Document:

Real Estate Sales Contract

 Exhibit 10.7 
 REAL ESTATE SALES CONTRACT 
 THIS REAL ESTATE
SALES CONTRACT (this “Contract” or “Agreement”) is made effective as of August 14, 2009 (the “Effective Date”) between NORTHAMERICAN TERMINALS MANAGEMENT, INC. (“Buyer”) and YRC Worldwide Inc.
(“Seller”). 
 WITNESSETH 
 In consideration of Ten Dollars ($10.00) and the mutual covenants and agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, Buyer hereby agrees to buy, and Seller
hereby agrees to sell, upon the following terms and conditions, the Property (defined below in Section 7 (C)). 
 1.
PURCHASE PRICE. The purchase price for the Property shall be Forty Million Five Hundred Sixty-Five Thousand Six Hundred Forty-Three and No/100 Dollars ($40,565,643) (the “Purchase Price”), as may be adjusted in accordance with
Section 7(C) and allocated to the Properties as set forth on Exhibit A, payable at the time of the applicable Closing (as defined in Section 8) by applying the applicable portion of the Deposit (as defined in Section 2) and Buyer
paying the balance by cash, cashier’s check, certified check or wire transfer of funds, in each case, paid to the order of Seller. 
 2. DEPOSIT. Buyer shall deposit with the Escrow Agent (as defined in Section 9) within five (5) business days following the Effective Date, the sum of Two Hundred Two Thousand Eight
Hundred Twenty Eight and No/100 Dollars ($202,828.00) (the “Initial Deposit”). Upon the tender by the Buyer of a Notice of Commencement (as defined in Section 7(B) below), Buyer shall deposit with the Escrow Agent an additional
deposit equal to the sum of one half percent (.5%) of the Purchase Price allocated to the Properties referenced in such Notice of Commencement (each an “Additional Deposit;” and collectively with the Initial Deposit, the
“Deposit”). The Deposit shall be held by the Escrow Agent and shall be applied against the Purchase Price at the applicable Closing in accordance with the allocation of the Deposit to the Properties as reflected on Exhibit A. 

3. POSSESSION. Possession of each Property shall be given to the Buyer immediately after the applicable Closing, subject to the
terms of a Leaseback (as defined in Section 16). 
 4. EVIDENCE OF TITLE. 
 (A) Buyer may obtain a survey (“Survey”) of each Property within the Inspection Period (as defined in
Section 7(B)). Within fifteen (15) days of receipt of a Notice of Commencement with respect to a Property, Seller shall obtain and cause to be delivered to Buyer a title insurance commitment issued by Chicago Title Insurance Company or one
of its affiliates through the Escrow Agent (the “Commitment”) for such

  

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Property, pursuant to which the title insurance company commits that at the applicable Closing it will issue its owners policies of title insurance (“Buyer’s Policies”), insuring
fee simple title to the applicable Property to be in Buyer’s name in the total amount of the allocated Purchase Price), free and clear of all liens, encumbrances, restrictions and conditions of title except the following (the “Permitted
Exceptions”): (1) utility easements for utility service to the Property, (2) zoning ordinances, (3) legal highways, (4) real property taxes (and their lien, if any) which are not delinquent as of Closing,
(5) assessments which are not delinquent as of Closing, (6) rights of way and easements which do not materially adversely affect title to or use or value of the Property, (7) any other restrictions, easements, encumbrances or other
matters which do not materially adversely affect title to or use or value of the Property, (8) those matters disclosed in any Survey which do not materially adversely affect title to or use or value of the Property, and (9) a Leaseback.
Any liens, encumbrances, restrictions and conditions of title or Survey, if applicable, other than the “Permitted Exceptions” are herein referred to as the “Non-Permitted Exceptions”. 
 (B) Buyer shall notify Seller in writing of any Non-Permitted Exceptions to which Buyer objects within five (5) days
following Buyer’s receipt of the Commitments and Surveys, if applicable, but in no event later than the expiration of the Inspection Period. If Buyer does not provide Seller with said notice prior to the expiration of the earlier of
(i) such five (5) day period and (ii) the Inspection Period, Buyer shall be deemed to have accepted the state of title disclosed in the Commitments and shall have waived any right to object to any exceptions to Seller’s title or
the Surveys. 
 (C) Seller may, but shall not be obligated to, remove any Non-Permitted Exceptions so objected to
by Buyer within five (5) days after receipt of Buyer’s written notice under Section 4(B). Seller shall not be required to bring any action or proceeding or otherwise incur any expense in order to remove any such Non-Permitted
Exception. If Seller is unable or elects not to remove any such Non-Permitted Exception within such five (5) day period, the portion of the Deposit received by Seller and allocated to such Property on Exhibit A shall be returned to Buyer
forthwith and this Contract shall automatically terminate with respect to such Property, relieving the parties of any further obligations and/or liabilities hereunder with respect to such Property unless Buyer notifies Seller in writing within five
(5) days after the expiration of such five (5) day period that Buyer is willing to accept such title as Seller may be able to convey, without reduction of the Purchase Price and without further obligation on the part of the Seller.

 5. DEED. Seller shall convey, or cause the applicable Related Company (defined below in Section 7(E)) to convey,
to Buyer fee simple title to each Property by recordable limited or special warranty deed or other equivalent form of deed (the “Limited Warranty Deed”). The parties agree that the Limited Warranty Deeds shall warrant title only as against
those persons claiming by, through or under Seller or the Related Company, as applicable, but not otherwise, and shall be subject to the Permitted Exceptions and to all Non-Permitted Exceptions accepted or deemed accepted by Buyer. Buyer shall pay
all costs of recording each Limited Warranty Deed, all cost of title insurance and all transfer and conveyance taxes and fees. 
  

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 6. UTILITIES, REAL ESTATE TAXES AND ASSESSMENTS, SELLER IMPROVEMENTS. At the
applicable Closing, Seller shall pay all delinquent real estate taxes and assessments, including penalties and interest. There will be no proration of real estate taxes, utilities, insurance or other items customarily apportioned in sales of real
property in the jurisdiction in which the Property is located. Instead, each Leaseback shall provide that from and after the applicable Closing Date (as defined in Section 8), the Seller shall be responsible for the payment of all real estate
taxes and assessments, insurance premiums, utility charges and other items customarily apportioned in sales of real property related to each Property that accrues or is due at any time prior to the date of termination of the applicable Leaseback
with respect to each Property (including that which is due or accrues at any time prior to the commencement date of the applicable Leaseback). This provision shall survive Closing. 
 7. INSPECTION; DUE DILIGENCE; LENDER CONSENT. 
 (A) Seller agrees to provide Buyer with copies of any surveys of the Property in Seller’s possession. Buyer, at its own
expense, may have any such surveys updated or may obtain new surveys. Seller grants to Buyer and persons designated by Buyer permission to enter upon each Property during the applicable Inspection Period in order to make surveys, bores, soil bearing
tests and other tests, provided that said surveys and tests shall be approved in advance by the applicable Seller and shall be so conducted as not to damage the Property. Buyer hereby agrees to indemnify, defend and hold Seller harmless from and
against any and all damages, liens, injuries, actions, claims or costs, including reasonable attorneys fees, arising in any manner, directly or indirectly, from Buyer’s or its designees’ activities on or with respect to the Property, which
indemnity shall survive the termination of this Agreement for six months. Buyer shall (i) keep all information, data and reports concerning or arising from any such tests confidential to the extent permitted by applicable law and shall not
disclose or divulge the same to any third party (other than a lender making a mortgage loan to Buyer with respect to the Property and any other parties who have a need to know in connection with Buyer’s contemplated purchase of the Property)
without Seller’s prior written consent, which Seller may withhold in its sole and absolute discretion, and (ii) provide copies of all such information, data and reports to Seller upon written request therefor from Seller. 
 (B) As to any Property Buyer shall have forty-five (45) days from the date that Buyer tenders to Seller written notice
that Buyer has commenced its due diligence with respect to the applicable Property (“Notice of Commencement”) within which to conduct the surveys and tests referred to in Section 7(A) (the “Inspection Period”) with respect
to the Property identified in the Notice of Commencement. Buyer shall not have the right to provide a Notice of Commencement for the Contingent Sale Property (as defined in Section 7(G)) until such time as Buyer has received the Release (as
defined in Section 7(G)) for such Contingent Sale Property. In the event that Buyer does not terminate this Contract pursuant to Section 7(C) below, Buyer agrees to accept the Property in its present condition as of the Effective Date,
subject to Section 15(I) and ordinary wear and tear. Buyer represents and warrants that it is qualified through experience and training to make such investigation of the condition of the Property, both as to the type of investigation and as to
the extent of the investigation, and that if Buyer is not qualified to

  

