TABLE OF CONTENTS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14AProxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No. )☑FiledbytheRegistrant  oFiledbyaPartyotherthantheRegistrant

Check the appropriate box: o PreliminaryProxyStatement o CONFIDENTIAL,FORUSEOFTHECOMMISSIONONLY(ASPERMITTEDBYRULE14a-6(e)(2))☑ DefinitiveProxyStatement o DefinitiveAdditionalMaterials o SolicitingMaterialPursuantto§240.14a-12

 

SchneiderNational,Inc.(NameofRegistrantasSpecifiedInItsCharter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):☑ No fee required. o Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

(1) Titleofeachclassofsecuritiestowhichtransactionapplies:(2) Aggregatenumberofsecuritiestowhichtransactionapplies:(3) PerunitpriceorotherunderlyingvalueoftransactioncomputedpursuanttoExchangeActRule0-11(setforththe

amountonwhichthefilingfeeiscalculatedandstatehowitwasdetermined):(4) Proposedmaximumaggregatevalueoftransaction:(5) Totalfeepaid:

 o Fee paid previously with preliminary materials. o Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for

which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or theForm or Schedule and the date of its filing.(1) AmountPreviouslyPaid:(2) Form,ScheduleorRegistrationStatementNo.:(3) FilingParty:(4) DateFiled:

TABLE OF CONTENTS

 

NoticeofAnnualMeetingofShareholdersandProxyStatementMonday,April27,202010:00a.m.CentralTimeOnlineatwww.virtualshareholdermeeting.com/SNDR2020

TABLE OF CONTENTS

 

NOTICE OF ANNUAL MEETING OF SHAREHOLDERSMarch 12, 2020ToOurShareholders:

OnbehalfoftheBoardofDirectors,wewouldliketoinviteyoutoattendSchneiderNational,Inc.’s2020AnnualMeetingofShareholders.ThemeetingwillbeheldvirtuallyonMonday,April27,2020,at10:00a.m.CentralTime.Themeetingcanbeaccessed by visiting www.virtualshareholdermeeting.com/SNDR2020, where you will be able to listen to the meetinglive,submitquestionsandvoteonline.Youwillfindinformationregardingthematterstobevotedonintheproxystatementwhichaccompaniesthisnotice.Wearesendingmanyofourshareholdersanoticeregardingtheinternetavailabilityoftheproxystatement,our2019AnnualReportonForm10-KforthefiscalyearendedDecember31,2019andothermaterialsonhowtovoteviatheinternet,mailortelephone(“NoticeofInternetAvailabilityofProxyMaterials”).TheNoticeofInternetAvailabilityofProxyMaterialsalsocontainsinstructionsonhowyoumayreceiveaprintedcopyoftheProxyStatementand2019AnnualReportonForm10-K.

Shareholdersof recordasof thecloseof businessonFebruary18, 2020(the“RecordDate”) areentitledtovoteat theannual meeting and any postponement or adjournment thereof. Please see pages 2-3 of the accompanying proxystatement for additional information regarding joining the meeting and how to vote your shares.

Your vote is important. Whether or not you plan to attend the annual meeting, please submit your proxy or votinginstructions using one of the voting methods described in the accompanying proxy statement. Submitting your proxy orvotinginstructionsbyanyofthesemethodswillnotaffectyourrighttoattendthevirtualmeetingandvoteyoursharesatthevirtualmeetingifyouwishtodoso.

Ifyouownsharesthroughabroker,bankorothernominee,youshouldcontactyourbank,brokerornomineeforadditionalinformation.

ThankyouforyourcontinuedconfidenceinourCompany.

Sincerely,

   Adam P. Godfrey Chairman of the Board

Mark B. Rourke Chief Executive Officer, President and Director

March12,2020

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be heldon April 27, 2020:

This Notice of Annual Meeting, the Proxy Statement, and the 2019 Annual Report are available atwww.proxyvote.com

TABLE OF CONTENTS

 

Notice of Annual Meeting of ShareholdersMonday, April 27, 2020The 2020 Annual Meeting of Shareholders of Schneider National, Inc. will be held online atwww.virtualshareholdermeeting.com/SNDR2020 on Monday, April 27, 2020, at 10:00 a.m. Central Time, to vote on theitemslistedbelow.

ThefollowingitemswillbevotedonattheAnnualMeeting:

1. Toelecttendirectors,eachtoserveuntilthenextannualmeetinganduntilhisorhersuccessorisdulyelectedandqualified;

2. To ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for thefiscalyearendingDecember31,2020;and

3. Toholdanadvisoryvotetoapprovethecompensationofournamedexecutiveofficers.

WewillalsotakeactionuponanyotherbusinessasmayproperlycomebeforetheAnnualMeetingandanyadjournmentsorpostponementsofthatmeeting.

TheBoardofDirectorsunanimouslyrecommendsavote“FOR”items1,2and3.TheBoardofDirectorsorproxyholderswillusetheirdiscretiononothermattersthatmayariseattheAnnualMeeting.

The Board of Directors fixed the close of business on February 18, 2020 as the record date for determining theshareholders who are entitled to notice of, and to vote at, the Annual Meeting and any adjournment or postponementthereof.

Ifyouheldyoursharesontherecorddate,youcanvoteyoursharesbyanyofthefollowingmethods:

ONLINE:Youcanvoteonlineatwww.proxyvote.com.

TELEPHONE: In the U.S. or Canada, you can vote your shares toll-free. Go to www.proxyvote.com to find the phonenumber.

MAIL:Youcanvotebymailbyrequestingapapercopyofthematerials,whichwillincludeaproxycard.

ATTENDING THE VIRTUAL MEETING: You may attend the virtual Annual Meeting and vote your shares during themeetingbyvisitingourAnnualMeetingwebsiteatwww.virtualshareholdermeeting.com/SNDR2020.ToattendtheAnnualMeeting,youwillneed

TABLE OF CONTENTS

the16-digitcontrolnumberincludedonyourNoticeofInternetAvailabilityofProxyMaterials,onyourproxycardorontheinstructionsthataccompaniedyourproxymaterials.SharesheldinyournameastheshareholderofrecordmaybevotedelectronicallyduringtheAnnualMeeting.Sharesforwhichyouarethebeneficialownerbutnottheshareholderofrecordalso may be voted electronically during the Annual Meeting. Even if you plan to attend the Annual Meeting online, werecommendthat youalso vote by proxy as described aboveso that your vote will be counted if youlater decide not toattendtheAnnualMeeting.TheAnnualMeetingwillbeginpromptlyat10:00a.m.CentralTime.Onlinecheck-inwillbeginat9:45a.m.CentralTime,andyoushouldallowampletimefortheonlinecheck-inprocedures.

Weurgeyoutosubmityourproxyassoonaspossible.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OFSHAREHOLDERS TO BE HELD ON APRIL 27, 2020:

The Notice of Annual Meeting, Proxy Statement and Annual Report to Shareholders are available on the Internet atwww.proxyvote.com.

Sincerely,

 GreenBay,WisconsinMarch 12, 2020

Thomas G. Jackson Secretary

TABLE OF CONTENTS

TABLE OF CONTENTS  GENERAL INFORMATION 1Introduction 1AvailabilityofProxyMaterials 1RecordDate;VotingRights;Quorum 1ShareholdersofRecord;StreetNameShareholders 2ProxySolicitation 2HowtoVote 2HowProxyVotesAreTabulated 3VoteRequiredtoApproveProposals 4HowtoRevokeYourProxy 4InformationonAttendingtheAnnualMeeting 5Householding 5AnnualReporttoShareholders 5  CORPORATE GOVERNANCE 6CorporateGovernanceGuidelines 6CodeofConduct 6DirectorIndependence 6NYSEControlledCompanyExemptions 7BoardStructureandLeadership 7BoardRoleinRiskOversight 8BoardMeetings 8BoardCommittees 9BoardPolicyonDiversity 10DirectorNominations 10CommunicationswithDirectors 12RelatedPersonTransactionsPolicy 12RelatedPersonTransactionsin2019 13CompensationCommitteeInterlocksandInsiderParticipation 15Anti-HedgingandAnti-PledgingPolicies 15  COMPENSATION OF DIRECTORS 152019DirectorCompensationTable 17  PROPOSAL 1 ELECTION OF DIRECTORS 18VoteRequired 18BiographicalInformationofDirectorNominees 18  PROPOSAL 2 RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 24AuditandOtherFeesPaidtoDeloitte&ToucheLLP 25AuditCommitteePre-ApprovalPoliciesandProcedures 25  AUDIT COMMITTEE REPORT 27  

TABLE OF CONTENTS

COMPENSATION DISCUSSION AND ANALYSIS 30Introduction 30CompensationPhilosophyandPrinciples 30ProcessofSettingCompensation 31KeyCompensationPoliciesandPrograms 332019Compensation 35  COMPENSATION COMMITTEE REPORT 45  EXECUTIVE COMPENSATION TABLES AND NARRATIVE 462019SummaryCompensationTable 46GrantsofPlan-BasedAwardsfor2019 49OutstandingEquityAwardsat2019Year-End 51OptionExercisesandStockVestedin2019 532019Non-QualifiedDeferredCompensation 53PotentialBenefitsUponTerminationorChangeinControl 58CEOPayRatio 60IdentificationofMedianEmployee 60RiskConsiderationsRelatingtoCompensation 61  PROPOSAL 3 ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS 62  INFORMATION REGARDING BENEFICIAL OWNERSHIP OF PRINCIPAL SHAREHOLDERS, THE BOARDAND MANAGEMENT 63  VOTING TRUST 66  DELINQUENT SECTION 16(a) REPORTS 67  SHAREHOLDER PROPOSALS FOR OUR 2021 ANNUAL MEETING 67  ADVANCE NOTICE PROCEDURES FOR OUR 2021 ANNUAL MEETING 67  OTHER BUSINESS 68  FORM 10-K 68  INCORPORATION BY REFERENCE 68

TABLE OF CONTENTS

PROXY STATEMENT

GENERAL INFORMATIONIntroductionThisproxystatementisbeingfurnishedtoshareholdersbytheBoardofDirectors(“Board”)ofSchneiderNational,Inc.(the“Company,”“Schneider,”“we,”“our,”“us”orsimilarterms),beginningonoraboutMarch12,2020.

This proxy statement is being furnished in connection with a solicitation of proxies by the Board for use at the AnnualMeeting of Shareholders to be held on Monday, April 27, 2020, at 10:00 a.m. Central Time, online atwww.virtualshareholdermeeting.com/SNDR2020, andall adjournments or postponements thereof (the “Annual Meeting”),forthepurposessetforthintheattachedNoticeofAnnualMeetingofShareholders.

Availability of Proxy MaterialsOn or about March 12, 2020, we mailed our shareholders a notice regarding the availability of proxy materials on theInternet(“NoticeofInternetAvailability”)containinginstructionsonhowtoaccessourproxymaterials,includingthisProxyStatementandourAnnualReportfortheyearendedDecember31,2019.IfyoureceivedaNoticeofInternetAvailabilitybymail,youwillnotreceiveaprintedcopyoftheproxymaterialsinthemailunlessyouspecificallyrequestthesematerials.Other shareholders, in accordancewiththeir prior requests, havereceivedemail notificationof howtoaccessour proxymaterialsandvoteovertheInternet,orhavebeenmailedpapercopiesofourproxymaterialsandaproxycardoravoteinstructionformfromtheirbankorbroker.

If youwanttoreceiveapaperoremailcopyoftheproxymaterials,youmayrequestone.Thereisnochargetoyouforrequestingacopy.PleasemakeyourrequestforacopyasinstructedintheNoticeofInternetAvailabilitybyApril13,2020tofacilitatetimelydelivery.

Record Date; Voting Rights; QuorumOnlyholdersofrecordofourClassAcommonstockandClassBcommonstock(collectively,our“CommonStock”)atthecloseofbusinessonFebruary18,2020(the“RecordDate”)areentitledtovoteattheAnnualMeeting.Onthatdate,wehadoutstandingandentitledtovote:(a)83,029,500sharesofClassAcommonstock,eachofwhichisentitledtotenvotespershare,withanaggregateof830,295,000votes;and(b)94,090,966sharesofClassBcommonstock,eachofwhichisentitledto onevoteper share, with anaggregateof 94,090,966votes. Thepresence(byvirtual attendanceonlineor byproxy)ofamajorityofthevotesentitledtobecastshallconstituteaquorumforthepurposeoftransactingbusinessattheAnnual Meeting. Abstentions and broker non-votes will be considered present for purposes of determining whether aquorumexists.Foradditionalinformation,pleasesee“HowProxyVotesAreTabulated”below.

1

TABLE OF CONTENTS

Shareholders of Record; Street Name ShareholdersIfyoursharesofCommonStockareregistereddirectlyinyournamewithourtransferagent,EQShareownerServices,youare considered the “shareholder of record” with respect to those shares, and the Notice of Internet Availability (and, ifapplicable,themailedoremailedproxymaterials)issentdirectlytoyou.Ifyoursharesareheldinanaccountatabank,broker,orothersimilarorganization,thenyouarethebeneficialownerofsharesheldin“streetname,”andtheNoticeofInternetAvailability(and,ifapplicable,themailedoremailedproxymaterials)isforwardedtoyoubythatfirm.

Ifyouareashareholderofrecord,youmayvoteyoursharesovertheInternetorbytelephonebyfollowingtheinstructionsontheNotice of Internet Availability. If yourequest printed copies of the proxy materials by mail, youmayalsovote bysigningandsubmittingyourproxycardandreturningit bymail. Youshouldsignyournameexactlyasit appearsontheproxycard.Ifyouaresigninginarepresentativecapacity(forexample,asguardian,executor,trustee,custodian,attorneyorofficerofacorporation), youshouldindicateyournameandtitleorcapacity.If youarethebeneficialownerofsharesheldinstreetname,youmaybeeligibletovoteyourshareselectronicallyovertheInternetorbytelephonebyfollowingtheinstructionsontheNoticeofInternetAvailability.Ifyourequestprintedcopiesoftheproxymaterialsbymail,youmayalsovotebysigningthevoterinstructionformprovidedbyyourbankorbrokerandreturningitbymail.Ifyouprovidespecificdirectionstoyourbrokerornomineeonhowtovotebymail,telephoneorovertheInternet,yourshareswillbevotedbyyourbrokerornomineeasyouhavedirected.

Wemayreimbursethosefirmsfor reasonablefeesandout-of-pocket costsincurredbyyourbank, brokeror nomineeinforwardingtheNoticeofInternetAvailability(and,ifapplicable,themailedoremailedproxymaterials)toyou.

Proxy SolicitationWewillbearthecostofoursolicitationofproxies.InadditiontousingtheInternet,ourdirectors,officersandemployeesmaysolicit proxiesinpersonandbymail, telephone,facsimile, orelectronictransmission, forwhichtheywill notreceiveany additional compensation. We will also make arrangements with brokers and other custodians, nominees andfiduciariestoforwardsolicitationmaterialstothebeneficialownersofsharesofCommonStockheldbythosepersons,andwemayreimbursethosecustodians,nomineesandfiduciariesforreasonablefeesandout-of-pocketexpensesincurred.

How to VoteYoumayvoteinthefollowingways:

ONLINE:Youcanvoteonlineatwww.proxyvote.com.

TELEPHONE: In the U.S. or Canada, you can vote your shares toll-free. Go to www.proxyvote.com to find the phonenumber.

MAIL:Youcanvotebymailbyrequestingapapercopyofthematerials,whichwillincludeaproxycard.

2

TABLE OF CONTENTS

ATTENDING THE VIRTUAL MEETING: You may attend the virtual Annual Meeting and vote your shares during themeetingbyvisitingourAnnualMeetingwebsiteatwww.virtualshareholdermeeting.com/SNDR2020.ToattendtheAnnualMeeting, youwill needthe16-digit control number includedonyour Noticeof Internet Availability of ProxyMaterials, onyourproxycardorontheinstructionsthataccompaniedyourproxymaterials.SharesheldinyournameastheshareholderofrecordmaybevotedelectronicallyduringtheAnnualMeeting.SharesforwhichyouarethebeneficialownerbutnottheshareholderofrecordalsomaybevotedelectronicallyduringtheAnnualMeeting.Evenif youplantoattendtheAnnualMeetingonline,werecommendthatyoualsovotebyproxyasdescribedabovesothatyourvotewillbecountedifyoulaterdecidenottoattendtheAnnualMeeting.TheAnnualMeetingwillbeginpromptlyat10:00a.m.CentralTime.Onlinecheck-inwillbeginat9:45a.m.CentralTime,andyoushouldallowampletimefortheonlinecheck-inprocedures.

UnlessyouvirtuallyattendandvoteyoursharesattheAnnualMeeting,wemustreceiveyourvoteby11:59p.m.EasternTimethedaybeforetheAnnualMeetingforyourvotebyproxytobecounted.

How Proxy Votes Are TabulatedOnly the shares of CommonStock represented by valid proxies received andnot revokedwill be voted at the meeting.VotescastatthemeetingbyproxyorelectronicallybyattendingshareholderswillbetabulatedbytheInspectorofElection.TheInspector of Electionwill treat sharesof CommonStockrepresentedbyavalid proxyaspresent at themeetingforpurposes of determining a quorum, whether or not the proxy is marked as casting a vote or abstaining on any or allmatters.

