Document:

Series B Preferred Stock Registration Rights Agreement

 Exhibit 10.11 
 SERIES B PREFERRED REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights
Agreement (this “Agreement”) is made and entered into as of July 22, 2011, by and among YRC Worldwide Inc., a Delaware corporation (the “Company”), and each of the holders listed on the holders’ signature
page hereto (each a “Holder”, and collectively, the “Holders”). Additional Holders of Registrable Securities (as defined below) may become party to this Agreement subsequent to the date hereof by executing a Joinder
to this Agreement substantially in the form attached hereto as Annex C. The Company and the Holders are sometimes referred to herein collectively as the “Parties” and each of them individually, as a “Party”).

 This Agreement is made pursuant to the letter agreement related to restructuring, dated as of April 29, 2011, as
amended, among the Company and the participating lenders party thereto, including the Holders (the “Restructuring Agreement”). The Series B Preferred (as defined below) has the rights, powers, preferences and limitations thereof set
forth in the Certificate of Designations, Preferences, Powers and Rights of Series B Convertible Preferred Stock of YRC Worldwide Inc. (the “Certificate of Designations”). 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company and each of the Holders agree as follows: 
  

	1.	Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Certificate of Designations shall have the meanings given such terms
in the Certificate of Designations. As used in this Agreement, the following terms shall have the following meanings: 

 “Advice” shall have the meaning set forth in Section 7(d). 
 “Affiliate” means, with respect to any person, any other person which directly or indirectly controls, is controlled by, or is under common control with, such person. 

“Agreement” shall have the meaning set forth in the Preamble. 

“Business Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general
transaction of business. 
 “Closing Date” means July 22, 2011, the date this Agreement is executed by the
parties thereto. 
 “Commission” means the Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, par value $0.01 per share, and any securities into which such
common stock may hereinafter be reclassified. 
 “Company” shall have the meaning set forth in the Preamble.

 “Effective Date” means the date that the Registration Statement filed pursuant to Section 2(a)
is first declared effective by the Commission. 
 “Effectiveness Deadline” means, with
respect to the Initial Registration Statement or the New Registration Statement, sixty (60) days after the Filing Deadline; provided, however, that if the Company is notified by the Commission that the Initial Registration Statement will
not be reviewed, the Effectiveness Deadline as to such Registration Statement shall be the second (2nd) Business Day following the date that such notice is received by the Company; provided, further, however, that if the Company is notified by the Commission that the Initial Registration
Statement will be reviewed and thereafter the Company is notified that the Registration Statement is no longer subject to further review and comments, the Effectiveness Deadline as to such Registration Statement shall be the fifth (5th) Business Day following the date on which the Company is so
notified so long as such date shall not be after seventy-five (75) days after the Filing Deadline; provided, further, that if (i) the Effectiveness Deadline falls on a Saturday, Sunday or other day that the Commission is closed for
business, the Effectiveness Deadline shall be 

 
extended to the next Business Day on which the Commission is open for business or (ii) the Effectiveness Deadline falls on a date on which the Initial Registration Statement is not eligible
to be declared effective under applicable rules and regulations of the Commission, the Effectiveness Deadline shall be extended to the first Business Day on which such Initial Registration Statement is so eligible to be declared effective by the
Commission. 
 “Effectiveness Period” shall have the meaning set forth in Section 2(b). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Filing Deadline” means, with respect to the Initial Registration Statement required to be filed
pursuant to Section 2(a), the fifth Business Day following the date of the consummation of the Merger (as defined in the Restructuring Agreement). 
 “Holder” or “Holders” shall have the meaning set forth in the Preamble, together with any other holder or holders, as the case may be, from time to time of Registrable
Securities. 
 “Indemnified Party” shall have the meaning set forth in Section 5(c). 

“Indemnifying Party” shall have the meaning set forth in Section 5(c). 

“Initial Registration Statement” means the initial Registration Statement filed pursuant to Section 2(a) of
this Agreement. 
 “Losses” shall have the meaning set forth in Section 5(a). 

“New Registration Statement” shall have the meaning set forth in Section 2(a). 

“Other Registrable Securities” means (i) “Registrable Securities” within the meaning of the Series A
Notes Registration Rights Agreement and (ii) “Registrable Securities” within the meaning of the Series B Notes Registration Rights Agreement. 
 “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or
an agency or subdivision thereof) or other entity of any kind. 
 “Principal Market” means the Trading Market
on which the Common Stock is primarily listed on and quoted for trading, which, as of the Closing Date, shall be the Nasdaq Global Select Market. 
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or
threatened. 
 “Prospectus” means the prospectus included in a Registration Statement (including, without
limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and
all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Restructuring
Agreement” shall have the meaning set forth in the Recitals. 
 “Registrable Securities” means
(i) all of the Common Stock held by Holders as a result of the conversion of the Series B Preferred and (ii) any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with
respect to the foregoing, provided, that the Holder has completed and delivered 

  
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to the Company a Selling Securityholder Questionnaire; and provided, further, that such securities shall cease to be Registrable Securities upon the earliest to occur of the following:
(A) sale pursuant to a Registration Statement or Rule 144 under the Securities Act (in which case, only such security sold shall cease to be a Registrable Security); or (B) becoming eligible for sale without restriction under Rule 144 by
Holders. 
 “Registration Statements” means any one or more registration statements of the Company filed under
the Securities Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement (including without limitation the Initial Registration Statement, the New Registration Statement and any Remainder
Registration Statements), amendments and supplements to such Registration Statements, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such Registration
Statements. 
 “Remainder Registration Statement” shall have the meaning set forth in Section 2(a).

 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted
by the Commission having substantially the same effect as such Rule. 
 “Rule 424” means Rule 424 promulgated
by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“SEC Guidance” means (i) any publicly-available written or oral guidance, comments, requirements or requests of the
Commission staff and (ii) the Securities Act. 
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder. 
 “Selling Securityholder Questionnaire” means
a questionnaire in the form attached as Annex B hereto, or such other form of questionnaire as may reasonably be adopted by the Company from time to time. 
 “Series A Notes” means the 10% Series A Convertible Senior Secured Notes due 2015 issued pursuant to the Indenture dated as of the date hereof, among the Company, the Guarantors and U.S.
Bank National Association, as trustee. 
 “Series A Notes Registration Rights Agreement” means the Registration
Rights Agreement dated as of the date hereof, among the Company, the Guarantors and the persons party thereto relating to the Series A Notes. 
 “Series B Notes” means the 10% Series B Convertible Senior Secured Notes due 2015 issued pursuant to the Indenture dated as of the date hereof, among the Company, the Guarantors and U.S.
Bank National Association, as trustee. 
 “Series B Notes Registration Rights Agreement” means the Registration
Rights Agreement dated as of the date hereof, among the Company, the Guarantors and the persons party thereto relating to the Series B Notes. 
 “Series B Preferred” means the Company’s Series B Convertible Preferred Stock. 
 “Trading Day” means (i) a day on which the Common Stock is listed or quoted and traded on its Principal Market (other than the OTC Bulletin Board), or (ii) if the Common Stock
is not listed on a Trading Market (other than the OTC Bulletin Board or “pink sheets”), a day on which the Common Stock is traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock is
not quoted on any Trading Market 

  
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(other than the “pink sheets”), a day on which the Common Stock is quoted in the over-the-counter market as reported in the “pink sheets” by Pink Sheets LLC (or any similar
organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business
Day. 
 “Trading Market” means whichever of the New York Stock Exchange, the American Stock Exchange, the
NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market, the OTC Bulletin Board or the “pink sheets” on which the Common Stock is listed or quoted for trading on the date in question. 

 

	2.	Registration. 

 (a) On or prior to the Filing Deadline, the Company shall prepare and file with the Commission a Registration Statement covering the resale of all of the Registrable Securities for an offering to be made
on a continuous basis pursuant to Rule 415 or, if Rule 415 is not available for offers and sales of the Registrable Securities, by such other means of distribution of Registrable Securities as the Holders may reasonably specify (the “Initial
Registration Statement”). The Initial Registration Statement shall be on Form S-3 (except if the Company is then ineligible to register for resale of the Registrable Securities on Form S-3, in which case such registration shall be on such
other form available to register for resale of the Registrable Securities as a secondary offering) subject to the provisions of Section 2(e) and shall contain (except if otherwise required pursuant to written comments received from the
Commission upon a review of such Registration Statement) the “Plan of Distribution” section attached hereto as Annex A. Notwithstanding the registration obligations set forth in this Section 2, in the event the Commission
informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly (i) inform each
of the holders thereof and use its commercially reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission and/or (ii) withdraw the Initial Registration Statement and file a new registration
statement (a “New Registration Statement”), in either case covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to register for resale the
Registrable Securities as a secondary offering; provided, however, that prior to filing such amendment or New Registration Statement, the Company shall be obligated to use its commercially reasonable efforts to advocate with the Commission
for the registration of all of the Registrable Securities in accordance with the SEC Guidance. Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth a limitation of the number of Registrable Securities permitted to be
registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the Commission for the registration of all or a greater number of Registrable Securities), unless
otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement will first be reduced by Registrable Securities not acquired pursuant to the
Restructuring Agreement (whether pursuant to registration rights or otherwise) and second by Registrable Securities and Other Registrable Securities on a pro rata basis based on the sum of the Conversion Shares (as defined in the Series A
Registration Rights Agreement), the Conversion Shares (as defined in the Series B Registration Rights Agreement) and the number of shares of Registrable Common Stock held by such Holders, subject to any written determination by the Commission that
certain Holders must be reduced first. In the event the Company amends the Initial Registration Statement or files a New Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will use its commercially
reasonable efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements on Form S-3 or such other form available to
register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended, or the New Registration Statement (the “Remainder Registration Statements”). 

(b) The Company shall use its commercially reasonable efforts to cause each Registration Statement to be declared
effective by the Commission as soon as practicable and, with respect to the Initial Registration Statement or the New Registration Statement, as applicable, no later than the Effectiveness Deadline (including filing with the Commission a request for
acceleration of effectiveness in accordance with Rule 461 promulgated under the Securities Act within five (5) Business Days after the date that the 

  
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Company is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed,” or not be subject to further review and the
effectiveness of such Registration Statement may be accelerated). The Company shall use its commercially reasonable efforts to keep each Registration Statement continuously effective under the Securities Act until the earlier of (i) such time
as all of the Registrable Securities covered by such Registration Statement have been publicly sold by the Holders or (ii) the date that all Registrable Securities covered by such Registration Statement may be sold without restriction by the
Holders under Rule 144 as determined by counsel to the Company pursuant to a written opinion letter to such effect, addressed and reasonably acceptable to the Company’s transfer agent (the “Effectiveness Period”). The Company
shall request effectiveness of a Registration Statement as of 5:00 p.m. New York City time on a Trading Day. The Company shall promptly notify the Holders via facsimile or electronic mail of a “.pdf” format data file of the effectiveness
of a Registration Statement within one (1) business day of the Effective Date. The Company shall, by 9:30 a.m. New York City Time on the first Trading Day after the Effective Date, file a final Prospectus with the Commission, as and if required
by Rule 424(b). 
 (c) [RESERVED]. 

(d) The Company acknowledges that it has received from each Holder a completed Selling Securityholder Questionnaire in the
form of Annex B hereto on or prior to the date of the execution of this Agreement containing the information required by the Company to file the Initial Registration Statement and to name each Holder as a selling securityholder therein.
Except with respect to the filing of the Initial Registration Statement, at least ten (10) Trading Days prior to the anticipated filing date of a Registration Statement under this Agreement, the Company will notify each Holder of any
information relating to such Holder other than the information previously provided in the Selling Securityholder Questionnaire, if any, required to be included in such Registration Statement which information shall be delivered to the Company
promptly upon request and, in any event, within five (5) Trading Days prior to the applicable anticipated filing date. Each Holder acknowledges and agrees that the information in the Selling Securityholder Questionnaire or request for further
information as described in this Section 2(d) will be used by the Company in the preparation of the Registration Statement and hereby consents to the inclusion of such information in the Registration Statement. 

(e) Notwithstanding anything to the contrary herein, at any time after the Registration Statement has been declared
effective by the Commission, the Company may delay the disclosure of material non-public information concerning the Company if the disclosure of such information at the time is not, in the good faith judgment of the Company, in the best interests of
the Company (a “Grace Period”); provided, however, the Company shall promptly (i) notify the Holders in writing of the existence of material non-public information giving rise to a Grace Period (provided that the Company
shall not disclose the content of such material non-public information to the Holders) or the need to file a post-effective amendment, as applicable, and the date on which such Grace Period will begin, and (ii) notify the Holders in writing of
the date on which the Grace Period ends; provided, further, that no single Grace Period shall exceed thirty (30) consecutive days, and during any three hundred sixty-five (365) day period, the aggregate of all Grace Periods shall
not exceed an aggregate of sixty (60) days (each Grace Period complying with this provision being an “Allowable Grace Period”). For purposes of determining the length of a Grace Period, the Grace Period shall be deemed to begin
on and include the date the Holders receive the notice referred to in clause (i) above and shall end on and include the later of the date the Holders receive the notice referred to in clause (ii) above and the date referred to in such
notice; provided, however, that no Grace Period shall be longer than an Allowable Grace Period. Notwithstanding anything to the contrary, the Company shall cause the transfer agent with respect to the shares of Common Stock to deliver
unlegended shares of Common Stock to a transferee of a Holder in connection with any sale of Registrable Securities with respect to which a Holder has entered into a contract for sale prior to the Holder’s receipt of the notice of a Grace
Period and for which the Holder has not yet settled. 
 (f) In the event that Form S-3 is not available for the
registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on another appropriate form reasonably acceptable to the Holders and (ii) undertake to register the
Registrable Securities on Form S-3 promptly after such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering
the Registrable Securities has been declared effective by the Commission. 

  
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	3.	Registration Procedures. 

 In connection with the Company’s registration obligations hereunder, the Company shall: 
 (a) Not less than five (5) Trading Days prior to the filing of a Registration Statement (other than the Initial Registration Statement) and not less than one (1) Trading Day prior to the filing
of any related Prospectus or any amendment or supplement thereto (except for Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any similar or successor reports), the Company shall, furnish to the
Holder copies of such Registration Statement, Prospectus or amendment or supplement thereto, as proposed to be filed, which documents will be subject to the review of such Holder (it being acknowledged and agreed that if a Holder does not object to
or comment on the aforementioned documents within such five (5) Trading Day or one (1) Trading Day period, as the case may be, then the Holder shall be deemed to have consented to and approved the use of such documents). The Company shall
not file any Registration Statement or amendment or supplement thereto in a form to which a Holder reasonably objects in good faith, provided that, the Company is notified of such objection in writing within the five (5) Trading Day or one
(1) Trading Day period described above, as applicable. 
 (b)(i) Prepare and file with the Commission such
amendments (including post-effective amendments) and supplements, to each Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable
Registrable Securities for its Effectiveness Period (except during an Allowable Grace Period); (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and,
as so supplemented or amended, to be filed pursuant to Rule 424 (except during an Allowable Grace Period); (iii) respond as promptly as reasonably practicable to any comments received from the Commission with respect to each Registration
Statement or any amendment thereto and, as promptly as reasonably possible, provide the Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to the Holders as
“Selling Securityholders” but not any comments that would result in the disclosure to the Holders of material and non-public information concerning the Company; and (iv) comply with the provisions of the Securities Act and the
Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement until such time as all of such Registrable Securities shall have been disposed of (subject to the terms of this Agreement) in accordance
with the intended methods of disposition by the Holders thereof as set forth in such Registration Statement as so amended or in such Prospectus as so supplemented; provided, however, that each Holder shall be responsible for the delivery of
the Prospectus to the Persons to whom such Holder sells any of the Registrable Securities (including in accordance with Rule 172 under the Securities Act), and each Holder agrees to dispose of Registrable Securities in compliance with the plan of
distribution described in the Registration Statement and otherwise in compliance with applicable federal and state securities laws. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this
Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or any analogous report under the Exchange Act, the Company shall have incorporated such report by reference into
such Registration Statement, if applicable, or shall file such amendments or supplements with the Commission on the same day on which the Exchange Act report which created the requirement for the Company to amend or supplement such Registration
Statement was filed. 
 (c) Notify the Holders (which notice shall, pursuant to clauses (iii) through
(v) hereof, be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably practicable (and not less than two (2) Trading Days after the event described in such
notice) and (if requested by any such Person) confirm such notice in writing no later than two (2) Trading Days following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is
proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on any Registration Statement (in which case the
Company shall provide 

  
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to each of the Holders true and complete copies of all comments that pertain to the Holders as a “Selling Securityholder” or to the “Plan of Distribution” and all written
responses thereto, but not information that the Company believes would constitute material and non-public information); and (C) with respect to each Registration Statement or any post-effective amendment, when the same has become effective;
(ii) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information, in each case, that pertains to the Holders as
“Selling Securityholders” or the “Plan of Distribution”; (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement
covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes the financial statements included in a
Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires
any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light of the circumstances under which they were made), not misleading. 

