Document:

Exhibit

Exhibit 10.4

RESTRICTED STOCK RIGHTS
ISSUED UNDER
RYDER SYSTEM, INC. 2019 EQUITY AND INCENTIVE COMPENSATION PLAN

20XX TERMS AND CONDITIONS

The following terms and conditions apply to the Restricted Stock Rights (the “RSRs”) granted in 20XX by Ryder System, Inc. (the “Company”) under the Ryder System, Inc. 2019 Equity and Incentive Compensation Plan (the “Plan”), as specified in the Restricted Stock Rights Award Notification (the “Notification”) for the RSRs which references these terms and conditions.  Certain terms of the RSRs, including the number of Shares underlying the RSRs, are set forth in the Notification.  The Compensation Committee of the Company’s Board of Directors (the “Committee”) shall administer the RSRs in accordance with the Plan.  Capitalized terms used herein and not defined shall have the meaning ascribed to such terms in the Plan or in the Notification.

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

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

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

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

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

		
	(a)
	Resignation by the Participant or Termination by the Company or a Subsidiary:  Except as otherwise provided in subsection (b) or Section 4 below, all outstanding RSRs will be forfeited and the Participant will not have any right to delivery of Shares that did not vest prior to such termination.  If the Participant’s employment is terminated by the Company or a Subsidiary for Cause, then the Company shall have the right to reclaim and receive from the Participant any Shares delivered to the Participant pursuant to Section 2 within the one year period before the date of the Participant’s termination of employment, or to the extent the Participant has transferred such Shares, the equivalent after-tax value thereof (as of the date the Shares were transferred by the Participant) in cash.

		
	(b) 
	Termination by Reason of Death, Disability or Retirement:  Except as otherwise provided in Section 4 below, a prorated portion of the RSRs shall vest, calculated as follows: (A) the total number of RSRs awarded, multiplied by a fraction (and rounded down to the nearest whole Share), the numerator of which shall be the number of days from the date of grant of the RSRs to the date of 

Exhibit 10.4

death, Disability or Retirement, as the case may be, and the denominator of which shall be the number of days from the date of grant of the RSRs to the last scheduled vesting date for the RSRs set forth in the Notification, less (B) the number of RSRs already vested at the time of the Participant’s death, Disability or Retirement, as the case may be.  Shares equal to the prorated number of RSRs that so vest will be delivered to the Participant (or his or her Beneficiary, in the event of death) within 60 days following the date of death, Disability or Retirement, as the case may be, subject to Section 9.17 of the Plan.

		
	(c)
	Proscribed Activity:  If, during the Proscribed Period but prior to a Change of Control, the Participant engages in a Proscribed Activity, then the Company shall have the right to reclaim and receive from the Participant all Shares delivered to the Participant pursuant to Section 2 during the one year period immediately prior to, or at any time following, the date of the Participant’s termination of employment, or to the extent the Participant has transferred such Shares, the after-tax equivalent value thereof (as of the date the Shares were transferred by the Participant) in cash.

		
	4.
	Change of Control.  In the event of a Change of Control, the RSRs shall become payable as described in this Section 4, provided that the Committee may take such other actions with respect to the RSRs as it deems appropriate pursuant to Section 7 and 8 of the Plan. 

		
	(a)
	Form of Payment:  The Committee may determine that the unvested RSRs will be (i) converted to and payable in units with respect to shares or other equity interests of the acquiring company or its parent or (ii) payable in cash based on the Fair Market Value of the RSRs as of the date of the Change of Control.

		
	(b)
	Continued Employment:  If the Participant continues in employment with the Company or one of its Subsidiaries through each applicable vesting date following the Change of Control, the RSRs will vest pursuant to the vesting schedule set forth in the Notification.

		
	(c)
	Termination without Cause, for Good Reason or on Account of Death, Disability or Retirement.  If the Participant’s employment is terminated by the Company without Cause, the Participant terminates employment for Good Reason, or the Participant’s employment terminates on account of death, Disability or Retirement, in each case, upon or within 24 months following a Change of Control and prior to the last vesting date set forth in the Notification, any unvested RSRs shall become fully vested upon such termination of employment and shall be paid within 60 days following the date of such termination, subject to Section 9.17 of the Plan.