Ifyouareabeneficialownerofsharesheldinstreetnameanddonotprovidethefirmthatholdsyourshareswithspecificvotinginstructions,undertherulesofvariousnationalandregionalsecuritiesexchanges,thefirmthatholdsyoursharesmaygenerallyvoteonroutinemattersbutcannotvoteonnon-routinematters.Proposal2—RatificationofAppointmentofIndependentRegisteredPublicAccountingFirm—isaroutinematteronwhichbrokerscanvoteonbehalfoftheirclientsifclientsdonotfurnishvotinginstructions.Allotherproposalsarenon-routinematters.

If the firm that holds your shares does not receive instructions from you on how to vote your shares on a non-routinematter,itwillinformourInspectorofElectionthatitdoesnothavetheauthoritytovoteonthismatterwithrespecttoyourshares. This is generally referred to as a “broker non-vote.” Broker non-votes are treated as present for purposes ofdeterminingaquorum,butarenotcountedasvotes“for”or“against”thematterinquestionorasabstentions,andtheyarenotcountedindeterminingthenumberofvotespresentfortheparticularmatter.

IfyouareashareholderofrecordandyouindicatewhenvotingontheInternetorbytelephonethatyouwishtovoteasrecommended by our Board, or sign and return a proxy card without giving specific voting instructions, then the proxyholders (i.e., the persons named in the proxy card provided by our Board) will vote your shares in the mannerrecommendedbyourBoardonallmatterspresentedinthisProxyStatementandastheproxyholdersmaydetermineintheir discretion with respect to any other matters properly presented for a vote at the meeting or any adjournment orpostponementofthemeeting.

If any other business properly comes before the meeting or any adjournment or postponement of the meeting, it is theintentionoftheproxyholdersnamedintheaccompanyingproxycardtovotethesharesrepresentedbytheproxycardonthosemattersinaccordancewiththeirbestjudgment.

3

TABLE OF CONTENTS

Vote Required to Approve ProposalsAssumingthataquorumispresentatthemeeting,thevotesdescribedinthetablebelowarerequiredunderourgoverningdocumentsandWisconsinstatelaw.Sharesof theCompany’sClassAcommonstockandClassBcommonstockvotetogetherasasingleclassineachofthemattersdescribedbelow.

Item Vote RequiredEffect of Abstentions and Broker Non-

Votes on Vote RequiredProposal 1—Electionofdirectors

EachdirectorwillbeelectedbyapluralityofthevotescastattheAnnualMeeting.Cumulativevotingisnotpermitted.Forthispurpose,“plurality”meansthatthenomineesreceivingthelargestnumberofvoteswillbeelectedasdirectors.

Abstentionsandbrokernon-voteswillhavenoeffectontheelectionofdirectors.Votes“withheld”willhavenoeffect.Onlyvotescast“for”adirectorwillhaveaneffectontheelectionofdirectors.Ifyourbrokerholdssharesinyourname,thebroker,intheabsenceofvotinginstructionsfromyou,isnotentitledtovoteyourshares

Proposal 2—Ratificationofappointmentofindependentregisteredpublicaccountingfirm

Votescast“for”thisproposalmustexceedthevotescast“against”ittobeapproved.

Abstentionsandbrokernon-votesdonotcountasvotes“for”or“against”thisproposalandwillbedisregardedinthecalculationofvotescast.Ifyourbrokerholdssharesinyourname,thebroker,intheabsenceofvotinginstructionsfromyou,isentitledtovoteyourshares

Proposal 3—Advisoryvotetoapprovethecompensationofournamedexecutiveofficers

Thevotescast“for”thisproposalmustexceedthevotescast“against”thisproposalforittobeapproved.

Abstentionsandbrokernon-votesdonotcountasvotes“for”or“against”thisproposalandwillbedisregardedinthecalculationofvotescast.Ifyourbrokerholdssharesinyourname,thebroker,intheabsenceofvotinginstructionsfromyou,isnotentitledtovoteyourshares

How to Revoke Your ProxyYoumayrevokeyourproxyandchangeyourvoteatanytimebeforethefinalvoteattheAnnualMeeting.Youmayrevokeyourpreviouslysubmittedproxybysubmittingawrittennoticeofrevocationtous,byvotingagainonalaterdateovertheInternet,bytelephoneorbysigningandreturninganewproxycardbymail(inwhichcaseonlyyourlatestproxysubmittedprior totheAnnual Meetingwill becounted), or byvirtually attendingandvotingduringtheAnnual Meeting. YourvirtualattendanceattheAnnualMeetingwillnotautomaticallyrevokeyourproxyunlessyouvoteagain.

4

TABLE OF CONTENTS

Information on Attending the Annual MeetingTheAnnualMeetingwillbeheldentirelyonlinethroughanaudiowebcasttoallowbroaderparticipation.

Shareholders may attend the virtual Annual Meeting by visiting our Annual Meeting website atwww.virtualshareholdermeeting.com/SNDR2020.ToattendtheAnnualMeeting,youwillneedthe16-digitcontrolnumberincluded on your Notice of Internet Availability of Proxy Materials, on your proxy card or on the instructions thataccompaniedyourproxymaterials.

SharesheldinyournameastheshareholderofrecordontherecorddatemaybevotedelectronicallyduringtheAnnualMeeting.Sharesforwhichyouwerethebeneficialownerasoftherecorddatebutnottheshareholderofrecordalsomaybe voted electronically during the Annual Meeting. Even if you plan to participate in the Annual Meeting online, werecommendthat youalso vote by proxy as described aboveso that your vote will be counted if youlater decide not toparticipateintheAnnualMeeting.

TheAnnualMeetingwillbeginpromptlyat10:00a.m.CentralTime.Onlinecheck-inwillbeginat9:45a.m.CentralTime,andyoushouldallowampletimefortheonlinecheck-inprocedures.

HouseholdingPursuant to the rules of the Securities and ExchangeCommission (“SEC”), services that deliver our communications toshareholders that hold their stock througha bank, broker or other holder of record maydeliver to multiple shareholderssharing the same address a single copy of our Notice of Internet Availability, annual report to shareholders or proxystatement. Upon written or oral request, we will promptly deliver a separate copy of our Notice of Internet Availability,annual report to shareholders and/or proxystatement toanyshareholder at asharedaddressto whichasinglecopyofeachdocumentwasdelivered.ForfuturedeliveriesofNoticesofInternetAvailability,annualreportstoshareholdersand/orproxy statements, shareholders may also request that wedeliver multiple copies at a shared address to which a singlecopyofeachdocumentwasdelivered.ShareholderssharinganaddresswhoarecurrentlyreceivingmultiplecopiesoftheNoticeofInternetAvailability,annualreporttoshareholdersand/orproxystatementmayalsorequestdeliveryofasinglecopy. Shareholders may notify us of their requests by calling or writing Thomas G. Jackson, Secretary, at SchneiderNational,Inc.,3101SouthPackerlandDrive,GreenBay,WI54313,orattelephonenumber(920)592-2000.

Annual Report to ShareholdersOurAnnualReportfortheyearendedDecember31,2019accompaniesthisProxyStatementandisalsoavailableontheInternet.PleasefollowtheinstructionsintheNoticeofInternetAvailabilityifyouwanttoreviewourAnnualReportonline.Our Annual Report contains financial and other information about us. The Annual Report is not a part of this ProxyStatement.

5

TABLE OF CONTENTS

CORPORATE GOVERNANCECorporate Governance GuidelinesThe Board has adopted Corporate Governance Guidelines that, in conjunction with our Amended and Restated Bylaws(our“Bylaws”)andtheBoardcommitteecharters,establishprinciplesandpracticesrelatingtotheoperationofourBoardanditscommittees.TheCorporateGovernanceGuidelinesaddressourdirectorqualificationandindependencestandards,director responsibilities, director access to management and independent advisors, director compensation, directororientation and continuing education, management succession planning and the Board’s annual self-evaluation of itsperformance.

TheCorporateGovernanceGuidelinesareavailable,freeofcharge,onourwebsite,https://schneider.com.Theinformationcontainedonourwebsiteisnotincorporatedinto,anddoesnotformapartof,thisproxystatementoranyotherCompanyreportordocumentonfilewithorfurnishedtotheSEC.AcopyofourCorporateGovernanceGuidelinesisalsoavailablefree of chargein print to any shareholder whorequests a copy by calling or writing to our Corporate Secretary at 3101SouthPackerlandDrive,GreenBay,WI54313orattelephonenumber(920)592-2000.

Code of ConductWemaintainaCodeofConductthatqualifiesasa“codeofethics”underapplicableSECregulations.OurCodeofConductapplies to all of our directors, officers and other employees, including our principal executive officer, principal financialofficerandprincipalaccountingofficer.AnywaiveroftheCodeofConductfordirectorsorexecutiveofficersmaybemadeonly by our Board and will be promptly disclosed to our shareholders through publication on our website,https://schneider.com. Our Audit Committee is responsible for annually reviewing the process for communicating andmonitoringcompliancewiththeCodeofConduct. AmendmentstotheCodeofConductmustbeapprovedbyourBoardandwill be promptly disclosed(other than technical, administrative or non-substantive changes). A copy of our CodeofConductisavailableonourwebsite,https://schneider.com,andisalsoavailablefreeofchargeinprinttoanyshareholderwho requests a copy by calling or writing to our Corporate Secretary at 3101 South Packerland Drive, Green Bay, WI54313orattelephonenumber(920)592-2000.

Director IndependenceThe Board has adopted director independence standards to assist it in making determinations regarding whether ourdirectorsareindependentasthattermisdefinedinthelistingstandardsoftheNewYorkStockExchange(the“NYSE”).Basedonthesestandards,ourBoardhasdeterminedthateachofJamesR.Giertz,AdamP.Godfrey,RobertW.Grubbs,NormanE. Johnson, Daniel J. Sullivan, John A. Swainson and James L. Welch is independent under applicable NYSErulesandthedirectorindependencestandardsadoptedbytheBoard,whileMaryP.DePrey,MarkB.RourkeandKathleenM. Zimmermann are not deemed to be independent. Accordingly, seven of the ten current members of the Board areindependentundertheNYSErulesandthestandardsadoptedbytheBoard.OurBoardhasalsodeterminedthat(i)RobertM.Knight,Jr.,whoisnominatedtobeadirector,isdeemedtobeindependentand(ii)PaulJ.Schneider,whoisnominatedtobeadirector, isnotdeemedtobeindependentAccordingly, if Mr.Knight, Mr.Schneider, andtheothernomineesareelectedasdirectorsattheAnnualMeeting,thensevenofthetenmembersoftheBoardwill continuetobeindependentundertheNYSErulesandthestandardsadoptedbytheBoard

6

TABLE OF CONTENTS

NYSE Controlled Company ExemptionsWhileamajorityof themembersoftheBoardareindependentunderthelistingstandardsoftheNYSEandthedirectorindependencestandardsadoptedbytheBoard,ourCompanyiseligibleforanexemptionfromcertainrequirementsoftheNYSE relating to, among other things, the independence of directors. We currently have a dual class common stockstructureconsistingof:(1)ClassAcommonstock,entitledtotenvotespershare;and(2)ClassBcommonstock,entitledtoonevotepershare.TheSchneiderNational,Inc.VotingTrust(“VotingTrust”)istherecordholderofallsharesofClassAcommonstockandsuchsharesarebeneficiallyownedbytheSchneiderfamily.SincetheVotingTrustholdsamajorityofthetotalvotingpowerofouroutstandingcommonstock(see“InformationRegardingBeneficialOwnershipofPrincipalShareholders, the Board and Management” later in this proxy statement), our Company is considered a “controlledcompany”underthecorporategovernancelistingstandardsoftheNYSE.Asacontrolledcompany,weareeligiblefortheNYSE’sexemptionofcontrolledcompaniesfromtheobligationtocomplywithcertainoftheNYSE’scorporategovernancerequirements,includingtherequirements:

• thatamajorityoftheBoardconsistofindependentdirectors,asdefinedundertherulesoftheNYSE;

• thattheCompanyhaveacorporategovernancecommitteethatiscomposedentirelyofindependentdirectorswithawrittencharteraddressingthecommittee’spurposeandresponsibilities;and

• thattheCompanyhaveacompensationcommitteethatiscomposedentirelyofindependentdirectorswithawrittencharteraddressingthecommittee’spurposeandresponsibilities.

Of these exemptions, we currently use only the second – the exemption from the requirement to have a corporategovernance committee composed entirely of independent directors – and we do not currently use any other controlledcompanyexemption.

Board Structure and LeadershipOurBoardcurrentlyconsistsoftendirectors.InaccordancewithourAmendedandRestatedArticlesofIncorporation(our“Articles”)andourBylaws,eachofourdirectorsholdsofficeuntilthenextannualmeetingofshareholdersoruntilhisorhersuccessoriselectedandqualified.Eachofourdirectorsanddirector-nomineesmustsatisfycertainconditionsspecifiedinourBylaws,includingthatsuchindividualcannotbe74yearsorolder,cannotbeamaterialcustomerorsupplier,cannotbeanofficer of anyentity of whichanyother of our directors is a director or a director of anyentity of whichanyotherdirector is an officer and must have his or her nomination approved by the unanimous vote of our full Board if suchindividualhasservedonourBoardformorethan14consecutivefiscalyears.Ateachannualmeetingofourshareholders,ourshareholderselectthemembersofourBoard.Thereisnolimit onthenumberoftermsadirectormayserveonourBoard.

PursuanttotheSchneiderFamilyBoardNominationProcessAgreement(the“SchneiderFamilyNominationAgreement”),we are obligated to include in the slate of nominees recommended to shareholders of the Company for election as adirector at any meeting of shareholders at which directors are to be elected, two of five specified Schneider familymembers to serve on our Board on an annual, rotating basis. The Schneider Family Nomination Agreement generallyprovidesthattwoofthefivefamilymembersspecifiedintheNominationAgreementasdirectornominationeligiblefamilymembersshallhavetherighttobenominatedforelectionasdirectors,andrequiresthattheBoardincludeintheslateofnomineesrecommendedto

7

TABLE OF CONTENTS

shareholders for election as directors, the two specific director nomination eligible family members who have beendesignated in the Nomination Agreement as the family members eligible for nomination as directors for each AnnualMeeting of Shareholders held through 2025. The two director seats on the Board which have been earmarked for twofamily members will rotate amongthe five Schneider family members whoare eligible for nomination to the Board, andeacheligiblefamilymemberisanticipatedtoserveontheBoardforthreeconsecutiveyears.

EachSchneiderfamilymembernominatedinaccordancewiththeSchneiderFamilyNominationAgreementmustsatisfythequalificationsforserviceasadirectorincludedintheBylawsorsuchqualificationsmustbewaivedinaccordancewiththe Bylaws. The directorships will rotate among the five Schneider family members through 2025, with each directoranticipatedtoserveforthreeconsecutiveyearsoverthat period.After therotationsystemdescribedaboveiscomplete,thefivespecifiedSchneiderfamilymembersmay,iftheyhaveatleast80%ofsuchfamilymembersinagreement,proposeto the Corporate Governance Committee an amendment to the agreement, consistent with such agreement, to covernominations in subsequent periods, the approval of which cannot be unreasonably withheld by either the CorporateGovernanceCommitteeortheBoard.

ThetwoSchneider family members currently serving on our Board are Mary P. DePrey andKathleenM. Zimmermann.Under the rotation described above, Ms. Zimmermann will be leaving the Board at the Annual Meeting and Paul J.SchneiderhasbeennominatedtoreplaceherasthesecondSchneiderfamilymemberservingonourBoard.

Mr.Godfrey,oneofournon-employeeindependentdirectors,currentlyservesastheChairmanofourBoard.OurBoardbelieves that the separation of the role of Chief Executive Officer and Chairman of our Board is the most appropriateleadershipstructureforourBoardatthistime.SeparatingthesepositionsallowsourChiefExecutiveOfficertofocusonourday-to-dayoperationswhiletheChairmanofourBoardleadsourBoardinitsroleofprovidingindependentoversightandadvicetomanagement.

Board Role in Risk OversightOurBoardhasgeneraloversightofthemanagementofourCompany’srisks,includingrisksrelatedtocybersecurity,whichincludesworkingwithmanagementtoestablishandmonitorourCompany’sriskappetiteandthesignificantrisksthatmayaffect our enterprise. The committees of our Board of directors also assist our Board in carrying out its risk oversightfunction. For example, our Audit Committee has responsibility for annually reviewing the top risks identified by theCompany’s executives as part of our enterprise risk management program, reviewing the annual enterprise riskassessment that provides the basis for our annual internal audit plan and, with regard to cybersecurity risks, settingexpectations andaccountability for management andreviewing our internal auditors’ assessment of the effectiveness ofour cybersecurity controls including policies and procedures to address the Company’s cyber risks. In addition, ourCompensationCommitteeprovidesoversightwithrespecttorisksrelatedtoourcompensationpractices.

