[Form 4] Ryder System, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Filing: Schedule 13D/A (Amendment 1) for Aureus Greenway Holdings Inc. (AGH) filed 30-Jul-2025.

Reporting persons: Chairman Stephen Ching Ping Cheung and his wholly-owned Ace Champion Investments Ltd.

Current ownership: 3,290,000 common shares, representing 23.7 % of the 13.88 M shares outstanding. They hold sole voting and dispositive power; no shared power is reported.

Recent transactions reducing the stake from 5.44 M shares:

• 13-Feb-2025: sold 150,000 shares to IPO underwriters.
• 25-Jul-2025: as part of a Private Stock Purchase Agreement, sellers (including Ace Champion) sold 2,000,000 common shares at $0.975 per share and preferred shares at $0.01; aggregate common-share proceeds $2.0 M.

No other transactions in the past 60 days. The filers say they are evaluating strategic options but have no present plans to pursue any of the actions listed in Item 4.

No additional contracts or arrangements regarding AGH securities were disclosed beyond the SPA and joint filing agreement.

Insights

Portfolio Manager

TL;DR: Large insider sale cuts chairman’s stake to 23.7%, boosting float but signaling reduced insider concentration.

The amended 13D reveals that Stephen Cheung off-loaded 2.15 M shares—about 40 % of the position he held post-split—in two tranches, including a private sale completed 25-Jul-2025. While he remains a sizeable shareholder, the disposals materially increase public float and lessen governance control risk. From a portfolio-risk perspective, insider selling of this magnitude is noteworthy and may weigh on sentiment, though liquidity improvement is a counter-balance. Overall impact is moderately negative.

Corporate Governance Expert

TL;DR: Ownership falls yet chairman retains veto-level stake; no new control intentions disclosed.

Post-transaction, Cheung still controls nearly one-quarter of AGH, preserving significant alignment with outside holders. The filing expressly states no current plans for mergers, recapitalizations or other Item 4 actions, limiting immediate governance ramifications. Disclosure of the SPA and joint filing agreement satisfies Schedule 13D requirements, and no related-party conflicts are indicated. I view the change as governance-neutral but impactful due to the stake size.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GALLO-AQUINO CRISTINA

(Last) (First) (Middle)

2333 PONCE DE LEON BLVD.

SUITE 700

(Street)

CORAL GABLES FL 33134

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RYDER SYSTEM INC [ R ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
common stock	07/29/2025		M		1,000	A	$76.49	27,561	D
common stock	07/29/2025		S		1,000	D	$180.87(1)	26,561	D
common stock								1,430	I	By Ryder Employee Savings Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$76.49	07/29/2025		M			1,000	(2)	02/09/2027	common stock	1,000	$0	0	D

Explanation of Responses:

1. The price reported reflects multiple sales at the same price of $180.87.

2. The options vested in three equal installments of 1,230 shares on each of February 10, 2018, February 10, 2019, and February 10, 2020.

Remarks:

	/s/ Robert D. Fatovic, by power of attorney	07/30/2025
	** Signature of Reporting Person	Date
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