(d) Use commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any
order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as soon as practicable. 

(e) If requested by a Holder, furnish to such Holder, without charge, at least one conformed copy of each Registration
Statement and each amendment thereto and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that
the Company shall have no obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system. 
 (f) Prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate with the selling Holders in connection with the registration or
qualification (or exemption from the registration or qualification) of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder reasonably requests in
writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable
Securities covered by each Registration Statement; provided, that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such
jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction. 
 (g) Unless any Registrable Securities shall be in book-entry only form, if requested by the Holders, cooperate with the Holders to facilitate the timely preparation and delivery of certificates
representing the Registrable Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free of all restrictive legends, and to enable such Registrable Securities to be in such denominations and
registered in such names as any such Holders may reasonably request. 
 (h) Following the occurrence of any event
contemplated by Section 3(c)(iii)-(v), as promptly as reasonably practicable (taking into account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature disclosure of such
event), prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated

  
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therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light of the circumstances under which they were made), not
misleading. 
 (i) The Company may require each selling Holder to furnish to the Company a certified statement as
to (i) the number of shares of Common Stock beneficially owned by such Holder and any Affiliate thereof, (ii) any Financial Industry Regulatory Authority (“FINRA”) affiliations, (iii) any natural persons who have the
power to vote or dispose of the Common Stock and (iv) any other information as may be requested by the Commission, FINRA or any state securities commission. 

(j) The Company shall cooperate with the any registered broker dealer that is required to make a filing with FINRA
pursuant to NASD Rule 2710 in connection with the resale of any Registrable Securities by any Holder and pay the filing fee required for the first such filing. 
 4. Registration Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under this Agreement (excluding any underwriting discounts and
selling commissions) shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all
registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for trading, (B) with respect to compliance
with applicable state securities or Blue Sky laws (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities and determination of the
eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested by the Holders) and (C) if not previously paid by the Company in connection with an Issuer Filing, with respect to any filing that may be
required to be made by any broker through which a Holder intends to make sales of Registrable Securities with FINRA pursuant to the FINRA Rule 2710, so long as the broker is receiving no more than a customary brokerage commission in connection with
such sale, (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities, if applicable, and of printing of a reasonable number of prospectuses if the printing of prospectuses is requested
by the Holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability
insurance, if the Company so desires such insurance, (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement and (vii) legal fees and
expenses of one law firm retained by the Holders of a majority of the Registrable Securities requested to be included in the Registration Statement, together with any separate local counsel reasonably retained by such law firm. In addition, the
Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company
be responsible for any underwriting, broker or similar fees or commissions of any Holder or, except to the extent provided for in a written agreement between the Holders and the Company, any legal fees or other costs of the Holders. 

5. Indemnification. 
 (a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold harmless each Holder, the officers, directors, agents, partners,
members, managers, stockholders, Affiliates and employees of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors,
partners, members, managers, stockholders, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without
limitation, reasonable costs of preparation and investigation and reasonable attorneys’ fees) and expenses (or actions in respect thereof) (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any
untrue or alleged untrue 

  
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statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or
arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of
the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the
performance of its obligations under this Agreement, except to the extent, but only to the extent, that (A) such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information regarding such
Holder furnished in writing to the Company by such Holder expressly for use therein, (B) in the case of an occurrence of an event of the type specified in Section 3(c)(iii)-(v), related to the use by a Holder of an outdated or defective
Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated and defined in Section 7(d) below, but only if and to the extent
that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected or (C) any such Losses arise out of the Holder’s (or any other indemnified Person’s) failure to send or give a
copy of the Prospectus or supplement (as then amended or supplemented), if required, to the Persons asserting an untrue statement or alleged untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written
confirmation of the sale of Registrable Securities to such Person if such statement or omission was corrected in such Prospectus or supplement. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding
arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party (as
defined in Section 5(c)) and shall survive the transfer of the Registrable Securities by the Holders. 
 (b)
Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of
the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or
are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out
of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in light of the
circumstances under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such
Holder expressly for use therein or (ii) in the case of an occurrence of an event of the type specified in Section 3(c)(iii)-(v), to the extent, but only to the extent, related to the use by such Holder of an outdated or defective
Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 7(d). In no event shall the liability of any selling
Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

(c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person
entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall
have the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable fees and expenses incurred in connection with defense thereof; provided, that
the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of
competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party. An Indemnified Party shall have the right to employ separate counsel in
any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the actual or potential

  
 9 

 
defendants in, or targets of, any action include both the Indemnified Party and the Indemnifying Party and the Indemnified Party shall have reasonably concluded that there may be legal defenses
available to it and/or other Indemnified Parties which are different from or additional to those available to the Indemnifying Party; (2) the Indemnifying Party has agreed in writing to pay such fees and expenses; (3) the Indemnifying
Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (4) the named parties to any such Proceeding (including any impleaded
parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest exists if the same counsel were to represent such Indemnified Party and the
Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the
defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided, that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys at any time for all
Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding. Subject to the terms of this Agreement, all fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with
investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within twenty Trading Days of written notice thereof to the Indemnifying Party;
provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally judicially determined to not be entitled to
indemnification hereunder). The failure to deliver written notice to the Indemnifying Party within a reasonable time of the commencement of any such action shall not relieve such Indemnifying Party of any liability to the Indemnified Party under
this Section 5, except to the extent that the Indemnifying Party is materially and adversely prejudiced in its ability to defend such action. 
 (d) Contribution. If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless for any Losses, then
each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party
shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a
party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the
extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of the Registrable
Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. For the purposes of this Section 5,
each Person who controls any Holder of Registrable Securities shall have the same rights to contribution as such Holder. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

  
 10 

 
The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties and are not in diminution or
limitation of the indemnification provisions under the Restructuring Agreement. 
 6. Covenants. 

[RESERVED]. 
 7. Miscellaneous. 
 (a) Remedies. In the event of a
breach by the Company or by a Holder of any of their obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery
of damages, will be entitled to specific performance of its rights under this Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of
the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 

(b) No Piggyback on Registrations. During the Effectiveness Period, neither the Company nor any of its security
holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in a Registration Statement other than the Registrable Securities and the Other Registrable Securities, and the Company shall not during the
Effectiveness Period enter into any agreement providing any such right to any of its security holders. The Company shall not, from the date hereof until the date that is 10 days after the Effective Date of the Registration Statement, prepare and
file with the Commission a registration statement relating to an offering for its own account under the Securities Act of any of its equity securities other than a registration statement on Form S-8 or, in connection with an acquisition, on Form
S-4. For the avoidance of doubt, the Company shall not be prohibited from (A) preparing and filing with the Commission a registration statement contemplated by the Restructuring Agreement or (B) filing amendments to registration statements
filed prior to the date of this Agreement. 
 (c) Facilitation of Sales Pursuant to Rule 144 and Rule
144A. The Company covenants to the Holders of Registrable Securities that to the extent it shall be required to do so under the Exchange Act, it shall timely file the reports required to be filed by it under the Exchange Act or the Securities
Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and if at any time the Company is not required to file such reports, it shall upon the request of any Holder of Registrable
Securities, make available such information specified by Rule 144A(d)(1) under the Securities Act. The Company further covenants to take such further action as any Holder of Registrable Securities may reasonably request, to the extent required from
time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144 and Rule 144A. Upon the request of any Holder of Registrable Securities in
connection with that Holder’s sale pursuant to Rule 144 and Rule 144A, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. 

(d) No Required Sale. Nothing in this Agreement shall be deemed to create an independent obligation on the part of
any Holder to sell any Registrable Securities pursuant to any effective Registration Statement. 
 (e)
Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable
Securities pursuant to the Registration Statement and shall sell the Registrable Securities only in accordance with a method of distribution described in the Registration Statement 

  
 11 

 (f) Discontinued Disposition. By its acquisition of Registrable
Securities, each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(c)(iii)-(v), such Holder will forthwith discontinue disposition of such Registrable Securities
under a Registration Statement until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company may provide appropriate
stop orders to enforce the provisions of this paragraph. 
 (g) No Inconsistent Agreements. Neither the
Company nor any of its subsidiaries has entered, as of the date hereof, nor shall the Company or any of its subsidiaries, on or after the date hereof, enter into any agreement with respect to its securities, that would have the effect of impairing
the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. 
 (h)
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, or waived unless the same shall be in writing and signed by the Company and Holders holding a
majority of the then outstanding shares of Series B Preferred or Registrable Securities, provided that any party may give a waiver as to itself. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to
a matter that relates exclusively to the rights of Holders and that does not directly or indirectly affect the rights of other Holders may be given by Holders of all of the Registrable Securities to which such waiver or consent relates;
provided, however, that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the immediately preceding sentence. 

(i) Notices. Any notices, consents, waivers or other communications required or permitted to be given under the
terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party); or (iii) one Business Day after deposit with an overnight courier service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be: 
 If to the Company: 
 YRC Worldwide Inc. 
 10990 Roe Avenue 

Overland Park, Kansas 66211 
 Telephone: (913) 344-3334 
 Facsimile: (913) 696-6116 

Attention: Jeff P. Bennett 
 Vice President – Legal, Interim General Counsel and Secretary 
 With a copy
to (for information purposes only): 
 Kirkland & Ellis LLP 

300 North LaSalle Street 
 Chicago, Illinois 60654 
 Telephone: (312) 862-2232 

Facsimile: (312) 862-2200 
 Attention: Dennis M. Myers, P.C. 
 If to a Holder: 

To its most current address and facsimile number set forth on the record of the transfer agent of the Series B Preferred or Common Stock.

  
 12 

 In each case, with a copy to (for informational purposes only): 

Akin Gump Strauss Hauer & Feld LLP 
 One Bryant Park 
 New York, New York 10036 

Telephone: (212) 872-1000 
 Facsimile: (212) 872-1001 
 Attention: Michael Stamer, Esq. 

or to such other address, facsimile number and/or email address to the attention of such other Person as the recipient party has specified
by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically
or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by an overnight courier service shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively. 

(j) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of each of the parties and shall inure to the benefit of each Holder. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any
rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. The Company may not assign its rights or obligations hereunder without the prior written consent of the Holders
holding a majority of the then outstanding shares of Series B Preferred or Registrable Securities. Each Holder may assign its respective rights hereunder to any other Person so long as such other Person executes a Joinder to this Agreement
substantially in the form attached hereto as Annex C. 
 (k) Execution and Counterparts. This
Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement and shall become effective when counterparts have
been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature were the original
thereof. 
 (l) Governing Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York. 
 (m) Cumulative Remedies. The remedies provided herein are cumulative and
not exclusive of any other remedies provided by law. 
 (n) Severability. If any term, provision, covenant
or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect
and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their good faith reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable. 
 (o) Headings. The headings in this
Agreement are for convenience only and shall not limit or otherwise affect the meaning hereof. 

  
 13 

 (p) Independent Nature of Holders’ Obligations and Rights. The
obligations of each Holder under this Agreement are several and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder. The
decision of each Holder to purchase or acquire the Series B Preferred and the Registrable Securities pursuant to the Restructuring Agreement and related transaction documents has been made independently of any other Holder. Nothing contained herein
or in any other agreement or document delivered at any closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Holders are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Holder acknowledges that no other Holder has acted as agent for such Holder in
connection with making its investment hereunder and that no Holder will be acting as agent of such Holder in connection with monitoring its investment in the Series B Preferred and the Registrable Securities or enforcing its rights under the
Restructuring Agreement and related transaction documents. Each Holder shall be entitled to protect and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Holder
to be joined as an additional party in any Proceeding for such purpose. The Company acknowledges that each of the Holders has been provided with the same Registration Rights Agreement for the purpose of closing a transaction with multiple Holders
and not because it was required or requested to do so by any Holder. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, 

SIGNATURE PAGES TO FOLLOW] 

  
 14 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above. 
  

					
	COMPANY:
	
	YRC WORLDWIDE INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

Signature Page to Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above. 
  

					
	HOLDER:
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 Signature Page to Registration Rights Agreement 

 Annex A 
 PLAN OF DISTRIBUTION 
 We are registering certain shares of Common Stock
held by the selling securityholders to permit the resale of such shares of Common Stock by the holders of the shares of Common Stock from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the
selling securityholders of the shares of Common Stock. We will bear all fees and expenses incident to our obligation to register the shares of Common Stock. 
 The selling securityholders may sell all or a portion of the shares of Common Stock beneficially owned by them and offered hereby from time to time directly or through one or more underwriters,
broker-dealers or agents. If the shares of Common Stock are sold through underwriters or broker-dealers, the selling securityholders will be responsible for underwriting discounts or commissions or agent’s commissions. The shares of Common
Stock may be sold on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale, in the over-the-counter market or in transactions otherwise than on these exchanges or systems or in the
over-the-counter market and in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions,
which may involve crosses or block transactions. The selling securityholders may use any one or more of the following methods when selling shares: 
  

	 	•	 	 ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

 

	 	•	 	 block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to
facilitate the transaction; 

  

	 	•	 	 purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

 

	 	•	 	 an exchange distribution in accordance with the rules of the applicable exchange; 

 

	 	•	 	 privately negotiated transactions; 

  

	 	•	 	 settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part;

  

	 	•	 	 broker-dealers may agree with the selling securityholders to sell a specified number of such shares at a stipulated price per share;

  

	 	•	 	 through the writing or settlement of options or other hedging transactions, whether such options are listed on an options exchange or otherwise;

  

	 	•	 	 a combination of any such methods of sale; and 

  

	 	•	 	 any other method permitted pursuant to applicable law. 

 The selling securityholders also may resell all or a portion of the shares of Common Stock in open market transactions in reliance upon Rule 144 under the Securities Act or 1933, as amended, which we
refer to herein as the Securities Act, as permitted by that rule, or Section 4(1) under the Securities Act, if available, rather than under this prospectus, provided that they meet the criteria and conform to the requirements of those
provisions. 
 Broker-dealers engaged by the selling securityholders may arrange for other broker-dealers to participate in
sales. If the selling securityholders effect such transactions by selling shares of Common Stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts,
concessions or commissions from the selling securityholders or commissions from purchasers of the shares of Common Stock for whom they may act as agent or to whom they may sell as principal. Such commissions will be in amounts to be negotiated, but,
except as set forth in a supplement to this prospectus, in the case of an agency transaction will not be in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or
markdown in compliance with FINRA IM-2440. 

