) violate applicable Law or an Order, (ii) waive or reasonably be expected to result in the loss of the
attorney-client privilege or other legal privilege or, (iii) breach confidentiality obligations to a third party (provided, that, the
Company shall have used commercially reasonable efforts (without payment of any consideration, fees or expenses) to obtain the consent
of any such third party). The Post-Closing Statement shall become final and binding upon the Parties
following the expiration of the Review Period unless the Seller delivers written notice of its
disagreement with the Post-Closing Statement (a “Notice
of Disagreement”) to the Buyer prior to
such date. Any Notice of Disagreement shall specify in reasonable detail the Seller’s
objections to the Post-Closing Statement, indicating each
disputed item or amount and the basis for the Seller’s disagreement therewith, including
Seller’s detailed calculation with respect thereto. Seller shall have the right to submit only one Notice of Disagreement and any
item or matter set forth in the Post-Closing Statement that is not expressly disputed in a timely delivered Notice of Disagreement shall
be final and binding on the Parties hereto. If a Notice of Disagreement is received by the Buyer
prior to the expiration of the Review Period, then
during the thirty (30) day period (the “Resolution Period”) following the delivery
of a Notice of Disagreement, the Seller and the Buyer shall
negotiate in good faith to resolve in writing any differences that they may have with respect
to the matters specified in the Notice of Disagreement.
If such differences are so resolved within the Resolution Period, the revised Post-Closing Statement
with such changes as may have been previously agreed in writing by the Buyer and the Seller
shall be final and binding. If at the end of the Resolution Period the Seller and the Buyer
have not resolved in writing the matters specified in the Notice of Disagreement, the Seller
and the Buyer shall submit any amounts remaining in dispute to
the Accounting Firm, who, acting as experts and not arbitrators, shall resolve such disputed amounts only and make any adjustments
to the Post-Closing Statement. The Buyer
and the Seller agree that all adjustments shall be made without regard to materiality.
The Accounting Firm shall render a written decision resolving the matters submitted to
the Accounting Firm as soon as practicable, and in any event within thirty (30) days of
the receipt of such submission (or such other time as the Buyer and the Seller shall agree in
writing). The scope of the disputes to be resolved by the Accounting
Firm shall be limited to fixing mathematical errors and determining whether the items in
dispute were determined in accordance with the Balance Sheet Rules and the terms of this Agreement,
and no other matters. The Accounting Firm’s decision shall be (w) limited to
the specific items under dispute by the Parties (x) based solely on written submissions by the Seller and the Buyer
and their respective Representatives (and it shall not permit or
authorize discovery or hear testimony) and not by independent review, (y) made strictly
in accordance with the Balance Sheet Rules and the terms of this Agreement,
and (z) final and binding on all of the Parties absent manifest error. The Accounting Firm may
not assign a value greater than the greatest value for such item claimed by either the Buyer or the Seller or
smaller than the smallest value for such item claimed by the Buyer or the Seller. The fees and expenses of the Accounting
Firm incurred pursuant to this Section ‎2.3
shall be borne by the Seller, on the one hand, and the Buyer, on the other hand, in
proportion to the final allocation made by such Accounting Firm
of the disputed items weighted in relation to the claims made by the Seller and the Buyer,
such that the prevailing Party pays the lesser proportion of such fees, costs and expenses.
                  

    	-22-

     

    

 

(d)
Within five (5) Business
Days after the final determination of the Final Closing Cash, the Final
Closing Indebtedness, the Final Transaction Expenses and the Final Working Capital, and
the resulting Final Purchase Price, the following payments shall be made, as applicable:
                  

(i) If the Final Purchase Price is greater than the
Estimated Purchase Price calculated at the Closing (such excess, the “Adjustment Surplus Amount”) by $150,000 or more,
then
                  

(A)
the Buyer shall within seven Business Days following
the determination of the Final Purchase Price, pay, or cause to be paid, the Adjustment Surplus Amount to the Seller (subject to Section
‎‎2.5), by wire transfer of immediately available funds to a bank account designated in writing by the Seller and:
                  

(B)
Buyer and the Seller shall execute and deliver a joint
written instruction to the Escrow Agent directing the Escrow Agent to release from the Adjustment Escrow Account and pay to Seller (subject
to Section ‎2.5), an amount equal to the Adjustment Escrow Amount.
                  

(ii)
If the Final Purchase Price is less than the
Estimated Purchase Price calculated at the Closing (such amount, expressed as a positive number, the “Adjustment Deficit Amount”)
by $150,000 or more, then the Buyer and the Seller shall execute and deliver a joint written instruction to the Escrow Agent directing
the Escrow Agent to release from the Adjustment Escrow Account and pay to the Buyer an amount equal to such Adjustment Deficit Amount,
and in the event that such Adjustment Deficit Amount:
                  

    	-23-

     

    

 

(A)
is greater than the Adjustment Escrow Amount,
then (1) the Seller shall pay, or cause to be paid, to the Buyer, by wire transfer of immediately available funds to
a bank account designated in writing by the Buyer, an amount equal to the
remaining portion of such Adjustment Deficit Amount to the Buyer, and (2) without limiting the obligations of the Seller or the
Buyer’s rights under clause (1) above, if any amounts required to be paid under clause (1) above are not paid (the amount of any
such payment deficit, a “Payment Failure Amount”) on a timely basis in accordance with this Agreement, then upon Buyer’s
written request to the Seller, (x) Buyer and the Seller shall jointly instruct the Escrow Agent to release to Buyer from the Indemnity
Escrow Account an amount equal to the Payment Failure Amount, and (y) the Seller shall, on the date of such release of funds from the
Indemnity Escrow Account, be required to make a payment to the Escrow Agent equal to all amounts it was required to pay but failed to
pay under clause (1) above for deposit by the Escrow Agent into the Indemnity Escrow Account; or
                  

(B)
is less than the Adjustment Escrow Amount, then
Buyer and the Seller shall jointly instruct the Escrow Agent to release from the Adjustment Escrow Account any remaining amounts in the
Adjustment Escrow Account (after payment of such Adjustment Deficit Amount from the Adjustment Escrow Account to Buyer), to the Seller
(subject to Section ‎2.5).
                  

(iii)
If the Final Purchase Price is not greater than
the Estimated Purchase Price calculated at the Closing by $150,000 or more and not less than the Estimated Purchase Price by $150,000
or more, then there will be no adjustment and Buyer and the Seller shall execute and deliver a joint written instruction to the Escrow
Agent directing the Escrow Agent to release from the Adjustment Escrow Account and pay to Seller (subject to Section ‎2.5),
an amount equal to the Adjustment Escrow Amount.
                  

2.4
Reliance on Pre-Closing Statement. The Buyer and its respective Affiliates (including, following the Closing, the Company) shall
be entitled to rely on the accuracy of the Pre-Closing Statement in all respects in making any payments pursuant to this Agreement, and
all obligations of the Buyer to make payments pursuant to this Agreement shall be deemed fulfilled if such payments are made in accordance
with this Agreement and the Pre-Closing Statement. None of the Buyer or any of their respective Affiliates (including, following the
Closing, the Company) shall have any liability or obligation to any Person, including the Seller arising from or relating to the failure
of or any errors or omissions made by the Seller or the Escrow Agent or any other Person in (a) preparing or calculating the information
set forth in the Pre-Closing Statement or (b) making payments or transferring funds to any Person. 
                  

    	-24-

     

    

 

2.5
Withholding. Notwithstanding anything in this Agreement to the contrary, the Buyer, the Company, the Escrow Agent and any of their
respective designees shall be entitled to deduct and withhold (or cause to be deducted and withheld) from any amounts payable pursuant
to this Agreement, such amounts as it is required to deduct and withhold under the Code and the Treasury Regulations promulgated thereunder
or any other provision of applicable Tax Law. The Buyer shall use commercially reasonable efforts to provide notice to the Seller of
its intent to withhold or deduct any amounts pursuant to this Section ‎2.5 from amounts otherwise payable pursuant to this
Agreement to Seller, and the Buyer shall cooperate with the Seller in good faith to reduce or eliminate the amount of any such withholding
or deduction. To the extent that amounts are so deducted and withheld, and remitted to the applicable Governmental Authority, such deducted
and withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction
and withholding was made.
                  

Article
3

THE CLOSING
                  

3.1
Closing; Closing Date. The closing of the sale and purchase of the Company Interests and the other transactions contemplated hereby
(the “Closing”) shall take place electronically (including by email) by the exchange of required closing deliveries,
on the second (2nd) Business Day after the date that all of the conditions to Closing set forth in ‎Article 8 (other
than those conditions which, by their terms, are to be satisfied by the delivery of documents or taking of any action at the Closing,
but subject to the satisfaction or waiver of such conditions at the Closing) shall have been satisfied or waived by the Party entitled
to waive the same; provided, however, that notwithstanding the foregoing, in no event shall the Buyer be obligated to consummate
the Closing prior to thirty (30) days following the date hereof. The date on which the Closing occurs shall be referred to herein as
the “Closing Date”. The Closing shall be deemed effective for all purposes as of 12:01 a.m. Eastern Time on the Closing
Date (the “Calculation Time”).
                  

Article
4

REPRESENTATIONS AND WARRANTIES OF THE SELLER
                  

Except
as otherwise set forth in the Disclosure Schedules (collectively, the “Disclosure Schedules”), the Seller hereby represents
and warrants to the Buyer, as of the date hereof, as follows:
                  

4.1
Binding Obligations. The Seller has all requisite authority and power to execute and deliver this Agreement and each Transaction
Document to which it is a party, to perform its respective obligations hereunder and thereunder, and, subject to the adoption hereof
by the holders of a majority of the votes cast by the holders of shares entitled to vote thereon at the Shareholders Meeting (the “Seller
Shareholder Approval”), to consummate the transactions contemplated hereby and thereby. Except for the Seller Shareholder Approval,
all acts or proceedings required to be taken by the Seller to authorize the execution and delivery of this Agreement and each Transaction
Document to which it is a party and the performance of the Seller’s obligations hereunder and thereunder have been duly and validly
authorized by all necessary action on the part of the Seller. This Agreement and each Transaction Document to which the Seller is a party
has been duly executed and delivered by the Seller and, assuming that this Agreement constitutes the legal, valid and binding obligations
of the Buyer, constitutes the legal, valid and binding obligations of the Seller, enforceable against the Seller in accordance with its
terms, except to the extent that the enforceability thereof may be limited by: (a) applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or similar Laws from time to time in effect affecting generally the enforcement of creditors’
rights and remedies; and (b) general principles of equity (clauses (a) and (b), collectively, the “Equitable Exceptions”).
                  

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4.2
No Defaults or Conflicts. 
                  

(a)
Except for the Seller Shareholder Approval and
assuming that all consents, approvals and authorizations explicitly set forth in this Section ‎4.2 have been obtained and
all filings described therein have been made, the execution, delivery and performance by the Seller of this Agreement and each Transaction
Document to which the Seller is a party and the consummation by the Seller of the transactions contemplated hereby and thereby (i) do
not require the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a
default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any Material
Contract or any material Permit to which the Seller is a party, (ii) do not violate in any material respect any existing applicable
Law, rule, regulation, judgment, order or decree of any Governmental Authority having jurisdiction over the Seller, and (iii) do not
result in the creation or imposition of any Encumbrance on any properties or assets of the Company Interests. 
                  

(b)
No Permit or other action by, and no notice to or filing
with, any Governmental Authority will be required to be obtained or made by the Seller in connection with the execution, delivery and
performance by the Seller of this Agreement or any other Transaction Document to which it is a party and the consummation by the Seller
of the transactions contemplated hereby and thereby, except (i) the filing with the SEC of the proxy statement (“Proxy Statement”)
in preliminary and definitive form; (ii) the filings required by the Exchange Act, the Securities Act and the rules and regulations of
NYSE American; and (iii) the Permits, notices and filings listed in Schedule ‎4.2(b).
                  

4.3
Company Interests. The Seller is the legal and beneficial owner of and has valid title
to the Company Interests, which Company Interests are free and clear of all Encumbrances (other than restrictions on future transfers
arising under the Securities Act and applicable state securities Laws). Upon consummation of the transactions contemplated by this Agreement,
the Buyer will own all of the Company Interests free and clear of all Encumbrances, other than Encumbrances required under applicable
securities laws. Other than this Agreement, there are no Contracts to which the Seller is a party or by which the Seller is bound with
respect to the voting, sale, transfer, or other disposition of the Company Interests.
                  

    	-26-

     

    

 

4.4
Litigation. Since the Lookback Date, there is and has been no Proceeding pending or, to the Knowledge of the Seller, threatened,
against the Seller before any Governmental Authority which seeks to prevent the transactions contemplated hereby or that otherwise would
reasonably be expected to have a material adverse effect on the Seller’s ability to consummate the transactions contemplated hereby.
                  

4.5
Brokers. Except for Craig-Hallum Capital Group LLC, no broker, finder or similar intermediary has acted for or on behalf of the
Seller in connection with this Agreement or the transactions contemplated hereby, and no broker, finder, agent or similar intermediary
is entitled to any broker’s, finder’s or similar fee or other commission in connection therewith based on any agreement with
the Seller or any action taken by them.
                  

Article
5

REPRESENTATIONS AND WARRANTIES OF THE COMPANY
                  

Except
as otherwise set forth on the Disclosure Schedules, the Company and the Seller hereby jointly and severally represent and warrant to
the Buyer as of the date hereof as follows:
                  

5.1
Organization and Qualification. The Company is duly formed, validly existing and in good standing (to the extent such concept
is applicable) under the Laws of its jurisdiction of organization and has full power and authority to own, operate or lease the properties
and assets now owned, operated or leased by it and to carry on its business as it is currently conducted. Schedule ‎5.1 sets
forth each jurisdiction in which the Company is qualified, licensed or registered to transact business as a foreign entity, and each
of the Company is qualified, licensed or registered to transact business as a foreign entity and is in good standing (to the extent such
concept is applicable) in each jurisdiction in which the ownership or lease of property or the conduct of the Business requires such
qualification, license or registration except where the failure to be so qualified, licensed or registered or in good standing (to the
extent such concept is applicable) would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
                  

5.2
Binding Obligations. The Company has all requisite authority and power to execute, deliver and perform this Agreement and each
Transaction Document to which it is a party, to perform its obligations hereunder and thereunder, and to consummate the transactions
contemplated hereby and thereby. All acts or proceedings required to be taken by the Company to authorize the execution and delivery
of this Agreement and the Transaction Documents to which it is a party and the performance of the Company’s obligations hereunder
and thereunder have been duly and validly authorized by all necessary action on the part of the Company. This Agreement and each Transaction
Document to which the Company is a party has been duly executed and delivered by the Company and, assuming that this Agreement constitutes
the legal, valid and binding obligations of the Buyer, constitutes the legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with its terms, except to the extent that the enforceability thereof may be limited by the Equitable
Exceptions.
                  

    	-27-

     

    

 

5.3
No Defaults or Conflicts. 
                  

(a)
Except for the Seller Shareholder Approval and
assuming that all consents, approvals and authorizations contemplated by Section ‎4.2 have been obtained and all filings described
therein have been made, the execution, delivery and performance by the Company of this Agreement and each Transaction Document to which
it is a party and the consummation by the Company of the transactions contemplated hereby and thereby (whether with notice, lapse of
time or both) (i) do not result in any violation of the Organizational Documents of the Company, (ii) except as set forth on
Schedule ‎5.3(a), do not require the consent, notice or other action by any Person under, conflict with, result in a
violation or breach of, constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate,
modify or cancel any Material Contract to which the Company is a party or any material Permit affecting the properties or assets of the
Company or the Business, (iii) do not violate in any material respect any existing applicable Law, rule, regulation, judgment, order
or decree of any Governmental Authority having jurisdiction over the Company, or the Business, and (iv) do not result in the creation
or imposition of any Encumbrance, other than Permitted Encumbrances, on any properties or assets of the Company, or the Business.
                  

(b)
No Permit or other action by, and no notice to or filing
with, any Governmental Authority will be required to be obtained or made by the Company in connection with the execution, delivery and
performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby, other than
such as have been obtained or made or which the failure to obtain would not reasonably be expected to have a material adverse effect
on the Seller’s ability to consummate the transactions contemplated hereby.
                  

5.4
Capitalization. 
                  

(a)
Other than the Company
Interests, there are no other Equity Interests of the Company
issued or outstanding as of the date hereof. The
Company does not have any subsidiaries. The Company does not own, directly or indirectly, or have the right to acquire, any Equity Interests
of any Person.
                  

(b)
All of the Company Interests
have been duly authorized and are validly issued. All of the Company Interests are owned of record and beneficially by the Seller as
set forth on Schedule ‎5.4(b), free and clear of all Encumbrances (other than
restrictions on future transfers arising under the Securities Act and applicable state securities Laws). All of the Company
Interests were issued in compliance with applicable Laws. The Company Interests were not
issued in violation of any agreement, arrangement or commitment to which the Seller, the Company is a party or is subject to or in violation
of any preemptive or similar rights of any Person. Other than this Agreement, there are no outstanding
or authorized options, warrants, convertible securities or other
rights, agreements, arrangements or commitments of any character relating to
the Equity Interests of the Company or obligating
the Seller, the Company to issue or sell any Equity
Interests in the Company. There are no voting trusts, member agreements, proxies or
other agreements or understandings in effect with respect to
the voting or transfer of any of the Company Interests.
                  

    	-28-

     

    

 

(c)
The Pre-Closing Statement and, when delivered
to Buyer in accordance with Section ‎2.3(a), will set forth all Sale Bonuses required to be paid by the Company.
                  

(d)
The Company has made available to the Buyer true and
complete copies of each Organizational Document of the Company (including all modifications, amendments and supplements thereto and waivers
thereunder).
                  

5.5
Litigation. Except as set forth in Schedule 5.5, since the Lookback Date there have been no Proceedings, and as of
the date hereof, there are no Proceedings pending or, to the Knowledge of the Company, threatened (a) by or against the Company or, to
the Knowledge of the Company, any Representatives of the Company in their capacities as such, or (b) to the Knowledge of the Company,
any Key Executive or the Seller in respect of matters relating to the Business. There are no material Orders outstanding against the
Company or otherwise affecting the Business. 
                  

5.6
Financial Statements.
                  

(a)
Schedule ‎5.6(a) sets forth a copy
of each of (i) the unaudited consolidated balance sheets of the Company as of December 31, 2019
and December 31, 2020 and the related consolidated statements of operations, cash flows, and changes in owner’s equity of the Company
for the fiscal years then ended (collectively, referred to as the “Annual Financial
Statements”), and (ii) the unaudited consolidated balance sheet of the Company as
of October 31, 2021 (the “Balance Sheet Date”), and the related consolidated
statements of operations, cash flows, and changes in owner’s equity of the Company for the
ten (10) month period then ended (collectively referred to as the “Interim
Financial Statements” and together with the Annual Financial Statements, the “Financial Statements”).
Each of the Financial Statements are based on the books and records
of the Business which have been regularly kept and maintained in accordance with GAAP.
The Financial Statements (x) fairly present, in all material respects, the financial condition
and results of operations of the Company as at the respective dates thereof and for the respective
periods indicated therein and (y) except as expressly set forth on the Working Capital Methodology Schedule, were prepared in accordance
with GAAP applied on a consistent basis, subject, in the case of the Interim
Financial Statements, to normal and recurring year-end adjustments (none of which are expected
to be material) and the absence of notes.
                  

(b)
The Company maintains a system of internal accounting
controls and procedures designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of their financial statements in accordance with GAAP. The Company has not identified or been made aware of (i) any significant deficiency
or material weakness in the system of internal accounting controls utilized by the Business, (ii) any fraud, whether or not material,
that involves the management of the Business or any personnel who have a role in the preparation of Financial Statements or the internal
accounting controls utilized by the Business, or (iii) any claim or allegation regarding any of the foregoing.
                  

    	-29-

     

    

 

5.7
No Undisclosed Liabilities. As of the date hereof, the Company does not have any liabilities required by GAAP to be reflected
on a consolidated balance sheet of the Company except for (i) liabilities reflected on and reserved against in the Financial Statements,
and (ii) liabilities that have arisen since the Balance Sheet Date in the ordinary course of business.
                  

5.8
Intellectual Property.
                  

(a)
Schedule ‎5.8(a) sets forth:
                  

(i)  
a complete and correct list of all (A) registered patents
and pending patent applications, (B) all registered trademarks, tradenames, and service mark registrations and applications to register
any trademarks (including domain names) therefor, (C) material unregistered trademarks, tradenames, and service marks, (D) copyright
registrations and applications therefor, (E) internet domain name registrations, in each case to the extent used in connection with the
Business, (F) Software, (G) any trade secrets, and (H) any other material Intellectual Property in which the Company has any ownership
stake, in each case, that are owned or purported to be owned by the Company, (collectively, the “Owned Intellectual Property”);
                  

(ii)
all Owned Intellectual Property in 5.8(a)(i)(A) through
(E) (“Registered Intellectual Property”) listed by type, including the file, application number, filing date, issuance
or grant date, jurisdiction and registration number for such each item of Registered Intellectual Property;
                  

(iii)
each license, sublicense, consent to use agreement,
settlement, coexistence agreement, covenant not to sue, waiver, release, or other express grants of right to use which the Company has
granted to any third party (excluding those non-exclusive licenses granted to customers during the purchase of the Company’s products
and services in the ordinary course of business) with respect to any Owned Intellectual Property (“IP Outbound Licenses”);
and
                  

(iv)
each item of Intellectual Property that any third party
owns and that the Company uses in connection with the Business pursuant to a license, sublicense, agreement or permission, in each case
other than licenses of commercially available off-the-shelf software licensed pursuant to shrink-wrap or click-wrap licenses (“IP
Inbound Licenses” and together with the IP Outbound Licenses, the “IP Licenses”).
                  