		
	(d)
	Termination Prior to a Change of Control:  To the extent (i) a Participant’s employment was terminated by the Company other than for Cause or Disability within the 12 months prior to the date on which the Change of Control occurred, (ii) during such 12 month period the Participant did not engage in a Proscribed Activity, and (iii) the Committee determines, in its sole and absolute discretion, that the decision related to such termination was made in contemplation of the Change of Control, then upon the Change of Control, the Participant will become entitled to a cash payment equal to the product of: the Fair Market Value of a Share on the date of the Change of Control and the number of Shares to which the Participant would otherwise have been entitled if the Participant’s employment had continued until the date of the Change of Control and the Participant’s employment had been terminated as described in subsection (c) above as of such date.  In the event that the Change of Control constitutes a change “in ownership” or “effective control” or a change in the “ownership of a substantial portion of the assets” of the Company under Section 409A of the Code and the rulings and regulations issued thereunder (any such transaction, a “409A Compliant COC”), such cash payment will be made in a lump sum within 60 days following the date on which the Change of Control occurs.  In the event such Change of Control does not constitute a 409A Compliant COC (any such transaction, a “Non-409A Compliant COC”), the cash payment will be distributed to the Participant on the first anniversary of the Participant’s separation from service.  

		
	5.
	Rights as a Shareholder; Dividend Equivalent Rights. The Participant will not have the rights of a shareholder of the Company with respect to Shares subject to the RSRs until such Shares are actually delivered to the Participant.  If and when Shares are delivered to the Participant pursuant to Section 2, 3 or 4, as applicable, the Company will make a cash payment equal to the product of (i) the number of Shares delivered, and (ii) the aggregate dividends paid on a Share during the period from the date of grant of the 

Exhibit 10.4

award until the date the Shares are delivered.
  
		
	6.
	U.S. Federal, State and Local Income Taxes. The Participant is solely responsible for the satisfaction of all taxes generally that may arise in connection with the RSRs.  At the time of taxation, the Company shall have the right to deduct from other compensation or from amounts payable with respect to the RSRs, including by withholding Shares otherwise issuable upon settlement of the RSRs an amount equal to the federal (including FICA), state and local income and payroll taxes required by law to be withheld with respect to the RSRs.  The Company intends to satisfy this withholding obligation by reducing the number of Shares and/or cash that are to be delivered to the Participant under this Agreement in an amount sufficient to satisfy the withholding obligations due (based on the Fair Market Value of the Shares for the related RSRs).  Notwithstanding the foregoing, the Company may satisfy any tax obligations it may have in any jurisdiction outside the U.S. in any manner it deems, in its sole and absolute discretion, to be necessary or appropriate.  

		
	7.
	Section 409A.  The RSRs are intended to comply with Section 409A of the Code or an exemption, and delivery of Shares and other payments pursuant to the RSRs may only be made upon an event and in a manner permitted by Section 409A, to the extent applicable.  The RSRs shall be administered consistent with Section 9.17 of the Plan.

		
	8.
	Statute of Limitations and Conflicts of Laws.  All rights of action by, or on behalf of the Company or by any shareholder against any past, present, or future member of the Board of Directors, officer, or employee of the Company arising out of or in connection with the RSRs or the Award Documents, must be brought within three years from the date of the act or omission in respect of which such right of action arises. The RSRs and the Award Documents shall be governed by the laws of the State of Florida, without giving effect to principles of conflict of laws, and construed accordingly.

		
	9.
	No Employment Right.  Neither the grant of the RSRs nor any action taken hereunder shall be construed as giving any employee or any Participant any right to be retained in the employ of the Company. The Company is under no obligation to grant RSRs hereunder.  Nothing contained in the Award Documents shall limit or affect in any manner or degree the normal and usual powers of management, exercised by the officers and the Board of Directors or committees thereof, to change the duties or the character of employment of any employee of the Company or to remove the individual from the employment of the Company at any time, all of which rights and powers are expressly reserved. 

		
	10.
	No Assignment.  A Participant’s rights and interest under the RSRs may not be assigned or transferred, except as otherwise provided herein, and any attempted assignment or transfer shall be null and void and shall extinguish, in the Company’s sole discretion, the Company’s obligation under the RSRs or the Award Documents. 

