Schneider National, Inc. (Form: 10-K, Received: 02/17/2023 14:31:10)

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Schneider National, Inc. 2005 Supplemental Savings Plan As Amended and Restated July 25, 2022

TABLE OF CONTENTS Page -i- ARTICLE 1. PURPOSE, STATUS, AND EFFECTIVE DATE ................................................ 3 1.1 Purpose of Plan ...................................................................................................... 3 1.2 Status of Plan ......................................................................................................... 3 1.3 Effective Date ........................................................................................................ 3 ARTICLE 2. DEFINITIONS ....................................................................................................... 4 2.1 Definitions.............................................................................................................. 4 ARTICLE 3. ELIGIBILITY AND PARTICIPATION ............................................................... 7 3.1 Eligibility ............................................................................................................... 7 3.2 Participation ........................................................................................................... 7 ARTICLE 4. ELECTION TO DEFER ........................................................................................ 8 4.1 Election of Amount of Deferral ............................................................................. 8 4.2 Election of Deferral Period .................................................................................... 9 4.3 Election of Manner of Payment ........................................................................... 10 4.4 Irrevocable Elections ........................................................................................... 10 ARTICLE 5. COMPANY CONTRIBUTIONS ........................................................................ 11 5.1 Company Contributions ....................................................................................... 11 5.2 Manner of Payment of Company Contributions .................................................. 11 ARTICLE 6. DEFERRAL ACCOUNT AND COMPANY CONTRIBUTIONS ACCOUNT .......................................................................................................... 12 6.1 The Participant’s Account.................................................................................... 12 6.2 Investment of Account ......................................................................................... 12 6.3 Crediting of Earnings and Losses ........................................................................ 12 6.4 Charges Against Account .................................................................................... 12 6.5 Contractual Obligation ......................................................................................... 12 6.6 Unsecured Interest ............................................................................................... 13 6.7 Nontransferability ................................................................................................ 13 6.8 Company Records Conclusive ............................................................................. 13 6.9 Vesting ................................................................................................................. 13 ARTICLE 7. PAYMENT OF THE ACCOUNT ....................................................................... 14 7.1 In-Service Payment of Deferred Amounts ........................................................... 14

-ii- 7.2 Payment Upon Death, Disability or Separation of Service.................................. 14 7.3 Discharge of Obligation ....................................................................................... 14 7.4 Specified Employees ............................................................................................ 14 ARTICLE 8. BENEFICIARY ................................................................................................... 15 8.1 Designation of Beneficiary .................................................................................. 15 8.2 Death of Beneficiary ............................................................................................ 15 ARTICLE 9. ADMINISTRATION ........................................................................................... 16 9.1 Administration ..................................................................................................... 16 9.2 Appeals From Denial of Claims .......................................................................... 16 9.3 Unfunded Status of the Plan ................................................................................ 17 9.4 No Contract of Employment ................................................................................ 17 9.5 Tax Withholding .................................................................................................. 17 9.6 Expenses .............................................................................................................. 18 9.7 Severability .......................................................................................................... 18 9.8 Incompetency ....................................................................................................... 18 9.9 No Individual Liability ........................................................................................ 18 9.10 Applicable Law .................................................................................................... 18 9.11 Voiding of Plan Provisions .................................................................................. 19 ARTICLE 10. CHANGE IN CONTROL .................................................................................... 20 10.1 Immediate Distribution ........................................................................................ 20 10.2 Definition ............................................................................................................. 20 ARTICLE 11. AMENDMENT AND TERMINATION ............................................................. 21 11.1 Amendment and Termination .............................................................................. 21 11.2 Distributions Following the Plan Termination Date ............................................ 21 ARTICLE 12. SECTION 409A COMPLIANCE ........................................................................ 22

3 Article 1. Purpose, Status, and Effective Date 1.1 Purpose of Plan The purpose of the 2005 Schneider National, Inc. Supplemental Savings Plan (the “Plan”) is to provide elective deferred compensation opportunities for certain associates of Schneider National, Inc. (and its selected subsidiaries and/or affiliates) (the “Company”) and make-up contributions that cannot be made under the Schneider National, Inc. 401(k) Savings and Retirement Plan due to the limits on compensation imposed by Code Section 401(a)(17) (the “pay cap limit”). It is intended that this plan replaces the Schneider National, Inc. Supplemental Savings Plan with respect to all amounts deferred after December 31, 2004 (as determined under Code Section 409A). 1.2 Status of Plan The Company has established the Plan as an unfunded deferred compensation plan for a select group of management and highly compensated associates within the meaning of Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended. The Plan shall at all times be administered and interpreted in a manner that is consistent with such status. 1.3 Effective Date The effective date of the Plan is January 1, 2005. The Plan was amended and restated effective as of December 1, 2007; subsequently amended December 31, 2012, and January 30, 2017; and most recently amended and restated effective as of July 25, 2022.

4 Article 2. Definitions 2.1 Definitions Whenever used in the Plan, the following terms shall have the meanings set forth below unless otherwise expressly provided. When the defined meaning is intended, the term is capitalized. The definition of any term in the singular shall also include the plural. (a) “Account” means the Deferral Account and the Company Contributions Account, as applicable, as follows: (i) “Deferral Account” means a bookkeeping account maintained by the Company to reflect a Participant’s Base Pay and/or Annual Incentive and/or Other Cash payments approved by the Board which were deferred by the Participant after December 31, 2004, and any gains and losses credited thereon. (ii) “Company Contributions Account” means a bookkeeping account maintained by the Company to reflect Company Contributions which were deferred by the Participant after December 31, 2004, and any gains and losses credited thereon. (b) “Annual Incentive” means a Participant’s payments from the Company’s annual incentive plan for such Plan Year (even if payment for a Plan Year is made during the first quarter of the following Plan Year), determined prior to any compensation reduction under the Schneider National, Inc. 401(k) Savings and Retirement Plan, excluding any Base Pay or other compensation. (c) “Base Pay” means a Participant’s annual base wages from the Company determined prior to any compensation reduction under the Schneider National, Inc. 401(k) Savings and Retirement Plan, excluding any Annual Incentive or other compensation. (d) “Board” means the Board of Directors of the Company. (e) “Code” means the Internal Revenue Code of 1986, as amended, or as it may be amended from time to time (including regulations thereto or other substantial authority). Furthermore, the phrase “to the extent permitted under the Code” means to the extent the action described does not cause income taxation to the Participant or beneficiary of amounts payable under the Plan prior to the distribution of such amounts. (f) “Committee” means the Committee appointed by the Board to administer the Plan.

