Document:

usx_EX4_1

		
			Exhibit 4.1
		

		
			 
		

		
			DESCRIPTION OF SECURITIES
		

		
			 
		

		
			As of December 31, 2019, U.S. Xpress Enterprises, Inc. (the “Company,” “we,” “us” or “our”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our Class A common stock, par value $0.01, which are the only securities of the Company registered pursuant to Section 12 of the Exchange Act. 
		

		
			 
		

		
			The summary of the general terms and provisions of the Class A common stock set forth below does not purport to be complete and is subject to and qualified by reference to the Company’s Second Amended and Restated Articles of Incorporation (the “Articles of Incorporation”) and Second Amended and Restated Bylaws (the “Bylaws”), as well as the Registration Rights Agreement (as defined below), Stockholders’ Agreement (as defined below), and Voting Agreement (as defined below). For additional information, please read the Articles of Incorporation,  Bylaws, Registration Rights Agreement, Stockholders’ Agreement, Voting Agreement, and the applicable provisions of Chapters 78 and 92A of the Nevada Revised Statutes (the “Nevada Statutes”).
		

		
			 
		

		
			Authorized Capital Stock
		

		
			 
		

		
			Our Articles of Incorporation authorizes 184,333,333 shares of capital stock, consisting of: (i) 140,000,000 shares of Class A common stock, par value $0.01 per share, (ii) 35,000,000 shares of Class B common stock, par value $0.01 per share, and (iii) 9,333,333 shares of preferred stock, par value $0.01 per share. 
		

		
			 
		

		
			Class A and Class B Common Stock
		

		
			 
		

		
			Under our Articles of Incorporation, our authorized capital stock consists of 140,000,000 shares of Class A common stock, par value $0.01 per share, 35,000,000 shares of Class B common stock, par value $0.01 per share, and 9,333,333 shares of preferred stock, par value $0.01 per share, the rights and preferences of which may be designated by the Board of Directors. 
		

		
			Our Class A common stock is listed on the NYSE under the symbol “USX.” 
		

		
			Voting
		

		
			Holders of Class A common stock are entitled to one vote per share. Holders of Class B common stock are entitled to five votes per share. All actions submitted to a vote of stockholders are voted on by holders of Class A common stock and Class B common stock voting together as a single class, except as otherwise required by applicable law and except that a separate vote of the holders of Class B common stock will be required for:
		

			
	
			
				 ·
			

			
	
			
			any amendment of our Articles of Incorporation or Bylaws that modifies the voting, conversion, or other powers, preferences, other special rights or privileges, or restrictions of the Class B common stock; or 

		
			

		 

		

			
	
			
				 ·
			

			
	
			
			any reclassification of outstanding shares of Class A common stock into shares having rights as to dividends or liquidation that are senior to the Class B common stock or the right to more than one vote for each share thereof. 

		
			Holders of our common stock are not entitled to cumulative voting in the election of directors. Because shares of Class B common stock are entitled to five votes per share, the holders of shares of Class B  common stock are able to exert a greater degree of control over us (including, without limitation, with respect to the election of directors) than they otherwise would if such holders held an equivalent number of shares of Class A common stock. As a result, the multi-voting nature of our Class B common stock may have an effect of delaying, deferring or preventing a change in control or other extraordinary corporate transaction involving us, including a merger, reorganization, tender offer, sale or transfer of substantially all of our assets or a liquidation.
		

		
			Conversion
		

		
			Class A common stock has no conversion rights. A holder of Class B common stock may convert its Class B common stock into Class A common stock at any time at the ratio of one share of Class A common stock for each share of Class B common stock. Class B common stock immediately and automatically converts into an equal number of shares of Class A common stock if any person other than Max Fuller, Lisa Quinn Pate, and William Eric Fuller (the “Qualifying Stockholders”) (or certain trusts for the benefit of any of them or their family members or certain entities owned by any of them or their family members), obtains beneficial ownership of such shares. In addition, each share of Class B common stock immediately and automatically converts into an equal number of shares of Class A common stock on the last day of the first calendar quarter during which the outstanding shares of Class B common stock shall constitute less than ten percent of all outstanding common stock. We shall at all times reserve and keep available out of our authorized but unissued shares of Class A common stock a number of shares of Class A common stock sufficient to effect the conversion of all then outstanding shares of Class B common stock. 
		

		
			Dividends
		

		
			Holders of Class A common stock and Class B common stock are entitled to receive dividends payable in cash or property other than common stock on an equal per share basis, if and when such dividends are declared by the Board of Directors from funds legally available, subject to any preference in favor of outstanding preferred shares, if any. In the case of any dividend payable in common stock, the holders of Class B common stock may receive shares of Class A common stock or Class B common stock, as determined by the Board of Directors when declaring such dividend. 
		