		
	11.
	Unfunded Plan.  Any shares or other amounts owed under the RSRs shall be unfunded. The Company shall not be required to establish any special or separate fund, or to make any other segregation of assets, to assure delivery or payment of any earned amounts.

		
	12.
	Company Policies. The RSRs and any cash or Shares delivered pursuant to the RSRs shall be subject to all applicable clawback or recoupment policies, share trading policies, share holding and other policies that may be implemented by the Company’s Board of Directors from time to time.

		
	13.
	Definitions.  

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

		
	(i)
	the Participant’s breach of any written agreement between the Participant and the Company or any of its Subsidiaries, including any agreement relating to nondisclosure, noncompetition, nonsolicitation and/or nondisparagement, to the extent such agreements are enforceable under applicable law;

		
	(ii)
	the Participant’s direct or indirect unauthorized use or disclosure of confidential information or trade secrets of the Company or any Subsidiary, including, but not limited to, such matters as costs, profits, markets, sales, products, product lines, key personnel, 

Exhibit 10.4

pricing policies, operational methods, customers, customer requirements, suppliers, plans for future developments, and other business affairs and methods and other information not readily available to the public; 

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

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

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

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

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

Notwithstanding the foregoing, nothing in these terms and conditions restricts or prohibits the Participant from initiating communications directly with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with, a self-regulatory authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation.  The Participant does not need the prior authorization of the Company to engage in such communications with the Regulators, respond to such inquiries from the Regulators, provide confidential information or documents to the Regulators, or make any such reports or disclosures to the Regulators.  The Participant is not required to notify the Company that the Participant has engaged in such communications with the Regulators.

If the Participant primarily provides services in California, subsection (iii) above shall not apply to the Participant and subsection (v) above shall apply to the Participant only to the extent that the Participant uses or discloses confidential information of the Company or any of its Subsidiaries in performing such Proscribed Activity and to the extent permitted by applicable law. 

		
	(b)
	“Proscribed Period” means the period beginning on the date of termination of Participant’s employment and ending on the later of (A) the one year anniversary of such termination date or 

Exhibit 10.4

(B) if the Participant is entitled to severance benefits in the form of salary continuation, the date on which salary continuation is no longer payable to the Participant.

		
	(c)
	 “Retirement” means termination of employment for any reason (other than for Cause or by reason of death or Disability) upon or following attainment of age 55 and completion of 10 years of service, or upon or following attainment of age 65 without regard to years of service; provided that, Retirement shall not be deemed to occur unless such termination of service constitutes a separation from service, as defined by Section 409A of the Code.

		
	14.
	Other Benefits.  No amount accrued or paid under the RSRs shall be deemed compensation for purposes of computing a Participant’s benefits under any retirement plan of the Company or its Subsidiaries, nor affect any benefits under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the Participant’s level of compensation.

		
	               15. 
	Defend Trade Secrets Act Notice.  Participants are hereby notified that the immunity provisions in Section   1833 of title 18 of the United States Code provide that an individual cannot be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made (i) in confidence to federal, state or local government officials, either directly or indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of the law, (ii) under seal in a complaint or other document filed in a lawsuit or other proceeding, or (iii) to the Participant’s attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade secret may be used in the court proceedings for such lawsuit) as long as any document containing the trade secret is filed under seal and the trade secret is not disclosed except pursuant to court orderExhibit

Exhibit 10.5

STOCK AWARDS
FOR
NON-EMPLOYEE DIRECTORS
ISSUED UNDER 
RYDER SYSTEM, INC. 2019 EQUITY AND INCENTIVE COMPENSATION PLAN

20XX TERMS AND CONDITIONS

The following terms and conditions apply to the stock award (the “Award”) granted in [20XX] by Ryder System, Inc. (the “Company”) to the Company’s Non-Employee Directors, under the Ryder System, Inc. 2019 Equity and Incentive Compensation Plan (the “Plan”), as specified in the Restricted Stock Units Award Notification Letter (the “Notification Letter”), to which these terms and conditions are appended and the applicable Stock Award Distribution Election Form (the “Election Form”).  Certain terms of the Award, including the number of Shares granted, the date of grant (the “Grant Date”) and the vesting date(s), are set forth in the Notification Letter.  The terms and conditions contained herein may be amended by the Committee as permitted by the Plan.  Capitalized terms used herein and not defined shall have the meaning ascribed to such terms in the Plan or in the Notification Letter.