Board MeetingsDuring 2019, the Board met 5 times. The non-management directors met at each Board meeting in executive sessionwithout any member of management present, excluding the Board meeting in June 2019. The Chairman of the Boardpresides over the meetings of non-management directors. During 2019, each incumbent director attended, in theaggregate,morethan75%oftheBoardmeetingsandmeetingsoftheBoardcommitteesonwhichthedirectorserved.

8

TABLE OF CONTENTS

Board CommitteesTheBoardcurrentlyhasthreestandingcommittees:theAuditCommittee,theCompensationCommitteeandtheCorporateGovernanceCommittee.EachofthesecommitteeshastheresponsibilitiessetforthinformalwrittenchartersadoptedbytheBoard,whichcanbereviewedonourwebsiteathttps://schneider.com andarealsoavailablefreeofchargeinprinttoany shareholder who requests them by calling or writing to our Corporate Secretary at 3101 South Packerland Drive,GreenBay,WI54313orattelephonenumber(920)592-2000.

Audit Committee

Our Audit Committee consists of James R. Giertz, as Chair, John A. Swainson and James L. Welch. Our Board hasdeterminedthateachofMr.Giertz,Mr.SwainsonandMr.Welchisan“auditcommitteefinancialexpert”asdefinedbytheSEC.TheAuditCommitteewasestablishedinaccordancewithSection3(a)(58)(A)oftheExchangeActandaccordinglyassiststheBoardinoverseeingouraccountingandfinancialreportingprocessesandtheauditsofourfinancialstatements.In addition, the Audit Committee approves the scope of our annual audit, reviews the report and comments of ourindependent registered public accounting firm, is directly responsible for the appointment, compensation, retention andoversightoftheworkofourindependentregisteredpublicaccountingfirmandperformsanyotheractivitiesdelegatedtotheCommitteebytheBoard.TheAuditCommitteemet5timesduring2019.In2019,primaryresponsibilityforoversightofrisks related to cybersecurity, including protection of customer and employee data, Company trade secrets, and otherproprietaryinformation,ensuringthesecurityofCompanydataonthecloud,persistentthreats,andcyberrisksassociatedwithourownsoftwareinnovationsweredelegatedbytheBoardtotheAuditCommittee.OurBoardhasdeterminedthatallofourAuditCommitteemembersareindependentwithinthemeaningofRule10A-3undertheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”),andthelistingstandardsoftheNYSE.

Compensation Committee

Our Compensation Committee currently consists of Robert W. Grubbs, as Chair, Norman E. Johnson and Daniel J.Sullivan. Mr. Johnson will not be standing for re-election at the Annual Meeting. The Compensation Committee isresponsible for assisting our Board in discharging its responsibilities relating to establishing and reviewing thecompensationofourofficersandapproving,overseeingandmonitoringincentiveandotherbenefitplansforouremployeesandperforminganyotheractivitiesdelegatedtotheCommitteebytheBoard.TheCompensationCommitteemet4timesduring 2019. Our Board has determined that all of our Compensation Committee members are independent within themeaningofthelistingstandardsoftheNYSE.

The Compensation Committee has the sole authority under its charter to retain, oversee or terminate any independentcompensation consultant, independent legal counsel or other advisors. It may, however, select such advisors only aftertakingintoconsiderationallfactorsrelevanttotheadvisors’independencefrommanagement,includingthosespecifiedintheNYSEListedCompanyManual.Weprovideforappropriatefunding,asdeterminedbytheCompensationCommittee,forpaymentofreasonablecompensationtoadvisorsretainedbytheCompensationCommittee.

In connection with setting compensation for our namedexecutive officers andour directors for 2019, theCompensationCommitteeengagedanindependentcompensationconsultant,FredericW.Cook&Co,Inc.(“FWCook”),toprovideadviceconcerning our executive and director compensation programs, as described in further detail under “ExecutiveCompensation—CompensationDiscussionandAnalysis.” Exceptforthisengagement, theCompensationCommitteedidnotretainacompensationconsultantandFWCookdidnot

9

TABLE OF CONTENTS

provideanyotherservicestoourCompany.TheCompensationCommitteehasassessedtheindependenceofFWCookpursuanttoSECrulesandNYSElistingstandardsandconcludedthatFWCook’sworkfortheCompensationCommitteedoesnotraiseanyconflictofinterest.

Corporate Governance Committee

Our Corporate Governance Committee currently consists of Norman E. Johnson, as Chair, Mary P. DePrey, James R.Giertz,AdamP.Godfrey,RobertW.Grubbs,DanielJ.Sullivan,JamesL.WelchandKathleenM.Zimmermann.EachoftheCorporateGovernanceCommitteemembersisindependentexceptforMs.DePreyandMs.Zimmermann,whoarenotdeemedtobeindependent.PursuanttotheSchneiderFamilyNominationAgreement,Ms.Zimmermannwillberotatingoffthe Board at the Annual Meeting and Mr. Johnson has decided to retire from the Board and, as a result, will not bestanding for re-election at the Annual Meeting. The Corporate Governance Committee assists our Board in identifyingindividualsqualifiedtobecomemembersofourBoardconsistentwithcriteriaestablishedbyourBoardandindevelopingour corporate governance guidelines. This Committee’s responsibilities include selecting individuals to be proposed fornominationasdirectorsoftheCompany,nominatingindividualsforelectionasdirectorsoftheCompany,establishingandnominatingdirectorsforappointmenttocommitteesoftheBoard,reviewingtheperformanceandqualificationsofdirectors,reviewing and recommending policies to the Board and establishing and reviewing compensation for the Board andperforming any other activities delegated to the Committee by the Board. The Corporate Governance Committee met 4timesduring2019.

OurBylawsprovidethatthosemembersofourCorporateGovernanceCommitteewhoarenotmembersoftheSchneiderfamilyserveastrusteesoftheVotingTrustinaccordancewiththetermsoftheVotingTrust.OurBylawsalsoprovidethattheChairmanofourCorporateGovernanceCommitteewillbeanindividualwhoisnotamemberoftheSchneiderfamily,andthatourCorporateGovernanceCommitteewillatalltimesconsistofeachdirectorthatisamemberoftheSchneiderfamilyanduptosevendirectorswhoarenotmembersoftheSchneiderfamily.

Board Policy on DiversityTheBoardbelievesthatadiversemembershiphavingavarietyofskills,backgroundsandexperiencesupportsinformeddecision-makingandisanimportantfeatureofawell-functioningboard.Accordingly,theBoardalsobelievesthatdiversity(inclusiveofgenderandrace)shouldbeaconsiderationinboardsuccessionplanningandboardrefreshment,consistentwithnominatingqualifiedcandidatesfortheBoardwhobringfreshthinkingandperspectivestotheBoardroom.TheBoardiscommittedtoconsideringdiverseBoardcandidateslatesandtothatend,requiresthatdiversitybeacentralcomponentofsearchcriteriafordirectorcandidates.

Director NominationsThe Corporate Governance Committee identifies director candidates based upon suggestions by current non-employeedirectors,managementmembersorshareholders.Inaddition,theCorporateGovernanceCommitteemayengagesearchfirms to assist it in identifying director candidates. The Committee will consider director candidates recommended byshareholdersand,exceptasdescribedbelowwithrespecttotheSchneiderFamilyNominationAgreementandourArticlesand Bylaws, the Committee applies the same criteria to candidates recommended by shareholders and candidatesrecommendedbynon-employeedirectorsormanagementmembers.Inconsideringcandidatessubmittedbyshareholders,as well as candidates submitted by non-employee directors or management members, the Corporate GovernanceCommitteewilltakeintoconsiderationthefactorsspecifiedinourCorporate

10

TABLE OF CONTENTS

GovernanceGuidelines,aswellasthecurrentneedsoftheBoardandthequalificationsofthecandidate.TheCorporateGovernanceCommitteemayalsotakeintoconsiderationthenumberofsharesheldbytherecommendingshareholderandthelengthoftimethatthoseshareshavebeenheld.OurBylawsdescribeconditionsthatmustbemetbyanydirectorordirector-nominee, including that the individual cannot be 74 years or older, cannot be a material customer or supplier,cannotbeanofficerofanyentityofwhichanyotherofourdirectorsisadirectororadirectorofanyentityofwhichanyotherdirectorisanofficerandmusthavehisorhernominationapprovedbytheunanimousvoteofourfullBoardifsuchindividualhasservedonourBoardformorethan14consecutivefiscalyears.

To recommend a candidate for consideration by the Corporate Governance Committee, a shareholder must submit therecommendationinwriting,includingthefollowinginformation:

• thenameoftheshareholderandevidenceoftheshareholder’sownershipofCommonStock,includingthenumberofsharesownedandthelengthoftimetheshareshavebeenowned;and

• thenameofthecandidate,thecandidate’srésuméoralistofthecandidate’squalificationstobeadirectoroftheCompany, and the candidate’s consent to be named as a director nominee if recommended by the CorporateGovernanceCommitteeandnominatedbytheBoard.

Recommendations and the information described above should be sent to the Corporate Secretary at 3101 SouthPackerlandDrive, GreenBay, WI54313. Duringthepast year, wedidnot engageanythirdpartytoidentify or evaluatepotentialnominees.

Pursuant to the Schneider Family Nomination Agreement, we must include in the slate of nominees recommended forelectionasadirector,twoofthefiveeligiblefamilymemberswhoareeligibletoserveonourBoardonanannual,rotatingbasis. Each Schneider family member nominated in accordance with that agreement must satisfy the qualifications forserviceasadirectorsetforthintheBylawsorsuchqualificationsmustbewaivedinaccordancewithsuchBylaws.

ThetwoSchneider family members currently serving on our Board are Mary P. DePrey andKathleenM. Zimmermann.Under the rotation described above, Ms. Zimmermann will be leaving the Board at the Annual Meeting and Paul J.SchneiderhasbeennominatedtoreplaceherasthesecondSchneiderfamilymemberservingonourBoard.

NominationsofpersonsforelectiontotheBoardmaybemadeatameetingofshareholdersbyoratthedirectionoftheBoard,upontherecommendationoftheCorporateGovernanceCommittee,byanyshareholderoftheCorporationwhoisashareholderofrecordoftheCorporationatthetimenoticeofthemeetingisdelivered,whoisentitledtovoteatthemeetingand who complies with the notice procedures set forth in our Bylaws, or pursuant to the Schneider Family NominationAgreement. Onlypersonsnominatedinaccordancewithall of theproceduressetforthinourArticlesandBylawsortheSchneiderFamilyNominationAgreementwillbeeligibleforelectionasdirectors.

Foradirectornominationmadebyashareholdertobetimelywithrespecttoanannualmeeting,theshareholder’snoticemustbedeliveredtoormailedandreceivedbyourCorporateSecretaryinproperwrittenformatSchneiderNational,Inc.,3101SouthPackerlandDrive,GreenBay,WI54313nolaterthanthecloseofbusinessonthe90thdaypriorto,andnotearlierthanthecloseofbusinessonthe120thdayinadvanceof,theanniversaryoftheannualmeetingofshareholdersheldintheprior year. If themeetingisconvenedmorethan30daysprior toordelayedbymorethan30daysafter theanniversaryoftheprioryear’sannual

11

TABLE OF CONTENTS

meeting,orifnoannualmeetingwasheldintheprioryear,noticemustbereceivednotlaterthanthecloseofbusinessonthe10thdayfollowingthedayonwhichwefirstgivenoticetoshareholdersoftheannualmeeting.However,ifthenumberofdirectorstobeelectedtotheBoardisincreasedandtherehasbeennoticenamingallofthenomineesfordirectororindicatingtheincreaseinthesizeoftheBoardatleast10daysbeforethelastdayashareholdermaydeliveranoticeofnomination in accordance with the preceding sentence, a shareholder’s notice will be considered timely with respect tonominees for any new positions created by the increase if it is received by our Corporate Secretary at the addressindicatedabovenolaterthanthecloseofbusinessonthe10thdayfollowingthedayonwhichwefirstgivenoticeofthemeetingtoshareholders.Forashareholder’snoticeofadirectornominationtobeinproperwrittenform,thenoticemustincludetheinformationsetforthinourBylaws.

ThedeadlineforsubmissionofnominationsfortheAnnualMeetinghaspassed.Candidatesubmissionsbyshareholdersforour2021annualmeetingofshareholdersmustbereceivedbyusnolaterthanJanuary27,2021andnoearlierthanDecember28,2020.

Communications with DirectorsShareholders may contact any member (or members) of the Board or any committee, the non-employee directors as agroup, or the Chair of any committee, by mail or electronically. If by mail, correspondence should be addressed to theappropriatedirectorandsenttotheofficeoftheCorporateSecretaryatSchneiderNational,Inc.,3101SouthPackerlandDrive, Green Bay, WI 54313. If electronically, correspondence may be sent to the Board atBoardofDirectors@schneider.com. The Corporate Secretary will forward to the applicable directors each communicationreceivedasdescribedintheprecedingparagraphotherthan:junkmailandmassmailings;productcomplaints,productorserviceinquiriesandnewproductorservicesuggestions;résumésandotherjobinquiries;surveys;businesssolicitationsoradvertisements;andanycommunicationthatisdeemedundulyhostile,threatening,illegalorsimilarlyunsuitable.

Related Person Transactions PolicyOurBoardhasadoptedawrittenrelatedpersontransactionpolicysettingforththepoliciesandproceduresforthereviewandapprovalorratificationofrelatedpersontransactions.Thispolicycoversanytransaction,arrangementorrelationship,oranyseriesofsimilartransactions,arrangementsorrelationships,involvinganamountgreaterthan$120,000inwhichwewere or are to be a participant and a related person (or any immediate family member or affiliated entity) is or will beinvolved.

Under the policy, each director and executive officer is required to identify any such transaction, arrangement orrelationshipthatthey,theirimmediatefamilymembersortheiraffiliatedfirmsareorwillbeinvolvedin,andofanychangesto such transactions, arrangements or relationships. The Corporate Governance Committee is responsible for reviewingeachdisclosedcoveredtransaction,arrangementorrelationshiptodeterminewhetherthetransactionqualifiesasarelatedperson transaction due to the related person having a direct or indirect material interest. If the Corporate GovernanceCommittee determines a transaction qualifies as a related person transaction, it will take any action it deems to benecessary and appropriate, including approval, disapproval, ratification, cancellation, or a recommendation tomanagement.OnlydisinterestedmembersoftheCorporateGovernanceCommitteeparticipateinthosedeterminations.Ifitisnotpracticalto

12

TABLE OF CONTENTS

convene a meeting of the Corporate Governance Committee, the Chair of the Corporate Governance Committee maymake a determination and report it to the other members of the Corporate Governance Committee. The factors to beconsideredinmakingthedeterminationinclude,butarenotlimitedto:

• therelatedpersoninvolvedandhis,heroritsrelationshiptoourCompany;

• therelatedperson’sinterestandroleintheproposedtransaction;

• theproposedtermsofthetransaction(includingaggregatevalueandvaluetobederivedbytherelatedperson);

• thebenefitstoourCompanyoftheproposedtransaction;

• ifapplicable,theavailabilitytousofalternativemeansortransactionstoobtainlikebenefits;

• anassessmentofwhethertheproposedtransactionisontermsthatarecomparabletothetermsthatwouldexistina similar transaction with an unaffiliated third party (or other information bearing on whether the proposedtransactionisfairtous);and

• an assessment of whether the proposed transaction is consistent with our other policies that also govern theproposedtransaction.

TheCorporateGovernanceCommitteeisrequiredtoreportitsactionwithrespecttoanyrelatedpersontransactiontotheBoard. In addition, the Audit Committee will review all related party transactions and may approve or disapprove atransaction.

Related Person Transactions in 2019Thefollowingisadescriptionofeachtransactionthathasoccurredduring2019,andeachcurrentlyproposedtransactioninwhich:

• wehavebeenoraretobeaparticipant;

• theamountinvolvedexceededorwillexceed$120,000;and

• anyofourdirectors,executiveofficers,beneficialholdersofmorethan5%ofourcapitalstock,oranymemberoftheirimmediatefamilyorpersonsharingtheirhouseholdhadorwillhaveadirectorindirectmaterialinterest.

Schneider Family Board Nomination Process Agreement

Pursuant to the Schneider Family Nomination Agreement, five specified members of the Schneider family – Mary P.DePrey, Therese A. Koller, Paul J. Schneider, Thomas J. Schneider and Kathleen M. Zimmermann – have the right tonominate, and we are required to include in the slate of nominees recommended to our shareholders for election as adirectoratanymeetingofshareholdersatwhichdirectorsaretobeelected,twofamilymemberstoserveonourBoardonanannual,rotatingbasis.EachSchneiderfamilymembernominatedinaccordancewithsuchagreementmustsatisfythequalificationsforserviceasadirectorsetforthintheBylawsorsuchqualificationsmustbewaivedinaccordancewithsuchBylaws.ThedirectorshipswillrotateamongthefiveSchneiderfamilymembersthrough2025,witheachdirectorexpectedtoserveforthreeconsecutiveyears,plustheremainderofanycurrentrotationatthetimeoftheconsummationofourIPO.Aftertherotationsystemdescribedabove

13

TABLE OF CONTENTS

is complete, the five specified Schneider family members may, if they have at least 80% of such family members inagreement, propose to the Corporate Governance Committee an amendment to the agreement, consistent with suchagreement,tocovernominationsinsubsequentperiods,theapprovalofwhichshallnotbeunreasonablywithheldbyeithertheCorporateGovernanceCommitteeortheBoard.