5 (g) “Company” means Schneider National, Inc. or any successor thereto that agrees to assume and continue this Plan. (h) “Company Contributions” means any contributions that are made under Section 5.1 of this Plan because the Participants pay recognized by the Schneider National, Inc. 401(k) Savings and Retirement Plan is limited by the pay cap limit within the Schneider National, Inc. 401(k) Savings and Retirement Plan as further described in Section 1.1. (i) “Disability” means as such term may be defined in any employment or similar agreement in effect at the time of the Participant’s termination of employment between the Participant and the Company or its affiliates, or, if there is no such employment or similar agreement or such term is not defined therein, “Disability” means a determination that the Participant is disabled in accordance with a long-term disability insurance program maintained by the Company or a determination by the U.S. Social Security Administration that the Participant is totally disabled. Notwithstanding the foregoing, if payment of amounts deferred under this Plan is to be accelerated solely due to a Participant’s Disability, the applicable “Disability” must also constitute a “Disability” as defined in Section 409A of the Code. (j) “Financial Hardship” means a severe financial hardship described under Section 409A of the Code that is caused by events that are beyond the control of the Participant. The Committee’s decision with respect to the existence of a Financial Hardship shall be final and binding. (k) “Investment Fund” means a notional fund which is deemed to consist of seven (7) year U.S. Treasury Notes, plus an additional one percent (1%) annual rate of return, with the annual rate set at the first business day of the December preceding the start of each Plan Year. (l) “Other Cash” means any other cash payment to a participant that the Board has authorized under a long-term incentive plan for deferral under this Plan. (m) “Participant” means an individual who has met and continues to meet the eligibility requirements described in Section 3.1. Where the context requires, the term “Participant” shall also refer to a former Participant. (n) “Plan” means this 2005 Schneider National, Inc. Supplemental Savings Plan as amended and restated as set forth herein. (o) “Plan Administrator” means the most senior executive of the Company having responsibility for human resources matters.

6 (p) “Plan Termination Date” means the date the Board approves the termination of the Plan pursuant to Section 11.1 of the Plan. (q) “Plan Year” means the twelve (12) month period beginning each January 1 and ending the following December 31. (r) “Retirement” means a termination of employment with the Company on or after the attainment of age 62.

7 Article 3. Eligibility and Participation 3.1 Eligibility An associate of the Company or its subsidiaries shall be eligible to participate in this Plan if the associate is designated by the Committee as a member of a select group of management or highly compensated associates and is further designated as eligible to participate in this Plan by the Committee. Records of such designations shall be maintained in writing by the Committee, along with the effective date of such designations. 3.2 Participation (a) Commencement of Participation. An individual who has satisfied the eligibility requirements of Section 3.1 may initially enroll in and become a Participant in the Plan by timely making the elections described in Article 4 provided such elections may not be effective prior to the effective date designated by the Committee in Section 3.1. (b) Other Participation. An individual who has satisfied the eligibility requirements of Section 3.1 will automatically participate in Article 5 of the Plan regardless of whether the Participant made any elections under Article 4 if such individual suffers a reduction in contributions that would be made under the Schneider National, Inc. 401(k) Savings and Retirement Plan because of the pay cap limit, as further described in Section 1.1. Such automatic participation shall be effective as of the first day of any Plan Year that such contributions are limited under Code Section 401(a)(17). (c) Duration of Participation. A Participant shall continue to be an active Participant until the Participant ceases to meet the eligibility requirements under Section 3.1, does not have a valid deferral election in effect under Article 4, and no longer suffers a reduction in contributions that would be made under the Schneider National, Inc. 401(k) Savings and Retirement Plan because of the pay cap limit as further described in Section 1.1. Thereafter, the Participant shall be an inactive Participant, retaining all the rights described under this Plan except the right to make any further deferrals of Base Pay or Annual Incentive or Other Cash or receive additional Company Contributions until the Participant again becomes an active Participant.

8 Article 4. Election to Defer 4.1 Election of Amount of Deferral (a) General Rule. Prior to seven days before the first day of any Plan Year, a Participant may, on a form provided by the Company, elect to defer an amount up to ninety percent (90%) (in increments of one percent [1%]) of the Base Pay that would otherwise be payable for services performed during such Plan Year. Also, prior to seven (7) days before the first day of any Plan Year, a Participant may, elect to defer an amount up to ninety percent (90%) (in increments of one percent [1%]) of the Annual Incentive that would otherwise be payable for services performed during such Plan Year even if the payment is not made until the first quarter of the following Plan Year. Also, prior to seven (7) days before the first day of any Plan Year, a Participant may elect to defer an amount up to ninety percent (90%) (in increments of one percent [1%]) of the Other Cash that would otherwise be payable for services performed during such Plan Year even if the payment is not made until the first quarter following three years after the Plan Year. Such Base Pay, Annual Incentive and Other Cash deferrals shall be credited to the Participant’s Account, as provided in Section 6.1. (b) Permitted Delay in Making Annual Incentive and Other Cash Deferral Elections. In any Plan Year where the Annual Incentive or Other Cash earned by a Participant in the Plan Year meets the requirements of “performance-based compensation” as such term is defined under Section 409A of the Code, the Participant may submit a deferral election to defer such Annual Incentive or Other Cash not later than six (6) months prior to the end of the performance period to which the Annual Incentive or Other Cash pertains. (c) Newly Eligible Participants. If a Participant is first designated as eligible to participate in this Plan after the start of the Plan Year, the Participant may submit an initial deferral election at any time prior to the thirtieth (30th) day following the Participant’s date of initial eligibility. Such initial deferral election shall apply to any Base Pay, Annual Incentive and Other Cash award earned after the date the election is made. (d) Financial Hardship. Upon the Committee’s determination that a Financial Hardship has occurred, all outstanding deferral elections with respect to Base Pay that has not yet been earned or Annual Incentive or Other Cash payment that has not yet been made will be voided. Notwithstanding the above, any Participant for whom a Financial Hardship has occurred may make new deferral elections in the future as provided under Section 4.1(a)