  
 A-1

 In connection with sales of the shares of Common Stock or otherwise, the selling
securityholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the shares of Common Stock in the course of hedging in positions they assume. The selling
securityholders may also sell shares of Common Stock short and if such short sale shall take place after the date that the registration statement of which this prospectus forms a part is declared effective by the Commission, the selling
securityholders may deliver shares of Common Stock covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling securityholders may also loan or pledge shares of Common Stock
to broker-dealers that in turn may sell such shares, to the extent permitted by applicable law. The selling securityholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one
or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus
(as supplemented or amended to reflect such transaction). Notwithstanding the foregoing, the selling securityholders have been advised that they may not use shares registered on the registration statement of which this prospectus forms a part to
cover short sales of our common stock made prior to the date such registration statement has been declared effective by the SEC. 
 The selling securityholders may, from time to time, pledge or grant a security interest in some or all of the shares of Common Stock owned by them and, if they default in the performance of their secured
obligations, the pledgees or secured parties may offer and sell the shares of Common Stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act,
amending, if necessary, the list of selling securityholders to include the pledgee, transferee or other successors in interest as selling securityholders under this prospectus. The selling securityholders also may transfer and donate the shares of
Common Stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

The selling securityholders and any broker-dealer or agents participating in the distribution of the shares of Common Stock may be deemed
to be “underwriters” within the meaning of Section 2(11) of the Securities Act in connection with such sales. In such event, any commissions paid, or any discounts or concessions allowed to, any such broker-dealer or agent and any
profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Selling securityholders who are “underwriters” within the meaning of Section 2(11) of the
Securities Act will be subject to the applicable prospectus delivery requirements of the Securities Act and may be subject to certain statutory liabilities of, including but not limited to, Sections 11, 12 and 17 of the Securities Act and
Rule 10b-5 under the Securities Exchange Act of 1934, as amended, which we refer to herein as the Exchange Act. 
 Each
selling securityholder has informed the Company that it is not a registered broker-dealer and does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the Common Stock. Upon the Company
being notified in writing by a selling securityholder that any material arrangement has been entered into with a broker-dealer for the sale of Common Stock through a block trade, special offering, exchange distribution or secondary distribution or a
purchase by a broker or dealer, a supplement to this prospectus will be filed, if required, pursuant to Rule 424(b) under the Securities Act, disclosing (i) the name of each such selling securityholder and of the participating broker-dealer(s),
(ii) the number of shares involved, (iii) the price at which such the shares of Common Stock were sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such
broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference in this prospectus, and (vi) other facts material to the transaction. In no event shall any broker-dealer receive fees,
commissions and markups, which, in the aggregate, would exceed eight percent (8%). 
 Under the securities laws of some states,
the shares of Common Stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of Common Stock may not be sold unless such shares have been registered or qualified for sale in
such state or an exemption from registration or qualification is available and is complied with. 
 There can be no assurance
that any selling securityholder will sell any or all of the shares of Common Stock registered pursuant to the shelf registration statement, of which this prospectus forms a part. 

  
 A-2

 Each selling securityholder and any other person participating in such distribution will be
subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the
shares of Common Stock by the selling securityholder and any other participating person. To the extent applicable, Regulation M may also restrict the ability of any person engaged in the distribution of the shares of Common Stock to engage in
market-making activities with respect to the shares of Common Stock. All of the foregoing may affect the marketability of the shares of Common Stock and the ability of any person or entity to engage in market-making activities with respect to the
shares of Common Stock. 
 We will pay all expenses of the registration of the shares of Common Stock pursuant to the
registration rights agreement, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities or “blue sky” laws; provided, however, that each selling
securityholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling securityholders against certain liabilities, including some liabilities under the Securities Act, in accordance with the registration
rights agreement, or the selling securityholders will be entitled to contribution. We may be indemnified by the selling securityholders against civil liabilities, including liabilities under the Securities Act that may arise from any written
information furnished to us by the selling securityholders specifically for use in this prospectus, in accordance with the related registration rights agreements, or we may be entitled to contribution. 

  
 A-3

 Annex B 
 YRC WORLDWIDE, INC. 
 SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE

 The undersigned holder of Common Stock of YRC Worldwide, Inc. (the “Company”) is party to the Registration
Rights Agreement relating to such securities entered into by the Company, the undersigned and the other Holders signatory thereto (the “Agreement”). The undersigned understands that the Company intends to file with the Securities and
Exchange Commission a registration statement on Form S-3 (the “Resale Registration Statement”) for the registration and the resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the
Registrable Securities in accordance with the terms of the Agreement. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Agreement. 

In order to sell or otherwise dispose of any Registrable Securities pursuant to the Resale Registration Statement, a holder of
Registrable Securities generally will be required to be named as a selling securityholder in the related prospectus or a supplement thereto (as so supplemented, the “Prospectus”), deliver the Prospectus to purchasers of Registrable
Securities (including pursuant to Rule 172 under the Securities Act) and be bound by the provisions of the Agreement (including certain indemnification provisions, as described below). Holders must complete and deliver this Selling Securityholder
Notice and Questionnaire (“Notice and Questionnaire”) in order to be named as selling securityholders in the Prospectus. 
 Certain legal consequences arise from being named as a selling securityholder in the Resale Registration Statement and the Prospectus. Holders of Registrable Securities are advised to consult their own
securities law counsel regarding the consequences of being named or not named as a selling securityholder in the Resale Registration Statement and the Prospectus. 
 NOTICE 
 The undersigned holder (the “Selling Securityholder”) of
Registrable Securities hereby gives notice to the Company of its intention to sell or otherwise dispose of Registrable Securities owned by it and listed below in Item (3), unless otherwise specified in Item (3), pursuant to the Resale Registration
Statement. The undersigned, by signing and returning this Notice and Questionnaire, understands and agrees that it will be bound by the terms and conditions of this Notice and Questionnaire and the Agreement. 

  
 B-1

 The undersigned hereby provides the following information to the Company and represents and
warrants that such information is accurate and complete: 
 QUESTIONNAIRE 

 

	1.	Name: 

  

	 	(a)	Full Legal Name of Selling Securityholder: 

 __________________________________________________________________________________________________ 
  

	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities Listed in Item 3 below are held:

 __________________________________________________________________________________________________ 

 

	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities
covered by the questionnaire): 

__________________________________________________________________________________________________ 

 

	2.	Address for Notices to Selling Securityholder: 

  

	
	
	______________________________________________________________________________________________
	
	______________________________________________________________________________________________
	
	______________________________________________________________________________________________
	
	Telephone: _____________________________________________________________________________________
	
	Fax: __________________________________________________________________________________________
	
	Contact Person: _________________________________________________________________________________
	
	E-mail address of Contact Person: ___________________________________________________________________

  

	3.	Beneficial Ownership of Registrable Securities Issuable Pursuant to the Restructuring Agreement: 

 

	 	(a)	Type and Number of Registrable Securities beneficially owned and issued pursuant to the Agreement: 

	
	
	______________________________________________________________________________________________
	
	______________________________________________________________________________________________
	
	______________________________________________________________________________________________

  
 B-2

	 	(b)	Number of shares of Common Stock to be registered pursuant to this Notice for resale: 

	
	
	______________________________________________________________________________________________
	
	______________________________________________________________________________________________
	
	______________________________________________________________________________________________

  

	4.	Broker-Dealer Status: 

  

	 	(a)	Are you a broker-dealer? 

Yes  ̈             
No  ̈ 
  

	 	(b)	If “yes” to Section 4(a), did you receive your Registrable Securities as compensation for investment banking services to the Company?

Yes  ̈             
No  ̈ 
 Note: If no, the Commission’s staff has indicated that you
should be identified as an underwriter in the Registration Statement. 
  

	 	(c)	Are you an affiliate of a broker-dealer? 

 Yes  ̈             No  ̈

 Note: If yes, provide a narrative explanation below: 

 

	 	(d)	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course of business, and at the time of the
purchase of the Registrable Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities? 

Yes  ̈             
No  ̈ 
 Note: If no, the Commission’s staff has indicated that you
should be identified as an underwriter in the Registration Statement. 
  

	5.	Beneficial Ownership of Other Securities of the Company Owned by the Selling Securityholder: 

Except as set forth below in this Item 5, the undersigned is not the beneficial or registered owner of any securities of the
Company other than the Registrable Securities listed above in Item 3. 
 Type and amount of other securities
beneficially owned: 

	
	
	______________________________________________________________________________________________
	
	______________________________________________________________________________________________

  

	6.	Relationships with the Company: 

 Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned) has held
any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years. 

  
 B-3

 State any exceptions here: 

	
	
	______________________________________________________________________________________________
	
	______________________________________________________________________________________________

 *********** 
 The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof and prior to the effective date of any
applicable Resale Registration Statement. All notices hereunder and pursuant to the Agreement shall be made in writing, by hand delivery, confirmed or facsimile transmission, first-class mail or air courier guaranteeing overnight delivery at the
address set forth below. In the absence of any such notification, the Company shall be entitled to continue to rely on the accuracy of the information in this Notice and Questionnaire. 
 The undersigned hereby acknowledges its obligations under the Agreement to indemnify and hold harmless the Company and certain other persons as set forth in the Agreement. 

By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items (1) through (6) above
and the inclusion of such information in the Resale Registration Statement and the Prospectus. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of any such
Registration Statement and the Prospectus. 
 By signing below, the undersigned acknowledges that it understands its obligation to comply, and
agrees that it will comply, with the provisions of the Exchange Act and the rules and regulations thereunder, particularly Regulation M in connection with any offering of Registrable Securities pursuant to the Resale Registration Statement. The
undersigned also acknowledges that it understands that the answers to this Questionnaire are furnished for use in connection with Registration Statements filed pursuant to the Registration Rights Agreement and any amendments or supplements thereto
filed with the Commission pursuant to the Securities Act. 
 The undersigned hereby acknowledges and is advised of the following Interpretation
A.65 of the July 1997 SEC Manual of Publicly Available Telephone Interpretations regarding short selling: 
 “An Issuer filed a Form S-3
registration statement for a secondary offering of common stock which is not yet effective. One of the selling securityholders wanted to do a short sale of common stock “against the box” and cover the short sale with registered shares
after the effective date. The issuer was advised that the short sale could not be made before the registration statement become effective, because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would,
therefore, be a violation of Section 5 if the shares were effectively sold prior to the effective date.” 
 By returning this
Questionnaire, the undersigned will be deemed to be aware of the foregoing interpretation. 
 I confirm that, to the best of my knowledge and
belief, the foregoing statements (including without limitation the answers to this Questionnaire) are correct. 
 IN WITNESS WHEREOF the
undersigned, by authority duly given, has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

							
	Dated:__________________________	    		 	Beneficial Owner:________________________________________
				
		    		 	By:	 	 
		    		 	Name:	 	
		    		 	Title:	 	

  
 B-4

 PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY
OVERNIGHT MAIL, TO: 
 Kirkland & Ellis LLP 

300 North LaSalle Street 
 Chicago, Illinois 60654 
 Attention: Wayne E. Williams 

Telephone: (312) 862-7135 
 Fax: (312) 862-2200 
 Email: wayne.williams@kirkland.com 

  
 B-5

 Annex C 
 JOINDER AGREEMENT 
 This Joinder Agreement
(“Joinder”) is executed by the undersigned pursuant to the terms of the Registration Rights Agreement dated as of July 22, 2011, by and among YRC Worldwide Inc. (the “Company”) and the holders party thereto, a
copy of which is attached hereto (as such agreement may be amended, supplemented or modified as of the date hereof, the “Registration Rights Agreement”). Capitalized terms used herein without definition are defined in the
Registration Rights Agreement and are used herein with the same meanings set forth therein. 
 By the execution of this Joinder,
the undersigned agrees as follows: 
  

	 	1.	Agreement to be Bound. The undersigned by delivering this Joinder agrees that it shall become a party to the Registration Rights Agreement as a
“Holder” and shall be bound by the terms and provisions thereof. 

  

	 	2.	Questionnaire. The undersigned has delivered to the Company at or prior to the execution of this Joinder a duly executed and completed copy of the Selling
Securityholder Notice and Questionnaire (the form of which is attached as Annex B to the Registration Rights Agreement) and shall comply with the provisions of Section 2(d) of the Registration Rights Agreement. 

 

	 	3.	Effectiveness. This Joinder shall take effect and the undersigned shall be bound by the terms and provisions of the Registration Rights Agreement immediately
upon the execution hereof. 

  

	 	4.	Law. This Joinder shall be governed by, and construed in accordance with, the laws of the State of New York. 

			
		
		 	 
	Name
	
	  

Signature

	
	  

Date

	
	  
 Number and/or
Principal Amount of
 Registrable Securities Owned

  
 C-1Amended and Restated Pledge and Security Agreement

 Exhibit 10.12 
 EXECUTION COPY 
 AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT

 THIS AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT (as the same may be amended, restated, supplemented or
otherwise modified from time to time, this “Security Agreement”) is entered into as of July 22, 2011 by and among YRC Worldwide Inc., a Delaware corporation (the “Borrower”), the Subsidiaries of the Borrower
listed on the signature pages hereto (together with the Borrower, the “Initial Grantors,” and together with any additional Subsidiaries, whether now existing or hereafter acquired or formed, which become parties to this Security
Agreement by executing a Security Agreement Supplement hereto in substantially the form of Annex I, the “Grantors”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association, in its capacity as
administrative agent (the “Administrative Agent”) and as collateral agent (the “Collateral Agent”) for itself and for the Holders of Secured Obligations. 

PRELIMINARY STATEMENT 
 WHEREAS, the Borrower, the financial institutions party thereto (collectively, the “Lenders”), and the Administrative Agent have entered into that certain Credit Agreement dated as of
August 17, 2007 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”); 

WHEREAS, in connection with the Existing Credit Agreement, the Grantors have entered into that certain Pledge and Security Agreement,
dated as of August 6, 2008 among the Grantors and the Collateral Agent (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Existing Pledge and Security Agreement”) to
secure their obligations to the Holders of Secured Obligations pursuant to the terms of the Existing Pledge and Security Agreement; 
 WHEREAS, the Grantors, other than the Borrower, have guaranteed the repayment of the Secured Obligations pursuant to that certain Amended and Restated Subsidiary Guarantee Agreement dated as of
February 12, 2009 (as the same may be amended, restated, amended and restated, supplemented, renewed, replaced, extended, restructured or otherwise modified from time to time, the “Guaranty”); 

WHEREAS, the Borrower, the Lenders and the Administrative Agent have agreed to amend and restate the Existing Credit Agreement pursuant
to the certain Amended and Restated Credit Agreement dated as of the date hereof (as the same may be amended, restated, amended and restated, supplemented, renewed, replaced, extended, restructured or otherwise modified from time to time, the
“Credit Agreement”); 
 WHEREAS, the parties hereto wish to amend and restate the Existing Pledge and Security
Agreement in its entirety; 
 WHEREAS, each Grantor has agreed to grant and, to the extent applicable, reaffirm its prior grant
of, a security interest in all or substantially all of its personal property and to pledge and, to the extent applicable, reaffirm its prior pledge of, its capital stock, membership interests or partnership interests in certain of its Subsidiaries
to the Collateral Agent, for the benefit of the Holders of Secured Obligations, as security for the Secured Obligations and the “Guaranteed Obligations” (as defined in the Guaranty); and 

 WHEREAS, the Administrative Agent and the Lenders have required, as a condition, among
others, to the effectiveness of the Credit Agreement and the other Loan Documents, that each Grantor execute and deliver this Security Agreement. 
 NOW, THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantors and the Collateral Agent on
behalf of the Holders of Secured Obligations, hereby agree as follows: 
 ARTICLE I 

DEFINITIONS; AMENDMENT AND RESTATEMENT; REAFFIRMATION 
 1.1. Terms Defined in the Credit Agreement. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement. 

1.2. Terms Defined in UCC. Terms defined in the UCC which are not otherwise defined in this Security Agreement or the Credit Agreement
are used herein as defined in the UCC. 
 1.3. Definitions of Certain Terms Used Herein. As used in this Security Agreement, in
addition to the terms defined in the Preliminary Statement, the following terms shall have the following meanings: 

“ABL Documents” has the meaning given such term in the Intercreditor Agreement. 

“ABL Representative” has the meaning given to such term in the Intercreditor Agreement. 

“Accounts” shall have the meaning set forth in Article 9 of the UCC. 

“Administrative Agent” means JPMorgan Chase Bank, National Association in its capacity as administrative agent under the
Credit Agreement. 
 “Article” means a numbered article of this Security Agreement, unless another document is
specifically referenced. 
 “Chattel Paper” shall have the meaning set forth in Article 9 of the UCC.

 “Collateral” means all Accounts, Chattel Paper, Commercial Tort Claims, Copyrights, Deposit Accounts,
Documents, Equipment (including, without limitation, all Tractor Trailers), Farm Products, Fixtures, General Intangibles, Goods, Instruments, Inventory, Investment Property, letters of credit, Letter-of-Credit Rights, Licenses, Patents, Pledged
Deposits, Receivables, Supporting Obligations, Trademarks and Other Collateral, wherever located, in which any Grantor now has or hereafter acquires any right or interest, and the proceeds (including Stock Rights), insurance proceeds and products
thereof, together with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto; provided, that, Collateral shall exclude Identified Collateral until the
Collateral Agent delivers to the Borrower written notice that Collateral shall include Identified Collateral, and, following delivery of such notice, Identified Collateral shall be, and shall be deemed to be, Collateral for all purposes of this
Security Agreement; provided, further, that, notwithstanding the foregoing, Collateral shall exclude the Excluded Property. 