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make such investigation Buyer shall have the investigation made by persons who are so qualified. In purchasing and accepting the Property in its present condition, Buyer represents that it will
rely solely upon its own investigation and will not rely upon any investigation or disclosure of Seller regarding the Property. At any time after thirty (30) days following the Effective Date, Seller may terminate, by written notice to Buyer
(“Termination Notice”), this Contract as to any Property that Buyer has not tendered to Seller a Notice of Commencement prior to the date of the Termination Notice. If Seller properly terminates this Contract as to any Property, the
applicable Property shall automatically be deleted from the definition of Property in this Contract, the Purchase Price reduced by the Purchase Price allocated to the applicable Property on Exhibit A, and the portion of the Deposit received by
Seller allocated to the applicable Property on Exhibit A returned to Buyer. 
 (C) During the Inspection Period
(and at any time with respect to any Property that Buyer has not tendered a Notice of Commencement to Seller), Buyer may terminate this Contract with respect to such Property upon written notice to Seller for any reason whatsoever in Buyer’s
sole discretion, in which event the portion of the Deposit received by Seller allocated to the applicable Property on Exhibit A shall be returned to Buyer and this Agreement shall be terminated with respect to such Property. If Buyer fails to give
such notice of termination to Seller prior to the end of the Inspection Period, Buyer shall be deemed to have waived any objection to the Property and to have affirmed this Contract and elected to purchase the Property with no reduction in the
Purchase Price. For purposes of this Contract, the “Property” shall be defined as those properties listed on of Exhibit A. 
 (D) Except as otherwise expressly provided herein, Seller has not made, and shall not be deemed to have made, and Buyer has not relied upon, any representation or warranty, either express or implied, to
Buyer, or any person representing Buyer, or any person or entity upon which Buyer relies in purchasing the Property as to any matter whatsoever concerning the Property except for any representation or warranty expressly set forth in this Contract.
Buyer acknowledges that the purchase of the Property by Buyer is on an “AS IS” basis. BUYER EXPRESSLY AGREES TO ACCEPT THE PROPERTY “AS IS” AND “WHERE IS.” SELLER SHALL UNDER NO CIRCUMSTANCES BE DEEMED TO HAVE MADE, AND
SELLER HEREBY DISCLAIMS, ANY REPRESENTATION OR WARRANTY, EITHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, THE CONDITION OF THE PROPERTY AND EACH PART THEREOF, ANY ENVIRONMENTAL CONDITION WITH RESPECT TO THE
PROPERTY (INCLUDING, WITHOUT LIMITATION, THE PRESENCE OF ANY POLLUTANT OR CONTAMINANT, INCLUDING ANY HAZARDOUS SUBSTANCE, IN, ON OR UNDER THE PROPERTY), AND THE ADEQUACY, SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE PROPERTY OR ANY PART
THEREOF. SELLER SHALL NOT BE LIABLE FOR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, BUSINESS INTERRUPTION OR STRICT OR ABSOLUTE LIABILITY IN TORT, OCCASIONED BY OR ARISING IN CONNECTION WITH

  

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THE CONDITION OR ANY ALLEGED CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, LIABILITY ARISING OUT OF ANY ENVIRONMENTAL CONDITION WITH RESPECT TO THE PROPERTY (INCLUDING, WITHOUT
LIMITATION, THE PRESENCE OF ANY POLLUTANT OR CONTAMINANT, INCLUDING ANY HAZARDOUS SUBSTANCE, IN, ON OR UNDER THE PROPERTY). Seller has furnished to Buyer the documentation relative to the condition of the Property listed on Exhibit “B”
attached hereto and made a part hereof, but Seller has not made, and hereby disclaim, any representation or warranty with respect to the accuracy or completeness of such documentation. Seller shall not be obligated to conduct any inquiry or
investigation regarding the condition of the Property in connection with this Contract. The provisions of this Section 7(D) shall survive the delivery and recording of the Limited Warranty Deeds for record. 
 (E) Notwithstanding the foregoing paragraph (D), subject to the Seller Bank Approvals (as such term is defined in Section
(F)) and obtaining the Release to the Contingent Sale Property, Seller represents, warrants and covenants that, on the date hereof and on the applicable Closing Date for a Property: (i) it has full right and power and is duly authorized to
enter into and perform this Agreement and each other agreement, certificate or other document executed by it in connection with the sale of the Property (collectively, the “Purchase Documents”); (ii) it owns and/or controls each
entity that owns the Property (each a “Related Company”); (iii) there are no actions, suits or proceedings pending or, to the knowledge of Seller, threatened against or affecting Seller which, if determined adversely to Seller, would
adversely affect its ability to perform its obligations under the Purchase Documents; and (iv) neither the execution, delivery or performance of the Purchase Documents (a) conflicts with, breaches or constitutes a default under, or will
conflict with, breach or constitute a default under, (1) the charter documents or by-laws of Seller, (2) to the best of Seller’s knowledge, any law or any order, writ, injunction or decree of any court or governmental authority, or
(3) any agreement or instrument to which Seller is a party or by which it is bound or (b) results or will result in the creation or imposition of any lien or other encumbrance upon its property pursuant to any such agreement or instrument.
These representations shall survive Closing. 
 (F) Notwithstanding any provision to the contrary contained
herein, Buyer acknowledges and agrees that Seller’s obligation to close the transaction contemplated in this Contract is subject to Seller obtaining any required consent, approval, waiver or release from JPMorgan Chase (the “Seller Bank
Approvals”). In the event, after using good faith efforts, Seller has not obtained the Seller Bank Approvals for the sale of a Property for which Buyer has provided a Notice of Commencement on or before the applicable Closing Date for such
Property (as such may be extended pursuant to the terms hereof), Buyer and Seller shall each have the right to terminate this Contract with respect to such Property by providing written notice to the other, in which case Escrow Agent shall refund
the portion of the Deposit received by Seller allocated to the such Property on Exhibit A to Buyer, and Seller and Buyer shall have no further rights or obligations under this Contract with respect to such Property, except those which expressly
survive such termination. If Buyer or Seller terminates this Contract pursuant to this Section 7(F)

  

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with respect to a Property, Seller shall pay to Buyer a “Breakup Fee” equal to one percent (1%) of the Purchase Price allocated to such Property on Exhibit A. Termination of this
Contract by Seller pursuant to this Section 7(F) shall only be effective upon Seller delivering to Buyer the Breakup Fee in immediately available funds. 
 (G) Notwithstanding any provision to the contrary contained herein, Buyer acknowledges and agrees that Seller’s
obligation to close the transaction contemplated in this Contract with respect to the Property identified with an asterisk on Exhibit A (the “Contingent Sale Property”) is subject to Seller obtaining and delivering written notice thereof
to Buyer that Seller has terminated the existing purchase and sale agreement for such Contingent Sale Property (the “Release”). 
 8. CLOSING; DEPOSITS INTO ESCROW. This transaction shall be closed and settled and the Limited Warranty Deeds delivered to Buyer and the Purchase Price paid to Seller (the “Closing”) with
respect to any Property on or before fifteen (15) days following expiration of the Inspection Period with respect to the Property (as to the applicable Property, each a “Closing Date”). On or before the applicable Closing Date, Seller
shall deposit, or cause the Related Companies to deposit, the following with the Escrow Agent with respect to such Property: 
  

	 	(a)	A duly executed Limited Warranty Deed for each Property; 

  

	 	(b)	A duly executed “Non Foreign Seller Affidavit” as required by Section 1445 of the Internal Revenue Code of 1986, as amended; 

  

	 	(c)	A duly executed Leaseback (as defined below) for each Property; 

  

	 	(d)	a duly executed memorandum of the Leaseback in recordable form (the “Leaseback Memorandum); 

  

	 	(e)	Such funds and other instruments, in recordable form or otherwise, as may be reasonably required by the Escrow Agent as a condition of the Closing;

  

	 	(f)	A duly executed counterpart of the right of first offer for each Property in the form attached hereto as Exhibit “D” (each a “Right of First
Offer”); and 

  

	 	(g)	Two (2) duly executed counterparts of a closing statement reflecting closing cost allocations prepared by Seller and submitted to Buyer for Buyer’s approval
no later than five (5) days prior to the Closing Date (a “Closing Statement”). 

 On or before the applicable
Closing Date, Buyer shall deposit with the Escrow Agent: 
  

	 	(a)	The difference between the Purchase Price for such Property and the portion of the Deposit allocated to such Property on Exhibit A, less an amount to Buyer for actual
closing costs incurred by Buyer or charged to Buyer pursuant to Section 9(e) of up to 1% of the applicable Purchase Price; 

  

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	 	(b)	A duly executed Leaseback for each Property; 

  

	 	(c)	A duly executed Leaseback Memorandum for each Property; 

  

	 	(d)	Such other funds and instruments, in recordable form or otherwise, as may be reasonably required by the Escrow Agent as a condition of the Closing;

  

	 	(e)	A duly executed Right of First Offer for each Property; and 

  

	 	(f)	A duly executed Closing Statement. 

 9. ACTIONS BY ESCROW AGENT. The following shall act as the escrow agent hereunder (the “Escrow Agent”): 
 Chicago Title Insurance Company 
 171 N. Clark, 04CI 
 Chicago, Illinois 60601 
 Attn: Cindy Malone 
 Phone #: 312-223-3360 
 Fax #: 312-223-5791 
 This Contract
shall serve as escrow instructions to the Escrow Agent, subject to any supplementary strict joint order escrow instructions; provided, however, that this Contract shall govern in the event of any conflict between said strict joint order instructions
and any of the terms hereof. On the applicable Closing Date, if all the funds and documents set forth in Section 8 have been delivered to the Escrow Agent and if the Escrow Agent or the title company is in a position to issue and will issue
Buyer’s Policies as described in Section 4, the Escrow Agent shall: 
  

	 	(a)	Cause the Limited Warranty Deeds and each Right of First Offer to be filed for record; 

  

	 	(b)	Upon Seller’s request, cause the Leaseback Memoranda to be recorded: 

  

	 	(c)	Cause the issuance and delivery to Buyer of the Buyer’s Policies, as described in Section 4; 

  

	 	(d)	Charge to the account of Buyer escrow and related fees, the cost of recording the Limited Warranty Deeds and any other documents related to this Contract, title
insurance costs, including premiums and costs of endorsements and Commitments, and transfer or conveyance taxes or fees; and 

  

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	 	(e)	Pay to or upon the order of Seller the cash balance of the Purchase Price after deducting all amounts herein required to be paid by Seller, including any broker’s
commission payable by Seller as provided in Section 11. 