(b)
Except as set forth on Schedule ‎5.8(b):
                  

(i) The Owned Intellectual Property and the IP Inbound Licenses
include all of the Intellectual Property used or purported to be used in the Business, and there are no other items of Intellectual Property
that are required to operate the Business as currently conducted;
                  

    	-30-

     

    

 

(ii)
All Owned Intellectual Property is subsisting and solely
owned (both beneficially and with respect to registrations and applications, as the record owner) by the Company free and clear of all
Encumbrances, other than Permitted Encumbrances and to the Knowledge of the Company, all Owned Intellectual Property is valid and enforceable;
                  

(iii)
All fees have been timely paid and all required
communications and responses timely filed with regard to all Owned Intellectual Property subject to registration with a Governmental
Authority or other registrar, and the Company and their Representatives have complied with the duty of candor and disclosure, and have
not made any material misrepresentations in connection with the prosecution and maintenance of any patents and patent applications;
                  

(iv)
With respect to all Registered Intellectual Property,
all assignments that are or may be required to be filed or recorded in order to be valid or effective against bona fide purchasers without
notice of such assignment have been duly executed and filed or recorded with the U.S. Patent and Trademark Office or the U.S. Copyright
Office, as applicable, and any applicable Governmental Entity elsewhere. All of the Registered Intellectual Property has not been abandoned
or passed into the public domain;
                  

(v)
To the Knowledge of the Company, the Company owns,
or has a valid right to use free and clear of all Encumbrances (other than Permitted Encumbrances), all material Intellectual Property
used or held for use in, or necessary to conduct, the Business as currently conducted and as planned to be conducted, including to design,
develop, manufacture, license, market, distribute, maintain, repair, offer for sale, sell, or use the Company’s current products
and services, as well as any planned future products and services;
                  

(vi)
No grants, funding, facilities, or personnel of any
Governmental Authority or university, research institution or similar entity was used to develop or create (in whole or in part) any
Owned Intellectual Property;
                  

(vii) Neither the validity, enforceability nor scope of, nor
the Company’s title or other rights to, any Intellectual Property owned or purported to be owned by the Company, or to the Knowledge
of the Company, any other Intellectual Property used or held for use in conduct of the Business, including any Intellectual Property
licensed by the Company through the IP Inbound Licenses, is currently being, or has been since the Lookback Date, challenged in any Proceeding
or, to the Knowledge of the Company, threatened to be challenged in any Proceeding;
                  

(viii)   (A) there are no Proceedings pending or, to the Knowledge
of the Company, threatened against the Company or otherwise affecting the Business, alleging that the Company or, in connection with
the Business, any Person, is infringing, misappropriating or otherwise violating, or has since the Lookback Date, infringed, misappropriated
or otherwise violated any of the Intellectual Property rights of any third party Person; (B) there are no Proceedings pending or threatened
by the Company, or by any Person on behalf of the Business, against any Person alleging infringement, misappropriation or other violation
of any Owned Intellectual Property; (C) to the Knowledge of the Company, the operation or conduct of the Business (including the use
of any Intellectual Property), as currently conducted and conducted since the Lookback Date, has not infringed, misappropriated or otherwise
violated any Intellectual Property rights of any Person, and there has been no Proceeding asserted or, to the Knowledge of the Company,
threatened since the Lookback Date against the Company alleging the Company’s infringement, misappropriation, or violation of any
Intellectual Property rights of another Person and (D) to the Knowledge of the Company, since the Lookback Date, no Person has infringed
or otherwise violated any Owned Intellectual Property; and 
                  

    	-31-

     

    

 

(ix)
The consummation of the transactions contemplated hereby
will not result in the loss or impairment of the Company’s right to own or use any Owned Intellectual Property or Intellectual
Property licensed under the IP Inbound Licenses; and there are no third party consents or other permissions, with respect to any Owned
Intellectual Property or IP Inbound Licenses, required for the completion of the transactions contemplated hereby. 
                  

(x)
The Company does not jointly own, license or claim
any right, title or interest with any other Person of any Owned Intellectual Property.
                  

(c)
The Company has (i) taken commercially reasonable
measures, based on the Company’s best judgement, to protect the confidentiality of all of its material trade secrets and confidential
and proprietary information of the Business and (ii) executed either written confidentiality and invention assignment agreements
or written agreements incorporating confidentiality and invention assignment agreements or provisions with all of its present employees
and consultants who have been employed or engaged to develop Intellectual Property related to the Business and pursuant to which such
employees, contractors, officers and consultants have (A) assigned to the Company their rights in and to all Intellectual Property they
developed in the course of their engagement with the Company and (B) agreed to hold all trade secrets and confidential and proprietary
information of the Company in confidence both during and after their employment or engagement. No manager, director, officer, employee,
consultant, or other Representative of the Company owns or, to the Knowledge of the Company, claims any rights in any Intellectual Property
owned, purported to be owned, or used by the Company. Except as set forth on Schedule ‎5.8(c) (x) to the Knowledge of
the Company, no Person is in breach, in any material respects, of their respective confidentiality and invention assignment agreement,
and (y) to the Knowledge of the Company, there has not been any disclosure of or access to any material trade secret of the Company any
Person in a manner that has resulted or is reasonably likely to result in the loss of trade secret in and to such information.
                  

(d)
To the extent the Company collects and uses Personal
Information, the Company is, and for the past six (6) years has been, in compliance, in all material respects, with applicable Information
Privacy and Security Laws, contractual obligations regarding the privacy and security of Personal Information to which the Company is
subject, and the Company’s Privacy and Data Security Policies except as set forth on Schedule ‎5.8(d). The Company maintains
Privacy and Data Security Policies as are reasonably necessary to meet applicable Information Privacy and Security Laws (but in no case
less than a commercially reasonable standard) or ensure the confidentiality of Personal Information except as set forth on Schedule
‎5.8(d). Since January 1, 2016, the Company has not been notified of or been made aware of any Proceeding alleging a violation
of applicable Information Privacy and Security Law or its Privacy and Data Security Policies, nor, to the Knowledge of the Company, has
any such claim been threatened. Since January 1, 2016, there has been no material unauthorized access, use, disclosure, or breach of
Personal Information in the possession or control of the Company or any of their providers or other contractors that would trigger a
legal obligation for Company to notify individuals, regulatory authorities or other third parties under applicable Information Privacy
and Security Laws. Since January 1, 2016, the Company has not received any written notice or inquiry, from any regulatory agency responsible
for enforcing the Information Privacy and Security Laws or any other Person regarding its protection, storage, use, processing, or disclosure
of any Personal Information.
                  

    	-32-

     

    

 

(e) The
IT Systems are in sufficiently good working condition to effectively perform all information technology operations necessary for the
conduct of the Business as currently conducted and as currently contemplated to be conducted and include sufficient licensed
capacity (whether in terms of authorized sites, units, users, seats, or otherwise) as necessary to conduct the Business as currently
conducted and as currently contemplated to be conducted. The Company has maintained commercially reasonable administrative,
physical, and technical safeguards consistent with normal industry practice that are designed to (A) protect the confidentiality,
integrity and accessibility of IT Systems and information contained therein (including Intellectual Property, Personal Information,
and other information subject to confidentiality obligations), and (B) reasonably prevent against loss and unauthorized access, use,
modification, disclosure or other use of such information. Since the Lookback Date, the IT Systems (i) have not caused the Company
to fail to comply with any service level obligations in their Contracts with customers for the Company’s products or services
in any material respect, and (ii) to the Knowledge of the Company, none of the information (including Owned Intellectual Property,
Personal Information, and data owned by customers with which Company has a Contract) that the IT Systems store or process has been
corrupted.
                  

(f)
Schedule ‎5.8(f) (i) sets forth a true, correct,
and complete list of all Software licensed, used, reproduced, modified, or distributed by the Company (excluding any commercially available
off-the-shelf Software used by the Company) (collectively “Company Software”). All Company Software is either owned
by the Company or licensed to the Company under a valid and enforceable agreement. To the Knowledge of the Company, all payments due
under any license agreements for Company Software are reflected in the Financial Statements disclosed to the Buyer. To the Knowledge
of the Company, the Company has not used Open Source Software in any manner that would or could, with respect to any Company Software
or other Owned Intellectual Property: (i) require its disclosure or distribution in source code form, (ii) impose any restriction on
the consideration to be charged for the distribution thereof, (iii) grant, or purport to grant, to any third party, any rights or immunities
under Owned Intellectual Property; or (iv) impose any other material limitation, restriction, or condition on the right of the Company
with respect to its use or distribution.
                  

    	-33-

     

    

 

(g)
Schedule ‎5.8(g) lists all material Company
Data and Data Sets, including for each listed item, the source from which the data was derived or licensed, the owner of such Company
Data and Data Sets, and a brief description of the uses in the Business of the Company.
                  

(h)
The Company is not now nor has ever participated in
a patent pool or similar structure.
                  

5.9
Company Products and Technology.
                  

(a)
No Viruses, Spyware or Malware in Company Products.
To the Knowledge of the Company, no Company Products contain any “back door,” “time bomb,” “Trojan horse,”
“worm,” “malware,” “spyware,” “malicious code,” “drop dead device,” “virus”
or other software routines or hardware components designed or intended to have, or capable of performing, any of the following functions:
(i) disrupting, disabling, harming or otherwise impeding in any manner the operation of, or providing unauthorized access to, a computer
system or network or other device on which such code is stored or installed or (ii) damaging or destroying any data or file without the
user’s consent. To the Knowledge of the Company, none of the Company Products perform the following functions, without the knowledge
and consent of the owner or user of a computer system or device: (i) collect personal information stored on the computer system; (ii)
interfere with the owner’s or an authorized user’s control of the computer system or device; (iii) change or interfere with
settings, preferences or commands already installed or stored on the computer system or device without the knowledge of the owner or
an authorized user of the computer system or device; (iv) change or interfere with data that is stored, accessed or accessible on any
computer system or device in a manner that obstructs, interrupts or interferes with lawful access to or use of that data by the owner
or an authorized user of the computer system or device; (v) cause the computer system or device to communicate with another computer
system or device without the authorization of the owner or an authorized user of the computer system or device; or (vi) install a computer
program that may be activated by a Person without the knowledge of the owner or an authorized user of the computer system or device.
                  

(b)
The Systems used in the Business are sufficient to conduct
the Business. The Systems are in sufficiently good working condition to effectively perform all information technology operations necessary
for the conduct of the Business as currently conducted.
                  

(c)
“Company Products” means each
and all products manufactured, made commercially available, marketed, distributed, supported, sold, leased, imported for resale or licensed
out by or on behalf of Company, or which the Company intends to manufacture, make commercially available, market, distribute, support,
sell, lease, import for resale, or license.
                  

    	-34-

     

    

 

(d)
“Systems” means all software, computer
hardware (whether general or special purpose), servers, networks, platforms, peripherals, and other similar or related items of automated,
computerized and/or software systems and any other information technology (IT) networks and systems (including telecommunications networks
and systems for voice, data and video) used by Seller in connection with the conduct of the Business, including any such items provided
by a Third Party that are used by or relied on by Seller in connection with the operation or conduct of the Business.
                  

5.10
Compliance with Laws. The Company, and the operation of the Business are, and since the
Lookback Date have been, in compliance in all material respects with all Laws (including consumer product protection and safety Laws
and regulations). Neither the Company nor the Business are subject to any unsatisfied Order.
                  

5.11
Material Contracts. Schedule ‎5.11 sets forth, by applicable subsection, a correct and complete list of each of
the following types of Contracts (and each amendment and modification thereto) of the Company, or by which any of the Business’s
assets or properties are bound or subject to as of the date of this Agreement, but exclusive of Contracts constituting Company Plans
other than Existing Employment Agreements (such Contracts, whether or not listed on Schedule ‎5.11, and collectively
with the Existing Employment Agreements, Government Contracts and IP Licenses, hereinafter referred to as “Material Contracts”):
                  

(a) all Contracts pursuant
to which the Business (i) made payments to any third
party in the twelve (12) month period prior to the date hereof, in excess of $100,000 in the aggregate;
or (ii) received payments from any third party in the twelve (12) month prior to the date hereof,
in excess of $100,000 in the aggregate;
                  

(b)
all Contracts involving the performance of services
or delivery of goods or materials by or to the Company, or the Business, in excess of $10,000 in the aggregate (i) outside of the continental
United States or (ii) which are not terminable by the Company, without payment of penalty or premium on not more than sixty (60) days’
notice;
                  

(c)
all partnership, joint venture, tax
sharing or similar agreements involving a share of profits, losses,
costs or liabilities between the Company, on the one hand,
and a third party, on the other hand;
                  

(d)
all Contracts entered
into in connection with any merger, consolidation or other business combination or
any acquisition or disposition of a business or any
material assets and pursuant to which the Company
has an existing obligation; provided, that the foregoing shall not apply to non-disclosure
agreements entered into in connection therewith;
                  

(e)
all Contracts that contain or provide for “most
favored nations” terms or otherwise restrict the right of the Company or any of its Affiliates to (i) engage in any line of business
or geographic region with any Person, (ii) solicit any customers, suppliers, employees or contractors of any other Person, or (iii) compete
with any Person or sell any product;
                  

    	-35-

     

    

 

(f)
all collective bargaining or
similar agreements;
                  

(g)
All Contracts with professional employer organizations
or staffing or personnel agencies;
                  

(h)
(i) any indenture, mortgage, pledge, security agreement,
note or other Contract evidencing Indebtedness of the Company or otherwise placing an Encumbrance on any asset or property of the Company,
or the Business, (ii) any guaranty or any other evidence of liability for any Indebtedness or obligation of any other Person, or (iii)
any letter of credit, bond or other indemnity (including letters of credit, bonds or other indemnities as to which the Company is the
beneficiary but excluding endorsements of instruments for collection in the ordinary course of the operation of such entity);
                  

(i)
all Contracts with Material Customers;
                  

(j)
all Contracts with Material Suppliers;
                  

(k)
all outstanding powers-of-attorney granted by the Company
for any purpose whatsoever; 
                  

(l)
each form of Contract used by the Company as a standard
form in the ordinary course of business; 
                  

(m)
all outstanding Contracts
related to capital projects and capital expenditures in excess of $10,000
individually or $25,000 in the aggregate; and
                  

(n)
each other Contract
to which the Company is a party or by which it or
its assets are otherwise bound which is reasonably likely to
involve the payment to or by the Company of more
than $100,000 in the aggregate.
                  

The
Company has made available to the Buyer true and complete copies of each Material Contract (including all modifications, amendments and
supplements thereto and waivers thereunder). Neither the Company nor, to the Knowledge of the Company, any other party thereto, is in
breach of or default under (or is alleged to be in breach or default under) or has provided or received any notice of any intention to
terminate any Material Contract. Each Material Contract to which the Company is a party (x) is a legal and binding obligation of the
Company and, to the Knowledge of the Company, the other relevant parties thereto and (y) is in full force and effect, enforceable against
the Company and, to the Knowledge of the Company, the other parties thereto, in accordance with the terms thereof, except to the extent
that the enforceability thereof may be limited by the Equitable Exceptions. No Occurrence has occurred or exists which would constitute
an event of default under any Material Contract or result in a termination thereof or would cause or permit the acceleration or other
changes of any right or obligation or the loss of any material benefit thereunder.
                  

    	-36-

     

    

 

The
Company has no Contract, subcontract, grant agreement or other agreement entered into between the Company and a Governmental Authority,
including (i) any prime contractor or higher-tier subcontractor of a Governmental Authority in its capacity as a prime contractor or
subcontractor, or (ii) any lower-tier subcontractor in the Company’s capacity as a prime contractor or subcontractor to any Governmental
Authority.
                  

5.12 Taxes.
Except as set forth on Schedule ‎5.12:
                  

(a)
The Company has duly and timely filed all material
Tax Returns required to be filed by it on or before the Closing Date. All such Tax Returns have been completed in material compliance
with all applicable Laws, and are true, correct and complete. The Company has fully and timely paid all material Taxes required to be
paid by it (whether or not shown on any Tax Returns). The Company has withheld, collected and paid over to the appropriate Taxing Authority
all material Taxes required by Law to be withheld or collected from amounts paid or owing to any employee, equityholders, creditor, holder
of securities or other third party, and has materially complied with all information reporting (including IRS Form 1099) and backup withholding
requirements, including maintenance of required records with respect thereto.
                  

(b)
Since the Balance Sheet Date, the Company has not incurred
any liability for Taxes other than in the ordinary course of business, made or rescinded any material Tax election, changed any annual
Tax accounting period, adopted or changed any method of Tax accounting, filed any material amended Tax Returns, entered into any Tax
Sharing Agreement, or signed or entered into any closing agreement or settlement agreement with a Taxing Authority, settled or compromised
any Tax claim or assessment, or consented to any extension or waiver of the limitations period applicable to any claim or assessment,
in each case with respect to Taxes.
                  

(c)
The Company has never been a member of an affiliated
group within the meaning of Section 1504(a) of the Code (or any similar group defined under a similar provision of state, local, or foreign
Law) filing a consolidated Income Tax Return, nor does the Company have any liability for the Taxes of any Person under Treasury Regulations
Section 1.1502-6 or any analogous or similar provision of Law, as a transferee or successor pursuant to any Tax Sharing Agreement.
                  

(d)
The Company has not been subject to any audit
by any Taxing Authority for Taxes, and there is no dispute or claim concerning any Tax liability of the Company pending or, to the Knowledge
of the Company, threatened by any Taxing Authority. 
                  

(e) The Company (i) is not a party to or bound by any Tax
Sharing Agreement with any Person, or (ii) has no current or potential liability or obligation (for Taxes or otherwise) to indemnify
any other Person as a result of, or pursuant to, any such Tax Sharing Agreement.
                  

(f)
No claim has ever been made in writing by a Taxing Authority
in a jurisdiction where the Company does not file Tax Returns that the Company is or may be subject to any Tax Return filing requirements
or taxation by such jurisdiction.
                  

    	-37-

     

    

 

(g)
The Company has not waived any statute of limitations
for the period of assessment or collection of Taxes, or agreed to or requested any extension of time for the period with respect to a
Tax assessment or deficiency, which period (after giving effect to such extension or waiver) has not yet expired.
                  

(h)
There are no Encumbrances for Taxes upon the assets
of the Company, except for Permitted Encumbrances.
                  

(i)
The Company will not be required to include any item
of income in, or exclude any item of deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing
Date as a result of any (i) change in method of accounting for a taxable period beginning on or prior to the Closing Date pursuant to
Section 481 of the Code (or any similar provision of state, local or foreign Law); (ii) use of an improper method of accounting for a
taxable period ending on or prior to the Closing Date; (ii) “closing agreement” as described in Section 7121 of the Code
(or any corresponding or similar provision of state, local or foreign Law); (iii) intercompany transactions or excess loss accounts described
in Treasury Regulations under Section 1502 of the Code (or any corresponding or similar provision of state, local or foreign Law; or
(iv) installment sale or open transaction disposition made on or prior to the Closing Date.
                  

(j)
The Company has never been a party to any (i) “listed
transaction”, as defined in Section 6707A(c)(2) of the Code and Treasury Regulations Section 1.6011-4(b)(2), (ii) “transaction
of interest”, as defined in Treasury Regulations Section 1.6011-4(b)(6), (iii) transaction that is “substantially similar”
(within the meaning of Treasury Regulations Section 1.6011-4(c)(4)) to a “listed transaction” or “transaction of interest”,
or (iv) other transaction that required or will require the filing of an Internal Revenue Service Form 8886.
                  

(k)
No power of attorney has been given by or is binding
upon the Company with respect to Taxes or Tax Returns for any period for which the statute of limitations (including any waivers or extensions
thereof) has not yet expired.
                  

(l)
The Company (i) has not made an election pursuant to
Treasury Regulations Section 301.7701-3 to be treated as a corporation for U.S. federal Income Tax purposes, and (ii) is, and at all
times since its formation has been, properly classified as a disregarded entity for U.S. federal Income Tax purposes.
                  

(m) The Company has not deferred any obligation to pay Taxes
pursuant to Section 2302 of the CARES Act or any other similar Law, executive order or Presidential Memorandum (including the Presidential
Memorandum described in IRS Notice 2020-65) enacted in connection with COVID-19.
                  

5.13
Permits. Schedule ‎5.13 sets forth a correct and complete list of all Permits, of and from all Governmental Authorities
necessary for the lawful conduct of the Business as currently conducted as of the date hereof. The Company is not in default or violation
of any Permit in any material respect, and, to the Knowledge of the Company, no Occurrence has occurred that, with or without notice
or lapse of time or both, would constitute a default or violation, in any material respect, of any term, condition or provision of any
Permit, and no Proceeding is pending or, to the Knowledge of the Company, threatened to revoke, modify or terminate any Permit in any
material respect.
                  

    	-38-

     

    

 

5.14
Employee Benefit Plans.
                  

(a) Schedule ‎5.14(a)
contains a true and complete list of each “employee benefit plan” (within the
meaning of Section 3(3) of ERISA), stock purchase, stock option, phantom unit, performance
unit, profits interest or other equity or equity based, severance, employment, change-in-control,
retention, fringe benefit, collective bargaining, bonus, incentive (including cash or equity and equity based incentives), deferred
compensation, profit sharing, pension, retirement, health and welfare, paid time off and all other employee benefit plans,
agreements, programs, policies or other arrangements, whether or not
subject to ERISA, which is maintained, sponsored, contributed to, or required to be
contributed to, by the Company for the benefit of any
current or former service provider of the Company or under
which the Company or any ERISA Affiliate has any liability.
All such plans, agreements, programs, policies and arrangements shall be collectively referred to as
the “Company Plans.”
                  

(b)
With respect to each Company Plan, the Company has made
available to the Buyer true, correct, and complete copies of the following documents, to the extent applicable: (i) the current plan
document, including all amendments thereto, and in the case of unwritten Company Plan, written descriptions of the material terms thereof;
(ii) each insurance contract, trust agreement or other funding arrangement; (iii) the most recent summary plan description and summary
of material modifications thereto; (iv) the three (3) most recent annual reports on Forms 5500 (including any applicable schedules and
attachments thereto) filed with the IRS, to the extent not publicly available at www.dol.gov; and (v) all material correspondence within
the past three (3) years with the IRS, the Department of Labor, or any other Governmental Authority regarding the operation or administration
of the Company Plan. 
                  