		
	1.
	General. Each Award represents the right to receive one Share on a specified date on the terms and conditions set forth herein, in the Notification Letter, the Election Form and the Plan, the applicable terms, conditions and other provisions of which are incorporated by reference herein (collectively, the “Award Documents”).  The Award may be distributed as Restricted Stock Units (“RSUs”) or payment in Shares after completion of one year of service on the Board of Directors of the Company (the “Board”).  A copy of the Plan and the documents that constitute the “Prospectus” for the Plan under the Securities Act of 1933, have been delivered to the Participant prior to or along with delivery of the Notification Letter.  In the event there is an express conflict between the provisions of the Plan and those set forth in any Award Document, the terms and conditions of the Plan shall govern.

		
	2.
	Number of Shares under Award.  Each Non-Employee Director who is serving as such immediately following the [20XX] annual meeting of shareholders of the Company (the “Annual Meeting”) shall receive an Award immediately following such Annual Meeting for a number of Shares equal to (i) [$XXX,XXX] divided by (ii) the Fair Market Value of one Share on the day of the Annual Meeting.  If a Non-Employee Director begins his or her service on the Board after the Annual Meeting but prior to December 31, [20XX], on the date on which such Non-Employee Director’s service on the Board begins (“Service Date”), the Non-Employee Director shall receive an Award for a number of Shares equal to the product of (i) a quotient the numerator of which is [$XXX,XXX] and the denominator of which is the Fair Market Value of one Share on the Service Date, times (ii) a quotient, the numerator of which is the total number of days between the Service Date and December 31, [20XX] and the denominator of which is 365.  

		
	3.
	Election as to Form of Payment. 

		
	(a)
	 Each Non-Employee Director may elect to receive his or her Award in the form of either:

		
	i.
	Shares that are distributed within 30 days following the later of the Grant Date or the date on which the Non-Employee Director completes one year of service on the Board, or 

		
	ii.
	An RSU payable after separation from service according to the terms of the Non-Employee Director’s applicable election form, subject to completion of one year of service on the Board.  

		
	(b)
	The election must be made by December 31 of the calendar year immediately preceding the calendar year in which the services to which the Award relate are performed (or, in the case of newly elected or appointed Non-Employee Directors, by the end of the thirtieth (30th) day immediately following his commencement of service on the Board) (such date, the “Election Date”).  

		
	(c)
	If a Non-Employee Director fails to make an election by the Election Date, distribution of the Award will be made in the form of a Shares distributed within 30 days following the later of the Grant Date or the date on which the Non-Employee Director completes one year of service on the Board.  

		
	4.
	Vesting of RSUs.  

		
	(a)
	If the Non-Employee Director has completed one year of service on the Board as of the Grant Date, 

Exhibit 10.5

the Award shall be fully vested as of the Grant Date.  

		
	(b)
	If the Non-Employee Director has not completed at least one year of service on the Board as of the Grant Date, the Award shall become fully vested on the date on which the Non-Employee Director completes one year of service on the Board.  If the Non-Employee Director’s service on the Board ceases before the Non-Employee Director completes one year of service, except as provided in subsection (c) below, upon such cessation of service, the Award will be forfeited, and the Non-Employee Director will not have any right to delivery of Shares hereunder.  

		
	(c)
	Notwithstanding the foregoing, the Award shall become fully vested upon the Non-Employee Director’s cessation of service on the Board if (i) the Non-Employee Director’s service is terminated by the Company without Cause upon or following a Change of Control or (ii) the Non-Employee Director’s service terminates on account of Disability or death.  

		
	(d)
	For purposes of the Award Documents, Disability shall mean (i) a determination by the Board that the Non-Employee Director is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (ii) a determination by the Social Security Administration that the Non-Employee Director is totally disabled.  

		
	5.
	Timing of Delivery of Shares.  

		
	(a)
	For an Award that is payable upon separation from service, delivery of the Shares relating to the Award will occur (or, if installment payments are elected pursuant to Section 5 below, commence) within 30 days following the Non-Employee Director’s separation from service on the Board. 