9 above for a Plan Year subsequent to the Plan Year in which a Financial Hardship has occurred. 4.2 Election of Deferral Period (a) Time of Payment. At the time a Participant makes a deferral election under Section 4.1, the Participant shall also designate the year and calendar quarter in which payment of the deferrals for such Plan Year and related earnings thereon shall commence to be paid. The year and calendar quarter so designated may not be earlier than the first calendar year following the Plan Year for which the deferral election is made. (b) Payment in the Event of Disability, Death, or Separation of Service. Notwithstanding the above provisions of Section 4.2(a), upon the Participant’s death, Disability or “separation of service” with the Company (as such phrase is defined under Section 409A of the Code), the balance remaining in the Participant’s Account as of the date of such event shall be paid as follows: fifty percent (50%) of the account will be paid in the first January following the end of the year in which such Disability, death, or separation of service occurs and the remainder of the account shall be paid in January one (1) year later. Earnings shall continue to accrue in the Account until the Account is distributed in full. (c) Special Election for Redeferrals pursuant to Section 409A. A Participant may elect to redefer receipt of all or a portion of the compensation the Participant deferred pursuant to Section 4.1, provided that (i) the election may not take effect until at least twelve (12) months after the date on which the election is made, (ii) for any such election as to payment that is to be made (A) at a specified time or pursuant to a fixed schedule under Section 4.2(a) and 4.3(a), (B) upon a separation from service under Section 4.2(b) and 7.2, or (C) upon a change in control under Section 10.1 (but not any payment that is required to be made on account of death or Disability under Section 4.2(b) and 7.2), the payment with respect to which the election is made must be deferred for a period of not less than five years from the date the payment would otherwise have been paid (or in the case of installment payments treated as a single payment, five (5) years from the date the first amount was scheduled to be paid) and (iii) such election as to a payment that is to be made at a specified time or pursuant to a fixed schedule under Section 4.2(a) and 4.3(a) must be made not less than twelve (12) months before the date on which the payment is scheduled to be paid (or in the case of installment payments treated as a single payment, twelve (12) months before the date the first amount was scheduled to be paid). Once a valid redeferral election becomes irrevocable, in accordance with the terms and

10 conditions of the Plan, the Participant’s redeferred deferrals and related earnings thereto shall be payable at the time and in the form elected in accordance with the terms and conditions of the Plan. 4.3 Election of Manner of Payment (a) Form of Payment. At the time the Participant makes each deferral election under Section 4.1, the Participant shall also elect the manner in which the related amounts deferred and earnings thereon shall be paid. A Participant may choose to have such amounts paid either in a lump sum or in a specified number of annual installments over a period of three (3), five (5), or ten (10) years. If the Participant fails to elect a form of distribution for a particular deferral election, the amounts deferred pursuant to that election together with the earnings thereon will be paid in a single lump sum. 4.4 Irrevocable Elections All elections made by the Participant under this Article 4 shall be irrevocable, except to the extent a redeferral is permitted under Section 4.2(c).

11 Article 5. Company Contributions 5.1 Company Contributions Each Participant who suffers a reduction in the Company contributions that would be made on the Participant’s behalf under the Schneider National, Inc. 401(k) Savings and Retirement Plan because of the pay cap limit as further described in Section 1.1 shall receive a Company Contribution under the terms of this Article 5. Such Company Contribution shall be calculated by determining the amount of service-based Company contribution that would otherwise be made under the terms of the Schneider National, Inc. 401(k) Savings and Retirement Plan without regard to Code Section 401(a)(17), subtracting the service-based contribution actually made under the Schneider National, Inc. 401(k) Savings and Retirement Plan (or in lieu of such consideration, a cash payment actually made), and making the remainder as a Company Contribution under the terms of this Article 5. 5.2 Manner of Payment of Company Contributions Fifty percent (50%) of the Participant’s Company Contribution Account will be paid in the first January following the end of the year in which the Participant’s Disability, death, or separation of service occurs and the remainder of the Company Contribution Account shall be paid in the next following January. The Participant’s Company Contributions Account shall be paid to the Participant or in the event of the Participant’s death prior to a distribution from the Participant’s Company Contribution Account to the Participant’s designated beneficiary under the Schneider National, Inc. 401(k) Savings and Retirement Plan.

12 Article 6. Deferral Account and Company Contributions Account 6.1 The Participant’s Account Each deferral of Base Pay, Annual Incentive or Other Cash made by a Participant for any given Plan Year shall be credited to the Participant’s bookkeeping Deferral Account for that Plan Year as of the date the amount deferred would have been paid to the Participant. Further, each Company Contribution for any given Plan Year shall be credited to the Participant’s bookkeeping Company Contributions Account for that Plan Year as of the date the Company Contribution would have been made under the Schneider National, Inc. 401(k) Savings and Retirement Plan. For purposes of the Plan, the Participant’s Deferral Account and Company Contribution Account are collectively referred to as the Participant’s Account. 6.2 Investment of Account A Participant’s Account shall be deemed invested in the Investment Fund throughout the Plan Year and, as such, each deferral amount or Company Contribution credited to a Participant’s Account shall accrue an allocation of earnings or losses under Section 6.3 from the date first credited to the Participant’s Account until distributed. 6.3 Crediting of Earnings and Losses A Participant’s Account shall be adjusted as of the last day of each calendar year to reflect any gains or losses that would have been credited or debited to such Account during the calendar year had it actually been invested in the manner described in Section 6.2. In addition, the account shall be adjusted prior to a complete distribution of the remaining balance in a Participant’s Account to reflect any gains and losses that would have been credited or debited since the end of the preceding calendar year. 6.4 Charges Against Account Any payments from a Participant’s account which are made to the Participant or his beneficiary under Article 7 or pursuant to any court order shall be charged to the Participant’s Account. 6.5 Contractual Obligation It is intended that the Company is under a contractual obligation to make payments from the Participant’s Account when due. Payment of a Participant’s Account shall be made out of the Company’s general assets. Nothing contained in this Plan, and no action taken pursuant to its provisions by either the Company or the Participant shall be construed to create a trust of any kind or a fiduciary relationship between the Company and the Participant or any other person.

13 6.6 Unsecured Interest To the extent the Participant acquires a right to receive payments under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Company. Any assets of the Company which may be invested in the Investment Fund shall continue for all purposes to be a part of the general assets of the Company. 6.7 Nontransferability In no event shall the Company make any payment under this Plan to any assignee or creditor of the Participant or the Participant’s beneficiary. Prior to the time of a payment hereunder, the Participant or the Participant’s beneficiary shall have no rights by way of anticipation or otherwise to assign or otherwise dispose of any interest under this Plan, nor shall rights be assigned or transferred by operation of law. 6.8 Company Records Conclusive Each Participant shall receive a summary of the material terms of the Plan and shall be informed annually of deferrals that have been made into the Participant’s Account and the current balance of such Account. The records of the Company shall be conclusive and binding on all Participants, beneficiaries, and other interested persons. 6.9 Vesting A Participant’s claim to amounts credited to the Participant’s Account shall at all times be fully vested and nonforfeitable. That is, the Participant does not have to perform further services in order to earn a right to receive payment in accordance with the terms of the Plan. Being vested does not alter the time and manner of payment, which shall occur only as provided in Article 7 and Article 8.

