Document:

EX-10.1

Exhibit 10.1

RYDER SYSTEM, INC.

2005 MANAGEMENT INCENTIVE COMPENSATION PLAN

MANAGEMENT LEVELS MS07 – MS22

PLAN DESCRIPTION

Purpose

Ryder System, Inc. and its subsidiaries (collectively “RSI” or the “Company”) have adopted the 2005
Management Incentive Compensation Plan (“Plan”) as part of their overall compensation program. The
Plan is performance based and is administered under the direction of the Compensation Committee of
the Board of Directors of the Company or their designees (the “Committee”). The bonus provided
under this Plan, if any, is referred to as the “Incentive,” and is calculated by taking into
account the Company Performance and Bonus Modifier, as described below.

Plan Administration and Eligibility

The following rules apply to all Plan Participants. Select positions from Management Level (“MS”)
7 through 22 are eligible to participate. Participation in the Plan is not a right, but a
privilege subject to annual review by the Compensation Committee. No individual shall become a
Participant unless the Company notifies such individual of his inclusion in the Plan for a given
year. Individuals who have written agreements which specifically provide for annual incentive
compensation other than that which is provided in this Plan or who are participants in any other
short-term incentive compensation plan of RSI, its subsidiaries or affiliates are not eligible to
participate in this Plan. This Plan does not prohibit the Company from providing discretionary or
other bonuses to Company employees, including to Plan Participants.

The Company retains the right, at its sole and absolute discretion, to withhold payment and
participation, from any Participant who violates or has violated any Company value, principle,
agreement, plan, procedure, protocol, policy or the rules contained in this Plan, even if there are
no documented performance issues in the Participant’s personnel file (“Exclusion Criteria”).

Further, the Company reserves the right to alter, modify, change or terminate any of the provisions
described herein at any time, with or without notice, at its sole discretion.

This Plan document supersedes any and all prior Ryder Management Incentive Compensation Plans and
any and all oral representations, promises, or guarantees and any other short term incentive or
annual bonus plans (other than those contained in individual agreements). The Plan is intended to
serve as a single source of information about the Incentive provided hereunder. All provisions of
the Plan will apply unless otherwise prohibited by law.

No exceptions to this Plan will be honored without written approval of the Committee. Any manager
or officer who authorizes such an exception without prior written approval of the Committee will be
subject to disciplinary action up to and including forfeiture of an incentive award and/or
termination of employment.

All Plan payouts will be paid as soon as practicable following Board and/or Committee approval of
the payout and determination that performance variables set forth herein have been satisfied. If
the Company has any claim against the Participant for money or assets owed that has not been
satisfied by the Participant any awards under the Plan shall be reduced by such unpaid claims. Such
claims may include, but are not limited to, unpaid taxes, the obligation to repay gains under other
plans, or corporate business credit card expenses. Except as provided below, to be eligible to
receive a payment under the Plan, an employee must be employed by the Company in good standing on
the date the payment is to be made. No individual shall have a vested or accrued right to any
payment or Incentive.

Incentive

The Incentive will provide Participants with competitive compensation for achieving and exceeding
targeted performance levels. The first component in calculating the Incentive is the Company
Performance Amount, which is determined by the Company, in its sole discretion, as described below
based on certain objective Company results. As described below this Company Performance Amount may
then be adjusted by the Company based on personal performance (this adjustment is referred to as
the Bonus Modifier). Each component of the Company Performance Amount will be calculated based on
the in-country currency, as shown on the business unit’s business plan. The Participant’s
Incentive payout will be calculated based on the currency in which the Eligible Base Salary is
expressed.

Determination of Company Performance Amount

The Company Performance Amount is determined based on the Participant’s Target Incentive Award in
accordance with a formula to be determined by the Company.

Each Participant shall be assigned, based on his or her Management Level, a Target Incentive Award
that equals a percentage of his or her Eligible Base Salary.

Applying the Target Incentive Award to the bonus formula established by the Company shall result in
the Incentive Payout expressed as a percentage of Eligible Base Salary.

