Document:

EX-10.4

 Exhibit 10.4 

YRC WORLDWIDE INC.  

SEVERANCE AGREEMENT 

THIS SEVERANCE AGREEMENT (this “Agreement”) is made this 30th day of December, 2014 (the “Effective Date”)
by and between YRC WORLDWIDE INC., a Delaware corporation (the “Company”), and Jamie G. Pierson (the “Executive”). 

WHEREAS, in partial consideration for the continued employment of the Executive as Chief Executive Officer by the Company and the severance
benefits hereunder, the Company wishes to enter into this Agreement upon the terms and conditions set forth herein and to bind the Executive to certain restrictive covenants in favor of the Company. 

NOW, THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Definitions. Capitalized
terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in this Section 1. 
 (a)
“Affiliate” means, with respect to any individual or entity, any other individual or entity, which, directly or indirectly, controls, is controlled by or is under common control with such individual or entity. 

(b) “Base Salary” means the Executive’s annual base compensation rate for services paid by the Company to the Executive
at the time immediately prior to the Effective Date, as reflected in the Company’s payroll records and which the Board may increase (but not decrease). 

(c) “Cause” means: (i) the Executive’s willful misconduct or gross negligence in the performance of the
Executive’s duties to the Company; (ii) the Executive’s continued refusal to substantially perform the Executive’s material duties to the Company or to follow the lawful directives of the Company’s Board of Directors or any
executive to which the Executive reports (other than as a result of death or physical or mental incapacity) that continues after written notice from the Company; (iii) the Executive’s indictment for, conviction of, or pleading of guilty or
nolo contendere to, a felony or any crime involving moral turpitude; (iv) the Executive’s performance of any material act of theft, embezzlement, fraud, malfeasance, dishonesty or misappropriation of the Company’s property; or
(v) material breach of this Agreement or any other agreement with the Company, or a material violation of the Company’s code of conduct or other written policy that is not cured within ten (10) days of notice from the Company. 

(d) “Change in Control” means an occurrence of one of the following: 

(i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any
trustee or other fiduciary holding securities under any employee benefit plan of the Company or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Common Stock of
the Company (“Excluded Persons”)) becoming the beneficial owner (as defined in Rule 13d 3 under the Exchange Act), 

  
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directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities, excluding an acquisition pursuant to
a Business Transaction (as defined below) that does not constitute a “Change in Control” thereunder; 
 (ii) during
any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than a director whose initial assumption of office occurs as a result of either an actual or threatened election
contest (as such term is used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board) whose election by the Board or
nomination for election by the Company’s stockholders was approved by a vote of at least two thirds of the directors then still in office who either were directors at the beginning of the two year period or whose election or nomination for
election was previously so approved, cease for any reason to constitute at least a majority of the Board; 
 (iii) a merger
or consolidation of the Company or any direct or indirect subsidiary of the Company (a “Business Transaction”) with any other entity, other than a merger or consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company
or its successor (or the ultimate parent company of the Company or its successor) outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no person (other than Excluded Persons) acquires more than 50% of the combined voting power of the Company’s then outstanding securities shall not constitute a Change in Control of the Company; or 

(iv) a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company of all or
substantially all of the Company’s assets other than the sale or disposition of all or substantially all of the assets of the Company to a person or persons who beneficially own, directly or indirectly, 50% or more of the combined voting power
of the outstanding voting securities of the Company at the time of the sale (or to an entity controlled by such person or persons). 

Notwithstanding the foregoing, an event shall not be considered to be a Change in Control unless such event is also a “change in
ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

(e) “Company Group” means the Company and any affiliates or subsidiaries of the Company. 

(f) “Good Reason” means the occurrence of any of the following events: (i) reduction in Executive’s Base Salary or
Target Bonus, (ii) any material diminution in Executive’s titles, duties or responsibilities or the assignment to him of duties or responsibilities that materially 

  
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impairs his ability to perform the duties or responsibilities then assigned to the Executive or normally assigned to someone in the Executive’s role of an enterprise of the size and
structure of the Company, (iii) the assignment of duties to the Executive that are materially inconsistent with the Executive’s position with the Company, (iv) a required relocation of the Executive’s primary office location of
more than fifty (50) miles or (v) a material breach of this Agreement or any other material, written agreement with Executive. For purposes of this Agreement, Executive shall have Good Reason to terminate employment if, within thirty
(30) days after Executive knows (or has reason to know) of the occurrence of any of the events described above, Executive provides written notice requesting cure to the Board of such events, and the Board fails to cure, if curable, such events
within thirty (30) days following receipt of such notice, and the Executive actually terminates employment within ninety (90) days following the expiration of such cure period. 

(g) “Target Bonus” means the annual target bonus applicable to the Executive for a given year. In the case of the Good Reason
definition, it refers to the annual target bonus established by the Company for the Executive starting in 2015. For the sake of clarity, “Good Reason” to terminate shall not exist with respect to the setting of the Executive’s Target
Bonus in 2015, even if such Target Bonus is lower than that for 2014. 
 2. At-Will Employment. The Executive acknowledges and agrees
that the Executive’s employment with the Company is and shall remain “at-will” and the Executive’s employment with the Company may be terminated at any time and for any reason (or no reason) by the Company or the Executive, with
or without notice. During the period of the Executive’s employment with the Company, the Executive shall perform such duties and fulfill such responsibilities as reasonably requested by the Company from time to time commensurate with the
Executive’s position as Chief Executive Officer with the Company. 
 3. Severance. 

(a) Severance Payments - Involuntary Termination. Subject to the Executive’s compliance with the provisions of Sections 3(c), 4 and
5 hereof, in the event of a (x) termination of the Executive’s employment by the Company for reasons other than Cause, death or physical or mental incapacity or (y) voluntary resignation by the Executive for Good Reason (any
termination described in (x) or (y), a “Qualifying Termination”), the Executive shall be entitled to (A) receive continued payment of the Executive’s then-current Base Salary for a period beginning on the effective
date of such termination and continuing for eighteen (18) months, payable in accordance with the Company’s normal payroll practices as in effect on the date of termination or in a lump sum if mutually agreed to by the Executive and the
Company, which discretion is limited to the portion, if any, of the severance that does not constitute deferred compensation within the meaning of Section 409A of the Code, (B) reimbursement for up to 18 months of COBRA premiums paid by
the Executive for continued health care, and (C) receive the Accrued Benefits (as defined below). Any severance payment hereunder shall be in lieu of any other severance payment to which the Executive would be entitled pursuant to any other
severance plan, program, arrangement, or policy of the Company, and shall be considered a part of, and not in addition to, amounts that may be payable to the Executive under the Worker Adjustment Retraining Notification Act of 1988 or any similar
state statute or regulation. 
 (b) Severance Payments - Change of Control. Subject to the Executive’s compliance with the
provisions of Sections 3(c), 4 and 5 hereof, in the event of the Executive’s Qualifying Termination, within 12 months after a Change of Control, the Executive shall be 

  
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entitled to (A) receive a lump-sum payment of an amount equal to 2.0 multiplied by the sum of the Executive’s then-current rate of Base Salary plus the Executive’s Target Bonus for
the year of termination (determined without taking into account any reduction thereto giving rise to a Good Reason termination), (B) reimbursement for up to 18 months of COBRA premiums paid by the Executive for continued health care,
(C) vesting of outstanding equity awards held by the Executive at the time of such Qualifying Termination with performance awards vesting at target levels and outstanding options remaining exercisable for 12 months following the date of
termination (but not beyond the original term), and (D) receive the Accrued Benefits (as defined below). Any severance payment hereunder shall be in lieu of any other severance payment to which the Executive would be entitled pursuant to any
other severance plan, program, arrangement, or policy of the Company, and shall be considered a part of, and not in addition to, amounts that may be payable to the Executive under the Worker Adjustment Retraining Notification Act of 1988 or any
similar state statute or regulation. 
 (c) General Release. The receipt of the payments described in Section 3(a) and 3(b)
hereof shall be conditioned upon the execution and non-revocation by the Executive of a general release in the form attached hereto as Exhibit A (the “Release”). Such release shall be executed and delivered (and no longer subject to
revocation, if applicable) within sixty (60) days following termination. Subject to Section 3(d), any amount that would otherwise by payable before the Release becomes irrevocable shall be accumulated and paid promptly after such date.