(c) Neither the Company, nor any ERISA Affiliate contributes
to, has contributed to, or has any liability (either potential
or assessed) under any (i) pension plan that is subject to Title IV of ERISA, Section 302
of ERISA or Section 412 of the Code, including a “multiemployer plan” as defined in Section
3(37) of ERISA, (ii) a “multiple employer welfare arrangement” (as defined in Section 3(40) of ERISA), (iii) a “multiple
employer plan” (within the meaning of Section 413(c) of the Code), or (iv) a “welfare benefit trust” or “voluntary
employees beneficiary association” within the meaning of Section 419, 419A or 501(a)(9) of the Code.
                  

(d)
(i) Each Company Plan
has been established and administered in accordance with its terms in all material respects, and in compliance with, in all material
respects, the applicable provisions of ERISA, the Code and
other applicable Laws, rules and regulations; (ii) each Company
Plan which is intended to be qualified within the meaning of Section 401(a)
of the Code has received a favorable determination letter from the IRS,
or is a prototype plan that is entitled, under applicable IRS guidance, to rely on a favorable opinion letter issued by the IRS to the
prototype plan sponsor, as to its tax qualification under Section 401(a) of the Code and
the exemption of the related trust from federal income taxation under Section 501(a) of the Code, and to
the Knowledge of the Company, nothing has occurred that would or
would reasonably be expected to cause the loss of such qualification; and (iii) the Company
does not have any liability or obligation to provide health
or death benefits with respect to current or
former employees of the Company beyond their termination of employment (other than coverage
mandated by Law).
                  

    	-39-

     

    

 

(e)
There is no pending, or,
to the Knowledge of the Company, threatened or
anticipated Proceeding relating to any Company
Plan (other than routine claims for benefits and appeals of such claims), any trustee or fiduciaries
thereof or any of the assets of any trust of any Company
Plan. No Company Plan has since the Lookback Date been the subject of an examination or
audit by any Governmental Authority. To the Knowledge of Company, there has been no non-exempt
prohibited transaction or fiduciary breach with respect to any
Company Plan for which the Company could be liable (either
directly or through indemnification).
                  

(f)
Each Company Plan that is a “non-qualified deferred
compensation plan” within the meaning of Section 409A(d)(1) of the Code and any award thereunder, in each case that is subject
to Section 409A of the Code, has been administered and drafted or amended, in such a manner so that the additional Tax described in Section
409A(1)(B) of the Code will not be assessed against any individual participating in any such non-qualified deferred compensation plan
with respect to benefits due or accruing thereunder.
                  

(g)
Except as set forth on Schedule ‎5.14(g),
the consummation of the transactions contemplated by this Agreement (either alone or
in connection with another event) will not: (i) accelerate the time of payment or vesting,
increase the amount of compensation due, or result in the payment of compensation to any current
or former employee, officer, independent contractor or other service provider of the Company;
or (ii) result in the triggering or imposition of any restrictions
or limitations on the right of the Company to amend or
terminate the Company Plan. No amount that will be received (whether in cash or
property or vesting of property), or benefit provided
to, any officer, director or employee of the Company
who is a “disqualified individual” (as such term is defined in proposed Treasury Regulation
1.280G-1) under any employment, severance or termination agreement,
other compensation arrangement or benefit plan currently in effect as a result of the transaction
contemplated by this Agreement will be an “excess parachute payment” (as such term
is defined under 280G(b)(1) of the Code); and no such person is
entitled to receive any additional payment from the Company
in the event that the excise tax under 4999(a) of the Code
is imposed on such person.
                  

(h)
To the extent required, all Company Plans have been
fully funded, all social security, pension and similar contributions and payments required to be made by the Company with respect to
any Company Plan have been fully paid when due.
                  

    	-40-

     

    

 

5.15
Employee and Labor Matters. 
                  

(a)
Schedule ‎5.15(a)
sets forth a true, correct and complete listing, as of the date hereof, of all employees who are engaged in the Business of
the Company (collectively, the “Company Employees”), all individuals performing
services for the Company or the Business as independent contractors, and all leased employees (as defined in Section 414(n) of the Code)
of the Company or hired in connection with the Business, including each such Person’s name, (or employee ID, if names are anonymized),
employing or engaging entity, job title or function and job location (by city, state and country), as well as a true, correct and complete
listing of his or her salary, hourly wage or fees payable by Seller for the current and previous three (3) calendar years, as applicable,
the amount of all earned incentive compensation paid or payable to such Person as of the date hereof and as of December 31 of the previous
three (3) calendar years, the amount of accrued but unused vacation time and/or paid time off, each as of the date hereof and for the
previous three (3) calendar years, whether any Company Employee is on an employer-sponsored non-immigrant visa and if so, the type and
expiration date, and each Company Employee’s current status (as to (i) leave of absence status, and (ii) full time or part time,
(iii) exempt or nonexempt and (iv) temporary or permanent status). Except as set forth on Schedule ‎5.15(a),
Seller has not paid or promised to pay any bonuses, commissions or incentives to any Company Employee, including any officer, manager
or director. Each Person who provides services to the Company
is properly classified with respect to employment status for all purposes, including
employment, wage and hour, contractor status, FICA and Medicare Tax contributions and compliance and Tax
purposes. Seller is, and since the Lookback Date has been, in material compliance with all Laws
applicable to Company Employees that relate to the employment of workers, including
provisions thereof relating to the classification of workers, wages, hours, equal opportunity,
collective bargaining, immigration, verification of work authorization, health and safety (including COVID-19), discrimination, harassment,
retaliation, leave entitlements, and the payment of FICA, Medicare and other Taxes.
                  

(b)
Schedule ‎5.15(b)
sets forth a true and complete list of each separate written employment, consulting, severance, retention, indemnification,
termination or change-of-control Contract between Seller and any individual employee, officer, director, contractor or other Representative
of the Company engaged in the Business as of the date hereof, except for at-will offer letters provided to employees who earned less
than $115,000 in 2020 and who do not have severance, change-of-control or similar termination provisions
in their offer letters (collectively, the “Existing Employment Agreements”).
                  

(c) To the Knowledge of the Company, no officer of the Company
or Company Employee at the level of manager or higher, and no independent contractor or leased employee whose departure would materially
disrupt the operations of the Business has disclosed any plans to terminate his or her employment with Seller or relationship with the
Company. 
                  

(d)
Seller has paid or made provisions for payment of all
salaries, wages, fees or other compensation, FICA and Medicare Tax contributions, overtime pay, and accrued vacation, which are payable
by the Company or Seller to any Company Employees, or to independent contractors and leased employees engaged in the Business, respectively,
accrued through the Closing Date and to the Knowledge of the Company, neither the Company nor the Business is engaged in any unfair labor
practices.
                  

    	-41-

     

    

 

(e) Seller is not a party to any labor, union or collective
bargaining agreement or other similar agreement applicable to any Company Employees, and no union or labor organization has been certified
or recognized as the representative of any Company Employees, or to the Knowledge of the Company, is seeking such certification or recognition
or is attempting to organize any Company Employees. There is no pending or, to the Knowledge of the Company, threatened, labor strike,
walk-out, slowdown, work stoppage, lockout or other similar labor activities with respect to the Company, or the Business. To the Knowledge
of the Company and Seller, neither Seller nor the Company is subject to any unfair labor practice charges against Seller or the Company
with respect to Company Employees before the National Labor Relations Board, charges of discrimination, harassment or retaliation before
the Equal Employment Opportunity Commission or any similar state, local or foreign Governmental Authority responsible for the prevention
of unlawful employment practices or any whistleblower claims by or with respect to Company Employees against the Company or Seller before
any Governmental Authority, including the U.S. Department of Labor Occupational Safety and Hazard Administration (“OSHA”)
or any state counterpart. To the Knowledge of the Company and Seller, no petition has been filed nor has any proceeding been instituted
by any Company Employee or group of Company Employees with the National Labor Relations Board or similar Governmental Authority seeking
recognition of a collective bargaining representative. To the Knowledge of the Company and Seller, there are no Persons attempting to
represent or organize or purporting to represent for bargaining purposes any of the Company Employees.
                  

(f) The
Company and Seller have not received notice of the intent of any Governmental Authority responsible
for the enforcement of labor or employment Law or any other
Laws, including orders relating to the novel coronavirus (SARS CoV-2019) known as COVID-19 or any evolution or variant
thereof (collectively, “COVID-19”), to conduct an investigation with
respect to Company Employees relating to compliance
with or an alleged violation or breach of any Seller
or Company policy or practice, or any policy or
practice of the Business, or Law applicable thereto and, to the Knowledge
of the Company, no such investigation is in progress. The Company is and at all relevant
times has been in compliance with in all material respects all applicable COVID-19 related safety and health standards and
regulations issued and enforced by OSHA and any applicable OSHA-approved state plan with respect to Company Employees.
                  

(g)
During the past twelve (12) months, neither the Company
nor Seller has effectuated: (i) a “plant closing” (as defined in the WARN
Act, or any similar Law) affecting any site of employment
or one or more facilities or
operating units within any site of employment or facility of the Company,
or the Business; or (ii) a “mass layoff”
(as defined in the WARN Act, or any similar Law) affecting
any site of employment or facility of the Company, or the
Business. 
                  

(h)
Seller has made available to the Buyer the U.S. Citizenship
and Immigration Services Form I-9 (Employment Eligibility Verification) and all other records, documents, or other papers that are required
to be retained with Form I-9 by the Company, including E-Verify reports, that it has in its records for each Company Employee located
in the United States.
                  

    	-42-

     

    

 

(i)
Seller has not had any material workforce changes with
respect to Company Employees resulting from disruptions due to COVID-19, any economic effect thereof or COVID-19 Measures, including
any actual or expected terminations, layoffs, furloughs or shutdowns (whether voluntary or by law), or any material changes to benefit
or compensation programs. For purposes of this Agreement, “COVID-19 Measures” means any quarantine, “shelter
in place,” “stay at home,” workforce reduction, social distancing, shut down, closure, sequester or any other law,
recommendation or directive, by any Governmental Authority in connection with or in response to COVID-19, including, but not limited
to, the CARES Act, the Families First Coronavirus Response Act of 2020 (“FFCRA”) or any similar applicable federal,
state or local law. Except as set forth on Schedule ‎5.15(i), the Company has not claimed any employee retention credit under
the CARES Act with respect to Company Employees. Seller is and has at all relevant times been in compliance
with the paid and unpaid leave requirements of the FFCRA with respect to Company Employees. To the extent Seller has granted any Company
Employees paid sick leave or paid family leave under the FFCRA, then it has obtained and retained all required documentation required
to substantiate eligibility for sick leave or family leave tax credits.
                  

5.16
Environmental Compliance. The Company is, and since the Lookback Date has been, in compliance in all material respects with all
Environmental Laws and has not (i) received from any Person any Environmental Notice or written Environmental Claim that has not been
resolved, or (ii) been party to any order, decree or settlement issued pursuant to Environmental Law, and except for the requirements
of ISRA addressed in Section 7.18 hereof, is not aware of any facts or circumstances that would be reasonably likely to result in any
future Environmental Notice or Environmental Claim. The Company is, and since the Lookback Date have been, in compliance in all material
respects with all Permits made or granted pursuant to Environmental Laws necessary for the operation of the Business as currently conducted
on the date hereof. There has been no Release of Hazardous Substances by the Company that is reasonably likely to result in material
costs or material liabilities to the Company. The Company has not received any Environmental Notice or Environmental Claim that any real
property currently or formerly operated or leased in connection with the Business (including soils, groundwater, surface water, buildings
and other structure located on any such real property, or any third party disposal sites to or at which the Company’s wastes were
disposed) has been contaminated with a Release of any Hazardous Substance for which the Company is, or is reasonably likely to be, responsible
under contract or pursuant to any Environmental Law.
                  

5.17
Insurance. 
                  

(a)  
Schedule ‎5.17(a)
lists each material policy and binder of insurance of the Business (including property, casualty, liability, workers’
compensation and bonding arrangements) and fidelity bond maintained by the Company (collectively, the “Insurance
Policies”). The Company has provided or made available to Buyer true, correct and complete copies of the Insurance Policies.
All Insurance Policies are in full force and effect. All premiums due and payable as of the date of this Agreement under the Insurance
Policies have been paid in full or have been fully accrued for on the Financial Statements.
                  

    	-43-

     

    

 

(b)
The Company has not received (i) written notice of cancellation
or non-renewal of any Insurance Policy or (ii) any written notice of denial of coverage or reservation of rights with respect to any
pending claims against any such Insurance Policy. The Company is not in material breach or material default. There are no claims by the
Company pending under any Insurance Policy.
                  

5.18
Real Property. 
                  

(a)
The Company does not own any real property.
                  

(b)
Schedule ‎5.18(b)
sets forth a list of all real property leased or subleased (the “Leased
Real Property”) by the Company or used in connection with the operation of the Business
(the Contracts pursuant to which such Leased
Real Property is leased being the “Leases”). With respect to
the Leases, neither the Company, nor, to the Knowledge
of the Company, any other party to any such Lease,
is in breach of or default under such Lease in any material
respect. Each Lease to which the Company is a party (i)
is a legal and binding obligation of the Company, and, to the Knowledge of the Company, the other
relevant parties thereto and (ii) is in full force and effect, enforceable against the Company,
and, to the Knowledge of the Company, the other parties thereto, in accordance with the terms thereof, except
to the extent that the enforceability thereof may be limited by the Equitable Exceptions. The Company
has accepted possession of the Leased Real Property demised pursuant to
each Lease and is in actual possession thereof and has not sublet, assigned, encumbered
or hypothecated its leasehold interest. Except as set forth on Schedule ‎5.18(b),
the Company has all right, title, and interest in all leasehold estates and other rights purported
to be granted to it by each Lease,
in each case free and clear of any Encumbrance, other than Permitted Encumbrances. No Occurrence
has occurred or exists which, with notice or lapse of time or both, would constitute an event of default under any Leased Real Property
or result in a termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss
of any material benefit thereunder.
                  

(c) There are no eminent domain, condemnation or
other similar proceedings pending or, to the Knowledge
of the Company, threatened against the Company or otherwise affecting any portion of Leased
Real Property, and the Company has not received any notice of the same. The current use
of the Leased Real Property does not violate in any material respect any instrument of record
or agreement affecting the Leased Real Property, and there is
no violation of any covenant, condition, restriction, easement or order of any Governmental Authority having jurisdiction over the Leased
Real Property or the use or occupancy thereof, except for such violations that would not materially interfere with the continued use
and operations for the Business as currently conducted.
                  

(d)
The Leased Real Property,
is in compliance in all material respects with all applicable building, zoning, subdivision, health and safety and other land use and
similar applicable Laws affecting the Leased Real Property,
and the Company has not received any notice of any violation or claimed violation by any of them
of any such Laws with respect to the Leased
Real Property which have not been resolved.
                  

    	-44-

     

    

 

(e)
There are no proposed special assessments, or
proposed material changes in property Tax or land use or
other Laws affecting the Leased Real Property.
                  

(f)
There is no pending or,
to the Knowledge of the Company, threatened Proceeding
that would interfere with the use or quiet enjoyment of any of the Leased
Real Property by the Company prior to the Closing.
                  

(g)
The Leased Real Property is adequate to service the
normal operations of the Company at each Leased Real Property as conducted in the last twelve (12) months and, all Permits required in
connection with the normal operation of the Leased Real Property as operated in the last twelve (12) months have been obtained and are
in full force and effect. 
                  

5.19
Title to Assets.
                  

(a)
The Company has good and valid title to, or a
valid leasehold interest in or other valid right to use, all assets and properties that are material to the operation of the Business
and (a) are reflected on Schedule ‎5.19, (b) reflected in the Interim Financial Statements, or (c) were acquired since
the Balance Sheet Date or are otherwise used in the operation of the Business (except in each case for assets and properties disposed
of since the Balance Sheet Date in the ordinary course of business consistent with past practice). All such assets and properties (other
than assets and properties disposed of since the Balance Sheet Date in the ordinary course of business consistent with past practice)
are held free and clear of all Encumbrances other than Permitted Encumbrances.
                  

(b)
To the Knowledge of the Company, the buildings, plants,
structures, furniture, fixtures, machinery, equipment, vehicles and other items of tangible personal property used in the operation of
the Business are materially structurally sound, are in good operating condition and repair, and are adequate for the uses to which they
are being put, and none of such buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and other items of
tangible personal property is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not material
in nature or cost.
                  

(c)
Except as set for the on Schedule ‎5.19(c),
immediately following the consummation of the transactions contemplated by this Agreement, the Company will own or have the right to
use all assets (whether tangible, intangible or mixed) reasonably necessary for the continued conduct of the Business after the Closing
in the same manner as conducted immediately prior to the Closing.
                  

5.20
Related Party Transactions. Except as set forth in Schedule ‎5.20 or
as provided under Company Plans, (a) the Company is not a party to, and, since the Lookback Date, has not been a party to any Contract
with any Related Party, (b) there are no loans, leases or other agreements or transactions between the Company, on the one hand, and
any Related Party, on the other hand, (c) to the Knowledge of the Company, no Key Executive or Related Party has any direct or indirect
financial interest in any other entity, business or enterprise that has any business arrangement or relationship with the Company, (d)
no Key Executive or Related Party has any interest in any property, asset or right used by the Company, except for employment-related
compensation received in the ordinary course of business consistent with past practice, (e) the Company does not have any liability or
any other obligation of any nature whatsoever to any Key Executive or Related Party and no Related Party has any claim or right against
the Company, or the Business, and (f) since the Lookback Date there has not been, and there is not currently, pending, or, to the Knowledge
of the Company, threatened, any proceeding against any current or former Related Party with respect to which the Company has an indemnification
obligation. Any Contracts between the Company and any Affiliates are terminable by the Company upon not more than thirty (30) days’
notice, without payment of penalty or premium of any kind. 
                  

    	-45-

     

    

 

5.21
Absence of Certain Changes or Events. Except as set forth on Schedule ‎5.21,
during the period from the Balance Sheet Date through the date hereof, (a) the Company has conducted the Business in the ordinary course
of business consistent with past practice (other than with respect to the sale process in connection with the transactions contemplated
by this Agreement), (b) there has been no Material Adverse Effect, and (c) the Company has not taken any action that, if taken after
the date of this Agreement, would require the consent of the Buyer pursuant to Section ‎7.1. 
                  

5.22
Customers and Suppliers. Schedule ‎5.22 lists: (a) the fifteen (15) largest customers of the Business, measured by
the aggregate revenues attributable to each during the twelve (12) month period preceding the date hereof (the “Material Customers”),
and (b) the ten (10) largest suppliers and vendors of the Business, measured by the aggregate expenditures attributable to each during
the twelve (12) month period preceding the date hereof (the “Material Suppliers”). Except as set forth on Schedule
‎5.22, no such Material Customer or Material Supplier (x) has terminated or materially reduced the amount of business transacted
with the Company, or the Business from that which has been conducted with the Company, or the Business since January 1, 2020, or (y)
provided written notice to the Company of its intention to do any of the foregoing in clause (x). 
                  

5.23
Illegal Business Practice Laws. 
                  

(a)
Since the Lookback Date, the
Company, and its current and former Representatives (when acting in such capacity or otherwise on behalf of the Company, or the Business),
have complied with all Illegal Business Practice Laws. Since the Lookback Date, none of the current or former Representatives of the
Company: (i) are using or since the Lookback Date have used, any Business funds for any illegal contributions, gifts, entertainment
or other unlawful expenses relating to political activity or for reimbursement, in whole or in part, of any such expenditure; (ii) are
using or has used, any Business funds for any direct or indirect unlawful payments to any person, including any foreign or domestic government
officials or employees; (iii) are violating or has violated, any provision of the Foreign Corrupt Practices Act of 1977, U.K Bribery
Act of 2010, or any other Illegal Business Practice Law; (iv) are maintaining or has established or maintained, any unlawful or unrecorded
fund of Business monies or other properties; (v) have made, at any time since their respective dates of formation, any false or fictitious
entries on the books and records of the Company; (vi) have made any bribe, rebate, payoff, influence payment, kickback or other unlawful
payment of any nature, or have otherwise engaged in any pay-for-play practices, using any funds or otherwise on behalf of the Company,
or the Business; or (vii) have, directly or indirectly, provided or paid any material favor or gift that is not deductible for federal
income tax purposes using Business funds or otherwise on behalf of the Company, or the Business. 
                  

    	-46-

     

    

 

(b)
Since the Lookback Date, the
Company (i) has not received any notice, request, allegation or citation from any source, alleging actual or potential violation of any
Illegal Business Practice Laws or (ii) made a voluntary disclosure to any Governmental Authority or similar agency with respect to any
alleged act or omission arising under or relating to any noncompliance with any Illegal Business Practice Laws. The Company (i) has instituted
policies and procedures reasonably designed to ensure compliance with the Illegal Business Practice Laws, (ii) has maintained and maintains
such policies and procedures in force and (iii) has complied with such policies and procedures including the proper maintenance of books
and records. 
                  

(c)
The Company (i) does not have any pending voluntary
self-disclosures with respect to applicable export or reexport
control or sanctions Laws, orders or
regulations of any and all applicable jurisdictions, including the United States and any
jurisdiction in which the Company is established or from which
it exports or reexports any items or in which it provides
services, including the Export Administration Regulations with
the Bureau of Industry and Security of the U.S. Department of Commerce, sanctions and embargo executive orders and regulations administered
by the Office of Foreign Assets Control of the U.S. Treasury Department and the International
Traffic in Arms Regulations administered by the Directorate of Defense Trade Controls of the U.S.
State Department, all as amended from time to time (collectively,
“Export Control Laws”), (ii) has received written notice from
any Governmental Authority that the Company is under criminal or
civil investigation concerning any of the Export Control Laws, or (iii) has any activities,
directly or indirectly, in any country or territory, or with respect to any Person or entity organized under the Laws of or located in
a country or territory, that is subject to comprehensive sanctions by the United States, including as of the date of this Agreement,
Cuba, Iran, North Korea, Syria, and the Crimea region of Ukraine.
                  