  
 2 

 “Commercial Tort Claims” means commercial tort claims, as defined in the
UCC of any Grantor, including each commercial tort claim specifically described in Exhibit “F”; provided, that, notwithstanding the foregoing, Commercial Tort Claims shall exclude the Excluded Property. 

“Control” shall have the meaning set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107
of Article 9 of the UCC. 
 “Convertible Note Documents” has the meaning given such term in the Intercreditor
Agreement. 
 “Convertible Note Representative” has the meaning given such term in the Intercreditor Agreement.

 “Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and
to the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all extensions of any of the foregoing; (c) all income, royalties,
damages, and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and
future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 
 “Default” means an event described in Section 5.1(a) hereof. 
 “Deposit Account” shall have the meaning set forth in Article 9 of the UCC. 
 “Deposit Account Control Agreement” means an agreement among any Grantor, a banking institution holding such Grantor’s funds, the Collateral Agent, the Convertible Note
Representative, if any, and the ABL Representative, if any and to the extent applicable, with respect to collection and Control of all deposits and balances held in all deposit accounts maintained by such Grantor with such banking institution (other
than deposit accounts constituting Excluded Property). 
 “Documents” shall have the meaning set forth in
Article 9 of the UCC. 
 “Equipment” shall have the meaning set forth in Article 9 of the UCC. 

“Event of Default” means an event described in Section 5.1(b) hereof. 

“Excluded Property” shall have the meaning assigned to such term in the Credit Agreement. 

“Exhibit” refers to a specific exhibit to this Security Agreement, unless another document is specifically referenced,
and each reference herein to an Exhibit, as it relates to a Grantor, shall mean, as of the relevant date of reference, the portion of such Exhibit or, after the date hereof, modifications thereto, as the case may be, as shall be set forth in the
relevant and current information relating to such Grantor as such information is provided by such Grantor or the Borrower to the Collateral Agent, (a) upon such Grantor becoming a party hereto, and (b) following changes, additions and
other revisions thereto to the extent required and within such time period as required pursuant to the terms hereof. 

“Farm Products” shall have the meaning set forth in Article 9 of the UCC. 

“Fixtures” shall have the meaning set forth in Article 9 of the UCC. 

  
 3 

 “General Intangibles” shall have the meaning set forth in Article 9 of the
UCC and, in any event, includes payment intangibles, contract rights, rights to payment, rights arising under common law, statutes, or regulations, choses or things in action, goodwill (including the goodwill associated with any Trademark), Patents,
Trademarks, Copyrights, URLs and domain names, Industrial Designs, other industrial or Intellectual Property or rights therein or applications therefor, whether under license or otherwise, programs, programming materials, blueprints, drawings,
purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, including Intellectual Property Licenses, infringement claims, computer
programs, information contained on computer disks or tapes, software, literature, reports, catalogs, pension plan refunds, pension plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a partnership or
limited liability company which do not constitute a security under Article 8 of the Code, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, Goods, Investment Property, Documents,
Instruments, Letter-of-Credit Rights, letters of credit, and oil, gas, or other minerals before extraction. 

“Goods” shall have the meaning set forth in Article 9 of the UCC. 

“Identified Collateral” means any issued and outstanding Equity Interests of any Foreign Subsidiary (other than up to
65% of the issued and outstanding Equity Interests of any First Tier Foreign Subsidiary) to the extent directly owned by a Grantor). 
 “Industrial Designs” means (a) registered industrial designs and industrial design applications, and also includes registered industrial designs and industrial design applications
listed in Exhibit “B”, (b) all renewals, divisions and any industrial design registrations issuing thereon and any and all foreign applications corresponding thereto, (c) all income, royalties, damages and payments now and
hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past or future infringements thereof, (d) the right to sue for past, present and
future infringements thereof, and (e) all of each Grantor’s rights corresponding thereto throughout the world; provided, that, notwithstanding the foregoing, Industrial Designs shall exclude the Excluded Property. 

“Instruments” shall have the meaning set forth in Article 9 of the UCC. 

“Intellectual Property” means all Patents, Trademarks, Copyrights and any other intellectual property. 

“Intercreditor Agreement” means the Amended and Restated Intercreditor Agreement, dated as of July 22, 2011, among
the Convertible Note Representative, the ABL Representative, the Pension Fund Representative (as defined therein), the Collateral Agent and the Borrower and certain of its Subsidiaries, as the same may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time in accordance with the terms thereof. 
 “Inventory” shall
have the meaning set forth in Article 9 of the UCC. 
 “Investment Property” shall have the meaning set forth
in Article 9 of the UCC. 
 “Letter-of-Credit Rights” shall have the meaning set forth in Article 9 of the UCC.

 “Licenses” means, with respect to any Person, all of such Person’s right, title, and interest in and to
(a) any and all licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto,
including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 

  
 4 

 “Other Collateral” means any property of the Grantors, not included within
the defined terms Accounts, Chattel Paper, Commercial Tort Claims, Copyrights, Deposit Accounts, Documents, Equipment, Fixtures, Farm Products, General Intangibles, Goods, Instruments, Inventory, Investment Property, Letter-of-Credit Rights,
Licenses, Patents, Pledged Deposits, Receivables, Supporting Obligations and Trademarks, including, without limitation, all cash on hand, letters of credit, Stock Rights or any other deposits (general or special, time or demand, provisional or
final) with any bank or other financial institution, it being intended that the Other Collateral (and the Collateral) include all real and personal property of the Grantors; provided, that, notwithstanding the foregoing, Other Collateral
shall exclude the Excluded Property. 
 “Patents” means, with respect to any Person, all of such Person’s
right, title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and
continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements
thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world. 
 “Pension Fund Documents” has the meaning given such term in the Intercreditor Agreement. 
 “Pledged Deposits” means all time deposits of money (other than Deposit Accounts and Instruments), whether or not evidenced by certificates, which a Grantor may from time to time
designate as pledged to the Collateral Agent or to any Holder of Secured Obligations as security for any Secured Obligations, and all rights to receive interest on said deposits; provided, that, notwithstanding the foregoing, Pledged Deposits
shall exclude the Excluded Property. 
 “Receivables” means the Accounts, Chattel Paper, Documents, Investment
Property, Instruments or Pledged Deposits, and any other rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral. 
 “Rolling Stock” means any railroad car, locomotive, stacktrain or other rolling stock, or accessories used on such railroad cars, locomotives or other rolling stock (including
superstructures and racks); provided that, Rolling Stock shall exclude Tractor Trailers. 
 “Section” means a
numbered section of this Security Agreement, unless another document is specifically referenced. 
 “Secured
Obligations” shall have the meaning assigned to such term in the Credit Agreement. 
 “Security” shall
have the meaning set forth in Article 8 of the UCC. 
 “Securities Account” has the meaning set forth in
Article 8 of the UCC. 
 “Securities Account Control Agreement” means an agreement among any Grantor, a
securities intermediary with which any Grantor maintains a Securities Account, the Collateral Agent and the Convertible Note Representative, if any, and to the extent applicable, with respect to collection and Control of all assets held in such
Securities Account maintained by such Grantor with such securities intermediary. 

  
 5 

 “Stock Rights” means any securities, dividends, instruments or other
distributions and any other right or property which any Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any securities or other ownership interests in a
corporation, partnership, joint venture or limited liability company constituting Collateral and any securities, any right to receive securities and any right to receive earnings, in which any Grantor now has or hereafter acquires any right, issued
by an issuer of such securities; provided, that, notwithstanding the foregoing, Stock Rights shall exclude the Excluded Property. 
 “Supporting Obligation” shall have the meaning set forth in Article 9 of the UCC. 
 “Tractor Trailers” shall mean any vehicle, truck, tractor, trailer, tank trailer or other trailer, or similar vehicle or trailer. 

“Trademarks” means, with respect to any Person, all of such Person’s right, title, and interest in and to the
following: (a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all
licenses of the foregoing, whether as licensee or licensor; (c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages,
claims, and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and
(f) all rights corresponding to any of the foregoing throughout the world. 
 “Vehicle Title Custodian
Agreement” has the meaning given such term in the Credit Agreement. 
 Unless the context otherwise requires
(a) words in the singular include the plural, and words in the plural include the singular, (b) “or” is not exclusive, (c) “including” means including, without limitation, and (d) the words “herein,”
“hereof” and “hereunder” refer to this Security Agreement as a whole and not to any particular article or section hereof. 
 1.4. Amendment and Restatement. Each of the undersigned, by its signature below, hereby (i) agrees that this Security Agreement and the transactions contemplated hereby shall not limit or
diminish the obligations of such Person arising under or pursuant to the Existing Pledge and Security Agreement, except to the extent limited or diminished herein, (ii) reaffirms all of its obligations under the Existing Pledge and Security
Agreement, except to the extent such obligations have been limited, diminished or otherwise modified herein, (iii) reaffirms all Liens on the Collateral which have been granted by it in favor of the Collateral Agent (for itself and the other
Holders of Secured Obligations) pursuant to the Existing Pledge and Security Agreement as more specifically described in Section 2 below, and (iv) acknowledges and agrees that, subject to the amendments and other modifications
herein, the Existing Pledge and Security Agreement and the instruments, documents and agreements executed or delivered in connection therewith remain in full force and effect and is hereby reaffirmed, ratified and confirmed. 

1.5. Reaffirmation of Loan Documents. Each of the undersigned, by its signature below, hereby (a) acknowledges and consents
to the execution and delivery of each of the instruments, documents and agreements required in connection with the Credit Agreement, (b) agrees that the Credit Agreement and the transactions contemplated thereby shall not limit or diminish the
obligations of such Person arising under or pursuant to the Collateral Documents and the other Loan Documents to which it is a party except to the extent limited or diminished in any amendments or amendments and restatements thereto,
(c) reaffirms all of its obligations under the Loan Documents to which it is a party, except to the extent such obligations have been limited, diminished or otherwise modified therein, (d) reaffirms all Liens on any collateral (including
the Collateral) which have been granted by it in favor of the 

  
 6 

 
Administrative Agent pursuant to any of the Loan Documents, and (e) acknowledges and agrees that, , subject to the amendments and other modifications thereto, each Loan Document executed by
it remains in full force and effect and is hereby reaffirmed, ratified and confirmed. 
 ARTICLE II 

GRANT OF SECURITY INTEREST 
 Each Grantor hereby pledges, collaterally assigns and grants to the Collateral Agent, on behalf of and for the benefit of the Holders of Secured Obligations, a security interest in all of such
Grantor’s right, title and interest, whether now owned or hereafter acquired, in and to the Collateral to secure the prompt and complete payment and performance when due of the Secured Obligations. For the avoidance of doubt, the grant of a
security interest herein shall not be deemed to be an assignment of intellectual property rights owned by the Grantors. 

Without limiting the foregoing, each of the Grantors hereby regrants, confirms, ratifies and reaffirms the Liens granted to Collateral
Agent, for the benefit of the Holders of Secured Obligations, pursuant to the Existing Pledge and Security Agreement in all of its right, title, and interest in all then existing and thereafter acquired or arising Collateral in order to secure the
prompt payment, performance and observance of the Secured Obligations, and confirms, ratifies and reaffirms that such Liens are continuing and are and shall remain unimpaired and continue to constitute fully perfected Liens in favor of Collateral
Agent, for the benefit of the Holders of Secured Obligations, with the same force, effect and priority in effect both immediately prior to and after entering into this Security Agreement. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 Each of the Initial Grantors represents and warrants to the Collateral Agent, and each Grantor that becomes a party to this Security Agreement pursuant to the execution of a Security Agreement Supplement
in substantially the form of Annex I (a “Security Agreement Supplement”) represents and warrants (after giving effect to supplements to each of the Exhibits hereto with respect to such subsequent Grantor as attached to such
Security Agreement Supplement and as otherwise necessitated or required), that, with respect to such Grantor: 
 3.1. Title,
Authorization, Validity and Enforceability. Such Grantor has good and valid title to or rights in or the power to transfer the Collateral material to its business with respect to which it has purported to grant a security interest hereunder,
free and clear of all Liens except for Liens permitted under Section 4.1.6 hereof, and has the corporate or equivalent power and authority to execute and deliver this Security Agreement, to perform its obligations hereunder and to grant
to the Collateral Agent the security interest in such Collateral pursuant hereto. The execution and delivery by such Grantor of this Security Agreement and the performance of its obligations hereunder have been duly authorized by proper corporate,
partnership, limited partnership or limited liability company proceedings, and this Security Agreement constitutes a legal, valid and binding obligation of such Grantor and creates a security interest which is enforceable against such Grantor in all
of such Grantor’s Collateral, in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to the enforcement of creditors’ rights generally and subject
to general principles of equity regardless of whether considered in a proceeding in equity or at law. When appropriate financing statements designating such Grantor as “debtor” therein and Collateral Agent as “secured party”
therein have been properly completed and filed in the appropriate governmental offices designated for such Grantor in Exhibit “E”, the Collateral Agent will have a valid and perfected

  
 7 

 
first priority security interest in such Grantor’s Collateral in which a security interest may be perfected by filing of a financing statement under the UCC, in each case subject only to
Liens permitted under Section 4.1.6 hereof. 
 3.2. Conflicting Laws and Contracts. None of the execution and
delivery by such Grantor of this Security Agreement, the creation and perfection of the security interest in such Grantor’s Collateral granted hereunder, nor the consummation of the transactions herein contemplated, nor compliance with the
provisions hereof will (i) violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on such Grantor or any of its subsidiaries or (ii) violate such Grantor’s articles or certificate of
incorporation, partnership agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating or other management agreement, as the case may be, or (iii) violate the provisions of or result in a default under
any indenture, material instrument or material agreement binding upon such Grantor or any of its subsidiaries or its assets, or give rise to a right thereunder to require any Material Indebtedness to be paid by the Borrower or any of its
Subsidiaries, or (iv) result in, or require, the creation or imposition of any Lien in, of or on the property of such Grantor or a subsidiary thereof pursuant to the terms of any such indenture, material instrument or material agreement (other
than any Lien of the Collateral Agent on behalf of the Holders of Secured Obligations or other liens permitted by Section 6.02 of the Credit Agreement), except in the case of clause (i) at any time after the Effective Date, to the extent
such violations could not reasonably be expected to have a Material Adverse Effect. No order, consent, adjudication, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, or other action in
respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by such Grantor or any of its subsidiaries, is required to be obtained by it or any of its subsidiaries in connection with the execution
and delivery of this Security Agreement or the performance by it of its obligations hereunder or the legality, validity, binding effect or enforceability of this Security Agreement, except (i) filings, recordings or registrations with the
appropriate governmental authorities required to perfect the security interests granted hereunder and (ii) to the extent failure to do so could not reasonably be expected to have a Material Adverse Effect. 

3.3. Principal Location. As of the date such Person becomes a Grantor hereunder, such Grantor’s mailing address and the
location of its place of business (if it has only one) or its chief executive office (if it has more than one place of business), is disclosed in Exhibit “A”. 
 3.4. Property Locations. 
 3.4.1 As of the Effective Date
(and upon the date of delivery by the Borrower of each update of Exhibit “A” pursuant to the terms of this Security Agreement including, without limitation, Section 4.14 hereof), the Inventory and Equipment of each
Grantor included in the Collateral (other than any such Collateral with a net book value in an aggregate amount not to exceed $500,000 or any of same which is in transit, subject to being repaired or in use in the ordinary course of business) are
located solely at (a) the locations owned by such Grantor described in Part A of Exhibit “A”, (b) the locations leased by such Grantor as lessee and designated in Part B of Exhibit “A”, or (c) in
respect of such Inventory, a public warehouse or otherwise held by a bailee or on consignment by such Grantor as designated in Part C of Exhibit “A”, with respect to which such Inventory such Grantor has delivered bailment
agreements, warehouse receipts, financing statements or other documents necessary to protect the Collateral Agent’s security interest in such Inventory. 
 3.4.2 As of the Effective Date (and upon the date of delivery by the Borrower of each update of Exhibit “A” pursuant to the terms of this Security Agreement including, without limitation,
Section 4.14 hereof), the Fixtures of each Grantor included in the Collateral (other 

  
 8 

 
than any such Collateral with a net book value in an aggregate amount not to exceed $500,000 or any of same otherwise covered by other Collateral Documents) are located solely at (a) the
locations owned by such Grantor described in Part A of Exhibit “A” and (b) the locations leased by such Grantor as lessee and designated in Part B of Exhibit “A”. 