 (d) Section 409A. To the extent the 60-day period referenced in Section 3(c) spans two calendar years, any amount that
would be considered to be “non-qualified deferred compensation” within the meaning of Section 409A of the Code that would otherwise be payable in the calendar year that includes the date of termination shall be accumulated and paid in
the following calendar year. 
 (e) Other Terminations of Employment. In the event that the Executive’s employment with the
Company is terminated for any reason (or no reason), the Executive (or the Executive’s legal representative) shall be entitled to the following (with the amounts due under Section 3(e)(i) through 3(e)(iv) hereof to be paid within sixty
(60) days following termination of employment, or such earlier date as may be required by applicable law): (i) any unpaid Base Salary through the date of termination; (ii) reimbursement for any earned but unpaid salary or other
accrued amounts and any unreimbursed business expenses incurred through the date of termination; and (iii) all other accrued and vested payments and benefits (including, without limitation, annual bonuses and vacation pay) to which the
Executive shall be entitled under the terms of any applicable compensation arrangement or employee benefit plan or program of the Company or its affiliates (collectively, Sections 3(e)(i) through 3(e)(iii) hereof shall be hereafter referred to as
the “Accrued Benefits”). In the event that the Executive’s employment with the Company is terminated by the Company for Cause, or by the Executive for any reason, or as a result of death or physical or mental incapacity, the Company
shall have no further obligations to the Executive, except as provided in Section 3(f) hereof and this Section 3(e). 
 (f)
Other Benefits. The benefits payable to the Executive under this Agreement are not in lieu of any benefits payable under any Executive benefit plan, program or arrangement of the Company, except as provided specifically herein, and upon
termination of employment, the Executive shall receive such benefits or payments, if any, as the Executive may be entitled to receive pursuant to the terms of such plans, programs and arrangements. Except for the obligations of the Company provided
by this Agreement (including, without limitation, pursuant to the preceding sentence hereof), the Company shall have no further obligations to the Executive upon termination of employment. 

  
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 (g) Withholding of Taxes. All payments required to be made by the Company to the Executive
under this Agreement shall be subject to the withholding of such amounts for taxes and other payroll deductions as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation. 

(h) Limitation on Payments and Benefits. Notwithstanding any provision of this Agreement to the contrary, in the event that any amount
or benefit to be paid or provided to the Executive under this Agreement or otherwise constitutes a “parachute payment” within the meaning of Section 280G of the Code, and but for this provision, would be subject to the excise tax
imposed by Section 4999 of the Code, then the totality of those amounts shall be either: (a) delivered in full, or (b) delivered as to such lesser extent which would result in no portion of such payments and benefits being subject to
excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed by Section 4999 of the Code (and any
equivalent state or local excise taxes), results in the receipt by the Executive on an after-tax basis, of the greatest amount of such payments and benefits, notwithstanding that all or some portion of such amount may be taxable under
Section 4999 of the Code. Any reduction of any amount required by this provision shall be made in accordance with Section 409A of the Code and shall occur in the following order: (1) reduction of cash payments to the Executive under
this Agreement or otherwise; (2) reduction of other benefits paid or provided to the Executive; and (3) reduction of vesting acceleration of equity awards under this Agreement or otherwise. If two or more equity awards are granted on the
same date, each award will be reduced on a pro rata basis (dollar-for-dollar). 
 (i) Claw-back. If, pursuant to Section 10D of
the Securities Exchange Act of 1934, as amended (the “Act”), the Company would not be eligible for continued listing, if applicable, under Section 10D(a) of the Act if it did not adopt policies consistent with Section 10D(b) of
the Act, then, in accordance with those policies that are so required, any incentive-based compensation payable to Executive under this Agreement or otherwise shall be subject to claw-back in the circumstances, to the extent, and in the manner,
required by Section 10D(b)(2) of the Act, as interpreted by rules of the Securities Exchange Commission. 
 4. Termination
Procedure. Any termination of employment shall be effected through written notice from one party to the other. The termination shall be effective as of the date specified in the notice; provided that in the case of the Executive terminating
employment with the Company for Good Reason, the Executive shall be required to give written notice to the Company at least thirty (30) days prior to the desired date of termination. 

5. Restrictive Covenants. 

(a) Confidentiality. During the course of the Executive’s employment with the Company, the Executive will learn confidential
information on behalf of the Company Group. The Executive agrees that the Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Executive’s
assigned duties and for the benefit of the Company Group, either during the period of the Executive’s employment or at any time thereafter, any business and technical information 

  
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or trade secrets, nonpublic, proprietary or confidential information, knowledge or data relating to the Company Group or any of its Affiliates or businesses, or received from third parties
subject to a duty on the Company Group’s and its Affiliates’ part to maintain the confidentiality of such information and to use it only for certain limited purposes, in each case which shall have been obtained by the Executive during the
Executive’s employment by the Company Group (or any predecessor). The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Executive; (ii) becomes generally known to the public
subsequent to disclosure to the Executive through no wrongful act of the Executive or any representative of the Executive; or (iii) the Executive is required to disclose by applicable law, regulation or legal process (provided that the
Executive provides the Company with prior notice of the contemplated disclosure and cooperates with the Company Group at its expense in seeking a protective order or other appropriate protection of such information). 

(b) Noncompetition. The Executive acknowledges that the Executive performs services of a unique nature for the Company that are
irreplaceable, and that the Executive’s performance of such services to a competing business will result in irreparable harm to the Company. Accordingly, during the Executive’s employment by the Company and for a period of twelve
(12) months thereafter, the Executive agrees that the Executive will not, directly or indirectly, own, manage, operate, control, be employed by (whether as an Executive, consultant, independent contractor or otherwise, and whether or not for
compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in competition with the Company or any of its Affiliates or in any other material business in which the Company or any of its direct or
indirect subsidiaries is engaged on the date of termination or in which they have planned, on or prior to such date, to be engaged in on or after such date, in any locale of any country in which the Company conducts business. Notwithstanding the
foregoing, nothing herein shall prohibit the Executive from being a passive owner of not more than one percent (1%) of the equity securities of a publicly traded corporation engaged in a business that is in competition with the Company or any
of its Affiliates, so long as the Executive has no active participation in the business of such corporation. 
 (c) Nonsolicitation;
Noninterference. During the Executive’s employment with the Company and for a period of twelve (12) months thereafter, the Executive agrees that the Executive shall not, except in the furtherance of the Executive’s duties
hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, (i) solicit, aid or induce any customer of the Company or any of its direct or indirect subsidiaries to purchase goods or
services then sold by the Company Group or any of its Affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer, (ii) solicit, aid or induce any
employee, representative or agent of the Company Group to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated with the Company or hire or
retain any such Executive, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such Executive, representative or agent, or
(iii) interfere, or aid or induce any other person or entity in interfering, with the relationship between the Company or any of its Affiliates and any of their respective vendors, joint venturers or licensors. An Executive, representative or
agent shall be deemed covered by this Section 5(c) while so employed or retained and for a period of six (6) months thereafter. 

  
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 (d) Nondisparagement. The Executive agrees not to make negative comments or otherwise
disparage the Company Group, or any of their respective officers, directors, Executives, shareholders, agents or products other than in the good faith performance of the Executive’s duties to the Company while the Executive is employed by the
Company or for a period of twelve (12) months thereafter. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including,
without limitation, depositions in connection with such proceedings). 
 (e) Inventions. 