 The Escrow Agent shall deliver to Seller a copy of the recorded
Limited Warranty Deeds and each Right of First Offer and its escrow statement in duplicate showing all the charges and credits affecting the account of Seller. The Escrow Agent shall deliver to Buyer the recorded Limited Warranty Deeds and each
Right of First Offer; copies of any recorded mortgage deposited by Buyer; Buyer’s Policies; the balance, if any, of the funds deposited by Buyer remaining after disbursement in accordance with these directions; and its escrow statement in
duplicate showing all charges and credits affecting the account of Buyer. 
 10. DEFAULT; REMEDIES. 
  

	 	(a)	If, at any time on or before the time of an applicable Closing on the applicable Closing Date, Seller fails or refuses to perform its obligations hereunder as and when
provided in this Contract, as applicable, and such failure is not cured within ten (10) days from notice by Buyer to Seller, then and in any such case Buyer may (A) by written notice furnished to Seller and to the Escrow Agent, terminate
this Contract, and in such event the Escrow Agent shall promptly return the Deposit (or remaining balance thereof if applicable) to Buyer, Seller shall pay the expenses of the Escrow Agent (including all title charges) through the date of such
termination and Buyer may seek monetary damages for all actual out of pocket costs and expenses incurred by Buyer prior to the date of Seller’s failure or refusal to perform its obligations under this Contract, or (B) enforce specific
performance of Seller’s obligations under this Contract. 

  

	 	(b)	 If a Closing does not occur because of a default by Buyer under this Agreement, and if such default is not cured within ten (10) days from notice
by Seller to Buyer, then: (i) this Agreement shall terminate; (ii) the Deposit (or remaining balance thereof if applicable) shall be paid to and retained by Seller as liquidated damages; and (iii) Seller and Buyer shall have no
further obligations to each other. BUYER AND SELLER ACKNOWLEDGE THAT THE DAMAGES TO SELLER IN THE EVENT OF A BREACH OF THIS AGREEMENT BY BUYER WOULD BE DIFFICULT OR IMPOSSIBLE TO DETERMINE, THAT THE AMOUNT OF THE DEPOSIT REPRESENTS THE PARTIES’
BEST AND MOST ACCURATE ESTIMATE OF THE DAMAGES THAT WOULD BE SUFFERED BY SELLER IF THE CLOSING SHOULD FAIL TO OCCUR AND THAT SUCH ESTIMATE IS REASONABLE UNDER THE CIRCUMSTANCES EXISTING AS OF THE DATE OF THIS AGREEMENT AND UNDER THE CIRCUMSTANCES
THAT SELLER AND BUYER REASONABLY ANTICIPATE WOULD EXIST AT THE TIME OF SUCH BREACH. BUYER AND SELLER AGREE

  

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THAT SELLER’S RIGHT TO RETAIN THE DEPOSIT SHALL BE SELLER’S SOLE REMEDY, AT LAW AND IN EQUITY, FOR BUYER’S FAILURE TO PURCHASE THE PROPERTY IN ACCORDANCE WITH THE TERMS OF THIS
AGREEMENT. 

 11. BROKER. Buyer and Seller warrant and represent to one another that they have used no
broker in connection with this transaction. Each party agrees to indemnify and save the other harmless from and against any and all claims for brokerage commissions arising from their respective dealings with any broker other than those identified
in this Section 11. The foregoing warranties, representations and indemnities shall survive the delivery and recording of the Limited Warranty Deeds for record and shall not be merged into said Limited Warranty Deeds. 
 12. NOTICES. For the purposes of all notices and communications between the parties, the addresses of Buyer and Seller shall be as
follows: 
  

			
	BUYER:	  	NorthAmerican Terminals Management, Inc.
		  	201 West Street
		  	Annapolis, MD 21401
		  	Attn: Robert Fordi
		  	FAX #: 410-280-0100
		
	SELLER:	  	YRC Worldwide Inc.
		  	P. O. Box 471
		  	1077 Gorge Boulevard
		  	Akron, Ohio 44309 0471
		  	Attn: Real Estate and Properties
		  	FAX#: (330) 258-2597

 Any notices and other communications to be delivered by either party to the other pursuant to this
Contract shall be in writing and shall be deemed delivered as follows, except as otherwise specifically provided in this Contract: (a) when hand delivered or telecopied (provided that telecopied notices must be confirmed within any applicable
time period plus two (2) days by one of the following methods of notice); (b) one (1) business day after mailing by Federal Express or other overnight courier service; or (c) upon receipt (or refusal to accept delivery) by United
States registered or certified mail, postage prepaid, return receipt requested, in each case addressed to the party to be charged with notice at the above recited address or the above recited telecopier number or such other address or telecopier
number as either party from time to time may designate by notice delivered to the other; provided, however, that no notice of change of address or telecopier number shall be deemed given until actually received by the party to be notified. Except as
otherwise specifically provided herein, in the computation of any period of time which shall be required or permitted hereunder or under any law for any notice or other communication or for the performance of any term, condition, covenant or
obligation, the day from which such period runs shall be excluded and the last day of such period shall be included unless it is a Saturday, Sunday or legal holiday, in which case the period shall be deemed to run until the end of the next day which
is not a Saturday, Sunday or legal holiday. 
  

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 13. NON-ASSIGNMENT BY BUYER. This Agreement and the rights granted hereunder are
personal unto Buyer and may not be assigned, transferred or conveyed by Buyer in whole or in part (except to an affiliate of Buyer) without the prior written consent of Seller, which may be withheld by Seller in its sole and absolute discretion.
Notwithstanding the foregoing, without Seller’s consent Buyer may, by written notice delivered to Seller no later than three (3) business days prior to the Closing Date, designate individuals or entities other than Buyer to take title to
the Property pursuant to the Limited Warranty Deeds. No assignment by Buyer of this Contract or its rights hereunder, whether permitted hereunder or upon Seller’s consent, shall relieve Buyer of its obligations to Seller hereunder. 

14. LIKE-KIND EXCHANGE. Seller, at any time prior to the applicable Closing Date, may elect to effect a simultaneous or
non-simultaneous tax-deferred exchange pursuant to Section 1031, and the regulations pertaining thereto, of the Internal Revenue Code of 1986, as amended. Buyer expressly agrees to cooperate with Seller in connection with any such exchange in
any manner which shall not impose any additional cost or liability upon Buyer, including without limitation by executing any and all documents, including escrow instructions or agreements consenting to Seller’s assignment of its rights and
obligations hereunder to an exchange entity, which may be necessary to carry out such an exchange; provided, however, that Buyer shall not be required to take title to any property in order to accommodate Seller in effecting the exchange; and
provided further, however, that Seller’s election to effect such an exchange shall not delay the applicable Closing Date. 
 15. MISCELLANEOUS: 
 (A) This Contract: (i) contains the entire agreement between the
parties and no promise, representation, warranty, covenant, agreement, or understanding not specifically set forth in this Contract shall be binding upon either party; (ii) may not be amended, modified, or supplemented in any manner except in
writing signed by the parties; (iii) shall be construed and governed under the laws of the state of New York without regard to the principles of choice of law and conflicts of law; (iv) shall not be construed more stringently in favor of
one party against the other regardless of which party has prepared the same; (v) shall be binding upon, and inure to the benefit of, the parties and their respective heirs, executors, administrators, personal and legal representatives,
successors, and permitted assigns; (vi) shall not be binding until this Contract shall be executed and delivered by the parties, to each other; and (vii) may be executed in counterparts, each of which shall be deemed an original, but which
all together constitute the same instrument. 
 (B) Any person executing this Contract on behalf of a
corporation, limited liability company, trust, partnership or other entity represents and warrants that such person is authorized to execute and deliver this Contract on behalf of such entity. 
 (C) The failure of either party to insist upon strict performance of any provision of this Contract shall not be deemed a
waiver of any rights or remedies at any other time. 
  

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 (D) The exhibits attached hereto are incorporated herein by this reference.

 (E) In the event of any conflict between this Contract and an exhibit, the exhibit shall control. 

(F) Headings are for convenience only and are not a part of this Contract. 
 (G) The invalidity or unenforceability of any term or provision shall not affect the validity or enforceability of the
remainder of this Contract. 
 (H) The parties agree to obtain, execute, deliver, and file such additional
documents, instruments, and consents as may be reasonably requested by either party, at the sole cost and expense of the requesting party, in order to fully effectuate the terms and conditions of this Contract. 
 (I) Risk of loss with respect to each Property shall remain with Seller until the applicable Closing is completed. Seller
shall maintain in full force and effect all of Seller’s existing fire and extended coverage insurance on the Property until the applicable Closing Date. Seller’s existing insurance policy shall be canceled as of the applicable Closing Date
and Buyer shall obtain new insurance at such time. If, prior to the applicable Closing Date, any building or other improvement on any Property is damaged or destroyed by any cause in any amount, Seller shall promptly notify Buyer and Buyer shall
have the option (i) to terminate this Contract with respect to the applicable Property by notice to Seller (such notice to be given within five (5) days after Buyer is given notice of such damage or destruction), or (ii) to proceed
with this transaction, in which latter event Buyer shall receive all proceeds of insurance payable by reason of such damage or destruction, in which event Seller shall have the right to elect not to enter into the Leaseback at Closing for such
Property; provided, however, that if such damage or destruction is in an amount which is equal to or less than twenty-five percent (25%) of the replacement cost of the improvements and fixtures constituting a portion of the applicable Property,
Buyer shall not have the option to terminate this Contract with respect to the applicable Property if Seller shall agree in writing to (a) promptly cause such damaged building or improvement to be replaced or restored to the condition it was in
prior to such damage or destruction, in which event all insurance proceeds shall be made available to Seller for such replacement or restoration or (b) deliver to Buyer on the applicable Closing Date (or subtract from the Purchase Price an
amount equal to the sum of) all proceeds of insurance payable by reason of such damage or destruction together with the additional amount, if any, which is required to replace or restore such damaged building or improvement to the condition it was
in prior to such damage or destruction, in which event, Section 19 of the Leaseback shall apply. If Buyer elects to cancel this Contract pursuant to this Section 15(I) with respect to a Property, Seller shall cause the Escrow Agent to
refund the portion of the Deposit received by Seller allocated to such Property on Exhibit A to Buyer, and neither party shall thereafter have any further rights, duties or liabilities under this Agreement with respect to the applicable Property.

