Document:

Restricted Stock Award Agreement

 EXHIBIT 10.02 
 STATE OF NORTH CAROLINA 
 COUNTY OF HYDE 
 RESTRICTED STOCK AWARD AGREEMENT 
 THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made as of the 26th day of August, 2009 (the “Date of Grant”), by and between
ECB BANCORP, INC., a North Carolina corporation (the “Company”), and A. DWIGHT UTZ (the “Participant”). 
 WHEREAS, on February 21, 2008, the Company’s Board of Directors adopted the
2008 OMNIBUS EQUITY PLAN (the “Plan”), subject to the approval of the Company’s shareholders, and the Company’s shareholders approved the Plan on
April 15, 2008; and 
 WHEREAS, under the Plan, the Company may, from time to
time, award to employees of the Company and its subsidiaries restricted shares of the Company’s common stock (“Common Stock”) under the terms and conditions set forth in the Plan (a “Restricted Stock Award”); and 

WHEREAS, the Participant currently is an employee of the Company’s subsidiary, The East
Carolina Bank (the “Subsidiary”), who has been chosen to receive a Restricted Stock Award. 
 NOW,
THEREFORE, in consideration of the premises and the agreements of the parties set forth herein, the Company and the Participant hereby agree as follows: 
 1. Grant of Restricted Stock Award. Effective as of the date of this Agreement (the “Grant Date”), the
Company hereby grants to the Participant a Restricted Stock Award consisting of an aggregate of ONE THOUSAND FIVE HUNDRED (1,500) restricted shares of Common Stock (the
“Restricted Shares”), subject to the conditions and restrictions described in this Agreement. 
 The Restricted Stock
Award is granted under and pursuant to the Plan, the terms and conditions of which (including terms providing for the adjustment of the number of Restricted Shares under specified circumstances) are incorporated herein by reference and a copy of
which will be provided to the Participant upon request. Capitalized terms used in this Agreement which are defined in the Plan but not in this Agreement shall have the same meaning herein as assigned to such terms in the Plan. In the event any
provision of this Agreement conflicts or is inconsistent with a term or condition of the Plan, then the Plan provision shall be controlling and shall supersede the provisions of this Agreement. 
 2. Restrictions and Vesting. All the Restricted Shares are issued to the Participant as of the Date of Grant,
subject to the restrictions, conditions and possibility of forfeiture as described below. Restricted Shares may be issued in certificated or uncertificated form. During the period (the “Restriction Period”) between the Grant Date and the
date on which the Company redeems all shares of its preferred stock issued to the United States Department of the Treasury (“U.S. Treasury”) under its TARP Capital Purchase Program (the “CPP”), any certificates evidencing the
Restricted Shares shall be held in escrow by the Company, and the Participant may not sell, transfer, pledge, assign, encumber, or otherwise alienate, hypothecate or dispose of any of the Restricted Shares. However, subject to the above
restrictions, and except as otherwise described in the Plan, during the Restriction Period the Participant otherwise shall be the owner of and may exercise full voting rights associated with the Restricted Shares, and the Company shall pay or make
dividends and other distributions on the Restricted Shares on the same basis as on its other outstanding shares of Common Stock; provided, however, that if the Company issues any additional shares of Common Stock or other securities or
rights as a stock dividend, stock split or other non-cash distribution with respect to the Restricted Shares, then those additional shares or that other distribution shall become a part of the Restricted Shares and be subject to the terms of this

 
Agreement and subject to forfeiture as described herein, and any certificate evidencing any such additional shares or rights shall be held in escrow by the Company as provided above. 

 During the Restriction Period, any certificates evidencing the Restricted Shares shall be
inscribed with the following legend: 
 “The shares of ECB Bancorp, Inc. (the “Company”) common stock evidenced by
this certificate are subject to the terms and restrictions of the 2008 Omnibus Equity Plan and may not be sold, transferred, assigned, pledged, encumbered, or otherwise alienated or hypothecated except pursuant to the provisions of said Plan and an
agreement between the Company and the registered holder dated August 26, 2009, a copy of which is on file at the Company’s offices.” 
 In the event that any attempt is made to transfer, pledge, assign, encumber, attach, levy on, or otherwise alienate, hypothecate or dispose of any Restricted Shares prior to the end of the Restriction
Period applicable to them, whether voluntary, involuntary, or otherwise, or whether by any action or inaction of the Participant or by operation of law, such shares of stock shall be forfeited and surrendered to the Company without any payment or
other consideration to the Participant. 
 If not sooner terminated upon the Participant’s death as provided in Paragraph
3 below, the Restriction Period will end, and the above restrictions will lapse, on the date on which the Company redeems all shares of its preferred stock issued to the U.S. Treasury under the CPP. 
 Subject to the other provisions of this Agreement and the Plan, as soon as practicable following the end of the Restriction Period and
lapse of the above restrictions, the Company shall release and deliver to the Participant (or, in the case of the Participant’s death prior to the end of the Restriction Period, to his or her beneficiary(ies) determined as provided in
Paragraphs 3 and 12 below), a certificate evidencing the Restricted Shares, free and clear of the restrictions described in this Agreement. 
 3. Termination of Employment; Death. Except in the case of the Participant’s death during the Restriction Period as provided below, if, prior to the end of the Restriction
Period, the Participant’s employment with the Subsidiary terminates or is terminated, voluntarily or involuntarily, and for any reason, with or without “Cause” (as defined in the Plan), this Agreement shall remain in effect and the
Restricted Shares shall continue to be subject to the restrictions described herein and held in escrow by the Company as provided in Paragraph 2 above until the end of the Restriction Period. 
 Notwithstanding anything in this Agreement to the contrary, in the event the Participant dies prior to the end of the Restriction Period,
the Restriction Period shall terminate and restrictions immediately shall lapse as to all Restricted Shares. 
 4.
Effect of Agreement on Service as an Employee. Neither the Plan, this Agreement nor the grant of the Restricted Stock Award is intended or shall be deemed or interpreted to confer upon the Participant any right to continued
service as an officer or employee of the Company or the Subsidiary or to affect, interfere with, restrict, or otherwise limit in any way the right of the Company or the Subsidiary to terminate the Participant’s employment at any time and for
any reason. 
 5. Payment of Taxes. The Participant shall be responsible for all federal, state,
local, or other taxes of any nature imposed pursuant to any law or governmental regulation or ruling on the Restricted Stock Award or Restricted Shares or on any income which the Participant is deemed to recognize in connection with the Restricted
Stock Award, and the Company shall have the rights provided in the Plan with respect to the payment of or provision for any such taxes. 
 As a condition of the Restricted Stock Award, the Participant agrees that if he or she makes an election under Internal Revenue Code Section 83(b), the Participant will promptly file a copy of that
election with the Company. 
 6. Authority of Plan Committee. The Plan and this Agreement are subject to
interpretations, amendments, rules and regulations which may from time to time be promulgated or adopted by the Company’s Board of Directors and/or the Plan Committee pursuant to the Plan. Any dispute or disagreement which shall arise under, or
as a result of, or pursuant to, this Agreement shall be

