Document:

Transferred Executives' Supplemental Retirement Plan

 Exhibit 10.3 
 YRC WORLDWIDE INC. 
 TRANSFERRED EXECUTIVES’ SUPPLEMENTAL RETIREMENT PLAN 
 (Effective January 1, 2006) 

 YRC WORLDWIDE INC. 
 TRANSFERRED EXECUTIVES’ SUPPLEMENTAL RETIREMENT PLAN 
 Table of Contents 
  

					
	 	 	 	  	Page
	ARTICLE I	 	DEFINITIONS	  	2
			
	 1.1
	 	“Active Participant”	  	2
	 1.2
	 	“Actuarial Equivalent” or “Actuarial Equivalence”	  	2
	 1.3
	 	“Administrator”	  	2
	 1.4
	 	“Affiliated Employer”	  	2
	 1.5
	 	“Annuity Starting Date”	  	2
	 1.6
	 	“Beneficiary”	  	2
	 1.7
	 	“Board”	  	2
	 1.8
	 	“Business Combination”	  	2
	 1.9
	 	“Change in Control”	  	2
	 1.10
	 	“Change in Payment Election”	  	3
	 1.11
	 	“Code”	  	3
	 1.12
	 	“Committee”	  	3
	 1.13
	 	“Company”	  	3
	 1.14
	 	“Compensation”	  	3
	 1.15
	 	“Continuing Director”	  	3
	 1.16
	 	“Earliest Retirement Date”	  	3
	 1.17
	 	“Effective Date”	  	4
	 1.18
	 	“Eligible Employee”	  	4
	 1.19
	 	“Employee”	  	4
	 1.20
	 	“Employer”	  	4
	 1.21
	 	“Existing Payment Date”	  	4
	 1.22
	 	“Initial Payment Election”	  	4
	 1.23
	 	“New Payment Date”	  	4
	 1.24
	 	“Non-Participating Employer”	  	4
	 1.25
	 	“Normal Retirement Date”	  	4
	 1.26
	 	Other Plan”	  	4
	 1.27
	 	“Participant”	  	4
	 1.28
	 	“Plan Year”	  	4
	 1.29
	 	“Present Value”	  	5
	 1.30
	 	“QDRO”	  	5
	 1.31
	 	“Roadway”	  	5
	 1.32
	 	“Roadway Pension Plan”	  	5
	 1.33
	 	“Separation from Service”	  	5
	 1.34
	 	“Service”	  	5
	 1.35
	 	“SRP”	  	5
	 1.36
	 	“SRP Payment Date”	  	5
	 1.37
	 	“SRP Benefit”	  	5
	 1.38
	 	“Sponsor”	  	5

  

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	 1.39
	  	“Spouse”	  	5
	 1.40
	  	“Surviving Spouse”	  	5
	 1.41
	  	“Underlying Pension Plan”	  	5
	 1.42
	  	“Yellow Pension Plan”	  	5
			
	ARTICLE II	  	PARTICIPATION IN THE PLAN	  	6
			
	 2.1
	  	Participation	  	6
	 2.2
	  	Termination of Participation	  	6
			
	ARTICLE III	  	SRP BENEFITS	  	7
			
	 3.1
	  	SRP Benefit Amount	  	7
	 3.2
	  	Manner of Payment	  	8
	 3.3
	  	Time of Payment	  	8
	 3.4
	  	Payment Elections	  	9
	 3.5
	  	Miscellaneous SRP Benefit Rules	  	10
			
	ARTICLE IV	  	FUNDING	  	11
			
	 4.1
	  	General Funding	  	11
	 4.2
	  	Corporate Obligation	  	11
			
	ARTICLE V	  	GENERAL MATTERS	  	12
			
	 5.1
	  	Amendments	  	12
	 5.2
	  	Termination	  	12
	 5.3
	  	Certifications	  	12
			
	ARTICLE VI	  	PLAN ADMINISTRATION	  	13
			
	 6.1
	  	SRP Administrator	  	13
	 6.2
	  	Powers of the Administrator	  	13
	 6.3
	  	Claims Procedure	  	13
	 6.4
	  	Expenses	  	16
	 6.5
	  	Standard of Judicial Review of Administrator Actions	  	16
			
	ARTICLE VII	  	ADOPTION OF PLAN BY OTHER EMPLOYERS	  	17
			
	 7.1
	  	Adoption Procedure	  	17
	 7.2
	  	Effect of Plan Amendment	  	17
	 7.3
	  	Powers Reserved by Sponsor	  	17
	 7.4
	  	Termination of Participation	  	17
	 7.5
	  	Single Plan	  	18
	 7.6
	  	No Joint Venture Implied	  	18
			
	ARTICLE VIII	  	MISCELLANEOUS	  	19
			
	 8.1
	  	SRP Not a Contract of Employment	  	19
	 8.2
	  	No Rights Under SRP Except as Set Forth Herein	  	19
	 8.3
	  	Other Benefit Plans	  	19
	 8.4
	  	Withholding of Taxes	  	19
	 8.5
	  	Severability	  	19
	 8.6
	  	Defined Terms	  	20

  

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	 8.7
	 	Rules of Document Construction	  	20
	 8.8
	 	Service of Process	  	20
	 8.9
	 	Limited Benefits	  	20
	 8.10
	 	Errors in Computations	  	20
	 8.11
	 	Payments to Minors and Incompetents	  	21
	 8.12
	 	Non-Alienation of Benefits	  	21
	 8.13
	 	References To Laws	  	21
	 8.14
	 	Governing Law	  	21
	 8.15
	 	ERISA Status	  	21
	 8.16
	 	Internal Revenue Code Status	  	21

  