  

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 (J) If, before the applicable Closing Date, all or any material portion of
any Property is taken or a proceeding is commenced to take the same by eminent domain or private sale in lieu thereof, Buyer, at its option, may elect (i) to proceed to Closing, or (ii) to cancel this Contract with respect to the
applicable Property. Such election shall be made by written notice from Buyer to Seller given not more than five (5) days after written notice from Seller to Buyer of such condemnation affecting the Property. If Buyer elects to cancel this
Contract with respect to the applicable Property in such event, Seller shall cause the Escrow Agent to refund the proportionate share of the Deposit to Buyer, and neither party shall thereafter have any further rights, duties or liabilities under
this Contract with respect to the applicable Property. If Buyer elects to proceed to Closing , Seller shall assign to Buyer all of Seller’s rights, title and interest in and to any awards that may be payable for such taking, in which event
Seller shall have the right to elect not to enter into a Leaseback at Closing for such Property. 
 16. LEASEBACK. Except
as otherwise specifically provided herein, at the applicable Closing the parties shall execute a lease for each Property substantially in the form attached hereto as Exhibit “C” (each a “Leaseback”). 
 17. ACCEPTANCE. In the event this Contract is not signed simultaneously by both parties, it shall be considered to be an offer made
to the other party by the party first executing it. In such event, the offer shall automatically expire at midnight, Akron, Ohio time, on August __, 2009, unless one copy of this Contract executed by the party to whom this offer has been made shall
have been actually received by the party making the offer, or its attorney, prior to the aforementioned expiration date. 
 [THE
REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 12 

 IN WITNESS WHEREOF, the respective parties have executed this instrument as of the day and
year first herein above written 
  

			
	SELLER:
	
	 YRC WORLDWIDE INC.,
 a Delaware corporation

		
	By:	 	/s/ Brad S. Schroeder
	Name:	 	Brad S. Schroeder
	Its:	 	VP President & Properties
	Date:	 	August 7, 2009
	
	BUYER:
	
	 NORTHAMERICAN TERMINALS MANAGEMENT, INC.,
 a Delaware corporation

		
	By:	 	/s/ Robert Fordi
	Name:	 	Robert Fordi
	Its:	 	President
	Date:	 	August 7th, 2009

  

 13 

 ESCROW AGENT’S ACKNOWLEDGMENT AND AGREEMENT 
  

	 	Re:	Sale by YRC Worldwide Inc. to NorthAmerican Terminals Management, Inc. of Property Located at (See Exhibit A) 

 The undersigned acknowledges receipt of the Deposit of $300,000 and agrees to act as the Escrow Agent in accordance with the provisions of
the foregoing Contract. 
  

			
	
	 
	(Agent for Chicago Title Insurance Company)
		
	By:	 	/s/ Regina Springer
	Name:	 	Regina Springer
	Its:	 	AVP-Sr. Escrow Officer
	Date:	 	August 20, 2009

 INSTRUCTIONS TO ESCROW AGENT: upon signing the foregoing acknowledgment
and agreement, telecopy a signed copy to: 
  

	
	LON C. MARINO
	YRC NORTH AMERICAN
	TRANSPORTATION, INC.
	PHONE #: (330) 384-2305
	FAX #: (330913) 258-2597982-2695
	
	JAMES C. GODEY
	
	  
	 PHONE #: (410) 280-1100
 FAX #: (410) 280-0100

  

 14 

 FIRST AMENDMENT 
 TO 
 REAL ESTATE SALES CONTRACT 
 (YRC / NATM [Sale/Leaseback]) 
 August 21, 2009 (the “Effective Date”) 
 THIS FIRST
AMENDMENT TO REAL ESTATE SALES CONTRACT (this “Amendment”) is entered into by and between YRC WORLDWIDE INC. (“Seller”), a Delaware corporation, as seller, and NORTHAMERICAN TERMINALS MANAGEMENT, INC.
(“Buyer”), a Delaware company, as buyer. 
 Recitals 
 A. Effective as of August 14, 2009 Buyer and Seller entered into that certain Real Estate Sales Contract (the
“Sale/Leaseback Contract”), whereby Buyer agreed to purchase from Seller, and Seller agreed to sell to Buyer, those certain improved real properties located in California, as more particularly described in the Sale/Leaseback
Contract. 
 B. Buyer and Seller have agreed to amend the Sale/Leaseback Contract as set forth below. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other valuable consideration, the receipt
and adequacy of which hereby are acknowledged, Seller and Buyer hereby agree as follows: 
 Agreements 
 1. Defined Terms. All capitalized terms not defined herein shall have the meanings ascribed to them in the Sale/Leaseback Contract.

 2. Effect of this Amendment. Except as expressly modified in this Amendment, the Sale/Leaseback Contract shall
continue in full force and effect according to its terms and Buyer and Seller hereby ratify and affirm all their respective rights and obligations under the Sale/Leaseback Contract. 
 3. Conflicting Provisions. In the event any term or provision contained herein conflicts with the Sale/Leaseback Contract, the terms
and provisions of this Amendment shall control. 
 4. Leaseback. 
 (a) Article 14 and Article 15 of the Leaseback to be executed is hereby deleted in its entirety and substituted in it places
is the new Article 14 and Article 15 set forth on Exhibit “A”, attached hereto and incorporated herein by reference. 

 (b) In addition, the first paragraph of Article 16 of the Leaseback shall be
amended in its entirety and replaced with the following: 
 Tenant shall indemnify, protect, hold harmless, and
shall defend at its own expense, Landlord, Landlord’s mortgagees, Landlord’s investment manager, Landlord’s asset manager, Landlord’s property manager, and their respective officers, employees, contractors, invitees and/or agents
(collectively, “Landlord, et al.”), against any and all claims and demands made by or arising from Tenant’s officers, employees, contractors, invitees and/or agents (collectively, “Tenant, et al.”) and/or from
the actual or alleged act or omission of Tenant, et al. (except to the extent arising from Landlord, et al.’s gross negligence or willful misconduct, in which event this indemnity will not apply to the party committing the wrongful act in
direct proportion to the extent of the gross negligence or willful misconduct), as well as those claims and demands arising from Tenant’s failure to comply with any applicable environmental laws or regulations (as described in more detail
previously herein) and with any covenants of this Lease Agreement on its part to be performed. 
 Tenant agrees
to waive all claims against Landlord, et al. on account of any loss or damage from whatsoever cause (other than gross negligence or willful misconduct of Landlord, et al., in which event this waiver will not apply to the party committing the
wrongful act in direct proportion to the extent of the gross negligence or willful misconduct) which may occur to it or its property in the use and occupancy of the Leased Premises, the giving of this waiver being one of the considerations upon
which this Lease Agreement is granted. 
 Landlord shall indemnify, protect, hold harmless, and shall defend at
its own expense, Tenant against any and all claims and demands made by or arising from Landlord, et al.’s gross negligence or willful misconduct. 
 5. Counterpart; Facsimile Signature. Facsimile signatures appearing hereon shall be deemed an original and this document may be executed simultaneously on two (2) or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one (1) and the same instrument. 
 [signature
page follows] 

 IN WITNESS WHEREOF, Seller and Buyer execute this Amendment to be enforceable on the
Effective Date. 
  

									
	SELLER:	 		 	BUYER:
			
	 YRC WORLDWIDE INC.,
 a Delaware corporation
	 		 	 NORTHAMERICAN TERMINALS MANAGEMENT, INC.
 a Delaware corporation

					
	By:	 	/s/ Brad S. Schroeder	 		 	By:	 	/s/ Robert Fordi
	Name:	 	Brad S. Schroeder	 		 	Name:	 	Robert Fordi
	Its:	 	Authorized Officer	 		 	Its:	 	President

 SECOND AMENDMENT 
 TO 
 REAL ESTATE SALES CONTRACT 
 (YRC / NATM [Sale/Leaseback]) 
 September 21, 2009 (the “Effective Date”) 
 THIS
SECOND AMENDMENT TO REAL ESTATE SALES CONTRACT (this “Amendment”) is entered into by and between YRC WORLDWIDE INC. (“Seller”), a Delaware corporation, as seller, and NORTHAMERICAN TERMINALS
MANAGEMENT, INC. (“Buyer”), a Delaware company, as buyer. 
 Recitals 
 A. Effective as of August 14, 2009, Buyer and Seller entered into that certain Real Estate Sales Contract, which was amended by that
certain First Amendment to Real Estate Sales Contract dated August 21, 2009 (collectively, “Sale/Leaseback Contract”), whereby Buyer agreed to purchase from Seller, and Seller agreed to sell to Buyer, those certain
improved real properties located in various locations, as more particularly described in the Sale/Leaseback Contract. 
 B.
Buyer and Seller have agreed to amend the Sale/Leaseback Contract as set forth below. 
 NOW THEREFORE, in consideration of the
mutual covenants and agreements contained herein, and for other valuable consideration, the receipt and adequacy of which hereby are acknowledged, Seller and Buyer hereby agree as follows: 
 Agreements 
 1. Defined Terms. All capitalized
terms not defined herein shall have the meanings ascribed to them in the Sale/Leaseback Contract. 
 2. Effect of this
Amendment. Except as expressly modified in this Amendment, the Sale/Leaseback Contract shall continue in full force and effect according to its terms and Buyer and Seller hereby ratify and affirm all their respective rights and obligations under
the Sale/Leaseback Contract. 
 3. Conflicting Provisions. In the event any term or provision contained herein conflicts
with the Sale/Leaseback Contract, the terms and provisions of this Amendment shall control. 
 4. Property. Exhibit
“A” to the Sale/Leaseback Contract is deleted in its entirety and substituted in lieu thereof is Exhibit “A”, attached to this Amendment and incorporated herein by reference. 