(i) The Executive acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products,
developments or works of authorship (“Inventions”), whether patentable or unpatentable, (A) that relate to the Executive’s work with the Company, made or conceived by the Executive, solely or jointly with others, during
the course of the Executive’s service with the Company, or (B) suggested by any work that the Executive performs in connection with the Company, either while performing the Executive’s duties with the Company or on the
Executive’s own time, but only insofar as the Inventions are related to the Executive’s work as an Executive or other service provider to the Company, shall belong exclusively to the Company (or its designee), whether or not patent
applications are filed thereon. The Executive will keep full and complete written records (the “Records”), in the manner prescribed by the Company, of all Inventions, and will promptly disclose all Inventions completely and in
writing to the Company. The Records shall be the sole and exclusive property of the Company, and the Executive will surrender them upon the Executive’s termination of employment with the Company, or upon the Company’s request. The
Executive will assign to the Company the Inventions and all patents that may issue thereon in any and all countries, whether during or subsequent to the Executive’s service with the Company, together with the right to file, in the
Executive’s name or in the name of the Company (or its designee), applications for patents and equivalent rights (the “Applications”). The Executive will, at any time during and subsequent to the Executive’s service with
the Company, make such applications, sign such papers, take all rightful oaths, and perform all acts as may be requested from time to time by the Company with respect to the Inventions. The Executive will also execute assignments to the Company (or
its designee) of the Applications, and give the Company and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the Company’s benefit, all without additional compensation to the Executive
from the Company, but entirely at the Company’s expense. 
 (ii) In addition, the Inventions will be deemed Work for
Hire, as such term is defined under the copyright laws of the United States, on behalf of the Company and the Executive agrees that the Company will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or
hereinafter devised, throughout the universe and in perpetuity without any further obligations to the Executive. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, the Executive hereby irrevocably conveys, transfers and
assigns to the Company, all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of the Executive’s right, title and interest in the
copyrights (and all renewals, revivals and extensions thereof) to the Inventions, 

  
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including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to make modifications, adaptations and
revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the
date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, the Executive hereby waives any so-called “moral rights” with respect to the Inventions. To the extent that the Executive has
any rights in the results and proceeds of the Executive’s service to the Company that cannot be assigned in the manner described herein, the Executive agrees to unconditionally waive the enforcement of such rights. The Executive hereby waives
any and all currently existing and future monetary rights in and to the Inventions and all patents that may issue thereon, including, without limitation, any rights that would otherwise accrue to the Executive’s benefit by virtue of the
Executive being an Executive of or other service provider to the Company. 
 (f) Return of Company Property. On the date of the
Executive’s termination of employment with the Company for any reason (or at any time prior thereto at the Company’s request), the Executive shall return all property belonging to the Company or its Affiliates (including, but not limited
to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company). The Executive may retain the Executive’s contact lists and similar address books
provided that such items only include contact information. 
 (g) Reformation. If it is determined by a court of competent
jurisdiction in any state that any restriction in this Section 5 is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by
the court to render it enforceable to the maximum extent permitted by the laws of that state. 
 (h) Tolling. In the event of any
violation of the provisions of this Section 5, the Executive acknowledges and agrees that the post-termination restrictions contained in this Section 5 shall be extended by a period of time equal to the period of such violation, it being
the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation. 

(i) Survival. The obligations contained in Sections 5 and 6 hereof shall survive the termination of the Executive’s employment
with the Company and shall be fully enforceable thereafter. 
 6. Cooperation. Upon the receipt of reasonable notice from the Company
(including outside counsel), the Executive agrees that while employed by the Company and thereafter, the Executive will respond and provide information with regard to matters in which the Executive has knowledge as a result of the Executive’s
employment with the Company, and will provide reasonable assistance to the Company, its Affiliates and their respective representatives in defense of any claims that may be made against the Company or its Affiliates, and will assist the Company and
its Affiliates in the prosecution of any claims that may be made by the Company or its Affiliates, to the extent that such claims may relate to the period of the Executive’s employment with the Company. If, after the Executive’s
termination of employment for any reason, the Executive is required to testify by deposition, in a judicial proceeding, or in an arbitration 

  
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proceeding, the Company will compensate the Executive for his time at an hourly rate equal to the Executive’s most recent Base Salary divided by 2,080 and promptly reimburse the Executive
for all reasonable travel expenses. The Executive agrees to promptly inform the Company if the Executive becomes aware of any lawsuits involving such claims that may be filed or threatened against the Company or its Affiliates. The Executive also
agrees to promptly inform the Company (to the extent that the Executive is legally permitted to do so) if the Executive is asked to assist in any investigation of the Company or its Affiliates (or their actions), regardless of whether a lawsuit or
other proceeding has then been filed against the Company or its Affiliates with respect to such investigation, and shall not do so unless legally required. 

7. Equitable Relief and Other Remedies. The Executive acknowledges and agrees that the Company’s remedies at law for a breach or
threatened breach of any of the provisions of Section 5 or Section 6 hereof would be inadequate and, in recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at
law, the Company shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of
showing actual monetary damages or the posting of a bond or other security. In the event of a violation by the Executive of Section 5 or Section 6 hereof, any severance being paid to the Executive pursuant to this Agreement or otherwise
shall immediately cease, and any severance previously paid to the Executive shall be immediately repaid to the Company. 
 8.
Notices. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on
the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day
following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to the Executive:     At the last address on the records of the Company. 

If to the Company:     At the Company’s principal executives offices, Attention General Counsel. 

9. Governing Law. This Agreement shall be governed, construed, performed and enforced in accordance with its express terms, and
otherwise in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws. 
 10. Resolution of
Disputes. Any dispute concerning the validity, interpretation, enforcement, or breach of this Agreement, or otherwise arising between the parties, shall be submitted to binding arbitration before the American Arbitration Association
(“AAA”) for resolution. Such arbitration shall be conducted in the State of Delaware, and the arbitrator will apply Delaware law, including federal law as applied in Delaware courts. The arbitration shall be conducted in accordance
with the AAA’s Employment Arbitration Rules, as modified by the terms set forth in this Agreement. The arbitration will be conducted by a single arbitrator, who shall be an attorney who specializes in the field of employment law and shall have
prior experience arbitrating employment disputes. The award of the arbitrator shall be final and binding on the parties, and judgment on the award may be confirmed and entered in any state or 

  
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federal court in the State of Delaware. The arbitration shall be conducted on a strictly confidential basis, and Executive shall not disclose the existence of a claim, the nature of a claim, any
documents, exhibits, or information exchanged or presented in connection with any such a claim, or the result of any arbitration (collectively, “Arbitration Materials”), to any third party, with the sole exception of Executive’s legal
counsel, who also shall be bound by all confidentiality terms of this Agreement. In the event of any court proceeding to challenge or enforce an arbitrator’s award, the parties hereby consent to the exclusive jurisdiction of the state and
federal courts in the State of Delaware, and agree to venue in that jurisdiction. The parties agree to take all steps necessary to protect the confidentiality of the Arbitration Materials in connection with any such proceeding, agree to file all
Confidential Information (and documents containing Confidential Information) under seal to the extent possible and agree to the entry of an appropriate protective order encompassing the confidentiality terms of this Agreement. Each party agrees to
pay its own costs and fees in connection with any arbitration of a dispute arising under this Agreement, and any court proceeding arising therefrom, regardless of outcome; provided, however, that if Executive prevails on substantially all claims,
then the Company shall reimburse Executive for attorneys’ fees reasonably incurred by him. 
 11. Waiver of Breach. Any waiver
of any breach of this Agreement shall not be construed to be a continuing waiver or consent to any subsequent breach on the part either of the Executive or of the Company. 

12. Non-Assignment; Successors. This Agreement is personal to each of the parties hereto. Except as provided in this Section 12,
no party may assign or delegate any rights or obligations hereunder without first obtaining the advanced written consent of the other party hereto. Any purported assignment or delegation by the Executive in violation of the foregoing shall be null
and void ab initio and of no force and effect. The Company may assign this Agreement to a person or entity that is an Affiliate of the Company or to any successor to all or substantially all of the business and/or assets of the Company that
assumes in writing, or by operation of law, the obligations of the Company hereunder. As used in this Agreement, “Company” shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform
this Agreement by operation of law, or otherwise. 
 13. Severability. To the extent that any provision of this Agreement or portion
thereof shall be invalid or unenforceable, it shall be considered deleted therefrom and the remainder of such provision and of this Agreement shall be unaffected and shall continue in full force and effect. 

14. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all
of which together shall constitute one and the same instrument. 
 15. Entire Agreement. This Agreement constitutes the entire
agreement by the Company and the Executive with respect to the subject matter hereof, and supersedes any and all prior agreements or understandings between the Executive and the Company, including the employment agreement entered into
November 3, 2011 and amended October 30, 2012 between Executive and the Company with respect to the subject matter hereof, whether written or oral. This Agreement may be amended or modified only by a written instrument executed by the
Executive and the Company. 

  
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 16. Code Section 409A Compliance. The intent of the parties is that payments and
benefits under this Agreement be exempt from, or comply with, Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum
extent permitted, this Agreement shall be interpreted consistent with such intent. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits
upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a
“termination,” “termination of employment” or like terms shall mean “separation from service.” In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the
Executive by Code Section 409A or damages for failing to comply with Code Section 409A. For purposes of Code Section 409A, the Executive’s right to receive installment payments pursuant to this Agreement shall be treated as a
right to receive a series of separate and distinct payments. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written
above. 
  

			
	YRC WORLDWIDE INC.
		