14 Article 7. Payment of the Account 7.1 In-Service Payment of Deferred Amounts Scheduled in-service payments of a Participant’s Deferral Account shall begin as soon as administratively practicable after the commencement date elected by the Participant under Section 4.2. The Deferral Account shall be paid out in a lump sum, or installments over three (3), five (5), or ten (10) years, as elected by the Participant under Section 4.3. 7.2 Payment Upon Death, Disability or Separation of Service Notwithstanding the above, and in lieu of any in-service payments scheduled to be paid, one-half of the value of a Participant’s Account (after adjustment to reflect the allocations of earnings and losses under Section 6.3) as of the last day of the calendar year in which the Participant’s death, Disability or separation of service occurs shall be paid to the Participant or designated beneficiary during the first month of the first calendar year following such event, and the remaining amount shall be paid to the Participant or designated beneficiary during the first month of the second calendar year following such event. 7.3 Discharge of Obligation When a payment is due, it shall be made to a Participant or beneficiary at the address the Participant has designated (or, for payments to the beneficiary of the Company Contributions Account, to the address on file under the terms of the Schneider National, Inc. 401(k) Savings and Retirement Plan). If no address has been designated, payment shall be at the Participant’s or beneficiary’s last known address in the Company’s records. Such payment of any amount that is due under the Plan shall constitute a complete discharge of the obligation to pay such amount. 7.4 Specified Employees Notwithstanding anything to the contrary in this Plan, to the extent that the Participant is a “specified employee” (as defined under Section 409A of the Code) as determined by the Committee in accordance with the procedures it adopts from time to time, no payment or distribution of any amounts with respect to a payment from the Participant’s Account that is required to be delayed due to the Participant’s status as a “specified employee” may be made before the first business day following the six-month anniversary from the Participant’s separation from service (within the meaning of Section 409A of the Code) or, if earlier, the date of the Participant’s death.

15 Article 8. Beneficiary 8.1 Designation of Beneficiary The Participant may designate a beneficiary or beneficiaries who, upon the Participant’s death, will receive amounts in the Deferral Account that otherwise would have been paid to the Participant exclusive of any amounts in the Company Contributions Account. All designations shall be in writing and signed by the Participant. The designation of a beneficiary will be effective only if and when delivered to the Plan Administrator during the Participant’s lifetime. The Participant may also change his or her beneficiary or beneficiaries by a signed, written instrument delivered to the Plan Administrator. The payment of amounts from the Deferral Account shall be made by the Company in accordance with the Participant’s current unrevoked written designation of a beneficiary, if any, that has been signed by the Participant and delivered to the Plan Administrator. The payment of the Company Contributions Account shall be made to the beneficiary designated and in accordance with the terms of the Schneider National, Inc. 401(k) Savings and Retirement Plan. 8.2 Death of Beneficiary In the event that all of the beneficiaries named in Section 8.1 predecease the Participant, the amounts in the Deferral Account or Company Contributions Account that otherwise would have been paid to the Participant shall be paid to the Participant’s estate.

16 Article 9. Administration 9.1 Administration The Plan shall be administered by the Plan Administrator. The Plan Administrator shall have all powers necessary or appropriate to carry out the provisions of the Plan, however the Committee may, from time to time, establish rules for the administration of the Plan and the transaction of the Plan’s business. The Committee shall have the exclusive right to make any finding of fact necessary or appropriate for any purpose under the Plan including, but not limited to, the determination of the eligibility for and the amount of any benefit payable under the Plan. The Committee shall have the exclusive right to interpret the terms and provisions of the Plan and to determine any and all questions arising under the Plan or in connection with the administration thereof, including, without limitation, the right to remedy or resolve possible ambiguities, inconsistencies, or omissions, by general rule or particular decision. To the extent permitted by law, all findings of fact, determinations, interpretations, and decisions of the Committee shall be conclusive and binding upon all persons having or claiming to have any interest or right under the Plan. The Committee may delegate, on such terms and conditions as it determines in its discretion, the authority to determine eligibility and administer the Plan, including all necessary and appropriate decisions and determinations with respect thereto. 9.2 Appeals From Denial of Claims As required by ERISA, if any claim for benefits under the Plan is wholly or partially denied, the claimant shall be given notice in writing of the denial. This notice shall be in writing, within a reasonable period of time after receipt of the claim by the Committee (not to exceed ninety (90) days after receipt of the claim, except that if special circumstances require an extension of time, written notice of the extension shall be furnished to the claimant, and an additional ninety (90) days will be considered reasonable). This notice shall be written in a manner calculated to be understood by the claimant and shall set forth the following information: (a) the specific reasons for the denial; (b) specific reference to the Plan provisions on which the denial is based;

17 (c) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why this material or information is necessary; (d) an explanation that a full and fair review by the Committee of the decision denying the claim may be requested by the claimant or his authorized representative by filing with the Committee, within sixty (60) days after the notice has been received, a written request for the review; and if such request is so filed, an explanation that the claimant or his authorized representative may review pertinent documents and submit issues and comments in writing within the same sixty (60) day period specified in this Subsection (d). Upon request (and free of charge), the claimant shall be provided reasonable access to and copies of all documents, records, and other information relevant to his claim for benefits and shall also be informed of his right to bring suit under ERISA. The decision of the Committee upon review shall be made promptly, and not later than sixty (60) days after the Committee’s receipt of the request for review, unless special circumstances require an extension of time for processing. In such a case, the claimant shall be so notified and a decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days after receipt of the request for review. If the claim is denied, wholly or in part, the claimant shall be given a copy of the decision promptly. The decision shall be in writing, shall include specific reasons for the denial, shall include specific references to the pertinent Plan provisions on which the denial is based, and shall be written in a manner calculated to be understood by the claimant. 9.3 Unfunded Status of the Plan The Plan is and shall remain unfunded for purposes of the Internal Revenue Code and ERISA. Nothing contained in this Plan, and no action taken pursuant to any provision of this Plan, shall create or be construed to create a trust of any kind, or a fiduciary relationship among the Company, Participants, beneficiaries or any other persons. Furthermore, no Participant or beneficiary shall have any interest in any specific asset of the Company by operation of this Plan. 9.4 No Contract of Employment Nothing contained in the Plan shall be construed to give any Participant the right to be retained in the service of the Company or to interfere with the right of the Company to discharge a Participant at any time. 9.5 Tax Withholding The Company may withhold from any payment under this Plan any federal, state, or local taxes required by law to be withheld with respect to such payment and such sum as the Company may reasonably estimate as necessary to cover any taxes for which the Company may be liable and which may be assessed with regard to such payment.