  

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determined by the Committee in its absolute and uncontrolled discretion, and any such determination or any other determination by the Committee under or pursuant to this Agreement and the Plan,
and any interpretation by the Committee of the terms of this Agreement or the Plan, shall be final, binding and conclusive on all persons affected thereby; provided, however, that the Company’s Board of Directors shall have the right, in
its absolute and unfettered discretion, to overrule or modify any determination or interpretation made by the Committee, and in such event the determinations or interpretations by the Board shall be final, binding and conclusive on all persons
affected thereby. 
 7. Notices. Except as otherwise provided herein, any notice which the
Company or the Participant may be required or permitted to give to the other under the Plan or this Agreement shall be in writing and shall be deemed duly given when delivered personally or deposited in the United States mail, first class postage
prepaid, and properly addressed. If to the Company, notices sent by mail shall be addressed to the Chairman of the Compensation Committee of the Company’s Board of Directors at the Company’s then current corporate office or at such other
address as the Company, by written notice to the Participant, may designate from time to time. If to the Participant, notices sent by mail shall be sent to the Participant’s most current address reflected in the records of the Company as of the
time the notice is required. If the Participant has died, any such notice shall be given to the Participant’s personal representative if the representative has delivered to the Company evidence satisfactory to the Company of the personal
representative’s authority and has informed the Company of the personal representative’s address by notice pursuant to this Paragraph 7 
 8. Severability. Whenever possible, each provision of this Agreement shall be interpreted so as to be valid and enforceable under applicable law, but, in the event that
any provision shall be held to be invalid or unenforceable, the remaining provisions shall continue to be in full force and effect, and this Agreement shall continue to be binding on the parties hereto as if such invalid or unenforceable provision
or part hereof had not been included in this Agreement. 
 9. Amendment and Modification of Agreement;
Waiver. Except as otherwise provided herein, the Plan and this Agreement may be modified, amended, suspended, or terminated, and any terms or conditions may be waived, in the manner described in the Plan. Despite any provision in the
Plan or this Agreement to the contrary, the Company may amend the Plan and this Agreement without the consent of or additional consideration to the Participant or any other person if such amendment is necessary to comply with or avoid penalties
arising under Section 409A of the Internal Revenue Code of 1986 or any other section of the Code, even if the amendment reduces, restricts, or eliminates rights granted under the Plan, this Agreement, or both, before the amendment. 

10. Compliance with CPP Rules. The Participant understands and agrees that the Company is a participant
in the CPP, and, as a result, the Company is bound by applicable law, rules, regulations and guidance restricting or pertaining to the compensation of officers and employees of CPP participants which are now in effect or may later be established
(including but not limited to the rules and guidance currently set forth in interim final rules appearing at 31 C.F.R. Part 30 promulgated under Sections 101(a)(1), 101(c)(5) and 111 of the Emergency Economic Stabilization Act of 2008, as amended by
the American Recovery and Reinvestment Act of 2009) (collectively, the “CPP Rules”). The Participant and the Company intend for this Agreement and benefits to the Participant hereunder to comply with the CPP Rules and, for that purpose,
and notwithstanding anything contained in this Agreement to the contrary, the Participant and the Company agree as provided in this Paragraph 10 below. 
 (a) Prohibited Payments; Authority to Modify Agreement. In no event shall the Company have any obligation to make any payment, or provide any compensation or other benefit to the
Participant or to the Participant’s estate or beneficiary (including without limitation by delivery of Restricted Shares at the end of the Restriction Period, or by making any “Golden Parachute Payment,” as that term is defined in the
CPP Rules, or by paying or providing any other payment or benefit in connection with or following any termination of the Participant’s employment or service), to the extent that the Company’s Board of Directors or the Plan Committee
determines, in its sole judgment, that such