	By:	 	 /s/ James L. Welch

	Name:	 	James L. Welch
	Title:	 	Chief Executive Officer
	
	Executive:
	
	 /s/ Jamie G. Pierson

Jamie G. Pierson

	
	Signature Page to Severance Agreement

  
 12 

 EXHIBIT A 

I,            , in consideration of and subject to the performance by YRC
Worldwide, Inc. (together with its subsidiaries, the “Company”), of its obligations under this General Release (the “Release”), do hereby release and forever discharge as of the date hereof the Company and its
respective affiliates and subsidiaries and all their present, former and future directors, officers, agents, representatives, employees, successors and assigns of the Company and/or its respective affiliates and subsidiaries and direct or indirect
owners (collectively, the “Released Parties”) to the extent provided herein. The Released Parties are intended third-party beneficiaries of this Release, and this Release may be enforced by each of them in accordance with the terms
hereof in respect of the rights granted to such Released Parties hereunder. 
 1. I hereby acknowledge that, in consideration of the waiver and release of
claims set forth in this Release, the Company agrees to provide me, in full satisfaction of its obligation to me, with the post-termination payments set forth in Sections 3(a) or 3(b) of the Severance Agreement (the “Agreement”),
whichever is applicable. The severance payments are subject to my compliance with the restrictive covenants set forth in Section 5 of the Agreement, which expressly survive the date of termination of my employment with the Company (the
“Termination Date”). The severance payments are in addition to any amounts owed to me by the Company. 
 2. I understand that any payments
or benefits paid or granted to me under this Release represent, in part, consideration for signing this Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive certain of the
payments and benefits specified in Sections 3(a) or 3(b) of the Agreement unless I execute this Release and do not revoke this Release within the time period permitted hereafter or breach this Release. Such payments and benefits will not be
considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates. 

Except as provided in paragraph 4 below and except for the provisions of this Release which expressly survive the termination of my employment with the
Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action,
cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past
and present (through the date this Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company and/or any of the Released Parties which I, my spouse, or any of my heirs, executors,
administrators or assigns, ever had, now have or may have by reason of any matter, cause, or thing whatsoever, from the beginning of my initial dealings with the Company to the date of this Release, and particularly, but without limitation of the
foregoing general terms, any claims arising from or relating in any way to my employment relationship with Company, the terms and conditions of that employment relationship, and the termination of that employment relationship (including, but not
limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit
Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 

  
 13 

 
1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their
state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or
arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’
fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”). I understand and intend that this Release constitutes a general release of all claims and that no reference herein to a specific
form of claim, statute or type of relief is intended to limit the scope of this Release. 
 4. I represent that I have made no assignment or transfer of any
right, claim, demand, cause of action, or other matter covered by paragraph 2 above. 
 5. I agree that this Release does not waive or release any rights or
claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of this Release
shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). 

6. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever,
including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the foregoing, I acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law,
including the right to file an administrative charge or participate in an administrative investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution
of such charge or investigation or proceeding. 
 7. In signing this Release, I acknowledge and intend that it shall be effective as a bar to each and every
one of the Claims hereinabove mentioned or implied. I expressly consent that this Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims
(notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I
acknowledge and agree that this waiver is an essential and material term of this Release and that without such waiver the Company would not have agreed to the terms of Sections 3(a) or 3(b) of the Agreement. I further agree that in the event that I
should bring a Claim seeking damages against the Company, or in the event that I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this Release shall serve as a complete defense to such Claims to
the maximum extent permitted by law. I further agree that I am not aware of any pending claim or of any facts that could give rise to a claim of the type described in paragraph 2 as of the execution of this Release. 

8. I agree that neither this Release, nor the furnishing of the consideration for this Release, shall be deemed or construed at any time to be an admission by
the Company, any Released Party or myself of any improper or unlawful conduct. 

  
 14 

 9. I agree that I will forfeit all amounts payable by the Company pursuant to this Release if I challenge the
validity of this Release. I also agree that if I violate this Release by suing the Company or the other Released Parties, I will pay all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable
attorneys’ fees, and return all payments received by me pursuant to Sections 3(a) or 3(b) of the Agreement, whichever is applicable, on or after the termination of my employment. 

10. I agree that this Release is confidential and agree not to disclose any information regarding the terms of this Release, except to my immediate family and
any tax, legal or other counsel that I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone. 

11. Any non-disclosure provision in this Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this Release or its
underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any other self-regulatory organization or any governmental entity. 

12. I hereby acknowledge that the restrictive covenants in Section 5 of the Agreement shall survive my execution of this Release. 

13. I represent that I am not aware of any Claim by me, and I acknowledge that I may hereafter discover claims or facts in addition to or different than those
which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of entering into this Release, may have materially affected this Release and my
decision to enter into it. 
 14. Notwithstanding anything in this Release to the contrary, this Release shall not relinquish, diminish, or in any way
affect any rights or claims arising out of any breach by the Company or by any Released Party of this Release after the date hereof. 
 15. This Release
shall be governed by, construed and interpreted in all respects, in accordance with the laws of the State of Delaware, without regard to conflicts of laws principles thereof. 

16. Whenever possible, each provision of this Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any
provision of this Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other
jurisdiction, but this Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

  
 15 

 BY SIGNING THIS RELEASE, I REPRESENT AND AGREE THAT: 

 

	 	(i)	I HAVE READ IT CAREFULLY; 

  

	 	(ii)	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF
1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990, AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; 

  

	 	(iii)	I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

  

	 	(iv)	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; 

 

	 	(v)	I HAVE HAD AT LEAST TWENTY ONE (21) DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT
RESTART THE REQUIRED TWENTY ONE (21)-DAY PERIOD; 

  

	 	(vi)	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; 

 

	 	(vii)	I HAVE SIGNED THIS RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 

 

	 	(viii)	I AGREE THAT THE PROVISIONS OF THIS RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.
                                 

 

							
	SIGNED:	 	  
	  	DATED:	  	  

  
 16EX-10.1

 Exhibit 10.1 

EMPLOYMENT TRANSITION AND CONSULTING AGREEMENT 

This Employment Transition and Consulting Agreement (this “Agreement”), effective as of the Effective Date (as defined
below), is entered into by and among BioMed Realty Trust, Inc., a Maryland corporation (the “REIT”), BioMed Realty, L.P., a Maryland limited partnership (the “Operating Partnership,” and together with the REIT, the
“Company”), and Matthew G. McDevitt (“Executive”), and inures to the benefit of each of the Company’s current, former and future parents, subsidiaries, related entities, employee benefit plans and their
fiduciaries, predecessors, successors, officers, directors, shareholders, agents, employees and assigns. 
 WHEREAS, Executive is currently
employed by the Company as its Executive Vice President, Real Estate, and is a party to that certain Change in Control and Severance Agreement executed effective January 25, 2012, by and among the REIT, the Operating Partnership and Executive
(the “Change in Control and Severance Agreement”); 
 WHEREAS, both Executive and the Company have determined that it is in
their mutual best interests that Executive’s employment with the Company terminate, and that their employment relationship be dissolved in the manner set forth in this Agreement; 

WHEREAS, both Executive and the Company have determined that it is in their mutual best interests that Executive continue to provide
consulting services to the Company following his termination of employment; and 
 WHEREAS, Executive and the Company desire to set forth
the terms and conditions of the foregoing arrangement. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained, the
parties agree as follows: 
 1. Effective Date; Termination of Employment. 

(a) Effective Date. This Agreement shall become effective upon the occurrence of both of the following events: (i) execution of
the Agreement by the parties hereto and the execution of the Release (as defined in Section 3(e) below) by Executive; and (ii) expiration of the revocation period applicable under the Release without Executive having given notice of
revocation. The date of the last to occur of the foregoing events shall be referred to in this Agreement as the “Effective Date.” Until and unless both of the foregoing events occur, this Agreement shall be null and void. 

(b) Termination of Employment Status. Executive’s employment by the Company shall terminate effective as of December 30, 2014
(the “Termination Date”). Executive hereby resigns from his position as Executive Vice President, Real Estate (and any other titles or officer positions he may hold) of the Company (and any of its Affiliates (as defined below))
effective as of the Termination Date. Executive shall execute any additional documentation necessary to effectuate such resignations. 

 2. Consulting Services. 

(a) Consulting Period. Subject to earlier termination pursuant to Section 5 below, Executive will provide consulting services to
the Company during the period (the “Consulting Period”) commencing on the Termination Date and ending on December 30, 2017. Upon termination of the Consulting Period, Executive shall use commercially reasonable efforts to
minimize fees and expenses upon termination and ensure the smooth transfer of the work performed by Executive to the relevant Company representative. 