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 YRC WORLDWIDE INC. 
 TRANSFERRED EXECUTIVES’ SUPPLEMENTAL RETIREMENT PLAN 
 PREAMBLE 
 YRC Worldwide Inc. (the “Company”) maintains the Yellow Corporation Pension Plan (the “Yellow Pension Plan”) for the
purpose of providing retirement benefits to certain eligible employees. The Yellow Pension Plan is intended to be a qualified defined benefit retirement plan under section 401 (a) of the Internal Revenue Code of 1986, as amended (the
“Code”), and is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
 On
December 11, 2003, the Company acquired Roadway Corporation, which became Roadway LLC (“Roadway”) and a subsidiary of the Company. Roadway maintains the Roadway LLC Pension Plan (the “Roadway Pension Plan”) for
the purpose of providing retirement benefits to certain eligible employees. The Roadway Pension Plan is intended to be a qualified defined benefit retirement plan under section 401 (a) of the Code and is subject to ERISA. 
 Certain executive employees who participate in either the Yellow Pension Plan or the Roadway Pension Plan will be transferred to one or more employers
who do not participate in either of the plans. As a result of the transfers, the transferred executive employees will not be eligible to continue participation in either plan. The Company has established the YRC Worldwide Inc. Transferred
Executives’ Supplemental Retirement Plan (the “SRP”) to provide a nonqualified supplemental retirement plan for certain designated transferred employees that will provide benefits that replace the benefits such employees lost
under the Yellow Pension Plan or the Roadway Pension Plan. This SRP is intended to comply with section 409A of the Code. 

 ARTICLE I 
 DEFINITIONS 
 As used in this SRP, the following capitalized words and phrases have the meanings
indicated, unless the context requires a different meaning: 
 1.1 “Active Participant” means any Eligible Employee who has met the
requirements of Article II and whose satisfaction of such requirements has not ceased. 
 1.2 “Actuarial Equivalent” or
“Actuarial Equivalence” means a benefit of equivalent value to another benefit otherwise payable in a different form and/or at a different time under the SRP, determined by using the interest and mortality assumptions specified by the
Administrator for determining actuarial equivalence. 
 1.3 “Administrator” shall mean the Committee or each party to whom the
Committee has delegated any of its responsibilities. 
 1.4 “Affiliated Employer” means any business entity that is member of the
Company’s controlled group of corporations, trades or businesses under common control or affiliated service group as determined under sections 414(b), (c) and (m) of the Code; and any other entity required to be aggregated with
the Company pursuant to regulations under section 414(o) of the Code. An entity shall be considered an Affiliated Employer only during the period it meets one of the foregoing criteria. 
 1.5 “Annuity Starting Date” means the first day of the first period for which an amount is payable under an Underlying Pension Plan or an Other
Plan, as the context requires, as an annuity or in any other form, regardless of whether such amount is in fact paid on such day. 
 1.6
“Beneficiary” means the Participant’s Surviving Spouse. In the event the Participant is not survived by his or her Spouse, then “Beneficiary” means the beneficiary of the Participant, as determined under the Underlying Plan
in which the Participant participates. If the Participant participates in more than one Underlying Plan, the Participant’s Beneficiary under the SRP shall be Beneficiary designated on the Participant’s most recent beneficiary designation
under the Underlying Plans, and, if none, the Participant’s estate. 
 1.7 “Board” means the Board of Directors of the
Company. 
 1.8 “Business Combination” means a “Business Combination” as that term is referred to in the Certificate of
Incorporation of the Company, as amended. 
 1.9 “Change in Control” means the occurrence of one or more of the following events:

 (a) a third person, including a group as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended (the Exchange Act), purchases or otherwise acquires shares of the Company after the date of this Agreement that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total
voting power of the stock of the Company; 
  

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 (b) a third person, including a group as defined in Section 13(d)(3) of the Exchange
Act purchases or otherwise acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) shares of the Company after the date of this Agreement and as a result thereof becomes the
beneficial owner of shares of the Company having 35% or more of the total number of votes that may be cast for election of directors of the Company; or 
 (c) as the result of, or in connection with any cash tender or exchange offer, merger or other Business Combination, or contested election, or any combination of the foregoing transactions, the Continuing Directors
shall cease to constitute a majority of the Board of Directors of the Company or any successor to the Company during any 12-month period. 
 1.10 “Change in Payment Election” shall have the meaning described in Section 3.4(b). 
 1.11 “Code” means
the Internal Revenue Code of 1986, as amended from time to time. 
 1.12 “Committee” means the Compensation Committee of the Board.

 1.13 “Company” means YRC Worldwide Inc., a Delaware corporation, and any successor thereto. Unless the context requires a
different meaning, each reference to Company also includes a reference to each Employer. 
 1.14 “Compensation” means compensation
from an Non-Participating Employer that qualifies as: (i) if the applicable Underlying Pension Plan is the Yellow Pension Plan, Base Wages as that term is defined in the Yellow Pension Plan; or (ii) if the applicable Underlying Pension
Plan is the Roadway Pension Plan, Compensation as that term is defined in the Roadway Pension Plan. For purposes of determining whether any compensation qualifies as Base Wages under the Yellow Pension Plan or as Compensation under the Roadway
Pension Plan, the compensation shall be treated as if paid by Company or Roadway, as applicable, even though it was paid by an Non-Participating Employer. 
 1.15 “Continuing Director” means a director of the Company who meets the definition of Continuing Director contained in the Certificate of Incorporation of the Company, as amended. 
 1.16 “Earliest Retirement Date” means the earliest Annuity Starting Date that would apply to the Participant under the terms of the applicable
Underlying Pension Plan, if the Participant and his or her Spouse made any and all elections or consents necessary to cause such Annuity Starting Date to be as early as possible. For purposes of this definition, the terms of the Underlying Pension
Plans with respect to the definition of Earliest Retirement Date as in effect on the Effective Date shall apply and any amendments to the Underlying Pension Plans adopted after the Effective Date shall be disregarded. 
  

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 1.17 “Effective Date” means January 1, 2006. 
 1.18 “Eligible Employee” means a U.S.-based Employee of a Employer who is among a select group of management or highly compensated Employees as
determined by the Committee, who is a participant in an Underlying Pension Plan, and whose employment has been transferred to an Non-Participating Employer. 
 1.19 “Employee” means any person who is employed by the Company or an Affiliated Employer and who is classified by the Company or an Affiliated Employer as a common law employee. The Company or Affiliated
Employer’s employment classification of a person shall be binding and controlling and shall apply regardless of any contrary classification of such person by the Internal Revenue Service, the Department of Labor or any other person or entity.