Threshold, Target and Two Times Payout

The formula established by the Company shall provide varying amounts of Incentive opportunity
depending on whether certain objective factors hit a Threshold, Target or Two Times level.

If the Company does not attain the Threshold for a given factor, then no Incentive shall be paid
with respect to that factor and, at the Committee’s discretion, any other factor.

Maximum Incentive Award

The maximum incentive opportunity will be two times the Incentive payout.

The Bonus Modifier

The second part of the Incentive computation focuses on a performance modifier as shall be
determined by the Company in its sole and absolute discretion. The Bonus modifier applies to
selected positions only. The Participant may exceed the two times cap only through the Bonus
Modifier.

Participants will be rated both on performance against plan objectives and the approach taken to
achieve these objectives. Depending upon the Participant’s position, the Bonus Modifier rating may
result in an incentive payment up to 25% above or up to 50% below the Company Performance Amount.
Participants in who sit on the Company’s Leadership Team (or any successor executive management
team) are not eligible for an upward modification of the bonus payout.

PLAN ADMINISTRATION

Base Salary Calculation

For the purpose of incentive calculations, Eligible Base Salary is defined as the annual rate of
pay for the calendar year (see pro-rata guidelines below), excluding all other compensation paid
to the Participant during the year, including but not limited to bonus, incentives, commissions,
employee benefits, relocation expenses, and any imputed income for which the Participant may be
eligible.

Change in Position Status

For purposes of payout, employees whose position status changes in the calendar year will be
treated as follows (subject to the Exclusion Criteria):

	 	•	 	Disability, Permanent Disability Retirement, or Death

Participants who leave the Company during the calendar year due to disability or permanent
disability retirement may be eligible for pro-rata incentive. The spouse or legal
representative of a deceased Participant may be eligible for a pro rata incentive as well.

	 	•	 	Retirement

Participants who leave the Company due to retirement as defined in the Ryder System, Inc.
Retirement Plan or any successor plan, on or after December 31st of the calendar
year, are eligible for a full Incentive payout. No pro-rata incentive will be paid except
as noted under the Disability, Permanent Disability Retirement, or Death section above.

	 	•	 	New Hire, Promotion or Transfer in or out of eligible positions

Participants who are newly hired, promoted, or transferred into or out of eligible
positions, and those who move from one eligibility level to another will receive a pro-rata
incentive based on the appropriate Plan for his/her management level, position, the portion
of time spent in each position during the year, the annual rate of pay and the Target
Incentive Award in the eligible positions.

	 	•	 	Termination of Employment due to Performance

Participants who leave the Company for performance-related reasons, as determined by the
Company in its sole and absolute discretion, are not eligible for the Incentive for the
year in which they leave, nor are they eligible for the preceding year, if such incentives
have not yet been distributed.

	 	•	 	Termination of Employment on or after October 1st of the Current Year due to
Reduction in Force (RIF), Location Closing, or Loss of Business

Participants who leave the Company between October 1st of the Current Year and
the date of bonus distribution due to RIF, location closing or loss of business will be
eligible for a pro-rata incentive or a full incentive payout, based on the date of
termination.

	 	•	 	Workers’ Compensation or Approved Leave of Absence (“LOA”)

Participants who leave the payroll due to a workers’ compensation leave, or approved LOA
will be eligible to receive a pro-rata incentive for the year in which they leave the
payroll, provided the employee worked for at least six months of the calendar year.

	 	•	 	Change of Control

Notwithstanding anything in this Plan to the contrary, in the event of a Change of Control
of the Company (as defined and adopted by the Board of Directors on August 18, 1995 and
which definition may be changed from time to time), the funds necessary to pay the
incentive for those Participants who are covered by Change of Control agreements, will be
placed in a trust administered by an outside financial institution. The amount of each
Participant’s incentive will be determined in accordance with the provisions of the Plan by
an accounting firm chosen by the Company. If a Change of Control occurs during the current
plan year, Participants will receive instructions regarding the collection of incentive
awards.