(d)
The Company has
at all times acted without violation and in compliance in all material respects with Export Control Laws. The Company (i) has instituted
policies and procedures reasonably designed to ensure compliance with Export Control Laws, (ii) has maintained and maintains such policies
and procedures in force, and (iii) has complied with such policies and procedures in all material respects.
                  

(e) The Company has not received any written notice from
any Governmental Authority of non-compliance with any of the Export
Control Laws which could subject the Company to material civil or
criminal fines, penalties or other measures.
                  

    	-47-

     

    

 

5.24
CARES Act. Except as set forth on Schedule ‎5.24, the Company has not directly or indirectly, sought, pursued, applied
for, claimed, obtained, received, accepted or otherwise availed itself of any loan, grant, funding, tax benefit or other benefit, relief
or assistance under (a) the CARES Act (including any loan or other benefit under the Paycheck Protection Program administered by the
U.S. Small Business Administration and pursuant to the CARES Act), (b) any government program established or expanded thereunder,
related thereto or funded thereby or (c) any other legislation enacted, any rule or regulation promulgated, or any other program established
or expanded, by any Governmental Authority in connection with, or in response to, COVID-19 or designed to provide economic or other benefit,
relief or assistance to Persons in connection therewith or in relation thereto (including (i) the U.S. Small Business Administration’s
Economic Injury Disaster Loan program, (ii) the U.S. Small Business Administration’s Paycheck Protection Program, and (iii) any
program or facility established or expanded by the Federal Reserve Bank in response to COVID-19, including the Main Street Lending Program,
the Main Street New Loan Facility, the Main Street Priority Loan Facility, the Main Street Expanded Loan Facility, the Primary Market
Corporate Credit Facility and the Secondary Market Corporate Credit Facility).
                  

5.25
Bank Accounts; Powers of Attorney. Schedule ‎5.25 sets forth a (i) a true and complete list of the names and locations
of all banks, trust companies, securities brokers and other financial institutions at which the Company, or the Business has an account
or safe deposit box or maintains a banking, custodial, trading or other similar relationship (collectively, the “Bank Accounts”),
(ii) a true and complete list and description of each such Bank Account, indicating in each case the account number and the names of
the respective Representatives of the Company, or the Business having signatory power with respect thereto and (iii) a true and complete
list of the names of all Persons holding general or special powers of attorney from the Company, or the Business and a summary of the
terms thereof.
                  

5.26
Solvency. No insolvency proceeding of any character, including, bankruptcy, receivership, reorganization, composition or arrangement
with creditors, voluntary or involuntary, affecting the Company, any of their assets or properties, or the Business, is pending or, to
the Knowledge of the Company, threatened. The Company has not taken any action in contemplation of the institution of any such insolvency
proceedings. No obligation is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder,
delay or defraud either present or future creditors of the Company, the Business, the Seller or any of their Affiliates.
                  

5.27
Brokers. Except for Craig-Hallum Capital Group LLC, no broker, finder or similar intermediary has acted for or on behalf of the
Company in connection with this Agreement or the transactions contemplated hereby, and no broker, finder, agent or similar intermediary
is entitled to any broker’s, finder’s or similar fee or other commission in connection therewith based on any agreement with
the Company or any action taken by them.
                  

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Article
6

REPRESENTATIONS AND WARRANTIES OF THE BUYER
                  

Except
as otherwise expressly set forth on the Disclosure Schedules attached hereto, the Buyer represents and warrants to the Seller as of the
date hereof as follows:
                  

6.1
Organization. The Buyer is a corporation duly organized, validly existing and in good standing under the Laws of the jurisdiction
in which it is organized.
                  

6.2
Binding Obligations. The Buyer has all requisite authority and power to execute, deliver and perform this Agreement and each Transaction
Document to which it is a party, to perform its obligations hereunder and thereunder, and to consummate the transactions contemplated
hereby and thereby. All acts or proceedings required to be taken by the Buyer to authorize the execution and delivery of this Agreement
and the Transaction Documents to which it is a party and the performance of the Buyer’s obligations hereunder and thereunder have
been duly and validly authorized by all necessary action on the part of the Buyer. This Agreement and each Transaction Document to which
the Buyer is a party has been duly executed and delivered by the Buyer and, assuming that this Agreement constitutes the legal, valid
and binding obligations of each other Party, constitutes the legal, valid and binding obligations of the Buyer, enforceable against the
Buyer in accordance with its terms, except to the extent that the enforceability thereof may be limited by the Equitable Exceptions.
                  

6.3
No Defaults or Conflicts. 
                  

(a)
The execution, delivery and performance by the
Buyer of this Agreement and each Transaction Document to which it is a Party and the consummation by the Buyer of the transactions contemplated
hereby and thereby (whether with notice, lapse of time or both) (i) do not result in any violation of the applicable Organizational
Documents of the Buyer, (ii) do not require the consent, notice or other action by any Person under, conflict with, result in a
violation or breach of, constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate,
modify or cancel any Contract to which the Buyer is a party or by which it is bound or to which its properties are subject, and (iii) do
not violate in any material respect any existing applicable Law, rule, regulation, judgment, order or decree of any Governmental Authority
having jurisdiction over the Buyer.
                  

(b)
No authorization or approval or other action by, and
no notice to or filing with, any Governmental Authority will be required to be obtained or made by the Buyer in connection with the execution,
delivery and performance by the Buyer of this Agreement and the consummation by the Buyer of the transactions contemplated hereby, other
than such as have been obtained or made or which the failure to obtain would not reasonably be expected to have a material adverse effect
on the Buyer’s ability to consummate the transactions contemplated hereby.
                  

6.4
Brokers. Other than B. Riley Securities, no broker, finder or similar intermediary has acted for or on behalf of the Buyer in
connection with this Agreement or the transactions contemplated hereby, and no broker, finder, agent or similar intermediary is entitled
to any broker’s, finder’s or similar fee or other commission in connection therewith based on any agreement with the Buyer
or any action taken by the Buyer.
                  

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6.5
R&W Insurance Policy. Prior to the execution of this Agreement, Buyer has delivered to Seller a true and correct and complete
copy of the R&W Insurance Policy, which is attached to this Agreement as Exhibit D. The R&W Insurance Policy has not been
revoked or terminated nor do conditions exist that would render such documents void or voidable except for any such conditions expressly
set forth in the R&W Insurance Policy or related binder. The R&W Insurance Policy is a binding and enforceable obligation of
Buyer and, to the Knowledge of Buyer, each of the other respective parties thereto with respect to the R&W Insurance Policy, subject
only to the terms and conditions set forth in the R&W Insurance Policy and in the related binder. Buyer has fully paid, or will timely
fully pay, any and all premiums, fees, expenses and Taxes in connection with the R&W Insurance Policy that are currently due and
payable.
                  

6.6
Financing. Buyer has, as of the date hereof, and will continuously have available to it at all times prior to the Closing (either
in the form of cash on hand and/or available and usable capacity under its existing credit facilities) and at the Closing will have,
in the form of cash, sufficient funds to consummate the transactions contemplated by this Agreement, including the payment of all amounts
payable pursuant to ‎Article 2. Buyer expressly acknowledges and agrees that Buyer’s ability to obtain financing is
not a condition to its obligations under this Agreement.
                  

Article
7

COVENANTS
                  

7.1
Conduct of the Business Prior to the Closing. Except
as contemplated by this Agreement or as set forth on Schedule ‎7.1, from the date hereof until the earlier of the Closing
and the termination of this Agreement, the Company shall, and the Seller shall cause the Company to (1) use commercially reasonable efforts
to, (x) operate the Company and the Business in the ordinary course of business in all material respects and consistent with past practice,
and (y) preserve intact the Business’s present business, organization, assets and operations and maintain its relations and goodwill
with its material suppliers, customers, employees, and others having a material business relationship with the Company in all material
respects, and (2) not undertake any of the following actions without the prior written consent of the Buyer (which consent shall not
be unreasonably withheld, conditioned or delayed; provided, that with respect to
those items marked with an *, Buyer may withhold its consent for any reason, or for no reason, in Buyer’s sole discretion) and
notwithstanding anything to the contrary contained herein, the parties hereto acknowledge and agree that nothing in this Section ‎‎7.1
shall apply to or restrict the Seller or Seller’s business (other than with respect to the Company and the Business or as expressly
contemplated in this Agreement): 
                  

(a) *amend or otherwise
change its Organizational Documents; 
                  

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(b)
*adopt any plan of merger, consolidation, reorganization,
liquidation or dissolution or filing of a petition in bankruptcy under any provisions of federal or state bankruptcy Law or consent to
the filing of any bankruptcy petition against it under any similar Law of the Company;
                  

(c)
*(i) issue, sell, transfer, dispose of or
encumber any of its Equity Interests, (ii) redeem, purchase or
otherwise acquire, or make or declare any dividend or any other distribution in respect of, any of its Equity
Interests, or (iii) effect any recapitalization, reclassification, profits interests or
like change in capitalization;
                  

(d)
sell, transfer, lease, license, sublicense, or
otherwise dispose of any property or assets having a value in excess of $50,000,
other than in the ordinary course of business;
                  

(e) *other than in the ordinary course of business consistent
with past practice (i) incur, forgive, guarantee or modify any Indebtedness or subject any properties or assets of the Business to any
Encumbrances (other than Permitted Encumbrances), or (ii) make any loans or advances to any third party;
                  

(f)
(i) with respect only to Company Employees, grant
or announce any new Company Plan, make any awards or grants under any existing Company Plan or, except as required by Law or as made
in the ordinary course consistent with past practice, make any material change in any benefits under any Company Plan or the wages, salaries,
compensation, bonuses, or incentives payable to any Company Employee or independent contractor providing similar services, (ii) adopt,
amend or terminate any employment agreement for a Company Employee whose base salary is at least
$150,000, (iii) implement any layoffs of Company Employees that could implicate the WARN Act, or (iv) hire or engage any
individual on a full-time, part-time, consulting, independent contractor, or other basis with the Company, except for any Company Employee
with an annualized salary or equivalent compensation not in excess of $150,000, provided, however, it shall not be a violation of this
Section ‎7.1 for Seller (x) to transfer Company Employees to the Company or amend any Material Contract in order to implement any
such transfer, or (y) to modify the Seller Handbook, or any other Seller employment policy, to clarify that a Company Employee’s
termination of employment with Seller as a result of a transfer pursuant to clause (x) or the Closing does not entitle such Company Employee
to the payment of accrued unused vacation or to the payment of Severance Pay;
                  

(g)
*enter into, adopt, amend, or
terminate any collective bargaining agreement, works council agreement,
trade union agreement, employee representation agreement,
or similar agreement or arrangement;
                  

(h)
grant, increase the rate or
terms of, or accelerate the timing or vesting of
any compensation, fees, benefits, or other payments to any
current or former employee, independent contractor, consultant or
temporary employee, other than in the ordinary course of business consistent with past practice;
                  

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(i)
*except as expressly contemplated by this Agreement,
adopt, amend or terminate any Company Plan or enter into any Contract with any Related Party;
                  

(j)
enter into, materially amend or terminate any Material
Contract or any material Insurance Policy, other than in the ordinary course of business consistent with past practice; 
                  

(k)
*merge or consolidate with, or purchase substantially
all of the assets of, or otherwise acquire any Person or any business of any Person; 
                  

(l)
*make any declaration, setting aside or payment of any
dividend or distribution by the Company, or the making of any other distribution in respect of the Equity Interests of the Company, or
any direct or indirect redemption, purchase or other acquisition by the Company of its Equity Interests;
                  

(m)
sell, transfer, assign, lease, license, sublicense,
abandon, permit to lapse or expire (other than expiration of registered Intellectual Property in accordance with its maximum statutory
term) or otherwise dispose of any material Owned Intellectual Property;
                  

(n)
permit any material Permit to lapse or expire;
                  

(o)
change or modify in any material manner the existing
credit, collection and payment policies, procedures and practices with respect to accounts receivable and accounts payable, including
(i) acceleration of collections of receivables (including through the use of discounts for early payment, requests for early payment
or otherwise) and (ii) failure to pay payables when due or delay in payment of payables compared to past practices (including continuation
of past practices with respect to the early payment of payables to obtain the benefit of any payment discounts);
                  

(p)
make any change in its methods of accounting or accounting
practices (including with respect to reserves);
                  

(q)
make or commit to make any capital expenditures in excess
of $25,000;
                  

(r)
initiate any material Proceeding or waive any material
claims or rights of material value of the Company or enter into any compromise, settlement or release with respect to any Proceeding
affecting the Company or the Business, other than any settlement or release involving less than $25,000 that contemplates only the payment
of money (which payment shall be fully paid prior to the Closing Date) without admission of wrongdoing or misconduct, without ongoing
limits on the ownership, conduct or operation of the Business and results in a full and absolute release of the claims giving rise to
such Proceeding; or
                  

(s)
agree or commit, whether in writing or otherwise,
to take any of the foregoing actions.
                  

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7.2
Access to Information.
                  

(a)
To the extent permitted by applicable Law, from
the date hereof until the earlier of the Closing and the termination of this Agreement, the Seller shall, and shall cause the Company
to (i) provide the Buyer and its Representatives
with reasonable access, upon reasonable prior notice and during normal business hours, to the
personnel, assets, properties, and books and records of the Company and
the Business, and (ii) furnish the Buyer and its Representatives
with such information and data concerning the Company and the Business as the Buyer
may reasonably request (including the preparation of internal monthly forecasts and management
accounts which shall be shared with the Buyer as soon as reasonably practical following
the production of such); provided, however, that any such access (i) shall be conducted in a manner not to
unreasonably interfere with the Business or operations of the Company
(ii) Buyer and its Representatives shall not contact or otherwise communicate with the customers or suppliers of the Company (other than
contact or other communications with such customers or suppliers by Buyer in the ordinary course of business and not related to the transactions
contemplated by this Agreement) unless, in each instance, approved in writing in advance by the Company, such approval not to be unreasonably
withheld or delayed, (iii) such access shall not require the Company to allow any environmental testing or sampling and (iv) for the
avoidance of doubt, nothing herein shall require the Company to furnish to Buyer, or provide Buyer with access to, information that would
(A) violate any applicable Law or Order; or (B) reasonably be expected to result in the loss of any attorney-client or other legal privilege.
                  

(b)
Any information provided to
or obtained by the Buyer or its authorized Representatives
pursuant to Section ‎7.2(a) above shall
be “Confidential Information” as defined in the Nondisclosure
Letter Agreement, dated as of March 9, 2021, by and between Buyer and
Seller (the “Confidentiality Agreement”), and shall be held by the Buyer,
and Buyer shall cause it to be held by Buyer’s Representatives in accordance with and be subject to
the terms of the Confidentiality Agreement. The terms of the Confidentiality
Agreement shall continue in full force and effect until the Closing,
at which time the Confidentiality Agreement shall terminate. In the event of the termination of
this Agreement for any reason prior to the Closing,
the Confidentiality Agreement shall continue in full force and effect in accordance with
its terms.
                  

7.3
Further Assurances; Efforts. 
                  

(a)
From the date hereof until the earlier of the
Closing and the termination of this Agreement, (i) each of the Parties shall execute such documents and perform such further acts as
may be reasonably required to carry out the provisions hereof and the actions contemplated hereby, and (ii) each Party shall, on or prior
to the Closing Date, use its commercially reasonable efforts to fulfill or obtain the fulfillment of the conditions precedent to the
consummation of the transactions contemplated hereby, including the execution and delivery of any documents, certificates, instruments
or other papers that are reasonably required for the consummation of the transactions contemplated hereby; provided, that, the
foregoing shall in no event be interpreted to require any party to waive any conditions precedent to the consummation of the transactions
contemplated hereby.
                  

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(b)
Notwithstanding anything in this Agreement to the contrary,
nothing in this Agreement shall require the Buyer or any of its Affiliates to (or to offer to): (i) consent to any Order or other agreement
providing for the sale, licensing or other disposition, or the holding separate of, or other limitations or restrictions on, particular
assets, categories of assets or lines of business of the Company or the Buyer or any of its Affiliates, (ii) effect any disposition,
licensing or holding separate of assets or lines of business, (iii) terminate any existing relationships and contractual rights and obligations
or (iv) take any action that limits the Buyer’s (or any of its Affiliates’) freedom of action with respect to any of
the assets or business of the Buyer or any of its Affiliates or the Company, or their ability to retain any of their assets or lines
of business. 
                  

7.4
Acquisition Proposal.
                  

(a) From the date hereof until the earlier of the Closing
and the termination of this Agreement, except as expressly permitted by this Section ‎7.4, the Company shall not and the Seller
shall not, and shall cause the Company, its Affiliates and each of their respective directors and officers not to, and Seller shall instruct
and use its reasonable best efforts to cause its and the Company’s other Representatives not to, directly or indirectly, take,
or direct any other Person to take on its behalf, any action to (i) solicit, initiate, knowingly encourage or knowingly facilitate any
Acquisition Proposal or any inquiry, proposal or offer that could reasonably be expected to lead to any Acquisition Proposal or the making
or consummation thereof; (ii) other than to inform any Person of the existence of the provisions contained in this Section ‎7.4,
enter into, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any Person any information
in connection with, or enter into any agreement with respect to, any Acquisition Proposal or any inquiry, proposal or offer that could
reasonably be expected to lead to any Acquisition Proposal (other than an Acceptable Confidentiality Agreement in accordance with this
Section ‎7.4); (iii) approve, endorse or recommend an Acquisition Proposal or any letter of intent (whether binding or non-binding),
memorandum of understanding or other Alternative Acquisition Agreement or that would reasonably be expected to lead the Company to abandon
or terminate its obligations under this Agreement; or (iv) resolve, propose or agree to do any of the foregoing. Notwithstanding the
foregoing, at any time prior to obtaining the Seller Shareholder Approval, in response to a bona fide written Acquisition Proposal not
solicited in violation of this Agreement that the Board of Directors of Seller determines in good faith (after consultation with its
financial advisor and outside legal counsel) constitutes or would reasonably be expected to result in a Superior Proposal, and such action
is reasonably likely to be necessary in order for the directors to comply with their fiduciary duties under applicable Law of New Jersey,
Seller and its Representatives may (A) furnish information with respect to the Company and the Business to the Person making such Acquisition
Proposal (and its Representatives) pursuant to a customary confidentiality agreement containing terms no less favorable to the disclosing
party than those set forth in the Confidentiality Agreement (it being understood that such confidentiality agreement need not prohibit
the making or amending of an Acquisition Proposal to the extent such Acquisition Proposal is made directly to Seller or the Company)
(an “Acceptable Confidentiality Agreement”); provided, that all such information (to the extent that such information
has not been previously provided or made available to Buyer) is provided or made available to Buyer prior to, or substantially concurrently
(and in any event within 24 hours) with the time it is provided or made available to such Person and thereafter shall keep Buyer reasonably
informed of all material developments affecting the status of and any material changes to the material terms of any such Acquisition
Proposal; provided, further, if the Person making such Acquisition Proposal is or would reasonably be viewed as a competitor of Seller,
the Company or the Business, Seller shall not provide any commercially sensitive non-public information to such Person in connection
with any actions permitted by this Section ‎7.4 other than in accordance with customary “clean room” or other
similar procedures designed to limit any adverse effect on Seller, the Company or the Business of the disclosure of competitively sensitive
information and (B) participate in discussions or negotiations with the Person making such Acquisition Proposal (and its Representatives)
regarding such Acquisition Proposal. Within five (5) days from the date of this Agreement, Seller shall, and shall direct its Representatives
to, request the return or destruction of all material non-public information provided to third parties prior to the date of this Agreement
that have, within the twelve (12) month period preceding the date of this Agreement, entered into confidentiality agreements relating
to a possible Acquisition Proposal and immediately terminate access by any third party to any data room (virtual or actual) containing
any of Seller’s material non-public information.
                  

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(b)
The Board of Directors of Seller shall not (i) withhold,
withdraw, modify or qualify (or publicly propose to withhold, withdraw, modify or qualify) in any manner adverse to Buyer the Seller
Board Recommendation, (ii) approve or recommend, or publicly declare advisable, any Acquisition Proposal, (iii) fail to include the Seller
Board Recommendation in the Proxy Statement, or (iv) approve or recommend, or publicly declare advisable or publicly propose to enter
into, any letter of intent, memorandum of understanding, agreement in principle, acquisition agreement, merger agreement, option agreement,
joint venture agreement, partnership agreement, collaboration agreement or other agreement with respect to, or that is intended or would
reasonably be expected to lead to, any Acquisition Proposal (other than an Acceptable Confidentiality Agreement) (an “Alternative
Acquisition Agreement”, and any of the actions set forth in the foregoing clauses (i) through (iv), a “Seller Adverse
Recommendation Change”) or (vi) cause or permit the Company to enter into an Alternative Acquisition Agreement; provided, however,
if at any time prior to obtaining the Seller Shareholder Approval, (i) an unsolicited bona fide Acquisition Proposal not obtained in
violation of this Agreement is made (and not withdrawn) and the Board of Directors of Seller concludes in good faith, after consultation
with its financial advisor and outside legal counsel, that (x) such Acquisition Proposal would, if consummated, constitute a Superior
Proposal, and (y) such action is necessary in order for the directors to comply with their fiduciary duties under applicable Law of New
Jersey, the Board of Directors of Seller may (A) make a Seller Adverse Recommendation Change or (B) terminate this Agreement pursuant
to Section ‎9.1, or (ii) an Intervening Event has occurred and the Board of Directors of Seller concludes in good faith, after
consultation with its financial advisor and outside legal counsel, that (x) such Intervening Event materially adversely affects the advisability
of this Agreement from a financial point of view and (y) such action is reasonably likely to be necessary in order for the directors
to comply with their fiduciary duties under applicable Law, the Board of Directors of Seller may make a Seller Adverse Recommendation
Change; provided, that the Board of Directors of Seller shall not be entitled to make a Seller Adverse Recommendation Change pursuant
to this Section ‎7.4(c) or terminate this Agreement pursuant to Section ‎9.1 unless it has first (1) caused the
Company to provide Buyer at least four (4) Business Days’ prior written notice advising Buyer that it intends to take such action
(a “Notice of Superior Proposal/Intervening Event”), which notice shall (I) state that Seller has received a Superior
Proposal or an Intervening Event has occurred, (II) specify the material terms and conditions of such Superior Proposal, or the material
facts and circumstances (based on information reasonably available) related to such Intervening Event, (III) in the case of a Superior
Proposal, identify the Person making such Superior Proposal, to the extent not previously identified and (IV) in the case of a Superior
Proposal, enclose the most recent draft of any agreements intended to be entered into with the Person making or providing such Superior
Proposal (or any Affiliate of such Person), (2) caused the Company and its Representatives to negotiate, to the extent Buyer so wishes
to negotiate, during such four (4) Business Day period following delivery of the Notice of Superior Proposal/Intervening Event in good
faith with Buyer concerning any revisions to the terms of this Agreement that Buyer proposes in response to such Superior Proposal or
Intervening Event and (3) after complying with clauses (1) and (2) of this Section ‎7.4(c), determined that, in the case of
a Superior Proposal, such Acquisition Proposal continues to constitute a Superior Proposal, and in the case of an Intervening Event,
such Intervening Event continues to materially adversely affect the advisability of this Agreement from a financial point of view, in
each case after giving due consideration to any changes proposed to be made to this Agreement by Buyer in writing. Any material modification
to any Acquisition Proposal will be deemed to be a new occurrence for purposes of this Section ‎7.4(c) except that the advance
written notice obligation set forth in this Section ‎7.4(c) shall be reduced to three Business Days.
                  