		
	(b)
	For an Award that is payable immediately after the Grant Date, delivery of the Shares will occur within 30 days after the Grant Date. 

		
	(c)
	For an Award that is payable on the date on which the Non-Employee Director completes one year of service on the Board, delivery of the Shares will occur within 30 days following the one-year anniversary date.  However, if such Award vests earlier than the one-year anniversary date pursuant to Section 4(c) above, delivery of the Shares will occur within 30 days after the vesting date.

		
	(d)
	Notwithstanding the foregoing, the following provisions apply in the event of a Change of Control:

		
	i.
	In the event that a Change of Control occurs that constitutes a “409A Compliant COC” (as defined below), Shares with respect to all of the then outstanding fully vested RSUs will be delivered to the Non-Employee Director in a lump sum upon the occurrence of such Change of Control. 

		
	ii.
	In the event that a Change of Control does not constitute a 409A Compliant COC, each RSU will be converted into a right to receive a cash payment equal to the Fair Market Value of a Share on the date on which the Change of Control occurs.  Such cash payment will be distributed to the Non-Employee Director in accordance with the otherwise applicable distribution schedule set forth in the Award Documents. 

		
	iii.
	Any Awards that are not fully vested as of the date of the Change of Control will be distributed to the Non-Employee Director in a lump sum payment upon vesting, if the Change of Control constitutes as 409A Compliant COC, and, if not, in accordance with the otherwise applicable distribution schedule set forth in the Award Documents. 

		
	iv.
	For purposes of this Agreement, a “409A Compliant COC” means a change “in ownership” or “effective control” or a change in the “ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code.

		
	6.
	Form of Delivery of RSU Shares.  Subject in all cases to Section 409A of the Code and Section 9.17 of the Plan, with respect to each Award of RSUs, a Non-Employee Director may irrevocably elect, by the Election Date, to receive delivery of Shares pursuant to Section 3(a)(ii) in either one lump sum, or in equal annual 

Exhibit 10.5

installments over a period not less than 2 years or greater than 10 years, provided that a Non-Employee Director who fails to make an irrevocable election with respect to any RSUs by 5:00 pm on the Election Date shall be deemed to have irrevocably elected to receive delivery of the Shares subject to such award in a lump sum.  Notwithstanding the foregoing, in the event of a Change of Control, RSUs will be distributed in accordance with Section 5(d).  

		
	7.
	Rights as a Shareholder; Dividend Equivalent Rights. A holder of an Award will not have the rights of a shareholder of the Company with respect to Shares subject to the Award until such Shares are actually delivered.  However, with respect to all RSUs held by the Non-Employee Director, once per year the Company will credit the Non-Employee Director with dividend equivalents in respect of dividends declared on Shares during the prior year while the RSUs are outstanding, in the form of additional RSUs based on the Fair Market Value of the Shares on the dividend payment date, and such additional RSUs will be paid on the same date and subject to the same terms and conditions as applicable to the RSUs on which they were credited.  If a Non-Employee Director has not completed one year of service on the Board and has elected to receive Shares upon completion of one year of service pursuant to Section 3(a)(i), the foregoing dividend equivalent rights shall apply to his or her Award during the period before the Shares are actually delivered. 

		
	8.
	Statute of Limitations and Conflicts of Laws.  All rights of action by, or on behalf of the Company or by any shareholder against any past, present, or future member of the Board, officer, or employee of the Company arising out of or in connection with the Award or the Award Documents, must be brought within three years from the date of the act or omission in respect of which such right of action arises. The Award and the Award Documents shall be governed by the laws of the State of Florida, without giving effect to principles of conflict of laws, and construed accordingly.

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

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

		
	11.
	Section 409A.  The Award is intended to comply with Section 409A of the Code or an exemption, and delivery of Shares and other payments pursuant to the Award may only be made upon an event and in a manner permitted by Section 409A, to the extent applicable. All references to a separation from service shall mean a “separation from service” under Section 409A.  The Award shall be administered consistent with Section 9.17 of the Plan.

		
	12.
	Company Policies. The Award and any cash or Shares delivered pursuant to the Award shall be subject to all applicable policies that may be implemented by the Company’s Board of Directors from time to time, including the Company’s share ownership guidelines as in effect from time to time.

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