		
			Any determination to pay dividends and other distributions in cash, stock or property of the Company is at the discretion of the Board of Directors.
		

		
			Liquidation
		

		
			In the event of liquidation, dissolution or winding up, holders of Class A common stock and Class B common stock share with each other on a ratable basis as a single class in our assets, if any, available for distribution after payment of all creditors and the liquidation preferences on any outstanding shares of preferred stock, if any such stock is issued. 
		

		
			

		 

		

		
			Other Terms
		

		
			In any merger, consolidation, reorganization or other business combination, the consideration to be received per share by holders of Class A common stock and Class B common stock must be identical, except that if, after such business combination certain members of the Fuller and Quinn families (or trusts for the benefit of any of them or entities owned by any of them) jointly own more than ten percent of the surviving entity, any securities received by them may differ to the extent that voting rights differ between Class A common stock and Class B common stock. Holders of Class A common stock and Class B common stock are not entitled to preemptive rights and neither the Class A common stock nor the Class B common stock is subject to redemption.
		

		
			The rights, preferences and privileges of holders of both classes of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred shares, which we may designate and issue in the future. 
		

		
			Preferred Stock
		

		
			The Board of Directors is authorized to issue shares of our preferred stock at any time, without stockholder approval. It has the authority to determine all aspects of those shares, including the following:
		

			
	
			
				 ·
			

			
	
			
			the designation and number of shares; 

			
	
			
				 ·
			

			
	
			
			the dividend rate and preferences, if any, which dividends on that series of preferred stock will have compared to any other class or series of our capital stock; 

			
	
			
				 ·
			

			
	
			
			the voting rights, if any;

			
	
			
				 ·
			

			
	
			
			the conversion or exchange privileges, if any, applicable to that series; 

			
	
			
				 ·
			

			
	
			
			the redemption price or prices and the other terms of redemption, if any, applicable to that series; and

			
	
			
				 ·
			

			
	
			
			any purchase, retirement or sinking fund provisions applicable to that series. 

		
			Any of these terms could have an adverse effect on the availability of earnings for distribution to the holders of Class A common stock and Class B common stock or for other corporate purposes. 
		

		
			Provisions of our Articles of Incorporation and Bylaws with Anti-Takeover Implications
		

		
			Certain provisions of our Articles of Incorporation and Bylaws deal with matters of corporate governance and the rights of stockholders. 
		

		
			Under our Articles of Incorporation, the Board of Directors may issue, without any further vote or action by stockholders, shares of preferred stock in one or more series and, with respect to each such series, to fix the number of shares constituting the series and the designation of the series, the voting rights (if any) of the shares of the series, and the powers, preference and relative participation, option and other special rights, if any, and any qualifications, limitations or restrictions, of the shares of such series. 
		

		
			Our Bylaws provide that stockholders seeking to bring business before an annual meeting of stockholders, or to nominate candidates for election as directors at an annual meeting of stockholders, must provide timely notice thereof in writing. To be timely, a stockholder’s notice generally must be delivered to and received at our principal executive offices not less than 90 days nor more than 120 days prior to the 

		 

first anniversary of the preceding year’s annual meeting. Our Bylaws specify certain requirements as to the form and content of a stockholder’s notice. 
		

		
			Such provisions, together with certain provisions of the Nevada Statutes (see “Nevada Anti-Takeover Statutes”), could be deemed to have an anti-takeover effect and discourage takeover attempts not first approved by the Board of Directors (including takeovers which certain stockholders may deem to be in their best interest.) Any such discouraging effect upon takeover attempts could potentially depress the market price of our securities or inhibit temporary fluctuations in the market price of our securities that could result from actual or rumored takeover attempts. 
		

		
			Nevada Anti-Takeover Statutes
		

		
			Business Combinations Act
		

		
			We are subject to Nevada’s anti-takeover law because we have not opted out of the provisions of Sections 78.411–78.444 of the Nevada Statutes under the terms of our Articles of Incorporation. This law provides that specified persons who, together with affiliates and associates, own, or within two years did own, 10% or more of the outstanding voting stock of a corporation cannot engage in specified business combinations with the corporation for a period of two years after the date on which the person became an interested stockholder. The law defines the term “business combination” to encompass a wide variety of transactions with or caused by an interested stockholder, including mergers, asset sales and other transactions in which the interested stockholder receives or could receive a benefit on other than a pro rata basis with other stockholders. This provision may have an anti-takeover effect for transactions not approved in advance by our Board of Directors, including discouraging takeover attempts that might result in a premium over the market price for the shares of our Class A common stock. 
		