  

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delivery, payment, compensation or other benefit would violate or be prohibited by or inconsistent with the CPP Rules. 
 If, in the sole judgment of the Company’s Board of Directors or the Plan Committee, any provision of the Plan or this Agreement, or
any such delivery, payment, compensation or benefit which the Company is or becomes obligated to make, pay or provide to the Participant or to the Participant’s estate or beneficiary under this Agreement, would violate or be prohibited by or
inconsistent with the CPP Rules, then the Board or the Plan Committee shall have the authority, exercisable unilaterally and without the Participant’s or any other person’s consent, to modify any or all of the terms or provisions of the
Restricted Stock Award, the Plan or this Agreement, or to reduce or eliminate any such delivery, payment, compensation or other benefit, to the extent the Board or the Plan Committee, in its sole judgment, considers necessary in order to comply with
the CPP Rules. 
 The Board’s and Plan Committee’s power to modify the Restricted Stock Award, the Plan and this
Agreement shall be effective for so long as the Company is subject to the CPP Rules. The Board’s or Plan Committee’s action modifying the Plan or this Agreement may, but need not, be in the form of a written amendment or supplement to
the Plan or this Agreement, or in the form of a duly adopted resolution. 
 (b) Waiver. The Participant hereby acknowledges and agrees that, for as long as the Company is a participant in the CPP and is subject to the CPP Rules, the Company will be bound by the CPP Rules, and
any implementing guidance issued by the U.S. Treasury or other federal agencies. The Participant hereby grants the waiver required by the U.S. Treasury to release the United States and the Company from any claims that the Participant might
otherwise have as a result of any modification of the Plan or this Agreement as provided above, and agrees to execute such other documents as the U.S. Treasury may require to evidence this waiver. 
 11. Nontransferability. Except as otherwise described in the Plan or Paragraph 12 below, the Restricted
Stock Award and Participant’s rights under this Agreement are not transferable or assignable except by will or by the laws of descent and distribution. More particularly, but without limiting the generality of the foregoing, the
Participant’s rights under this Agreement may not be sold, assigned, transferred, pledged, or hypothecated in any way, and shall not be subject to execution, attachment, or similar process. 
 12. Designation of Beneficiary. 
 (a) In the event the Participant shall die during the Restriction Period, the Restricted Shares as to which restrictions lapsed upon his or her death as provided in Paragraph 3 above (if any) shall
be delivered to the Participant’s beneficiary or beneficiaries, if any, designated by the Participant in an effective designation of beneficiary delivered to the Company as provided in this Paragraph 12. If, at the time of the
Participant’s death, (i) no effective beneficiary designation is on file with the Company, or (ii) no beneficiary designated by the Participant has survived the Participant, the Company may deem the Participant’s
surviving spouse or, if there is no surviving spouse or the Participant is no longer married, the Participant’s estate, to be the beneficiary designated to receive any Restricted Shares as to which restrictions lapsed upon the
Participant’s death. In either case, upon such delivery to the Participant’s beneficiary, the Company shall be fully relieved of any further obligation with respect to those shares. 
 (b) In order to designate one or more beneficiaries, the Participant shall file a written designation with the Company in the form
attached as Appendix A to this Agreement. Each such designation shall specify, by name(s), the person(s) to whom any such shares shall be delivered following the Participant’s death. From time to time, the Participant may change or revoke a
beneficiary designation without the consent of the previously named beneficiary(ies) by filing a new beneficiary designation form with the Company, and the filing of a new designation form automatically shall revoke any and all

  

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designation forms previously filed with the Company. A beneficiary designation form not properly filed with the Company prior to the Participant’s death shall be of no force or effect under
this Agreement. 
 (c) Subject to reasonable restrictions imposed by the Company and to the Company’s right to
refuse to accept such a designation for reasons satisfactory to it, the Participant may designate more than one beneficiary and/or alternative or contingent beneficiaries, in which case the Participant’s designation form shall specify the
relative shares and terms and conditions upon which Restricted Shares shall be delivered to such multiple, alternative or contingent beneficiaries. 
 (d) In making all determinations regarding the beneficiary(ies) designated by the Participant, the latest designation form filed by the Participant with the Company shall control, and all changes
in circumstances that occur after the filing of that designation shall be ignored by the Company. For example, if the Participant’s spouse is designated as beneficiary in the latest written designation of beneficiary filed by the Participant
but, thereafter, is divorced from the Participant, such designation shall remain valid until and unless the Participant files a later beneficiary designation form with the Company naming a different beneficiary. Notwithstanding anything contained in
any designation of beneficiary to the contrary, if there are circumstances which cause the Company to be unsure as to the person who is entitled to delivery of any Restricted Shares following the Participant’s death, then the Company may hold
those shares until their ownership is determined by a Court of proper jurisdiction, or, at its option, it may deliver those shares to the Participant’s personal representative and, upon such delivery, the Company shall be fully relieved of any
further obligation with respect to those shares 
 (e) Any Restricted Shares as to which restrictions have lapsed under
this Agreement prior to, or otherwise than as a result of, the Participant’s death shall be the property of the Participant, whether or not the certificate for those shares has been received by the Participant prior to death. Any Restricted
Shares as to which restrictions lapse as a result of the Participant’s death shall be the property of and delivered to the Participant’s beneficiary(ies) determined in accordance with this Paragraph 12. 
 13. Captions and Headings; Gender and Number. Captions and paragraph headings used in this Agreement are
for convenience only and do not modify or affect the meaning of any provision of, are not a part of, and shall not serve as a basis for interpretation of, this Agreement. As used herein, the masculine gender shall include the feminine and neuter,
the singular number the plural, and vice versa, whenever such meanings are appropriate. 
 14. Governing Law; Venue
and Jurisdiction. The validity, interpretation, and administration of this Agreement, and the rights of any and all persons having or claiming to have any interest hereunder, shall be determined exclusively in accordance with the
internal laws of the State of North Carolina. Without limiting the generality of the previous sentence, the period within which any action in connection with this Agreement must be commenced shall be governed by the internal laws of the State of
North Carolina, without regard to the place where the act or omission complained of took place, the residence of any party to such action, or the place where the action may be brought or maintained. The parties agree that any suit or action relating
to this Agreement shall be instituted and prosecuted in the courts of Hyde County, North Carolina, and each party hereby waives any right or defense relating to such jurisdiction and venue. 
 15. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the Company, its
successors and assigns, and shall be binding upon and, subject to the restrictions described herein, inure to the benefit of the Participant, his heirs, legatees, personal representatives, executors, and administrators. 
 16. Entire Agreement. This Agreement (which incorporates the terms and conditions of the Plan) constitutes
and embodies the entire understanding and agreement of the parties with respect to the matters described herein and supersedes any previous agreements, whether written or oral. Each party acknowledges and agrees that, except as otherwise provided in
this Agreement, there are