18 9.6 Expenses All expenses incurred in the administration of the Plan shall be paid by the Company. 9.7 Severability If a provision of this Plan shall be held illegal or invalid, the illegality or invalidity shall not affect the remaining parts of the Plan. The Plan shall be construed and enforced as if the illegal or invalid provision had not been included herein. 9.8 Incompetency Every person receiving or claiming benefits under the Plan shall be conclusively presumed to be mentally competent and of age until the Plan Administrator receives written notice that such person is incompetent or a minor, and that a guardian, conservator, statutory committee, or other person legally vested with the care of the person or estate has been appointed; provided, however, that if the Plan Administrator shall find that any person to whom a benefit is payable under the Plan is unable to properly care for such person’s own affairs because of incompetency, or is a minor, then any payment due (unless a prior claim therefore shall have been made by a duly appointed legal representative) may be paid to the spouse, a child, a parent, or a brother or sister, or to any person or institution deemed by the Plan Administrator to have incurred expenses for the person otherwise entitled to payment. In the event a guardian of the estate of any person receiving or claiming benefits under the Plan shall be appointed by a court of competent jurisdiction, payment shall be made to such guardian provided that proper proof of appointment is furnished in a form and manner acceptable to the Plan Administrator. To the extent permitted by law, any such payment so made shall be a complete discharge of liability therefore under the Plan. 9.9 No Individual Liability It is the express purpose and intention of the Plan that no liability whatsoever shall attach to or be incurred by the shareholders, officers, or directors of the Company or any Committee members hereunder, by reason of any term or condition of the Plan. The Company, through insurance or otherwise, shall indemnify any Board member, Committee member, corporate officer, or other individual against any personal liability for actions taken or omitted in good faith in the performance of duties on behalf of the Company under this Plan. 9.10 Applicable Law This Plan shall be governed by and construed in accordance with the laws of the State of Wisconsin, to the extent not superseded by the laws of the United States.

19 9.11 Voiding of Plan Provisions If any provision under this Plan causes an amount deferred to become subject to income tax under the Code prior to the time such amount is paid to the Participant or causes imposition of interest and additional tax under Section 409A of the Code, such provision shall be deemed null and void with respect to such amount deferred and the Committee shall take whatever steps as may be required to accomplish the objectives of the Plan without causing early taxation of such amount deferred and without the Company incurring additional cost or liability.

20 Article 10. Change in Control 10.1 Immediate Distribution If a change in control of the Company (as such event is defined below) occurs, and the Board does not agree in writing to continue the Plan under substantially the same terms and conditions, the Plan will be terminated and the Participant’s entire Account shall be paid to the Participant in a single lump-sum as soon as administratively practicable, but not later than twelve (12) months following the termination of the Plan in connection with such change in control of the Company. Notwithstanding the above, if the Company maintains other substantially similar arrangements, this Plan may not be terminated (and Participant’s shall not receive a distribution under this Section) unless all other substantially similar arrangements are simultaneously terminated and amounts deferred under those arrangements distributed as required by Section 409A of the Code. 10.2 Definition For purposes of this Article 10, “change in control” means the date on which a person or group of affiliated or associated persons (an “acquiring person”), has acquired legal or beneficial ownership of more than fifty percent (50%) of the outstanding shares of the voting stock of Schneider National, Inc., or the date an acquiring person acquires all or substantially all of the assets of Schneider National, Inc.; provided, however, that in no event shall transfers of voting stock of Schneider National, Inc. among trusts held for the primary benefit of members of the Donald J. Schneider family constitute a change in control; and provided, further, that any transaction or series of related transactions satisfying the definition hereunder shall not constitute a change in control unless such transaction or transactions also constitute a change in the ownership or effective control of Schneider National, Inc., or a change in the ownership of a substantial portion of the assets of Schneider National, Inc. within the meaning of Section 409A of the Code and the Regulations promulgated thereunder.

21 Article 11. Amendment and Termination 11.1 Amendment and Termination The Company hereby reserves the right to amend, modify, or terminate the Plan at any time, and for any reason, by action of the Board. However, no amendment or termination shall adversely affect amounts payable hereunder with respect to Base Pay, Profit Sharing, Other Cash or Company Contributions made prior to the date of such amendment or termination or cause amounts deferred under this Plan to become subject to assessment of penalties or interest under Section 409A of the Code. Notwithstanding the above, the Plan may only be terminated by action of the Board if all other similar arrangements subject to Section 409A of the Code that are sponsored by the Company are terminated and settled in a manner consistent with this Section 11.1. 11.2 Distributions Following the Plan Termination Date During the first twelve (12) months following the Plan Termination Date, all regularly scheduled payments shall continue as if the plan had not been terminated. As soon as practicable following the twelve (12) month period, and not later than the end of the twenty-fourth (24th) month following the Plan Termination Date, the remaining balance in each Participant’s Account will be paid in full.

22 Article 12. Section 409A Compliance It is intended that the provisions of the Plan comply with Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. No Participant or the creditors or beneficiaries of a Participant shall have the right to subject any deferred compensation (within the meaning of Section 409A of the Code) payable under the Plan to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A of the Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to any Participant or for the benefit of any Participant under the Plan may not be reduced by, or offset against, any amount owing by any such Participant to the Company or any of its Affiliates. Notwithstanding any provision of the Plan to the contrary, in light of the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to the Plan as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. In any case, a Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on such Participant or for such Participant’s Account (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold such Participant harmless from any or all of such taxes or penalties.


3PL			Provider of outsourced logistics services. In logistics and supply chain management, it means a company’s use of third-party businesses, the 3PL(s), to outsource elements of the company’s distribution, fulfillment, and supply chain management services.
ACT			Advanced Clean Trucks
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
BEV			Battery-electric vehicle
Board			Board of Directors
CARB			California Air Resources Board
CARES			Coronavirus Aid, Relief, and Economic Security
CCA			Cloud Computing Arrangement
ChemDirect			Fortem Invenio, Inc.
Clearinghouse			Commercial Driver’s License Drug and Alcohol Clearinghouse
CODM			Chief Operating Decision Maker
deBoer			deBoer Transportation, Inc.
DHS			Department of Homeland Security
DOL			Department of Labor
DOT			Department of Transportation
DSU			Deferred Stock Unit
EBITDA			Earnings Before Interest, Taxes, Depreciation & Amortization
EPA			United States Environmental Protection Agency