		
			Control Shares Act
		

		
			Nevada Statutes Sections 78.378–78.3793 provide that, in certain circumstances, a person who acquires a controlling interest in a corporation, defined in Nevada Statutes Section 78.3785 as ownership of voting securities to exercise voting power in the election of directors in excess of a 1/5, 1/3, or a majority thereof, has no voting rights in the shares acquired that caused the stockholder to exceed any such threshold, unless the corporation’s other stockholders, by majority vote, grant voting rights to such shares. We may opt out of these statutes by amending our Articles of Incorporation or Bylaws either before or within ten days after the relevant acquisition of shares. We have not opted out of these statutes under our Bylaws.
		

		
			No Cumulative Voting
		

		
			The Nevada Statutes entitle companies’ articles of incorporation to provide stockholders the right to cumulate votes in the election of directors. Our Articles of Incorporation expressly do not allow for cumulative voting for holders of either Class A common stock or Class B common stock.
		

		
			Authorized but Unissued Capital Stock
		

		
			The Nevada Statutes do not require stockholder approval for any issuance of authorized shares. However, the listing requirements of the New York Stock Exchange (the “NYSE”) require stockholder 

		 

approval of certain issuances. Authorized but unissued shares may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions. 
		

		
			One of the effects of the existence of unissued and unreserved Class A common stock may be to enable our Board of Directors to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of our company by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of our management and possibly deprive the stockholders of opportunities to sell their shares of Class A common stock at prices higher than prevailing market prices. 
		

		
			Stockholder Meetings
		

		
			Our Bylaws provide that meetings of stockholders may be called by a majority of our Board of Directors, our Chairman, our Lead Independent Director or our Chief Executive Officer. Our Bylaws also provide that a special meeting of stockholders may be held if written demand(s) are submitted by holders of at least ten percent of all votes entitled to be cast on any issue proposed to be considered at such meeting.
		

		
			Forum Selection
		

		
			Unless we consent in writing to the selection of an alternative forum, our Articles of Incorporation provide that the Eighth Judicial District Court of Clark County of the State of Nevada will be the sole and exclusive forum for any derivative action or proceeding brought on our behalf, any action asserting a breach of fiduciary duty, any action asserting a claim against us arising pursuant to the Nevada Statutes, our Articles of Incorporation or our Bylaws or any action asserting a claim against us that is governed by the internal affairs doctrine, in each such case subject to the Eighth Judicial District Court of Clark County having personal jurisdiction over the indispensable parties named as defendant. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of and, to the fullest extent permitted by law, to have consented to the provisions described in this paragraph. However, the enforceability of similar forum provisions in other companies’ articles of incorporation have been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be unenforceable.
		

		
			Amendment of our Articles of Incorporation
		

		
			The affirmative vote of holders of at least 50 percent of the voting power of our outstanding shares of stock will generally be required to amend provisions of our Articles of Incorporation.
		

		
			Amendment of our Bylaws
		

		
			Our Bylaws may generally be altered, amended or repealed, or new bylaws may be adopted, with:
		

			
	
			
				 ·
			

			
	
			
			the affirmative vote of a majority of our directors; or

			
	
			
				 ·
			

			
	
			
			the affirmative vote of holders of at least two-thirds of the voting power of our outstanding shares of stock.

		
			Registration Rights Agreement
		

		
			

		 

		

		
			We are a party to a registration rights agreement with certain members of the Fuller and Quinn families (or trusts for the benefit of any of them or entities owned by any of them) (the “Registration Rights Agreement”), pursuant to which such persons will be entitled to demand the registration of the sale of certain or all of our common stock that they beneficially own. Among other things, under the terms of the Registration Rights Agreement: 
		

			
	
			
				 ·
			

			
	
			
			if we propose to file certain types of registration statements under the Securities Act with respect to an offering of equity securities, we will be required to use our commercially reasonable efforts to offer the other parties to the Registration Rights Agreement, if any, the opportunity to register the sale of all or part of their shares on the terms and conditions set forth in the Registration Rights Agreement (customarily known as “piggyback rights”); and

			
	
			
				 ·
			

			
	
			
			the other parties to the Registration Rights Agreement have the right, subject to certain conditions and exceptions, to request that we file registration statements with the Commission for one or more underwritten offerings of all or part of our common stock that they beneficially own and the Company is required to use commercially reasonable efforts to cause any such registration statements to be filed with the Commission and become effective. 

		
			All expenses of registration under the Registration Rights Agreement, including the legal fees of one counsel retained by or on behalf of the selling stockholders, will be paid by us. Each selling stockholder will pay its portion of all underwriting discounts and commissions and transfer taxes, if any, relating to the sale of such selling stockholder’s stock pursuant to any such registration. 
		

		
			The registration rights granted in the Registration Rights Agreement are subject to customary restrictions such as minimums, blackout periods and, if a registration is underwritten, any limitations on the number of shares to be included in the underwritten offering as reasonably advised by the managing underwriter. The Registration Rights Agreement also contains customary indemnification and contribution provisions. The foregoing description is a summary of the material terms of the Registration Rights Agreement. Because this description is only a summary, refer to the form of this document which is an exhibit to this Annual Report on Form 10-K.
		