Registration Rights Agreement

CertainholdersofsharesofourClassAcommonstockandClassBcommonstockareentitledtorightswithrespecttotheregistrationof their sharesof ClassBcommonstockunderaregistrationrightsagreement. TheshareholdersentitledtotheserightsareMaryP.DePrey,ThereseA.Koller,PaulJ.Schneider,ThomasJ.Schneider,KathleenM.Zimmermann,theDonaldJ.SchneiderChildrensTrust#1f/b/oMaryP.DePrey,theDonaldJ.SchneiderChildrensTrust#2f/b/oMaryP.DePrey,theDonaldJ.SchneiderChildrensTrust#1f/b/oPaulJ.Schneider,theDonaldJ.SchneiderChildrensTrust#2f/b/o Paul J. Schneider, the Donald J. Schneider Childrens Trust #1 f/b/o Therese A. Koller, the Donald J. SchneiderChildrens Trust #2 f/b/o Therese A. Koller, the Donald J. Schneider Childrens Trust #1 f/b/o Thomas J. Schneider, theDonald J. Schneider Childrens Trust #2 f/b/o Thomas J. Schneider, the Donald J. Schneider Childrens Trust #1 f/b/oKathleen M. Zimmermann, the Donald J. Schneider Childrens Trust #2 f/b/o Kathleen M. Zimmermann, the Donald J.Schneider 2000 Trust f/b/o Mary P. DePrey, the Donald J. Schneider 2000 Trust f/b/o Therese A. Koller, the Donald J.Schneider2000Trustf/b/oPaulJ.Schneider,theDonaldJ.Schneider2000Trustf/b/oThomasJ.Schneider,theDonaldJ.Schneider2000Trustf/b/oKathleenM.Zimmermann,thePaulJ.Schneider2011Trust,theMaryP.DePrey2011Trust,the Therese A. Koller 2011 Trust and the Kathleen M. Zimmermann 2011 Trust (collectively, the “Registration RightsParties”).Therightsprovidedtotheseshareholdersundertheagreementaredescribedbelow.

Demand registration rights

EachoftheRegistrationRightsPartieshastherighttodemandthatwefileuptooneregistrationstatementwithinanysix-month period. These registration rights are subject to specified conditions and limitations, including the right of theunderwriters, if any, tolimit thenumberofsharesincludedinanysuchregistrationunderspecifiedcircumstances. Uponsucharequest,wewillberequiredtousereasonablebesteffortstoeffecttheregistrationasexpeditiouslyaspossible.

Shelf registration rights

Atanytimeafter webecomeeligibletofile aregistrationstatement onFormS-3, theRegistrationRightsPartieswill beentitled to havetheir sharesof ClassBcommonstock, includingsharesof ClassAcommonstockthat will convert intosharesofClassBcommonstockif suchsharesofClassAcommonstockaretransferredoutsideoftheVotingTrustasspecified in the Voting Trust Agreement and our Articles, registered by us on a Form S-3 registration statement at ourexpense.Theseshelfregistrationrightsaresubjecttospecifiedconditionsandlimitations.

Expenses and indemnification

Wewillpayallexpensesrelatingtoanydemandorshelfregistration,otherthanunderwritingdiscountsandcommissionsand any transfer taxes, subject to specified conditions and limitations. The registration rights agreement includescustomaryindemnificationprovisions, includingindemnificationoftheparticipatingholdersofsharesofClassBcommonstockand

14

TABLE OF CONTENTS

theirdirectors,officers,trusteesandemployeesbyusforanylosses,claims,damagesorliabilitiesinrespectthereofandexpenses to which such holders may become subject under the Securities Act of 1933, as amended, state law orotherwise.

Termination of registration rights

Theregistrationrightsgrantedundertheregistrationrightsagreementwill terminateuponthedatetheholdersofsharesthatareapartytheretonolongerholdanysuchsharesthatareentitledtoregistrationrights.

Compensation Committee Interlocks and InsiderParticipationDuring2019,noneofthemembersofourCompensationCommitteewasanofficeroremployeeofourCompanyorwasformerly an officer of our Company or had any relationship requiring disclosure under Item 404 of Regulation S-K. Inaddition,during2019,noneofourexecutiveofficersservedasadirectororamemberofthecompensationcommitteeofanyentitythathasoneormoreexecutiveofficersservingonourBoardorourCompensationCommittee.

Anti-Hedging and Anti-Pledging PoliciesAs part of our insider trading policy, our directors, officers and other employees are prohibited from short selling oursecuritiesandfrombuyingorsellingoptionsofanykind,includingputs,callsorotherderivativesecuritieswithrespecttooursecurities. Ourdirectors, officersandotheremployeesarealsoprohibitedfrompledgingoursecuritiesorpurchasingoursecuritiesonmarginorincurringanyindebtednesssecuredbyamarginorsimilaraccountinwhichoursecuritiesareheldwithoutthepriorapprovaloftheAuditCommittee.

COMPENSATION OF DIRECTORSWeuseacombinationofcashandstock-basedincentivestoattractandretainqualifiedcandidatestoserveontheBoard.Insettingdirectorcompensation,weconsiderthesignificantamountoftimethatdirectorsexpendtofulfilltheirduties,theskilllevelrequiredofthemembersoftheBoardandcompetitivepracticesamongpeercompanies.Employeedirectorsdonot receive additional compensation for their service on the Board. If a director serves for less than a full year, thecompensationtobepaidtothatdirectormaybeproratedasdeemedappropriatebytheCompensationCommittee.

To further align the interest of the independent directors of the Board with the Company’s stockholders, the Board hasadopted stock ownership guidelines for the independent directors. Under the guidelines, each independent director isexpectedtoownCompanycommonstockwithavalueatleastequaltofivetimestheannualcashretainerpaidtosuchdirectorduringtheperiodheisadirector, notincludinganyadditionalcashcompensationpaidtochairsoftheBoardorcommitteesorAuditCommitteemembers.Eachdirectorisrequiredtomaintain75%ofallsharesfromequityawardsonanafter-taxbasisuntilachievementoftherequirementsofourdirectorstockownershippolicy.Onlysharesheldoutrightandvestedanddeferredstockunits(notunvestedequityawards)counttowardsatisfactionoftheownershiprequirement.

For2019,non-employeedirectorcompensationwassetasfollows:

15

TABLE OF CONTENTS

• anannualretainerof$200,000payable$75,000incash(whichthedirectorcanelecttoreceiveinwholeorinpartinthe form of shares of our Class B common stock) and $125,000 in restricted share units (RSUs), subject to thetermsdescribedbelow;

• ChairmanoftheBoard–additionalretainerof$100,000,payableincash(whichtheChairmancanelecttoreceiveinwholeorinpartintheformofsharesofourClassBcommonstock);and

• Committee Chairs – additional retainer of $20,000 for the Audit Committee Chair, $15,000 for the CompensationCommitteeChairand$10,000fortheCorporateGovernanceCommitteeChair,payableincash(whichthedirectorcanelecttoreceiveinwholeorinpartintheformofsharesofourClassBcommonstock).

Theannualcashretainersandalladditionalretainersaspartofdirectorcompensationarepaidquarterlyinarrears.Non-employeedirectorsarereimbursedforall reasonabletravelandout-of-pocketexpensesassociatedwithattendingBoardandcommitteemeetingsandcontinuingeducationseminars.

Eachnon-employeedirectorservingatthe2019AnnualMeetingreceivedthestockportionofhisorherannualretainerintheformof a grant of 5,956restricted stock units onApril 29, 2019, andtheseunits convert into sharesof our ClassBcommonstock onaone-for-onebasis andvest (subject to continuedservice) onApril 27, 2020. Thefollowingdirectorsoptedtotakealloraportionoftheircashretainersinshares:AdamGodfrey,RobertGrubbs,NormanJohnsonandDanielSullivan.See“—2019DirectorCompensationTable.”

Following a 2019 peer group analysis of Schneider’s non-employee director compensation program conducted by theCompensationCommittee’sconsultant, theBoardapprovedthefollowingincreasesindirectorcompensation,whichtookeffectonJanuary1,2020,tomorecloselyaligntheprogramwiththemarketmedian:

2019 Program 2020 ProgramBoard Member Compensation AnnualBoardCashRetainer $ 75,000 $ 85,000AnnualBoardEquityRetainer $ 125,000 $ 145,000Total $ 200,000 $ 230,000Committee Chair & Member Retainers AuditCommitteeChair $ 20,000 $ 25,000CompensationCommitteeChair $ 15,000 $ 15,000CorporateGovernanceCommitteeChair $ 10,000 $ 10,000AuditCommitteeMember(Non-Chair) - $ 5,000Board Leadership Incremental Retainer ChairmanoftheBoardRetainer $ 100,000 $ 100,000

Equityawardsaregrantedtoeachdirectorannuallyonthedateofourannualshareholdermeeting,prospectivelyfortheyearofservicefollowingtheannualshareholdermeeting,andwillvestontheearlierof(1)theone-yearanniversaryofthegrantdateand(2)thefollowingyear’sshareholdermeeting,subjecttocontinuedservice.AnydirectorwhojoinsourBoardmid-year may receive a pro rata portion of equity-based compensation for service during the balance of the director’sserviceyear,whichwillvestonthedateofthenextannualmeeting.

16

TABLE OF CONTENTS

Directors also may elect to defer all or a portion of their cash or equity-based compensation. In addition, all directors(including those individuals eligible to serve as directors pursuant to the Schneider Family Nomination Agreement) areeligibletoparticipateinourmedicalplananddentalplanonabasisequivalenttoouremployees.In2019,MaryP.DePreyandKathleenM.Zimmermannweretheonlydirectorswhoparticipatedinthemedicalplananddentalplan.

2019 Director Compensation TableThefollowingtablesetsforththecompensationforeachofournon-employeedirectorsin2019:

Name

Fees earned or paid in cash

($)(1)

Stock awards

($)(2)

Non- equity

incentive plan

compen- sation

($)

Non- qualified deferred compen-

sation earnings

($)

All other compen-

sation ($)

Total ($)

MaryP.DePrey(3) 75,000 125,016 - - - 200,016ThomasA.Gannon(4) 43,475 - - - - 43,475JamesR.Giertz 95,000 125,016 - - - 220,016AdamP.Godfrey 117,355 125,016 - - - 242,372RobertW.Grubbs 90,046 125,016 - - - 215,062NormanE.Johnson 85,040 125,016 - - - 210,056DanielJ.Sullivan 133,003 125,016 - - - 258,019JohnA.Swainson(5) 31,731 125,016 - - - 156,747JamesL.Welch 75,000 125,016 - - - 200,016KathleenM.Zimmermann(3) 75,000 125,016 - - - 200,016

(1) RepresentstheamountsofannualBoardandChairpersoncashretainersthatwereearnedduring2019.Thefollowingdirectorselectedtoreceive, inlieuof cash, thefollowingnumbersof fully vestedsharesof our ClassBcommonstockor deferredshareunits: Mr. Godfrey,5,874;Mr.Grubbs,4,518;Mr.Johnson,4,267;Mr.Sullivan,6,689.Theamountsshowninthetablereflectthegrantdatefairvalueoftheseawards,determinedinaccordancewiththeapplicableaccountingguidanceforequity-basedawards.

(2) Amounts reflect thegrant datefair valueof shareawards, determinedinaccordancewith theapplicable accountingguidancefor equity-basedawards.SeeNote13totheauditedconsolidatedfinancialstatementsincludedinourAnnualReportonForm10-KforanexplanationofthemethodologyandassumptionsusedintheFASBASCTopic718valuations.

(3) Totalcompensationexcludesthevalueofparticipationinthemedicalplananddentalplanwhichwasasfollows:Ms.DePrey,$10,067;andMs.Zimmermann,$14,190.

(4) Mr.GannonlefttheBoardonApril29,2019.

(5) Mr.SwainsonjoinedourBoardonApril29,2019.

As both our current President and Chief Executive Officer, Mark B. Rourke, and former President and Chief ExecutiveOfficer,ChristopherB.Lofgren,werecompensatedasemployeesoftheCompanyneitherreceivedcompensationintheircapacity as directors in fiscal year 2019. For a description of Mr. Rourke’s and Dr. Lofgren’s fiscal year 2019compensation,pleasesee“CompensationDiscussionandAnalysis”and“ExecutiveCompensationTablesandNarrative”below.

17

TABLE OF CONTENTS

PROPOSAL 1: ELECTION OF DIRECTORSOntherecommendationoftheCorporateGovernanceCommittee,theBoardhasnominatedthepersonslistedbelowforelectionasdirectorsattheAnnualMeeting,eachtoserveuntilthenextannualmeetinganduntilhisorhersuccessorisdulyelectedandqualified.Eachofthenomineesisanincumbentdirector,withtheexceptionofRobertM.Knight,Jr.andPaul J. Schneider. Ms. DePrey and Mr. Schneider are being nominated pursuant to the Schneider Family NominationAgreement.

Eachofthenomineeshasconfirmedtousthatheorsheexpectstobeabletocontinuetoserveasadirectoruntiltheendof his or her term. If, however, at thetimeof theAnnual Meeting, anyof thenomineesnamedbelowis not availabletoserveasadirector(aneventthattheBoarddoesnotanticipate),alltheproxiesgrantedtovoteinfavorofthatdirector’selectionwillbevotedfortheelectionofanyotherpersonorpersonsthattheBoardmaynominate.

Ourpolicyisthatalldirectorsandnomineesareencouragedandexpectedtoattendourannualmeetingsofshareholders.Allincumbentdirectorsattendedour2019AnnualMeeting.

Vote RequiredEachdirectorwillbeelectedbyapluralityofthevotescastattheAnnualMeeting.Forthispurpose,“plurality”meansthatthenomineesreceivingthelargestnumberofvoteswillbeelectedasdirectors.Abstentionsandbrokernon-voteswillhavenoeffectontheelectionofdirectors.Votes“withheld”willhavenoeffect.Onlyvotescast“for”adirectorwillhaveaneffectontheelectionofdirectors.

Biographical Information of Director NomineesSetforthbelowareeachnominee’sname,age,principaloccupationforatleastthelastfiveyearsandotherbiographicalinformation,includingtheyearinwhicheachwasfirstelectedasadirectoroftheCompany.Inaddition,thebiographiesdiscusstheparticularexperience,qualifications,attributesandskillsofthedirectorthat,inlightoftheCompany’sbusinessandstructure,ledtheBoardtoconcludethattheindividualshouldserveontheBoardoftheCompany.

18

TABLE OF CONTENTS

MARY P. DEPREY

 

Age:61Director since:2018Committees: CorporateGovernance

ExperienceMs.DePreyengagesinphilanthropicworkandservesontheboardofavarietyofnon-profitorganizations.Sheholdsabachelor’sdegreefromtheCollegeofSt.Catherine.QualificationsWebelievethatMs.DePreyisqualifiedtoserveonourBoardduetoherdeepknowledgeofSchneider’shistoryanditscorporatevalues,inadditiontoherbusinessandleadershipexperience.

JAMES R. GIERTZ

 

Age:63Director since:2017Committees: Audit,ChairCorporateGovernance

ExperienceMr.GiertzservedasChiefFinancialOfficerofH.B.FullerCompany,aformulator,manufacturerandmarketerofadhesives,sealantsandotherspecialtychemicalproducts,from2008untilMay2016,afterwhichhebecameExecutiveVicePresidentwithresponsibilityforH.B.FullerCompany’sstrategydeploymenteffortsuntilhisretirementinFebruary2017.HehasservedasamemberoftheboardofdirectorsofHill-RomHoldings,Inc.,amedicaltechnologycompany,since2009andcurrentlyisamemberofthatcompany’sauditcommittee.Mr.GiertzholdsabachelorofsciencedegreefromIowaStateUniversityandanM.B.A.fromHarvardUniversity.QualificationsWebelieveMr.GiertzisqualifiedtoserveonourBoardbecauseofhisexperienceasanexecutiveanddirectorofpubliclytradedcompaniesandbecauseofhisknowledgeofstrategydevelopmentandfinance.

19

TABLE OF CONTENTS

ADAM P. GODFREY

 

Age:57Director since:2005Chairman since:2019Committees: CorporateGovernance

ExperienceMr.GodfreyisaManagingPartnerofStellaPointCapital,whichheco-foundedin2012.StellaPointCapitalisaNewYork-basedprivateequityfirmfocusedonindustrial,consumerandbusinessservicesinvestments.Mr.GodfreyisaninvestmentprofessionalandhassourcedandmanagednumerousinvestmentsforStellaPointCapital.Mr.GodfreyservesontheBoardofDirectorsofseveralpublicandprivatecompanies,includingFirstAmericanPaymentSystemsHoldings,Inc.andInternationalMoneyExpress,Inc.Previously,Mr.Godfreyspentnearly19yearswithLindsayGoldberganditspredecessorentities,whichhejoinedin1992.Mr.Godfreyholdsabachelor’sdegreefromBrownUniversityandamaster’sdegreeinbusinessadministrationfromtheTuckSchoolofBusinessatDartmouth.QualificationsWebelievethatMr.GodfreyisqualifiedtoserveonourBoardbecauseofhisextensiveexperienceinfinance,investingandcorporatestrategyduringhistimeatStellaPointCapitalandLindsayGoldbergandhispriorexperienceservingontheBoardsofDirectorsofseveralportfoliocompaniesinwhichStellaPointCapitalandLindsayGoldberginvested.