(b) Scope of Services During Consulting Period. The scope of Executive’s consulting services (the “Services”)
shall include, but is not necessarily limited to the following: 
 (i) Potential Investments. Executive shall support the Company by
sourcing, identifying and presenting to the Company potential real estate investment opportunities that may fit the Company’s investment criteria, as such criteria may be modified from time to time (collectively, “Potential
Investments”). Such Potential Investments shall include, but are not necessarily limited to, acquisitions of real estate (through acquisition of the property in fee simple, ground lease, joint venture or otherwise) and other real
estate-related investments (such as structured financing opportunities secured by real property). 
 (ii) Leasing and Sales Support
Activities. Executive shall provide the Company with such advice and support as the Chief Executive Officer of the Company may request in connection with its efforts to lease and/or sell the property specified on Schedule I attached
hereto (the “Specified Property”). In addition, in the event that Executive is able to legally enter into a brokerage agreement with the Company for the sale or lease of the Specified Property during the Consulting Period and on or
before December 30, 2015, the Company agrees to enter into an exclusive brokerage agreement with Executive on commercially reasonable terms and consistent with the Company’s past practice for similar arrangements. 

(c) Right of First Offer for Potential Investments. Executive shall be required to present to the Company (to its Chief Executive
Officer) in writing any Potential Investments first for the Company’s consideration, and provide the Company a right of first offer on any such Potential Investments, prior to presenting any information relating to the Potential Investment to
any other potential investor. Executive shall exercise commercially reasonable efforts to assist the Company in obtaining information that the Company deems necessary to effectively evaluate the Potential Investment. The Company shall be provided a
reasonable period of time, and in no event less than thirty (30) days from the date that Executive initially presented the Potential Investment to the Company, to evaluate the Potential Investment and determine whether the Company wishes to
proceed in further negotiations with respect to the Potential Investment. The Company shall provide written notice to Executive of this decision; if the Company does not respond to Executive within thirty (30) days from the date that Executive
initially presented the Potential Investment to the Company, the Company will be deemed not to have chosen to pursue the Potential Investment, and Executive may present the Potential Investment to other potential investors, subject to the
limitations set forth below in Section 2(e). If the Company provides written notice that it wishes to proceed in further negotiations with respect to the Potential Investment, Executive will not disclose any

  
 2 

 
information regarding the Potential Investment to other potential investors or otherwise interfere with the Company’s pursuit of the Potential Investment, unless and until the Company ceases
negotiations with the counterparty and determines not to proceed with the Potential Investment. For the avoidance of doubt, nothing in this Agreement shall require Executive to be paid, or prevent Executive from being paid, a fee in connection with
any Potential Investment by the buyer or seller in such transaction. 
 (d) Right of First Offer for Certain Properties. During the
Consulting Period, Executive shall have a right of first offer to certain properties owned by the Company on the terms and conditions set forth in Schedule II attached hereto. 

(e) Restricted Actions. Under no circumstances may Executive present any Potential Investment, either directly or indirectly, to any of
the Persons listed on Schedule III hereto or their respective Affiliates (together, the “Defined Competitors”) during the Consulting Period. For purposes of this Section 2(e), “Affiliate” means with
respect to any Person, any other Person that directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person. For purposes of this Section 2(e), “control” and with
correlative meanings, the terms “controlled by” and “under common control with,” means (x) the possession, directly or indirectly, of the power to direct the management or policies of a Person, whether through the ownership
of voting securities or other ownership interests, as an executive officer, or by contract or otherwise, or (y) the ownership, directly or indirectly, of at least fifty percent (50%) of the voting securities or other ownership interests of
a Person. “Person” means an individual, partnership, joint venture, association, corporation, limited liability company and any other form of business organization. 

(f) Standard for Performance. Executive shall use commercially reasonable efforts in performing the Services under this Agreement,
which shall be conducted with due diligence, good faith and in full compliance with the highest professional standards of practice in the industry. Executive shall comply with all applicable laws and any Company requirements in the course of
performing the Services. If Executive’s work requires a license, Executive has obtained that license and the license is in full force and effect. 

(g) Availability. In connection with Executive’s Services to the Company, Executive agrees to: (i) be available for
consultation by telephone or e-mail on a regular basis on reasonable prior notice; and (ii) be available to attend meetings with the Chief Executive Officer of the Company, or persons designated by the Chief Executive Officer, at the
Company’s headquarters or other offices, on reasonable prior notice. 
 (h) Status as Consultant. Notwithstanding any provision
of this Agreement to the contrary, during the Consulting Period, Executive acknowledges that he is and shall at all times be an independent contractor, he is not an agent or employee of the Company and he is not authorized to bind the Company or
otherwise act on behalf of the Company. Nothing herein contained shall be deemed to create an agency, joint venture, partnership or franchise relationship between the parties hereto. After the Termination Date, Executive shall have no right under
this Agreement, or as a result of his Services to the Company, to participate in any employee, retirement, insurance or other benefit program of the Company (except to the extent Executive elects to and is eligible to receive continued healthcare
coverage pursuant to the 

  
 3 

 
provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), for himself and any covered dependents), nor will the Company make any deductions
from Executive’s compensation for taxes, the payment of which shall be solely Executive’s responsibility. Executive represents and warrants that neither this Agreement nor the performance thereof will conflict with or violate any
obligation of Executive or right of any third party. This Agreement does not limit the authority of the Company to enter into other contracts with other independent contractors. 

3. Compensation. 
 (a)
Compensation through Termination Date. On the Termination Date, the Company shall issue Executive his final paycheck, reflecting (i) his earned but unpaid base salary through the Termination Date, and (ii) all accrued, unused PTO
(vacation and sick leave) due Executive through the Termination Date. Subject to Sections 3(b) and (c) below, Executive acknowledges and agrees that with his final check, the payment of any outstanding expense reimbursements, and the payment of
any amounts payable under any of the employee benefit plans of the Company in accordance with the terms of such plans, Executive will have received all monies, bonuses, commissions, expense reimbursement, vacation pay, or other compensation he
earned or was due during his employment by the Company. Executive acknowledges that he shall not be entitled to receive an annual bonus for 2014. 

(b) Severance. In consideration for the Release and his continued compliance with the terms of this Agreement, Executive shall be
entitled to receive cash severance payments in the aggregate amount of $2,910,915, which shall be paid within ten (10) days following the Effective Date. Executive acknowledges that the foregoing cash payment is in full satisfaction of the
amounts payable to him under the Change in Control and Severance Agreement. 
 (c) Compensation during Consulting Period. 

(i) Cash Compensation. During the Consulting Period, as compensation for the Services to be rendered pursuant to this Agreement,
Executive shall be entitled to an annual retainer of $112,620, payable in equal monthly installments of $9,385 per month. 
 (ii)
Expenses. During the Consulting Period, the Company shall reimburse Executive for reasonable and pre-approved out-of-pocket business expenses incurred in connection with the performance of his Services hereunder, subject to (i) a maximum
of $25,000 annually, (ii) such policies as the Company may from time to time establish, and (iii) Executive furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating the claimed expenditures.
The Company agrees to reimburse Executive for amounts payable to Executive under this Section 3(c)(ii) within thirty (30) days after receipt of satisfactory evidence from Executive. In addition, Executive shall be entitled to keep his
current cell phone number for a period of sixty (60) days following the Termination Date, although the Company will not provide any allowance for cell phone usage or equipment. 