		
			Stockholders’ Agreement
		

		
			We are a party to a stockholders’ agreement, as amended (the “Stockholders’ Agreement”), with certain of our stockholders who are members of the Fuller and Quinn families. The Stockholders’ Agreement prohibits a party thereto from transferring its shares of our common stock, except (i) in a registered offering, (ii) in a sale pursuant to Rule 144, (iii) for certain permitted transfers to specified transferees who agree to be bound by the terms of the Stockholders’  Agreement and (iv) in certain block sales. The foregoing description is a summary of the material terms of the Stockholders’ Agreement. Because this description is only a summary, refer to this document, as amended, which is an exhibit to this Annual Report on Form 10-K. 
		

		
			Voting Agreement
		

		
			

		 

		

		
			Messrs. Eric Fuller and Max Fuller and Mses. Lisa Pate and Janice Fuller are parties to a voting agreement (the “Voting Agreement”) with each other. The Voting Agreement applies to all Class B common stock beneficially owned by them.
		

		
			Under the Voting Agreement, each of Messrs. Eric Fuller and Max Fuller and Mses. Lisa Pate and Janice Fuller will grant a successor the right to exercise all of the voting and consent rights of all Class B common stock beneficially owned by him or her upon his or her death or incapacity. Mr. Eric Fuller and Ms. Janice Fuller have each initially designated Mr. Max Fuller as his or her proxy and Mr. Max Fuller and Ms. Lisa Pate have each initially designated Mr. Eric Fuller as his or her proxy, in each case, if and for so long as such person remains qualified. To be qualified to serve as a successor, the potential successor must both (i) be active in the management of the Company or serving on the Company’s Board of Directors at the time of and during the period of service as successor and (ii) own (or hold) shares of Class B common stock or be the beneficiary of a trust or other entity that holds Class B common stock on behalf of the potential successor at the time of and during the period of service as a successor. For each of Messrs. Eric Fuller and Max Fuller and Mses. Lisa Pate and Janice Fuller, if no successor is qualified at the time of death or incapacity, then there will be no successor under the Voting Agreement. Additionally, during the term of the Voting Agreement, any voting control Ms. Janice Fuller would otherwise have with respect to shares of Class B common stock covered by the Voting Agreement will be exercised by Mr. Max Fuller until his death or incapacity, and then will pass in the order of succession under the Voting Agreement. 
		

		
			The Voting Agreement remains in effect until the earliest of the following: (i) 15 years from the date of the Voting Agreement, (ii) none of Messrs. Eric Fuller and Max Fuller and Mses. Lisa Pate and Janice Fuller holds Class B common stock, (iii) at such time as no individual named as a successor is qualified to be a successor and (iv) the Voting Agreement is terminated by all parties to the Voting Agreement. The foregoing description is a summary of the material terms of the Voting Agreement. Because this description is only a summary, refer to the form of this document, which is an exhibit to our Registration Statement on Form S-1.Exhibit 10.1

 

February 28, 2020

 

Mr. William E. Myers

13429 Cliff Drive

Lakewood, OH 44107

 

Dear Bill:

 

You, TravelCenters of America Inc. (“TA”)
and The RMR Group LLC (“RMR”) are entering into this letter agreement (this “Agreement”) to confirm the
terms and conditions of your separation of employment from TA and RMR on February 28, 2020 (the “Separation Date”).

 

		I.	SEPARATION

 

A.         
Separation from TA. Effective on the Separation Date, you will no longer serve as the Chief Financial Officer, the
Treasurer and an Executive Vice President of TA and any other officer or director positions you hold within TA, and any position
you hold with third parties on behalf of TA.

 

B.          
Separation from RMR. Effective on the Separation Date, you will no longer serve as a Senior Vice President of RMR
and any other officer positions you hold within RMR.

 

C.          
Payments and Benefits on the Separation Date. On the Separation Date, you will receive your unpaid wages for the
period through the Separation Date and any remaining and unused vacation time as of the Separation Date, subject to all usual and
applicable taxes and deductions. Your health insurance on TA’s group plan will terminate on the Separation Date. To continue
any health insurance beyond the Separation Date, you must complete a continuation of coverage (COBRA) election form and make timely
payments for coverage. Information regarding COBRA will be mailed to you. Any group life and disability insurance on our group
plan will also terminate on the Separation Date, as will your participation in our 401(k) plans.

 

D.          
Release Benefits. Provided you sign and do not revoke this Agreement, you will receive the following additional payments
and benefits:

 

(1)           
Cash Payment. TA will pay you $300,000 and RMR will pay you $75,000 upon the Effective Date as defined in Section
XII of this Agreement.