ROBERT W. GRUBBS

 

Age:63Director since:2012Committees: Compensation,ChairCorporateGovernance

ExperienceFrom2013to2019,Mr.GrubbsservedastheNon-ExecutiveChairmanofOhioTransmissionCorp.,adistributorofmotioncontrolandrelatedproductsandservices.From1998to2008,Mr.GrubbsservedasthePresidentandChiefExecutiveOfficerofAnixterInternationalInc.,aChicago-baseddistributorofnetworkandsecuritysolutions,electricalandelectronicsolutionsandutilitypowersolutions.From1994to2008Mr.GrubbswasalsothePresidentandChiefExecutiveOfficerofAnixterInc.,asubsidiaryofAnixterInternationalInc.Mr.Grubbsholdsabachelor’sdegreeinbusinessadministrationfromtheUniversityofMissouri.QualificationsWebelieveMr.GrubbsisqualifiedtoserveonourBoardbecauseofhisextensiveexecutive,leadershipanddirectorexperience,hisexperienceasanexecutiveanddirectorofapubliclytradedcompanyandbecauseofhisexpertiseintheareaofsupplychainservices(including3PL).

20

TABLE OF CONTENTS

ROBERT M. KNIGHT, JR.

 

Age:62Anticipated Committees: Compensation

ExperienceMr.KnightservedasChiefFinancialOfficerofUnionPacificCorporation,atransportationcompanythatprimarilyoperatesoneofthelargestrailroadsinNorthAmerica,from2004untilhisretirementin2019.HehasalsoagreedtoserveontheBoardofDirectorsofCarrix,Inc.beginningin2020.Carrix,Inc.isoneofthelargestprivately-heldmarineandrailterminaloperators.Mr.Knightholdsabachelor’sdegreeinbusinessadministrationfromKansasStateUniversityandanM.B.A.fromSouthernIllinoisUniversity.QualificationsWebelieveMr.KnightisqualifiedtoserveonourBoardbecauseofhisexperienceasanexecutiveofpubliclytradedcompaniesandbecauseofhisknowledgeofstrategydevelopmentandfinanceinthetransportationindustry.

MARK B. ROURKE

 

Age:55Director since: 2019

ExperienceIn2018,Mr.RourkewasselectedbytheBoardtosucceedChristopherB.LofgrenasourChiefExecutiveOfficerandPresident.HejoinedSchneiderin1987asaServiceTeamLeader.HealsopreviouslyservedasGeneralManagerofSchneiderTransportationManagementandheldavarietyofleadershiprolesatSchneider,includingVicePresidentofCustomerService,DirectorofTransportationPlanningforCustomerService,MidwestAreaServiceManagerandDirectorofDriverTraining.HeservedasourPresidentofTruckloadServicesbeforebeingnamedChiefOperatingOfficerandExecutiveVicePresidentin2015.Mr.RourkecurrentlyservesontheBoardofDirectorsofU.S.ChamberofCommerce.Heholdsabachelor’sdegreeinmarketingfromtheUniversityofAkron.QualificationsWebelievethatMr.RourkeisqualifiedtoserveonourBoardbecauseofhisextensiveknowledgeandexperienceinallaspectsofourbusiness,andhisextensivetechnicalexpertiseinallaspectsofourtruckload,intermodalandlogisticsservices.

21

TABLE OF CONTENTS

PAUL J. SCHNEIDER

 

Age:46Anticipated Committees: CorporateGovernance

ExperienceMr.SchneideristhemanagingdirectorofSLKCapitalLLC,whichheco-foundedin2013andPresidentofBayPointFoodGroup.SLKCapitalisaWisconsin-basedbusinessfinancingcompanyfocusedonsmallbusinessesandBayPointFoodGroupprovidescapitalandservicestofood,beverage,andagribusinesscompanies.Mr.SchneideralsoservesontheBoardofTrusteesofNorthwesternUniversity.Heholdsabachelor’sdegreeineconomicsfromNorthwesternUniversity,anM.B.A.fromTheKelloggSchoolofManagementatNorthwestern,andamaster’sdegreeininformationsystemsfromtheUniversityofWisconsin–Oshkosh.QualificationsWebelieveMr.SchneiderisqualifiedtoserveonourBoardduetohisdeepknowledgeofSchneider’shistoryanditscorporateoperations,inadditiontohisbusinessandleadershipexperience.

DANIEL J. SULLIVAN

 

Age:73Director since:2009Committees: CompensationCorporateGovernance

ExperienceMr.SullivanisaPrincipalofFlyway,LLC,aprivateinvestmentcompany.HemostrecentlyservedasthePresidentandChiefExecutiveOfficerofFedExGroundfrom1998until2007.FedExGroundisawhollyownedsubsidiaryofFedExCorporation.From1996to1998,Mr.SullivanwastheChairman,PresidentandChiefExecutiveOfficerofCaliberSystem,Inc.In1995,Mr.SullivanwastheChairman,PresidentandChiefExecutiveOfficerofRoadwayServices.Mr.SullivanservesastheChairmanoftheBoardofDirectorsofComputerTaskGroup,Inc.,apubliclytradedITsolutionsandstaffingservicescompany,andasamemberofitsaudit,compensation,andnominatingandgovernancecommittees.HehasbeenamemberoftheComputerTaskGroupBoardofDirectorssince2002anditsChairmansince2014.Mr.SullivanpreviouslyservedasamemberoftheBoardofDirectorsofPikeElectric,Inc.from2007to2014(PikeElectricwassoldinDecember2014toCourtSquareCapitalPartners)andGDSExpressGroup,Inc.from2004to2009.Mr.Sullivanholdsabachelor’sdegreefromAmherstCollege.QualificationsWebelievethatMr.SullivanisqualifiedtoserveonourBoardbecauseofhisextensiveleadershipandexecutiveexperience,hisexperienceasadirectorofpubliclytradedcompaniesandbecauseofhisoperationalexperiencewithcompanieshavinglargeanddiverseemployeeworkforcesacrossgeographicmarkets.

22

TABLE OF CONTENTS

JOHN A. SWAINSON

 

Age: 65Director since: 2019Committees: Audit

ExperienceMr.Swainsonisaninvestor,boardmemberandExecutivePartnerofSirisCapital,aNewYork-basedprivateequityfirm.Mr.SwainsonistheExecutiveChairmanofTravelport,Inc.andsitsontheboardsofVisa,Inc.andStratusSystems,Inc.,aswellastheadvisoryboardofMidisGroup.Previously,Mr.SwainsonwasPresidentoftheDellSoftwaregroupfrom2012-2016andservedasaSeniorAdvisortoSilverLake,alargetechnologyfocusedprivateequityfirm.HewasformerlyontheboardsofBroadcom,Inc.;CadenceDesignSystems,Inc.;Assurant,Inc.;SecureKey,Inc.andSerenaSoftware,Inc.,wherehewastheChairman.HewasalsotheChiefExecutiveOfficerandDirectorofCATechnologiesfrom2005to2010andheldaseriesofseniorleadershiprolesduringa26-yearcareeratIBM.Mr.SwainsonholdsaBachelor’sDegreeinAppliedSciencefromtheUniversityofBritishColumbia.QualificationsWebelieveMr.SwainsonisqualifiedtoserveonourBoardbecauseofhisextensiveexperienceasanexecutiveanddirectorofpubliclytradedcompanies.

JAMES L. WELCH

 

Age: 65Director since: 2018Committees: AuditCorporateGovernance

ExperienceMr.WelchservedasChiefExecutiveOfficerofYRCWorldwide,a$5billiontransportationcompanyprovidingLTLtransportationservicesthroughoutNorthAmerica,fromJuly2011untilhisretirementinApril2018.Mr.WelchservedasPresidentandChiefExecutiveOfficerofDynamexInc.from2008until2011.Mr.WelchalsowasPresidentandChiefExecutiveOfficerofYellowTransportation,asubsidiaryofYRCWorldwide,Inc.,from2000-2007.HehasservedasamemberoftheboardofdirectorsofatSkyWest,Inc.since2007andservesontheAudit,GovernanceandSafetycommittees.Mr.WelchholdsaBachelorofScienceDegreefromWestTexasA&MUniversity.QualificationsWebelieveMr.WelchisqualifiedtoserveonourBoardbecauseofhisexperienceasanexecutiveanddirectorofpubliclytradedcompaniesandbecauseofhisknowledgeoftransportation,strategydevelopmentandfinance.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” THEELECTION OF EACH OF THE NOMINEES FOR DIRECTOR (PROPOSAL 1).

23

TABLE OF CONTENTS

PROPOSAL 2 RATIFICATION OF APPOINTMENT OFINDEPENDENT REGISTERED PUBLICACCOUNTING FIRMDeloitte & Touche LLP (“Deloitte”) has been appointed by the Audit Committee to serve as our independent registeredpublic accounting firm for the year ending December 31, 2020. Deloitte has been our independent registered publicaccountingfirmsince2002.TheAuditCommitteebelievesthatthecontinuedretentionofDeloitteisinthebestinterestsoftheCompanyandourshareholders.

As provided in the Audit Committee’s charter, the Audit Committee is directly responsible for the appointment,determinationof compensation, retention, oversight, andtermination(subject, if applicable, to shareholder ratification) ofanyregisteredpublicaccountingfirmemployedbytheCompanyforthepurposeofpreparingorissuinganauditreportorperformingotheraudit,revieworattestservicesfortheCompany.

In determining whether to reappoint Deloitte as our independent registered public accounting firm, the Audit Committeetookintoconsiderationanumberoffactors,includingthelengthoftimethefirmhasbeenengaged,thequalityoftheAuditCommittee’songoingdiscussionswithDeloitte,anassessmentoftheprofessionalqualificationsandpastperformanceoftheleadengagementpartnerandDeloitte,andthepotentialimpactofchangingindependentregisteredpublicaccountingfirms.

The Audit Committee periodically evaluates the performance and independence of Deloitte to determine whether weshouldcontinuetoretainthefirm.Tothisend,atleastannually,DeloittemakesapresentationtotheCommitteeregardingthe services it provides, and our Chief Financial Officer provides the Committee with his assessment of the firm’sperformance.ThemembersoftheAuditCommitteeandtheBoardbelievethatthecontinuedretentionofDeloittetoserveasourindependentregisteredpublicaccountingfirmisinthebestinterestsofourCompanyanditsshareholders.

Although shareholder ratification of Deloitte’s appointment is not required by the Company’s by-laws or otherwise, ourBoardissubmittingtheratificationofDeloitte’sappointmentfortheyear2020toourshareholders.Ifourshareholdersdonot ratify the appointment of Deloitte, the Audit Committee will reconsider whether to retain Deloitte as the Company’sindependent registered public accounting firm for the year 2020 but will not be obligated to terminate the appointment.Even if the shareholders ratify the appointment of Deloitte, the Audit Committee may, in its discretion, direct theappointment of a different independent registeredpublic accountingfirmat anytimeif it determines that suchachangewouldbeinourshareholders’bestinterests.

ArepresentativeofDeloitteisnotexpectedtoattendtheAnnualMeeting.

24

TABLE OF CONTENTS

Audit and Other Fees Paid to Deloitte & Touche LLPThefeesbilledbyDeloitteforprofessionalservicesrenderedfor2018and2019arereflectedinthefollowingtable:Fee Category 2019 Fees 2018 FeesAuditFees $2,136,276 $2,159,690Audit-RelatedFees 5,685 5,685TaxFees 286,557 249,254AllOtherFees – –Total Fees $2,428,518 $2,414,629

Audit FeesAudit feesconsist of feesfor (1)theauditsof ourannualfinancial statementsfor2018and2019includedinourAnnualReport on Form 10-K for 2018 and 2019, (2) the review of the interim financial statements included in our QuarterlyReportsonForm10-Qin2018and2019,and(3)theauditofourinternalcontroloverfinancialreportingduring2018and2019.

Audit-Related FeesAudit-relatedfeesconsistoffeesforassuranceandrelatedservicesthatarereasonablyrelatedtotheperformanceoftheauditorthereviewofourfinancialstatementsandarenotreportedunderAudit Fees.Theaudit-relatedfeesfor2018and2019primarilyincludeduediligencerelatedtoacquisitionsandconsultationsconcerningfinancialaccountingandreportingstandards.

Tax FeesTaxfeesreflectallservices,exceptthoseservicesspecificallyrelatedtotheauditofthefinancialstatements,performedbythe independent registered public accounting firm’s tax personnel. The tax fees for 2018 and 2019 primarily includeservicesinconnectionwithinternationalandU.S.taxcompliancematters.

All Other FeesDeloittedidnotprovideanyotherservicesduring2018and2019.

TheAuditCommitteehasconcludedthattheprovisionofthenon-auditserviceslistedaboveiscompatiblewithmaintainingtheindependenceofDeloitte.

Audit Committee Pre-Approval Policies and ProceduresTheAuditCommittee’scharterrequiresthatitpre-approveallauditandnon-auditservicesofourindependentregisteredpublic accounting firm. The Audit Committee may consult with management in determining which services are to beperformed,butmaynotdelegatetomanagementtheauthoritytomakethesedeterminations.

25

TABLE OF CONTENTS

AlloftheservicesofDeloitteforfiscalyears2018and2019describedabovewerepre-approvedbytheAuditCommittee.

ToratifytheappointmentofDeloitteasourindependentregisteredpublicaccountingfirm,thenumberofvotescast“for”theproposalmustexceedthenumberofvotescast“against”theproposal.Unlessotherwisespecified,theproxiessolicitedherebywillbevotedtoratifytheappointmentofDeloitteasourindependentregisteredpublicaccountingfirmfor2020.

THE BOARD OF DIRECTORS AND THE AUDIT COMMITTEE UNANIMOUSLY RECOMMENDTHAT YOU VOTE “FOR” THE RATIFICATION OF THE APPOINTMENT OF DELOITTE &TOUCHE LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THEYEAR 2020 (PROPOSAL 2).

26

TABLE OF CONTENTS

AUDIT COMMITTEE REPORTTheAuditCommitteeoftheBoardofDirectorsisresponsibleforthedutiessetforthinitscharterbutisnotresponsibleforpreparing the financial statements, implementing or assessing internal control over financial reporting or auditing thefinancial statements. Each member of the Audit Committee is an independent Director as determined by the Board ofDirectors, based on the NYSE listing standards and the Board’s own Independence Guidelines. Each member of theCommitteealsosatisfiestheSEC’sadditionalindependencerequirementformembersofauditcommittees.TheBoardofDirectorshasdeterminedthateachoftheindependentmembersoftheCommitteemeetsthecriteriafor“AuditCommitteeFinancialExpert”asdefinedbySECrules.TheBoardofDirectorshasalsodeterminedthatallAuditCommitteemembersarefinanciallyliterate.

As noted previously in this proxy statement, the Committee’s work is guided by a charter, which can be found in thecorporate governance section of the Company’s website athttps://investors.schneider.com/investors/governance/default.aspx.TheAuditCommitteehasoversightresponsibilitiessetforthinitscharterwithrespectto:

• Accounting, financial reporting and disclosure processes, and adequacy of systems of disclosure and internalcontrolestablishedbymanagement;

• QualityandintegrityoftheCompany’sfinancialstatements;

• Company’scompliancewithlegalandregulatoryrequirements;

• Company’soverallriskmanagementprofile;

• Independentauditor’squalificationsandindependence;

• PerformanceoftheCompany’sinternalauditfunctionandtheindependentregisteredpublicaccountingfirm;

• PerformanceoftheCompany’sethicsandcompliancefunction;

• PreparingthisannualReportoftheAuditCommitteetobeincludedintheCompany’sproxystatement.

TheCommittee’scybersecurityoversightconsistsoftheBoardandAuditCommitteeeachreceivingregularupdatesfromsenior management, including the CIO, on evolving cybersecurity threats and trends, cybersecurity technologies andsolutions deployed internally, major cyber risks areas and threats to the Company, policies and procedures to addressthose cyber risks and cybersecurity incidents, assessing the adequacy of Company resources, funding and focus forcybersecurityactivities,andattendanceandparticipationineducationalsessionsaboutcybersecurityrisksandthreats.In2019,theCommitteeconfirmedthattheinternalauditfunctionhadreviewedcontrolspertainingtocybersecurity,wasup-to-dateontheCompany’sresourcesandcompetencies(relativetoitspeers)relatedtocybersecurityandwascommittedtoincludingcybersecurityrelatedissuesprominentlyandregularlyontheinternalauditfunction’sagendagoingforward.