FLSA			Fair Labor Standards Act of 1938
FMCSA			Federal Motor Carrier Safety Administration
FTFM			First to Final Mile operating segment
GAAP			United States Generally Accepted Accounting Principles
GHG			Greenhouse Gas
HOS			Hours of Service
ILWU			International Longshore and Warehouse Union
IPO			Initial Public Offering
IRS			Internal Revenue Service
KPI			Key Performance Indicator
LIBOR			London InterBank Offered Rate
LTL			Less than Truckload. LTL carriers pick up and deliver multiple shipments, each typically weighing less than 10,000 pounds, for multiple customers in a single trailer.
MLS			Midwest Logistics Systems, Ltd. and affiliated entities holding assets comprising substantially all of its business.
MLSI			Mastery Logistics Systems, Inc.
NASDAQ			National Association of Securities Dealers Automated Quotations
NHTSA			National Highway Traffic Safety Administration
NYSE			New York Stock Exchange
OSHA			Occupational Safety and Health Administration
PSU			Performance-based Restricted Stock Unit
RSU			Restricted Stock Unit
rTSR			Relative Total Shareholder Return
SaaS			Software as a Service
SCDM			Supply Chain and Distribution Management operating segment
SEC			United States Securities and Exchange Commission
TMS			Transportation Management System
TuSimple			TuSimple Holdings, Inc. (formerly TuSimple (Cayman) Limited)


U.S.			United States
Voting Trust			Schneider National, Inc. Voting Trust
VTL			Van Truckload operating segment
WBCL			Wisconsin Business Corporation Law
WSL			Watkins and Shepard Trucking, Inc. and Lodeso, Inc. These businesses were acquired simultaneously in June 2016.
ZEV			Zero-emission vehicles


Transportation Equipment Type						Approximate Number of Units
Over-the-road sleeper cab tractors						7,300
Day cab tractors						2,600
Other tractors (yard tractors, straight trucks, and training tractors)						300
Trailers						44,000
Containers						28,500
Chassis						21,000


	12/31/2017		12/31/2018		12/31/2019		12/31/2020		12/31/2021		12/31/2022
Schneider National, Inc.	$	100.00	$	65.99	$	77.99	$	82.03	$	107.89	$	95.07
S&P 500 - Total Returns	100.00		95.62		125.72		148.85		191.58		156.88
Dow Jones Transportation	100.00		87.67		105.94		123.44		164.44		135.56
2021 Peer Group	100.00		82.78		104.69		132.86		208.63		170.46


	Year Ended December 31,
(in millions, except ratios)	2022			2021
Operating revenues	$	6,604.4		$	5,608.7
Revenues (excluding fuel surcharge) (1)	5,741.9			5,163.9
Income from operations	600.4			533.7
Adjusted income from operations (2)	617.0			532.7
Operating ratio	90.9		%	90.5		%
Adjusted operating ratio (3)	89.3		%	89.7		%
Net income	$	457.8		$	405.4
Adjusted net income (4)	471.5			407.2


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Year Ended December 31,
(in millions)	2022		2021
Operating revenues	$	6,604.4	$	5,608.7
Less: Fuel surcharge revenues	862.5		444.8
Revenues (excluding fuel surcharge)	$	5,741.9	$	5,163.9


	Year Ended December 31,
Revenues by Segment (in millions)	2022		2021
Truckload	$	2,236.6	$	1,934.9
Intermodal	1,287.4		1,143.1
Logistics	1,956.2		1,808.7
Other	364.0		365.3
Fuel surcharge	862.5		444.8
Inter-segment eliminations	(102.3)		(88.1)
Operating revenues	$	6,604.4	$	5,608.7


	Year Ended December 31,
Income (Loss) from Operations by Segment (in millions)	2022		2021
Truckload	$	352.2	$	284.7
Intermodal	165.1		155.2
Logistics	141.2		92.4
Other	(58.1)		1.4
Income from operations	600.4		533.7
Adjustments:
Litigation and audit assessments	62.2		(13.5)
Acquisition-related costs	0.3		1.9
Goodwill impairment	—		10.6

Property gain—net	(50.9)		—
Sale of business	5.0		—
Adjusted income from operations	$	617.0	$	532.7


(in millions)	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	385.7	$	244.8
Marketable securities	45.9		49.3
Total cash, cash equivalents, and marketable securities	$	431.6	$	294.1

Debt:
Senior notes	$	205.0	$	265.0
Finance leases	10.1		5.3
Total debt	$	215.1	$	270.3


MLS Goodwill Key Assumptions	October 31, 2022
Discount rate (1)	11.0	%
Long-term revenue growth rate (2)	3.0	%
Valuation multiples (3)	5.0x - 6.0x



	December 31, 2022		December 31, 2021
Assets
Current Assets:
Cash and cash equivalents	$	385.7	$	244.8
Marketable securities	45.9		49.3
Trade accounts receivable—net of allowance of $13.7 million and $5.2 million, respectively	643.7		705.4
Other receivables	21.3		35.9
Current portion of lease receivables—net of allowance of $1.3 million and $1.1 million, respectively	111.2		110.6
Inventories	53.0		27.4
Prepaid expenses and other current assets	89.5		75.1
Total current assets	1,350.3		1,248.5
Noncurrent Assets:
Property and equipment:
Transportation equipment	3,410.7		3,056.2
Land, buildings, and improvements	219.0		215.7
Other property and equipment	174.1		175.1
Total property and equipment	3,803.8		3,447.0
Less accumulated depreciation	1,523.8		1,396.0
Net property and equipment	2,280.0		2,051.0
Lease receivables	163.1		160.1
Internal use software and other noncurrent assets	296.6		237.2
Goodwill	228.2		240.5
Total noncurrent assets	2,967.9		2,688.8
Total Assets	$	4,318.2	$	3,937.3
Liabilities and Shareholders’ Equity
Current Liabilities:
Trade accounts payable	$	276.7	$	331.7
Accrued salaries, wages, and benefits	97.8		104.5
Claims accruals—current	75.5		83.9
Current maturities of debt and finance lease obligations	73.3		61.4

Other current liabilities	113.6		108.7
Total current liabilities	636.9		690.2
Noncurrent Liabilities:
Long-term debt and finance lease obligations	141.8		208.9
Claims accruals—noncurrent	95.2		88.5
Deferred income taxes	538.2		451.0
Other noncurrent liabilities	68.9		74.9
Total noncurrent liabilities	844.1		823.3
Total Liabilities	1,481.0		1,513.5
Commitments and Contingencies (Note 13)
Shareholders’ Equity:
Preferred shares, no par value, 50,000,000 shares authorized, no shares issued or outstanding	—		—
Class A common shares, no par value, 250,000,000 shares authorized, 83,029,500 shares issued and outstanding	—		—
Class B common shares, no par value, 750,000,000 shares authorized, 95,655,907 and 95,701,868 shares issued, and 94,993,144 and 94,626,740 shares outstanding, respectively	—		—
Additional paid-in capital	1,584.4		1,566.0
Retained earnings	1,257.8		857.8
Accumulated other comprehensive loss	(5.0)		—
Total Shareholders’ Equity	2,837.2		2,423.8
Total Liabilities and Shareholders’ Equity	$	4,318.2	$	3,937.3