 5. Purchase Price. The Purchase Price shall be reduced to Twenty-One Million Six
Hundred Forty-Two Thousand Five Hundred Sixty-Four and No/100 Dollars ($21,642,564.00). 
 6. Deposit. Within two
(2) business days of the Effective Date of this Amendment, Buyer shall deposit with the Escrow Agent an Additional Deposit in the amount of Thirteen Thousand Five Hundred Ninety-Nine and 00/100 Dollars ($13,599). 
 7. Inspection Period. Buyer has tendered to Seller a Notice of Commencement as to all the Property. The Inspection Period with
respect to each Property shall have commenced on the Effective Date of this Amendment. 
 8. Counterpart; Facsimile
Signature. Facsimile signatures appearing hereon shall be deemed an original and this document may be executed simultaneously on two (2) or more counterparts, each of which shall be deemed an original and all of which together shall
constitute one (1) and the same instrument. 
 IN WITNESS WHEREOF, Seller and Buyer execute this Amendment to be
enforceable on the Effective Date. 
  

									
	SELLER:	 		 	BUYER:
			
	 YRC WORLDWIDE INC.,
 a Delaware corporation
	 		 	 NORTHAMERICAN TERMINALS MANAGEMENT, INC.
 a Delaware corporation

					
	By:	 	/s/ Brad S. Schroeder	 		 	By:	 	/s/ Robert Fordi
	Name:	 	Brad S. Schroeder	 		 	Name:	 	Robert Fordi
	Its:	 	VP Finance & Properties	 		 	Its:	 	President

 THIRD AMENDMENT 
 TO 
 REAL ESTATE SALES CONTRACT 
 (YRC / NATM [Sale/Leaseback]) 
 November 4, 2009 (the “Effective Date”) 
 THIS THIRD
AMENDMENT TO REAL ESTATE SALES CONTRACT (this “Amendment”) is entered into by and between YRC WORLDWIDE INC. (“Seller”), a Delaware corporation, as seller, and NORTHAMERICAN TERMINALS MANAGEMENT, INC.
(“Buyer”), a Delaware company, as buyer. 
 Recitals 
 A. Effective as of August 14, 2009, Buyer and Seller entered into that certain Real Estate Sales Contract, which was amended by that
certain First Amendment to Real Estate Sales Contract dated August 21, 2009, and that certain Second Amendment to Real Estate Sales Contract dated September 21, 2009 (collectively, “Sale/Leaseback Contract”),
whereby Buyer agreed to purchase from Seller, and Seller agreed to sell to Buyer, those certain improved real properties located in various locations, as more particularly described in the Sale/Leaseback Contract. 
 B. Buyer and Seller have agreed to amend the Sale/Leaseback Contract as set forth below. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other valuable consideration, the receipt
and adequacy of which hereby are acknowledged, Seller and Buyer hereby agree as follows: 
 Agreements 
 1. Defined Terms. All capitalized terms not defined herein shall have the meanings ascribed to them in the Sale/Leaseback Contract.

 2. Effect of this Amendment. Except as expressly modified in this Amendment, the Sale/Leaseback Contract shall
continue in full force and effect according to its terms and Buyer and Seller hereby ratify and affirm all their respective rights and obligations under the Sale/Leaseback Contract. 
 3. Conflicting Provisions. In the event any term or provision contained herein conflicts with the Sale/Leaseback Contract, the terms
and provisions of this Amendment shall control. 
 4. Property. Exhibit “A” to the Sale/Leaseback
Contract is deleted in its entirety and substituted in lieu thereof is Exhibit “A”, attached to this Amendment and incorporated herein by reference. 

 5. Inspection Property and Closing Date. The Inspection Period with respect to each
Property shall be extended to and expire at 5 p.m. (CST) on November 25, 2009, and the Closing and Closing Date shall be December 15, 2009. 
 6. Due Diligence Reimbursement and Materials. Seller agrees to promptly pay to Buyer $48,000, which represents reimbursement to Buyer for due diligence expenses. 
 7. Third Party Investigative and Inspection Reports. The following sentence is inserted after the first sentence in
Section 7(C): “As to any Property with respect to which this Contract is terminated pursuant to this Section 7(C) or Section 7(F), Buyer shall promptly following such termination provide to Seller copies of all of Buyer’s
third party inspections and investigations with respect to such Property.” 
 8. Purchase Price. The Purchase Price
shall be reduced to $16,787,009, and allocated as set forth on Exhibit “A”, attached to this Amendment and incorporated herein by reference. 
 9. Initial Deposit. The Initial Deposit shall be reduced to the sum of $167,871, and allocated as set forth on Exhibit “A”, attached to this Amendment and incorporated
herein by reference. Seller hereby consents to the return to Buyer of the amount of $48,556 held by the Escrow Agent as a Deposit pursuant to the Sale/Leaseback Contract. 
 10. Leaseback and RFO Forms Exhibit “C” Leaseback to the Sale/Leaseback Contract is deleted in its entirety and substituted in its place is Exhibit “C”
Leaseback attached hereto. Article 8 of the Sale/Leaseback Contract is hereby amended by replacing the language “A duly executed counterpart of the right of first offer for each Property in the form attached hereto as Exhibit
“D” (each a “Right of First Offer”)” in the first subsection (f) with “Intentionally Omitted.” Article 8 of the Sale/Leaseback Contract is hereby amended by replacing the language “A duly executed Right
of First Offer for each Property” in the second subsection (e) with “Intentionally Omitted.” Article 9 of the Sale/Leaseback Contract is hereby amended by deleting the language “and each Right of First Offer” from
subsection (a), the penultimate sentence of Article 9, and the final sentence of Article 9. Exhibit “D” Right of First Offer to the Sale/Leaseback Contract is deleted in its entirety. 
 8. Counterpart; Facsimile Signature. Facsimile signatures appearing hereon shall be deemed an original and this document may be
executed simultaneously on two (2) or more counterparts, each of which shall be deemed an original and all of which together shall constitute one (1) and the same instrument. 

 IN WITNESS WHEREOF, Seller and Buyer execute this Amendment to be enforceable on the
Effective Date. 
  

									
	SELLER:	 		 	BUYER:
			
	 YRC WORLDWIDE INC.,
 a Delaware corporation
	 		 	 NORTHAMERICAN TERMINALS
 MANAGEMENT, INC.
 a Delaware corporation

					
	By:	 	 	 		 	By:	 	 
	Name:	 		 		 	Name:	 	
	Its:	 		 		 	Its:Company Executive Severance Policy

 EXHIBIT 10.9 
 YRC Worldwide Inc. 
 Executive Severance Policy 

 YRC Worldwide Inc. (the “Parent Company”, and together with its subsidiaries, the “Company”) has adopted
this Executive Severance Policy (together with the Additional Terms and Conditions attached as Exhibit A, this “Policy”) for the benefit of executive employees in the Company’s salary grades E5 and above or such other employees
as the Company may designate (“Designated Executives”). 
  

	I.	Purpose. The purpose of this Policy is to provide for severance payment installments and certain other benefits to Designated Executives whose employment with
the Company is terminated involuntarily without Cause or as a result of the elimination of a Designated Executive’s position, a restructuring of the Company or a reduction in force. This Policy does not apply if the Designated Executive
receives severance payments as a result of his or her termination under an employment agreement for a contractual term, pursuant to a written executive severance agreement that provides the Designated Executive payments as a result of a change of
control of the Company as defined in such an agreement or pursuant to the Company’s Executive Change of Control Policy. 

  

	II.	Effective Date. July 29, 2009. 

  

	III.	Eligibility and Ineligibility Criteria. 

  

	 	A.	Eligibility Criteria. To receive the severance benefits that this Policy provides, a Designated Executive must satisfy the following criteria:

  

	 	1.	Termination. The Designated Executive is terminated as a result of the elimination of a Designated Executive’s position,
a restructuring of the Company or a reduction in force or the Designated Executive is terminated without Cause (defined below) or the Designated Executive terminates his or her employment with the Company for Good Reason (defined below).

 “Cause” means the Designated Executive’s willful engagement in conduct materially and
demonstrably injurious to the property or business of the Company, including fraud, misappropriation of funds or other property of the Company, other willful misconduct, gross negligence or conviction of a felony. For purposes of this Policy, no
act, or failure to act, on the part of a Designated Executive shall be deemed “willful” or engaged in “willfully” if it was due primarily to an error in judgment or negligence, but shall be deemed “willful” or engaged
in “willfully” only if done, or omitted to be done, by the Designated Executive not in good faith and without reasonable belief that the Designated Executive’s action or omission was in the best interest of the Company.
Notwithstanding the foregoing, the Designated Executive shall not be deemed to have been terminated as a result of “Cause” under this Policy unless and until there shall have been delivered to the Designated Executive a written notice in
reasonable detail outlining the conduct constituting Cause. Nothing herein shall limit the right of the Designated Executive or Designated Executive’s legal representatives to contest the validity or propriety of any such determination.