Sale of Business

If a business is sold, the Participants of the sold business will receive a pro-rata incentive for
the year in which the business is sold. Such payment will be made in a lump sum or over time at
the Company’s discretion.

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 this Plan, will, irrespective of the place where action may be
brought, and irrespective of the place of residence of the Participant or such officer, director or
employee, cease and be barred by the expiration of three years from the date of the act or omission
in respect of which such right of action arises. This Plan shall be governed by the laws of the
State of Florida, without giving effect to principles of conflict of laws, and construed
accordingly.

No Employment Right. This Plan is not a contract between the Company and the Employees or the
Participants. Neither the establishment of this Plan, 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 continue the Plan. Nothing contained in the Plan
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.

No Assignment. A Participant’s right and interest under the Plan 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 Plan to pay Awards with respect to the Participant.

Unfunded Plan. The Plan shall be unfunded. The Company shall not be required to establish any
special or separate fund, or to make any other segregation of assets, to assure payment of
Incentives.

Withholding Taxes. The Company shall have the right to deduct from Awards paid any taxes or other
amounts required by law to be withheld.

Committee Powers. The administration of the Plan shall be consistent with the purpose and the terms
of the Plan. The Plan shall be administered by the Company. The Company shall have full authority
to establish the rules and regulations relating to the Plan, to interpret the Plan and those rules
and regulations, to select Participants in the Plan, to approve all of the Awards, to decide the
facts in any case arising under the Plan and to make all other determinations, including factual
determinations, and to take all other actions necessary or appropriate for the proper
administration of the Plan, including the delegation of such authority or power, where appropriate;
provided, however, that only the Committee shall have authority to amend or terminate the Plan.
All powers of the Committee shall be executed in its sole discretion, in the best interest of the
Company, not as a fiduciary, and in keeping with the objectives of the Plan and need not be uniform
as to similarly situated individuals.

Eligibility in the Plan shall be made conditional upon the Participant’s acknowledgement, in
writing or by acceptance of an Incentive, that all decisions and determination of the Company shall
be final and binding on the Participant, his or her beneficiaries and any other person having or
claiming an interest under the Plan. Incentives need not be uniform as among Participants. The
Committee’s administration of the Plan, including all such rules and regulations, interpretations,
selections, determinations, approvals, decisions, delegations, amendments, terminations and other
actions, shall be final and binding on the Company and all employees of the Company, including, the
Participants and their respective beneficiaries.EX-10.1

Exhibit 10.1

(York International Corporation logo)

EMPLOYMENT CONTRACT

for the position of President, YORK Europe, Middle East and Africa

between

YORK Denmark ApS

and

Kim Buchwald

1

TABLE OF CONTENTS

1. The Duties and the Obligations of the President, YORK Europe, Middle East and Africa

	 	 	 
	1.1

1.2

1.3

1.4

1.5

1.6

	 	Commencement

Responsibilities

Tasks Assigned to the President, YORK Europe, Middle East and Africa

Confidentiality and Surrender of Material

Inventions and Special Rights

Competition Clause

2. The President, YORK Europe, Middle East and Africa’s Financial Conditions

	 	 	 
	2.1

2.2

2.3

2.4

2.5

2.6

2.7

2.8

2.9

	 	Remuneration

Cash Bonus and Incentives

Car and Telephone

Travel, Representation and Training

Pension

Accident Insurance

Vacation

Financial Planning

Relocation Expenses

3. Termination

3.1 Duration of Employment

3.2 Payment of Salary after the President, YORK Europe, Middle East and Africa’s Death

3.3 Breach of Contract

3.4 Severance Agreement

4. Governing Law and Disputes

	 	 	 
	4.1

4.2

4.3

	 	Governing Law

Negotiation

Arbitration

	 	5.	 	Signature

2

YORK Denmark ApS

Christian X’s Vej 201

DK-8270 Højbjerg

Denmark

CVR No 19056171

(hereafter called “the Company”)

and

Kim Buchwald

Hoerhavevej 64e

DK -8270 Hoejbjerg

Denmark

(hereafter called “President, EMEA)

have today agreed to enter into the following

EMPLOYMENT CONTRACT

replacing all other agreements between Kim Buchwald and the Company and any other company
within YORK International, irrespective of whether the agreements are in writing or oral.