3.4.3 Part D of Exhibit “A” sets forth all real property owned or leased by Grantors as of the date
hereof. As of the date hereof, the applicable Grantor has delivered to the Collateral Agent a Mortgage (as defined in the Credit Agreement) with respect to each owned real property set forth in Part D of Exhibit “A”. With
respect to each Mortgage executed and delivered to the Collateral Agent on or before the date hereof, the applicable Grantor has also delivered to the Collateral Agent (a) title insurance and (b) an opinion of counsel reasonably acceptable
to the Collateral Agent, including, without limitation, enforceability thereof and perfection of the Collateral Agent’s Lien on the real property Collateral specified therein. 

3.5. No Other Names; Etc. Within the five-year period ending as of the date such Person becomes a Grantor hereunder, such Grantor
has not conducted business under any name, changed its jurisdiction of formation, merged with or into or consolidated with any other Person, except as disclosed in Exhibit “A”. The name in which such Grantor has executed this
Security Agreement is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization as of the date such Person becomes a Grantor hereunder. 

3.6. RESERVED. 
 3.7. Accounts and Chattel Paper. The names of the obligors, amounts owing, due dates and other information with respect to the Accounts and Chattel Paper owned by such Grantor which are included in
the Collateral are correctly stated in all material respects in all applicable records of such Grantor relating thereto and in all invoices and reports with respect thereto furnished to the Collateral Agent by such Grantor from time to time. As of
the time when each such Account or each item of such Chattel Paper arises, such Grantor shall be deemed to have represented and warranted that such Account or Chattel Paper, as the case may be, and all such records relating thereto, are genuine and
in all material respects what they purport to be. 
 3.8. Filing Requirements. 

3.8.1 As of the Effective Date (and upon the date of delivery by the Borrower of each update of Exhibit
“B” pursuant to the terms of this Security Agreement including, without limitation, Section 4.14 hereof), none of the Equipment (including, without limitation, all Tractor Trailers) owned by such Grantor, which is included
in the Collateral, is covered by any certificate of title, except for the vehicles described in Part A of Exhibit “B” and none of the Collateral owned by such Grantor is of a type for which security interests or liens may be
perfected by filing under any federal statute except for (a) the aircraft/engines, ships, vessels, railcars and other vehicles and other similar equipment (including, without limitation, all Rolling Stock) described in Part B of Exhibit
“B”, (b) Patents, Trademarks and Copyrights held by such Grantor which are included in the Collateral and described in Part C of Exhibit “B” and (c) the other property included in the Collateral which is
described in Part D of Exhibit “B”. 
 3.8.2 As of the Effective Date (and upon the date of
delivery by the Borrower of each update of Exhibit “C” pursuant to the terms of this Security Agreement including, without limitation, Section 4.14 hereof), the legal description, county and street address of the
property on which any Fixtures owned by such Grantor, which are included in the Collateral and not otherwise covered by another Collateral Document, are located are set forth in Exhibit “C”, together with the name and address of the
record owner of each such property. 

  
 9 

 3.9. No Financing Statements; Security Agreements; Mortgages. No financing statement,
security agreement or mortgage describing all or any portion of the Collateral which has not lapsed or been terminated naming such Grantor as debtor has been filed or is of record in any jurisdiction except financing statements, security agreements
and mortgages (a) naming the Collateral Agent on behalf of the Holders of Secured Obligations as the secured party or (b) in respect of Liens specifically permitted by Section 6.02 of the Credit Agreement; provided, that
nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Collateral Agent under the Loan Documents to any Liens otherwise specifically permitted under Section 6.02 of the Credit Agreement.

 3.10. Federal Employer Identification Number; State Organization Number; Jurisdiction of Organization. As of the date
such Person becomes a Grantor hereunder, such Grantor’s federal employer identification number is, and if such Grantor is a registered organization, such Grantor’s State of organization, type of organization and State of organization
identification number are listed in Exhibit “G”. 
 3.11. Pledged Securities and Other Investment
Property. Exhibit “D” that initially is delivered in connection with the original execution and delivery of this Security Agreement (as well as each update of Exhibit “D” pursuant to the terms of this Security
Agreement including, without limitation, Section 4.14 hereof) sets forth a complete and accurate list of the Instruments, Securities and other Investment Property constituting Collateral which were delivered to the Collateral Agent as of
the date hereof. Each Grantor is the direct and beneficial owner of each Instrument, Security and other type of Investment Property listed in Exhibit “D” as being owned by it, free and clear of any Liens, except for the
security interest granted to the Collateral Agent hereunder or as specifically permitted by Section 6.02 of the Credit Agreement. Each Grantor further represents and warrants that (a) all such Instruments, Securities or other types
of Investment Property owned by it which are shares of stock in a corporation or ownership interests in a partnership or limited liability company and which are included in the Collateral have been (to the extent such concepts are relevant with
respect to such Instrument, Security or other type of Investment Property) duly authorized and validly issued, are fully paid and, to the extent applicable, non-assessable and constitute, as of the date hereof, the percentage of the issued and
outstanding shares of stock (or other Equity Interests) of the respective issuers thereof indicated in Exhibit “D” hereto and (b) with respect to any certificates delivered to the Collateral Agent representing an ownership
interest in a partnership or limited liability company, such certificates are Securities as defined in Article 8 of the UCC of the applicable jurisdiction as a result of actions by the issuer or otherwise, or, if such certificates are not
Securities, such Grantor has so informed the Collateral Agent so that the Collateral Agent may (but has no obligation to) take steps to perfect its security interest therein as a General Intangible and (iii) promptly following the reasonable
request of the Administrative Agent, all such Instruments, Securities or other types of Investment Property owned by it which are shares of stock in a corporation or ownership interests in a partnership or limited liability company and which are
included in the Collateral held by a securities intermediary is covered by a Securities Account Control Agreement pursuant to which the Collateral Agent has Control. 
 3.12. Intellectual Property. As of the Effective Date (and upon the date of delivery by the Borrower of each update of Exhibit “B” pursuant to the terms of this Security Agreement
including, without limitation, Section 4.14 hereof): 
 3.12.1 Part C of Exhibit
“B” contains a complete and accurate listing of all Intellectual Property for which a registration has issued to, an application for registration has been filed by, a patent has issued to, or an application for patent has been filed
by, such Grantor and which are 

  
 10 

 
included in the Collateral, including to the extent applicable, but not limited to the following: (a) state, U.S. and foreign trademark registrations and applications for trademark
registration owned by such Grantor, (b) U.S. and foreign patents and patents applications, together with all reissuances, continuations, continuations in part, revisions, extensions, and reexaminations thereof owned by such Grantor,
(c) U.S. and foreign copyright registrations and applications for registration made by such Grantor, (d) foreign industrial design registrations and industrial design applications owned by such Grantor, (e) domain names owned by such
Grantor, (f) proprietary computer software of such Grantor, (g) all forms of Intellectual Property described in clauses (a)-(c) above, to the extent (i) such Grantor has actual knowledge of information and other relevant facts
necessary to make a determination of whether such Intellectual Property is of a form described by any of such clauses and (ii) such Grantor is not restricted in disclosing such information, that are owned by a third party and licensed to a
Grantor, and (i) the name of any Person who has been granted rights in respect thereof outside of the ordinary course of business to any of the Intellectual Property referred to in clauses (a)-(g) above, to the extent that the disclosure
of such name is not restricted. All of such U.S. registrations, applications for registration or applications for issuance of the Intellectual Property of a Grantor are valid and subsisting, in good standing and are recorded or are in the process of
being recorded in the name of the applicable Grantor to the extent material to the business of such Grantor. 

3.12.2 Intellectual Property owned by such Grantor and included in the Collateral is valid, subsisting, unexpired (where
registered) and enforceable and has not been abandoned or adjudged invalid or unenforceable, in whole or in part, except as could not be reasonably expected to result in a Material Adverse Effect. 

3.12.3 Except as otherwise permitted by the Credit Agreement, no Person other than such Grantor has any right or interest
of any kind or nature in or to the Intellectual Property owned by such Grantor and included in the Collateral, including any right to sell, license, lease, transfer, distribute, use or otherwise exploit such Intellectual Property or any portion
thereof outside of the ordinary course of the respective Grantor’s business. Such Grantor has good and indefeasible title to, and the valid and enforceable power and right to sell, license, transfer, distribute, use and otherwise exploit,
Intellectual Property owned by such Grantor and included in the Collateral, except where such failure could not reasonably be expected to have a Material Adverse Effect. 

3.12.4 Such Grantor has taken or caused to be taken steps so that none of the Intellectual Property owned by such Grantor
and included in the Collateral, the value of which to such Grantor is contingent upon maintenance of the confidentiality thereof, has been disclosed by such Grantor to any Person other than employees, contractors, customers, representatives and
agents of the Grantors who are parties to customary confidentiality and nondisclosure agreements with such Grantor, except where such disclosures, individually or in the aggregate, could not be reasonably expected to result in a Material Adverse
Effect. 
 3.12.5 To such Grantor’s knowledge, no Person has violated, infringed upon or breached, or is
currently violating, infringing upon or breaching, any of the rights of such Grantor to the Intellectual Property owned by such Grantor and included in the Collateral or has breached or is breaching any duty or obligation owed to such Grantor in
respect of such Intellectual Property, except where those breaches, individually or in the aggregate, could not be reasonably expected to result in a Material Adverse Effect. 

3.12.6 No settlement or consents, covenants not to sue, nonassertion assurances, or releases have been entered into by
such Grantor or to which such Grantor is bound that adversely 

  
 11 

 
affects its rights to own or use any Intellectual Property owned by such Grantor and included in the Collateral, except as could not be reasonably expected to result in a Material Adverse Effect,
in each case individually or in the aggregate. 
 3.12.7 Such Grantor has not received any written notice that
remains outstanding challenging the validity, enforceability, or ownership of any Intellectual Property owned by such Grantor and included in the Collateral, except where those challenges could not reasonably be expected to result in a Material
Adverse Effect, and to such Grantor’s knowledge as of the date of delivery of Part C of Exhibit “B” or the date thereafter that such Person becomes a Grantor hereunder, whichever shall later occur, there are no facts upon which
such a challenge could be made. 
 3.12.8 Such Grantor owns directly or is entitled to use, by license or
otherwise, all Intellectual Property necessary for the conduct of such Grantor’s business, and the consummation of the transactions contemplated by this Security Agreement will not result in the termination or material impairment of any such
Intellectual Property owned by such Grantor and included in the Collateral. 
 3.12.9 Such Grantor uses adequate
standards of quality in the manufacture, distribution, and sale of its Inventory and in the provision of services rendered by it under or in connection with all Trademarks owned by such Grantor and included in the Collateral and has taken all
commercially reasonable action necessary to insure that all licensees of the Trademarks owned by such Grantor and included in the Collateral or licensed by such Grantor use such adequate standards of quality, except where the failure to use adequate
standards of quality could not reasonably be expected to result in a Material Adverse Effect. 
 3.12.10 The
consummation of the transactions contemplated by Loan Documents will not result in the termination or impairment of any of the Intellectual Property in any material respect. 
 3.13. Commercial Tort Claims. As of the Effective Date (and upon the date of delivery by the Borrower of each update of Exhibit “F” pursuant to the terms of this Security Agreement
including, without limitation, Section 4.14 hereof), except as set forth in Exhibit “F”, such Grantor owns no Commercial Tort Claims of a value greater than $1,000,000 which have arisen in the course of such
Grantor’s business. 
 3.14. Deposit Accounts and Securities Accounts. As of the Effective Date (and upon the date
of delivery of each update to Exhibit “H” pursuant to the terms of this Security Agreement including, without limitation, Section 4.14 hereof), all of such Grantor’s Deposit Accounts, Securities Accounts and the
respective approximate account balances are listed on Exhibit “H”. 
 3.15. Recourse. This Security
Agreement is made with full recourse to each Grantor and pursuant to and upon all the representations, warranties, covenants and agreements on the part of such Grantor contained herein and in the other Loan Documents. 

3.16. Rolling Stock. As of the Effective Date, neither the Borrower nor any Subsidiary owns any Rolling Stock. 

  
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 ARTICLE IV 
 COVENANTS 
 From the date of this Security Agreement and thereafter until this
Security Agreement is terminated in whole or in part as to any Grantor, each of the Initial Grantors agrees, and from and after the effective date of any Security Agreement Supplement applicable to any Grantor (and after giving effect to supplements
to each of the Exhibits hereto with respect to such subsequent Grantor as attached to such Security Agreement Supplement or otherwise hereto), each such subsequent Grantor agrees, with respect to itself: 

4.1. General. 
 4.1.1 Inspection. Such Grantor will permit the Collateral Agent, by its representatives and agents, upon reasonable prior notice, (i) to inspect the Collateral, (ii) to examine and make
copies of the records of such Grantor relating to the Collateral and (iii) to discuss the Collateral and the related records of such Grantor with, and to be advised as to the same by, such Grantor’s officers and employees (and, in the case
of any Receivable included in the Collateral and upon prior notice to the Borrower, with any Person which is or may be obligated thereon), all at such reasonable times and as often as reasonably requested, and, without duplication as to the related
provisions set forth in Section 5.06 of the Credit Agreement, all such examinations and inspections, other than the first such examination or inspection or examination occurring during any calendar year (including any such examination or
inspection occurring pursuant to Section 5.06 of the Credit Agreement) or any examination or inspection occurring during the continuance of an Event of Default, shall be at the Collateral Agent’s expense, and all other such
examinations and inspections shall be at such Grantor’s reasonable expense; provided, however, such permission shall be subject to confidentiality restrictions imposed on such Grantor by Persons other than Grantor or its
Affiliates and safety requirements and restrictions attendant to the respective Collateral. 
 4.1.2
Taxes. Such Grantor will pay when due all taxes, assessments and governmental charges and levies upon the Collateral owned by such Grantor that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or
in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) such Grantor has set aside on its books adequate reserves with respect thereto in accordance with GAAP and
(c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
 4.1.3 Records and Reports. Each Grantor shall keep and maintain complete, accurate and proper books and records in all material respects with respect to the Collateral owned by such Grantor, and
furnish to the Collateral Agent, with sufficient copies for each of the Holders of Secured Obligations, such reports relating to the Collateral as the Collateral Agent shall from time to time reasonably request. 