The Audit Committee reviews and reassesses its charter annually, and more frequently as necessary to address anychangesintheNYSEcorporategovernanceandSECrulesregardingauditcommittees,andrecommendsanychangestotheBoardforapproval.

27

TABLE OF CONTENTS

Managementhasprimaryresponsibilityforpreparingthefinancialstatements,establishing,maintainingadequateinternalfinancial controllership, and for the public reporting process. The Company’s Internal Audit function is responsible toindependentlyevaluatetheefficiencyandeffectivenessofthekeyprocessesandsupportinginternalcontrolsoverfinancialreportingestablishedbyManagement. TheAudit Committee-appointedindependentregisteredpublicaccountingfirmforthefiscalyearendedDecember31,2019,isresponsibleforauditingthefinancialstatementsandexpressingopinionsonthe conformity of the Company’s audited financial statements with generally accepted accounting principles and theeffectivenessoftheCompany’sinternalcontroloverfinancialreporting.

In accordance with the requirements of Sarbanes-Oxley, the related SEC rules and the NYSE Listing Standards, theCompanyengagedDeloitte & Touche, LLPas the Audit Committee-appointed independent registered public accountingfirm for 2019. Deloitte has been the Company’s independent registered public accounting firm since 2002. The AuditCommitteeprovidesinputontheselectionoftheauditfirm’sleadpartnerwhenrotationsoccur.

In its oversight role over financial reporting, in conjunction with its regular meetings and in separate, private, executivesessionsduringthosemeetings,theCommitteereviewedanddiscussedwiththeCompany’sCFO,theCompany’sInternalAuditor andDeloitte, the overall scopefor the audit of Schneider’s consolidated financial statements for the year endedDecember 31, 2019 (the “Consolidated 2019 Financial Statements”), the Consolidated 2019 Financial Statements,management’s assessment of the effectiveness of the Company’s internal control over financial reporting, managementjudgmentsand/oraccountingestimatesandsignificantissuesencounteredintheperformanceoftheaudit.Inthiscontext,the Committee met six times during the fiscal year ended December 31, 2019. The Audit Committee’s review of theCompany’squarterlyresultsortheConsolidated2019FinancialStatementsisnottheequivalentofanaudit.

TheCommitteehasreviewedwithDeloittemattersrequiredtobediscussedpursuanttoauditingstandardsadoptedbythePublicCompanyAccountingOversight Board(“PCAOB”). Inaddition, theCommitteehasdiscussedvariousmatterswithDeloitterelatedtotheauditandtheCompany’sconsolidatedfinancialstatements,includingcriticalaccountingpoliciesandpractices used, the quality, not just the acceptability, of the accounting principles followed, the reasonableness ofsignificant judgments reflected in such financial statements, the clarity of disclosures in the consolidated financialstatements, alternative treatments for material items that have been discussed with management, their assessment ofSchneider’s internal control over financial reporting and the overall quality of Schneider’s financial reporting and othermaterialwrittencommunicationsbetweenDeloitteandmanagement.TheCommitteehasalsoreceivedwrittendisclosuresand the letter from Deloitte required by PCAOB Rule 3526, “Communication with Audit Committees ConcerningIndependence,”andhasdiscussedwithDeloitteitsindependencefromtheCompanyanditsmanagement.Inaddition,theCommittee has received written material addressing Deloitte’s internal quality control procedures and other matters, asrequired by the NYSE listing standards. The Committee understands the need for Deloitte to maintain objectivity andindependence in its audit of the Company’s financial statements and internal controls over financial reporting. TheCommitteehasimplementedaformalpre-approvalprocessfornon-auditfeespending,anditseekstolimitthisspendingto a level that keepsthecore relationship with Deloitte focusedonfinancial statement reviewandevaluation. TheAuditCommitteeapprovedallservicesprovidedbyDeloittetotheCompanyin2019.

The Audit Committee annually reviews and assesses the Audit Committee-appointed independent registered publicaccountingfirm. Basedontheconsiderationsreferredto above, theCommitteerecommendedtoour Boardof DirectorsthattheauditedfinancialstatementsfortheyearendedDecember31,2019beincludedinourAnnualReportonForm10-Kfor2019,

28

TABLE OF CONTENTS

and that retention of Deloitte as the independent registered public accounting firm for the Company for the fiscal yearending December 21, 2020 is in the best interest of the Company and its shareholders. This report is provided by thefollowingindependentDirectors,whoconstitutetheCommittee:

THEAUDITCOMMITTEE

JamesR.Giertz,Chair

JohnA.Swainson

JamesL.Welch

29

TABLE OF CONTENTS

COMPENSATION DISCUSSION AND ANALYSISIntroductionThis Compensation Discussion and Analysis, or CD&A, describes our process for determining the compensation andbenefitsprovidedtoour“namedexecutiveofficers”infiscalyear2019.

Ournamedexecutiveofficersforfiscalyear2019are:

• MarkB.Rourke–PresidentandChiefExecutiveOfficer

• StephenBruffett–ExecutiveVicePresident,ChiefFinancialOfficer

• DavidL.Geyer–ExecutiveVicePresident,GroupPresidentofTransportationandLogistics

• ShaleenDevgun–ExecutiveVicePresident,ChiefInformationOfficer

• RobertM.Reich–ExecutiveVicePresident,ChiefAdministrativeOfficer

• ChristopherB.Lofgren–FormerPresidentandChiefExecutiveOfficer(untilApril2019)

Compensation Philosophy and PrinciplesTheCompensation Committee of the Board of Directors (the “Committee”) believes that the ability to attract, retain andprovideappropriateincentivestoourleadership,includingthenamedexecutiveofficers,isessentialtomaintainourleadingcompetitivepositionandpromoteourlong-termsuccess.Accordingly,ourexecutivecompensationprogramisdesignedtoencourage high-performance among our executives and provide powerful retention incentives that promote stability ofleadership,particularlyofexecutiveswhoassumeabroadspanofresponsibilitiesandsuccessfullyleadcomplexbusinessunitstomarket-leadingpositionsintheindustry.

Thetransportationindustryishighlycompetitive,andwecompeteforexecutivetalentwithmanycompaniesacrossvariousgeographies, including companies with significant market capitalizations. The Committee’s philosophy is to maintaincompensationprogramsthatarecompetitivebothwithinthetransportationindustryandwithsimilarlysituatedcompaniesfromthebroadergeneralindustry.Eachyear,theCommitteereviewstheexecutivecompensationprogramwithrespectto(1)externalcompetitivenessand(2)linkagebetweenexecutivecompensationandthecreationofshareholdervalue,anddetermineswhatchanges,ifany,areappropriate.

TheoverallcompensationphilosophyoftheCompanyisguidedbythefollowingprinciples:

• Target compensation levels should be sufficiently competitive to attract and retain key talent. We aim to attract,motivateandretainhigh-performancetalent toachieveandmaintainaleadingpositioninourindustry. Ourtargettotal direct compensation (“TDC”) levels should be competitive with other transportation and general industryalternatives.

30

TABLE OF CONTENTS

• Actual compensation should relate directly to performance and responsibility.Actualcompensationlevelsshouldbetiedtoandvarywithperformance,bothatthecompanyandindividuallevel,inachievingfinancial,operationalandstrategic objectives. Differentiated pay for high performers should be proportional to their contributions to oursuccess.

• Incentive compensation should constitute a significant portion of target total direct compensation.Alargeportionofeach executive’s compensation opportunity should be tied to performance, and therefore at risk, as position andresponsibility increase. Individuals withgreater rolesandtheability to directly impact strategic directionandlong-termresultsshouldbearagreaterproportionoftherisk.

• Long-term incentive compensation should be closely aligned with shareholders’ interests. Awards of long-termcompensationprovideincentivestoournamedexecutiveofficerstofocusontheCompany’slong-rangegrowthanddevelopment. Moreover, providingour namedexecutiveswithameaningful equity stakeintheCompanyandourstock ownership policy (which requires that a threshold level of ownership be maintained) align managementinterests with those of our shareholders, and encourages management to focus on driving sustainable long-termperformance.See“—StockOwnershipPolicy.”

The company’s executive compensation programis designedto reward the achievement of initiatives regarding growth,productivityandpeople,including:

• setting, implementing and communicating strategies, goals and objectives to ensure that the Company growsrevenuesandearningsatattractiveratesoverthelong-term;

• motivatingandexhibitingleadershipthatalignstheinterestsoftheemployeeswiththoseoftheshareholders;

• developingagraspofthecompetitiveenvironmentandtakingstepstopositiontheCompanyforgrowthandasacompetitiveforceintheindustry;

• constantlyrenewingtheCompany’sbusinessmodelandseekingstrategicopportunitiesthatbenefit theCompanyanditsshareholders;and

• implementing a discipline of compliance and focusing on the highest standards of professional conduct andcorporategovernance.

Process of Setting CompensationMarket Assessment of Target Compensation LevelsIn2018,theCommitteeengagedFWCooktoperformacompetitivemarketassessmentforournamedexecutiveofficers,includingwithrespecttobasesalary,annualincentivetargets,targetcashcompensation,long-termincentivesandtargetTDC levels (the sum of base salary, target bonus and long-term incentive grant value). The Committee requested themarketassessmenttoinformtargetTDClevelsfor2019.

Theassessmentinvolvedapeergroupconsistingof14companiesintransportationandlogisticsindustrieswithrevenuesgenerally rangingfromapproximately 43%toapproximately 318%of our revenuesandwhosemediantrailing 12-monthrevenue($5.0billion)wassimilar

31

TABLE OF CONTENTS

to our revenue ($4.5 billion). The 2018 peer group was updated from the 2017 peer group to (1) reflect the merger ofKnightTransportation,Inc.andSwiftTransportationCo.and(2)replaceRoadrunnerTransportationSystems,Inc.,whosemarketcapwastoosmallforcontinuedinclusion,withKirbyCorporation.ArcBestCorp. JBHuntTransportServices,Inc. RyderSystem,Inc.AvisBudgetGroup,Inc. KirbyCorporation WernerEnterprises,Inc.C.H.RobinsonWorldwide Knight-SwiftTransportation,Inc. XPOLogisticsExpeditorsInt’lofWashington,Inc. LandstarSystem,Inc. YRCWorldwideHubGroup,Inc. OldDominionFreightLine,Inc.

Theabovepeergroupdataweresupplementedwithgeneralindustrydatafromtwonationalsurveystoprovideadditionalmarketreferencepoints,withdatasize-adjustedbasedontherevenueresponsibilityofeachnamedexecutiveofficerandto reflect lower margins and market cap-to-revenue ratios among transportation companies relative to general industrycompanies. In reviewing target TDClevels against the survey data, the Committee considers only the aggregated dataprovided by the surveys. The identity of the individual companies comprising the survey data is not disclosed to, orconsidered by, the Committee in its evaluation process. Therefore, the Committee does not consider the identity of thecompaniescomprisingthesurveydatatobematerialforthispurpose.

TheCommittee believesit is appropriate to consider both peer groupdata andgeneral industry data in order to remaincompetitive within the transportation industry as well as with respect to other industries where skills may be easilytransferable. The Committee generally considers target TDC levels (and each component thereof) around the 50thpercentileofeachofthepeergroupdataandsurveydataasausefulreferenceindeterminingthecompetitivenessofournamed executive officers’ target TDC levels. The Committee does not target specific positioning, nor does it use aformulaic approach in determining competitive pay levels. Instead, the Committee uses a range of data as a reference,whichisconsideredinthecontextofvariousexecutive-specificfactors,suchastenure,proficiencyinroleandcriticalitytotheCompany.

TheCommitteereviewsourpeergrouponanannualbasis.

Determining Executive PayTheCommitteereviewsandapprovesourChiefExecutiveOfficer’stargetTDClevelannually.OurChiefExecutiveOfficerdoesnotparticipateindeliberationsrelatingtohisowncompensation.TheCommitteealsoapprovestargetTDClevelsforthe other named executive officers, taking into account our Chief Executive Officer’s recommendations. In addition, theCommittee considers the results of the Company’s annual advisory vote on executive compensation. This review andapproval process occurs in thefall of eachyear to coincidewith our fourth quarter Boardmeeting with theexceptionofannuallong-termincentiveawards,whichareapprovedinJanuaryandtypicallygrantedinmid-February,afterthepreviousyear’sperformanceresultshavebeenfinalizedandcertifiedbytheCommittee.Compensationincreasesandequityawardgrantsarenotusuallymadeatothertimesoftheyear,exceptincasesofnewhiresorpromotions.

2019 “Say-on-Pay” VoteThe Committee considers whether Schneider’s executive compensation program is aligned with the interests ofSchneider’s shareholders. As part of that review, the Committee considered the fact that 99.9% of the votes cast onSchneider’s“say-on-pay”proposaltoapprove,onan

32

TABLE OF CONTENTS

advisorybasis,ournamedexecutiveofficercompensationwerecastbyshareholdersinfavorofourproposalatour2019AnnualMeeting.Accordingly,nosignificantchangesweremadetoourexecutivecompensationprograminresponsetothe2019“say-on-pay”vote.

Key Compensation Policies and ProgramsPay for PerformanceWebelievethatasizeableportionofoverall targetTDCshouldbeatriskandtiedtoshareholdervalue.TheCommitteetakes into account our performance in determining executive compensation, and it designs incentive programs toencourageourgrowth.TheCommitteebelievesthattheproportionofcompensationatriskshouldriseastheemployee’slevelofresponsibilityincreases.

For example, our named executive officers’ annual cash bonuses in recent years have been tied to company-wideperformancemeasures,suchasearningsbeforeinterestandtax(“EBIT”)andrevenue(excludingfuelsurcharge)growth(“RevenueGrowth”).AstheCompany’sfinancialperformanceimproves,executivebonuseswillalsoimprove.Wealsouselong-termincentivesastoolstorewardexecutivesforfuturefinancialandstockpriceperformance.

Long-term Incentive CompensationTheCommitteeawardslong-termincentivecompensationundertheshareholder-approvedSchneiderNational,Inc.2017OmnibusIncentivePlan(the“OmnibusIncentivePlan”).TheOmnibusIncentivePlanallowsustoprovideequityandcashincentiveawardstoofficers,keyemployeesanddirectors,therebyaligningtheirinterestswiththoseofourshareholders.

In2019,wegrantedthreeformsofequityawardstoourexecutiveofficersundertheOmnibusIncentivePlan,asfollows:

• nonqualified stock options, representing approximately 25% of the annual long-term incentive grant valueopportunity,whichvestratablyoverafour-yearperiodsubjecttocontinuedemploymentorservice;

• performance shares, representing approximately 50% of the annual long-term incentive grant value opportunity,usingtwoperformancemetrics(compoundedEBTgrowthandaverageROC)withathree-yearperformanceperiodandamaximumof200%oftarget;and

• restrictedshares,representingapproximately25%oftheannuallong-termincentivegrantvalueopportunity,whichvestratablyoverafour-yearperiodsubjecttocontinuedemploymentorservice.

In connection with their annual grants, our named executive officers are required to sign the Company’s forms of Non-CompeteandNon-SolicitationAgreements whichincludenon-competition, non-solicitationandnondisclosurecovenants.All of our named executive officers have signed and returned such agreements for each year in which they haveparticipatedinourlong-termincentivecompensationprogram.

TheCommitteealsoawardsannualincentiveawardsundertheSchneiderNational,Inc.2017ManagementIncentivePlan(the “Management Incentive Plan”), under which annual incentive awards were granted beginning in 2018. TheManagement Incentive Plan provides general terms and conditions for our annual incentive award program, includingprovisionsrelatingtoadministration,eligibilityandtypesofperformancemeasures.

33

TABLE OF CONTENTS

Stock Ownership PolicyTheCompanyhasastockownershippolicy,whichrequiresexecutiveofficerstoholdamultipleofannualbasesalaryinour shares of common stock, supporting alignment with shareholders’ long-term interests. Under the stock ownershippolicy, our executive officers are required to hold equity with a value equal to the following ownership multiples, whichreflect that our more senior executives, who have the greatest ability to impact our success, are required to hold moresignificantownershipstakesinourcompany:Position Multiple of Base SalaryChiefExecutiveOfficer 6xChiefFinancialOfficer 3xOtherExecutiveDirectReportstotheChiefExecutiveOfficer 2x

Executivesmustretain75%ofallsharesfromequityawards(onanafter-taxbasis,disregardingsharessoldtocoveranyapplicableexerciseprice) until thestockownershiprequirement hasbeensatisfied. Sharesownedoutright, theafter-taxvalue of time-vested restricted shares/units and vested and deferred shares/units count toward satisfaction of the stockownershippolicy.Eachofournamedexecutiveofficershassatisfiedtheapplicablerequirementsofthestockownershippolicybyvirtueofsatisfyingtherequiredbasesalarymultipleorotherwisebeingincompliancewiththestockownershippolicy.