(2)           
Outplacement Services. TA will pay for outplacement services to be provided to you by CareerCurve, up to a maximum
amount of $7,500.

 

    

     

    

 

William E. Myers

February 28, 2020

Page 2

 

(3)          
TA Share Grants.

 

a.            
Upon the Effective Date, all of your existing TA share grants will vest (which vesting includes the lifting of any restrictions)
immediately in full and you will be permitted to settle any resulting tax liability with vesting shares, commonly referred to as
 “net share settlement.” TA will cooperate with you in removing any restrictive legends from your vested TA shares.

 

b.            
You agree with TA that, as long as you own shares in TA, your shares shall be voted at any meeting of the shareholders of
TA or in connection with any consent solicitation or other action by shareholders in favor of all nominees for director and all
proposals recommended by the Board of Directors in the proxy statement for such meeting or materials for such written consent or
other action. If your shares are not voted in accordance with this covenant and such failure continues after notice, you agree
to pay liquidated damages to TA in an amount equal to the market value of the shares not so voted. For the avoidance of doubt,
this provision is for the benefit of TA and is not an agreement with RMR.

 

c.            
You understand and agree that, although the TA Code of Business Conduct and Ethics will no longer apply to you after the
Separation Date, you are subject to all laws and regulations with respect to all of your shares in TA, including, but not limited
to, those applicable to the purchase or sale of securities while in possession of material, non-public information concerning TA.

 

(4)          
RMR and RMR Managed Company Share Grants.

 

a.            
RMR will recommend to the Boards of Directors of The RMR Group Inc. (“RMR Inc.”) and to the Boards of Trustees
and Boards of Directors of Industrial Logistics Properties Trust, Office Properties Income Trust, Service Properties Trust, Diversified
Healthcare Trust, Tremont Mortgage Trust and Five Star Senior Living Inc. (together, the “RMR Managed Companies”) that
all of your existing stock grants vest (which vesting includes the lifting of any restrictions) immediately in full upon the Effective
Date and that you be permitted to settle any resulting tax liability with vesting shares, commonly referred to as “net share
settlement,” on a company-by-company basis. RMR will cooperate with you in removing any restrictive legends from your vested
shares in the RMR Managed Companies.

 

b.            
You agree for the benefit of RMR Inc. or the applicable RMR Managed Company, as the case may be, that, as long as you own
shares in RMR Inc. and/or the RMR Managed Companies, your shares shall be voted at any meeting of the shareholders of RMR Inc.
and/or the RMR Managed Companies or in connection with any consent solicitation or other action by shareholders in favor of all
nominees for director and all proposals recommended by the Board of Directors or Trustees in the proxy statement for such meeting
or materials for such written consent or other action. If your shares are not voted in accordance with this covenant and such failure
continues after notice, you agree to pay liquidated damages to RMR Inc. and/or the applicable RMR Managed Company in an amount
equal to the market value of the shares not so voted. For the avoidance of doubt, this provision is for the benefit of RMR Inc.
and each RMR Managed Company only with respect to your shares in such company and is not an agreement with RMR.

 

    

     

    

 

William E. Myers

February 28, 2020

Page 3

 

c.            
You understand and agree that, although the RMR Code of Business Conduct and Ethics will no longer apply to you after the
Separation Date, you are subject to all laws and regulations with respect to all of your shares in RMR Inc. and the RMR Managed
Companies, including, but not limited to, those applicable to the purchase or sale of securities while in possession of material,
non-public information concerning RMR Inc. and the RMR Managed Companies.

 

(5)           
Mobile Phone and Mobile Phone Number. You may keep the mobile telephone issued to you by TA. At your request, TA
agrees to consent to and cooperate with you in the transfer to you of your mobile phone number, and to pay for any costs associated
with such transfer (except that you will be responsible for the cost of replacement service). You agree to be responsible for all
cell phone payments for service after the Separation Date.

 

		II.	RELEASE

 