4.1.4 Financing Statements and Other Actions; Defense of Title. Each Grantor hereby authorizes the Collateral Agent
to file, and if requested will execute and deliver to the Collateral Agent, all financing statements describing the Collateral owned by such Grantor and other documents and take such other actions as may be required and from time to time reasonably
be requested by the Collateral Agent in order to maintain a first priority, perfected security interest in and, if applicable, Control of, the Collateral owned by such Grantor, subject to Liens specifically permitted under Section 6.02
of the Credit Agreement, provided that nothing herein shall be 

  
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deemed to constitute an agreement to subordinate any of the Liens of the Collateral Agent under the Loan Documents to any Liens otherwise specifically permitted under Section 6.02 of
the Credit Agreement. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as reasonably necessary to
ensure that the perfection of the security interest in the Collateral granted to the Collateral Agent herein, including, without limitation, describing such property as “all assets” or “all personal property and other assets, whether
now owned or existing or hereafter acquired or arising, together with all products and proceeds thereof, substitutions and replacements therefor, and additions and accessions thereto.” Each Grantor agrees to execute all documentation reasonably
required to effect such recordations and to cause the filing of relevant certificates of title with the appropriate state governmental agency. Each Grantor will, at its own expense, promptly make, execute, endorse, acknowledge, file and/or deliver
to the Collateral Agent from time to time such lists, descriptions and designations of its then owned Tractor Trailers (including certificate of title numbers and jurisdictions of registration of each such Tractor Trailer), documents of title,
schedules, confirmatory assignments, conveyances, financing statements, transfer endorsements, powers of attorney, certificates, reports and other assurances or instruments and take such further steps and actions relating to such Tractor Trailers
and other property or rights covered by the security interest hereby granted necessary to perfect, preserve or protect its security interest in such Tractor Trailers and other property or rights. Each Grantor will take any and all actions necessary
to defend, in all material respects, title to the Collateral owned by such Grantor against all Persons and to defend the security interest of the Collateral Agent in such Collateral and the priority thereof against any Lien not expressly permitted
hereunder. 
 4.1.5 Disposition of Collateral. No Grantor will make an Asset Sale with respect to
Collateral owned by such Grantor except (a) Asset Sales specifically permitted (or not prohibited) pursuant to Section 6.03, 6.05 and 6.06 of the Credit Agreement, (b) subject to the terms, conditions and
provisions of the Intercreditor Agreement, until such time following the occurrence of an Event of Default as such Grantor receives a written notice from the Collateral Agent instructing such Grantor to cease such transactions, and so long
thereafter as such Event of Default shall remain uncured or unwaived, sales or leases of Inventory or Equipment, which are included in the Collateral, in the ordinary course of business, and (c) subject to the terms, conditions and provisions
of the Intercreditor Agreement, until such time as such Grantor receives a notice from the Collateral Agent pursuant to Article VII, and so long thereafter as such notice shall remain in effect, proceeds of Inventory and Accounts, which are
included in the Collateral, collected in the ordinary course of business other than payment of its obligations in the ordinary course of its business. 
 4.1.6 Liens. No Grantor will create, incur, or permit to exist any Lien on the Collateral owned by such Grantor except Liens specifically permitted pursuant to Section 6.02 of the
Credit Agreement, provided, that, nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Collateral Agent under the Loan Documents to any Liens otherwise specifically permitted under
Section 6.02 of the Credit Agreement. 
 4.1.7 Change in Corporate Existence, Type or Jurisdiction
of Organization, Location, Name. Such Grantor will: 
  

	 	(i)	except as permitted by Section 6.03 of the Credit Agreement, preserve its existence and corporate structure as in effect on the Effective Date;

  

	 	(ii)	not change its jurisdiction of organization; 

  
 14 

	 	(iii)	not maintain its place of business (if it has only one) or its chief executive office (if it has more than one place of business) at a location other than a location
specified in Exhibit “A”; and 

  

	 	(iv)	not (a) have any Inventory or Equipment or proceeds or products thereof (other than any such Collateral with a net book value in an aggregate amount not to exceed
$500,000 or any of the same disposed of as permitted by Section 4.1.5) at a location other than a location specified in Exhibit “A” (as Exhibit “A” may be updated from time to time), except as any of
same may be in transit, subject to being repaired or in use in the ordinary course of business, (b) have any Fixtures or proceeds or products thereof (other than any immaterial quantity or value thereof or any of same otherwise covered by other
Collateral Documents) at a location other than a location specified in Exhibit “A”, (c) change its name or taxpayer identification number or (d) change its mailing address, 

unless, in each such case, such Grantor shall have given the Collateral Agent not less than ten (10) days’ prior written notice
of such event or occurrence and the Collateral Agent shall have either (x) reasonably determined that, under the circumstances and, as applicable, after giving consideration to reasonable steps or actions taken, or that can be timely taken, by
the Collateral Agent or such Grantor, such event or occurrence will not adversely affect the validity, perfection or priority of the Collateral Agent’s security interest in the Collateral, or (y) taken such steps (with the cooperation of
such Grantor to the extent necessary or advisable) as are necessary or advisable to properly maintain the validity, perfection and priority of the Collateral Agent’s security interest in the Collateral owned by such Grantor. 

4.1.8 Other Financing Statements. No Grantor will permit to exist or authorize the filing of any financing
statement naming it as debtor covering all or any portion of the Collateral owned by such Grantor, except any financing statement authorized or permitted under Section 4.1.4 hereof and any financing statement filed to perfect a Lien
specifically permitted under Section 6.02 of the Credit Agreement; provided, that, nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Collateral Agent under the Loan Documents to any
Liens otherwise specifically permitted under Section 6.02 of the Credit Agreement. 
 4.1.9
Restriction Regarding Tractor Trailers. After the Effective Date, no Grantor shall title any Tractor Trailers in the States of Minnesota, Utah, Oklahoma, Nevada, Hawaii or Alaska; provided, however, that the applicable Grantor(s) shall not be
subject to the restriction in this Section 4.1.9 as to one or more of the foregoing States provided that all Vehicle Collateral (as defined in the Security and Collateral Agency Agreement) with respect to such State or States shall
become “Vehicle Collateral” subject to the Security and Collateral Agency Agreement and the security interest granted in such additional Vehicle Collateral under such Security and Collateral Agency Agreement shall be a first priority
perfected security interest and; provided further, that the applicable Grantors shall execute and deliver such amendments, supplements, agreements and other documents, file such financing statements and take such other action as shall be
required under both the applicable Loan Documents and the Convertible Note Documents to effect the foregoing. 
 4.2.
Receivables. 
 4.2.1 Certain Agreements on Receivables. Until such time following the occurrence
of an Event of Default and so long thereafter that such Event of Default remains uncured or unwaived, no Grantor will make or agree to make any discount, credit, rebate or other reduction in the original amount owing on a Receivable included in the
Collateral or accept in satisfaction 

  
 15 

 
of a Receivable included in the Collateral less than the original amount thereof, other than in accordance or consistent with the existing customer agreements entered into in the ordinary course
of business and consistent with past business practice of such Grantor. Until such time following the occurrence and continuation of an Event of Default, such Grantor may reduce or otherwise adjust the amount of Accounts arising from the sale of
Inventory included in the Collateral or the rendering of services in accordance with its present policies and in the ordinary course of business and as otherwise not prohibited under the Credit Agreement. 

4.2.2 Collection of Receivables. Except as otherwise provided in this Security Agreement, such Grantor will collect
and enforce, at such Grantor’s sole expense, all amounts due or hereafter due to such Grantor under the Receivables included in the Collateral which are owned by such Grantor. 

4.2.3 Delivery of Invoices. Such Grantor will deliver to the Collateral Agent promptly following receipt of its
request during the continuance of an Event of Default, duplicate invoices with respect to each Account included in the Collateral which is owned by such Grantor bearing such language of collateral assignment as the Collateral Agent shall reasonably
specify, which language shall be effective only during the pendency of such Event of Default. 
 4.2.4
Disclosure of Counterclaims on Receivables. If (a) any discount, credit or agreement to make a rebate or to otherwise reduce the amount owing on a Receivable included in the Collateral which is owned by such Grantor is made other than in
the ordinary course of business of such Grantor or (b) if, to the knowledge of such Grantor, any dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to such Receivable, and in either case, the
amount of such Receivable exceeds $500,000, then such Grantor will disclose such fact to the Collateral Agent in writing during inspection by the Collateral Agent of any record of such Grantor relating to such Receivable and, without duplication, in
connection with any invoice or report furnished by such Grantor to the Collateral Agent relating to such Receivable. 
 4.3.
Maintenance of Equipment. Such Grantor will do all things necessary to maintain, preserve, protect and keep the Equipment included in the Collateral which is owned by such Grantor in good repair, working order and saleable condition (ordinary
wear and tear, casualty and condemnation excepted) and make all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may be properly conducted at all times, except where the failure to do
so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 4.4.
Instruments, Securities, Chattel Paper, Documents and Pledged Deposits. Such Grantor will: (i) deliver to the Collateral Agent immediately upon execution of this Security Agreement the originals of all Chattel Paper, Securities (to the
extent certificated) and Instruments constituting Collateral (if any then exist), (ii) hold in trust for the Collateral Agent upon receipt and immediately thereafter deliver to the Collateral Agent any Chattel Paper, Securities and Instruments
constituting Collateral, (iii) promptly upon the designation of any Pledged Deposits (as set forth in the definition thereof), deliver to the Collateral Agent such Pledged Deposits which are evidenced by certificates included in the Collateral
endorsed in blank, marked with such legends and collaterally assigned as the Collateral Agent shall reasonably specify, and (iv) upon the Collateral Agent’s request, after the occurrence and during the continuance of an Event of Default,
deliver to the Collateral Agent (and thereafter hold in trust for the Collateral Agent upon receipt and immediately deliver to the Collateral Agent) any Document evidencing or constituting Collateral. 

  
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 4.5. Uncertificated Securities, Certain Other Investment Property and Securities
Accounts. Such Grantor will permit the Collateral Agent from time to time to cause the appropriate issuers (and, if held with a securities intermediary, such securities intermediary) of uncertificated securities or other types of Investment
Property not represented by certificates which are Collateral owned by such Grantor to mark their books and records with the numbers and face amounts of all such uncertificated securities or other types of Investment Property not represented by
certificates and all rollovers and replacements therefor to reflect the Lien of the Collateral Agent granted pursuant to this Security Agreement. Such Grantor will use all commercially reasonable efforts, with respect to Investment Property included
in the Collateral owned by such Grantor held with a financial intermediary, to cause such financial intermediary to enter into a Securities Account Control Agreement. On or before the Effective Date, each Grantor shall execute and deliver a
Securities Account Control Agreement for each Securities Account listed on Exhibit H (other than any Securities Account with a balance not exceeding $20,000 but subject to the cap on aggregate balances set forth in
Section 4.7 hereof). Subject to the exception set forth in the preceding sentence and the cap in Section 4.7, all Securities Accounts of any Grantor established and maintained with a securities intermediary will be subject to
a Securities Account Control Agreement with the Collateral Agent in order to establish Control of such Securities Account. 

4.6. Stock and Other Ownership Interests. 
 4.6.1 Changes in Capital Structure of Issuers. No Grantor will (a), except as permitted in the Credit Agreement, permit or suffer any issuer of privately held corporate securities or other
ownership interests in a corporation, partnership, joint venture or limited liability company which in each case is included in the Collateral and owned by such Grantor to dissolve, liquidate, retire any of its capital stock or other Instruments or
Securities included in the Collateral and evidencing ownership, reduce its capital or merge or consolidate with any other entity, or (b) vote any of such Instruments, Securities or other Investment Property included in the Collateral in favor
of any of the foregoing. 
 4.6.2 Registration of Pledged Securities and other Investment Property. Such
Grantor will permit any registrable Investment Property that is included in the Collateral and owned by such Grantor to be registered in the name of the Collateral Agent or its nominee at any time following the occurrence and during the continuance
of an Event of Default and without any further consent of such Grantor. 
 4.6.3 Exercise of Rights in Pledged
Securities and other Investment Property. Such Grantor will permit the Collateral Agent or its nominee at any time after the occurrence and during the continuance of an Event of Default, with prior notice to such Grantor, to exercise or refrain
from exercising any and all voting and other consensual rights pertaining to Investment Property that is included in the Collateral and owned by such Grantor or any part thereof, and to receive all dividends and interest in respect of such
Collateral. 
 4.7. Deposit Accounts. Other than cash and Cash Equivalents held in Deposit Accounts constituting Excluded
Property or any Deposit Account or Securities Account with a balance not exceeding $20,000 (provided that the aggregate balances in all such Deposit Accounts and Securities Accounts shall not at any time exceed $600,000 except as permitted in
the next succeeding sentence), the Borrower and other Grantors shall hold all cash and Cash Equivalents in Deposit Accounts subject to Deposit Account Control Agreements or in Securities Accounts subject to Securities Account Control Agreements.
Within thirty (30) days after the Effective Date (or such longer period of time as the Collateral Agent may approve), the applicable Grantors shall cause all deposit accounts with Wells Fargo Bank, National Association and The Royal Bank of
Canada (and/or any of their affiliates) representing aggregate balances in excess of the $600,000 cap referred to above to be either (i) subject to Deposit 

  
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Account Control Agreements or (ii) closed. Before opening or replacing any Deposit Account (other than Excluded Property and as otherwise permitted in this Section 4.7), each
Grantor shall cause the applicable bank or financial institution to enter into a Deposit Account Control Agreement with the Collateral Agent in order to establish Control of such Deposit Account. Such Grantor will promptly cause each bank or other
financial institution in which it maintains other deposits (general or special, time or demand, provisional or final) to be notified of the security interest granted to the Collateral Agent hereunder and cause each such bank or other financial
institution to acknowledge such notification in writing and upon the Collateral Agent’s written request after the occurrence and during the continuance of an Event of Default, deliver to each such bank or other financial institution a letter,
in form and substance acceptable to the Collateral Agent, transferring dominion and control over each such other deposit to the Collateral Agent until such time as such Event of Default no longer exists. In the case of deposits maintained with
Lenders, the terms of such letter shall be subject to the provisions of the Credit Agreement regarding setoffs. Notwithstanding the foregoing, the provisions of this Section 4.7 shall not apply to any Deposit Account, other deposit or
any other property that constitutes “Excluded Property”, including, without limitation, the deposit accounts referred to in clause (d) of such definition. 
 4.8. Letter-of-Credit Rights. Such Grantor will, promptly following receipt of the Collateral Agent’s written request, instruct each issuer of an outstanding letter of credit that is solely
for the benefit of such Grantor to consent to the assignment of proceeds of such letter of credit in order to give the Collateral Agent Control of the letter-of-credit rights to such letter of credit solely for the purpose of perfection, priority
and enforcement of its security interest therein, except to the extent the provisions in or with respect to such letter of credit prohibit or otherwise restrict such action. 
 4.9. Federal, State or Municipal Claims. Such Grantor will notify the Collateral Agent, as part of each compliance certificate provided to the Collateral Agent pursuant to the Credit Agreement, of
any Collateral owned by such Grantor which constitutes a claim against the United States government or any state or local government or any instrumentality or agency thereof, the assignment of which claim is restricted by federal, state or municipal
law. 
 4.10. Intellectual Property. 

4.10.1 If any Grantor obtains rights to, including, but not limited to filing and acceptance of a statement of use or an
amendment to allege use with the U.S. Patent and Trademark Office, or applies for or seeks registration of, any new patentable invention, Trademark or Copyright in addition to the Patents, Trademarks and Copyrights described in Part C of Exhibit
“B”, which in each case is not Excluded Property, then such Grantor shall give the Collateral Agent notice thereof, as part of each compliance certificate provided to the Collateral Agent pursuant to the Credit Agreement. Such Grantor
agrees promptly upon request by the Collateral Agent to execute and deliver to the Collateral Agent any supplement to this Security Agreement or any other document reasonably necessary to evidence such security interest in a form appropriate for
recording in the applicable federal office. Such Grantor also hereby authorizes the Collateral Agent to modify this Security Agreement unilaterally (i) by amending Part C of Exhibit “B” to include any future Patents, Trademarks
and/or Copyrights of which the Collateral Agent receives notification from such Grantor pursuant to this Section 4.10.1 and (ii) by recording, in addition to and not in substitution for this Security Agreement, a duplicate original
of this Security Agreement containing in Part C of Exhibit “B” a description of such future Patents, Trademarks and/or Copyrights. 
 4.10.2 As of the date hereof, this Security Agreement is in a form sufficient to create a valid and continuing Lien on each Grantor’s Copyrights, Intellectual Property Licenses, Patents, Trademarks
and Industrial Designs that are included in the Collateral described in Part C of 

  
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Exhibit “B”, and, based thereon, upon timely filing of this Security Agreement (or a short-form supplemental document confirming the grant of a security interest in (and
providing a detailed schedule of) the relevant Patents, Trademarks or Copyrights, as applicable) with the United States Copyright Office and or the United States Patent and Trademark Office, as applicable, and the filing of appropriate financing
statements in the jurisdictions listed in Exhibit “E” hereto, all action necessary to protect and perfect the security interest in, to and on such Patents, Trademarks, Copyrights or Industrial Designs of each Grantor has been taken
and such perfected security interest is enforceable as such as against any and all creditors of and purchasers from any Grantor. 
 4.11. Pledged Securities and Other Investment Property. If any Grantor obtains any Instruments, Securities or other Investment Property, which in each case is not Excluded Property, then such
Grantor shall give the Collateral Agent notice thereof, as part of each compliance certificate provided to the Collateral Agent pursuant to the Credit Agreement. Such Grantor agrees promptly upon request by the Collateral Agent to execute and
deliver to the Collateral Agent any supplement to this Security Agreement or any other document reasonably requested by the Collateral Agent to evidence such security interest. Such Grantor also hereby authorizes the Collateral Agent to modify this
Security Agreement unilaterally by amending Exhibit “D” to include any future Instruments, Securities or other Investment Property of which the Collateral Agent receives notification from such Grantor pursuant to this
Section 4.11. 
 4.12. Commercial Tort Claims. If any Grantor identifies the existence of a commercial tort
claim belonging to such Grantor that has arisen in the course of such Grantor’s business in addition to the commercial tort claims described in Exhibit “F”, which, in each case is neither Excluded Property nor of a value less
than $1,000,000, then such Grantor shall give the Collateral Agent notice thereof, as part of each compliance certificate provided to the Collateral Agent pursuant to the Credit Agreement. Each Grantor agrees promptly upon request by the Collateral
Agent to execute and deliver to the Collateral Agent any supplement to this Security Agreement or any other document reasonably requested by the Collateral Agent to evidence the grant of a security interest in such commercial tort claim in favor of
the Collateral Agent. 
 4.13. Certain Foreign Pledges. No Grantor shall pledge any equity interests of Roadway Express,
S.A. de C.V. for so long as Roadway Express, S.A. de C.V. is a First-Tier Foreign Subsidiary to any party other than to the Collateral Agent pursuant to this Security Agreement (or another Collateral Document) or to the Convertible Note
Representative. If at any time after the date hereof Roadway Express, S.A. de C.V. has assets in excess of $500,000 the relevant Grantor(s) shall take all necessary action to pledge the equity interests in such entity which are owned by such
Grantor(s) in accordance with the terms of Section 5.10 of the Credit Agreement. 
 4.14. Updating of Exhibits to
Security Agreement. 
 4.14.1 The Borrower will provide to the Collateral Agent, on the
45th day (or the next succeeding Business Day if such day
is not a Business Day) following the end of each of the Borrower’s second and fourth fiscal quarters of the Borrower’s fiscal year, updated versions of Exhibits “A”, “B”, “C”,
“D”, “F”, “G” and “H”. 
 4.14.2 In all cases
set forth in this Section, if there have been no changes to any such Exhibits since the previous updating thereof required hereby, the Borrower shall indicate that there has been “no change” to the applicable Exhibit(s). 