 “Good Reason” means 
  

	 	(a)	the relocation of the Designated Executive’s principal place of performance of the Designated Executive’s duties and responsibilities (“employment
domicile”) to a location more than 50 miles from the Designated Executive’s current employment domicile; 

  

	 	(b)	requiring Executive to travel in excess more than 15% more than Executive traveled for the business of the Company in the preceding 12 months (counting each day or
partial day of travel outside of the 100 mile radius of the Designated Executive’s current employment domicile as a travel day); or 

  

	 	(c)	a reduction in the Designated Executive’s base salary, bonus opportunity or long-term incentive opportunity other than reductions that are applicable to all
similarly situated executives. 

  

	 	2.	Separation Agreement and General Release. The Designated Executive must execute a separation agreement that includes, among
other things, the following: 

  

	 	(a)	a full and complete release of the Company from any liability or obligation (excluding accrued and vested pension and compensation obligations, the obligations under
this Policy, any indemnification to which the Designated Executive may be entitled pursuant to the Company’s Certificate of Incorporation, Bylaws, indemnification agreements with the Company and any coverage under directors and officers,
fiduciary or errors or omissions policies that benefit the Designated Executive) to the Designated Executive; 

  

	 	(b)	an agreement to cooperate with the Company in litigation, disputes and investigations; 

  

	 	(c)	an agreement to keep the Company’s confidential information secret; 

  

	 	(d)	the details of how the severance benefits that the Company provides pursuant to this Policy will be delivered to the Designated Executive; 

  

	 	(e)	 an agreement, during the Inactive Employment Period (defined below), that the Designated Executive will not engage in a Prohibited Activity (defined
below). In the agreement, it will be provided that if the Designated Executive engages in a Prohibited

  

 -2- 

	 	 
Activity in the first six months of the Inactive Employment Period, the Company may sue the Designated Executive for damages capped at the value of the cash payments made to the Designated
Executive pursuant to Section IV(A) and seek an injunction to prevent the on-going incurrence of the Prohibited Activity during the six-month period, but if the Designated Executive engages in a Prohibited Activity during the Inactive
Employment Period after the first six months of the Inactive Employment Period, the Company may only (as its sole remedy) discontinue providing the remaining benefits under Section IV (other than those that applicable law requires such as COBRA
requirements). 

  

	 	(f)	an agreement not to disparage the Company or its businesses or services, and 

  

	 	(g)	an agreement to arbitrate any disputes regarding the separation agreement in binding arbitration, 

 in such form as the Company may, in its sole discretion, request. 
  

	 	B.	Disqualification Events. A Designated Executive shall be disqualified from receiving the severance benefits that this Policy provides if any of the following
occurs: 

  

	 	1.	Termination for Cause. The Designated Executive’s employment is terminated for Cause. 

  

	 	2.	Death, Retirement, Resignation or Permanent Disability. The Designated Executive dies, retires prior to termination, resigns prior to termination or
suffers a Permanent Disability prior to termination. “Permanent Disability” means any such physical or mental impairment that is determined to make the individual eligible to receive a disability benefit in accordance with the provisions
of the Employer’s insured long term disability plan, if applicable to such Employee, by the insurance carrier underwriting such plan. 

  

	 	3.	Existing Change of Control Severance Agreement. The Designated Executive receives severance payments as a result of his or her termination under an
employment agreement for a contractual term, pursuant to a written executive severance agreement that provides the Designated Executive payments as a result of a change of control of the Company as defined in such an agreement or pursuant to the
Company’s Executive Change of Control Policy. 

  

	 	4.	General Release. The Designated Executive revokes the Separation Agreement and General Release required under Section III.A.2.

  

	 	C.	 Participation. A Designated Executive who satisfies the Eligibility Criteria in Section IV(A) and who has not experienced a
Disqualification Event described in

  

 -3- 

	 	 
Section IV(B) shall become a “Participant” in the Policy and be entitled to the severance benefits described in Section IV. The Company shall not be obligated to provide
benefits under this Policy unless this criterion is met. 

  

	IV.	Severance Benefits. Subject to the limitations in Section VI of Exhibit A, if a Designated Executive becomes a Participant pursuant to Section III(C), the
severance benefits for which a Participant is eligible shall are as follows in this Section IV. 

  

	 	A.	Severance Payments & Outplacement Services. A Participant shall be eligible to receive a severance payment equivalent to two times the
Participant’s annual salary then in effect payable in twice monthly installments at the same time as the Company makes payroll payments. A Participant may also receive outplacement services consisting of an 18 month professional/management
program with a value of $10,000. The 24-month period during which these payments are made is the “Inactive Employment Period”. During the Inactive Employment Period, the Company shall consider the Designated Executive to be an inactive
employee. The Company may provide outplacement services through an external firm such as Right Management Consultants in the form of an “office benefit” or similar program. 

  

	 	B.	Benefits. During the Inactive Employment Period, the Participant shall also be entitled to receive (should he or she so elect) the COBRA continuation coverage he
or she would otherwise be entitled to at the rate payable by active employees of the Company (rather than payable at the standard premium rate of up to 102% of cost established for COBRA continuation coverage) until the earlier of (1) the end
of the Inactive Employment Period and (2) the date the Participant becomes entitled to employer provided health plan coverage following new employment, regardless of whether or not that Participant elects the employer provided health plan
coverage. Following the earlier of the two dates in clauses (1) and (2) of the preceding sentence, the Participant shall pay any subsequent COBRA continuation coverage payments at the standard rate established for COBRA eligible
participants should he or she desire to continue COBRA throughout the COBRA continuation coverage period. The Participant’s payment of the premium for these benefits shall be on an after-tax basis. The Company may automatically deduct these
premium payments from the Participant’s salary continuation payments. Medical, dental and vision coverage will continue for a maximum of the Inactive Employment Period or until other coverage becomes available, whichever comes first. The
Participant is required to notify the Company in writing of the availability of other coverage. The Participant’s failure to provide this notice will result in a discontinuation of all future severance benefits pursuant to this Policy.
Continued participation in the medical, dental and vision plans is subject to the terms and conditions of those plans. Participation in all other benefits that the Company offers, including pension, 401(k), core retirement, disability, perquisite,
employee assistance, equity participation and other plans, ceases upon termination and shall not be permitted during the Inactive Employment Period. This Policy shall not affect Participant’s rights to the extent that applicable law requires
the Company to subsidize COBRA payments. 

  

 -4- 

	 	C.	Stock Options. A Participant’s rights regarding the Participant’s stock options shall be governed by the Participant’s stock option agreement and
the stock option plan that governs the option. For this purpose, termination of the Participant’s employment shall be on the last day of the Inactive Employment Period. Notwithstanding any other provision of the stock option agreement or plan
that governs the option, if the Participant engages in a “Prohibited Activity” (defined below) during the Inactive Employment Period, then the termination of the Participant’s employment shall be the first day of the Inactive
Employment Period, the Participant shall forfeit the right to any further vesting of the Participant’s options, and the Participant shall not receive any undelivered shares of the Company’s common stock upon any exercise. If the Company
receives an allegation of a Prohibited Activity, the Company, in its discretion, may suspend delivery of shares with respect to options for up to three months to permit the investigation of the allegation. If the Company determines that the
Participant did not engage in any Prohibited Activities, the Company shall deliver shares with respect to any exercised options that have vested. 

 A “Prohibited Activity” shall be deemed to have occurred, if the Participant: 
  

	 	1.	divulges any non-public, confidential or proprietary information of the Company or of its past or present subsidiaries (collectively, the “Company Group”),
but excluding information that 

  

	 	(a)	becomes generally available to the public other than as a result of the Participant’s public use, disclosure or fault, or 

  

	 	(b)	becomes available to the Participant on a non-confidential basis after the Participant’s employment termination date from a source other than a member of the
Company Group prior to the public use or disclosure by the Participant; provided that the source is not bound by a confidentiality agreement or otherwise prohibited from transmitting the information by a contractual, legal or fiduciary
obligation; or 

  

	 	2.	directly or indirectly, consults or becomes affiliated with, conducts, participates or engages in, or becomes employed by, any business that is competitive with the
business of any current member of the Company Group, wherever from time to time conducted throughout the world; provided, that it shall not be Prohibited Activity for the Participant to 

  

	 	(a)	become the registered or beneficial owner of up to 5% of any class of the capital stock of a business registered under the Securities Exchange Act of 1934, as amended;
provided that the Participant does not actively participate in the business during the Inactive Employment Period, and 

  

 -5- 

	 	(b)	join a consulting, accounting, law or other professional firm who provides advice to the competitors of the Company Group so long as the Participant does not personally
provide this advice; 

  

	 	3.	directly or indirectly, does any of the following without the written consent of the Company: 

  

	 	(a)	solicits, from any customer doing business with the Company Group that is known to the Participant, business of the same or of a similar nature to the business of the
Company Group with the customer; 

  

	 	(b)	solicits, from any potential customer of the Company Group that is known to the Participant, business of the same or of a similar nature to that which has been the
subject of a known written or oral bid, offer or proposal by the Company Group, to the potential customer, or of substantial preparation with a view to making such a bid, proposal or offer to such potential customer; 

  

	 	(c)	solicits the employment or services of any person who the Participant knew was employed by the Company Group; or 

  

	 	(d)	otherwise knowingly interferes in any material respect with the business or accounts of the Company Group. 