1. THE DUTIES AND THE OBLIGATIONS OF THE PRESIDENT, EMEA.

1.1 Commencement

	 	1.1.1	 	Mr. Kim Buchwald commences his employment as President, YORK Europe, Middle East and Africa
as per 01 Jan 2005.

	 	1.1.2	 	The President, EMEA’s main place of work shall be 72 Buckingham Avenue, Slough, Berkshire
SL1 4PN, UK. Office space shall be provided in Holme, Aarhus, DK.

3

1.2 Responsibilities

	 	1.2.1	 	The President, EMEA shall be responsible for the planning and day-to-day operation of YORK
Europe, Middle East and Africa’s (hereinafter called YORK EMEA) national and international
activities.

	 	1.2.2	 	President and CEO of YORK International provides the guidelines that will always apply to
the Company and YORK EMEA. It is the President, EMEA’s responsibility to ensure that these
guidelines or any other guidelines, policies or instructions issued by the President and CEO
of YORK International are respected in all YORK EMEA’s operations, and further to ensure that
the operations are carried out in full accordance with and within the boundaries of the
Company’s by-laws, rules of conduct for the management, budgets and the relevant laws. All
extraordinary matters or matters of great significance must be presented by the President,
EMEA to the President and CEO of YORK International. Furthermore it is the President, EMEA’s
responsibility to keep the President and CEO of YORK International fully informed of all
material issues concerning YORK EMEA that can be assumed to be of interest to YORK
International’s Executive Management, including the President and CEO of YORK International
and board of directors.

	 	1.2.3	 	The President, EMEA employs and dismisses YORK EMEA’s staff. Employment and dismissal of
direct reports to the President, EMEA requires prior agreement with the President and CEO of
YORK International and shall take place in cooperation with the Vice President, Human
Resources, YORK International.

1.3 Tasks Assigned to the President, EMEA

	 	1.3.1	 	The President, EMEA is employed without stipulation of a maximum number of working hours,
shall devote his full attention, energies, skills and knowledge to the business during his
employment, and must serve YORK International’s and YORK EMEA’s interests to the greatest
extent possible. During his employment the President, EMEA is thus not entitled, without the
prior written consent of the President and CEO of YORK International in every single case, to
engage in any other business activity – actively or passively – or to have other paid or
unpaid occupation or to accept other paid tasks.

4

	 	1.3.2	 	During the term of this contract the President, EMEA is not entitled to own any other
businesses or companies without the President and CEO of YORK International’s written consent
in each individual case. However, the President, EMEA is entitled to make so-called ordinary
investments (in for instance quoted securities and the like) that do not give the President,
EMEA a controlling interest. Investments made by the President, EMEA must not entail liability
that exceeds the amount invested.

	 	1.3.3	 	The President, EMEA must not be indebted to the Company. Furthermore, the President, EMEA
must not without obtaining the President and CEO of YORK International’s prior written consent
in each individual case provide surety or any other kind of guarantee for any third party.
This does not apply to sureties or guarantees provided by the President, EMEA to his close
relatives.

1.4 Confidentiality and Surrender of Material

	 	1.4.1	 	The President EMEA shall observe complete confidentiality with respect to all matters coming
to his knowledge during the performance of his duties in his capacity of President, EMEA,
unless such matters are of a nature requiring communication to third parties. This secrecy
obligation also applies after the resignation of the President, EMEA from the Company.

	 	1.4.2	 	When the President, EMEA resigns from his position – regardless of the reason for his
resignation – all material belonging to the Company, YORK EMEA, or any company in YORK
International in the President, EMEA’s possession must be surrendered to the Company, YORK
EMEA, or any company in YORK International. No lien of material belonging to the Company shall
be exercised.