  
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 4.15. Notices. The Borrower shall deliver to the Collateral Agent promptly, (and in
any event within 10 Business Days) after a Financial Officer becomes aware of the occurrence thereof, written notice of any event of default or any event which with the giving of notice or lapse of time, or both, would become an event of default
under the Convertible Note Documents, the Pension Fund Documents or the ABL Documents. 
 4.16. Further Actions and
Agreements. Each Grantor will, at its own expense and subject to the provisions of the Intercreditor Agreement, promptly make, execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such vouchers, invoices,
schedules, confirmatory assignments, conveyances, financing statements, transfer endorsements, powers of attorney, certificates, reports and other assurances or instruments and take such further steps relating to its Receivables, Equipment,
Contracts, Instruments, Deposit Accounts, Investment Property, Chattel Paper, and other property or rights covered by the security interest hereby granted, as may be required and as the Collateral Agreement may reasonably request to perfect,
preserve and protect its security interest in the Collateral. 
 ARTICLE V 

EVENTS OF DEFAULT 

5.1. Defaults and Events of Default. (a) The occurrence of a “Default” under the Credit Agreement shall constitute
a Default under this Security Agreement. (b) The occurrence of an “Event of Default” under the Credit Agreement shall constitute an Event of Default under this Security Agreement. 

5.2. Acceleration and Remedies. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent may,
and at the direction of the Required Lenders shall, exercise any or all of the following rights and remedies: 

5.2.1 Those rights and remedies provided in this Security Agreement, the Credit Agreement and/or any other Loan Document,
provided that this Section 5.2.1 shall not be understood to limit any rights or remedies available to the Collateral Agent prior to a Default. 

5.2.2 Those rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected
Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a security agreement. 

5.2.3 Without notice except as specifically provided in Section 8.1 hereof or elsewhere herein, sell, lease,
assign, grant an option or options to purchase or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, for cash, on credit or for future delivery without assumption of any credit risk, and, in
each case, upon such other commercially reasonable terms. 
 The Collateral Agent, on behalf of the Holders of Secured Obligations, may comply
with any applicable state or federal law requirements in connection with a disposition of the Collateral, and such compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 

If, after the Credit Agreement has terminated by its terms and all of the Obligations have been paid in full, there remain outstanding, due and payable
matured Swap Obligations owing to one or more Lenders or their respective Affiliates, then such Lenders and Affiliates may, if the Collateral Agent then no longer intends to remain in such capacity, designate for their collective benefit a single
Person to act as replacement collateral agent for them, and such collateral agent may, until the termination of this Security Agreement, exercise the remedies provided in this Section 5.2 for any event which would allow or require the
termination or acceleration of any outstanding Swap Obligations or Banking Services Obligations. 

  
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 5.3. Grantors’ Obligations Upon Default. Upon the request of the Collateral
Agent after the occurrence and during the continuance of an Event of Default, each Grantor will, subject to the provisions of the Intercreditor Agreement: 
 5.3.1 Assembly of Collateral. Assemble and make available to the Collateral Agent the Collateral and all records relating thereto at any place or places reasonably specified by the Collateral
Agent. 
 5.3.2 Secured Party Access. Permit the Collateral Agent, by the Collateral Agent’s
representatives and agents, to enter any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral and to remove all or any part of the
Collateral. 
 5.4. License. The Collateral Agent is hereby granted a license or other right to use, following the
occurrence and during the continuance of an Event of Default, without charge, each Grantor’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, customer lists and advertising matter,
or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral, and, following the occurrence and during the continuance of an Event of Default, such
Grantor’s rights under all licenses and all franchise agreements shall inure to the Collateral Agent’s benefit. In addition, subject to the Intercreditor Agreement, each Grantor hereby irrevocably agrees that the Collateral Agent may,
following the occurrence and during the continuance of an Event of Default, sell any of such Grantor’s Inventory that is included in the Collateral directly to any Person, including without limitation Persons who have previously purchased such
Grantor’s Inventory from such Grantor and in connection with any such sale or other enforcement of the Collateral Agent’s rights under this Security Agreement, may sell such Inventory which bears any trademark owned by or licensed to such
Grantor and any Inventory that is covered by any copyright owned by or licensed to such Grantor and the Collateral Agent may (but shall have no obligation to) finish any work in process and affix any trademark owned by or licensed to such Grantor
and sell such Inventory as provided herein. 
 ARTICLE VI 
 WAIVERS, AMENDMENTS AND REMEDIES 
 No delay or omission of the Collateral Agent to
exercise any right or remedy granted under this Security Agreement shall impair such right or remedy or be construed to be a waiver or cancellation of any Default or Event of Default or an acquiescence therein, and any single or partial exercise of
any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any other right or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever
shall be valid unless in writing signed by the Collateral Agent and each Grantor, provided that the addition of any Subsidiary as a Grantor hereunder by execution of a Security Agreement Supplement in the form of Annex I (with such
modifications as shall be acceptable to the Collateral Agent) shall not require receipt of any consent from or execution of any documentation by any other Grantor party hereto. All rights and remedies contained in this Security Agreement or by law
afforded shall be cumulative and all shall be available to the Collateral Agent until this Security Agreement is terminated as provided herein or in the Credit Agreement. 

  
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 ARTICLE VII 
 PROCEEDS; COLLECTION OF RECEIVABLES 
 7.1. Lockboxes. Subject to the
Intercreditor Agreement, upon written request of the Collateral Agent after the occurrence and during the continuance of an Event of Default, each Grantor shall execute and deliver to the Collateral Agent irrevocable lockbox agreements in the form
provided by or otherwise acceptable to the Collateral Agent and in any event which shall be effective only during the continuance of such Event of Default, which agreements shall be accompanied by an acknowledgment by the bank where the lockbox will
be located of the Lien of the Collateral Agent granted hereunder and of irrevocable instructions to wire all amounts collected therein to a special collateral account at the Collateral Agent upon the Collateral Agent’s written statement that an
Event of Default has occurred and is then in existence. 
 7.2. Collection of Receivables. Subject to the Intercreditor
Agreement, the Collateral Agent may at any time during the continuance of an Event of Default, by giving each Grantor written notice, elect to require that the Receivables that are included in the Collateral and owned by such Grantor be paid
directly to the Collateral Agent during the pendency of such Event of Default. In such event, subject to the Intercreditor Agreement, each Grantor shall, and shall permit the Collateral Agent to, promptly notify the account debtors or obligors under
such Receivables of the Collateral Agent’s interest therein and direct such account debtors or obligors to make payment of all amounts then or thereafter due under such Receivables directly to the Collateral Agent during the pendency of such
Event of Default. Upon receipt of any such written notice from the Collateral Agent, and thereafter, so long as such Event of Default shall be continuing, each Grantor shall thereafter, subject to the Intercreditor Agreement, hold in trust for the
Collateral Agent, all amounts and proceeds received by it with respect to such Receivables that is included in the Collateral and owned by such Grantor and immediately and at all times thereafter deliver to the Collateral Agent all such amounts and
proceeds in the same form as so received, whether by cash, check, draft or otherwise, with any necessary endorsements. Subject to the Intercreditor Agreement, the Collateral Agent shall hold and apply funds so received as provided by the terms of
Sections 7.3 and 7.4 hereof. 
 7.3. Special Collateral Account. Subject to the Intercreditor Agreement,
during the continuance of an Event of Default, the Collateral Agent may require all cash proceeds of the Collateral to be deposited in a special interest bearing cash collateral account with the Collateral Agent and held there as security for the
Secured Obligations until such Event of Default has been cured or waived, or otherwise no longer is in effect. During such periods, no Grantor shall have any control whatsoever over such cash collateral account. When no Event of Default is
continuing and if cash proceeds have previously been deposited in any cash collateral account, the Collateral Agent shall deposit the collected balances held in such cash collateral account into the applicable Grantor’s general operating
account with the Collateral Agent or as designated by the Borrower. Subject to the Intercreditor Agreement, if any Event of Default has occurred and is continuing, the Collateral Agent may, from time to time, apply the collected balances in such
cash collateral account to the payment of the applicable Secured Obligations whether or not such Secured Obligations shall then be due. 
 7.4. Application of Proceeds. Subject to the Intercreditor Agreement, notwithstanding any other provision contained or referred to herein to the contrary, the proceeds of the Collateral shall be
applied by the Collateral Agent to payment of the Secured Obligations as provided under Section 2.19(f) of the Credit Agreement. 

  
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 ARTICLE VIII 
 GENERAL PROVISIONS 
 8.1. Notice of Disposition of Collateral; Condition of
Collateral. Each Grantor hereby waives notice of the time and place of any public sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived
under applicable law, any notice made shall be deemed reasonable if sent to the Borrower, addressed as set forth in Article IX, at least ten (10) days prior to (i) the date of any such public sale or (ii) the time after which
any such private sale or other disposition may be made. The Collateral Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. To the maximum extent permitted by applicable law, each Grantor waives all claims,
damages, and demands against the Collateral Agent or any other Holder of Secured Obligations arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence or willful misconduct of the
Collateral Agent or such other Holder of Secured Obligations as finally determined by a court of competent jurisdiction. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage
of, and covenants not to assert against the Collateral Agent or any other Holder of Secured Obligations, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now
or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise.
Except as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security Agreement or any Collateral.

 8.2. Compromises and Collection of Collateral. Each Grantor and the Collateral Agent recognize that setoffs,
counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables that are included in the Collateral and owned by such Grantor, that certain of such Receivables may be or become uncollectible in whole
or in part and that the expense and probability of success in litigating such disputed Receivables may exceed the amount that reasonably may be expected to be recovered with respect to such Receivables. In view of the foregoing, each Grantor agrees,
subject to the Intercreditor Agreement, that the Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any such Receivable, accept any amount in full payment of
any such Receivable such amount as the Collateral Agent in its sole discretion shall determine or abandon any such Receivable, and any such action by the Collateral Agent shall be commercially reasonable so long as the Collateral Agent acts in good
faith based on information known to it at the time it takes any such action. 
 8.3. Collateral Agent Performance of
Grantor’s Obligations. Without having any obligation to do so, the Collateral Agent may, during the pendency of an Event of Default, or if no Event of Default therein exists, upon prior approval by such applicable Grantor or the Borrower,
perform or pay any obligation which any Grantor has agreed to perform or pay in this Security Agreement, and such Grantor shall reimburse the Collateral Agent for (a) any reasonable amounts paid by the Collateral Agent pursuant to this
Section 8.3 and, (b) without duplication, all past due taxes, assessments, charges, fees or Liens on the Collateral except for Liens that are permitted hereunder or any other Loan Document. Each Grantor’s obligation to
reimburse the Collateral Agent pursuant to the preceding sentence shall be a Secured Obligation payable on demand, and the authorization to the Collateral Agent to pay any of the same shall not release such Grantor of its obligations under this
Security Agreement or under the Credit Agreement. 
 8.4. Authorization for Collateral Agent to Take Certain Action. Each
Grantor irrevocably authorizes the Collateral Agent (a) at any time and from time to time in the sole discretion of the 

  
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Collateral Agent and appoints the Collateral Agent as its attorney in fact (i) to execute on behalf of such Grantor as debtor and to file financing statements necessary in the Collateral
Agent’s sole discretion to perfect and to maintain the perfection and priority of the Collateral Agent’s security interest in the Collateral, (ii) to file a carbon, photographic or other reproduction of this Security Agreement or any
financing statement with respect to the Collateral as a financing statement and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices as may be necessary to
perfect and to maintain the perfection and priority of the Collateral Agent’s security interest in the Collateral, and (iii) to contact and enter into one or more agreements with the issuers of uncertificated securities which are
Collateral owned by such Grantor and which are Securities or with financial intermediaries holding other Investment Property that is included in the Collateral as may be necessary or advisable to give the Collateral Agent Control over such
Securities or other Investment Property included in the Collateral which are owned by such Grantor, (b) after the occurrence and during the continuance of an Event of Default, (i) to enforce payment of the Instruments, Accounts and
Receivables included in the Collateral and owned by such Grantor in the name of the Collateral Agent or such Grantor and (ii) to sign any document which may be required by the relevant governmental agency of any State in order to effect an
absolute assignment of all right, title and interest in each Tractor Trailer, and register the same and upon request by Collateral Agent and each Grantor agrees to execute and deliver any further power of attorney in respect thereof, and
(c) from time to time during the continuance of an Event of Default in the sole discretion of the Collateral Agent, (i) to apply the proceeds of any Collateral received by the Collateral Agent to the Secured Obligations as provided in
Article VII and (ii) to indorse and collect any cash proceeds of the Collateral. 
 8.5. Specific Performance of
Certain Covenants. Each Grantor acknowledges and agrees that a breach of any of the covenants contained in Section 5.3 or in Article VII hereof will cause irreparable injury to the Collateral Agent and the Holders of Secured
Obligations, that the Collateral Agent and the Holders of Secured Obligations have no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the Collateral Agent or the Holders of Secured Obligations
to seek and obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the covenants of the Grantors contained in the Sections referred to in this Section 8.5 shall be specifically
enforceable against the Grantors. 
 8.6. Use and Possession of Certain Premises. Upon the occurrence and during the
continuance of an Event of Default, each Grantor permits the Collateral Agent to, subject to the Intercreditor Agreement, occupy and use any premises owned or leased by the Grantors where any of the Collateral or any records relating to the
Collateral are located for a reasonable period and only to the extent necessary (a) to cause the Secured Obligations to be paid or (b) to remove the Collateral therefrom, whichever shall first occur, without any obligation to pay any
Grantor for such use or occupancy. 
 8.7. Dispositions Not Authorized. No Grantor is authorized to sell or otherwise
dispose of the Collateral except as set forth in Section 4.1.5 hereof and notwithstanding any course of dealing between any Grantor and the Collateral Agent or other conduct of the Collateral Agent, no authorization to sell or otherwise
dispose of the Collateral (except as set forth in Section 4.1.5 hereof) shall be binding upon the Collateral Agent unless such authorization is in writing signed by the Collateral Agent. 

8.8. Benefit of Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of
the Grantors, the Collateral Agent and the Holders of Secured Obligations and their respective successors and permitted assigns (including all persons who become bound as a debtor to this Security Agreement), except that the Grantors shall not have
the right to assign their rights or delegate their obligations under this Security Agreement or any interest herein, without the prior written consent of the Collateral Agent. 