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(c)
Nothing contained in this Section ‎7.4
shall prohibit Seller or the Board of Directors of Seller from complying with its disclosure obligations under applicable Law regarding
an Acquisition Proposal, including (i) taking and disclosing to its shareholders a position contemplated by Rule 14e-2(a), Rule 14d-9
or Item 1012(a) of Regulation M-A under the Exchange Act (provided, however, that this Section 7.4(c)
shall not affect the obligations of the Seller and the Board of Directors of Seller and the rights of Buyer under Section 7.4(a)
and Section 7.4(b) of this Agreement, to the extent applicable to such disclosure) or (ii) making any “stop, look and listen”
communication to the shareholders of the Company pursuant to Rule 14d-9(f) under the Exchange Act; provided, however, that neither the
Company nor the Board of Directors of Seller may effect a Seller Adverse Recommendation Change except in compliance with this Section
‎7.4.
                  

(d)
Seller shall, and shall cause its and its and the Company’s
Representatives to, immediately cease and cause to be terminated all existing discussions or negotiations with any Person conducted heretofore
with respect to any Acquisition Proposal or proposal that could reasonably be expected to lead to an Acquisition Proposal. From and after
the execution of this Agreement, Seller shall promptly end all discussions and negotiations with such Person with respect to any Acquisition
Proposal, or proposal or transaction that would reasonably be expected to lead to an Acquisition Proposal, and request the prompt return
or destruction of all Confidential Information concerning the Company and the Business. Seller will promptly terminate all physical and
electronic data access previously granted to such Persons, in each case relating to or in connection with any Acquisition Proposal, or
proposal or transaction that would reasonably be expected to lead to an Acquisition Proposal. The Seller shall be responsible for any
action taken by its Representatives acting in their authorized capacities on behalf of the Seller or Company that would violate this
Section 7.4(d) if taken by the Seller or Company
                  

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(e)
From the date hereof the earlier of the Closing
and the termination of this Agreement, Seller shall not terminate, amend, modify or waive any provision of any confidentiality, “standstill”
or similar agreement to which Seller or the Company is a party and shall enforce, to the fullest extent permitted under applicable Law,
the provisions of any such agreement, including by obtaining injunctions to prevent any breaches of such agreements and to enforce specifically
the terms and provisions thereof. Notwithstanding anything to the contrary contained in this Agreement, Seller shall be permitted to
terminate, amend, modify, waive or fail to enforce any provision of any confidentiality, “standstill” or similar obligation
of any Person if the Board of Directors of Seller concludes in good faith, after consultation with its financial advisor and outside
legal counsel, such action is necessary in order for the directors to comply with their fiduciary duties under applicable Law of New
Jersey.
                  

(f)
For purposes of this Agreement:
                  

(i) “Acquisition Proposal” means any
bona fide written proposal, inquiry or offer with respect to (A) a merger, consolidation, dissolution, liquidation, recapitalization,
reorganization, spin-off, share exchange, or other business combination, tender offer, exchange offer or any transaction involving the
purchase or acquisition of 20% or more of the Equity Interests, or (B) a direct or indirect purchase, lease, exclusive license, exchange,
transfer or acquisition or disposition of assets of the Company that account for acquisition of 20% or more of the consolidated net revenues,
net income or total assets of the Company (other than any such proposal or offer made by Buyer or any of their Affiliates).
                  

(ii)
“Seller Board Recommendation” means
the approval of the board of directors of Seller obtained prior to the execution of this Agreement.
                  

(iii)  “Superior Proposal” means any bona
fide Acquisition Proposal not solicited in violation of this Agreement made after the date of this Agreement that did not arise from
or in connection with a breach of the obligations set forth in this Section ‎7.4 which the Board of Directors of Seller concludes
in good faith (after consultation with its financial advisor and outside legal counsel), taking into account all financial, legal, regulatory
and other aspects of the Acquisition Proposal and the Person making the Acquisition Proposal and the likelihood of the proposal being
consummated in accordance with its terms, (A) would, if consummated, be more favorable to Seller’s shareholders from a financial
point of view than the purchase of the Company Interests as contemplated by this Agreement and (B) is reasonably likely to be completed
in accordance with its terms (provided that for the purpose of this definition, references to “20% or more” in the definition
of Acquisition Proposal shall be deemed to be references to “50%”).
                  

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7.5
Public Announcements. Except with respect to any public statement made in accordance with Section ‎7.13, Seller and
Buyer shall consult with each other before issuing, and give each other the opportunity to review and comment and give due consideration
to reasonable comment by the other Party upon, any press release or other public statements with respect to the transactions contemplated
by this Agreement. Each of Seller and Buyer may make any public statements in response to questions by the press, analysts, investors
or those attending industry conferences or analyst or investor conference calls, so long as such statements are not inconsistent with
previous statements made jointly by Seller and Buyer. Nothing in this Agreement will prohibit any Party from (a) issuing or causing publication
of any such press release or public announcement to the extent that such disclosure is required by applicable Law, or (b) disclosing
any information that is reasonably required to be disclosed in confidence to such Party’s and its Affiliates’ respective
directors, officers, employees, professional advisers, investors and other Representatives.
                  

7.6
Retention of Books and Records. 
                  

(a)
From and after the Closing, in connection with
any reasonable, non-competitive purpose (excluding any subject matter of any Proceeding between any of the Parties) and subject to any
reasonable confidentiality restrictions the disclosing Party may require, each Party shall, and shall cause each of its respective Affiliates
to, provide the other Parties and their respective Representatives with reasonable access after reasonable notice and so as not to unreasonably
interfere with the operation of such Party’s respective business (for the purpose of examining and copying), during normal business
hours, to the books, records, files, designs, specifications, customer lists, supplier lists, information, reports, correspondence, literature
and other sales material, computer software, and other data and similar materials relating to the assets, liabilities or the conduct
or operation of the Business (excluding the Financial Statements) (all such materials, the “Books and Records”) with
respect to periods or Occurrences prior to the Closing Date in connection with any matter, as reasonably necessary for accounting or
Tax matters or other Proceedings, relating to or arising out of this Agreement or the transactions contemplated hereby.
                  

(b)
For a period of seven (7) years following
the Closing Date, unless otherwise consented to in writing by the Parties, each Party shall not, and shall cause its respective Affiliates
not to, destroy, alter or otherwise dispose of any of the Books and Records for the period prior to the Closing Date without first offering
to surrender to the other Parties such Books and Records or any portion thereof which such Party may intend to destroy, alter or dispose
of, in its discretion. 
                  

(c)
Notwithstanding anything to the foregoing, no
Person shall be obligated to provide (i) access or information that would result in the violation of any applicable Laws, or (ii) information
the disclosure of which would reasonably be expected to result in the loss of an applicable legal privilege (including attorney-client
privilege). 
                  

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7.7
Employee Matters. 
                  

(a)
Effective immediately following the Closing Date
and for a period of twelve (12) months thereafter, Buyer shall provide, or shall cause the Company or an Affiliate of the Company or
the Buyer to provide, to each Company Employee (provided such Company Employee remains employed with the Company, the Buyer or an Affiliate
of the Company or Buyer during such twelve (12) month period) (i) at least the same base salary or wage rate and target annual cash bonus
opportunity to which the Company Employee was entitled immediately prior to the Closing Date so long as there has been no material deterioration
in the Business between the date hereof and the Closing Date, and (ii) employee benefit plans that are, in the aggregate, using commercially
reasonable efforts, substantially comparable to either (A) the employee benefit plans of Buyer for similarly situated employees, or (B)
those provided under the Company Plans set forth on Schedule ‎‎‎‎5.14(a). If the Company, the Buyer or an Affiliate
of the Company or the Buyer terminates the employment of any Company Employee without Cause during the twelve (12) month period immediately
following the Closing Date, the Buyer shall provide, or shall cause the Company or an Affiliate of the Company or the Buyer to provide,
such Company Employee with severance commensurate with that previously provided by the Seller such that the Company Employee receives
(two) 2 weeks’ severance plus one additional week of severance for each full year of service such Company Employee has provided
to the Seller and to the Buyer.
                  

(b)
With respect to all Company Employees, Buyer shall provide,
or shall cause the Company or an Affiliate of the Company or the Buyer to provide, full credit for all accrued and unused paid vacation
and personal/sick leave days which have accrued to such Company Employees through the Closing 
                  

(c)
Buyer shall use commercially reasonable efforts
to give each Company Employee full credit for service with the Seller and its Affiliates prior to the Closing, including service with
the Company and any Affiliate thereof, and any predecessor employers, for purposes of eligibility and vesting, and with respect to paid
leave and severance only, benefit accruals under each employee benefit plan or program of Buyer or any Affiliate of Buyer (including,
after the Closing, the Company) under which such Company Employee may be eligible to participate in, to the same extent and for the same
purpose as credited under the corresponding Company Plan as set forth on Schedule ‎‎5.14(a) in which such Company Employee
participated or was eligible to participate immediately prior to the Closing; provided that no such service credit will be provided to
the extent providing such past service credit would result in duplication of benefits.
                  

(d)
Buyer shall use commercially reasonable efforts to waive
waiting period(s) with respect to participation requirements applicable to the Company Employees and their dependents under group health
plan(s) of the Buyer or any Affiliate of Buyer (including, after the Closing, the Company) provided to each Company Employee if the corresponding
waiting period(s) had been satisfied under the corresponding Company Plan in which the Company Employee participated immediately prior
to the Closing Date, (ii) waive limitations as to pre-existing conditions and exclusions with respect to participation and coverage requirements
applicable to the Company Employees and their dependents under such group health plan(s) provided to each Company Employee to the extent
waived or otherwise satisfied under the corresponding Company Plan in which the Company Employee participated immediately prior to the
Closing Date, and (iii) during the plan year in which the Closing Date occurs, cause any eligible expenses paid by such Company Employee
and his or her covered dependents during the portion of the plan year prior to the Closing Date to be taken into account under such group
health plan(s) for purposes of satisfying all deductible, coinsurance, maximum out of pocket requirements and similar amounts applicable
to such Company Employee and his or her covered dependents for the applicable plan year as if such amounts had been paid in accordance
with such group health plan(s).
                  

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(e)
Buyer and its Affiliates shall use commercially
reasonable efforts to continue heath care coverage in accordance with the requirements of Section 4980B of the Code and Sections 602
through 608 of ERISA (“COBRA Coverage”), and any similar state health care continuation coverage Law, for any Company Employee
or other “M&A qualified beneficiary” (as such term is defined under Treasury Regulation 54.4980B-9) covered under a Company
Plan that is a “group health plan,” within the meaning of Section 4980B(g)(2) of the Code (a) who is receiving COBRA Coverage
or similar state health care continuation coverage, immediately prior to the Closing Date, regardless of the circumstances entitling
them to such coverage or (b) who loses health care coverage under such a Company Plan before, at, or after Closing.
                  

(f)
(i) Nothing in this Agreement, whether express or implied
shall create any right or entitlement to continued employment with the Buyer or any of its Affiliates or the Company (including, after
the Closing), (ii) the employment of each employee of the Company after the Closing Date will be “at will” employment, and
(iii) except as otherwise set forth in any agreement (other than this Agreement) with any employee of the Company or applicable Law,
nothing herein shall preclude the Buyer, the Company from terminating the employment of any employee at any time on or after the Closing.
                  

7.8
Tax Matters.
                  

(a)
From the date hereof until the earlier of the
Closing and the termination of this Agreement:
                  

(i)  
the Seller shall not, and shall not cause the Company
to, undertake any of the following actions without the prior written consent of the Buyer (which consent shall not be unreasonably withheld,
conditioned or delayed):
                  

(A)
make, revoke or amend any Tax election, change any annual
accounting period; adopt or change any method of accounting, file any amended material Tax Returns, sign or enter into any closing agreement
or settlement agreement with respect to any, or compromise any, claim or assessment of Tax liability; surrender any right to claim a
refund of any material Taxes; or consent to any extension or waiver of the limitations period applicable to any claim or assessment,
in each case, with respect to Taxes.
                  

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(b)
Computation of Tax Liabilities. Whenever it is
necessary to determine the liability for Taxes for any Straddle Period:
                  

(i)
with respect to Taxes imposed on a periodic basis
without regard to income, receipts, sales, purchases or wages (such as real property Taxes or other ad valorem Taxes), the determination
of such Taxes for the portion of the Straddle Period ending on and including and the portion of the Straddle Period beginning and ending
after, the Closing Date shall be calculated by allocating to the periods before and after the Closing Date pro rata, based on the number
of days of the Straddle Period in the period before and ending on the Closing Date, on the one hand, and the number of days in the Straddle
Period in the period after the Closing Date, on the other hand; and
                  

(ii)
with respect to Taxes of the Company not described in
Section ‎7.8(b)(i) (such as (A) Taxes based on the income or receipts, (B) Taxes imposed in connection with any sale or other
transfer or assignment of property (including all sales and use Taxes), other than Transfer Taxes described in Section ‎7.8(e)
and (C) withholding and employment Taxes), the determination of the Taxes for the portion of the Straddle Period ending on and including,
and the portion of the Straddle Period beginning and ending after, the Closing Date shall be calculated by assuming that the Straddle
Period consisted of two (2) taxable periods, one (1) which ended at the close of the Closing Date and the other which began at the beginning
of the day following the Closing Date and items of income, gain, deduction, loss or credit for the Straddle Period shall be allocated
between such two (2) taxable years or periods on a “closing of the books basis” by assuming that the books of the Company
were closed at the close of the Closing Date.
                  

(c)
Pre-Closing Tax Period Tax Returns .
                  

(i)
The Buyer shall prepare and timely file, or cause
to be prepared and timely filed all Pre-Closing Tax Period Tax Returns that are required to be filed by, or with respect to, the Company
that are not filed as of the Closing Date and the initial due date of which is after the Closing Date (each, a “Buyer Return”).
The Buyer shall provide the Seller a true copy of each such Buyer Return as finally determined pursuant to this Section ‎7.8(c).
All Buyer Returns shall be prepared in a manner consistent with the prior practice of the Company, unless otherwise required by applicable
Law. The Seller shall be liable for any Taxes shown on such Buyer Return which are attributable to the period (or portion thereof) ending
on the Closing date (determined in accordance with Section 7.8(b) with respect to any Straddle Period).
                  

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(ii)
With respect to any Buyer Return which is not prepared
in a manner consistent with the prior practice of the Company, the Buyer shall submit a draft of each such Buyer Return to the Seller
(together with the amount of Taxes relating to such Buyer Return that are required to be paid by the Seller pursuant hereto) for review
and comments at least thirty (30) days, or as soon as reasonably practicable, before the Due Date for such Buyer Return. Within twenty (20)
days following the Seller’s receipt of such draft Buyer Return, or as soon as reasonably practicable thereafter, the Seller shall
notify the Buyer in writing of any dispute with respect to the manner in which such Buyer Return is prepared and/or the amount of Taxes
for which the Seller is liable with respect to such Buyer Return, the basis for their objection, and any proposed revisions, and any
dispute will be resolved (and such Tax Returns filed) pursuant to Section ‎7.8(c)(iii). If the Seller does not object by written
notice within such period, the amount of Taxes shown to be due and payable on such Buyer Return (and the calculation of the amount of
any Taxes required to be paid by the Seller) shall be deemed to be accepted and agreed upon, and final and conclusive, for purposes of
this Section ‎7.8(c) and the Seller shall remit to the Buyer no later than three (3) Business Days prior to the applicable
Due Date of such Buyer Return the amount of such Taxes relating to such Buyer Return.
                  

(iii)  If the Seller notifies the Buyer that it disputes the
manner of preparation of any of Buyer Return or the amount of Taxes to be paid by the Seller, then the Buyer and the Seller shall act
in good faith to attempt to resolve their disagreement within ten (10) days following the Seller’s notification of the Buyer of
such disagreement. If the Buyer and the Seller are not able to resolve their disagreement, the dispute shall be submitted to the Accounting
Firm and resolved as promptly as practicable. The Accounting Firm’s determination shall be final and conclusive for purposes of
this Section ‎7.8(c). The fees and expenses of the Accounting Firm shall be paid fifty percent (50%) by the Buyer and fifty
percent (50%) by the Seller. Notwithstanding the foregoing, in the event that the Accounting Firm has not resolved the dispute by an
applicable Due Date, the Parties shall file or cause to be filed, the applicable Tax Return in such manner as the Buyer reasonably determines
under applicable Law, and the Parties shall amend such Tax Returns to the extent necessary to conform to the Accounting Firm’s
final determination.
                  

(d)
Cooperation and Records Retention. The Seller
and the Buyer shall reasonably cooperate, and shall cause their respective Affiliates, officers, employees, agents, auditors and representatives
reasonably to cooperate, in preparing and filing all Tax Returns of the Company relating to any Pre-Closing Tax Period, including maintaining
and making available to each other all records necessary in connection with Taxes of the Company relating to any Pre-Closing Tax Period,
and in resolving all disputes and audits with respect to all such Pre-Closing Tax Periods. 
                  

(e)
Transfer Taxes. All transfer, sales, use,
gains, documentary, stamp, registration and other similar Taxes, and all conveyance fees, recording charges and other fees and charges
imposed as a result of the transactions contemplated by this Agreement (collectively, “Transfer Taxes”) will be borne
and paid 50% by the Buyer and 50% by the Seller when due. The Buyer shall prepare and file, or cause to be prepared and filed in a timely
manner all necessary documents (including any Tax Returns) that must be filed in connection with Transfer Taxes. Each Party will use
its commercially reasonable efforts to avail itself of any exemptions from any such Transfer Taxes.
                  

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(f)
Tax Proceedings.
                  

(i)
The Buyer shall deliver a written notice to the
Seller in writing promptly following any demand, claim, or notice of commencement of a claim, proposed adjustment, assessment, audit,
examination or other administrative or court proceeding with respect to Taxes of the Company attributable to a Pre-Closing Tax Period
(each, a “Tax Contest”) and shall describe in reasonable detail (to the extent known by the Buyer) the facts constituting
the basis for such Tax Contest, the nature of the relief sought and the amount of the claimed Losses (including Taxes), if any (the “Tax
Claim Notice”); provided, however, that the Buyer’s failure or delay to so notify the Seller shall not
relieve the Seller of any obligations or liabilities that the Seller may have to the Buyer, except to the extent that the Seller has
been materially prejudiced thereby.
                  

(ii)
Except as otherwise set forth in this Agreement, with
respect to Tax Contests for Taxes of the Company solely for a Pre-Closing Tax Period, the Seller may elect to assume and control the
defense of such Tax Contest by written notice to the Buyer within thirty (30) days after delivery by the Buyer to the Seller of the Tax
Claim Notice. If the Seller elects to assume and control the defense of such Tax Contest, the Seller (A) shall bear its own costs and
expenses, (B) shall be entitled to engage its own counsel, and (C) may (1) pursue or forego any and all administrative appeals,
proceedings, hearings and conferences with any Taxing Authority, (2) either pay the Tax claimed or sue for refund where applicable law
permits such refund suit, or (3) contest, settle or compromise the Tax Contest in any permissible manner; provided, however, that the
Seller shall not settle or compromise (or take other actions described herein with respect to) any Tax Contest without the prior written
consent of the Buyer, which consent shall not be unreasonably withheld, conditioned or delayed. If the Seller elects to assume the defense
of any such Tax Contest, the Seller shall (x) keep the Buyer reasonably informed of all material developments and events relating to
such Tax Contest (including promptly forwarding copies to the Buyer of any related material correspondence, and shall provide the Buyer
with an opportunity to review and comment on any material correspondence), (y) consult with the Buyer in connection with the defense
or prosecution of any such Tax Contest, and (z) provide such cooperation and information as the Buyer shall reasonably request, and the
Buyer shall have the right, at the Buyer’s cost and expense, to participate in (but not control) the defense of such Tax Contest.
                  

(iii)
Notwithstanding anything to the contrary set forth
in this Agreement, in connection with any Tax Contest that relates to Taxes of the Company for a Pre-Closing Period that (A) are not
solely for a Pre-Closing Tax Period, or (B) the Seller does not timely and properly elect to control pursuant to Section ‎7.8(f)(ii),
such Tax Contest shall be controlled by the Buyer (and the Seller shall reimburse the Buyer for all reasonable costs and expenses incurred
by the Buyer relating to a Tax Contest described in this Section ‎7.8(f)(iii)) and the Seller agrees to cooperate with the
Buyer in pursuing such Tax Contest and, at its own costs and expenses, the Seller shall have the right to participate in (but not control)
the defense of such Tax Contest (including participating in any discussions with the applicable Taxing Authority regarding such Tax Contests).
In connection with any Tax Contest that is described in this Section ‎7.8(f)(iii) and controlled by the Buyer, the Buyer shall
not settle or compromise such Tax Contest without the prior written consent of the Seller (which consent shall not be unreasonably withheld,
conditioned or delayed). 
                  