 1.20 “Employer” means the Company and any other Affiliated Employer which have adopted the SRP with the consent of the Company
as provided in Article VII. 
 1.21 “Existing Payment Date” shall have the meaning described in Section . 
 1.22 “Initial Payment Election” shall have the meaning described in Section 3.4(b). 
 1.23 “New Payment Date” shall have the meaning described in Section 3.4(b). 
 1.24 “Non-Participating Employer” means with respect to an Employee, an Affiliated Employer that participates in the SRP and whose employees do
not actively participate in the Underlying Pension Plan in which the Employee previously was an active participant. 
 1.25 “Normal
Retirement Date” means the earliest Annuity Staring Date following the date of the Participant’s Separation from Service that would qualify as either (i) the Participant’s “Normal Retirement Date” under the Yellow
Pension Plan, if such plan is applicable, or (ii) the day immediately preceding the date defined as Normal Retirement Date under the Roadway Pension Plan, if such plan is applicable. For purposes of this definition, the terms of the Underlying
Pension Plans with respect to the definition of Normal Retirement Date as in effect on the Effective Date shall apply and any amendments to the Underlying Pension Plans adopted after the Effective Date shall be disregarded. 
 1.26 Other Plan” means: (i) all retirement plans that are qualified under section 401(a) of the Code maintained by the Employers other than an
Underlying Pension Plan; and (ii) the YRC Worldwide Inc. Defined Contribution Supplemental Executive Retirement Plan, to the extent accrued benefits under such plan are attributable to service with a Non-Participating Employer. 
 1.27 “Participant” means any Eligible Employee who satisfies the conditions for participation set forth in Article II. 
 1.28 “Plan Year” means the calendar year. 
  

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 1.29 “Present Value” means the present value of a Participant’s or Beneficiary’s
unpaid benefit calculated by using the mortality and interest rate assumptions applicable to lump sum payments specified by the Administrator for determining Actuarial Equivalence. 
 1.30 “QDRO” means a qualified domestic relations order (within the meaning of section 414(p) of the Code). 
 1.31 “Roadway” means Roadway LLC. 
 1.32 “Roadway Pension Plan” means the Roadway LLC Pension Plan, as amended from time to time. 
 1.33 “Separation
from Service” means a separation from service with the Company and all Affiliated Employers within the meaning of section 409A(a)(2)(A)(i) of the Code. 
 1.34 “Service” means service with an Non-Participating Employer that would qualify as: (i) “Credited Service” as that term is defined in the Yellow Pension Plan or (ii) service as a
Covered Employee as that term is defined in the Roadway Pension Plan, if such Non-Participating Employer had adopted the applicable plan. 
 1.35 “SRP” means the YRC Worldwide Inc. Transferred Executives’ Supplemental Retirement Plan as set forth in this document and as it may be amended from time to time. 
 1.36 “SRP Payment Date” means the payment date described in Section 3.2(a) of this SRP. 
 1.37 “SRP Benefit” means the monthly benefit with respect to a Participant described in Section 3.1. 
 1.38 “Sponsor” means YRC Worldwide Inc., a Delaware corporation, and any successor thereto. 
 1.39 “Spouse” means the person to whom the Participant is married under applicable local and federal law. To the extent required by a QDRO, the
term Spouse shall include the former Spouse of the Participant. 
 1.40 “Surviving Spouse” means the person to whom the Participant
is married under applicable local and federal law on the date of the Participant’s death and who is living immediately following the Participant’s date of death. In addition, to the extent provided in a QDRO, a surviving former spouse of a
Participant will be treated as the Surviving Spouse of the Participant, and to the extent any current spouse of the Participant will not be treated as a Surviving Spouse of the Participant. 
 1.41 “Underlying Pension Plan” means either the Yellow Pension Plan or the Roadway Pension Plan, whichever is applicable to the Participant,
and Underlying Pension Plans means both the Yellow Pension Plan and the Roadway Pension Plan. 
 1.42 “Yellow Pension Plan” means
the Yellow Corporation Pension Plan, as amended from time to time. 
  

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 ARTICLE II 
 PARTICIPATION IN THE PLAN 
 2.1 Participation 
 Each Eligible Employee who, as of that date, has been designated by the Committee as being eligible for the SRP shall be a Participant on January 1,
2006. Any other Eligible Employee shall become a Participant on the date specified by the Committee. Notwithstanding the foregoing, the Administrator may determine that any otherwise Eligible Employee shall not become a Participant unless the
Administrator receives, by the deadline set by the Administrator, a properly completed and executed SRP participation agreement in the form specified by the Administrator, and the Administrator is not required to exercise this discretion uniformly
with respect to any individuals. 
 2.2 Termination of Participation 
 Each Participant shall continue to participate in the SRP unless the Participant no longer satisfies any SRP eligibility criterion or is designated by the
Committee as no longer being eligible to be a Participant (the date as of which either such event occurs shall be the “Ineligibility Date” and such a Participant is referred to as a “former Participant”)). A former
Participant who remains in the employee of the Company or an Affiliated Employer shall maintain an accrued benefit under the SRP but shall not accrue any additional benefits under the SRP unti such time as the former Participant becomes an Eligible
Employee and/or satisfies the requirements of Section 2.1. 
  