1.5 Inventions and other Special Rights

	 	1.5.1	 	Any invention, know-how or other type of intellectual property right whether substantiated
or not created by the President, EMEA or to which the President, EMEA has been contributory in
the service of the Company, YORK EMEA or any company in YORK International shall belong to the
Company, YORK EMEA or any company in YORK International. The President, EMEA shall not be
entitled to any remuneration for such invention, know-how etc.

5

	 	1.5.2	 	Improvement inventions, development of new systems and products, market strategies etc.
shall belong to the Company absolutely whether or not protection hereof can be obtained.

1.6 Competition Clause

	 	1.6.1	 	After resignation from the Company – irrespective of the reason thereof – the President,
EMEA shall not for one year from the date of termination of this contract directly or
indirectly engage in or become financially involved in any business within Europe Middle East
and Africa that fully or partly competes with the activities of YORK International, the
Company, their subsidiaries or associated companies at the time, unless the President, EMEA
obtains the President and CEO of YORK International’s prior written consent to do so.
Similarly the President, EMEA shall not enter into an agreement for employment with or work
for such business, and he shall not join the board of directors of such business nor become a
consultant or commissioner to it.

	 	1.6.2	 	Infringement of this competition clause can be met by injunction without bail, and
infringement entails payment of liquidated damages corresponding to the total remuneration
that would have been paid to the President, EMEA for a period of 6 months in accordance with
item 2.1 of this contract each time such infringement takes place. If the infringement
consists of the “maintenance of a condition” that is contrary to the competition clause, this
amounts to one infringement per calendar month in which the infringement takes place. Payment
of liquidated damages does not cancel the competition clause. If the loss suffered by YORK
EMEA and/or the Company exceeds the liquidated damages, the President, EMEA is under an
obligation to compensate for this loss.

	 	1.6.3	 	In respect of this competition clause, the date of termination is the date up to which the
President, EMEA receives remuneration, etc., from the Company, regardless of whether the
President, EMEA has discontinued performing his duties at a earlier date.

	 	1.6.4	 	The President, EMEA will receive no additional remuneration for acceptance of this clause.

6

	 	1.6.5	 	The President, EMEA is obliged to inform the Company about any new employment he may take
one year following the date of termination of this contract.

2 THE PRESIDENT, EMEA’S FINANCIAL CONDITIONS

2.1 Remuneration

	 	2.1.1	 	As from 01 Jan 2005 the President, EMEA’s annual remuneration amounts to DKK 2,200,000 which
is payable in 12 monthly instalments. The annual remuneration will be reviewed annually each
March 01, commencing in March, 2006 by the President and CEO of YORK International.

	 	2.1.2	 	The President, EMEA does not receive remuneration for any seat at the Company’s board, if
elected, nor does he receive remuneration for present or future seats at the board of
management in other subsidiaries in the Company, YORK International subsidiaries or in
companies with which the Company co-operates, as the remuneration stipulated in clause 2.1 of
this contract is inclusive of such remuneration. This rule applies irrespective of such
remuneration being paid to other members of the management or the board of the company in
question for their tasks.

2.2 Cash Bonus and Incentives

	 	2.2.1	 	The President, EMEA shall be eligible to participate in YORK International’s Incentive
Compensation Plan as described in a separate document.

	 	2.2.2	 	Apart from the annual remuneration stipulated in item 2.1 and the annual cash bonus
stipulated in item 2.2.1 the President, EMEA will be eligible to participate in YORK
International’s executive long-term incentive programs consisting of the mid-term plan and
equity awards as outlined in the Amended and Restated 2002 Omnibus Stock Plan.

2.3 Car and Telephone

	 	2.3.1	 	The Company will provide a fully expensed company car with a maximum yearly leasing value of
DKK 144,000 (DKK 12,000 monthly) and the Company pays all expenses incurred in connection with
the operation of the car. Alternatively, the

7

President, EMEA is entitled to receive a monthly allowance corresponding to 1/12
of the taxable value of the Company Car. As of the commencement of this contract, the
President, EMEA will receive a monthly amount equivalent to the difference between the
approved monthly leasing value (DKK 12,000) and the current monthly leasing value (DKK
6,223) until such time as a new company car is obtained. Changes to the current company
car contract will need to be approved by the President and CEO YORK International.

