Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

As previously disclosed on the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on December 13, 2022, the employment of James Faught, Chief Accounting Officer of Yellow Corporation (the "Company"), was terminated, effective December 8, 2022 (the "Separation Date"), upon the elimination of the Chief Accounting Officer position.

On January 17, 2023, the Company entered into a Severance Agreement and Release (the "Agreement") with Mr. Faught, which is to become effective January 24, 2023 (the "Effective Date") unless previously revoked. Provided that Mr. Faught does not revoke the Agreement, on the Effective Date, Mr. Faught will be entitled to payment of the equivalent of 18 months of his monthly base salary, which will be paid in installments in accordance with the Company's regularly scheduled pay cycle, subject to appropriate withholdings and deductions. Furthermore, as a result of the separation, any equity-based awards granted to Mr. Faught will be subject to the terms and conditions of the Company's 2019 Incentive and Equity Award Plan and his equity award agreements.

Pursuant to the Agreement, Mr. Faught agreed to certain restrictive covenants, including, among others, non-solicitation of employees and non-solicitation of customers and accounts, each of which is effective from the Separation Date until 18 months from the Effective Date.

The foregoing description of the Agreement is a summary and is qualified in its entirety by reference to the full text of the Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits



Exhibit
 Number    Description
10.1*        Severance Agreement and Release by and between YRC Enterprise
           Services, Inc. and James Faught, effective as of January 24, 2023.
104        Cover Page Interactive Data File (embedded within the Inline XBRL
           document)
*          Certain schedules and similar attachments have been omitted. The
           Company agrees to furnish a supplemental copy of any omitted schedule
           or attachment to the Securities and Exchange Commission upon request.

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