  

	 	D.	Restricted Stock Units and Stock Awards. A Participant’s rights regarding the Participant’s restricted stock units and stock awards shall be governed
by the Participant’s share unit or stock award agreement and the equity plan that governs the award. For this purpose, termination of the Participant’s employment shall be on the last day of the Inactive Employment Period. Notwithstanding
any other provision of the share unit or restricted stock agreement or plan that governs the award, if the Participant engages in a Prohibited Activity during the Inactive Employment Period, then the termination of the Participant’s employment
shall be the first day of the Inactive Employment Period, the Participant shall forfeit the right to any further vesting of the Participant’s awards, and the Participant shall not receive any undelivered shares of the Company’s common
stock upon the lapse of any restrictions applicable to the awards. If the Company receives an allegation of a Prohibited Activity, the Company, in its discretion, may suspend delivery of shares with respect to awards for up to three months to permit
the investigation of the allegation. If the Company determines that the Participant did not engage in any Prohibited Activities, the Company shall deliver shares with respect to any awards that have vested. 

  

	 	E.	Retirement. The Participant’s inactive employment during the Inactive Employment Period shall not count towards retirement benefits under any qualified or
nonqualified plan maintained by the Company in which the Participant formerly participated. 

  

 -6- 

	 	F.	Annual Bonus or Pay-for-Performance Payment. If the Participant’s employment is terminated after the end of a calendar year but before annual bonus or
pay-for-performance payments are distributed, the Participant shall be entitled to the annual bonus or pay-for-performance payment attributable to the immediately preceding calendar year, assuming for this purpose that all personal performance
targets or goals were met. The Company shall make this payment at the same time it pays all of its other employees in accordance with the Company’s normal practices but no later than March 31 of the applicable year.

 The Participant shall not be entitled to receive any full or partial annual bonus or pay-for-performance payment
for the year in which the Participant’s employment is terminated. 
  

	 	G.	Severance rather than Deferred Compensation. Benefits under this Policy are intended to be payments resulting from the Company’s action to unilaterally
sever Participant’s employment on an involuntary basis. These benefits are not intended to be deferred compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding this
intent, if any of these benefits were to become or construed as subject to Section 409A of the Code, they may be administered in a manner that is intended to meet the requirements of Section 409A and shall be construed and interpreted in
accordance with such intent. To the extent that a benefit or payment, or the settlement or deferral thereof, is subject to Section 409A of the Code, except as the Company otherwise determines in writing, the benefit shall be paid, settled
or deferred in a manner that will meet the requirements of Section 409A of the Code, including regulations or other guidance issued with respect thereto, such that the benefit, payment, settlement or deferral shall not be subject to the excise
tax applicable under Section 409A of the Code. Any provision of this Policy that would cause the benefit or payment, settlement or deferral thereof to fail to satisfy Section 409A of the Code shall be amended to comply with
Section 409A of the Code on a timely basis, which may be made on a retroactive basis, in accordance with regulations and other guidance issued under Section 409A of the Code. 

  

	V.	Amendments. The Compensation Committee of the Board of Directors of the Company may amend or terminate this Policy; provided, that any amendment that is
detrimental to the interests of an existing Designated Executive at the time of the amendment or any termination with respect to the Designated Executive shall only be effective (at the earliest) 24 months from the date of the Committee’s
action to amend or terminate. 

  

 -7- 

 EXHIBIT A 
 ADDITIONAL TERMS AND CONDITIONS 
 These Additional Terms and Conditions are
an integral part of the Policy. 
  

	VI.	Limitations on Severance Benefits. 

  

	 	A.	Severance payment benefits are subject to all applicable taxes and withholdings. 

  

	 	B.	This Policy is not intended to be a retirement plan. Rather the Policy is intended to constitute a “severance pay plan” within the meaning of Title 29,
Code of Federal Regulations, § 2510.3-2(b). Notwithstanding any other provision of this Policy, under no circumstances will the severance benefits that the Company provides to any Participant exceed twice the amount of the
Participant’s annual compensation, including the dollar value of all fringe benefits and other non-cash compensation, during the year immediately preceding the Participant’s termination. In addition, all severance benefit payments must be
completed: 

  

	 	1.	in the case of a Participant whose employment is terminated in connection with a limited program of terminations, within the later of 24 months after the Designated
Executive’s termination or 24 months after the Designated Executive reaches normal retirement age of 65; and 

  

	 	2.	in the case of all other Participants, within 24 months after the termination. 

  

	 	C.	Claims Procedure & Arbitration. The Company will pay the severance benefits that this Policy provides to a Participant without the necessity of filing a
formal claim. A Participant, however, may make a request for any severance benefits to which he or she may be entitled. Any such request must be made in writing, and it should be made to the Policy Administrator at the address listed in
Section VI.F(5). 

  

	 	1.	A Participant’s request for severance benefits under this Policy shall be considered a claim for those benefits, and it will be subject to a full and fair review.
The Policy Administrator will provide written notice to the Participant within 90 days after the Policy Administrator receives the claim. The Policy Administrator may extend this period for up to an additional 90 days if circumstances beyond its
control require an extension to process the claim. If an extension is required, the Policy Administrator will notify the Participant in writing of the extension within the original 90-day period. If a Participant’s claim is wholly or partially
denied, the Policy Administrator will furnish the Participant with a written notice of the denial. The written notice of denial must contain the following information: 

  

	 	(a)	The specific reason or reasons for the denial, including specific references to the pertinent Policy provisions on which the decision was based;

  

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	 	(b)	A description of any additional information or material necessary to correct the claim and an explanation of why such material or information is necessary; and

  

	 	(c)	Appropriate information as to the steps to be taken if the Participant wishes to appeal the denial and the time limits for appealing the denial.

 If notice of the denial of a claim is not furnished to a Participant in accordance with the foregoing
requirements within a reasonable period of time, the Participant’s claim will be deemed denied. The Participant will then be permitted to proceed to the appeal stage described as follows in this Section VI. 
  

	 	2.	If a Participant’s claim has been denied, and he or she wishes to appeal the denial, the Participant must comply with the following claims appeal procedure.

  

	 	(a)	Upon the denial of the Participant’s claim for benefits, he or she may file an appeal of the denial, in writing, with the Policy Administrator.

  

	 	(b)	THE PARTICIPANT MUST FILE THE APPEAL NO LATER THAN 60 DAYS AFTER HE OR SHE RECEIVED WRITTEN NOTIFICATION OF THE DENIAL OF THE CLAIM FOR BENEFITS, OR IF NO WRITTEN
DENIAL OF THE CLAIM WAS PROVIDED, NO LATER THAN 60 DAYS AFTER THE DEEMED DENIAL OF THE CLAIM. 

  

	 	(c)	The Participant may review all pertinent documents relating to the denial of his or her claim and submit any issues and comments, in writing, to the Policy
Administrator. 

  

	 	(d)	The Participant’s claim must be given a full and fair review. If the Participant’s claim is denied on appeal, the Policy Administrator must provide the
Participant with written notice of this denial of the appeal within 60 days after the Policy Administrator’s receipt of the Participant’s written appeal, unless special circumstances require an extension of time of up to an additional 60
days. If an extension is necessary, the Policy Administrator will notify the Participant in writing within the original 60-day period. 

  

	 	(e)	The Policy Administrator’s decision on the Participant’s appeal will be communicated to the Participant in writing and will include the following information

  

 -9- 

	 	(1)	the specific reason or reasons for the denial of the appeal, including specific references to the pertinent Policy provisions on which the decision was based.

  

	 	(2)	a description of any additional information or material necessary to correct the claim or appeal and an explanation of why such material or information is necessary;

  

	 	(3)	a statement that a Participant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the Participant’s claim for benefits; and 

  

	 	(4)	the following statement “You and your plan may have other voluntary alternative dispute resolution options, such as mediation. One way to find out what may be
available is to contact your local U.S. Department of Labor Office and your State insurance regulatory agency.” 

  

	 	(f)	If the Policy Administrator’s decision on appeal is not furnished to the Participant within the time limitations described above, the Participant’s claim will
be deemed denied on appeal. 

  

	 	(g)	Claims for medical, dental and vision benefits (other than a Designated Executive’s right to continue such benefits as provided in this Policy) will be subject to
the terms and conditions of those plans and not the claims procedures set forth in the Policy. 

  

	 	3.	No legal action or arbitration for benefits under this Policy shall be brought unless and until the Participant has exhausted the procedures set forth above and the
Participant’s claim remains partly or wholly denied or deemed denied. Any such action must be filed within one year after the date the procedures set forth in this Policy is exhausted. 

 If a controversy or dispute is not resolved after completion of the process described above in this Section VI, then, upon written notice by
any party to the other parties (an “Arbitration Notice”) and to the American Arbitration Association (the “AAA”), the controversy or dispute shall be submitted to a sole arbitrator who is independent and impartial, for binding
arbitration in the city in which the Company employed the Designated Executive immediately prior to the Designated Executive’s termination of employment in accordance with AAA’s Commercial Arbitration Rules (the “Rules”). The
parties agree that they will faithfully observe this agreement and the Rules and that they will abide by and perform any award rendered by the arbitrator. The Federal Arbitration Act, as amended (or by the same principles that the Act enunciates if
it may not be technically applicable), shall govern this agreement and the

  

 -10- 

 
arbitration. The award or judgment of the arbitrator shall be final and binding on all parties and judgment upon the award or judgment of the arbitrator may be entered and enforced by any court
having jurisdiction. If any party becomes the subject of a bankruptcy, receivership or other similar proceeding under the laws of the United States of America, any state or commonwealth or any other nation or political subdivision thereof, then, to
the extent permitted or not prohibited by applicable law, any factual or substantive legal issues arising in or during the pendency of any such proceeding shall be subject to all of the foregoing mandatory arbitration provisions and shall be
resolved in accordance therewith. The agreements contained in this Section VI have been given for valuable consideration, are coupled with an interest and are not intended to be executory contracts. The fees and expenses of the arbitrator will be
shared by all parties engaged in the dispute or controversy on a basis determined to be fair and equitable by the arbitrator, taking into account the relative fault of each party, the relative credibility and merit of all claims and defenses made by
each party and the cooperation, speed and efficiency of each party in conducting the arbitration proceedings and complying with the Rules and with orders and requests of the arbitrator. 
  