	 	2.3.2	 	When resigning from the Company the President, EMEA is obligated at the request of the
Company – also in cases where the President, EMEA resigns before expiry of the period of
notice – to return the car to the Company and will in return receive a monthly amount
corresponding to one twelfth of the taxable value of a Company car. The amount shall be paid
monthly in arrears until the end of the period in which the President, EMEA is entitled to
remuneration. No lien of the car belonging to the Company shall be exercised by the
President, EMEA.

	 	2.3.3	 	The Company pays all expenses for a mobile telephone, telephone and ADSL communication or
similar installed in the President, EMEA’s private home.

	 	2.3.4	 	The tax implications arising in connection with the placing of the above facilities at the
President, EMEA’s disposal are not relevant to the Company.

2.4 Travel, Representation and Training

	 	2.4.1	 	Expenses paid by the President, EMEA in connection with travel and representation incurred
in the interest of the Company, YORK EMEA or any company in YORK International shall be
reimbursed by the Company upon presentation of receipts.

2.4.2 The President, EMEA is entitled to and at the Company’s request obliged to

participate in relevant training courses paid by the Company. The President, EMEA
shall plan such training himself and inform the President and CEO of YORK International
of his plans.

2.5 Pension

	 	2.5.1	 	The President, EMEA is not entitled to any pension from the Company. At the request of the
President, EMEA the cash salary of the President, EMEA may,

8

however, be divided into a salary portion and a contribution to pension to be paid
on a pension scheme according to prevailing rules of law.

2.6 Accident Insurance

	 	2.6.1	 	The Company shall pay the annual premium for a full time accident insurance for the
President, EMEA at the usual terms for insurance and premium. In case of the President, EMEA’s
death the insurance sum shall be paid to his closest relatives.

	 	2.6.2	 	The insurance shall be adjusted in accordance with the consumer price index issued by
Denmark’s Statistical Office (Danmarks Statistiks nettoprinindeks).

2.7 Vacation

	 	2.7.1	 	For each calendar year the President, EMEA shall be entitled to the number of days’ vacation
provided under the Danish Holiday Act. Other provisions set out in the said Act do not apply
to the President, EMEA.

2.7.2 The President, EMEA’s vacation is agreed and coordinated with his direct

reporting staff and shall be communicated to the President and CEO of YORK
International.

2.8 Financial Planning

	 	2.8.1	 	The President, EMEA is eligible to participate in the Company’s Financial Planning Program
as well as the Executive Physical Program as described in a separate document.

2.9 Relocation Expenses

	 	2.9.1	 	If the President, EMEA relocates, the Company will pay for relocation expenses associated
with the President, EMEA’s relocation to the EMEA headquarter’s location.

3 TERMINATION

	 	3.1	 	Duration of Employment

9

	 	3.1.1	 	This employment terminates without further notice at the end of the month the President,
EMEA reaches the age of 60 years.

	 	3.1.2	 	The Company may terminate this contract upon 12 months notice at month’s end, and the
President, EMEA may terminate this contract upon 6 months notice at month’s end. Notice of
termination must be presented in writing. The President, EMEA’s compensation, including
fringe benefits as outlined in this contract, will be payable monthly for the notice period.

	 	3.1.3	 	If the President, EMEA has been incapable of exercising the duties required by his position
due to illness for an uninterrupted period exceeding 6 months, or if the President, EMEA
should become permanently incapacitated thus rendering him unable to perform the duties
required by his position, the Company may terminate the employment upon 6 months’ written
notice. The Company is entitled to obtain certification from a medical doctor or a specialist
appointed by the Company. The expenses incurred in this connection are paid by the Company.

	 	3.1.4	 	The Company may terminate the employment contract without further notice, if the President,
EMEA’s estate is subject to bankruptcy proceedings, or if he files for protection from
creditors.

