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RYDER SYSTEM INC Director's Dealing 2008

Feb 13, 2008

30770_dirs_2008-02-12_7f8e0e6e-83cf-4ad7-a343-cbaebcd33d6a.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2008-02-08

Reporting Person: SANCHEZ ROBERT E (EVP & Chief Financial Officer)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2008-02-10 Common Stock F 136 $58.235 Disposed 19165 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2008-02-08 Stock Option (right to buy) $58.475 A 25245 Acquired 2015-02-08 Common Stock (25245) Direct
2008-02-08 Performance-Based Restricted Stock Rights $0.00 A 4640 Acquired Common Stock (4640) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 2311 Indirect
Common Stock 1007 Indirect

Footnotes

F1: Represents shares of common stock withheld upon the vesting of restricted stock units for the payment of the related tax liability.

F2: Includes 3 shares of common stock acquired by the reporting person under the Company's dividend reinvestment plan since the date of the reporting person's last Section 16 filing.

F3: The stock options vest in three equal installments on February 8, 2009, February 8, 2010 and February 8, 2011.

F4: Each performance-based restricted stock right represents a contingent right to receive one share of Ryder common stock based on the Company achieving a financial performance goal for the three-year performance period ending December 31, 2010. Performance-based restricted stock rights that do not vest will be cancelled.