  
 4 

 (iii) Stock Awards. There shall be no break in service as a result of Executive’s
conversion from an employee to an independent contractor and consultant for purposes of Executive’s Stock Awards. Following the Termination Date, Executive shall not be entitled to any additional grants of Stock Awards. For purposes of this
Agreement, “Stock Awards” means all stock options, stock appreciation rights, restricted stock, performance units, long-term incentive plan units and such other awards granted pursuant to the Company’s stock option and equity
incentive award plans or agreements and any shares of stock issued upon exercise thereof. 
 (A) Performance Units. During the
Consulting Period, the performance units previously issued to Executive shall continue to be eligible to vest in accordance with the terms of the applicable Performance Unit Award Grant Notice and Performance Unit Award Agreement entered into
between the Company and Executive (each, a “Performance Unit Agreement”). Each of the Performance Unit Agreements is hereby amended to delete Section 2 of Exhibit B thereof. Notwithstanding the foregoing, the performance units
shall be eligible to vest upon the occurrence of a Change in Control (as defined in the BioMed Realty Trust, Inc. and BioMed Realty, L.P. 2004 Incentive Award Plan (as amended from time to time, the “Plan”)) during the Consulting
Period in accordance with the terms of the Performance Unit Agreements. In the event of the termination of the Consulting Period for any reason prior to the vesting of such performance units, the performance units shall automatically and without
further action be cancelled and forfeited by Executive. 
 (B) Restricted Stock. During the Consulting Period, Executive shall
continue to be eligible to vest in his outstanding restricted stock awards in accordance with the terms of the applicable Restricted Stock Award Grant Notice and Restricted Stock Award Agreement. Executive acknowledges that he shall not vest in such
restricted stock awards on an accelerated basis pursuant to Section 1(a)(vi) of the Change in Control and Severance Agreement and hereby expressly waives application of that section to his restricted stock awards. Notwithstanding the foregoing,
all of Executive’s outstanding restricted stock awards shall vest on an accelerated basis upon the occurrence of a Change in Control (as defined in the Plan) during the Consulting Period. In the event of the termination of the Consulting Period
for any reason prior to the vesting of such restricted stock awards, such restricted stock awards shall automatically and without further action be cancelled and forfeited by Executive. 

(d) Exclusive Remedy. Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of
Executive’s rights to compensation, benefits, and other amounts hereunder (if any) accruing after the termination of Executive’s employment by or service to the Company shall cease upon such termination. In the event of a termination of
Executive’s employment by or service to the Company under this Agreement, Executive’s sole remedy shall be to receive the payments and benefits described in this Section 3. In addition, Executive acknowledges and agrees that he is not
entitled to any reimbursement by the Company for any taxes payable by Executive as a result of the payments and benefits received by Executive pursuant to this Section 3, including, without limitation, any excise tax imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”). 

  
 5 

 (e) Release. Executive’s right to receive any of the payments or other compensation
to be made to Executive pursuant to Sections 2, 3(b) and 3(c) shall be contingent on Executive providing to the Company (and failing to revoke) a full and complete general release in the form attached hereto as Exhibit A (the
“Release”). In the event Executive has not signed the Release on or prior to the date that is twenty-one (21) days following the Termination Date, or Executive revokes the Release within the time period specified therein, this
Agreement shall not become effective, the Consulting Period will terminate immediately and the Company shall not be obligated to pay any amounts pursuant to Section 2, 3(b) and 3(c) to Executive under this Agreement. 

4. Confidential Information and Non-Solicitation. 

(a) Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data
relating to the REIT, the Operating Partnership and their respective Affiliates (collectively, the “REIT Group”), and each of their respective businesses, which shall have been obtained by Executive during Executive’s
employment by the Company or during Executive’s Services pursuant to this Agreement and which shall not be or become public knowledge (other than by acts by Executive or representatives of Executive in violation of this Agreement). After
termination of Executive’s Services with the Company, Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data
to anyone other than the Company and those designated by it; provided, that if Executive receives actual notice that Executive is or may be required by law or legal process to communicate or divulge any such information, knowledge or data, Executive
shall promptly so notify the Company. 
 (b) During the Consulting Period, Executive shall not directly or indirectly solicit, induce, or
encourage any employee, consultant, agent, customer, vendor, or other parties doing business with any member of the REIT Group to terminate their employment, agency, or other relationship with the REIT Group or such member or to render services for
or transfer their business from the REIT Group or such member and Executive shall not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or
entity. 
 (c) In recognition of the facts that irreparable injury will result to the Company in the event of a breach by Executive of his
obligations under Sections 4(a) and (b) of this Agreement, that monetary damages for such breach would not be readily calculable, and that the Company would not have an adequate remedy at law therefor, Executive acknowledges, consents and
agrees that in the event of such breach, or the threat thereof, the Company shall be entitled, in addition to any other legal remedies and damages available, to specific performance thereof and to temporary and permanent injunctive relief (without
the necessity of posting a bond) to restrain the violation or threatened violation of such obligations by Executive. 
 (d) This
Section 4 shall survive for a period of three (3) years following the termination of Executive’s Services or any expiration or termination of this Agreement. 

  
 6 

 5. Termination. Executive shall be entitled to terminate this Agreement at any time upon
thirty (30) days’ written notice to the Company. The Company shall be entitled to terminate this Agreement immediately upon the occurrence of a Significant Cause Event. Upon any termination of this Agreement, the Consulting Period will
terminate, all payments to Executive hereunder shall cease and any remaining unvested Stock Awards shall terminate. A “Significant Cause Event” with respect to Executive means any of the following, as determined by the Company in
its reasonable discretion: 
 (a) Executive’s commission of an act of fraud or material dishonesty or willful misconduct in the
performance of his duties; 
 (b) Executive’s conviction of, or entry by Executive of a guilty or no contest plea to, the commission
of a felony or a crime involving moral turpitude; 
 (c) Executive’s negligent or willful violation of applicable law in the
performance of the Services; 
 (d) Executive’s breach of Sections 2, 4, 6 or 7 of this Agreement; 

(e) Executive accepts a position of full-time employment with another Person which restricts or interferes with his ability to provide the
Services; or 
 (f) Executive, directly or indirectly, consults for, becomes employed by or Affiliated with or otherwise conducts business
with a Defined Competitor. 
 6. Nondisparagement. Executive agrees that neither he nor anyone acting by, through, under or in
concert with him shall disparage or otherwise communicate negative statements or opinions about the Company, its directors, officers, partners, employees, agents or business. The Company agrees that neither its Board members nor officers shall
disparage or otherwise communicate negative statements or opinions about Executive. 
 7. Arbitration. Except as set forth in
Section 4, any disagreement, dispute, controversy or claim arising out of or relating to this Agreement or the interpretation of this Agreement or any arrangements relating to this Agreement or contemplated in this Agreement or the breach,
termination or invalidity thereof shall be settled by final and binding arbitration administered by JAMS in San Diego, California in accordance with the then existing JAMS Arbitration Rules and Procedures for Employment Disputes (the
“Rules”). The Rules can be found online at www.jamsadr.org. In the event of such an arbitration proceeding, Executive and the Company shall select a mutually acceptable neutral arbitrator from among the JAMS panel of arbitrators. In
the event Executive and the Company cannot agree on an arbitrator, the Administrator of JAMS will appoint an arbitrator. Neither Executive nor the Company nor the arbitrator shall disclose the existence, content, or results of any arbitration
hereunder without the prior written consent of all parties. Except as provided herein, the Federal Arbitration Act shall govern the interpretation, enforcement and all proceedings. The arbitrator shall apply the substantive law (and the law of
remedies, if applicable) of the State of California, or federal law, or both, as applicable, and the arbitrator is without jurisdiction to apply any different substantive law. The arbitrator shall have the authority to entertain a motion to dismiss
and/or a motion for summary judgment by any party and shall apply the standards governing such 

  
 7 

 
motions under the Federal Rules of Civil Procedure. The arbitrator shall render an award and a written, reasoned opinion in support thereof. Judgment upon the award may be entered in any court
having jurisdiction thereof. The Company will pay the direct costs and expenses of the arbitration, including the cost of any record or transcripts of the arbitration, the JAMS administrative fees, and the fee of the arbitrator. Executive and the
Company shall be responsible for their respective attorneys’ fees incurred in connection with enforcing this Agreement; provided, however, Executive and the Company agree that, except as may be prohibited by law, the arbitrator may, in his or
her discretion, award reasonable attorneys’ fees to the prevailing party; provided, further, that the prevailing party shall be reimbursed for such fees, costs and expenses within sixty (60) days following any such award; provided,
further, that the parties’ obligations pursuant to the provisos set forth above shall terminate on the tenth (10th) anniversary of the Termination Date. This Section 7 is intended to be the exclusive method for resolving any and all
claims by the parties against each other related to any disagreement, dispute, controversy or claim arising out of or relating to this Agreement or the interpretation of this Agreement or any arrangements relating to this Agreement or contemplated
in this Agreement or the breach, termination or invalidity thereof; provided, however, that Executive shall retain the right to file administrative charges with or seek relief through any government agency of competent jurisdiction,
and to participate in any government investigation, including but not limited to (i) claims for workers’ compensation, state disability insurance or unemployment insurance; (ii) claims for unpaid wages or waiting time penalties
brought before the California Division of Labor Standards Enforcement; provided, however, that any appeal from an award or from denial of an award of wages and/or waiting time penalties shall be arbitrated pursuant to the terms of this
paragraph; and (iii) claims for administrative relief from the United States Equal Employment Opportunity Commission and/or the California Department of Fair Employment and Housing (or any similar agency in any applicable jurisdiction other
than California); provided, further, that Executive shall not be entitled to obtain any monetary relief through such agencies other than workers’ compensation benefits or unemployment insurance benefits. Notwithstanding the
foregoing, this Section 7 shall not limit any party’s right to obtain any provisional remedy, including, without limitation, injunctive or similar relief, from any court of competent jurisdiction as may be necessary to protect their rights
and interests pending the outcome of arbitration, including without limitation injunctive relief, in any court of competent jurisdiction pursuant to California Code of Civil Procedure § 1281.8 or any similar statute of an applicable
jurisdiction, including, without limitation, the Company’s right to enforce Executive’s obligations under Section 4 to the extent the Company is entitled to seek specific performance thereunder. Seeking any such relief shall not be
deemed to be a waiver of such party’s right to compel arbitration. Each of Executive and the Company hereby expressly waive their right to a jury trial. 