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(iv)
In connection with any Tax Contest for Taxes of the
Company for any Straddle Period, such Tax Contest shall be controlled by the Buyer. The Buyer shall (A) keep the Seller informed of all
material developments and events relating to such Tax Contest (including promptly forwarding copies to the Seller of any related correspondence
and shall provide the Seller with an opportunity to review and comment on any material correspondence before the Buyer sends such correspondence
to any Taxing Authority), (B) consult with the Seller in connection with the defense or prosecution of any such Tax Contest and (C) provide
such cooperation and information as the Seller shall reasonably request, and, at its own costs and expenses, the Seller shall have the
right to participate in (but not control) the defense of such Tax Contest (including participating in any discussions with the applicable
Taxing Authority regarding such Tax Contests). In connection with any Tax Contest that is described in this Section ‎7.8(f)(iv)
and controlled by the Buyer, the Buyer shall not settle or compromise the Tax Contest without the prior written consent of the Seller
(which consent shall not be unreasonably withheld, conditioned or delayed).
                  

(v)
Notwithstanding anything to the contrary contained
in this Agreement, the procedures for all Tax Contests shall be governed exclusively by this Section ‎7.8(f).
                  

(g)
Tax Treatment. For U.S. federal Income Tax purposes
(and to the extent permitted by Law, for state, local and all other Tax purposes), the purchase of the Purchased Interests pursuant to
this Agreement shall be treated as a sale of all of the assets of the Company to the Buyer in exchange for the Estimated Purchase Price,
as adjusted pursuant to Section ‎2.3, and adjusted for any indemnification payments made pursuant to ‎Article 10
that are treated as adjustments to the Final Purchase Price pursuant to Section ‎10.10. Neither Buyer nor the Seller shall
take any Tax position on any Tax Return, in any audit or proceeding before any Taxing Authority, in any report made for Tax, or otherwise
inconsistent with this Section 7.9(g), unless otherwise required by applicable Law. 
                  

(h)
Tax Allocation.
                  

(i)
Not later than sixty (60) days after the final resolution of the Final Purchase Price, as adjusted pursuant to Section ‎2.3,
the Buyer shall prepare and deliver to the Seller a schedule allocating the sum of the Final Purchase Price, and other relevant items
treated as purchase price for Income Tax purposes, among the assets of the Company, in a manner consistent with the allocation set forth
on Schedule ‎7.8(h), which, for the avoidance of doubt, shall be determined for U.S. federal Income Tax purposes in accordance
with Section 1060 of the Code and the Treasury Regulations thereunder (and any similar provisions of state, local, or non-U.S. Law,
as appropriate) (the “Allocation Schedule”). If reasonably requested by the Seller, the Buyer shall provide reasonably
sufficient work papers and backup documents related to the preparation of the Allocation Schedule. If the Seller does not object to the
Allocation Schedule within thirty (30) days of receipt thereof, such Allocation Schedule shall be deemed final and binding for all purposes
of this Agreement. If the Seller objects to the Allocation Schedule, it shall notify the Buyer in writing of such disputed item (or items),
its basis for objection in reasonable detail, and proposed changes within thirty (30) days of the receipt of the Allocation Schedule,
and the Parties shall negotiate in good faith and shall use reasonable efforts to resolve any such dispute. Any dispute that cannot be
resolved through negotiations shall be resolved using the principles of the dispute resolution procedures set forth in Section ‎7.8(c)(iii).
                  

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(ii)
Notwithstanding Section ‎7.8(h)(i), the Parties agree that the allocation pursuant to the Allocation Schedule shall be further
adjusted to reflect any indemnification payments made pursuant to ‎Article 10 that are treated as adjustments to the Final
Purchase Price pursuant to Section ‎10.10, in a manner consistent with the allocation agreed upon pursuant to Section ‎7.8(h)(i)
and Section 1060 of the Code and the Treasury Regulations thereunder.
                  

(iii)
Each of the Parties and their respective Affiliates shall, unless otherwise required by a final “determination” (within the
meaning of Section 1313(a) of the Code), (A) prepare and file all Tax Returns, including all IRS Forms 8594, in a manner consistent with
the Allocation Schedule, as finally determined pursuant to this Section ‎7.8(h), and (B) take no position in any Tax Return,
Tax Contest, proceeding or otherwise that is inconsistent with the Allocation Schedule, as finally determined pursuant to this Section
‎7.8(h). In the event that any of the allocations set forth in the Allocation Schedule are disputed by any Taxing Authority,
the Party receiving notice of such dispute shall promptly notify and consult with the other Parties concerning the resolution of such
dispute and use reasonable best efforts to contest such dispute in a manner consistent with this Section ‎7.8(h).
                  

(iv)
Tax Sharing Agreements. All Tax Sharing Agreements or similar contracts with respect to or involving the Company and any
other person shall be terminated as of the Closing Date and, after the Closing Date, the Company shall not be bound thereby or have any
liability thereunder.
                  

7.9
Releases.
                  

(a) Effective
upon the Closing, the Seller and its administrators, executors, trustees, beneficiaries, successors and assigns (collectively, the
“Seller Releasing Parties”), hereby release, forever discharge and covenant not to sue each of the Company, the
Buyer, its Affiliates, and each of their respective individual, joint or mutual, Representatives, successors and assigns
(collectively, “Seller Releasees”) from and with respect to any and all claims, dues and demands, Proceedings,
causes of action, orders, obligations, Contracts and agreements, debts and liabilities whatsoever, whether known or unknown,
suspected or unsuspected, both at Law and in equity, which the Seller Releasing Parties now have, have ever had or may hereafter
have against the respective Seller Releasees on account of or arising out of any matter, cause or Occurrence occurring
contemporaneously with or prior to the Closing including those pertaining to the Seller Releasing Parties’ relationships,
direct and indirect, with the Company (including with respect to equity ownership rights in the Company or rights arising by virtue
of their status as directors, officers, partners, members, equityholders, employees or similar capacities of the Company)
(collectively, the “Seller Released Claims”); provided, however, that this release shall not apply
to any rights or claims of the Seller Releasing Parties which are set forth in this Agreement or any other Transaction Documents.
EACH SELLER RELEASING PARTY FURTHER ACKNOWLEDGES AND AGREES THAT IT IS AWARE THAT IT MAY HEREAFTER DISCOVER CLAIMS OR FACTS IN
ADDITION TO OR DIFFERENT FROM THOSE IT NOW KNOWS OR BELIEVES TO BE TRUE WITH RESPECT TO THE MATTERS RELEASED HEREIN. NEVERTHELESS,
IT INTENDS TO FULLY, FINALLY AND FOREVER RELEASE ALL SUCH MATTERS, AND ALL CLAIMS RELATIVE THERETO, WHICH DO NOW EXIST, MAY EXIST,
OR HERETOFORE HAVE EXISTED BETWEEN SUCH PARTY, ON THE ONE HAND, AND THE SELLER RELEASEES, ON THE OTHER HAND. IN FURTHERANCE OF SUCH
INTENTION, THE RELEASES GIVEN HEREIN SHALL BE AND REMAIN IN EFFECT AS FULL AND COMPLETE GENERAL RELEASES OF ALL SUCH MATTERS,
NOTWITHSTANDING THE DISCOVERY OR EXISTENCE OF ANY ADDITIONAL OR DIFFERENT CLAIMS OR FACTS RELATIVE THERETO.
                  

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Without
limitation of the foregoing, the Seller, on behalf of themselves and their respective Seller Releasing Parties hereby waive the application
of any provision of Law, including California Civil Code Section 1542, that purports to limit the scope of a general release. Section
1542 of the California Civil Code provides:
                  

“A
general release does not extend to claims which the creditor or releasing party does not know or suspect to exist in his or her favor
at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the
debtor or released party.”
                  

The
Seller agrees not to, and agrees to cause the Seller’s subsidiaries not to, whether in his, hers or its own capacity, as successor,
by reason of assignment or otherwise, assert, commence, join in, or assist or encourage any third party in asserting, any Proceeding
against any Seller Releasee with respect to a Seller Released Claim and waives any rights the Seller may have under any Law which provides
that a general release does not extend to claims which any Seller Releasing Party does not know or suspect to exist in its favor at the
time of executing the release, which if known by it may have materially affected his or its settlement thereof. The Seller (individually
and on behalf of the Seller Releasing Parties) hereby acknowledges and agrees that if a Seller Releasing Party should hereafter make
any claim or demand or commence or threaten to commence any Proceeding against any Seller Releasee with respect to any Seller Released
Claim, this Section ‎7.9 may be raised as a complete bar to any such Proceeding, and the applicable Seller Releasee may recover
from such Seller Releasing Party all damages incurred in connection with such Proceeding, including attorneys’ fees.
                  

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7.10
Confidentiality. Effective upon the Closing, the Seller shall, and shall cause their Affiliates and each of their respective Representatives
to, treat and hold as confidential, and shall not use or disclose (a) any documents and information concerning the Buyer, or any of its
Affiliates, furnished to it by the Buyer or its Representatives in connection with this Agreement, the Transaction Documents, or the
transactions contemplated hereby and thereby, and (b) any information regarding the Company and/or the Business, including trade secrets,
know-how, confidential and proprietary information, (such information in clause (b), the “Confidential Information”).
In the event that the Seller, their Affiliates, or their respective Representatives are requested or required (by oral question or request
for information or documents in any Proceeding, interrogatory, subpoena, civil investigative demand or similar process) to disclose any
Confidential Information, the Seller shall, and shall cause their Affiliates, and their respective Representatives to, promptly notify
the Buyer of the request or requirement so that the Buyer may seek, at its sole cost and expense, an appropriate protective order or
waive compliance with the provisions of this Section ‎7.10. If, in the absence of a protective order or the receipt of a waiver
hereunder, the Seller, their Affiliates, or their respective Representatives are, on the advice of counsel, legally required to disclose
any such information, the Seller, their Affiliates, or their respective Representatives may disclose such information to the requesting
authority; provided, however, that the Seller shall, and shall cause their Affiliates, and their respective Representatives
to use commercially reasonable efforts to obtain, at the reasonable request of the Buyer and at the Buyer’s sole cost, an order
or other assurance that confidential treatment will be accorded to such portion of the information required to be disclosed as the Buyer
shall designate in good faith.
                  

7.11
Non-Competition; Non-Solicitation.
                  

(a)
For a period of five (5) years commencing on the
Closing Date (the “Restricted Period”), the Seller shall not, and shall not
permit any of their Affiliates or their respective Representatives, to, directly or
indirectly, (i) engage in or assist others in engaging in the Business
anywhere in the world; (ii) have an interest in any Person that engages in the Business
in any capacity, including as a partner, shareholder, member, employee, principal, agent,
advisor, trustee or consultant; or (iii) intentionally
interfere in any material respect with the business relationships (whether formed prior to or after
the date of this Agreement) between the Business and any
customers or suppliers of the Business as of the Closing Date.
Notwithstanding the foregoing, a Seller may own, directly or indirectly,
solely as a passive investment, securities of any Person traded on any national securities exchange
if the Seller is not a controlling Person of, or
a member of a group which controls, such Person and does not, directly or
indirectly (with its Affiliates), own two percent (2%) or more of any class of securities
of such Person.
                  

(b)
During the Restricted
Period, the Seller shall not, and shall not permit any of their respective Affiliates or Representatives
to, directly or indirectly, hire or solicit any
employee, independent contractor, or consultant of the Business
as of the Closing Date or at any time in 2021, or encourage any such Person to leave such
capacity or hire any such Person who has left such capacity.
                  

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(c) During the Restricted Period, the Seller shall not,
and shall not permit any of their respective Affiliates or Representatives to, directly or indirectly, (i) solicit, entice, divert, or
take away, or attempt to solicit, entice, divert or take away, any Person who as of the Closing Date (x) is a customer, vendor, or supplier,
or otherwise has a business relationship with the Company or the Business or (y) is seeking to establish a business relationship with
the Company or the Business for purposes of reducing or diverting their business or services from the Company or the Business, or (ii)
take any action that is designed or intended to have the effect of discouraging any Person described in clause (x) from maintaining the
same business relationship with Company or the Business after the Closing Date as it maintained with the Company prior to the Closing
Date.
                  

(d)
During the Restricted
Period, the Seller shall refrain from, and shall cause their respective Affiliates
and Representatives to refrain from, in any manner, directly or
indirectly, all conduct, oral or otherwise, that disparages or
damages the reputation, goodwill, or standing in the community of the Buyer, the Company
or any Person known to the Seller to be an Affiliate or Representative of the Buyer, provided,
however, this paragraph does not apply to: (i) communications between Seller and any Governmental Authority, or between Seller and Buyer;
(ii) pleadings, testimony or filings in any arbitration or legal proceeding; or (iii) making truthful product or service comparisons.
                  

(e)
The Seller acknowledge that a breach or
threatened breach of this Section ‎7.11
could give rise to irreparable harm to the Buyer,
for which monetary damages would not be an adequate remedy, and the Seller hereby agree that in
the event of a breach or a threatened breach by the Seller of any such obligations, the Buyer
shall, in addition to any and all other rights and remedies that may be available to
it in respect of such breach, be entitled to equitable relief, including
a temporary restraining order, an injunction, specific performance and any other relief that may be available from
a court of competent jurisdiction. In the event of a violation or breach by the Seller, or any Affiliate thereof, of any restriction
set forth in this Section ‎7.11, the term of the
Restricted Period applicable to such restriction shall be extended by a period equal to the duration of such violation or breach.
                  

(f)
The Seller hereby acknowledge
that the geographic boundaries, scope of prohibited activities and the duration of the provisions of this Section ‎7.11
are reasonable and are no broader than are necessary to protect the legitimate business
interests of the Buyer, including the ability of the Buyer
to realize the benefit of its bargain under this Agreement and to
enjoy the goodwill of the Business, and that such restrictions constitute a material inducement
to the Buyer to enter into this Agreement
and consummate the transactions contemplated by this Agreement. In the event that any covenant
contained in this Section ‎7.11 should ever be adjudicated to
exceed the time, geographic, product or service, or other
limitations permitted by applicable Law in any jurisdiction, then any court is expressly empowered
to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction to
the maximum time, geographic, product or service, or other
limitations permitted by applicable Law. The covenants contained in this Section ‎7.11
and each provision hereof are severable and distinct covenants and provisions. The
invalidity or unenforceability of any such covenant or provision
as written shall not invalidate or render unenforceable the remaining covenants or
provisions hereof, and any such invalidity or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such covenant or
provision in any other jurisdiction.
                  

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(g)
Notwithstanding anything to the contrary contained herein,
the parties hereto acknowledge and agree that nothing in this Section ‎7.11 shall apply to or restrict any third party, that acquires,
either directly or indirectly, the Seller through a bona fide arms-length transaction.
                  

7.12
Voting Agreements. The Seller and Company shall deliver concurrently with the execution of this Agreement the Executed Voting
Agreements.
                  

7.13
Preparation of the Proxy Statement; Information Supplied; Shareholders Meeting.
                  

(a)
As promptly as reasonably practicable after the
date hereof, Seller shall prepare and cause to be filed with the SEC in preliminary form the Proxy Statement. Seller shall promptly notify
Buyer upon the receipt of any comments from the SEC or any request from the SEC for amendments or supplements to the Proxy Statement,
and shall promptly provide Buyer with copies of all correspondence between Seller and its Representatives, on the one hand, and the SEC,
on the other hand, and Seller shall furnish all other information as may be reasonably requested by Buyer in connection with any such
action and the preparation, filing and distribution of the Proxy Statement. Seller shall use its commercially reasonable efforts (with
the assistance of Buyer) to (i) respond as promptly as reasonably practicable to any comments of the SEC with respect to the Proxy Statement,
including filing any amendments or supplements to the Proxy Statement as may be required, (ii) have the Proxy Statement cleared by SEC
as soon as reasonably practicable after such filing and (iii) cause the Proxy Statement to be mailed to Seller’s shareholders as
promptly as reasonably practicable thereafter. Prior to filing or mailing the Proxy Statement (or any amendment or supplement thereto)
or responding to any comments of the SEC with respect thereto, Seller shall provide Buyer a reasonable opportunity to review and to propose
comments on such document or response (and Seller shall give good faith consideration to including any such reasonable comments in the
Proxy Statement (or any supplement or amendment thereto) or response letter) to the extent permitted by Law. No filing of, or amendment
or supplement to, the Proxy Statement will be made by Seller without providing Buyer with a reasonable opportunity to review and comment
thereon. 
                  

(b)
Buyer shall provide to Seller all information concerning
Buyer as may be reasonably requested by Seller in connection with the Proxy Statement and shall otherwise use its commercially reasonable
efforts to assist and cooperate with Seller in the preparation of the Proxy Statement and resolution of comments of the SEC or its staff
related thereto. None of the information with respect to Buyer that Buyer furnishes in writing to the Seller expressly for use or incorporation
in the Proxy Statement, at the time of the mailing of the Proxy Statement or any amendments or supplements thereto, and at the time of
the Shareholders Meeting, will contain any untrue statement of a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading. Notwithstanding the foregoing,
no representation or warranty is made by Buyer with respect to statements made or incorporated by reference therein based on information
supplied by the Company or Seller.
                  

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(c)
In accordance with Seller’s Organizational
Documents, Seller shall, as promptly as reasonably practicable following the clearance of the Proxy Statement by the SEC, (i) establish
a record date for and give notice of a meeting of its shareholders, for the purpose of voting for the approval of this Agreement and
the transactions contemplated hereby (the “Shareholders Meeting”) and (ii) duly call, convene and hold the Shareholders
Meeting, all in compliance with the NJBCA; provided, that Seller may, and at the request of Buyer in the circumstances set forth in following
clauses (B) through (D) shall, for up to thirty (30) days (but in any event no later than fifteen (15) Business Days prior to the Termination
Date), postpone or adjourn the Shareholders Meeting only (A) with the written consent of Buyer (which consent shall not be unreasonably
withheld, conditioned or delayed), (B) for the absence of a quorum, (C) to allow additional solicitation of votes in order to obtain
the Seller Shareholder Approval or (D) as required by Law. If at any time prior to the Closing Date any event or circumstance relating
to Seller or its or their respective officers or directors should be discovered by Seller which, pursuant to the Securities Act, Exchange
Act or the NJBCA, should be set forth in an amendment or a supplement to the Proxy Statement, Seller shall promptly inform Buyer. Each
of Buyer and Seller agree to promptly correct any information provided by it for use in the Proxy Statement which shall have become false
or misleading. Seller shall cause all documents that Seller is responsible for filing with the SEC in connection with transactions contemplated
by this Agreement to comply as to form in all material respects with the applicable requirements of the Exchange Act and NJCBA and, as
applicable, not to contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
                  

(d)
Unless there has occurred a Seller Adverse Recommendation
Change in accordance with Section ‎7.4, the Board of Directors of Seller shall make the Seller Board Recommendation with respect
to the approval of this Agreement and the transactions contemplated hereby, and the Company shall include the Seller Board Recommendation
in the Proxy Statement and use its commercially reasonable efforts to (A) solicit proxies in favor of the Seller Shareholder Approval
and (B) to secure Seller Shareholder Approval.
                  

7.14
Notification of Certain Matters.
                  

(a)
The Seller and the Seller shall give prompt written
notice to the Buyer of (a) an Occurrence or non-occurrence which has rendered, or may reasonably be expected to render, any representation
or warranty of the Seller, the Company contained in this Agreement or any agreement contemplated hereby, if made on or immediately following
the date of such event, untrue or inaccurate, (b) an Occurrence or non-occurrence that has had or is reasonably likely to have a Material
Adverse Effect, (c) any failure of the Seller, the Company or any of their respective Affiliates or Representatives to comply with or
satisfy any covenant or agreement to be complied with or satisfied by it hereunder or under any agreement contemplated hereby or any
event or condition that would otherwise result in the nonfulfillment of any of the conditions to the Buyer’s obligations hereunder,
and (d) any action pending or threatened relating to the transaction contemplated by this Agreement and the agreements contemplated hereby.
Any updates to the Disclosure Schedules following the date hereof shall be for informational purposes only and shall not otherwise impact
the indemnification obligations of the Parties.
                  

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7.15
R&W Insurance Policy. The Buyer has obtained the R&W Insurance Policy and shall pay when due all fees, premiums, and other
costs and expenses in connection with the purchase and implementation of the R&W Insurance Policy. The Company and the Seller shall
cooperate with the Buyer in connection with the arrangement and origination of the R&W Insurance Policy, including by facilitating
the Buyer’s acquisition of a copy of the materials included in the electronic data room established by the Seller and the Company
in connection with the transactions contemplated hereby. Buyer shall cause coverage under the R&W Insurance Policy to incept effective
as of the signing date of this Agreement and, thereafter, to be issued promptly following the Closing in accordance with the terms of
the binder thereof. Buyer shall cause the R&W Insurance Policy to remain in full force and effect, including by: (a) complying with
the terms and conditions of the R&W Insurance Policy and (b) satisfying on a timely basis, all conditions necessary for the issuance
of or continuance of coverage under the R&W Insurance Policy. During the term of the R&W Insurance Policy, Buyer shall cause
the R&W Insurance Policy to explicitly provide for an irrevocable waiver by the insurer(s) that issued the R&W Insurance Policy
of any and all rights of subrogation or contribution which such insurer(s) might have under the R&W Insurance Policy against Seller
or any of their respective officers, managers, directors, employees or agents under this Agreement, except in the case of Fraud. From
and after the signing date of this Agreement, except as may be agreed in writing by Seller, Buyer shall not amend the R&W Insurance
Policy in any manner that expands the rights of subrogation or contribution which the insurer(s) that issued the R&W Insurance Policy
have under the R&W Insurance Policy to any claims of Buyer against Seller, or any of their respective officers, managers, directors,
employees or agents under this Agreement, which, for the avoidance of doubt, such anti-subrogation provisions shall not apply in the
case of Fraud.
                  

