RYDER SYSTEM INC — Director's Dealing 2009

Feb 11, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RYDER SYSTEM INC (R)
CIK: 0000085961
Period of Report: 2009-02-06

Reporting Person: GREENE GREGORY F (EVP and Chief HR Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-02-06	Common Stock	M	1900	$0.00	Acquired	11912	Direct
2009-02-06	Common Stock	F	620	$32.71	Disposed	11292	Direct
2009-02-06	Common Stock	I	1211	$34.04	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-02-06	Stock Option (right to buy)	$32.71	A	27270	Acquired	2016-02-06	Common Stock (27270)	Direct
2009-02-06	Performance-Based Restricted Stock Rights	$0.00	A	5990	Acquired		Common Stock (5990)	Direct
2009-02-06	Performance-Based Restricted Stock Rights	$0.00	M	1900	Disposed		Common Stock (1900)	Direct

Footnotes

F1: Represents shares of common stock acquired by the reporting person through the vesting of performance-based restricted stock rights granted on February 13, 2006.

F2: These performance-based restricted stock rights vested upon approval of the Board of Directors on February 6, 2009 based on the Company achieving a financial performance goal for the three-year period ending December 31, 2008.

F3: Represents shares of common stock withheld upon the vesting of the performance-based restricted stock rights issued on February 13, 2006 for the payment of the related tax liability.

F4: The stock options vest in three equal installments on February 6, 2010, February 6, 2011 and February 6, 2012.

F5: 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, 2011. Performance-based restricted stock rights that do not vest will be cancelled.