SEC Contract Filing

Filing Date: 2021-05-05

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>yell-ex102_415.htm
<DESCRIPTION>EX-10.2
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.2</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SEVERANCE AGREEMENT AND RELEASE</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The parties to this Severance Agreement and Release (&#8220;Agreement&#8221;) are Yellow Corporation, its, parents, successors, predecessors, and subsidiaries, including (hereinafter collectively referred to as the &#8220;Company&#8221;), and Scott D. Ware (hereinafter referred to as &#8220;Employee&#8221;).</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employee and the Company wish to terminate their at-will employment relationship in a manner that is satisfactory to both Employee and the Company.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In consideration of the mutual promises set forth herein, which constitute good and valuable consideration, Employee and the Company agree as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:normal;font-style:normal;color:#auto;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">1.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;color:#000000;">Separation Date.</font><font style="color:#000000;"> Employee&#8217;s last day of employment is April 12, 2021 (the &#8220;Separation Date&#8221;).</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:normal;font-style:normal;color:#auto;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">2.</font><font style="margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;color:#000000;">Severance Pay.</font><font style="color:#000000;"> In exchange for Employee&#8217;s promises contained herein and for Employee&#8217;s continued compliance with the obligations set forth herein, the Company agrees:</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:9.62%;text-indent:15.38%;font-weight:normal;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">a</font><font style="margin-left:36pt;color:#000000;"></font><font style="color:#000000;">To pay Employee an amount equal to Employee&#8217;s base salary for the period beginning on the Effective Date of this Agreement and continuing for a period of 18-months (the &#8220;Severance Period&#8221;). The total payment for 18-months of base salary is $900,000.00 and will be paid </font>to Employee in a lump sum, subject to appropriate withholdings and deductions, within 15 calendar days after the Effective Date of this Agreement<font style="color:#000000;">. The &#8220;Effective Date&#8221; of this Agreement is defined as the date this Agreement becomes effective and irrevocable.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:9.69%;text-indent:15.38%;font-weight:normal;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">b</font><font style="margin-left:36pt;color:#000000;"></font><font style="color:#000000;">To provide Employee with $120,000.00 to obtain outplacement services and to pay reasonable fees incurred by Employee for his professional affiliations, memberships, and/or certifications (the &#8220;Outplacement Services Payment&#8221;). The Company will not withhold any amount for taxes from this payment and will issue Employee an IRS Form 1099 for the Outplacement Services Payment. Employee agrees that he shall be solely responsible for any taxes which may be due on the Outplacement Services Payment. This amount shall be paid in one lump sum within 15 days calendar days after the Effective Date of this Agreement.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:9.69%;text-indent:15.38%;font-weight:normal;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">c</font><font style="margin-left:36pt;color:#000000;"></font><font style="color:#000000;">As of the Separation Date, Employee will become ineligible to participate in the Company&#8217;s health insurance program subject to Employee&#8217;s right, if any, to continuation coverage under COBRA. Thereafter, if applicable, coverage will b