Clawback PolicyTheCompanyhasadoptedaformalclawbackpolicy.Underthepolicy,intheeventtheCompanyisrequiredtorestateanyofitspriorfinancialresultsduetotheCompany’smaterialnon-compliancewithfinancialreportingrequirementsunderthesecuritieslaws,theBoardoranappropriatecommitteeoftheBoardmaydirecttheCompanytorecoverfromanyexecutiveofficertheamountofcertainincentive-basedcompensationerroneouslyawarded.Incentive-basedcompensationsubjecttotheclawbackpolicyincludescashandperformance-basedequitycompensationandexcludesrestrictedshares/unitsandstockoptions,whichvestbasedoncontinuedservice.Theamountofcompensationsubjecttorecoveryunderthepolicyisthe excess of (1) the incentive-based compensation received by the executive officer during the three completed fiscalyearsimmediatelyprecedingthedateonwhichtheCompanyisrequiredtoprepareanaccountingrestatementover(2)theamountofincentive-basedcompensationthatotherwisewouldhavebeenreceivedhaditbeendeterminedbasedontheaccountingrestatement. TheCompanyalsohasapolicy requiringforfeiture of certain deferredlong-termcashincentiveplanpaymentsuponanyexecutive’sbreachofconfidentialityobligations,orbreachofpost-employmentnon-competitionornon-solicitation agreements. Awards granted under the Omnibus Incentive Plan are also subject to any incentivecompensation“clawback”rulesthatmayapplytous,asandwhenapplicablelawsandregulationsbecomeeffective.

Anti-Hedging & Anti-Pledging PoliciesAsdescribedabove,wedonotpermitexecutiveofficersoranyofouremployeesordirectors(ortheirfamilymembers)toengageinanyhedgingorpledgingtransactionswithrespecttosharesofourstock.See“—CorporateGovernance—Anti-Hedging&Anti-PledgingPolicies.”

Retirement FocusThe Committee believes it is important to use retirement programs that encourage our named executive officers tocontinue long-term careers with us. For example, our Company maintains a 401(k) plan available to our employeesgenerally, including our named executive officers. The Company makes discretionary contributions to each participant’saccounteachyearbasedonhisorhervoluntarycontributionamount,eligiblecompensationandyearsofservice,onthesamebasisasotherplanparticipants.

34

TABLE OF CONTENTS

2019 CompensationSummaryOurexecutivecompensationprogramistiedtotheperformanceoftheCompanyandisstructuredtoensurethat,duetothenatureofthebusinessandthedegreeofcompetitivenessforexecutivetalent,thereisanappropriatebalancebetween:

• fixedandvariablecompensation;

• short-termandlong-termcompensation;and

• cashandequitycompensation.

Eachelementofpayisdeterminedandmeasuredby:

• competitivecompensationdata;

• financial,operationalandstrategicgoals;

• short-termandlong-termperformanceoftheCompanycomparedwithitspeergroup;and

• individualcontributiontothesuccessoftheCompany.

For2019,theCommitteemadechangesincertainofournamedexecutiveofficers’targetTDC,asdiscussedfurtherbelow,that it believed were necessary to provide each named executive officer with compensation appropriate for his or herpositionbasedontheCommittee’sreviewoftargetTDClevelsprovidedtoexecutivesholdingequivalentpositionsintheindustry-specificbenchmarkingpeergroup(describedabove)andbroadergeneralindustrysurveydata(describedabove).See “—Process of Setting Compensation— Market Assessment of Target Compensation Levels.” The Committee alsobelieves that payments and awards were consistent with the Company’s financial performance and size, as well as theindividualperformanceofeachofthenamedexecutiveofficers,andthattargetTDCwasreasonable.

Elements of 2019 CompensationTotalcompensationforthenamedexecutiveofficersconsistsofoneormoreofthefollowingcomponents:

• basesalary;

• cash-basedannualincentiveawards;

• equity-basedlong-termincentiveawards;

• healthandwelfarebenefits;and

• limitedperquisitebenefits.

The Committee, with recommendations from management, works to create what it believes is the best mix of thesecomponentsindeliveringtargetTDC.InmakingitstargetTDCdecisionsannually,theCommitteereviewsallelementsoftargetTDCseparatelyandintheaggregate.Thesecompensationcomponentsarecomparabletothoseofourcompetitorsandpeergroup.

35

TABLE OF CONTENTS

Determining 2019 CompensationIn its review of target TDC for our executive officers, and in determining the amount and form of incentive awardsdiscussedbelow,theCommitteegenerallyconsidersseveralfactors.Amongthesefactorsare:

• marketinformationwithrespecttocashandlong-termcompensation;

• theofficer’scurrenttargetTDClevels;

• annualbonusandothercompensation;

• theofficer’sresponsibilitiesandperformanceduringthecalendaryear;and

• ouroverallperformanceduringpriorcalendaryearsandourfutureobjectivesandchallenges.

Attransportationcompanies,generallythelargestelementsofexecutivecompensationarepaidintheformofshort-andlong-term incentives. Compensation mix and industry profitability vary as the industry faces many risk factors, such asthoseassociatedwiththeeconomy,safetyandfuelprices.

TheCommittee generally determines bonustargets andlong-termincentive awardsbasedoneachemployee’s relevantmarket data, considering individual performance and experience. In 2018, FW Cook, the Committee’s independentcompensationconsultant,preparedamarketreviewoftheCompany’sexecutivecompensationprogram.Theresultsofthestudyincludedobservationsaboutthecompetitivenessof2018targetTDClevels,whichinformedpotentialadjustmentsfor2019.

TheFWCookmarketassessmentin2018indicatedthatthetargetTDClevelsforourexecutiveofficersatthetimeoftheassessment1,consistingoftheindividualelementsdiscussedbelowunder“2019Compensation,”were,intheaggregate,withinarangeof +/-15%of thepeergroupproxyandsurveymedians. Theseresults indicateoverall alignmentwithourcompensationphilosophytoprovidecompetitivetargetTDClevelstoourexecutiveofficers,takingintoconsiderationtargetTDC levels around the 50thpercentile of each of the peer group and survey data, generally. The Committee furtherbelievedthatourpaymentsandawardstoourexecutiveofficersfor2019wereconsistentwithourfinancialperformanceandsize,aswellastheindividualperformanceofeachofthenamedexecutiveofficers,andthateachexecutiveofficer’stargetTDCwasreasonable.

TheCommitteedoesnotrelysolelyonpredeterminedformulasoralimitedsetofcriteriawhenitevaluatestheindividualperformance of our executive officers. The Committee considers actual results against deliverables and also bases itscompensationdecisionsfortheexecutiveofficerson:

• leadership;

• theexecutionofbusinessplans;

• strategicresults;

• operatingresults;

1 OurexecutiveofficersatthetimeoftheassessmentwereChristopherB.Lofgren,MarkB.Rourke,StephenL.Bruffett,ShaleenDevgun,PaulJ.KardishandStevenJ.Matheys.

36

TABLE OF CONTENTS

• growthinprofitability;

• sizeandcomplexityofthebusiness;

• experience;

• strengtheningofcompetitiveposition;

• analysisofcompetitivecompensationpractices;and

• anassessmentofourperformance.

Wherepossible,theabovecriteriawerecomparedwithourpeergroup,takingintoaccounttheChiefExecutiveOfficer’sinputforhisdirectreports.ForourChiefExecutiveOfficer,theabovecriteriawerecomparedwithourpeergroup,takingintoaccountinputfrommembersoftheCommitteeandBoard.OurChiefExecutiveOfficerdidnotparticipateinanyoftheCommittee’sdeliberationsregardinghisowncompensation.

InOctober2018,theBoardselectedMarkB.RourketosucceedChristopherB.LofgrenasPresidentandChiefExecutiveOfficer. Toassistwithanorderlytransition,Dr.LofgrencontinuedtoserveasPresidentandChiefExecutiveOfficeruntilhis retirement in April 2019. Accordingly, Mr. Rourke’s compensation for 2019 was set in the fall of 2018 based on hisposition as Chief Operating Officer and was revised in April 2019 as further described below, consistent with theCommittee’s philosophy, methodology and practices described above, to reflect his promotion to President and ChiefExecutiveOfficer.

Base SalaryThe Committee believes that competitive levels of cash compensation, together with equity-based and other incentiveprograms,arenecessaryformotivatingandretainingtheCompany’sexecutives.Salariesprovideexecutiveswithabaselevel of monthly income and help achieve the objectives outlined above by attracting and retaining strong talent. Basesalaries are evaluated annually for all the named executive officers. Generally, base salaries are not directly related tospecificmeasuresofcorporateperformance,butaredeterminedbytherelevanceofexperience,thescopeandcomplexityoftheposition,currentjobresponsibilities,retentionandrelativesalariesofthepeergroupmembers.TheCommitteemayelectnottoincreaseanamedexecutiveofficer’sannualsalary,andhassoelectedinprioryears.However,ifwarranted,theCommitteemayincreasebasesalarywhereanamedexecutiveofficertakesonaddedresponsibilitiesorispromoted.

Indeterminingannualbasesalaryratesfor2019,theCommitteemadechangestothebasesalaryrateforeachnamedexecutive officer, excluding Dr. Lofgren. The Committee believed such changes were necessary to provide the namedexecutive officer with target TDCappropriate for his respective peer group andposition basedon the FWCook marketassessmentpreparedin2018.Accordingly,theCommitteemodifiedthebasesalaryrateforeachofournamedexecutiveofficers(excludingDr.Lofgren)asfollows:Executive Effective Date Adjustment % IncreaseMarkB.Rourke 4/29/2019 $575,000to$725,000 26.1%StephenL.Bruffett 2/1/2019 $475,000to$500,000 5.3%DavidL.Geyer 4/29/2019 $375,000to$425,000 13.3%ShaleenDevgun 2/1/2019 $350,000to$400,000 14.3%RobertM.Reich 4/29/2019 $300,000to$330,000 10%ChristopherB.Lofgren – – –

37

TABLE OF CONTENTS

Annual Incentive Awards

Target Annual Incentive OpportunitiesThe Committee considers several factors when approving each executive’s target annual incentive opportunity at theoutset of the year, including our overall median philosophy, peer group and survey market data, prior year targets, therecommendation of the Chief Executive Officer (other than for himself) and any other executive-specific factors that itdeemsrelevant. Ourtarget annualincentiveopportunitiesareexpressedandconsideredasafixeddollar amountratherthana percentageof basesalary, becausebyavoidingthe direct flow-throughimpact of changesin basesalary ontheannual incentive opportunity, the Committee has greater flexibility to manage the magnitude and mix of the variouselementsoftargetTDC.

Indeterminingtargetannualincentiveopportunitiesfor2019,theCommitteemadechangestothetargetannualincentiveopportunitiesthatitbelievedwerenecessarytoprovideeachnamedexecutiveofficerwithtargetTDCappropriateforhisorher respective peer group and position based on the FWCook market assessment prepared in 2018. Accordingly, theCommitteemodifiedournamedexecutiveofficers’annualbonustargetsfor2019asfollows:

2018 Target Annual

Incentive ($)

2019 Target Annual

Incentive ($)Percentage

ChangeMarkB.Rourke $ 575,000 $ 845,000 46.9%StephenL.Bruffett $ 425,000 $ 475,000 11.8%DavidL.Geyer – $ 300,000 –ShaleenDevgun $ 165,000 $ 275,000 66.7%RobertM.Reich – $ 200,000 –ChristopherB.Lofgren* $ 900,000 $ 900,000 –

* Dr.Lofgren’s2019annualincentiveawardwasforfeiteduponhisretirementinApril2019.

Annual Incentive Performance GoalsForour2019annualincentiveprogram,andsimilartoprioryears,theCommitteeadoptedaprogramdesignthatprovidedfor awards to our namedexecutive officers which are contingent on our performance as measured by twoperformancemetrics measured over 2019: Revenue Growth and income before income taxes plus total other expenses (EBIT),weighted 15% and 85%, respectively. The Committee selected these performance metrics because they believed thatthese metrics were the key drivers of short-term value creation for our shareholders. For each metric, the Committeedetermines goals for the threshold, target and maximumlevel of performance achievement. In addition to the RevenueGrowthandEBITmetrics,theprogramrequiresthattheCompanyattainaminimumoverallreturnoncapitalof8%andinorderfortheportionofRevenueGrowthtobeawarded,EBITmustmeetaminimumthresholdof50%ofthetarget.

• Revenue Growth: Theportion of a namedexecutive officer’s 2019bonusrelating to RevenueGrowth goals (i.e.,15%ofthe2019bonus)mayrangebetween0%and200%oftarget.PerformanceatorbelowthethresholdleveloftheRevenueGrowthgoalwouldresultinnopayoutforthatportionofthebonus.AchievementabovethethresholdleveloftheRevenueGrowthgoalwouldresultinapayoutdeterminedbylinearinterpolationbetweenthresholdandmaximumperformance.

• EBIT: With respect to the portion of a named executive officer’s 2019 bonus relating to EBIT goals (i.e., theremaining85%ofthe2019bonus),achievementofEBITthreshold,targetandmaximumperformanceresultsinapayoutof50%,100%and200%oftarget,

38

TABLE OF CONTENTS

respectively, with linear interpolation between threshold and target, and target and maximum performance.PerformancebelowthethresholdleveloftheEBITgoalwouldresultinnopayoutforthatportionofthebonus.

Wegenerally anticipate that, once approved by the Committee, the annual incentive plan metrics and goals will remainfixed and that our executives’ annual incentive bonuses will be determined by the Company’s performance measuredrelative to the approved plan metrics and goals. The Committee, however, reserves the right to adjust payouts orperformancegoalsbasedonnon-recurringtransactionsorotherextraordinaryorunforeseencircumstanceswhichhaveasignificantimpactontheCompany’sactualfinancialperformance.

The following table outlines the approved threshold, target and maximumperformance achievement levels, actual 2019performanceandthecorrespondingpayoutsasapercentageoftarget.TheCommitteedeemedthegoalswhichweresetat the time to be rigorous, but achievable, and based on customer freight trends, strategies for growth and controllingcosts,andcorporatestrategiestomaximizeshareholderreturn.

2019 Annual Incentive Performance

Goals* (000) Threshold Target Maximum

Actual Performance

Payout (% of Target)

Performance Metrics Weighting

(Revenue Growth:

0% of Target

Payout if at or below Threshold; EBIT: 50% of Target Payout at Threshold)

(100% of Target Payout)

(200% of Target Payout) (Unweighted) (Weighted)

RevenueGrowth 15% $ 198,400 $ 330,667 $ 462,934 $ –173,290 0% 0%EBIT 85% $ 336,000 $ 420,000 $ 588,000 $ 306,060 0% 0%Total 100% %

* Linearinterpolationappliesbetweenthresholdandtargetandtargetandmaximumperformancelevels.Theslopeofthepayoutlinecanbeexpressedas:foreach+1%changeinachievement,thepayoutchanges+2.5%.

Because our actual 2019 performance fell below the threshold level of performance for the annual incentive award, noannualincentiveawardswereearnedbyanynamedexecutiveofficerfor2019.Our2019performancewasassessedbythe Committee against the performance levels indicated above, except that the Committee exercised discretion and, forpurposesofassessingour2019performanceforannualincentivepurposes,adjustedouractual2019EBITtoexcludethenegative effects of a goodwill impairment charge associated with the discontinuation of our First to Final Mile (“FTFM”)serviceofferingandforFTFMshutdowncostsintheaggregateamountof$98.3million.

Long-Term Incentive Awards

2015-2019 Long-Term Cash AwardsFrom2013-2016, wegrantedlong-termincentivestoourexecutiveofficersintheformof annual long-termcashawardsundertheOmnibusIncentivePlan.Likewise,theCommitteeadoptedaprogramdesignthatprovidedforawardswhicharecontingentonourperformanceasmeasuredbytwoperformancemetrics,measuredoverafive-yearperiod:compoundednetincomegrowth(generallydeterminedonthebasisofGAAP,subjecttotheadjustmentdescribedinthefootnotetothetablebelow)andaveragereturnoncapital ( “ROC”). TheCommitteeselectedtheseperformancemetrics wereselectedbecausetheybelievedthatthese

39

TABLE OF CONTENTS

metrics werethekey drivers of long-termvaluecreation for our shareholders. While eachgrant is expressedasa fixeddollar amount at target, the actual amount earned could range from 0%of target to 250%of target, depending on ourperformance relative to the two pre-established performance metrics. The performance metrics were not assigned fixedweightsindeterminingtheamountearned;rather,theamountearnedisdeterminedbasedonanapprovedperformancematrixwherea1%changeintheachievementofeithermetricwouldchangethepayoutpercentageby10%.Theawardswere subject to continued employment with us and compliance with the terms of certain restrictive covenants. Vestedawardsweretobepaidout90daysfollowingcompletionofthefive-yearperformanceperiod,oronasubsequentdeferraldate elected by the executive pursuant to our 2005 Supplemental Savings Plan. See “—2018 Nonqualified DeferredCompensation—Supplemental SavingsPlan.”Individualswhoterminatedemploymentduetodeath,disability, aneligibleretirementorachangeincontrolduringtheperformanceperiodwouldhavebeeneligibletoreceiveapro-rataportionofthecashaward.