7.16
Indemnification of Directors, Managers and Officers.
                  

(a)
From and after the Closing Date, Buyer shall,
unless prohibited under applicable Law (and then only to the extent of such prohibition), cause the Company honor the indemnification,
advancement, and exculpation obligations in favor of the current and former directors, managers and officers of the Company (the persons
entitled to be indemnified pursuant to such provisions, and all other current and former directors, managers and officers of the Company,
being referred to collectively as the “D&O Indemnified Parties”) in connection with any proceedings to which such
persons are involved in respect of their corporate status relative to the Company for acts or omissions committed on or prior to the
Closing, pursuant to any indemnification provisions under the Organizational Documents of the Company as in effect on the date of this
Agreement and pursuant to any indemnity agreements between the Company and any such persons as in effect on the date of this Agreement
and set forth on Schedule ‎7.16. From and after the Closing Date through the sixth (6th) anniversary of the Closing Date,
Buyer shall cause the Company to maintain the provisions with respect to indemnification and exculpation from liability as set forth
in the Organizational Documents of the Company as of the date of this Agreement, which provisions shall not be amended, repealed or otherwise
modified during such period in any manner that would adversely affect the rights thereunder of any D&O Indemnified Party.
                  

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(b)
Prior to the Closing Date, the Seller shall cause the
Company to purchase Seller shall obtain a directors’ and officers’ liability insurance tail insurance policy with the current
level and scope of directors’ and officers’ liability insurance for a length of three (3) years following the Closing, covering
those persons who are covered by the Company’s directors’ and officers’ liability insurance policy as of the Closing.
The fees and expenses associated with such policy shall be borne one half by the Seller and one half by Buyer. None of Buyer, Company,
or Seller shall take any action to cancel such tail policy or impair the ability of Seller and their affiliated persons or entities from
making claims thereunder.
                  

(c) In the event that Buyer, the Company (as of the Closing)
or any of their respective successors or assigns (i) consolidates with or merges into any other Person and is not the continuing or surviving
corporation or entity of such consolidation or merger or (ii) transfers or conveys all or substantially all of its properties and assets
to any Person, then, and in each such case, proper provision shall be made so that the successors and assigns of Buyer and the Company
(as of the Closing) or the transferee of such properties and assets shall expressly assume and be responsible for all of the obligations
thereof set forth in this Section ‎7.16.
                  

(d)
This Section ‎7.16 shall survive the Closing
Date, is intended to benefit and may be enforced by the Company, Buyer and the D&O Indemnified Parties, and shall be binding on all
successors and assigns of Buyer and the Company.
                  

7.17
Transition Services. The Parties shall negotiate in good faith and agree on a form transition services agreement (“Transition
Services Agreement”), pursuant to which Seller will agree to provide certain transition services to the Company from and after
the Closing pursuant to the terms of such agreed upon Transition Services Agreement, which transition services shall include the items
set forth on Schedule ‎7.17 and such other items as are mutually agreed by the Parties.
                  

7.18
Industrial Site Recovery Act.
                  

(a)
The Seller shall, at its sole cost and expense,
comply with all requirements of ISRA that are triggered by this Agreement or the transactions contemplated hereby (the “Seller’s
ISRA Compliance”). Without limiting the generality of the foregoing, the Seller will undertake any and all actions necessary
to obtain an entire site response action outcome under ISRA, including: (i) retaining the services of a “Licensed Site Remediation
Professional” as defined in the Site Remediation Reform Act, N.J.S.A. Section 58:10C-1, et seq. (“LSRP”), (ii)
obtaining and maintaining a remediation funding source, if necessary under ISRA, in the amount determined by the Seller’s LSRP
in accordance with applicable requirements, (iii) having Seller identified pursuant to N.J.A.C. Section 7:26C-2.3 as the “Person
Responsible for Conducting the Remediation” on any forms or other documents necessary to comply with ISRA, (iv) complying with
related permitting and financial assurance requirements, if any, and (v) taking any other actions required to achieve Seller’s
ISRA Compliance.
                  

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(b)
The Seller will keep the Buyer informed of its progress
in achieving the Seller’s ISRA Compliance by sending to the Buyer copies of all final submissions to NJDEP within five (5) business
days of submission. The Seller shall take commercially reasonable steps to avoid any material interference or disruption of the Company’s
operations during the performance of any work to achieve Seller’s ISRA Compliance.
                  

(c)
All consultants and contractors employed or engaged
by the Seller in connection with Seller’s ISRA Compliance will be covered by workers’ compensation insurance in an amount
as required by statute, general and automobile liability insurance with minimum limits of $1 million; and contractors and professional
liability insurance with minimum limits of $5 million. All such policies, except for workers compensation and professional liability,
shall name the Company as an additional insured. At the Buyer’s request, the Seller will cause such consultants or contractors
to furnish certificates of insurance confirming that the required coverage is effective.
                  

(d)
Seller hereby agrees to indemnify and hold harmless
the Buyer Indemnified Party from any and all claims, losses, injuries, liabilities, damages or expenses (including reasonable attorneys’
and consultants’ fees and costs), arising out of or in connection with:
                  

(i)
a violation by the Seller, LSRP or Seller’s
other consultants or agents (if any) of any applicable laws, rules, regulations, or ordinances in connection with Seller’s ISRA
Compliance; and
                  

(ii)
any bodily injury or property damage resulting from access to, entry upon, or activity conducted by, or on behalf of the Seller,
LSRP or Seller’s other consultants or agents (if any) with respect to or on the property subject to ISRA, if such access,
entry, or activity is conducted negligently, recklessly or with willful misconduct.
                  

(e)
The provisions of Section ‎7.18 shall survive
for the applicable statute of limitations.
                  

Article
8

CONDITIONS TO
CLOSING
                  

8.1
Conditions to Obligations of the Buyer. The obligations
of the Buyer to consummate the transactions contemplated by this Agreement are subject to the satisfaction or waiver (if permitted by
applicable Law) at or prior to the Closing of each of the following conditions:
                  

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(a) Representations and Warranties. (i) The Fundamental
Representations shall be true and correct in all respects as of the date hereof and as of the Closing Date as though made on and as of
the Closing Date (except for representations and warranties expressly stated to be made as of a
specific date, in which case such representations and warranties shall be true and correct as of such earlier date) and (ii) the
representations and warranties of the Seller and the Company contained
in this Agreement (other than the Fundamental Representations) shall be true and correct (in all
cases, other than the representations and warranties set forth in Section ‎5.21(b), without giving effect to
any materiality or Material Adverse Effect or similar qualifications contained in such
representations and warranties) as of the date hereof and as of the Closing Date as though made
on and as of the Closing Date (except for representations and warranties expressly stated to
be made as of a specific date, in which case such representations and warranties shall be true and correct as of such earlier
date), except in the case of clause (ii) where such failure would not have a Material Adverse Effect. 
                  

(b)
Performance of Covenants. The Seller and the
Company shall have performed in all material respects all of the covenants and obligations required to
be performed by the Seller and the Company, as applicable, under this Agreement
prior to or at the Closing.
                  

(c) No MAE. Since the date of this Agreement, there
shall have been no Occurrence (whether or not covered by insurance) which has had or would reasonably be expected to have a Material
Adverse Effect.
                  

(d)
Government Approvals. All approvals required
from any Governmental Authority shall have been obtained.
                  

(e) Seller and Company Closing Deliverables. The
Seller, the Seller and/or the Company, as applicable, shall have delivered or
caused to be delivered to the Buyer
the items required by Section ‎2.2(a).
                  

(f)
No Orders.
None of the Parties will be subject to any pending or threatened action before, or Order
of, a court of competent jurisdiction that prohibits or seeks to prohibit the consummation of the transactions contemplated by
this Agreement.
                  

8.2
Conditions to Obligations of the Seller and the Company.
The obligations of the Seller and the Company to consummate the transactions contemplated by this Agreement are subject to the satisfaction
or waiver (if permitted by applicable Law) at or prior to the Closing of each of the following conditions:
                  

(a)
Representations and Warranties. The representations
and warranties of the Buyer set forth in this Agreement shall
be true and correct in all material respects (without giving effect to any materiality or
material adverse effect or similar qualifications contained in such representations and warranties) as of the date hereof and
as of the Closing Date as though made on and as of the Closing
Date (except to the extent expressly made as of an earlier date, in which case as of such
date), except where the failure of such representations and warranties to be so true and correct
would not have a material adverse effect on the Buyer’s ability to consummate the transactions
contemplated hereby.
                  

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(b)
Performance of Covenants. The Buyer
shall have performed in all material respects all of the covenants and obligations required to
be performed by it under this Agreement prior to or at
the Closing.
                  

(c) Seller Shareholder Approval. The Seller Shareholder
Approval shall have been obtained.
                  

(d)
R&W Insurance Policy. Buyer shall have obtained
and bound the R&W Insurance Policy with coverage to incept effective as of the signing date of this Agreement.
                  

(e) Government Approvals. All approvals required
from any Governmental Authority shall have been obtained.
                  

(f)
Buyer Closing Deliverables.
The Buyer shall have delivered or caused to
be delivered to the Seller the items required by Section ‎2.2(b).
                  

(g)
No Orders.
None of the Parties will be subject to any pending or threatened action before, or Order
of, a court of competent jurisdiction that prohibits or seeks to prohibit the consummation of the transactions contemplated by
this Agreement. 
                  

Article
9

TERMINATION
                  

9.1
Termination. Notwithstanding any other provision of this Agreement, this Agreement may be terminated at any time prior to the
Closing:
                  

(a)
by the mutual written consent of the Buyer
and the Seller;
                  

(b)
by the Buyer or the
Seller, upon written notice to the other Party, if the
transactions contemplated by this Agreement have not been consummated on or
prior to April 30, 2022 (the “Termination Date”);
provided, however, that the Termination Date may be extended for a period of no more than thirty (30) days by either Buyer
or the Seller upon written notice to the other if, as of the Termination Date, all conditions to Closing have been satisfied or waived
(other than those that are to be satisfied by action taken at Closing); provided, further, however, that the right
to terminate this Agreement pursuant to
this Section ‎9.1(b) is not available to any Party whose breach of any provision
of this Agreement results in or causes the failure of the
transactions contemplated by this Agreement to be consummated by such time;
                  

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(c)
by the Buyer or the
Seller, upon written notice to the other Party, if any
Order issued by a Governmental Authority permanently restraining,
enjoining or otherwise prohibiting consummation of the transactions contemplated by this Agreement
shall become final and non-appealable;
                  

(d)
by the Buyer or the
Seller, if the Seller Shareholder Approval shall not have been obtained upon a vote taken thereon
at the Shareholders Meeting duly convened therefor or at any adjournment or postponement thereof;
                  

(e)
by the Buyer,
if (i) the Seller or the Company have breached or failed
to perform any of their covenants or other agreements contained
in this Agreement such that the Closing condition set forth in
Section ‎8.1(b) would not be satisfied, or (ii) there exists a breach of any
representation or warranty of the Seller or the Company contained
in this Agreement such that the Closing condition set forth in
Section ‎8.1(a) would not be satisfied, and in the case of both (i) and (ii) above, such breach or
failure to perform (A) has not been waived by the Buyer or cured by the Seller or the Company,
as applicable, within the earlier of (x) the day prior to the Termination Date and (y) twenty (20) days after receipt by the
Seller of written notice thereof from the Buyer, or (B) is not capable of being cured prior to such date; provided, however,
that the Buyer shall not be entitled to terminate pursuant
to this Section ‎9.1(e) if the Buyer is then
in breach of any of its representations, warranties, covenants or agreements hereunder
and such breach would result in the Closing conditions set forth in Section ‎8.2(a)
or Section ‎8.2(b) to not be satisfied;
                  

(f)
by the Seller,
if (i) the Buyer has breached or failed to
perform any of its covenants or other agreements contained in this Agreement
such that the closing condition set forth in Section ‎8.2(b) would not be satisfied
or (ii) there exists a breach of any representation or warranty
of the Buyer contained in this Agreement such that the
closing condition set forth in Section ‎8.2(a) would not be satisfied, and in the case
of both (i) and (ii) above, such breach or failure to perform
(A) has not been waived by the Seller or cured by the Buyer within the earlier of (x) the day prior to the Termination Date and
(y) twenty (20) days after receipt by the Buyer of written notice thereof from the Seller, or (B) is not capable of being cured
prior to such date; provided, however, that the Seller shall not be entitled to terminate
pursuant to this Section ‎9.1(f) if the Seller,
the Company is then in breach of any of its representations, warranties, covenants or
agreements hereunder and such breach would result in the Closing
conditions set forth in Section ‎8.1(a) or Section ‎8.1(b)
to not be satisfied;
                  

(g)
by the Seller, upon written notice to Buyer, prior to
the time at which the Seller Shareholder Approval has been obtained, to the extent permitted by and in accordance with the terms and
conditions of Section ‎7.4 in response to a Superior Proposal that was not solicited in material violation of this Agreement,
in order to enter into a definitive Alternative Acquisition Agreement with respect to an Acquisition Proposal that the Board of Directors
of Seller has concluded constitutes a Superior Proposal in accordance with Section ‎7.4; provided, that the Seller prior to
or concurrently with such termination, pays to Buyer in immediately available funds any fees required to be paid pursuant to Section
‎9.3(b); or
                  

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(h)
by Buyer, upon written notice to Seller, in the event
that (i) Seller fails to include the Seller Board Recommendation in the Proxy Statement, (ii) the Board of Directors of Seller shall
have effected a Seller Adverse Recommendation Change, (iii) at any time following receipt of an Acquisition Proposal, the Board of Directors
of Seller failed to reaffirm its approval or recommendation of this Agreement as promptly as practicable (but in any event within five
(5) Business Days) after receipt of any written request to do so from Buyer, (iv) the Board of Directors of Seller or any committee thereof
shall have approved, endorsed or recommended any Acquisition Proposal; or (v) the Company shall have executed any Contract relating
to any Acquisition Proposal other than an Acceptable Confidentiality Agreement expressly permitted in Section 7.4 of this Agreement.
                  

(i)
By Buyer if the Seller or
the Company have breached the first sentence of Section 7.4(a).
                  

9.2
Effect of Termination. In the event of termination of this Agreement pursuant to ‎Article 9, this Agreement will become
void and have no effect, without any liability or obligation on the part of the Buyer, the Seller, the Company, other than the provisions
of this Section ‎9.2, Section ‎7.2(b), Section ‎7.5, and ‎Article 11,
which will survive any termination of this Agreement; provided, however, that nothing in this Agreement will relieve any
Party from any liability for any pre-termination willful breach by such Party of this Agreement.
                  

9.3
Termination Fees. 
                  

(a)
In the event of termination of this Agreement
pursuant to Section ‎9.1(d) due to failure to obtain the Seller Shareholder Approval, Buyer shall will be entitled to its
reasonable fees and expenses up to a cap of $500,000.
                  

(b)
In the event of termination of this Agreement by the
Seller pursuant to Section ‎9.1(g), or (h) or (i), Buyer shall receive a termination fee of $900,000.
                  

(c)
In the event of termination of this Agreement
by the Seller pursuant to either Section ‎9.1(b) or Section ‎9.1(f), Seller will be entitled to its reasonable
fees and expenses up to a cap of $500,000.
                  

(d)
If (i) after the date of this Agreement but prior
to the termination of this Agreement in accordance with its terms, an Acquisition Proposal shall have become publicly known or delivered
to Seller’s Board of Directors and not publicly withdrawn (if it became publicly known), (ii) thereafter, this Agreement is
terminated (A) by Buyer or Seller pursuant to Section 9.1(d), or (B) by Buyer pursuant to Section 9.1(e) for material
breach which material breach is a principal factor in the failure of the purchase of the Company Interests to be consummated and (iii) within
six (6) months after such termination Seller consummates an transaction for an Acquisition Proposal (an “Acquisition Transaction”)
or enters into an agreement for an Acquisition Transaction which Acquisition Transaction is subsequently consummated, then the Seller
shall pay to Buyer a termination fee of $900,000 by wire transfer of same-day funds on the date such transaction is consummated; provided
that solely for purposes of this Section 9.3(d), all references to 20% in the definition of “Acquisition Proposal”
shall be deemed to be references to 50%.
                  

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Article
10

INDEMNIFICATION
                  

10.1
Survival. Subject to Section ‎10.3(d), the representations and warranties in this Agreement or in any certificate delivered
pursuant to this Agreement shall survive the Closing and terminate on the date that is twelve (12) months following the Closing Date,
except for the Fundamental Representations which shall survive the Closing for six (6) years (other than the representations set forth
in Section ‎5.12 (Taxes), which shall survive until the date that is sixty (60) days after the expiration of the applicable
statute of limitations, including all periods of extension, whether automatic or permissive)). The covenants and agreements set forth
in this Agreement to be performed after the Closing shall survive the Closing in accordance with their terms, and in the absence of any
specified time period, for the maximum duration permitted by Law (including Del. C. 8106(c)). If any Party asserts a valid claim for
indemnification, in good faith, prior to the expiration of the applicable survival period for any breach thereof, such claims shall survive
until finally resolved. It is the express intent of the Parties that, if the applicable survival period for a representation or warranty
or covenant as contemplated by this Section ‎10.1 is different than the statute of limitations period that would otherwise
have been applicable to such representation or warranty or covenant, then by virtue of this Agreement, the applicable statute of limitations
period with respect to such representation or warranty or covenant shall be revised to the survival period contemplated by this Section
‎10.1. The Parties acknowledge and agree that the time period set forth in this Section ‎10.1 for the assertion of
claims under this Agreement is the result of arm’s-length negotiations among the Parties and that they intend for such time period
to be enforced as agreed among the Parties. Nothing in this Agreement shall in any manner limit or alter the survival periods contained
the R&W Insurance Policy.
                  

10.2
Indemnification.
                  

(a)
Indemnification by the Seller. Subject to
the limitations set forth herein, from and after
the Closing, the Seller agree to, jointly and severally, indemnify
and hold harmless the Buyer, its Affiliates (including, after the Closing, the Company) and their
respective Representatives, successors and assigns (each, a “Buyer Indemnified
Party”), from and against and in respect of any and all losses, liabilities,
expenses of whatever kind (including reasonable attorneys’ fees and accounting fees and
the cost of enforcing any right to indemnification hereunder), claims, suits, actions, judgments, damages, deficiencies, interest, awards,
penalties, and fines (collectively, “Losses”) arising from,
based upon or otherwise in connection with any:
                  

(i) breach or inaccuracy of any representation or warranty
made by the Seller or the Company contained in ‎Article 4 or ‎Article 5 (other than the Fundamental Representations);
                  

    	-78-

     

    

 

(ii)
breach or inaccuracy of any representation or warranty
made by the Seller or the Company contained in any of the Fundamental Representations;
                  

(iii)  breach or nonfulfillment
of any covenant or agreement of the Seller or the Company that is required to
be performed pursuant to this Agreement;
                  

(iv)
any Pre-Closing Taxes; or
                  

(v) Excluded Liabilities.
                  

(b)
Indemnification by the Buyer.
Subject to the limitations set forth herein, from
and after the Closing, the Buyer hereby agrees to
indemnify and hold harmless the Seller and their respective Representatives (each, a “Seller
Indemnified Party,” and together with the Buyer Indemnified Parties, the
“Indemnified Parties”), from and against any Losses
arising from or in connection with any:
                  

(i)
breach or inaccuracy of any representation or
warranty made by the Buyer contained in ‎Article 6 or in any certificate delivered hereto;
or
                  

(ii)
breach or nonfulfillment
of any covenant or agreement of the Buyer.
                  

10.3
Limitations on Indemnification.
                  

(a)  
Subject to Section ‎10.3(d):
                  

(i)
except with respect
to a breach of the Fundamental Representations, the Indemnifying
Parties shall not have any obligation to indemnify the Indemnified Parties pursuant to Section ‎10.2(a)(i)
or Section ‎10.2(b)(i), as applicable, until the aggregate amount of Losses
that would otherwise be subject to indemnification pursuant to
Section ‎10.2(a)(i) exceeds $150,000 (the
“Deductible”), whereupon the applicable Indemnified
Parties shall be entitled to receive amounts for only those Losses in excess of the Deductible;

                  

(ii)
except with respect
to a breach of the Fundamental Representations, in no event shall the cumulative indemnification
obligations of the Seller pursuant to Section ‎10.2(a)(i) in the aggregate exceed the
Indemnity Escrow Amount; 
                  

(iii)   in no event shall the cumulative indemnification obligations
of the Seller pursuant to Section ‎10.2(a) or the Buyer pursuant to Section ‎10.2(b)
exceed the Final Purchase Price; and
                  

(iv)
notwithstanding anything in this Agreement to the contrary,
the Buyer Indemnified Parties shall not be entitled to indemnification hereunder: (i) to the extent any Loss arises from actions taken
or not taken by Buyer or on behalf of Buyer, or any event or occurrence occurring, after Closing and (ii) for any Taxes attributable
to Post-Closing Periods.
                  

    	-79-

     

    

 

(b)
For purposes of determining the failure of any representations
or warranties to be true and correct or the breach of any
covenant and for calculating the amount of any Losses under this ‎Article 10, each
such representation and warranty or covenant shall be read without regard to
any qualification or reference to “materiality”,
“material”, “Material Adverse Effect” or
other similar materiality qualifications or references contained in or
otherwise applicable to such representation or warranty
or covenant. 
                  