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 ARTICLE III  
 SRP BENEFITS 
 3.1 SRP Benefit Amount 
 The SRP Benefit, if any, of a Participant or the Participant’s Surviving Spouse, if applicable as of the SRP Payment Date, shall be equal to the sum
of “(a)” minus “(b)” minus “(c)” where 
 (a) is equal to the lump sum actuarial equivalent of
the monthly vested, accrued benefit that would be payable with respect to a Participant under the applicable Underlying Pension Plan as of such date, if the Participant’s Compensation from and Service with a Non-Participating Employer had
counted for all purposes of vesting and accrual of benefits under the Underlying Pension Plan; 
 (b) is equal to the lump sum
actuarial equivalent of the monthly vested, accrued benefit that would be that would be payable with respect to a Participant under the applicable Underlying Pension Plan as of such date; and 
 (c) is equal to the vested account balance as of such date, if any, with respect to the Participant that is derived from employer
contributions or credits under any Other Plan that does not match elective Participant contributions. 
 For purposes of determining
“(a)”, “(b)” and “(c)” above, the following rules shall apply: 
 (i) the Participant’s
beneficiary under the Underlying Pension Plan or Other Plan shall be deemed to be the Participant’s Surviving Spouse, if there is a Surviving Spouse; 
 (ii) the Annuity Starting Date for purposes of determining a benefit under the Underlying Pension Plan or Other Plan, as the case may be, shall be deemed to be the same date as the SRP Payment Date; 
 (iii) the benefit under the Underlying Pension Plan or Other Plan shall be deemed to be payable as a single life annuity; 
 (iv) the vesting provisions of the Underlying Pension Plan or Other Plan shall apply; 
 (v) except in the case of a Change in Control, if the Participant’s Annuity Starting Date is prior to such Participant’s death
and Normal Retirement Date, and if the Participant is eligible for an early retirement benefit under the terms of the applicable Underlying Pension Plan as of the SRP Payment Date, then the SRP Benefit shall be based upon such Participant’s
early or normal retirement benefit under the applicable Underlying Pension Plan, whichever amount results in the largest payment (in the case of a lump sum) or payments (in the case an annuity form of payment) under the SRP. If the SRP Payment Date

  

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 results from a Change in Control, then for purposes of applying the immediately preceding sentence it
shall be assumed that the Participant terminated employment on the SRP Payment Date. 
 (vi) If the result of the
“(a)” minus “(b)” minus “(c)” is negative, then the Participant, the Participant’s Surviving Spouse or his or her Beneficiary are not entitled to a benefit under the SRP. 
 3.2 Manner of Payment. 
 (a)
SRP Payment Date. Subject to Section 3.2(d), the SRP Payment Date with respect to a Participant shall be the earlier of the following: 
 (i) the last day of the month during which the Participant dies; or 
 (ii) the last day of
the month during which occurs the later of (A) the Participant’s attainment of his or her Earliest Retirement Date or (B) the earlier of (1) Participant’s Separation from Service or (2) a fixed date (e.g., the
attainment of age 65) as elected by the Participant. 
 (b) Form of Payments. Notwithstanding any other provision of
the SRP to the contrary or the form of payment(s) that is available under the Underlying Pension Plan, each Participant, Surviving Spouse or other Beneficiary of a Participant who has a vested benefit shall be paid in the form of a lump sum payment
in cash. 
 (c) Death. If a married Participant dies before the occurrence of such Participant’s SRP Payment Date
and has a Surviving Spouse, the SRP Benefit for such Spouse shall be the amount set forth in Section 3.1. If a single Participant dies before the occurrence of a SRP Payment Date, then no benefit will be payable pursuant to this SRP with
respect to such Participant. If a Participant dies after the occurrence of such Participant’s SRP Payment Date and he or she has not received his or her benefit payable under the SRP, any benefit payable to him or her shall be payable to his or
her Beneficiary. If a Participant dies after the occurrence of such Participant’s SRP Payment Date and he or she has received his or her benefit payable under the SRP, for example, if such Participant received a lump sum payment of his or her
SRP Benefit as of his or her SRP Payment Date, then no death benefit would be paid under this SRP. 
 (d) Change in
Control. Notwithstanding the other provisions of this Section 3.2, if a Change in Control occurs and the Participant Separates from Service within 24 months following the effective date of the Change in Control, then: (i) the SRP
Payment Date for such Participant shall be the date of such Separation From Service; and (ii) the vested, accrued but unpaid SRP Benefit of such Participant shall be paid in a single lump sum payment in accordance with Section 3.3(b).

 3.3 Time of Payment 
 (a) In General. Except to the extent otherwise provided in this SRP, the Participant’s benefit under the SRP shall be paid on the Participant’s SRP Payment Date 
  

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 or as soon as administratively practicable thereafter but no later than the later of the end of the
calendar year in which the SRP Payment Date occurred or the fifteenth day of the third month following the month in which the SRP Payment Date occurred. 
 (b) Delay Related to Certain Annuity Starting Dates. Notwithstanding anything to the contrary in this SRP, a payment due to Separation from Service may not be made before the date which is six (6) months
after the date of Separation from Service (a Six-Month Delay). In the event of a Six-Month Delay, the SRP Benefit that would have been paid during such delay if the delay had not been imposed shall be paid in a lump sum as soon as is
administratively practicable following the expiration of the Six-Month Delay but no later than 30 days following the expiration of the Six-Month Delay. 
 3.4 Payment Elections 
 (a) Initial Payment Elections. Any election under
Section 3.2(a)(ii) with respect to the SRP Payment Date (an “Initial Payment Election”) by a Participant who became a Participant during 2006 must be received by the Administrator before such Participant’s Annuity Starting
Date and no later than December 31, 2006. An Initial Payment Election by a Participant who becomes a Participant after 2006 must be received by the Administrator before the earliest of: (i) effective date of such Participant’s SRP
eligibility; or (ii) the effective date of such Participant’s eligibility for any other “nonqualified deferred compensation plan” (as that term is defined under section 409(A) of the Code) that must be aggregated with the SRP for
purposes of section 409(A) of the Code. The last timely Initial Payment Election received by the Administrator shall be irrevocable, unless changed in accordance with Section 3.4(b). Any Initial Payment Election that is not timely received
shall be treated as not having been made and the Participant shall be deemed to have made no fixed date election as permitted under Section 3.2(a)(ii). 
 (b) Change in Payment Election. A Participant may change his or her scheduled SRP Payment Date, but any such change must be in accordance
with this subsection (a “Change in Payment Election”). Subject to the following terms of this subsection, a SRP Payment Date (the “Existing Payment Date”) may be changed to either: (i) an SRP Payment Date
permitted by the terms of the SRP; or (ii) an SRP Payment Date that is a fixed period following the Existing Payment Date that is permitted by the Administrator (the new SRP Payment Date shall be the “New Payment Date”). Except
in the case of death, the New Payment Date must be at least five (5) years after the Existing Payment Date. If the Participant makes a Change in Payment Election and fails to elect a New Payment Date, then the Change in Payment Election shall
be ineffective. Any election to change the Existing Payment Date: (i) must be received by the Administrator at least 12 months prior to the Existing Payment Date; and (ii) shall not take effect until at least 12 months after the date on
which the Change in Payment Election is received by the Administrator. 
  