  

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no other agreements or understandings, written or oral, in effect between the parties relating to the matters described herein. 
 17. Counterparts. This Agreement may be executed in any number of counterparts, each of which when executed
and delivered shall be deemed an original, but all of which taken together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its corporate name by its undersigned officer thereunto duly authorized by authority of its
Board of Directors first duly given, and the Participant has hereunto set his or her hand and adopted as his or her seal the typewritten word “SEAL” appearing beside his or her name, all done as of this the day and year first above
written. 
  

			
	ECB BANCORP, INC.
		
	By:	 	 /s/ R. S. Spencer, Jr.

		 	    R. S. Spencer, Jr.
		 	    Chairman of the Board of Directors

  

			
	PARTICIPANT
		
	 /s/ A. Dwight Utz
	 	(SEAL)
	      A. Dwight Utz
	 	

  

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 APPENDIX A 
 DESIGNATION OF BENEFICIARY 
 Pursuant to the terms of the RESTRICTED STOCK AWARD AGREEMENT dated as of August 26, 2009, between the undersigned
and ECB Bancorp, Inc. (the “Company”), I hereby designate the following beneficiary(ies) to receive any shares of the Company’s Common Stock as to which restrictions under that Agreement lapse as a result of my death as provided in
Paragraph 3 of the Agreement. This Designation of Beneficiary is made under, and my and my beneficiary(ies)’ rights and the Company’s obligations hereunder shall be subject to, the terms and conditions of the Agreement. 
 PRIMARY BENEFICIARY(IES): (If more than one is listed, I intend for the shares to be
divided between or among all Primary Beneficiaries as co-beneficiaries in the percentages listed, or equally if no percentages are listed, rather than as alternative or contingent beneficiaries or in any order of listing or otherwise. If more than
one is named and one of them has died, I intend for the shares that otherwise would be delivered to that person to be delivered to the surviving Primary Beneficiary or, if more than one, divided equally among the surviving Primary Beneficiaries.)

  

			
	                                       
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 CONTINGENT BENEFICIARY(IES): (If
I have listed one or more Contingent Beneficiaries, I intend for them to receive shares of Common Stock only if no Primary Beneficiary survives me. If more than one is listed, then, unless I have indicated otherwise as provided below, I intend for
the shares to be divided between or among all Contingent Beneficiaries as co-contingent beneficiaries in the percentages listed, or equally if no percentages are listed, rather than in any order of listing or otherwise, and, if one of them has died,
I intend for the shares that otherwise would be delivered to that person to be delivered to the surviving Contingent Beneficiary or, if more than one, divided equally among the surviving Contingent Beneficiaries. Alternatively, if I intend for one
or more Contingent Beneficiary(ies) to receive payments in any particular order, or to the exclusion of any other(s) listed, I have indicated that below.) 

			
	                                       
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 This designation hereby revokes any prior designation which may have been in effect.

  

					
	 Date:             ,
20    
	  	Participant:	  	  

		  		  	                             

	  
	  		  	
	 Witness
	  		  	
		  		  	

  

			
	Receipt Acknowledged by:
	
	  

		
	Title:	 	                                       
 
		
	Date:	 	            , 20Certificate of Designations, Preferences, Powers and Rights of Class A Stock

 Exhibit 4.6 
 CERTIFICATE OF DESIGNATIONS, PREFERENCES, POWERS 
 AND RIGHTS OF CONVERTIBLE PREFERRED STOCK 
 OF 
 YRC WORLDWIDE, INC. 
 Pursuant to
Section 151(g) of the General Corporation Law of the State of Delaware, YRC WORLDWIDE, INC., a Delaware corporation (the “Corporation”), certifies that, pursuant to the authority conferred upon its Board of Directors by
the Certificate of Incorporation, as amended, of the Corporation, the Board of Directors on             , 2009 adopted the following resolution creating a series of Preferred Stock:

 RESOLVED, that pursuant to the authority expressly vested in the Board of Directors of the Corporation by Article Fourth
of the Certificate of Incorporation, as amended, of the Corporation, a series of Preferred Stock, with an initial stated value of $50.00 per share, of the Corporation to be known as Class A Convertible Preferred Stock be, and hereby is,
created, and that the designation and number of shares, and the relative rights, powers, preferences, and limitations thereof (in addition to the provisions set forth in the Certificate of Incorporation of the Corporation, as amended, that are
applicable to Preferred Stock generally) shall be as follows: 
 A. Certain Definitions. When used in this
Certificate of Designations, the following terms shall have the meanings specified: 
 “Accrued Dividends” has
the meaning set forth in Section D. 
 “Amendment” has the meaning set forth in
Section H.1. 
 “As-Converted-to-Common-Stock-Basis” gives effect immediately prior to the
applicable record date to the conversion of the Convertible Preferred Stock and Accrued Dividends thereon into Common Stock in accordance with Section H (and subject to the terms and conditions contained therein) as if the Amendment (as
such term is defined in Section H) had become effective. 
 “Beneficial Owner” has the meaning
assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
such “person” will be deemed to have beneficial ownership of all securities, whether such right is currently exercisable or is exercisable only after the passage of time. 
 “Board” means the board of directors of the Corporation. 
 “Bylaws” means the Corporation’s bylaws, as may be amended from time to time. 
 “Capital Stock” means any and all shares, interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated) Common Stock, Preferred Stock or other equity interests issued by the Corporation, any Subsidiary of the Corporation or any other Person, as applicable. 
 “Certificate of Incorporation” means the Corporation’s certificate of incorporation, as it may be amended from time to
time. 
 “Common Stock” means the Corporation’s Common Stock, $1.00 par value per share. 
 “Conversion Price” has the meaning set forth in Section H.1. 
 “Convertible Preferred Stock” has the meaning set forth in Section B. 
 “Dividend Accrual Date” has the meaning set forth in Section D. 

 “Exchange Act” means the federal Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Exchange Offer” means the
offer by the Corporation, registered on a form S-4 initially filed with the SEC on November 9, 2009, to exchange the Notes and Old Coco Notes for a number of shares of the Common Stock and Convertible Preferred Stock that in the aggregate
would represent 95% of the issued and outstanding Common Stock (on an as-if converted basis) immediately after giving effect to such offer. 
 “Issue Date” means the date on which any shares of the Convertible Preferred Stock are first issued. 
 “Junior Securities” has the meaning set forth in Section C. 
 “Liquidation Amount” has the meaning set forth in Section G.1. 
 “Liquidation
Event” has the meaning set forth in Section G.1. 
 “Liquidation Preference” shall mean
$50.00 per share, as adjusted for the addition of any compounding dividends or accruals pursuant to Section D. 
 “Merger” means a merger of the Corporation into a wholly owned subsidiary, the result of which would have the same effect as the transactions contemplated by the Stockholders’ Approval. 
 “Noteholders” means the entities that are the beneficial holders of (i) 5.0% Net Share Settled
Contingent Convertible Senior Notes due 2023 (the “5% Net Share Settled Notes”), (ii) 3.375% Net Share Settled Contingent Convertible Senior Notes due 2023 (the “3.375% Net Share Settled Notes” and together
with the 5% Net Share Settled Notes, the “Coco Notes”), (iii) 8 1/2% Guaranteed Notes due April 15, 2010 (the “8 1/2
% Notes” and together with the Coco Notes, the “Notes”), and (iv) the 5.0% Contingent Convertible
Senior Notes due 2023 and the 3.375% Contingent Convertible Senior Notes due 2023 which are referred to herein as the “Old 5% Notes” and the “Old 3.375% Notes,” respectively (collectively, the “Old Coco
Notes”). 
 “Parity Securities” means any class or series, or any shares of any class or
series, of Capital Stock of the Corporation (other than the Convertible Preferred Stock) that ranks equally with the Convertible Preferred Stock with respect to priority of dividend rights and rights on liquidation, winding up and dissolution of the
Corporation (in each case, without regard to whether dividends accrue cumulatively or non-cumulatively). 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company, government or other entity. 
 “Preferred Stock” means the Corporation’s class of authorized Preferred Stock, $1.00 par value per share. 

“SEC” means the U.S. Securities and Exchange Commission. 
 “Stockholders’ Approval” means a vote of the holders of Capital Stock of the Corporation entitled to vote on the
Amendment approving the Amendment pursuant to the General Corporation Law of the State of Delaware and the Certificate of Incorporation. 
 “Subsidiary” of the Corporation means: 
  

	 	1.	any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or
other business entity is at the time owned or controlled, directly or indirectly, by the Corporation or one or more of the other Subsidiaries of the Corporation (or a combination thereof); and 

  

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	 	2.	any partnership (i) the sole general partner or the managing general partner of which is the Corporation or a Subsidiary of the Corporation or (ii) the only
general partners of which are the Corporation or one or more Subsidiaries of the Corporation (or any combination thereof). 