You, your heirs, executors,
legal representatives, successors and assigns, individually and in their beneficial capacity, hereby unconditionally and irrevocably
release and forever discharge TA, RMR and RMR Inc., the RMR Managed Companies, Sonesta International Hotels Corporation, RMR Real
Estate Income Fund, RMR Advisors LLC, Tremont Realty Advisors LLC, the RMR Office Property Fund LP and ABP Trust and any companies
managed by RMR from time to time, and its and their past, present and future officers, directors, trustees, employees, representatives,
shareholders, attorneys, agents, consultants, contractors, successors, and affiliates – hereinafter referred to as the “Releasees”
 – or any of them of and from any and all suits, claims, demands, interest, costs (including attorneys’ fees and costs
actually incurred), expenses, actions and causes of action, rights, liabilities, obligations, promises, agreements, controversies,
losses and debts of any nature whatsoever which you, your heirs, executors, legal representatives, successors and assigns, individually
and/or in their beneficial capacity, now have, own or hold, or at any time heretofore ever had, owned or held, or could have owned
or held, whether known or unknown, suspected or unsuspected, from the beginning of the world to the date of execution of this Agreement
including, without limitation, any claims arising in law or equity in a court, administrative, arbitration, or other tribunal of
any state or country arising out of or in connection with your employment by TA and/or RMR; any claims against the Releasees based
on statute, regulation, ordinance, contract, or tort; any claims against the Releasees relating to wages, compensation, benefits,
retaliation, negligence, or wrongful discharge; any claims arising under Title VII of the Civil Rights Act of 1964, as amended,
the Age Discrimination in Employment Act, as amended, the Older Workers’ Benefit Protection Act, as amended, the Equal Pay
Act, as amended, the Fair Labor Standards Act, as amended, the Employment Retirement Income Security Act, as amended, the Americans
with Disabilities Act of 1990 (“ADA”), as amended, The ADA Amendments Act, the Lilly Ledbetter Fair Pay Act, the Worker
Adjustment and Retraining Notification Act, the Genetic Information Non-Discrimination Act, the Civil Rights Act of 1991, as amended,
the Family Medical Leave Act of 1993, as amended, and the Rehabilitation Act, as amended; The Massachusetts Fair Employment Practices
Act (Massachusetts General Laws Chapter 151B), The Massachusetts Equal Rights Act, The Massachusetts Equal Pay Act, the Massachusetts
Privacy Statute, The Massachusetts Civil Rights Act, the Massachusetts Payment of Wages Act (Massachusetts General Laws Chapter
149 sections 148 and 150), the Massachusetts Overtime regulations (Massachusetts General Laws Chapter 151 sections 1A and 1B),
the Massachusetts Meal Break regulations (Massachusetts General Laws Chapter 149 sections 100 and 101); the Ohio Civil Rights Act,
the Ohio Equal Pay Statute, the Ohio Wage Payment Anti-Retaliation Statute, the Ohio Whistleblower’s Protection Act, the
Ohio Workers’ Compensation Anti-Retaliation Statute, Ohio Revised Code Chapters 4111 (Minimum Fair Wage), 4112 (Discrimination)
and 4113 (Miscellaneous Labor Provisions), Ohio Administrative Code Chapter 4101:9 (Wage and Hour), and the Ohio Constitution;
and any other claims under any federal or state law or local ordinance for unpaid or delayed payment of wages, overtime, bonuses,
commissions, incentive payments or severance, missed or interrupted meal periods, accrued or unused vacation time, interest, attorneys’
fees, costs, expenses, liquidated damages, treble damages or damages of any kind to the maximum extent permitted by law and any
claims against the Releasees arising under any and all applicable state, federal, or local ordinances, statutory, common law, or
other claims of any nature whatsoever except for unemployment compensation benefits or workers’ compensation benefits.

 

    

     

    

 

William E. Myers

February 28, 2020

Page 4

 

Nothing in this Agreement
shall affect the EEOC’s rights and responsibilities to enforce the Civil Rights Act of 1964, as amended, the Age Discrimination
in Employment Act of 1967, as amended, the National Labor Relations Act or any other applicable law, nor shall anything in this
Agreement be construed as a basis for interfering with your protected right to file a timely charge with, or participate in an
investigation or proceeding conducted by, the EEOC, the National Labor Relations Board (the “NLRB”), or any other
state, federal or local government entity; provided, however, if the EEOC, the NLRB, or any other state, federal or local government
entity commences an investigation on your behalf, you specifically waive and release your right, if any, to recover any monetary
or other benefits of any sort whatsoever arising from any such investigation or otherwise, nor will you seek or accept reinstatement
to your former position with TA or RMR.

 

		III.	TAX PROVISIONS

 

You agree that you shall be responsible
and will pay your own tax obligations and/or liabilities created under state or federal tax laws by this Agreement. You further
agree that you shall indemnify TA, RMR and any of the RMR Managed Companies for any tax obligations and/or liabilities that may
be imposed on them for your failure to comply with this provision.

 

		IV.	CONFIDENTIALITY

 

You agree that, unless
otherwise agreed, on or before the Separation Date, you will return to TA all property of TA including, but not limited to, all
documents, records, materials, software, equipment, personal service devices, laptops, ipads, building keys or entry cards, and
other physical property that have come into your possession or been produced by you in connection with your employment, except
as provided above.

 

    

     

    

 

William E. Myers

February 28, 2020

Page 5

 

You agree that, unless
otherwise agreed, on or before the Separation Date, you will return to RMR all property of RMR including, but not limited to,
all documents, records, materials, software, equipment, personal service devices, laptops, ipads, building keys or entry cards,
and other physical property that have come into your possession or been produced by you in connection with your employment with
RMR.