8. Miscellaneous. 
 (a)
Entire Agreement. This Agreement and the agreements and schedules referenced herein set forth the entire agreement of the parties hereto in respect of the subject matter contained herein and therein and supersede all prior agreements,
promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party hereto, and any prior agreement of the parties hereto in respect of the subject matter
contained herein, including without limitation, any 

  
 8 

 
contrary or limiting provisions in any Company equity compensation plan and the Change in Control and Severance Agreement. In addition, this Agreement shall not limit in any way any obligation
Executive may have under any other agreement with or promise to the Company relating to confidentiality, proprietary rights in technology or the assignment of interests in any intellectual property. 

(b) Assignment; Assumption by Successor. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by
either party without the prior written consent of the other party. Notwithstanding the foregoing, the rights of the Company under this Agreement may, without the consent of Executive, be assigned by the Company, in its sole and unfettered
discretion, to any Person which at any time, whether by purchase, merger or otherwise, directly or indirectly, acquires all or substantially all of the assets or business of the Company. Unless expressly provided otherwise,
“Company” as used herein shall mean the Company as defined in this Agreement and any successor to its business and/or assets as aforesaid. 

(c) Survival. The covenants, agreements, representations and warranties contained in or made in Sections 3, 4, 5, 6, 7 and 8 of
this Agreement shall survive any termination of Executive’s services or any termination of this Agreement. 
 (d) Third-Party Beneficiaries. This Agreement does not create, and shall not be construed as creating, any rights enforceable by any Person not a party to this Agreement. 

(e) Waiver. The failure of either party hereto at any time to enforce performance by the other party of any provision of this Agreement
shall in no way affect such party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of any provision hereof be deemed to be a waiver by such party of any other breach of the same or any other provision
hereof. 
 (f) Section Headings. The headings of the several sections in this Agreement are inserted solely for the convenience of
the parties and are not a part of and are not intended to govern, limit or aid in the construction of any term or provision hereof. 
 (g)
Notices. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to Executive: at Executive’s most recent address on the records of the Company. 

If to the REIT or the Operating Partnership: 

BioMed Realty Trust, Inc. 
 BioMed
Realty, L.P. 
 17190 Bernardo Center Drive 

San Diego, California 92128 

Attention: Chief Executive Officer 

  
 9 

 or to such other address as either party shall have furnished to the other in writing in accordance herewith.
Notice and communications shall be effective when actually received by the addressee. 
 (h) Severability. The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

(i) Governing Law and Venue. This Agreement is to be governed by and construed in accordance with the laws of the State of California
applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws principles thereof. Except as provided in Sections 4 and Section 7 herein, any suit brought hereon shall be brought in the
state or federal courts sitting in San Diego, California, the parties hereto hereby waiving any claim or defense that such forum is not convenient or proper. Each party hereby agrees that any such court shall have in personam jurisdiction over it
and consents to service of process in any manner authorized by California law. 
 (j) Counterparts. This Agreement may be executed in
several counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 

(k) Construction. The language in all parts of this Agreement shall in all cases be construed simply, according to its fair meaning,
and not strictly for or against any of the parties hereto. Without limitation, there shall be no presumption against any party on the ground that such party was responsible for drafting this Agreement or any part thereof. 

(l) Code Section 409A. Notwithstanding anything contained in this Agreement to the contrary, to the maximum extent permitted by
applicable law, amounts payable to Executive pursuant to this Agreement shall be made in reliance upon Treas. Reg. Section 1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg. Section 1.409A-1(b)(4) (Short-Term
Deferrals). This Agreement is intended to be written, administered, interpreted and construed in a manner such that no payment or benefits provided under the Agreement become subject to (a) the gross income inclusion set forth within Code
Section 409A(a)(1)(A) or (b) the interest and additional tax set forth within Code Section 409A(a)(1)(B) (together, referred to herein as the “Section 409A Penalties”), including, where appropriate, the
construction of defined terms to have meanings that would not cause the imposition of Section 409A Penalties. In no event shall the Company be required to provide a tax gross-up payment to Executive or otherwise reimburse Executive with
respect to Section 409A Penalties. For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), each payment that Executive may be eligible to receive
under this Agreement shall be treated as a separate and distinct payment. Notwithstanding anything to the contrary in this Agreement, in-kind benefits and reimbursements provided under this Agreement during any tax year of Executive shall not affect
in-kind benefits or reimbursements to be provided in any other tax year of Executive and are not subject to liquidation or exchange for another benefit. Notwithstanding anything to the contrary in this Agreement, reimbursement requests must be
timely submitted by Executive and, if timely submitted, reimbursement payments shall be made to Executive as soon as administratively practicable 

  
 10 

 
following such submission, but in no event later than the last day of Executive’s taxable year following the taxable year in which the expense was incurred. In no event shall Executive
be entitled to any reimbursement payments after the last day of Executive’s taxable year following the taxable year in which the expense was incurred. This section shall only apply to in-kind benefits and reimbursements that would result
in taxable compensation income to Executive. 
 (m) Amendment. No provision of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing and signed by Executive and the Chief Executive Officer or President of the Company. 

(n) Taxes. All compensation payable to Executive under this Agreement shall be subject to such deductions as the Company is from time
to time required to make pursuant to law, governmental regulation or order. During the Consulting Period, Executive shall be solely responsible for taxes required to be paid with respect to his performance of Services and the receipt of
consideration under this Agreement, including, without limitation, United States federal, state and local income taxes, payroll taxes, social security, unemployment or disability insurance, or similar items, and Executive will indemnify the Company
and hold it harmless from and against all claims, damages, losses and expenses, including reasonable fees and expenses of attorneys, relating to any obligation imposed by law on the Company to pay any withholding taxes, payroll taxes, social
security, unemployment or disability insurance, or similar items in connection with consideration received by Executive pursuant to this Agreement, whether such obligations are imposed by the Internal Revenue Service or any other federal, state or
local governmental authority. 
 (o) RIGHT TO ADVICE OF COUNSEL. EXECUTIVE ACKNOWLEDGES THAT HE HAS THE RIGHT, AND IS ENCOURAGED, TO
CONSULT WITH HIS LAWYER AND PERSONAL TAX ADVISORS; BY HIS SIGNATURE BELOW, EXECUTIVE ACKNOWLEDGES THAT HE HAS CONSULTED, OR HAS ELECTED NOT TO CONSULT, WITH HIS LAWYER AND PERSONAL TAX ADVISORS CONCERNING THIS AGREEMENT AND THAT NEITHER THE COMPANY
NOR ITS REPRESENTATIVES OR AGENTS HAS GIVEN HIM LEGAL OR TAX ADVICE CONCERNING THIS AGREEMENT. 
 (Signature Page Follows) 

  
 11 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth
above. 
  

			
	       /s/ Matthew G.
McDevitt

	       Matthew G. McDevitt

 
			
	
	BIOMED REALTY TRUST, INC.
		
	By:	 	 /s/ Alan D. Gold

		 	Name: Alan D. Gold
		 	Title:   Chief Executive Officer

  

					
	BIOMED REALTY, L.P.
		