 “Voting Stock” as of any date means the Capital Stock of the Corporation that is at the time entitled to vote in the election of the Board. 
 B. Designation and Amount. The shares of the series of Preferred Stock designated hereby shall be designated as “Class
A Convertible Preferred Stock” (the “Convertible Preferred Stock”), and the number of shares constituting such series shall be five million (5,000,000). Such number of shares may be decreased by resolution of the
Board of Directors as provided in the Certificate of Incorporation; provided that no decrease shall reduce the number of shares of Convertible Preferred Stock to a number less than that of the shares then outstanding plus the number of shares
reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by the Corporation exercisable for or convertible into the Convertible Preferred Stock. Shares of the
Convertible Preferred Stock shall be issued in book entry form in restricted accounts at the Corporation or its transfer agent and registered in the holders’ respective names. 
 C. Ranking. The Convertible Preferred Stock shall, with respect to dividend rights and rights on liquidation, winding up and
dissolution of the Corporation, rank senior to the Common Stock and all other classes and series, and all shares of all other classes and series, of Capital Stock of the Corporation now authorized, issued or outstanding (collectively with the Common
Stock, “Junior Securities”). 
 D. Dividends. Subject to Section E below, the holders
of shares of Convertible Preferred Stock, in preference to the holders of any Junior Securities other than Common Stock, shall be entitled to receive cash dividends on an As-Converted-to-Common-Stock-Basis in an amount equal to the cash dividends
declared by the Board on the Common Stock out of funds of the Corporation legally available therefor, but only as, when, and if so declared. The Convertible Preferred Stock will not accrue dividends until and unless the date on which the holders of
Capital Stock of the Corporation do not approve the Amendment at the first meeting of stockholders upon which such matter is submitted for a vote after the date hereof or otherwise on the 60th day following the closing of the Exchange Offer if the
Stockholders’ Approval has not been obtained by such date (the “Dividend Accrual Date”). Beginning on and following such Dividend Accrual Date and ending on the earlier of (i) the date of the receipt of the
Stockholders’ Approval, (ii) the date upon which the Merger becomes effective and (iii) the date upon which the aggregate Liquidation Preference for the Convertible Preferred Stock has increased such that the amount of Common Stock
into which the Convertible Preferred Stock is convertible, when combined with the Common Stock issued to the Noteholders in the Exchange Offer, would have equaled 97% of the outstanding Common Stock of the Corporation on an
As-Converted-to-Common-Stock-Basis (calculated as if all shares of Convertible Preferred Stock were converted into Common Stock) immediately following the consummation of the Exchange Offer, the Convertible Preferred Stock shall accrue cumulative
dividends on its Liquidation Preference at an annual rate of 20.00%, which shall be added to the Liquidation Preference of such Convertible Preferred Stock (and not paid in cash) on the last day of each calendar quarter (i.e.,
March 31, June 30, September 30 and December 31) (all dividends on Convertible Preferred Stock described in this Section D declared or accrued but remaining unpaid and which have not been added to the
Liquidation Preference pursuant to this Section D being referred to herein as “Accrued Dividends”). All dividend accruals pursuant to this Section D shall be based on a 365-day year. Any Accrued Dividends shall
not bear interest. Accrued but unpaid dividends may be declared and paid at any time. 
 E. Voting Rights.

 1. Generally. Except as may be otherwise expressly provided in the Certificate of Incorporation or as
expressly required by the General Corporation Law of the State of Delaware, the Convertible Preferred Stock shall vote together with the shares of the Common Stock and not as a separate class, on an As-Converted-to-Common-Stock-Basis, at any annual
or special meeting of stockholders of the Corporation and each holder of shares of Convertible Preferred Stock shall be entitled to such number of votes as they would then receive on an As-Converted-to-Common-Stock-Basis (subject to the limitations
set forth in Section H). 
  