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 3.5 Miscellaneous SRP Benefit Rules 
 (a) Actuarial Equivalence. The amount of payment shall be the Actuarial Equivalent of the SRP Benefit as determined under
Section 3.1. 
 (b) Forfeiture. A Participant’s SRP Benefit shall be and become vested when and to the extent
the Participant’s benefits under the applicable Underlying Pension Plan are vested, and shall be forfeited when and to the extent the Participant’s benefits under the applicable Underlying Pension Plan are forfeited. 
 (c) No Interest. No interest or earnings shall be paid or owed on any payments that are delayed or not timely paid. 
 (d) Medium of Payment. All payments under the SRP shall be in cash. 
  

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 ARTICLE IV 
 FUNDING 
 4.1 General Funding 
 The Company may set aside assets in a trust or other funding arrangement as it, or its delegate, deems appropriate to anticipate benefit liabilities
accumulating under this SRP; provided such arrangement is not considered funded for purposes of the Code and ERISA and does not violate section 409A(b) of the Code or a successor thereto. Accordingly, the assets of any such arrangement shall be
subject to the claims of the Employer’s creditors in the event of the Employer’s insolvency. No portion of any funds set apart pursuant to this Article shall be the property of Participants, Beneficiaries, or Spouses until distribution
thereof has been made to such individual nor will such Participant, Beneficiary, or Spouse have any beneficial interest in such property. Further, the rights of a Participant, Beneficiary, or Spouse shall be limited to those of a general, unsecured
creditor of the Employer who has a claim equal to the value of the Participant’s SRP Benefit. Benefits under this SRP will be payable from the general assets of the Employer, or from such other funding vehicle established for such purpose as
described above, or both. Except as may be otherwise determined by the Committee in its sole discretion pursuant to this Article, neither the Employer, the Administrator nor any other person shall have any duty to set apart or invest any funds for
the purpose of providing benefits pursuant to the terms of the SRP. 
 4.2 Corporate Obligation 
 Neither the Company’s officers nor any member of the Board in any way secures or guarantees the payment of any benefit or amount which may become due
and payable hereunder to or with respect to any Participant. Each Participant and other person entitled at any time to payments hereunder shall look solely to the assets of the Company for such payments as an unsecured, general creditor. Neither the
Company nor any of its officers nor any member of the Board shall be under any liability or responsibility for failure to realize any of the objectives or purposes of the SRP by reason of the insolvency of the Company. 
  

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 ARTICLE V 
 GENERAL MATTERS 
 5.1 Amendments. 
 The SRP may be amended by action of the Board or its delegated representative, without the consent of any Participant, in whole or in part, from time to
time, and at any time, provided, however, that the Present Value of any vested benefit may not be diminished. 
 5.2 Termination

 The SRP may be terminated by action of the Board or its delegated representative, without the consent of any Participant, in whole or in
part and at any time within the 12-month period following the consummation of a Change in Control or as otherwise permitted under section 409A of the Code. If the SRP is terminated, all accrued benefits under the SRP shall immediately fully
vest. Distributions to Participants would then commence in the manner and at the time as determined by the Administrator, in its sole discretion, and as permitted by section 409A of the Code. 
 5.3 Certifications 
 Information to be
supplied or written notices to be made or consents to be given by the Company pursuant to any provision of the SRP may be signed in the name of the Company by any other officer who has been authorized to make such certification or to give such
notices or consents. 
  

 12 

 ARTICLE VI 
 PLAN ADMINISTRATION 
 6.1 SRP Administrator 
 The SRP shall be administered by the Administrator. The Administrator may adopt such rules and appoint such subcommittees as it deems desirable for the
conduct of its affairs and the administration of the SRP. The Administrator may delegate specific duties and authority to one or more parties designated by the Administrator. All parties serving as Administrator shall serve in such capacity without
separate compensation for services related to the SRP. 
 6.2 Powers of the Administrator 
 In carrying out its duties with respect to the general administration of the SRP, the Administrator has, in addition to any other powers conferred by the
SRP or by law, the following powers: 
 (a) to determine all questions relating to eligibility to participate in the SRP;

 (b) to compute and certify to any appropriate party the amount and kind of distributions payable to Participants and their
Beneficiaries; 
 (c) to maintain all records necessary for the administration of the SRP that are not maintained by the
Company or other appropriate party; 
 (d) to interpret the provisions of the SRP and to make and publish such rules for the
administration of the SRP as are not inconsistent with the terms thereof; 
 (e) to establish and modify the method of
accounting for the SRP and any trust; 
 (f) to employ counsel, accountants and other consultants to aid in exercising its
powers and carrying out its duties hereunder; and 
 (g) to perform other acts necessary and proper for the administration of
the SRP, except those that are to be performed by any appropriate party. 
 6.3 Claims Procedure 
 A Participant, Spouse, Beneficiary or other person (hereinafter referred to as Claimant) may file a written claim with the Administrator or its delegate
setting forth his or her claim. Any such claim shall be signed by the Claimant and shall be considered filed on the date the claim is received by the Company or prescribed addressee. The claim must be addressed as prescribed by the Company. If a
Claimant shall fail to file a claim in accordance with the procedures described herein, such Participant shall have no right to review and shall have no right to bring action in any court related to such claim, any such claim shall be deemed denied
and the denial of the claim shall become final and binding on all persons for all purposes. 
  