  
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 8.9. Survival of Representations. All representations and warranties of the Grantors
contained in this Security Agreement shall survive the execution and delivery of this Security Agreement. 
 8.10. Taxes and
Expenses. Any taxes payable or ruled payable by a Federal or State authority in respect of this Security Agreement, other than Excluded Taxes, shall be paid by the Grantors, together with interest and penalties, if any. The Grantors shall pay
(i) all reasonable out-of-pocket expenses incurred by the Collateral Agent and its Affiliates, including the reasonable fees, charges and disbursements of its agents, professional advisors and a single counsel, and one additional local counsel
in each applicable jurisdiction, for the Administrative Agent and its Affiliates, in connection with this Agreement, including the preparation, execution, delivery, performance and administration of this Security Agreement or any amendments,
modifications or waivers of the provisions hereof and (ii) all out-of-pocket expenses incurred by the Collateral Agent, including the fees, charges and disbursements of its agents, professional advisors and a single counsel, and one additional
local counsel in each applicable jurisdiction, for the Collateral Agent and the Holders of Secured Obligations (and, solely in the event of a conflict of interest, one additional counsel to the Holders of Secured Obligations, taken as a whole), in
connection with the collection, enforcement or protection of its rights in connection with this Security Agreement and in the audit, analysis, administration, collection, preservation or sale of the Collateral (including the expenses and charges
associated with any periodic or special audit of the Collateral). Any and all costs and expenses incurred by the Grantors in the performance of actions required pursuant to the terms hereof shall be borne solely by the Grantors. All amounts due
under this Section shall be payable not later than ten (10) days after written demand therefor (together with documentation reasonably supporting such request). 
 8.11. Headings. The title of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of
this Security Agreement. 
 8.12. Termination. This Security Agreement shall continue in effect (notwithstanding the fact
that from time to time there may be no Secured Obligations outstanding) until (i) the occurrence of the events specified in clause (i) of Section 9.15(b) of the Credit Agreement or the events specified in clause (iv) of
Section 9.15(b) of the Credit Agreement, whichever shall first occur (the “Termination Event”). 

8.13. Entire Agreement. This Security Agreement, Security and Collateral Agency Agreement, the Credit Agreement and the
Intercreditor Agreement collectively embody the entire agreement and understanding between the Grantors and the Collateral Agent relating to the Collateral and supersedes all prior agreements and understandings among the Grantors and the Collateral
Agent relating to the Collateral. 
 8.14. Governing Law; Jurisdiction; Waiver of Jury Trial. 

8.14.1 THIS SECURITY AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 8.14.2 Each party to this Security Agreement hereby irrevocably and unconditionally submits, for itself
and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in
any action or proceeding arising out of or relating to this Security Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard 

  
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and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
binding (subject to appeal as provided by applicable law) and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Security Agreement shall affect any right that the Collateral Agent
may otherwise have to bring any action or proceeding relating to this Security Agreement against any Grantor or its properties in the courts of any jurisdiction. 

8.14.3 Each party to this Security Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Security Agreement or any other Loan Document in any court referred to in
Section 8.14.2. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

8.14.4 Each party to this Security Agreement irrevocably consents to service of process in the manner provided for notices
in Article IX of this Security Agreement, and each of the Grantors hereby appoints the Borrower as its agent for service of process. Nothing in this Security Agreement or any other Loan Document will affect the right of any party to this Security
Agreement to serve process in any other manner permitted by law. 
 8.14.5 WAIVER OF JURY TRIAL. EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT, ANY OTHER LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY AGREEMENT AND THE OTHER LOAN DOCUMENTS BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 8.15. Indemnity. Each Grantor hereby
agrees, jointly with the other Grantors and severally, to indemnify the Collateral Agent, the Holders of Secured Obligations, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, imposed on, incurred by or asserted
against any Indemnitee arising out of this Security Agreement, or the manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return or other disposition of any Collateral (including,
without limitation, latent and other defects, whether or not discoverable by any Indemnitee or any Grantor, and any claim for patent, trademark or copyright infringement); provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, penalties, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, bad faith or
willful misconduct of, or breach of the Loan Documents by, such Indemnitee (or any of its Related Parties) or to the extent that such losses, claims, damages, liabilities or related expenses result from any disputes solely among the Indemnitees and
not involving the Borrower or any of its Subsidiaries. 

  
 26 

 8.16. Limitation on Collateral Agent’s and other Holders of Secured
Obligations’ Duty with Respect to the Collateral. Subject to any applicable laws, the Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under
Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own account. Neither the Collateral Agent, any Holder of Secured Obligations nor any of their
respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral
upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Collateral Agent and the Holders of Secured Obligations hereunder are solely to
protect the Collateral Agent and the Holders of Secured Obligations’ interests in the Collateral and shall not impose any duty upon the Collateral Agent or any Holders of Secured Obligation to exercise any such powers. The Collateral Agent and
the Holders of Secured Obligations shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any
Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. Neither the Collateral Agent nor any other Holder of
Secured Obligations shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the Collateral Agent or such other Holder of Secured Obligations, or any income thereon or as
to the preservation of rights against prior parties or any other rights pertaining thereto. To the extent that applicable law imposes duties on the Collateral Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges
and agrees that it is commercially reasonable for the Collateral Agent (i) to fail to incur expenses deemed significant by the Collateral Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into
finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party
consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against account debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims
against Collateral, (iv) to exercise collection remedies against account debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions
of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in
acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by
utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather
than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the Collateral Agent against risks of loss, collection or disposition of
Collateral or to provide to the Collateral Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Collateral Agent, to obtain the services of other brokers, investment
bankers, consultants and other professionals to assist the Collateral Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 8.16 is to provide non-exhaustive
indications of what actions or omissions by the Collateral Agent would be commercially reasonable in the Collateral Agent’s exercise of remedies against the Collateral and that other actions or omissions by the Collateral Agent shall not be
deemed commercially unreasonable solely 

  
 27 

 
on account of not being indicated in this Section 8.16. Without limitation upon the foregoing, nothing contained in this Section 8.16 shall be construed to grant any
rights to any Grantor or to impose any duties on the Collateral Agent that would not have been granted or imposed by this Security Agreement or by applicable law in the absence of this Section 8.16. Notwithstanding anything herein to the
contrary, in no event shall the Collateral Agent be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens on any of the Collateral, whether impaired by
operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes bad faith, gross negligence or willful misconduct on the part of the Collateral Agent as determined by a
final, non-appealable judgment of a court of competent jurisdiction, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the sufficiency of the form or substance of this Security Agreement, for the
validity of the title of any Grantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 

8.17. Severability. Any provision in this Security Agreement that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to
this end the provisions of this Security Agreement are declared to be severable. 
 8.18. Reinstatement. This Security
Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any
creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the
Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,”
“fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be
reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
 8.19.
Counterparts. This Security Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. Delivery of an executed counterpart of a signature page of this Security Agreement by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Security Agreement. 

8.20. Intercreditor Agreement. Notwithstanding any other provisions herein, the rights, powers, privileges, remedies and
obligations of Collateral Agent hereunder shall be subject to the terms and conditions of the Intercreditor Agreement. This Section 8.20 is solely for the benefit of the Convertible Note Representative and the ABL Representative under the
Intercreditor Agreement and does not give any rights, powers, privileges, remedies or obligations of any kind whatsoever to any of the Grantors. In the event there is any conflict between the Intercreditor Agreement on the one hand and this Security
Agreement or any other Loan Document (other than the Intercreditor Agreement) on the other hand regarding the rights, remedies, privileges, protections and immunities of the Collateral Agent, the Intercreditor Agreement shall control. 

  
 28 

 ARTICLE IX 
 NOTICES 
 9.1. Sending Notices. Any notice required or permitted to be
given under this Security Agreement shall be sent (and deemed received) as follows: (i) if to the Collateral Agent, in the manner set forth in Section 9.01 of the Credit Agreement and at the address set forth below its signature
hereto; and (ii) if to any Person now or hereafter a Grantor or a Lender, in the manner and to the respective addresses set forth in Section 9.01 of the Credit Agreement for the Borrower or a Lender, respectively. Any notice
delivered to the Borrower shall be deemed to have been delivered to all of the Grantors, and any notice to holder of Swap Obligations or Banking Services Obligations shall be deemed to have been delivered to such holder if delivered to the Lender
that is such holder or to the Lender whose Affiliate is such holder. 
 9.2. Change in Address for Notices. Each of the
Grantors and the Collateral Agent may change the address for service of notice upon it by a notice in writing to the other parties. 
 [Signature Pages Follow] 

  
 29 

 IN WITNESS WHEREOF, each of the Initial Grantors and the Collateral Agent has executed this
Security Agreement as of the date first above written. 
  

			
	YRC WORLDWIDE INC., as a Grantor
		
	By:	 	 
	Name:
	Title:
	  
 [OTHER GRANTORS TO COME]

		
	By:	 	 
	Name:
	Title:

 Signature Page to 
 Amended and Restated Pledge and Security Agreement 

 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 
 as Collateral Agent 

			
	
		
	By:	 	 
	Name:
	Title:

 JPMorgan Chase Bank, N.A. 
 383 Madison Avenue, 23rd Floor 
 New York, New York, 10179 
 Attention: Bruce Borden 
 Fax: (212) 622-4556 

Acknowledged and Agreed: 
 JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION, 
 as Administrative Agent 
  

			
	
		
	By:	 	 
	Name:
	Title:

 Signature Page to 
 Amended and Restated Pledge and Security Agreement 

 (EXHIBIT “A” 

(See Sections 3.3, 3.4, 3.5 and 4.1.7 of Security Agreement) 

Prior names, jurisdiction of formation, place of business (if Grantor has only one place of business), chief executive office (if Grantor has more than
one place of business), mergers and mailing address: 
  

					
	 	  	
		
	 	  	
		
	 	  	
		
	 	  	
			
	 Attention:
	 	 	  	

 Locations of Real Property, Inventory, Equipment and Fixtures: 

 

	A.	Owned Locations of Inventory, Equipment and Fixtures of the Grantors: 

 

	B.	Leased Locations of Inventory, Equipment and Fixtures of by the Grantors (Include Landlord’s Name): 

 

	C.	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of warehouse operator or other bailee or consignee of
Inventory and Equipment of the Grantors): 

  

	D.	Real Property Owned and Leased (include description and location) 

  
 1 

 EXHIBIT “B” 
 (See Sections 3.8 and 3.12 of Security Agreement) 
 A. Vehicles subject to
certificates of title: 
  

			
	 Description
	    	 Title Number and State Where Issued

 B. Aircraft/engines, ships, vessels, railcars and other vehicles and similar equipment governed by federal statute: 
  

			
	 Description
	    	 Registration Number

 C. Patents, copyrights, trademarks protected under federal law* and industrial designs: 
 D. Other
property 
  
  

	*	For (i) trademarks, show the trademark itself, the registration date and the registration number; (ii) trademark applications, show the trademark applied for,
the application filing date and the serial number of the application; (iii) patents, show the patent number, issue date and a brief description of the subject matter of the patent; and (iv) patent applications, show the serial number of
the application, the application filing date and a brief description of the subject matter of the patent applied for. Any licensing agreements for patents or trademarks should be described on a separate schedule. 

  
 2 

 EXHIBIT “C” 
 (See Section 3.8 of Security Agreement) 
 Legal description, county and
street address of property on which 
 Fixtures are located: 

 

							
		  	    Name and Address of Record Owner:	  	
			
		  	 	  	
			
		  	 	  	
			
		  	 	  	
			
		  	 	  	

  
 3 

 EXHIBIT “D” 
 List of Pledged Securities 
 (See Section 3.11 of Security Agreement)

 A. STOCKS: 
  

					
	Issuer	 	Certificate Number	 	Number of Shares

 B. BONDS: 
  

									
	 Issuer
	 	Number	 	Face Amount	 	Coupon Rate	 	Maturity

 C. GOVERNMENT SECURITIES: 
  

											
	 Issuer
	 	Number	 	Type	 	Face Amount	 	Coupon Rate	 	Maturity

 D. OTHER SECURITIES OR OTHER INVESTMENT PROPERTY 
 (CERTIFICATED AND
UNCERTIFICATED): 
  

					
	 Issuer
	 	Description of Collateral	 	Percentage Ownership Interest

  
 4 

 EXHIBIT “E” 
 (See Sections 3.1 and 4.10.2 of Security Agreement) 
 OFFICES IN
WHICH FINANCING STATEMENTS HAVE BEEN/WILL BE FILED 

  
 5 

 EXHIBIT “F” 
 (See Definition of “Commercial Tort Claims”) 
 COMMERCIAL TORT CLAIMS

 [Describe parties, case number (if applicable), nature of dispute] 

  
 6 

 EXHIBIT “G” 
 (See Section 3.10 of Security Agreement”) 
 FEDERAL EMPLOYER
IDENTIFICATION NUMBER; 
 STATE ORGANIZATION NUMBER; JURISDICTION OF INCORPORATION 

 

									
	 GRANTOR1
	  	 Federal Employer
Identification
 Number
	  	Type of
Organization	  	State of
Organization or
Incorporation	  	State
Organization
Number

					
	 YRC Worldwide Inc.
	  	[                    ]	  	Corporation	  	Delaware	  	[                    ]
					
	 [Other Grantors to Come]
	  	[                    ]	  	[                    ]	  	[                    ]	  	[                    ]

  
  

	1 	 Company to confirm. 

  
 7 

 EXHIBIT “H” 
 (See Section 3.14 of Security Agreement) 
 DEPOSIT ACCOUNTS 

 

							
	 Name of Grantor
	  	
Name of Institution
	  	
Account Number
	  	 Balance

	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 

 SECURITIES ACCOUNTS 
  

							
	 Name of Grantor
	  	
Name of Institution
	  	
Account Number
	  	 Balance

	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 
	 	 	 	 
	 	  	 	  	 	  	 

  
 8 

 ANNEX I 
 to 
 AMENDED AND RESTATED 

PLEDGE AND SECURITY AGREEMENT 
 Reference is hereby made to the Amended and Restated Pledge and Security Agreement (as amended, restated, amended and restated, supplemented, renewed, replaced, extended, restructured or otherwise
modified from time to time, the “Agreement”), dated as of July 22, 2011, made by each of YRC Worldwide Inc., a Delaware corporation (the “Borrower”), and the Subsidiaries of the Borrower listed on the signature
pages thereto (together with the Borrower, the “Initial Grantors”, and together with any additional Subsidiaries, including the undersigned, which become parties thereto by executing a Supplement in substantially the form hereof,
the “Grantors”), in favor of the Collateral Agent. Capitalized terms used herein and not defined herein shall have the meanings given to them in the Agreement. 

By its execution below, the undersigned, [NAME OF NEW GRANTOR], a
[            ] [corporation/limited liability company/limited partnership] (the “New Grantor”), agrees to become, and does hereby become, a Grantor under the Agreement and
agrees to be bound by the Agreement as if originally a party thereto. The New Grantor hereby pledges, collaterally assigns and grants to the Collateral Agent, on behalf of and for the benefit of the Holders of Secured Obligations, a security
interest in all of the New Grantor’s right, title and interest, whether now owned or hereafter acquired, in and to the Collateral to secure the prompt and complete payment and performance when due of the Secured Obligations. For the avoidance
of doubt, the grant of a security interest herein shall not be deemed to be an assignment of intellectual property rights owned by the New Grantor. 
 By its execution below, the New Grantor represents and warrants as to itself that, as of the date hereof, all of the representations and warranties contained in the Agreement are true and correct in all
material respects, that the supplements to the Exhibits to the Agreement attached hereto are true and correct in all material respects, and that such supplements set forth all information required to be scheduled by it under the Agreement. New
Grantor agrees to take all steps necessary and required under the Agreement to perfect, in favor of the Collateral Agent, a first-priority security interest in and Lien against the New Grantor’s Collateral (which for the avoidance of doubt
shall not include Excluded Property). 
 IN WITNESS WHEREOF, the New Grantor has executed and delivered this Annex I
counterpart to the Agreement as of this             day of             ,
            . 
  

			
	[NAME OF NEW GRANTOR]
		
	By:	 	 
	Title:	 	 

  
 1

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