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 2. Certain Matters. So long as any shares of Convertible Preferred Stock
shall be outstanding, and unless the consent or approval of a greater number of shares shall then be required by law, without first obtaining the consent or approval of the holders of at least a majority of the shares of the Convertible Preferred
Stock then outstanding, the Corporation shall not (except with respect to the Stockholders’ Approval and the Merger): (i) amend, alter, change or repeal the Certificate of Incorporation, or waive any provisions thereof, in a manner
that would materially and adversely affect the rights, preferences or powers of the holders of Convertible Preferred Stock and no amendment, alteration or repeal shall be made that has a disproportionate adverse effect on any holder of Convertible
Preferred Stock in a manner different than other holders of Convertible Preferred Stock; (ii) amend, alter, change or repeal the rights, preferences or powers of Convertible Preferred Stock; (iii) declare, pay, or set apart for payment,
any dividends or any other distributions of any sort by the Corporation, in each case prior to the date on which the Shareholders’ Approval is received, in respect of any Junior Securities or any Parity Securities; (iv) purchase, redeem or
otherwise acquire or retire for value, in each case prior to the date on which the Shareholders’ Approval is received, any Parity Securities, Junior Securities, or any Capital Stock of any Subsidiary of the Corporation, or any securities
exercisable or exchangeable for any of the foregoing, other than in connection with the surrender by employees of the Corporation of portions of equity awards to satisfy tax withholding obligations; provided that the foregoing limitations
shall not apply to redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Securities by the Company in connection with the provisions of any employee benefit plan or other equity agreement with the employees, officers
and directors of the Company; or (v) authorize, create, increase the authorized amount of, reclassify into, in each case prior to the date on which the Shareholders’ Approval is received, Parity Securities, or any class or series, or any
shares of any class or series, of Capital Stock of the Corporation ranking senior in priority to the Convertible Preferred Stock with respect to the right to dividends or preference on liquidation (including additional shares of Preferred Stock) or
issue any debt securities convertible into Capital Stock. 
 F. Reacquired Shares. 
 Any shares of Convertible Preferred Stock redeemed, purchased, or otherwise acquired by the Corporation in any manner whatsoever shall be
retired promptly after the acquisition thereof, and, if necessary to provide for the lawful redemption or purchase of such shares, the capital represented by such shares shall be reduced in accordance with the General Corporation Law of the State of
Delaware. All such shares shall upon their retirement (and compliance with any applicable provisions of the laws of the State of Delaware) become authorized but unissued shares of Preferred Stock and may be redesignated and reissued as part of
any other series of Preferred Stock, subject to the conditions or restrictions on authorizing, or creating, or issuing any class or series, or any shares of any class or series, set forth in Section E.2. 
 G. Liquidation, Dissolution, or Winding Up. 
 1. Priority. In the event of any liquidation, dissolution, or winding up of the Corporation (a “Liquidation Event”), whether voluntary or involuntary, no holders of
Junior Securities shall receive, by reason of their ownership thereof, any payment or distribution of any of the assets of the Corporation until the holders of the shares of Convertible Preferred Stock then outstanding, by reason of their ownership
thereof, shall have first received an amount in cash per share of Convertible Preferred Stock equal to the greater of (i) 100% of the Liquidation Preference thereof (as adjusted for changes in the Convertible Preferred Stock by stock split,
stock dividend, stock combination, or the like occurring after the Issue Date), plus an amount in cash equal to all Accrued Dividends through the date of the effectiveness of the Liquidation Event, and (ii) the amount such holder of Convertible
Preferred Stock would receive as a holder of Common Stock on an As-Converted-to-Common-Stock-Basis; provided that following the date of the receipt of the Stockholders’ Approval, shares of Convertible Preferred Stock that remain
outstanding shall only be entitled to receive the amount such holder would receive as a holder of Common Stock on an As-Converted-to-Common-Stock-Basis (in each case, such amount being referred to herein as the “Liquidation
Amount”). If, upon the occurrence of any Liquidation Event, the assets and funds of the Corporation available to be distributed among the holders of the Convertible Preferred Stock shall be insufficient to permit the payment to such holders
of the full Liquidation Amount, then the holders of Junior Securities shall not receive, by reason of their ownership thereof, any payment or distribution of any of the assets of the Corporation, and the holders of all such shares of Convertible
Preferred Stock shall share ratably in any distribution of assets of the Corporation in accordance with the amounts that would be payable on any such distribution if the Liquidation Amount were to be paid in full. 
  

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 2. Excluded Events. For purposes of this Section G, none of the
voluntary sale, conveyance, exchange and transfer (for cash, shares of stock, other securities or other consideration) of all or substantially all of the property or assets of the Corporation, and no consolidation or merger of the Corporation with
any one or more other corporations, shall be deemed to be a Liquidation Event unless such voluntary sale, conveyance, exchange or transfer shall be in connection with a plan of liquidation, dissolution or winding up of the Corporation. 

H. Conversion. 
 1. Automatic. Immediately upon the effectiveness of an amendment to the Certificate of Incorporation increasing the number of authorized shares of Common Stock to a number of shares
sufficient for effecting the conversion of the shares of Convertible Preferred Stock into shares of Common Stock pursuant to this Section H (the “Amendment”), each share of Convertible Preferred Stock shall automatically
be converted into a number of fully paid and non-assessable shares of Common Stock equal to the quotient obtained by dividing (i) (a) the Liquidation Preference, plus (b) the amount of Accrued Dividends, by (ii) the
Conversion Price; provided, however, that to the extent such conversion would result in a Noteholder holding more than 9.9% of the issued and outstanding Common Stock of the Corporation, such Noteholder’s shares of Preferred Stock
shall only convert on such date (and automatically from time to time after such date) in such a manner as will result in such Noteholder holding not more than 9.9% of the issued and outstanding Common Stock; provided, further that,
notwithstanding the foregoing, all shares of Convertible Preferred Stock outstanding on the date that is eighteen months following the date on which the Stockholders’ Approval is received shall automatically convert into Common Stock at the
Conversion Price. The initial “Conversion Price” for the Convertible Preferred Stock shall be $0.22698, as such price is adjusted in accordance with Sections H.3 through H.7. All references to the Conversion
Price herein shall mean the Conversion Price as so adjusted.
 2. Mechanics of Conversion. Upon the occurrence
of the event specified in Section H.1 above, the outstanding shares of Convertible Preferred Stock shall be converted automatically without any further action by the holders of such shares. Upon the occurrence of such automatic
conversion of the Convertible Preferred Stock, the Corporation will make entries in the share registry of the Corporation or any transfer agent for the Convertible Preferred Stock in the holders’ respective names for the number of whole shares
of Common Stock into which the shares of Convertible Preferred Stock surrendered and Accrued Dividends thereon were convertible on the date on which such automatic conversion occurred, with fractional shares of Common Stock (after aggregating all
Convertible Preferred Stock and Accrued Dividends thereon being converted on such date) rounded down to whole shares of Common Stock. 
 3. Adjustment for Stock Splits and Combinations. If the Corporation shall at any time or from time to time after the Issue Date effect a subdivision or like transaction of the outstanding Common Stock without a
corresponding subdivision of the Convertible Preferred Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased. Conversely, if the Corporation shall at any time or from time to time after the
Issue Date combine the outstanding shares of Common Stock into a smaller number of shares or like transaction without a corresponding combination of the Convertible Preferred Stock, the Conversion Price in effect immediately before the combination
shall be proportionately increased. Any adjustment under this Section H.3 shall become effective at the close of business on the date the subdivision or combination becomes effective. 
 4. Adjustment for Common Stock Dividends and Distributions. If the Corporation at any time or from time to time after the
Issue Date makes a dividend payment or other distribution payable in additional shares of Common Stock without provision for a like dividend on shares of Convertible Preferred Stock based on the Conversion Price, then the Conversion Price that is
then in effect shall be decreased as of the time of such issuance or, in the event such record date is fixed, as of the close of business on such record date, by multiplying the Conversion Price then in effect by a fraction (i) the numerator of
which is the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and (ii) the denominator of which is the total number of shares of Common
Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution. 
  