(c) Nothing in this Agreement shall in any way limit or
prohibit Buyer’s right to make any claims or recover any proceeds under the R&W Insurance Policy, whether for breaches under
this Agreement or any other claim that may be permitted to be made under the R&W Insurance Policy. Each Indemnified Party shall ,
to the extent required by applicable law, take commercially reasonable steps to mitigate Losses subject to indemnification hereunder
upon becoming actually aware of the existence of such indemnifiable Losses, it being understood that nothing in this Agreement shall
require any Indemnified Party to commence litigation to recover proceeds under any insurance policy (including the R&W Insurance
Policy). The amount of any Losses for which indemnification is provided under this ‎Article 10 shall be reduced by any insurance
proceeds actually received by an Indemnified Party under insurance policies in respect of such indemnifiable Losses (net of collection
costs, enforcement costs, deductibles, premium increases and similar items incurred in connection with claiming and collecting such proceeds
and net of any costs and expenses incurred by any Indemnified Party in analyzing coverage availability and pursuing any claims made under
any insurance policy). To the extent that any amount is recovered by any Indemnified Party under
an insurance policy (including the R&W Insurance Policy, if applicable) or any other source of indemnification after the date that
an indemnity payment is made hereunder, then such Indemnified Party shall pay over to the Indemnifying
Party such amounts (less any costs of collection, enforcement and increases in premium) as promptly as reasonably practicable after such
proceeds are received. Notwithstanding the foregoing, a Buyer Indemnified Party will not be required to repay amounts actually received
from an insurer (including the insurer under the R&W Insurance Policy) to the extent such Buyer Indemnified Party’s total Losses
exceed the limits of the R&W Insurance Policy or the amounts received thereunder. In no event shall any Buyer Indemnified Party be
entitled to recover or make a claim for any amounts in respect of, and in no event shall “Losses” for purposes of this Agreement
(including amounts indemnifiable under Section ‎10.2) be deemed to include, (a) punitive damages (except as awarded in Third
Party Claims) or (b) any Loss, liability, damage or expense to the extent included in the calculation of Final Working Capital.

 

(d)
Notwithstanding anything in this Agreement to the contrary, in no event shall any provision of this Agreement limit or restrict the
rights or remedies of any Indemnified Party or other Person for Fraud. In the event of any breach of a representation, warranty,
covenant or agreement by an Indemnifying Party arising from or relating to Fraud, such representation, warranty, covenant or
agreement shall survive consummation of the transactions contemplated hereby and continue in full force and effect without any time,
economic, procedural or any other limitation.
                  

    	-80-

     

    

 

10.4
Indemnification Claim Process for Third Party Claims. 
                  

(a)
If any Indemnified
Party receives notice of the assertion of any claim for Losses or the commencement of any
Proceeding by a third party with respect to a matter subject
to indemnity hereunder (a “Claim”),
notice thereof (a “Third Party Claim Notice”) shall promptly be given to
the Indemnifying Party. The failure of any Indemnified
Party to give timely notice hereunder shall not affect such Indemnified
Party’s rights to indemnification hereunder,
except to the extent the Indemnifying Party forfeits rights
or defenses by reason of such delay or failure, and the
amount of reimbursement to which the Indemnified Party is
entitled shall be reduced by the amount, if any, by which the Indemnified Party’s Losses
would have been less had such Third Party Claim Notice been timely delivered. After receipt
of a Third Party Claim Notice, if (x) the Indemnifying Party produces a notice of election within thirty
(30) days of receiving the Third Party Claim Notice, and (y) acknowledges in writing that it would be required to indemnify the
Indemnified Party for all Losses in connection with such Third Party Claim Notice, the Indemnifying Party
shall have the right, but not the obligation to (i) take control
of the defense and investigation of such Claim, (ii) employ and engage attorneys of its,
his or her own choice (subject to the approval of the Indemnified Party, such approval not to
be unreasonably withheld, conditioned or delayed) to handle and defend the same, at the Indemnifying
Party’s sole cost and expense, and (iii) compromise or
settle such Claim, which compromise or settlement
shall be made only with the written consent of the Indemnified Party; provided, that such
consent will not be required if such settlement (x) includes an irrevocable and unconditional
release of the Indemnified Party, (y) provides solely for payment of monetary damages for which
the Indemnified Party will be indemnified in full and (z) does not require or involve any admission
of wrong doing. Notwithstanding the foregoing, the Indemnifying Party will not have the right to assume the defense of a Claim if (1)
the Indemnifying Party fails to actively and diligently conduct the defense of the Claim (after notice of such failure from the Indemnified
Party), (2) the Indemnified Party has received written advice from outside counsel that an actual or potential conflict exists between
the Indemnified Party and the Indemnifying Party in connection with the defense of such Claim, (3) such Claim seeks a finding or admission
of a violation of any criminal Law by the Indemnified Party, (4) such Claim seeks an injunction or other equitable remedies in respect
of an Indemnified Party or its business, (5) such Claim relates to a Material Customer or
Material Supplier, or (6) such Claim is reasonably likely to result in Losses that, taken with any other then existing claims under this
‎Article 10, would not be not be fully indemnified hereunder.
                  

(b)
In the event that the Indemnifying Party defends the
Indemnified Party against a Claim, the Indemnified Party shall cooperate in all reasonable respects, at the Indemnifying Party’s
request, with the Indemnifying Party and its attorneys in the investigation, trial and defense of such Claim and any appeal arising therefrom,
including, if appropriate and related to such Claim, in making any counterclaim against the third party claimant, or any cross complaint
against any Person, in each case, at the expense of the Indemnifying Party. The Indemnified Party may, at its own sole cost and expense,
monitor and further participate in (but not control) the investigation, trial and defense of such Claim and any appeal arising therefrom.
                  

    	-81-

     

    

 

(c)
Notwithstanding anything to
the contrary herein, if the Indemnifying Party does
not assume such defense and investigation or does not acknowledge in writing within a reasonable
period, but no later than thirty (30) days, after receipt of the Third Party Claim Notice its
obligation to indemnify the Indemnified Party against any
Losses arising from such Claim,
then the Indemnified Party shall have the right to retain
separate counsel of its choosing, defend such Claim and have the sole power to
direct and control such defense (all at the cost and expense of the Indemnifying
Party if it is ultimately determined that the Indemnified Party is entitled to indemnification hereunder); it being understood
that the Indemnified Party’s right to indemnification
for a Claim shall not be adversely affected by assuming the defense of such Claim.
Notwithstanding anything herein to the contrary, whether or not
the Indemnifying Party shall have assumed the defense of such Claim,
the Indemnified Party shall not settle, compromise or pay
such Claim for which it seeks indemnification hereunder without
the prior written consent of the Indemnifying Party, which consent shall not be
unreasonably withheld, conditioned or delayed.
                  

(d)
The Indemnified Party
and the Indemnifying Party shall use commercially reasonable efforts to avoid production
of confidential information (consistent with Law), and to cause
all communications among employees, counsel and others representing any party to a Claim
to be made so as to preserve any applicable attorney-client or
work-product privileges.
                  

(e)
Notwithstanding this Section ‎10.4,
Section ‎7.8(f) shall exclusively govern any and all Tax
Contests (and not this Section ‎10.4).
                  

10.5
Indemnification Procedures for Non-Third Party Claims. If a Claim is to be made by any
Indemnified Party that does not involve a third party, such Indemnified Party shall give written notice (a “Direct Claim Notice”)
to the Indemnifying Party. If the applicable Indemnifying Party notifies the Indemnified Party that they do not dispute the claim described
in such Direct Claim Notice within thirty (30) days following receipt of such Direct Claim Notice, the Losses identified in the Direct
Claim Notice will be conclusively deemed a liability of the Indemnifying Party under Section ‎10.2(a) or Section ‎10.2(b),
as applicable. If the Indemnifying Party rejects such claim or fails to respond during such thirty (30) day period (in which case the
Indemnifying Party shall be deemed to have rejected such claim), the Parties shall negotiate in good faith for a period of thirty (30)
days to resolve such matter. If the Parties cannot resolve the dispute during such thirty (30) day period they shall have all rights
and remedies available to them under applicable Law.
                  

10.6
Recourse.
                  

(a) Subject to all other applicable provisions of this Agreement,
with respect to any indemnified Losses, Buyer or any Buyer Indemnified Party seeking recourse pursuant to Section ‎10.2(a)(ii),
(iii), (iv) or (v) shall first seek recourse pursuant to the Escrow Agreement from the Indemnity Escrow Account as long as there
are Indemnity Escrow Amounts validly held in the Indemnity Escrow Account. Thereafter, Buyer shall only seek recourse from the proceeds
of the R&W Insurance Policy, in accordance with its terms, if applicable to such Loss. Only in the event that indemnified Losses
arise out of or result from valid claims for indemnification pursuant to Section ‎10.2(a)(ii), (iii), (iv) or (v) may Buyer
or any Buyer Indemnified Party seek recourse directly against Seller in any other manner (and, in all circumstances, such recourse, if
any, shall be subject to all other applicable provisions of this Agreement, including first seeking recourse from the Indemnity Escrow
Account and the R&W Insurance Policy, if applicable) and in accordance with the requirements of Section ‎10.6(b). 
                  

    	-82-

     

    

 

(b)
Subject to all other applicable provisions of this Agreement,
Buyer or any Buyer Indemnified Party seeking recourse pursuant to Section ‎10.2(a)(ii), (iii), (iv) or (v) shall seek such
recourse (i) first, from the remaining Indemnity Escrow Amount pursuant to the Escrow Agreement as long as there are Indemnity Escrow
Amounts validly held in the Indemnity Escrow Account, (ii) second, to the extent covered thereby, from amounts under the R&W Insurance
Policy, and (iii) third, directly from Seller. Buyer or any Buyer Indemnified Parties shall use commercially reasonable efforts to submit
any claim with respect to Loss for which recovery is sought pursuant to Section ‎10.2(a)(ii), (iii), (iv) or (v) under applicable
policies of insurance and to recover thereunder to the extent such Losses are covered thereby (including, if applicable, the R&W
Insurance Policy).
                  

(c) The obligations of Seller to indemnify Buyer or any
Buyer Indemnified Party with respect of any Loss solely with respect for recourse sought pursuant to Section ‎10.2(a)(i),
whether from the Indemnity Escrow Account or otherwise, shall be held in abeyance pending the resolution of any corresponding claim against
the R&W Insurance Policy or other applicable policy of insurance and until all rights thereunder have been pursued in good faith,
provided, however, that notwithstanding the foregoing Buyer Indemnified Parties shall be entitled to deliver notice under this ‎Article
10 prior to the resolution of any claim under the R&W Insurance Policy or other applicable policy of insurance. 
                  

10.7
Escrow. 
                  

(a) As long as there are Indemnity Escrow Amounts validly
held in the Indemnity Escrow Account, any and all Losses payable by any Seller Indemnifying Party pursuant to this ‎Article 10
may be paid out of the Indemnity Escrow Account. Upon the determination that any such payment is due to a Buyer Indemnified Party
and the delivery of written notice from the Buyer of its election to recover such amount from the Indemnity Escrow Account, the Buyer
and the Seller shall execute and deliver a joint written instruction to the Escrow Agent directing the Escrow Agent to release such amount
from the Indemnity Escrow Account to the Buyer. 
                  

(b)
Promptly following the date that is twelve (12) months
after the Closing Date (the “Release Date”), the Buyer and the Seller shall execute and deliver a joint written instruction
to the Escrow Agent directing the Escrow Agent to release any remaining portion of the Indemnity Escrow Amount to the Seller, less any
amounts that are subject to pending claims made by any Buyer Indemnified Party under this ‎Article 10 prior to 11:59 p.m.
on the Release Date. If any claim made by any Buyer Indemnified Party under this ‎Article 10 is still pending as of the Release
Date, the Escrow Agent, pursuant to the terms of the Escrow Agreement, will retain a portion of the Escrow Amount in an amount equal
to the Losses identified in any unresolved notice delivered pursuant to the Escrow Agreement until such claim has been satisfied or otherwise
resolved, at which point Buyer and the Seller shall execute and deliver a joint written instruction to the Escrow Agent directing the
Escrow Agent to release to the Seller any remaining balance of the Escrow Amount not used to satisfy the indemnification rights of the
Buyer Indemnified Party under this ‎Article 10.
                  

    	-83-

     

    

 

10.8
No Circular Recovery. Notwithstanding anything to the contrary in this Agreement, the Organizational
Documents of the Company, or any other Contract, no Seller Indemnified Party shall be entitled to be indemnified by, advanced expenses
by or otherwise recover any amount from the Company or the Buyer if such amount would constitute Losses for which any Seller Indemnified
Party would be liable to any Buyer Indemnified Party under this ‎Article 10. 
                  

10.9
Exclusive Remedy. Except (a) in the case where a Party seeks to obtain specific performance, injunctive relief or other equitable
relief, (b) for the purchase price adjustment dispute procedures set forth in Section ‎2.3, (c) for amounts recoverable under
the R&W Insurance Policy, and (d) in the case of Fraud, the rights of the Parties to indemnification pursuant to the provisions of
this ‎Article 10 shall be the sole and exclusive remedy for the Parties hereto with respect to this Agreement. None of Seller,
its Affiliates or any of their Representatives shall have any direct or indirect liability of any kind or nature with respect to the
R&W Insurance Policy (including, without limitation, by way of subrogation with respect to Losses other than those caused by or based
on the Fraud of such Person).
                  

10.10
Tax Treatment of Indemnity Payments. Unless otherwise required by applicable Law,
any indemnity payment made under this Agreement shall be treated by all Parties as an adjustment to the Final Purchase Price for all
federal, state, local and foreign Tax purposes. 
                  

Article
11

MISCELLANEOUS
                  

11.1
Expenses. Except as expressly provided herein, all costs and expenses incurred in connection with the preparation, negotiation
and execution and performance of this Agreement and the transactions contemplated hereby (including legal and advisory fees and expenses)
shall be paid by the Party incurring such costs and expenses.
                  

11.2
Amendment; Waiver. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the Parties.
Except as otherwise set forth herein, (i) no failure to exercise, and no delay in exercising, any right, power or privilege under this
Agreement shall operate as a waiver, nor shall any single or partial exercise of any right, power or privilege hereunder preclude the
exercise of any other right, power or privilege, (ii) no waiver of any breach of any provision shall be deemed to be a waiver of any
preceding or succeeding breach of the same or any other provision, (iii) no waiver shall be implied from any course of dealing between
the Parties, and (iv) no extension of time for performance of any obligations or other acts hereunder or under any other agreement shall
be deemed to be an extension of the time for performance of any other obligations or any other acts. A waiver of any term or condition
of this Agreement by any Party shall only be effective if made in writing.
                  

    	-84-

     

    

 

11.3
Entire Agreement. This Agreement, including the Disclosure Schedules and Exhibits attached
hereto, which are deemed for all purposes to be part of this Agreement, and the other Transaction Documents contemplated hereby, contain
all of the terms, conditions agreed upon or made by the Parties relating to the subject matter of this Agreement and the businesses and
operations of the Company and supersede all prior and contemporaneous agreements, negotiations, correspondence, undertakings and communications
of the Parties or their respective Representatives, oral or written, respecting such subject matter.
                  

11.4
Headings. The headings contained in this Agreement are intended solely for convenience and shall not affect the rights of the
Parties set forth herein.
                  

11.5
Notices. Any notice or other communication required or permitted under this Agreement shall be deemed to have been duly given
and made (a) if in writing and served by personal delivery upon the party for whom it is intended, (b) if delivered by facsimile
with receipt confirmed, or (c) if delivered by certified mail, registered mail, courier service, return-receipt received to the
party at the address set forth below, with copies sent to the Persons indicated; or (d) as of the date received for electronic mail
sent before 5:00 P.M. Eastern Time, and (e) on the day following receipt for electronic mail sent after 5:00 P.M. Eastern Time:
                  

If
to the Buyer:
                  

RF
Industries, Ltd.

7610
Miramar Road,

San Diego, CA 92126

Attention:
Robert Dawson

Email:
rdawson@rfindustries.com
                  

With
a copy to (which copy shall not constitute notice):
                  

DLA
Piper LLP

4365 Executive Drive, Suite 1100

San Diego, CA 92121

Attention: Martin Nichols

Email:
martin.nichols@us.dlapiper.com
                  

If
to the Seller:
                  

Wireless
Telecom Group, Inc.

25
Eastmans Road

Parsippany,
New Jersey 07054

Attention:
Timothy Whelan

Email:
twhelan@wtcom.com
                  

    	-85-

     

    

 

With
a copy to (which copy shall not constitute notice):
                  

Bryan
Cave Leighton Paisner LLP

1290
Avenue of the Americas

New
York, NY 10104-3300

Attention:
Tara Newell

Email:
tara.newell@bclplaw.com
                  

Such
addresses may be changed, from time to time, by means of a notice given in the manner provided in this Section ‎11.5.
                  

11.6
Exhibits and Schedules. 
                  

(a)
The Disclosure Schedules and Exhibits hereto
are hereby incorporated into this Agreement and are hereby made a part hereof as if set out in full in this Agreement.
                  

(b)
Any matter, information or item disclosed in the Disclosure
Schedules, ‎Article 4 or ‎Article 5 delivered under any specific Section of ‎Article 4 or ‎Article
5 shall be deemed to have been disclosed in response to each other representation or warranty in ‎Article 4 or ‎Article
5 in respect of which such disclosure is reasonably apparent on its face, notwithstanding the omission of an appropriate cross-reference.
Any item of information, matter or document disclosed or referenced in, or attached to, the Disclosure Schedules hereto shall not (i)
be deemed or interpreted to expand the scope of the Seller’, the Company’s representations or warranties contained in ‎Article
4 or ‎Article 5 (except as otherwise contemplated by such representation or warranties), or (ii) constitute, or be deemed
to constitute, an admission to any third party concerning such item or matter. 
                  

11.7
Binding Effect; Assignment. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their permitted
successors and assigns. No Party may assign or delegate, by operation of Law or otherwise, all or any portion of its rights, obligations
or liabilities under this Agreement without the prior written consent of the other Parties to this Agreement, which any such Party may
withhold in its absolute discretion, (b) the Buyer may assign this Agreement and the other Transaction Documents in whole or in part
to any of its Affiliates without the consent of any other Party.
                  

11.8
Third Party Beneficiaries. Nothing in this Agreement shall confer any rights, remedies or claims upon any Person or entity not
a Party or a permitted assignee of a Party to this Agreement, except for the Persons set forth in Section ‎7.9 and ‎Article
10, who are intended third party beneficiaries of such provisions.
                  

11.9
Counterparts. This Agreement may be signed in any number of counterparts with the same effect as if the signatures to each counterpart
were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement.
                  

    	-86-

     

    

 

11.10
Governing Law and Jurisdiction. This Agreement and any claim or controversy hereunder shall
be governed by and construed in accordance with the Laws of the State of Delaware without giving effect to the principles of conflict
of Laws thereof.
                  

11.11
Consent to Jurisdiction and Service of Process. Any Proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby may only be instituted in any state or federal court within the State of Delaware,
and each Party waives any objection which such Party may now or hereafter have to the laying of the venue of any such Proceeding, and
irrevocably submits to the exclusive jurisdiction of any such court in any such Proceeding. Notwithstanding the foregoing, each Party
waives, to the fullest extent permitted by applicable Law, any objection which it may now or hereafter have to the laying of venue of,
and the defense of an inconvenient forum to the maintenance of, any such action, suit or proceeding in any such court. Each Party hereby
agrees that a final judgment in any action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by applicable Law.
                  

11.12
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE DEBT FINANCING, OR
THE TRANSACTIONS CONTEMPLATED (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
                  

11.13
Specific Performance. The Parties hereby agree that irreparable damage may occur in the event that any of the provisions of this
Agreement were not performed by them in accordance with the terms hereof or were otherwise breached and that each Party shall be entitled
to seek an injunction or injunctions to prevent breaches of the provisions hereof and to specific performance of the terms hereof, in
addition to any other remedy at Law or equity.
                  

11.14
Severability. If any term, provision, agreement, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, void or unenforceable, the remainder of the terms, provisions, agreements, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such a determination, the
Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible
in a reasonably acceptable manner so that the transactions contemplated hereby may be consummated as originally contemplated to the fullest
extent possible.
                  

[Remainder
of page intentionally left blank]
                  

    	-87-

     

    

 

IN
WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the date first above written.
                  

	 	BUYER:
	 	 
	 	RF
    INDUSTRIES, LTD.
	 	 	 
	 	By:	/s/
    Robert Dawson Jr.
	 	Name:	Robert
    Dawson
	 	Title:	President
    and Chief Executive Officer

 

	 	COMPANY:
	 	 
	 	MICROLAB/FXR
    LLC
	 	 	 
	 	By:	/s/
    Timothy Whelan
	 	Name:	Timothy
    Whelan
	 	Title:	Chief
    Executive Officer

 

	 	SELLER:
	 	 
	 	WIRELESS
    TELECOM GROUP, INC.
	 	 	 
	 	By:	/s/
    Timothy Whelan
	 	Name:	Timothy
    Whelan
	 	Title:	Chief
    Executive Officer

 

    	 

     

    

 

EXHIBIT
A

Escrow
Agreement
                  

    	 

     

    

 

EXHIBIT
B
                  

Form
of Sublease
                  

    	 

     

    

 

EXHIBIT
C

 Form
of  Executed Shareholders Voting Agreement 
                  

                 

    	 

     

    

 

EXHIBIT
D
                  

R&W
Insurance Policy
                  

    	 

     

    

 

EXHIBIT
E
                  

Working
Capital Methodology Schedule
                  

Working
Capital Peg Definition:
                  

The
Consideration would be subject to upward or downward adjustment on a dollar-for-dollar basis to reflect any increase or decrease in the
Company’s net working capital at the Closing from a normalized level of net working capital that would be mutually agreed to by
the Purchaser and the Seller (“WC Peg”).
                  

WC
Peg calculation will be calculated in accordance with past practices and will exclude all indebtedness, accrued bonuses, transaction
expenses, payroll and benefit accruals, and shared expenses (i.e. corporate insurance, utilities, building maintenance, rent).
                  

WC
Peg will be calculated based on:
                  

		●	Ordinary
                                            trade accounts receivable (excluding uncollected accounts receivable aged greater than 180
                                            days), plus
	 	 	 
		●	Inventory,
                                            plus
	 	 	 
		●	Prepaid
                                            Expenses (excludes shared expenses), plus
	 	 	 
		●	Other
                                            current assets (other than cash and current or deferred income taxes), less
	 	 	 
		●	Accounts
                                            payable, less
	 	 	 
		●	Accrued
                                            expenses (excludes shared expenses and payroll and benefits), less
	 	 	 
		●	Deferred
                                            Revenue, less
	 	 	 
		●	Accrued
                                            sales and use taxes, less
	 	 	 
		●	Other
                                            liabilities 

 

    	 

     

    

 

EXHIBIT
F
                  

Form
of Employment Agreement

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