	 	D.	Policy Administrator. The administration of this Policy is under the supervision of the Policy Administrator. It is the principal duty of the Policy
Administrator to see that this Policy is carried out in accordance with it terms and for the exclusive benefit of persons entitled to participate in the Policy. The Policy Administrator has full power to administer this Policy in all of its details,
subject to the applicable requirements of law. For this purpose, the Policy Administrator’s powers include, but are not limited to, the following authority, in addition to all other powers provided by this Policy: 

  

	 	1.	To make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of this Policy, including the establishment of any
claims procedures that may be required by applicable provisions of law; 

  

	 	2.	To interpret this Policy, its interpretation thereof in good faith to be final and conclusive on all persons claiming benefits under this Policy;

  

	 	3.	To decide all questions concerning this Policy, the eligibility of any person for severance benefits under this Policy, and the amount of any severance benefits to
which an Designated Executive may be entitled; 

  

	 	4.	To remedy possible ambiguities, inconsistencies or omissions; 

  

	 	5.	To appoint such agents, counsel, accountants, consultants and other persons as may be required to assist in administering this Policy; 

  

 -11- 

	 	6.	To allocate and delegate its responsibilities under this Policy and to designate other persons to carry out any of its responsibilities under this Policy; and

  

	 	7.	To enter into any and all contracts and agreements for carrying out the terms of this Policy and administering this Policy and to do all acts in connection therewith as
it, in its discretion, deems necessary or advisable. Such contracts and agreements shall be binding and conclusive on anyone claming benefits under this Policy. 

  

	 	8.	The Policy Administrator has full and absolute discretion in the exercise of its authority under this Policy, including the authority to determine any person’s
right to benefits under the Policy, the correct amount and form of any benefits, the authority to decide any appeal, the authority to review and correct the actions of any prior administrative committee, and all of the rights powers, and authorities
specified in the Policy. Notwithstanding any provision of law or any explicit or implicit provision of this document, any action taken or ruling or decision made, by the Policy Administrator in the exercise of any of its powers and authorities under
the Policy, shall be final and conclusive as to all parties, regardless of whether the Policy Administrator or one or more of its members may have an actual or potential conflict of interest with respect to the subject matter of the action, ruling,
or decision. Thus, no final action, ruling, or decision of the Policy Administrator shall be subject to de novo review in any judicial or arbitral proceeding and no final action, ruling, or decision of the Policy Administrator may be set
aside unless it is held to have been arbitrary and capricious by a final judgment or award of a court or arbitral body having jurisdiction with respect to the issue. 

  

	 	E.	Miscellaneous Provisions. 

  

	 	1.	This Policy does not constitute a contract of employment for a particular term or length between any Designated Executive and the Company, nor does it in any way alter
any Designated Executive’s status as an employee-at-will who may be terminated with or without cause for any reason or no reason at all except a reason prohibited by law. 

  

	 	2.	The Company is an “employment at will” employer. Employees have the right to resign their positions “at will” and the Company has the right to
terminate an employee “at will” with or without notice or Cause. No employee’s “at will” status may be modified except in a written contract signed by an authorized officer of the Company. 

  

	 	3.	 Except for the written Executive Severance Agreements between certain of the Company’s executive officers and the Parent Company that the Board of
Directors of the Parent Company or the Compensation Committee thereof has not terminated pursuant to their terms, the

  

 -12- 

	 	 
severance benefits outlined in this Policy supersede, negate and replace all other severance benefits the Company has offered or may offer to the Designated Executives covered by this Policy.

  

	 	4.	The Company intends to continue this Policy indefinitely. However, the Company reserves the right to terminate this Policy at any time and for any reason. Subject to
Section V, if this Policy is terminated, no Designated Executive will have any further rights under this Policy after the effective date of termination. Any termination of this Policy shall be prospective only and shall not retroactively terminate
any severance benefits in existence on the effective date of termination of this Policy. 

  

	 	5.	Subject to Section V, this Policy may be amended, in whole or in part, and the benefits described in this Policy may be expanded or reduced, with or without notice.

  

	 	6.	Neither a Designated Executive nor a Participant may assign or otherwise alienate his or her benefits or right to benefits under this Policy. This means that a
Designated Executive or Participant may not sell, give away, use as collateral for a loan, or otherwise interfere with his or her benefits or right to benefits. 

  

	 	7.	If a Participant owes any debt to the Company, any benefits that he or she is entitled to under this Policy or a Separation Agreement may be reduced by such amounts.

  

	 	8.	Except as otherwise required by law, this Policy and all matters arising thereunder shall be governed by the laws of the State of Kansas except as preempted by ERISA
(defined below). 

  

	 	9.	The headings in this Policy are for convenience only and shall not affect the interpretation or construction of this Policy. 

  

	 	10.	As used in this Policy, unless the context expressly requires the contrary, “including” means including, without limitation; references to
“Sections” are references to the sections and subsections of this Policy; the masculine includes the feminine and neutral and vice versa; and the singular includes the plural, and vice versa. 

  

	 	F.	Official Policy Information. 

  

	 	1.	Official Policy Name: YRC Worldwide Executive Severance Policy. 

  

	 	2.	Policy Sponsor: 

 YRC Worldwide
Inc. 
 Attention: Vice President – Employee Benefits 
 10990 Roe Avenue 
 Overland Park, Kansas 66211 
  

 -13- 

	 	3.	Plan Number: 50__ 

  

	 	4.	Policy Sponsor’s employer Identification Number (EIN): 481067939 

  

	 	5.	Policy Administrator: 

 YRC
Worldwide Inc. 
 Attention: Vice President – Employee Benefits 
 10990 Roe Avenue 
 Overland Park, Kansas 66211 
 Phone Number: 913.696.6100 
  

	 	6.	Agent for Service of Legal Process: 

 YRC Worldwide Inc. 
 c/o Corporation Trust Center 
 1209 Orange Street 
 Wilmington, Delaware 19801 
  

	 	7.	Type of ERISA Plan: Welfare Benefit Plan 

  

	 	8.	Policy Year: Calendar Year 

  

	 	9.	Effective Date: July 29, 2009. 

  

	 	10.	Policy Funding: The Company pays severance benefits under this Policy out of its general assets. Eligible Designated Executives and Participants do not make any
contributions to this Policy. 

  

	 	G.	ERISA Rights Statement. A Participant in this Policy is entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974, as
amended, also called “ERISA”. 

  

	 	1.	Explanation of a Participant’s ERISA Rights. ERISA provides that all Policy Participants are entitled to: 

  

	 	(a)	Examine, without charge, at the Policy Administrator’s office and at other locations (such as work sites and union halls), all Policy documents, including:

  

	 	(i)	Insurance contracts; 

  

	 	(ii)	Collective bargaining agreements; and 

  

 -14- 

	 	(iii)	A copy of the latest annual report (Form 5500 Series) filed by the Policy with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee
Benefits Security Administration. 

  

	 	(b)	Obtain copies of all Policy documents and other Policy information upon written request to the Policy Administrator. The Policy Administrator may assess a reasonable
charge for the copies. 

  

	 	(c)	Receive a summary of the Policy’s annual financial report which the Policy Administrator is required by law to furnish to each Participant.

  

	 	2.	Policy Administrator’s Responsibilities Under ERISA. In addition to creating rights for Participants, ERISA imposes duties upon the people who are responsible for
the operation of this Policy. The people who operate this Policy, called “fiduciaries” of the Policy, have a duty to do so prudently and in the interest of Participants. No one, including the Company or any other person, may fire a
Participant or otherwise discriminate against a Participant in any way in an attempt to prevent a Participant from obtaining a welfare benefit or exercising his or her rights under ERISA. 

  

	 	3.	Steps To Take to Enforce ERISA Rights. If a Participant’s claim for severance benefits pursuant to this Policy is denied or ignored in whole or in part, the
Participant must receive a written explanation of the reason for the denial. The Participant has the right to have the Policy Administrator review and reconsider the claim. (See Section VI.C). Under ERISA, there are steps a Participant can take to
enforce the above rights. For instance, if a Participant requests a copy of the Policy documents and does not receive them within 30 days, the Participant may file suit in a Federal court. In such a case, the court may require the Policy
Administrator to provide the materials and pay the Participant up to $110.00 a day until the Participant receives the materials, unless the materials were not sent because of reasons beyond the control of the Policy Administrator.

 If a Participant has a claim for benefits which is denied or ignored, in whole or in part, and the Participant
has been through the Policy’s appeals procedure, the Participant may file suit in a state or Federal court. 
 Similarly,
if a Participant believes the Policy’s fiduciaries are misusing the Policy’s money, or if a Participant is discriminated against for asserting his or her rights, the Participant may seek assistance from the U.S. Department of Labor, or may
file suit in a Federal court. The court will decide who should pay court costs and legal fees. If the Participant is successful, the court may order the person the Participant sued to pay

  

 -15- 

 
these costs and fees. If the Participant loses, the court may order the Participant to pay these costs and fees if, for example, the court finds the Participant’s claim is frivolous.

  

	 	4.	Questions. If a Participant has any questions about Policy, he or she should contact the Policy Administrator. If a Participant has any question about this statement or
about his or her rights under ERISA, he or she should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in the telephone directory or the Division of Technical Assistance and Inquiries,
Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. A Participant may also obtain certain publications about his or her rights and responsibilities under ERISA by calling the
publications hotline at the Employee Benefits Security Administration or on the Employee Benefits Security Administration’s website at www.dol.gov. 

  

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