 

In addition, you shall
not at any time reveal to any person or entity, except to employees of TA or RMR who need to know such information for purposes
of their employment or as otherwise authorized by TA or RMR in writing, any confidential information of TA, RMR, or any RMR Managed
Company, including, but not limited to, confidential information regarding (i) the marketing, business and financial activities
and/or strategies of TA, RMR, or any RMR Managed Company and their respective affiliates, (ii) the costs, sources of supply, financial
performance, projects, plans, branding, acquisition or dispositions, franchising and other business operational strategies or plans,
proposals and strategic plans of TA, RMR, or any RMR Managed Company and their respective affiliates, and (iii) information
and discussions concerning any past or present lawsuits, arbitrations or other pending or threatened disputes in which TA, RMR,
or any RMR Managed Company or their respective affiliates is or was a party.

 

You, TA and RMR agree
to keep the terms of your termination confidential, except that you acknowledge that this Agreement will be filed with the Securities
and Exchange Commission.

 

Nothing in this Agreement
prohibits you from reporting possible violations of federal law or regulation to any government agency or entity, including, but
not limited, to the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures
that are protected under the whistleblower provisions of applicable law. You do not need prior authorization of TA or RMR to make
any such reports or disclosures and you are not required to notify TA or RMR that you have made such reports or disclosures.

 

		V.	NON-DISPARAGEMENT

 

You agree not to make harmful or disparaging
remarks, written or oral, concerning TA or RMR, or any of the other Releasees. Nothing in this provision shall prevent you from
testifying truthfully in connection with any litigation, arbitration or administrative proceeding when compelled by subpoena, regulation
or court order.

 

		VI.	NON-SOLICITATION

 

You agree that for five (5) years following
the Separation Date, you will not directly or indirectly, without the prior written consent of TA or RMR, solicit, attempt to solicit,
assist others to solicit, hire, or assist others to hire for employment any person who is, or within the preceding six (6) months
was, an employee of TA or RMR, or any RMR Managed Company.

 

    

     

    

 

William E. Myers

February 28, 2020

Page 6

 

		VII.	BREACH OF SECTIONS IV, V OR VI

 

The parties agree that any breach
of Sections IV, V, or VI of this Agreement will cause irreparable damage to the non-breaching party and that, in the event of such
a breach or threatened breach, the non-breaching party shall have, in addition to any and all remedies at law, the right to an
injunction, specific performance or other equitable relief to prevent the violation of any obligations hereunder. The parties agree
that, in the event that any provision of Section IV, V, or VI shall be determined by any court of competent jurisdiction or arbitration
panel to be unenforceable, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted
by law.

 

		VIII.	COOPERATION

 

Without limitation as
to time, you agree to cooperate with TA and RMR, at reasonable times and places, with respect to all matters arising during or
related to your employment, including, without limitation, all formal or informal matters in connection with any government investigation,
internal investigation, litigation, regulatory or other proceeding which may have arisen or which may arise.

 

		IX.	NON-WAIVER

 

Any waiver by a party of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach of such provision or any other
provision hereof.

 

		X.	NON-ADMISSION

 

The parties agree and acknowledge that
the considerations exchanged herein do not constitute and shall be not construed as constituting an admission of any sort on the
part of either party.

 

		XI.	NON-USE IN SUBSEQUENT PROCEEDINGS

 

The parties agree that this Agreement may
not be used as evidence in any subsequent proceeding of any kind except one in which one of the parties alleges a breach of the
terms of this Agreement or one in which one of the parties elects to use this Agreement as a defense to any claim.

 

    

     

    

 

William E. Myers

February 28, 2020

Page 7

 

		XII.	ADEA ACKNOWLEDGEMENTS

 

You acknowledge that you have carefully
read and fully understand this Agreement. You acknowledge that you have not relied on any statement, written or oral, which is
not set forth in this Agreement. You further acknowledge that you are hereby advised in writing to consult with an attorney prior
to executing this Agreement; that you are not waiving or releasing any rights or claims that may arise after the date of execution
of this Agreement; that you are releasing claims under the Age Discrimination in Employment Act (ADEA); that you execute this
Agreement in exchange for monies in addition to those to which you are already entitled; that you were given a period of at least
twenty-one (21) days within which to consider the Agreement and a period of seven (7) days following your execution of this Agreement
to revoke your ADEA waiver as provided below; that any changes to this Agreement by you once it has been presented to you will
not restart the 21 day consideration period; and you enter into this Agreement knowingly, willingly and voluntarily in exchange
for payments and benefits described herein. To receive the payments and benefits provided herein, this Agreement must be signed
and returned to Jennifer B. Clark, at, if by physical delivery, Two Newton Place, Suite 300, 255 Washington Street, Newton, Massachusetts
02458, or at, if by email delivery, jclark@rmrgroup.com, on or before March 20, 2020.