	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total

Balance—December 31, 2019	$	—	$	1,542.7	$	693.6	$	0.1	$	2,236.4
Net income	—		—		211.7		—		211.7
Other comprehensive income	—		—		—		0.7		0.7
Share-based compensation expense	—		8.6		—		—		8.6
Dividends declared at $2.26 per share of Class A and B common shares	—		—		(402.8)		—		(402.8)
Share issuances	—		0.2		—		—		0.2
Exercise of employee stock options	—		1.6		—		—		1.6
Shares withheld for employee taxes	—		(0.9)		—		—		(0.9)
Balance—December 31, 2020	—		1,552.2		502.5		0.8		2,055.5
Net income	—		—		405.4		—		405.4
Other comprehensive loss	—		—		—		(0.8)		(0.8)
Share-based compensation expense	—		14.6		—		—		14.6
Dividends declared at $0.28 per share of Class A and Class B common shares	—		—		(50.1)		—		(50.1)
Share issuances	—		0.9		—		—		0.9
Exercise of employee stock options	—		0.7		—		—		0.7
Shares withheld for employee taxes	—		(2.4)		—		—		(2.4)
Balance—December 31, 2021	—		1,566.0		857.8		—		2,423.8
Net income	—		—		457.8		—		457.8
Other comprehensive loss	—		—		—		(5.0)		(5.0)
Share-based compensation expense	—		17.2		—		—		17.2
Dividends declared at $0.32 per share of Class A and Class B common shares	—		—		(57.8)		—		(57.8)
Share issuances	—		0.2		—		—		0.2
Exercise of employee stock options	—		3.4		—		—		3.4
Shares withheld for employee taxes	—		(2.4)		—		—		(2.4)
Balance—December 31, 2022	$	—	$	1,584.4	$	1,257.8	$	(5.0)	$	2,837.2


			2022
Tractors			3 - 8 years
Trailing equipment			6 - 20 years
Other transportation equipment			4 - 5 years
Buildings and improvements			5 - 25 years
Other property			3 - 10 years


	Year Ended December 31,
	2022		2021		2020
Operating Activities:
Net income	$	457.8	$	405.4	$	211.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	350.0		296.2		290.5
Goodwill impairment	—		10.6		—
(Gains) losses on sales of property and equipment—net	(85.7)		(63.9)		6.2

Proceeds from lease receipts	83.5		75.8		69.0
Loss on sale of business	5.0		—		—
Deferred income taxes	83.0		2.0		1.7
Long-term incentive and share-based compensation expense	16.5		14.4		8.9
Gains on investments in equity securities—net	(13.7)		(21.6)		(8.8)
Noncash restructuring—net	—		—		1.1
Other noncash items—net	(15.2)		(4.4)		7.4
Changes in operating assets and liabilities:
Receivables	51.6		(162.0)		(65.4)
Other assets	(43.4)		(46.0)		(15.3)
Payables	(42.2)		70.2		56.5
Claims reserves and other receivables—net	8.5		6.8		3.8
Other liabilities	0.7		(17.4)		50.9
Net cash provided by operating activities	856.4		566.1		618.2
Investing Activities:
Purchases of transportation equipment	(535.1)		(399.4)		(274.8)
Purchases of other property and equipment	(52.9)		(49.5)		(49.7)
Proceeds from sale of property and equipment	126.3		177.8		87.4
Proceeds from sale of off-lease inventory	25.8		17.0		22.7
Purchases of lease equipment	(105.6)		(91.7)		(94.5)
Proceeds from marketable securities	6.2		14.6		24.2
Purchases of marketable securities	(7.6)		(18.7)		(23.6)
Investments in equity securities	(24.2)		(5.2)		(10.4)
Acquisitions and sale of business, net of cash acquired	(31.7)		(271.3)		—
Net cash used in investing activities	(598.8)		(626.4)		(318.7)
Financing Activities:
Payments of debt and finance lease obligations	(62.0)		(40.8)		(55.6)
Dividends paid	(55.7)		(49.6)		(400.0)
Other financing activities	1.0		—		—
Net cash used in financing activities	(116.7)		(90.4)		(455.6)


Recognized amounts of identifiable assets acquired and liabilities assumed (in millions)	December 31, 2021 Opening Balance Sheet		Adjustments		Adjusted December 31, 2021 Opening Balance Sheet
Cash and cash equivalents	$	—	$	1.8	$	1.8
Trade accounts receivable—net of allowance	18.6		(6.7)		11.9
Other receivables	0.9		1.5		2.4
Prepaid expenses and other current assets	1.6		—		1.6
Net property and equipment	148.9		(0.8)		148.1
Internal use software and other noncurrent assets	—		11.7		11.7
Goodwill	122.7		(18.4)		104.3
Total assets acquired	292.7		(10.9)		281.8

Trade accounts payable	1.8		1.6		3.4
Accrued salaries, wages, and benefits	1.7		0.9		2.6
Claims accruals—current	7.5		(3.0)		4.5
Other current liabilities	7.2		(3.9)		3.3
Deferred income taxes	—		(1.1)		(1.1)
Other noncurrent liabilities	—		0.3		0.3
Total liabilities assumed	18.2		(5.2)		13.0

Net assets acquired	$	274.5	$	(5.7)	$	268.8


	Year Ended December 31,
Disaggregated Revenues (in millions)	2022		2021		2020
Transportation	$	6,119.9	$	5,166.7	$	4,170.0
Logistics Management	274.2		219.0		149.7
Other	210.3		223.0		233.1
Total operating revenues	$	6,604.4	$	5,608.7	$	4,552.8


Remaining Performance Obligations (in millions)	December 31, 2022
Expected to be recognized within one year
Transportation	$	17.2
Logistics Management	10.2
Expected to be recognized after one year
Transportation	24.8
Logistics Management	8.5
Total	$	60.7


Contract Balances (in millions)	December 31, 2022		December 31, 2021		December 31, 2020
Other current assets—Contract assets	$	27.0	$	33.8	$	21.5
Other current liabilities—Contract liabilities	2.6		3.2		0.7


		Fair Value at
(in millions)	Level in Fair Value Hierarchy	December 31, 2022		December 31, 2021
Equity investment in TuSimple (1)	1	$	0.6	$	12.7
Marketable securities (2)	2	45.9		49.3