 13 

 (a) Administrator Action. The Administrator or its delegate shall, within 90 days
after its receipt of such claim, make its determination. However, in the event that special circumstances require an extension of time for processing the claim, the Administrator or its delegate shall provide such Claimant with its determination not
later than 180 days after receipt of the Claimant’s claim, but, in such event, the Administrator or its delegate shall furnish the Claimant, within 90 days after its receipt of such claim, written notification of the extension explaining the
circumstances requiring such extension and the date that it is anticipated that such written statement will be furnished. In the event the claim is denied, the Administrator or its delegate shall provide such Claimant a written statement of the
Adverse Benefit Determination, as defined in subsection (d) below. The notice of Adverse Benefit Determination shall be delivered or mailed to the Claimant by certified or registered mail to his or her last known address, which statement shall
contain the following: 
 (i) the specific reason or reasons for Adverse Benefit Determination; 
 (ii) a reference to the specific provisions of the SRP upon which the Adverse Benefit Determination is based; 
 (iii) a description of any additional material or information that is necessary for the Claimant to perfect the claim; 
 (iv) an explanation of why that material or information is necessary; and 
 (v) an explanation of the review procedure provided below, including applicable time limits and a notice of a Claimant’s rights to
bring a legal action under ERISA after an Adverse Benefit Determination on appeal. 
 (b) Procedures for Appealing an
Adverse Benefit Determination. Within 60 days after receipt of a notice of an Adverse Benefit Determination as provided above, if the Claimant disagrees with the Adverse Benefit Determination, the Claimant, or his or her authorized
representative, may request, in writing, that the Administrator or its delegate review his or her claim and may request to appear before the Administrator or its delegate for such review. If the Claimant does not request a review of the Adverse
Benefit Determination within such 60 day period, he shall be barred and stopped from appealing the Administrator’s or its delegate’s Adverse Benefit Determination, such Adverse Benefit Determination shall become final and binding on all
persons for all purposes and the Claimant shall have no right to bring action in any court related to such Adverse Benefit Determination. The appeal shall be filed with the Administrator or prescribed addressee at the address prescribed by the
Company, and it shall be considered filed on the date it is received by the prescribed addressee. 
 The Claimant shall have
the right to: 
 (i) submit written comments, documents, records and other information relating to the claim for benefits;

  

 14 

 (ii) request, free of charge, reasonable access to, and copies of all documents, records
and other information relevant to his or her claim for benefits. For this purpose, a document, record, or other information is treated as relevant to the Claimant’s claim if it: (i) was submitted, considered, or granted in the course of
making the benefit determination, regardless of whether such document, record or other information was relied on in making the benefit determination; or (ii) demonstrates compliance with the administrative processes and safeguards required in
making the benefit determination; and a review that takes into account comments, documents, records, and other information submitted by the Claimant relating to the claim, regardless of whether such information was submitted or considered in the
initial benefit determination. 
 (c) Response on Appeal. Within 60 days after receipt by the Administrator or its
delegate of a written application for review of a Claimant’s claim, the Administrator or its delegate shall notify the Claimant of its decision by delivery or by certified or registered mail to his or her last known address; provided, however,
in the event that special circumstances require an extension of time for processing such application, the Administrator or its delegate shall so notify the Claimant of its decision not later than 120 days after receipt of such application.

 In the event the Administrator’s or its delegate’s decision on appeal is adverse to the Claimant, the
Administrator or its delegate shall issue a written notice of an Adverse Benefit Determination on Appeal that will contain all of the following information, in a manner calculated to be understood by the Claimant: 
 (i) the specific reason(s) for the Adverse Benefit Determination on Appeal; 
 (ii) reference to specific SRP provisions on which the benefit determination is based; 
 (iii) a statement that the Claimant 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 Claimant’s claim for benefits; and a statement describing any voluntary appeal procedures offered by the SRP and the Claimant’s right to obtain the information about such procedures.

  

 15 

 (d) Definition. As used herein, the term Adverse Benefit Determination shall mean
a determination that results in any of the following: the denial, reduction, or termination of, or a failure to provide or make payment (in whole or in part) for, a benefit, including any such denial, reduction, termination, or failure to provide or
make payment that is based on a determination of the Claimant’s eligibility to participate in the SRP (or lack thereof). 
 6.4 Expenses

 The members of the Administrator serve without separate compensation for services related to this Plan. All expenses of the Administrator
related to this Plan to be paid by the Company. 
 6.5 Standard of Judicial Review of Administrator Actions 
 The Administrator and Committee have full and absolute discretion in the exercise of each and every aspect of the rights, power, authority and duties
retained or granted them under the SRP, including without limitation, the authority to determine all facts, to interpret the SRP, to apply the terms of the SRP to the facts determined, to make decisions based upon those facts and to make any and all
other decisions required of it by the SRP, such as the right to benefits, the correct amount and form of benefits, the determination of any appeal, the review and correction of the actions of any prior administrative committee, and the other rights,
powers, authority and duties specified in this Article and elsewhere in the SRP. Notwithstanding any provision of law, or any explicit or implicit provision of this document, any action taken, or finding, interpretation, ruling or decision made by
the Administrator or Committee in the exercise of any of its rights, powers, authority or duties under the SRP shall be final and conclusive as to all parties, including without limitation all Participants, former Participants and Beneficiaries,
regardless of whether the Committee, Administrator, or any member thereof may have an actual or potential conflict of interest with respect to the subject matter of the action, finding, interpretation, ruling or decision. No final action, finding,
interpretation, ruling or decision of the Administrator or Committee shall be subject to de novo review in any judicial proceeding. No final action, finding, interpretation, ruling or decision of the Administrator or Committee may be set aside
unless it is held to have been arbitrary and capricious by a final judgment of a court having jurisdiction with respect to the issue. 
  