	By:	 	 BioMed Realty Trust, Inc., its general

partner

			
		 	By:	 	      /s/ Alan D. Gold

		 	Name: Alan D. Gold
		 	Title:   Chief Executive Officer

 EXHIBIT A 

RELEASE OF CLAIMS 

For and in consideration of the payments and benefits (the “Separation Benefits”) to be provided to the undersigned pursuant
to Sections 2 and 3 of that certain Employment Transition and Consulting Agreement (the “Transition Agreement”) dated as of December 30, 2014, among the undersigned, BioMed Realty Trust, Inc. (the “REIT”), and
BioMed Realty, L.P. (the “Operating Partnership” and together with the REIT, the “Company”), the receipt and adequacy of which are hereby acknowledged, the undersigned for himself, his heirs, executors,
administrators, assigns and successors, fully and forever releases and discharges the REIT, the Operating Partnership and each of their current, former and future parents, subsidiaries, related entities, employee benefit plans and their fiduciaries,
predecessors, successors, officers, directors, shareholders, agents, employees and assigns (collectively, “Releasees”), with respect to any and all claims, liabilities and causes of action, of every nature, kind and description, in
law, equity or otherwise, which have arisen, occurred or existed at any time prior to the signing of this Release of Claims (this “Release”), including, without limitation, any and all claims, liabilities and causes of action
arising out of or relating to the undersigned’s employment with the Company or the cessation of that employment. 
 The undersigned
understands and agrees that, with the exception of potential employment-related claims identified below, he is waiving any and all rights he may have had, now has, or in the future may have, to pursue and/or recover against any of the Releasees any
and all remedies available to him under any employment-related causes of action which have arisen, occurred or existed at any time prior to the signing of this Release, including without limitation, claims of wrongful discharge, breach of contract,
breach of the covenant of good faith and fair dealing, fraud, violation of public policy, defamation, discrimination, personal injury, physical injury, emotional distress, claims under the United States Constitution, the Pennsylvania State
Constitution, Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, the Americans With Disabilities Act, the Federal Rehabilitation Act, the Family and Medical Leave Act, the Equal Pay Act of 1963, the
Pennsylvania Human Relations Act, the Pennsylvania Wage Payment and Collection Law, the Pennsylvania Minimum Wage Act and any other federal, state or local laws and regulations relating to employment, conditions of employment (including wage and
hour laws), perquisites of employment (including but not limited to claims relating to stock and/or stock options) and/or employment discrimination, whether such claim be based upon an action filed by the undersigned or by a governmental agency.

 Except as described below, the undersigned agrees and covenants not to file any suit or complaint against the Company in any court with
regard to any claim, demand, liability or obligation arising out of his employment with the Company or separation therefrom. The undersigned further represents that no claims, complaints, charges, or other proceedings are pending in any court,
administrative agency, commission or other forum relating directly or indirectly to his employment with the Company. 
 This Release does
not apply to: (i) any claims or rights that may arise after the date the undersigned signs this Release, (ii) any claims or rights based on the Company’s 

 
executory obligations under the Agreement, (iii) any claims or rights the undersigned may have under the Company’s expense reimbursement policies, (iv) the undersigned’s
vested rights under the Company’s ERISA-covered employee benefit plans as applicable on the date the undersigned signs this Release, (iv) claims for unemployment compensation or any state disability insurance benefits pursuant to the terms
of applicable state law, (v) claims for workers’ compensation insurance benefits under the terms of any worker’s compensation insurance policy or fund of the Company, and (vi) any claims that the controlling law clearly states
may not be released by private agreement. Moreover, nothing in this Release, including but not limited to the release of claims, the promise not to sue, the confidentiality obligations, and the restriction on use of confidential information,
generally prevents the undersigned from filing a charge or complaint with or from participating in an investigation or proceeding conducted by the Equal Employment Opportunity Commission, the National Labor Relations Board, the California Department
of Fair Employment and Housing or any other federal, state or local agency charged with the enforcement of any laws, or from exercising rights under Section 7 of the National Labor Relations Act to engage in joint activity with other employees,
although by signing this Release the undersigned is waiving any right to individual relief based on claims asserted in such a charge or complaint except where such a waiver is prohibited. The undersigned further waives any right to seek
reinstatement to his former position with the Company. 
 The undersigned acknowledges that he has been advised of and is familiar with the
provisions and protections of Section 1542 of the California Civil Code, which reads: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS
WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH, IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 

Being aware of said provision, the undersigned hereby expressly waives any rights he may have thereunder, as well as under any other statutes
or common law principles of similar effect. 
 The undersigned acknowledges that he is knowingly and voluntarily waiving and releasing any
rights he may have under the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”). He also acknowledges that the consideration given for this waiver and release is in addition to anything of value to which he
already was entitled. The undersigned further acknowledges that he has been advised by this writing, as required by law, that: (a) his waiver and release specified in this paragraph do not apply to any rights or claims that may arise after the
date he signs this Release; (b) he has been advised hereby that he has the right to consult with an attorney of his choosing prior to executing this Release; (c) he has twenty-one (21) days to consider this Release (although he may
choose to voluntarily execute this Release earlier; and, the undersigned represents that if he executes this Release before twenty-one (21) days have elapsed, he does so voluntarily, upon the advice and with the approval of his legal counsel,
and that he voluntarily waives any remaining consideration period); (d) he has seven (7) days following his execution of this Release to revoke the Release (in writing, as provided below); and (e) this Release will not be effective
until the date upon which the revocation period has expired, which will be the eighth (8th) day after this Release is executed by the undersigned, provided that he has not revoked this Release as provided below, and further provided that the
Company has also executed this Release and the Employment Transition and Consulting 

 
Agreement by that date. Any revocation of this Release must be made in writing and received by the Company at 17190 Bernardo Center Drive, San Diego, CA 92128; Attn: General Counsel, no later
than noon on the eighth (8th) calendar day following his execution of this Release. 

The undersigned represents and warrants that there has been no assignment or other transfer of any interest in any claim which he may have
against Releasees, or any of them, and the undersigned agrees to indemnify and hold Releasees, and each of them, harmless from any liability, claims, demands, damages, costs, expenses and attorneys’ fees incurred by Releasees, or any of them,
as the result of any such assignment or transfer or any rights or claims under any such assignment or transfer. It is the intention of the parties that this indemnity does not require payment as a condition precedent to recovery by the
Releasees against the undersigned under this indemnity. 
 The undersigned agrees that if any provision of the release given by him under
this Release is found to be unenforceable, it will not affect the enforceability of the remaining provisions and the courts may enforce all remaining provisions to the extent permitted by law. 

The undersigned further understands and agrees that neither the payment of any sum of money nor the execution of this Release shall constitute
or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever to the undersigned. 

This Release is to be governed by and construed in accordance with the laws of the State of California applicable to contracts made and to be
performed wholly within such State, and without regard to the conflicts of laws principles thereof. This Release shall be subject to the arbitration provision set forth in Section 7 of the Transition Agreement. 

PLEASE READ CAREFULLY. THIS RELEASE CONTAINS A GENERAL RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 

THE UNDERSIGNED ACKNOWLEDGES AND AGREES THAT HE HAS BEEN ADVISED THAT THIS RELEASE IS A BINDING AND LEGAL DOCUMENT. THE UNDERSIGNED FURTHER
AGREES THAT HE HAS HAD AT LEAST TWENTY-ONE (21) DAYS TO REVIEW THE PROVISIONS OF THIS RELEASE AND HAS BEEN ADVISED TO SEEK LEGAL ADVICE REGARDING ALL ITS ASPECTS, AND THAT IN EXECUTING THIS RELEASE THE UNDERSIGNED HAS ACTED VOLUNTARILY AND HAS
NOT RELIED UPON ANY REPRESENTATION MADE BY THE COMPANY OR ANY OF ITS EMPLOYEES OR REPRESENTATIVES REGARDING THIS RELEASE’S SUBJECT MATTER AND/OR EFFECT. THE UNDERSIGNED HAS READ AND FULLY UNDERSTANDS THIS RELEASE AND VOLUNTARILY AGREES TO ITS
TERMS. IN THE EVENT THE UNDERSIGNED HAS NOT SIGNED THIS RELEASE ON OR PRIOR TO THE DATE THAT IS TWENTY-ONE (21) DAYS FOLLOWING THE TERMINATION DATE (AS DEFINED IN THE TRANSITION AGREEMENT), OR THE UNDERSIGNED THEREAFTER REVOKES THIS RELEASE,
THE COMPANY SHALL NOT BE OBLIGATED TO PAY TO THE UNDERSIGNED THE SEPARATION BENEFITS. 

 IN WITNESS WHEREOF, the undersigned has executed this Release this      day
of             , 2014. 
  

	
	  

	Matthew G. McDevitt

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