(in millions)	Level in Fair Value Hierarchy	Fair Value at December 31, 2022
Assets held for sale (1)	2	$	0.5


	December 31, 2022					December 31, 2021
(in millions, except maturities in months)	Maturities	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. treasury and government agencies	4 to 98	$	21.9	$	19.3	$	19.9	$	19.6

Corporate debt securities	3 to 57	16.0		14.9		20.3		20.4
State and municipal bonds	1 to 154	12.4		11.7		9.1		9.3

Total marketable securities		$	50.3	$	45.9	$	49.3	$	49.3


	December 31, 2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	3.2	$	0.3	$	2.9
Trademarks	6.8		0.7		6.1
Total intangible assets	$	10.0	$	1.0	$	9.0


(in millions)	December 31, 2022
2023	$	1.0
2024	1.0
2025	1.0
2026	1.0
2027	1.0
2028 and thereafter	4.0
Total	$	9.0


	Financial Statement Classification	Year Ended December 31,
(in millions)		2022		2021		2020
Operating lease cost
Operating lease cost	Operating supplies and expenses—net	$	32.9	$	31.3	$	29.5
Short-term lease cost (1)	Operating supplies and expenses—net	6.3		3.0		3.1
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	2.2		0.8		0.5
Interest on lease liabilities	Interest expense	0.2		0.1		0.1
Variable lease cost	Operating supplies and expenses—net	2.9		0.9		2.2
Sublease income	Operating supplies and expenses—net	(3.0)		(4.5)		(4.5)
Total net lease cost		$	41.5	$	31.6	$	30.9


	December 31, 2022		December 31, 2021
Weighted-average remaining lease term
Operating leases	3.2 years		3.6 years
Finance leases	3.2 years		3.8 years

Weighted-average discount rate (1)
Operating leases	3.7	%	3.3	%
Finance leases	4.3	%	2.5	%


	Year Ended December 31,
(in millions, except per share data)	2022		2021		2020
Numerator:
Net income available to common shareholders	$	457.8	$	405.4	$	211.7

Denominator:
Weighted average common shares outstanding	177.9		177.6		177.3
Dilutive effect of share-based awards and options outstanding	0.9		0.5		0.3
Weighted average diluted common shares outstanding	178.8		178.1		177.6

Basic earnings per common share	$	2.57	$	2.28	$	1.19
Diluted earnings per common share	2.56		2.28		1.19


Restricted Shares and RSUs	Number of Awards	Weighted Average Grant Date Fair Value
Unvested at December 31, 2019	484,808	$	23.34
Granted	259,992	22.04
Vested	(141,556)	22.56
Forfeited	(13,657)	23.00
Unvested at December 31, 2020	589,587	22.96
Granted	341,508	22.61
Vested	(229,226)	22.82
Forfeited	(22,610)	22.77
Unvested at December 31, 2021	679,259	22.84
Granted (1)	322,316	25.85
Vested	(256,779)	23.49
Forfeited	(49,329)	23.91
Unvested at December 31, 2022	695,467	$	23.92


Performance Shares and PSUs	Number of Awards	Weighted Average Grant Date Fair Value
Unvested at December 31, 2019	519,721	$	24.11
Granted	350,525	22.04
Vested	(44,802)	26.80
Forfeited	(170,422)	26.68
Unvested at December 31, 2020	655,022	22.15
Granted	439,620	24.44
Vested	—	—
Forfeited	(313,362)	22.27
Unvested at December 31, 2021	781,280	23.39
Granted (1)	224,455	28.32
Vested	(304,794)	22.04
Forfeited	(97,942)	24.23
Unvested at December 31, 2022	602,999	$	25.77



	2022			2021
Weighted-average Monte Carlo value	$	28.32		$	24.44
Monte Carlo assumptions:
Expected term	2.87 years			2.87 years
Expected volatility	45.3		%	45.8		%

Risk-free interest rate	1.8			0.2


Non-qualified Stock Options Outstanding	Number of Awards	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (1) (in thousands)
Outstanding at December 31, 2019	537,248	$	22.28	8.3	$	641
Granted	233,636	22.04
Exercised (2)	(84,984)	19.00			440
Forfeited	—	—
Outstanding at December 31, 2020 (3)	685,900	20.60		7.1	735
Granted	305,668	22.63
Exercised (2)	(42,904)	17.00			243
Forfeited	—	—
Outstanding at December 31, 2021	948,664	21.42		7.3	5,208
Granted	311,501	25.58
Exercised (2)	(150,692)	22.65			467
Forfeited	(70,830)	22.92
Outstanding at December 31, 2022	1,038,643	$	22.39	7.6	$	1,794

Exercisable as of:
December 31, 2020	179,893	$	21.18	5.8	$	244
December 31, 2021	329,711	21.15		5.7	1,898
December 31, 2022	402,945	20.89		6.4	1,098


Unvested Non-qualified Stock Options	Number of Awards	Weighted Average Grant Date Fair Value
Unvested at December 31, 2019	406,685	$	7.34
Granted	233,636	6.34
Vested	(134,314)	7.30
Forfeited	—	—
Unvested at December 31, 2020	506,007	6.89
Granted	305,668	5.86
Vested	(192,722)	7.01
Forfeited	—	—
Unvested at December 31, 2021	618,953	6.34
Granted	311,501	7.32
Vested	(223,926)	6.75
Forfeited	(70,830)	6.55
Unvested at December 31, 2022	635,698	$	6.65


Revenues by Segment	Year Ended December 31,
(in millions)	2022		2021		2020
Truckload	$	2,236.6	$	1,934.9	$	1,851.0
Intermodal	1,287.4		1,143.1		974.7
Logistics	1,956.2		1,808.7		1,129.3
Other	364.0		365.3		359.0
Fuel surcharge	862.5		444.8		318.3
Inter-segment eliminations	(102.3)		(88.1)		(79.5)
Operating revenues	$	6,604.4	$	5,608.7	$	4,552.8


Depreciation and Amortization by Segment	Year Ended December 31,
(in millions)	2022		2021		2020
Truckload	$	249.3	$	210.2	$	210.7
Intermodal	57.2		48.4		46.3
Logistics	0.1		0.2		0.1
Other	43.4		37.4		33.4
Depreciation and amortization	$	350.0	$	296.2	$	290.5


Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights	Weighted Average Exercise Price of Outstanding Options, Warrants, and Rights (1)		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in the First Column)
Equity compensation plans approved by security holders	2,247,074	$	22.39	4,109,051
Equity compensation plans not approved by security holders	—	—		—
Total	2,247,074	$	22.39	4,109,051