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 5. Adjustment for Other Common Stock Dividends and Distributions. If the
Corporation at any time or from time to time after the Issue Date makes a dividend payment or other distribution payable to all holders (or in the case of clause (ii) below, substantially all holders) of Common Stock in (i) rights,
warrants or options to subscribe for or purchase shares of Common Stock at a price per share less than fair market value, or (ii) shares of Capital Stock (other than Common Stock), evidences of indebtedness or other assets or property without,
in each case, provision for a like dividend or distribution on, or like opportunity to subscribe by holders of, shares of Convertible Preferred Stock based on the Conversion Price, then the Conversion Price that is then in effect shall be decreased
as of the time of such issuance or, in the event such record date is fixed, as of the close of business on such record date, by multiplying the Conversion Price then in effect by a fraction (i) the numerator of which is the fair market value,
as reasonably determined by the Board, of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and (ii) the fair market value, as reasonably determined by the
Board, of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the fair market value, as reasonably determined by the board, of the rights, warrants,
options, shares, evidences or other assets set forth in this Section H.5 in payment of such dividend or distribution. 
 6. Adjustment for Reclassification, Exchange and Substitution. If at any time or from time to time after the Issue Date, the Common Stock issuable upon the conversion of the Convertible Preferred Stock and Accrued Dividends
thereon is changed into the same or a different number of shares of any other class or classes of stock, whether by recapitalization, reclassification or otherwise (other than a subdivision or combination of shares or stock dividend or a
reorganization, merger, consolidation or sale of assets, in each case as provided for elsewhere in this Section H), in any such event the Convertible Preferred Stock and Accrued Dividends thereon shall automatically convert into the kind
and amount of stock and other securities and property receivable upon such recapitalization, reclassification or other change on an As-Converted-to-Common-Stock-Basis, all subject to further adjustment as provided herein or with respect to such
other securities or property by the terms thereof. 
 7. Reorganizations, Mergers, Consolidations or Sales of
Assets. If at any time or from time to time after the Issue Date, there is a capital reorganization of the Common Stock (other than a Liquidation Event or a recapitalization, subdivision, combination, reclassification, exchange or
substitution of shares provided for elsewhere in this Section H), as a part of such capital reorganization, provision shall be made so that the holders of the Convertible Preferred Stock shall receive on an
As-Converted-to-Common-Stock-Basis the number of shares of stock or other securities or property of the Corporation to which a holder of the number of shares of Common Stock would have been entitled in such event, subject to adjustment as provided
herein with respect to such stock or securities by the terms thereof. In any such case, appropriate adjustment shall be made in the application of the provisions of this Section H with respect to the rights of the holders of
Convertible Preferred Stock after the capital reorganization to the end that the provisions of this Section H (including adjustment of the Conversion Price then in effect) shall be applicable after that event and be as nearly equivalent
as practicable. 
 I. Notices. 
 All notices or communications in respect of the Convertible Preferred Stock shall be sufficiently given if given in writing and delivered in person or by first-class mail, postage prepaid, to any holder
of the Convertible Preferred Stock at such holder’s last address appearing on the books of the Corporation, or if given in such other manner, as may be permitted by the terms hereof, in the Certificate of Incorporation or Bylaws or by
applicable law. 
 J. Procedures for Voting and Consents. 
 The rules and procedures for calling and conducting any meeting of the holders of Convertible Preferred Stock (including, without
limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other aspect or matter with regard to such a meeting or such consents shall be
governed by any rules that the Board (or a duly authorized committee of the Board), in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Certificate of Incorporation, Bylaws,
or General Corporation Law of the State of Delaware. 
  

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 K. Record Holders. 
 To the fullest extent permitted by applicable law, the Corporation and the transfer agent, if any, for the Convertible Preferred Stock may
deem and treat the record holder of any share of Convertible Preferred Stock as the true and lawful owner thereof for all purposes, and neither the Corporation nor such transfer agent shall be affected by any notice to the contrary. 
 L. Restatement. 
 In any restatement of the Certificate of Incorporation permitted by the General Corporation Law of the State of Delaware, these designations of Convertible Preferred Stock may be included as
Article Fifteenth. 
 M. Effectiveness. 
 This Certificate of Designations shall be effective upon the filing of the same with the Secretary of State of Delaware. 
 *        *        *        * 
  

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 IN WITNESS WHEREOF, YRC WORLDWIDE, INC. has caused this Certificate of Designations,
Preferences, Powers and Rights of Convertible Preferred Stock to be duly executed by its duly authorized officer, this      day of             , 2009.

  

			
	YRC WORLDWIDE, INC.
		
	By:	 	  

  

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