 16 

 ARTICLE VII 
 ADOPTION OF PLAN BY OTHER EMPLOYERS 
 7.1 Adoption Procedure 
 With the written approval of the Committee, any Affiliated Employer may adopt the SRP by appropriate action of its board of directors or noncorporate
counterpart, as evidenced by a written instrument executed by an authorized officer of such entity or an executed adoption agreement (approved by the board of directors or noncorporate counterpart of the Affiliate), agreeing to be bound by all the
terms, conditions and limitations of the SRP except those, if any, specifically described in the adoption instrument, and providing all information required by the Sponsor. The Committee and an Employer may agree to incorporate specific provisions
relating to the operation of the SRP that apply to the Employer only and shall become, only as to such Employer and its employees, a part of the SRP. 
 7.2 Effect of Plan Amendment 
 The provisions of the SRP may be modified so as to increase the obligations of
an Employer only with the consent of such Employer, which consent shall be conclusively presumed to have been given by such Employer unless the Employer gives the Sponsor written notice of its rejection of the amendment within 30 days after
the adoption of the amendment. 
 7.3 Powers Reserved by Sponsor 
 The provisions of the SRP shall apply separately and equally to each Employer and its employees in the same manner as is expressly provided for the
Company and its employees, except that the power to appoint or otherwise affect the Committee and the power to amend or terminate the SRP shall be exercised exclusively by the Sponsor. In addition, the power to designate Employees (including
Employees of Affiliated Employers) as Eligible Employees shall be exercised only by the Committee. The Sponsor shall act as the agent for each Affiliated Employer that adopts the SRP for all purposes of administration thereof, and shall be the
“plan administrator” of the SRP within the meaning of ERISA. 
 7.4 Termination of Participation. 
 (a) Any Employer may, by appropriate action of its board of directors or noncorporate counterpart, terminate its participation in the SRP.
Moreover, the Sponsor may, in its discretion, terminate an Employer’s participation in the SRP at any time. 
 (b) The
SRP will terminate with respect to any Employer that has adopted the SRP pursuant to this Article if the Employer ceases to be an Affiliated Employer or revokes its adoption of the SRP by resolution of its board of directors or noncorporate
counterpart evidenced by a written instrument executed by an authorized officer of the Employer. If the SRP terminates with respect to any Employer, the employees of that Employer will no longer be Eligible Employees. 
  

 17 

 7.5 Single Plan 
 For purposes of the Code and ERISA, the SRP as adopted by the Employers shall constitute a single plan rather than a separate plan of each Employer. 
 7.6 No Joint Venture Implied 
 The document
which evidences the adoption of the SRP by an Employer shall become a part of the SRP. However, neither the adoption of the SRP by an Employer nor any act performed by it in relation to the SRP shall ever create a joint venture or partnership
relation between it and the Company or any other Affiliated Employer. 
  

 18 

 ARTICLE VIII 
 MISCELLANEOUS 
 8.1 SRP Not a Contract of Employment 
 The adoption and maintenance of the SRP does not constitute a contract between the Company or an Affiliated Employer and any Participant or to be a
consideration for the employment of any person. Nothing herein contained gives any Participant the right to be retained in the employ of the Company or an Affiliated Employer or derogates from the right of the Company or an Affiliated Employer to
discharge any Participant at any time without regard to the effect of such discharge upon his or her rights as a Participant in the SRP. 
 8.2 No Rights Under SRP Except as Set Forth Herein 
 Nothing in this SRP, express or implied, is intended, or shall be construed, to
confer upon or give to any person, firm, association, or corporation, other than Participants, Spouses, Beneficiaries, Employers, and their successors in interest, any right, remedy, or claim under or by reason of this SRP or any covenant,
condition, or stipulation hereof, and all covenants, conditions and stipulations in this SRP, by or on behalf of any Participant, Spouse, Beneficiary or Employer, are for the sole and exclusive benefit of such parties. 
 8.3 Other Benefit Plans 
 This SRP shall not
alter, enlarge or diminish any person’s employment rights or obligations or rights or obligations under an Underlying Pension Plan, or any other plan. It is specifically contemplated that one or more of the Underlying Pension Plans may, from
time to time, be amended and possibly terminated. This SRP shall not preclude any such amendments or terminations. 
 8.4 Withholding of
Taxes 
 The Company shall cause taxes to be withheld from payments distributed under the SRP as required by all applicable law. In addition,
the Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local income, employment or excise taxes, domestic or foreign, required by
law or regulation to be withheld with respect to any taxable event arising as a result of any deferral, accrual, vesting or distribution under the SRP. No amounts shall be distributed from the SRP until the Company has withheld, or received payment
of, an amount sufficient to cover all sums due, including federal, state or local income, employment or excise taxes, domestic or foreign, with respect to that distribution. With respect to federal employment taxes, sections 3121(v)(2) and
3306(r)(2) of the Code shall apply to amounts deferred or accrued under the SRP. 
 8.5 Severability 
 In the event that any provision of this Plan, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void
or unenforceable, the remainder of this Plan will continue in full force and effect and the application of such provision will be interpreted so as reasonably to effect the intent of the Company in establishing the SRP. 
  

 19 

 8.6 Defined Terms 
 Words and phrases used in this SRP with initial capital letters, that are defined in the Underlying Pension Plan and are not separately defined in this SRP, shall have the meaning ascribed to them in the Underlying
Pension Plan unless in the context in which they are used it would be clearly inappropriate to do so. 
 8.7 Rules of Document Construction