3.2 Payment of Salary after the President, EMEA’s Death

	 	3.2.1	 	Upon the death of the President, EMEA – caused by illness or accident – the Company shall
continue to pay his salary for the current month as well as 6 months’ salary equivalent to the
remuneration described in item 2.1 of this contract to the person or spouse with whom the
President, EMEA cohabited at the time of death or to his children under the ages of 18 years.
However, salary following the death of the President, EMEA is not paid beyond the date on
which the employment would have terminated anyway due to the President, EMEA’s resignation
from his position in accordance with item 3.1.1 or due to notice of termination from the
Company or the President, EMEA given before the time of death.

3.3 Breach of Contract

	 	3.3.1	 	If the Company or the President, EMEA substantially should fail to perform the duties
incumbent on him according to the provisions of this contract or to respect

10

the relevant presumptions upon which it is based, the other party may terminate
the contract without further notice or terminate it at a specified date. If the
cancellation is due to the President, EMEA’s failure to perform his duties, he is only
entitled to remuneration until the time of his resignation. The party in breach must
compensate the loss suffered by the other party as a consequence of the breach.

	 	3.3.2	 	Breach of the President, EMEA’s duties in accordance with this Contract (for instance item
1.2, 1.3, 1.4 and 1.6) are considered substantial breach of contract.

3.4 Severance Agreement

	 	3.4.1	 	The President, EMEA will continue to be included in YORK International’s Severance Agreement
(Change in Control Agreement).

	 	 	 
	4

	 	GOVERNING LAW AND DISPUTES
	
 
	 	 
	 
	 	 
	4.1

	 	Governing Law
	
 
	 	 
	 
	 	 
	
 
	 	The employment falls outside the scope of the Danish Salaried

Employees Act. (“Funktionærloven”).

	 	4.1.2	 	If any dispute should arise between the Company and the President, EMEA the dispute must be
solved in accordance with Danish law. Governing law is therefore Danish law.

4.2 Negotiation

	 	4.2.1	 	If any dispute should arise between the Company, YORK EMEA or any company in YORK
International and the President, EMEA out of this employment contract, attempts must be made
to solve these through negotiation. However, if the parties cannot within a reasonable time
limit reach an agreement, the dispute must be solved by arbitration in accordance with item
4.3.

4.3 Arbitration

	 	4.3.1	 	Any dispute concerning the understanding, interpretation and/or completion of this
employment contract as well as any other question concerning the President,

11

EMEA’s employment cannot be submitted to the ordinary courts of law but must be
settled by arbitration.

	 	4.3.2	 	The party demanding arbitration must by registered letter give notice thereof stating the
reasons for this demand. Within two weeks the board of directors must request the President
of the Danish High Court, Western Division (Vestre Landsret) to set up an arbitration court to
look into the matter. The arbitration court shall consist of three members of which one
member must be a state authorised public accountant, the second member must be a person
holding a law degree and the third member, who will also act as chairman of the court of
arbitration, must be a judge of the Danish High Court (landsdommer).

	 	4.3.3	 	The arbitration court lays down the procedural guidelines in accordance with the principles
of the Danish Administration of Justice Act (Retsplejeloven). The question concerning
distribution of costs of the arbitration case is decided by the arbitration court. The
arbitration court decides, when the award must be performed, which usually should be 2 weeks
after the passing of the award. The decision of the arbitration court is final and binding
upon the parties.

5 SIGNATURE

	 	5.1	 	Two copies of the present employment contract shall be signed; the Company keeps one and the
President, EMEA the other.

	 	5.2	 	The President, EMEA understands and agrees that this Employment Contract constitutes the full
understanding between the parties concerning the subject matter hereof and that by signing
this Employment Contract, he waives any and all rights he has or may have had under any
employment or employment-related agreement or severance protection or change of control
agreement entered into with YORK Denmark ApS or any subsidiary, division or affiliate of YORK
Denmark ApS, and that such prior agreements shall be of no further force and effect.

	 	 	 
	YORK, PA February 16, 2005

/s/ C. David Myers

C. David Myers

For YORK International

	 	Aarhus, DK February 16, 2005

/s/ Kim Buchwald

Kim Buchwald

	 
	 	 

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]