 

You may revoke your release of your ADEA
claims up to seven (7) days following your signing this Agreement. Notice of revocation must be received in writing by Jennifer
B. Clark, at, if by physical delivery, Two Newton Place, Suite 300, 255 Washington Street, Newton, Massachusetts 02458, no later
than the seventh day (excluding the date of execution) following the execution of this Agreement. The ADEA release is not effective
or enforceable until expiration of the seven-day period. However, the ADEA release becomes fully effective, valid and irrevocable
if it has not been revoked within the seven day period immediately following your execution of the Agreement. The parties agree
that if you exercise your right to revoke this Agreement, you are not entitled to any of the payments and benefits set forth in
this Agreement and this Agreement becomes null and void. This Agreement shall become effective eight (8) days after your execution
if you have not revoked your signature as set forth above (the “Effective Date”). 

 

		XIII.	ENTIRE AGREEMENT

 

This Agreement constitutes
the entire agreement between the parties concerning the terms and conditions of your separation of employment from TA and RMR and
supersedes all prior and contemporaneous agreements, understandings, negotiations, and discussions, whether oral or written, between
the parties, except for our Mutual Agreement to Resolve Disputes and Arbitrate Claims, which remains in full force and effect.
You agree that TA and RMR have not made any warranties, representations, or promises to you regarding the meaning or implication
of any provision of this Agreement other than as stated herein.

 

		XIV.	No Oral Modification 

 

Any amendments to this
Agreement shall be in writing and signed by you and an authorized representative of TA and RMR.

 

    

     

    

 

William E. Myers

February 28, 2020

Page 8

 

		XV.	Severability 

 

In the event that any
provision hereof becomes or is declared by a court of competent jurisdiction or an arbitrator or arbitration panel to be illegal,
unenforceable, or void, this Agreement shall continue in full force and effect without said provision.

 

		XVI.	SECTION 409A

 

Each payment made under this Agreement shall
be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right
to a series of separate payments. Notwithstanding anything to the contrary in this Agreement, if at the time of your separation
from service, you are a “specified employee,” as defined below, any and all amounts payable under this Agreement on
account of such separation from service that would (but for this provision) be payable within six (6) months following the date
of termination, will instead be paid on the next business day following the expiration of such six (6) month period or, if earlier,
upon your death and any remaining installments following such date shall be made in accordance with the original payment schedule;
except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation
Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined
by TA in its reasonable good faith discretion); or (B) other amounts or benefits that are not subject to the requirements of Section
409A of the Internal Revenue Code of 1986, as amended, (“Section 409A”). For purposes of this Agreement, all
references to "termination of employment” and correlative phrases shall be construed to require a "separation from
service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained
therein), and the term "specified employee” means an individual determined by TA to be a specified employee under Treasury
regulation Section 1.409A-1(i).

 

		XVII.	Governing
Law, JURISDICTION AND SUCCESSOR AND ASSIGNS

 

This Agreement shall be
governed by and construed in accordance with the laws of the Commonwealth of Massachusetts (where both TA and RMR have offices
that you use) without reference to any conflict of law principles, and shall be binding upon and inure to the benefit of you and
your heirs, successors, and beneficiaries, and RMR and TA and its and their agents, affiliates, representatives, successors, and
assigns.

 

The parties irrevocably
agree that any dispute regarding this Agreement shall be settled by binding arbitration in accordance with our Mutual Agreement
to Resolve Disputes and Arbitrate Claims.

 

    

     

    

 

William E. Myers

February 28, 2020

Page 9

 

		XVIII.	Voluntary
Act

 

By signing this Agreement,
you acknowledge and agree that you are doing so knowingly and voluntarily in order to receive the payments and benefits provided
for herein. By signing this Agreement, you represent that you fully understand your right to review all aspects of this Agreement,
that you have carefully read and fully understand all the provisions of this Agreement, that you had an opportunity to ask questions
and consult with an attorney of your choice before signing this Agreement; and that you are freely, knowingly, and voluntarily
entering into this Agreement.

 

If you determine to accept
this Agreement, understand it, and consent to it, please sign in the space provided below and return a copy so signed on or before
March 20, 2020.

 

	 	Very truly yours, 
	 	 
	 	 
	 	/s/ Jonathan Pertchik
	 	Jonathan Pertchik,
	 	Chief Executive Officer

 

	AGREED:	 
	 	 
	THE RMR GROUP LLC	 
	 	 
	By: 	/s/
    Matthew P. Jordan	 
	 	Matthew P. Jordan,	 
	 	Executive Vice President and CFO	 
	 	 
	 	 
	AGREED TO AND ACCEPTED:	 
	 	 
	 	 
	/s/
    William E. Myers	 
	William E. Myers	 
	 	 
	 	 
	Dated: 	3/3/2020

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]