 Whenever appropriate, words used herein in the singular may be read in the plural, or words herein in the plural may be read in the
singular; the masculine may include the feminine; and the words hereof, herein, or hereunder or other similar compounds of the word here shall mean and refer to the entire SRP and not to any particular paragraph or Section of this SRP unless the
context clearly indicates to the contrary. The titles given to the various Sections of this SRP are inserted for convenience of reference only and are not part of this SRP, and they shall not be considered in determining the purpose, meaning, or
intent of any provision hereof. Notwithstanding anything apparently to the contrary contained in this SRP, the SRP shall be construed and administered to prevent the duplication of benefits provided under this SRP and any other qualified or
nonqualified plan maintained in whole or in part by the Company. 
 8.8 Service of Process 
 In the absence of any designation to the contrary by the Company, the Secretary of the Company or its delegate is designated as the appropriate and
exclusive agent for the receipt of service of process directed to the SRP in any legal proceeding, including arbitration, involving the SRP. 
 8.9 Limited Benefits 
 Except to the extent provided in Section 3.1, this SRP shall not provide any benefits determined with
respect to any defined contribution or defined benefit plan. 
 8.10 Errors in Computations 
 Neither the Company nor the Administrator shall be liable or responsible for any error in the computation of any benefit payable to or with respect to any
Participant resulting from any misstatement of fact made by the Participant or by or on the behalf of any survivor to whom such benefit shall be payable, directly or indirectly, to the Company, and used by the Company in determining the benefit. The
Company shall not be obligated or required to increase the benefit payable to or with respect to such Participant which, on discovery of the misstatement, is found to be understated as a result of such misstatement of the Participant. However, the
benefit of any Participant which is overstated by reason of any such misstatement or any other reason shall be reduced to the amount appropriate in view of the truth (and to recover any prior overpayment). 
  

 20 

 8.11 Payments to Minors and Incompetents 
 If any Participant, Spouse, or Beneficiary entitled to receive any benefits hereunder is a minor or is deemed by the Administrator or is adjudged to be
legally incapable of giving valid receipt and discharge for such benefits, they will be paid to such person or institution as the Administrator may designate or to the duly appointed guardian. Such payment shall, to the extent made, be deemed a
complete discharge of any such payment under the SRP. 
 8.12 Non-Alienation of Benefits 
 No amount payable to, or held under the SRP for the account of, any Participant, Spouse or Beneficiary shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be void; nor shall any amount payable to, or held under the SRP
for the account of, any Participant, Spouse or Beneficiary be in any manner liable for such Participant’s, Spouse’s or Beneficiary’s debts, contracts, liabilities, engagements, or torts, or be subject to any legal process to levy upon
or attach, except as may be required under applicable law. Notwithstanding the foregoing, the SRP Administrator will comply with a domestic relations order issued in connection with a divorce of a Participant to the extent the Administrator
determines that such order would satisfy the requirements of a QDRO if the SRP were a qualified pension plan under section 401(a) of the Code. 
 8.13 References To Laws 
 Any reference in this SRP to a statute or regulation shall be considered also to mean and refer to any
subsequent amendment or replacement of that statute or regulation. 
 8.14 Governing Law 
 The validity, interpretation, construction and performance of this SEPP shall, except to the extent preempted by federal law, be construed and enforced in
accordance with the laws of the State of Delaware without regard to its conflicts of law principles. 
 8.15 ERISA Status 
 This SRP is adopted with the understanding that it is an unfunded plan maintained primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated Employees as provided in Sections 201(2), 301(3), and 401(a)(l) of ERISA. Each provision shall be interpreted and administered accordingly. 
 8.16 Internal Revenue Code Status 
 The SRP
is intended to be a nonqualified deferred compensation arrangement and is not intended to meet the requirements of section 401(a) of the Code. The SRP is intended to meet the requirements of section 409A of the Code and may be
administered in a manner that is intended to meet those requirements and shall be construed and interpreted in accordance with such intent. To the extent that a deferral, accrual, vesting or payment of an amount under the SRP is subject to
section 409A of the Code, except as the Committee otherwise determines in 
  

 21 

 writing, the amount deferred, accrued, vested or paid 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 deferral, accrual, vesting or payment shall not be subject to the excise tax applicable under section 409A of the Code. Any provision of the SRP that
would cause the deferral, accrual, vesting or payment of an amount under the SRP to fail to satisfy section 409A of the Code shall be amended (in a manner that as closely as practicable achieves the original intent of the SRP) 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. In the event additional regulations or other guidance is issued
under section 409A of the Code or a court of competent jurisdiction provides additional authority concerning the application of section 409A of the Code with respect to the distributions under the SRP, then the provisions of the SRP
regarding distributions shall be amended to permit such distributions to be made at the earliest time permitted under such additional regulations, guidance or authority that is practicable and achieves the original intent of the SRP. 
  

 22 

 IN WITNESS WHEREOF, YRC Worldwide Inc. has executed this document by its duly authorized officer
this 19th day of July, 2006. 
  

			
	YRC WORLDWIDE INC.
		
	By:	 	 /s/ HAROLD D. MARSHALL

		 	Harold D. Marshall
		 	Vice President – Employee Benefits

  

 23Executive Severance Policy

 Exhibit 10.4 
 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 121 to 124 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 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 19, 2006. 

  

	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. 

  

	 	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 or Bylaws 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, not to solicit the Company’s customers on the Designated Executive’s behalf or for another person or entity for whom
the Designated Executive is an officer, director, employee or agent for the purposes of selling transportation or logistics services of the nature that the Company provides, 

  

	 	(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. 

  

 -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
Section IV.B. shall become a “Participant” in the Policy and be entitled to the severance benefits described in Section V. The Company shall not be obligated to provide benefits under this Policy unless this criteria 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 IV.C, the severance
benefits for which a Participant is eligible shall are as follows in this Section V. 

  

	 	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 clause (1) or (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. 

  

 -3- 

	 	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, including situations where the Participant solicits or participates in or assists in any way in the solicitation or recruitment, directly or indirectly,
of any employees of any current member 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 

  

 -4- 

 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. 

  

	 	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. 

  

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 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 specifi 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

  

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	 	(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 an 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 are 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 
  

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 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; 

  

 -9- 

	 	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 

  

 -10- 

 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. If this Policy is
terminated, no Designated Executive will have any further rights under this Policy after the date of termination. Any termination of this Policy shall be prospective only and shall not retroactively terminate any severance benefits in existence on
the date of termination of this Policy. 

  

	 	5.	This Policy may be amended, in whole or in part, and the benefits described in this Policy may be expanded or reduced, at any time in the sole discretion of the Company 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 an 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 
  

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	 	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 19, 2006. 

  

	 	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 

  

 -12- 

	 	(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 
  

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 these costs and fees. If the Participant loses, the court may order the Participant to pay these costs
and fees if, for example, it 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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