RYDER SYSTEM INC

Table of Contents

ITEM 3. LEGAL PROCEEDINGS

We are involved in various claims, lawsuits and administrative actions arising in the normal course of our businesses. Some involve claims for substantial amounts of money and/or claims for punitive damages. While any proceeding or litigation has an element of uncertainty, management believes that the disposition of such matters, in the aggregate, will not have a material impact on our consolidated financial condition or liquidity. Refer to Note 21, "Contingencies and Other Matters", for additional information regarding our legal proceedings.

Securities Litigation Relating to Residual Value Estimates

As discussed in Note 21, "Contingencies and Other Matters," between June 2020 and February 2021, five shareholder derivative complaints were filed against certain of our current and former officers and directors (the "Derivative Cases"). In December 2024, the parties to the Derivative Cases executed definitive settlement documentation and submitted them for court approval. On January 21, 2025, the court entered an order preliminarily approving the settlement and authorizing the notice of settlement. See In re Ryder System, Inc. Stockholder Derivative Action, Lead Case No. 2020-013618-CA-01 (Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County, Florida). A hearing to determine whether the court should issue a final order approving the proposed settlement has been scheduled for April 1, 2025. The Stipulation and Agreement of Settlement, with its exhibits, as well as the court-approved Notice of Pendency and Proposed Settlement can be found on the investor relations page of the Company's website, atinvestors.ryder.com.