Thefive-yearperformanceperiodforthelong-termcashawardsgrantedin2015wascompletedin2019.Theperformancegoalsandactualperformancedeterminedusingthematrixdescribedabovewereasfollows:

2015-2019 Long-Term Cash Award

Performance Goals Performance

Metrics Threshold Target MaximumActual

Performance*Payout (% of

Target)** 5YearCompoundedNetIncomeGrowth 3% 8% 23% 6% 78%5YearAverageROC 10% 15% 30% 14.8%

* Weadjustedourcalculationofactualperformancetoaccountforthechangeintaxrateof39.7%appliedtoEBTtogettonetincomegrowthproforma.Nootheradjustmentsweremadetotheactualperformance.

** The performance metrics were not assigned fixed weights in determining the amount earned; rather, the amount earned is determinedbasedonanapprovedperformancematrixwherea1%changeintheachievementofeithermetricchangedthepayoutpercentageby10%.Thethresholdpercentagesinthetableabovereflectthelowestpointinthepayoutmatrixwhereapaymentispossible,assumingthelowestpossible performancefor theother metric. Themaximumpercentagesreflect theperformancelevel requiredtoearnamaximumpayout,assumingtheothermetricperformsattarget.

Theamountsearnedbyournamedexecutiveofficersbasedontheseperformanceresultsarereflectedbelowinthe2019SummaryCompensationTableinthecolumntitled“Non-EquityIncentiveCompensation.”

2017-2019 Performance Share/Unit AwardIn2017,wegrantedlong-termincentivestoourexecutiveofficersintheformofrestrictedperformanceshares/unitsunderthe Omnibus Incentive Plan. Payout under these awards was contingent on our performance as measured by twoperformancemetrics, measuredover a three-year period: compoundednet incomegrowth(generally determinedonthebasisofGAAP,subjecttotheadjustmentdescribedinthefootnotetothetablebelow)andaveragereturnoncapital(whichwerefertoas“ROC”).Theseperformancemetricswereselectedbecausetheyrepresentthekeydriversofvaluecreationinthetransportationindustry.Whileeachgrantisexpressedasafixednumberofshares,theactualamountearnedcouldrangefrom0%oftargetto200%oftarget,dependingonourperformancerelativetothetwopre-establishedperformancemetrics. Theperformancemetrics werenot assignedfixedweights in determiningtheamount earned, but eachof themwouldaffecttheamountbasedonaanapprovedperformancematrixinwhicha1%changeintheachievementofeithermetric would change the payout percentage by 10%. The awards were subject to continued employment with us andcompliance with the terms of certain restrictive covenants. Upon final performance achievement certification by theCommittee,earnedsharesweretobepaidoutby

40

TABLE OF CONTENTS

thelast businessdayinFebruaryfollowingcompletionof thethree-year performanceperiod. Individualswhoterminatedemployment due to death, disability, or a change in control during the performance period would have been eligible toreceive the entire portion of the earned performance award. Individuals who terminated employment due to an eligibleretirementwouldhavebeeneligibletoreceiveapro-rataportionoftheearnedperformanceaward.

Thethree-yearperformanceperiodfortherestrictedperformanceshares/unitsawardsgrantedin2017wascompletedin2019.Theperformancegoalsandactualperformancedeterminedusingtheapprovedperformancematrixdescribedabovewereasfollows:

2017-2019 Restricted Performance

Shares/Units Awards Performance Goals Performance

Metrics Threshold Target MaximumActual

Performance*Payout (% of

Target)** 3YearCompoundedNetIncomeGrowth 3% 8% 18% 1.9% 0%3YearAverageROC 11% 16% 26% 13.1%

* Weadjustedourcalculationofactualperformancetoaccountforthechangeintaxrateof39.7%appliedtoEBTtogettonetincomegrowthproforma.Nootheradjustmentsweremadetotheactualperformance.

** Theperformancemetricswerenotassignedfixedweightsindeterminingtheamountearned,buteachofthemaffectedtheamountbasedonanapprovedperformancematrixinwhicha1%changeintheachievementofeithermetricchangedthepayoutpercentageby10%.Thethresholdpercentagesinthetableabovereflect thelowest point in thepayout matrix whereapayment is possible, assumingthelowestpossible performancefor theother metric. Themaximumpercentagesreflect theperformancelevel requiredtoearnamaximumpayout,assumingtheothermetricperformsattarget.

Becausemetricsfell belowtherequiredthresholdperformance,nopayoutswereearnedbyanynamedexecutiveofficerforthe2017-2019restrictedperformanceaward.

2019 Long-Term Incentive AwardsTheCommitteemaintainedthesameLTIprogramdesignfor2019thatwaseffectivein2018.EachofournamedexecutiveofficersreceivedthreeformsofequityawardsundertheOmnibusIncentivePlan,asfollows:

• nonqualified stock options, representing approximately 25% of the annual long-term incentive grant valueopportunity,whichwillvestratablyoverafour-yearperiodsubjecttocontinuedemploymentorservice;

• performance shares, representing approximately 50% of the annual long-term incentive grant value opportunity,utilizing two pre-established performance metrics (compounded EBT growth and ROC) with a three-yearperformanceperiodandamaximumof200%oftarget;and

• restrictedshares,representingapproximately25%oftheannuallong-termincentivegrantvalueopportunity,whichwillvestratablyoverafour-yearperiodsubjecttocontinuedemploymentorservice.

For additional information on the terms of these awards relating to termination of employment and change of control,please see below under “Executive Compensation Tables and Narrative – Potential Payments upon Termination orChangeinControl.”

41

TABLE OF CONTENTS

The Committee decided to use these three forms of awards based on recommendations from FW Cook and theCommittee’s desire to align the incentives of our named executive officers with the interests of our shareholders andprovideamixoflong-termperformance-basedandretention-focusedawards.TheCommitteealsoconsideredthetaxandaccountingtreatment of theseformsof awardsandtheir widespreaduseamongcompanieswith whomwecompetefortalent.

The Committee determined the target value of each named executive officer’s total long-term incentive award withreferencetotheirotherelementsofcompensationandtotargetTDClevelsaroundthe50thpercentileofourpeergroupand survey data. In determining long-term incentive awards, our Committee made changes to the target long-termincentive opportunities for each named officer, excluding Dr. Lofgren. The Committee believed these changes werenecessarytoprovidethenamedexecutiveofficerwithtargetTDCappropriateforhisrespectivepeergroupandpositionbasedontheFWCookmarketassessmentpreparedin2018.

The total target grant date fair value of each named executive officer’s 2019 long-term incentive award, and the actualgrant datefair valuesof eachtypeof award(at target performance, in thecaseof theperformanceshares), is set forthbelow.

Total LTI Target* Value ($)

Grant Date Fair Value of Stock

Options ($)

Grant Date Fair Value of Performance

Shares ($)

Grant Date Fair Value of

Restricted Shares ($)

MarkB.Rourke 2,430,000 607,502 1,214,998 607,499StephenL.Bruffett 1,025,000 256,249 512,490 256,257DavidL.Geyer 675,000 168,748 337,489 168,756ShaleenDevgun 425,000 106,248 212,495 106,259RobertM.Reich 370,000 92,501 184,989 92,506ChristopherB.Lofgren** 2,880,000 722,000 1,444,000 722,000

* The target value differs from the actual grant date fair value due to the timing of the grants and the rounding of the individual awardcomponentstowholeshares.

** Dr.Lofgren’s2019long-termincentiveawardwasforfeiteduponhisretirementinApril2019.

Thenumber of shares subject to eachawardis indicatedbelowin theGrants of Plan-BasedAwardsfor 2019table. Allparticipants whoreceivedlong-termincentiveawardsin2019haveexecutedrestrictive covenant agreementscontainingnon-competition,non-solicitationandnondisclosurerestrictions.

Deferred CompensationTheCompanymaintainsthe2005SchneiderNational,Inc.SupplementalSavingsPlan,adeferredcompensationplanforits namedexecutive officers. Under this plan, the officer mayelect on anannual basis to defer upto 90%of his or hersalaryand/orbonus.Inaddition,theplanprovidesforcontinuationofCompanycontributionsinexcessofthatotherwisepermitted under thequalified retirement plan. This planassists keyemployeesin planningfor retirement. TheCompanypaysinterestequaltotherateonatreasurybillwith7yearsremainingtomaturityplusonepercent,whichwas3.97%for2019andis reset eachDecember1st. This planis unfunded, andanyamounts areconsideredageneral liability of theCompany.

Retirement, Health and Welfare BenefitsThe Company provides benefits such as medical, dental, vision and life insurance, short-term and long-term disabilitycoverage, relocation benefits, and 401(k) and other retirement plan opportunities to all eligible employees, including thenamedexecutiveofficers.TheCompany

42

TABLE OF CONTENTS

pays for basic life insurance coverage up to $1,000,000 and long-term disability coverage up to $20,000 per month. Inaccordance with SEC rules, the value of these benefits is not included in the 2019 Summary Compensation Table,becausetheyareavailabletoallemployeesonanondiscriminatorybasis.

TheCompanymatches employeecontributions to the401(k) plan upto a designatedmaximumamount andprovides aretirement contribution dependent on years of service. In the case of the named executive officers and other highlycompensated employees, the Company’s retirement contribution is made in taxable cash in order to pass certain IRSnondiscrimination tests pertaining to the retirement plan. Further, the Company provides up to 18 months of post-retirementmedicalcoveragetoretireeswho(i)arenotemployedbyusasdriversatthetimeofretirement,(ii)haveatleast20yearsofservicewiththeCompany,(iii)retireafterage62and(iv)arenotentitledtoMedicare.Thisbenefitisinadditiontothe18-monthperiodrequiredundertheConsolidatedOmnibusBudgetReconciliationActof1985(knownas“COBRA”)andisattheretiree’ssolecost.

The Company also provides vacation, sick leave and other paid holidays to employees, including the named executiveofficers,whicharecomparabletothoseprovidedatothertransportationcompanies.Thecompany’scommitmenttoprovideemployee benefits is due to our recognition that the health and well-being of our employees contribute directly to aproductiveandsuccessfulworklifethatproducesbetterresultsfortheCompanyandforitsemployees.

Personal Benefits and PerquisitesWe offer an annual executive physical benefit to our named executive officers and other direct reports to the ChiefExecutiveOfficer.Inadditiontothecostofthephysicalitself,thebenefitcoversordinaryandnecessarytravel,mealsandlodginginconnectionwiththephysical. WealsooccasionallypermitlimitedpersonaluseofourCompanyaircraft byourexecutiveofficerstoreducetheirtraveltimeandallowthemtodevotemoretimetoworkdutiesor,withapprovalfromourChiefExecutiveOfficer,torespondtoemergencyorotherurgentsituations.Wedonotprovidegross-uppaymentsforanytaxesowedbytheexecutivesinconnectionwithanyofthesebenefits.Theaggregateincrementalcostofthesebenefitsisreportedinthe“AllOtherCompensation”columnofthe2019SummaryCompensationTable.Wedonotprovideanyotherpersonalbenefitsorperquisitestoournamedexecutiveofficers.

Termination and Change-in-Control BenefitsWe do not have employment agreements or pre-established severance agreements with any of our named executiveofficers.

Accordingtotheirterms,outstandinglong-termincentiveawardsheldbyournamedexecutiveofficersincludeprovisionswherebytheymaybecomeimmediatelyvested,inwholeorinpart, uponcertainterminationofemploymentscenariosorupona“changeincontrol”ifaqualifiedterminationofemploymentalsooccurs,otherwise,a“doubletrigger”isinplacewithrespecttoa“changeincontrol.”See“—PotentialPaymentsuponTerminationorChangeinControl.”WebelievethatsuchprotectionshelpcreateanenvironmentwherekeyexecutivesareabletotakeactionsinthebestinterestoftheCompanywithoutincurringunduepersonalrisk,andfostermanagementstabilityduringperiodsofpotentialuncertainty.

Retention CreditsTheCommitteeoccasionallygrantsmandatorilydeferredtime-basedcash“RetentionCredits,”whichtypicallyvestin20%increments over a five-year period based on continued employment. Vested Retention Credits are paid out in Marchfollowingthesecondanniversaryofthedateoftheemployee’sterminationofemployment,providedtheemployeehasnot

43

TABLE OF CONTENTS

violatedthetermsofhisorherNon-Compete,Non-DisclosureorNon-solicitationagreements.Theseawardsareintendedto enhance the retentive aspects of executive compensation, to provide deferred compensation and to incentivizecompliance with post-employment restrictive covenants. The Committee has not granted any Retention Credits to ournamedexecutiveofficerssince2013.AnyRetentionCreditspreviouslygrantedtoournamedexecutiveofficersthatvestedin2019areshowninthe2019SummaryCompensationTableinthecolumn“AllOtherCompensation.”

Tax Deductibility; Section 162(m)Section162(m)oftheInternalRevenueCodegenerallyplacesa$1millionlimitontheamountofcompensationapubliclyheldcompanycandeductinanytaxyearoncompensationpaidto“coveredemployees.”Priortothepassageofthe2017Tax Cuts and Jobs Act, performance-based compensation paid to our “covered employees,” such as annual cashincentivesandperformance-basedshares/units,wasgenerallyexcludedfromthis$1milliondeductionlimit.Asaresultofchanges in the tax law, this previously-available exclusion for performance-based compensation is generally no longeravailable after 2018. The Compensation Committee considers tax deductibility as one of many factors in determiningexecutivecompensation, includingtheimpact of thesetaxlawchanges. However, theCompensationCommitteeretainsdiscretiontoawardcompensationthatitdeterminestobeconsistentwiththegoalsofourexecutivecompensationprogramevenifsuchcompensationisnottaxdeductiblebytheCompanyandtomodifycompensationthatwasinitiallyintendedtobetaxdeductibleifitdeterminesthatsuchmodificationsareconsistentwithSchneider’sbusinessneeds.Thus,executivecompensationarrangementsmaynotbetaxdeductibleor,ifinitiallyintendedtobetaxdeductible,maynotactuallyreceivethistreatment.

44

TABLE OF CONTENTS

COMPENSATION COMMITTEE REPORTThe Compensation Committee has reviewed and discussed the above Compensation Discussion and Analysis with ourmanagement and, based on such review and discussion, has recommended to our Board that the CompensationDiscussion and Analysis be included in this Proxy Statement and incorporated by reference into our Annual Report onForm10-KfortheyearendedDecember31,2019.

THECOMPENSATIONCOMMITTEE

RobertW.Grubbs,Chair

NormanE.Johnson

DanielJ.Sullivan

45

TABLE OF CONTENTS

Executive Compensation Tables and Narrative2019 Summary Compensation TableThefollowingtableincludesinformationconcerningcompensationpaidtoor earnedbyournamedexecutiveofficers fortheyearsindicated.

Name and Principal Position Year

Salary ($) (1)

Stock Awards

($) (2)

Option Awards($) (3)

Non- Equity

Incentive Plan

Compen- sation ($) (4)

Change inPension

Value and Non- Qualified Deferred Compen-

sation Earnings

($) (5)

All OtherCompen-sation ($) (6)

Total With

Long- Term Cash

($)

Total Without Long- Term Cash ($) (7)

Mark B. Rourke 2019 675,000 1,822,497 607,502 532,740 1,418 103,568 3,742,725 3,209,985PresidentandCEO 2018 572,917 899,945 300,004 2,342,973 3,879 65,162 4,184,879 2,627,879 2017 550,000 787,503 262,495 1,971,332 10,800 147,172 3,729,302 1,999,302Stephen L. Bruffett 2019 497,917 768,747 256,249 0 1 29,977 1,552,890 1,552,890EVP-CFO 2018 320,321 749,989 250,010 580,936 0 120,250 2,021,506 2,021,506David L. Geyer 2019 408,333 506,245 168,748 195,000 345 46,694 1,325,366 1,130,366EVP-GroupPresident,Transportation&Logistics Shaleen Devgun 2019 395,833 318,754 106,248 78,000 17 33,255 932,107 854,107EVP-CIO 2018 347,083 1,224,265 74,750 338,040 32 26,543 2,010,714 1,898,214Robert M. Reich 2019 327,500 277,495 92,501 58,500 24 50,237 806,256 747,756EVP-CAO Christopher B.Lofgren 2019 256,667 2,166,000 722,000 1,549,080 4,542 12,926 4,711,215 3,162,135FormerPresidentandCEO 2018 770,000 2,166,047 722,014 5,698,718 12,510 128,169 9,497,458 5,028,958 2017 770,000 2,165,345 721,797 5,507,022 35,096 124,716 9,323,976 4,358,976

46

TABLE OF CONTENTS

(1) Salaryamountsshownabovearereportedasgrossearnings(i.e.,grossamountsbeforetaxesandapplicablepayrolldeductions),andassuch,mayincludeamountstransferredintoournonqualifieddeferredcompensationplan,our401(k)planorboth.Salaryamountsshownabovetakeintoaccountincreasesinannualbasesalaryrates,followingtheeffectivedateofsuchincrease.See“--2019Compensation-BaseSalary.”

(2) Amountsreflectthegrantdatefairvalueofourrestrictedshareawardsandourperformanceshareawards,determinedinaccordancewiththeapplicableaccountingguidanceforequity-basedawards.SeeNote13totheauditedconsolidatedfinancialstatementsincludedinourAnnualReportonForm10-KfortheYearEndedDecember31,2019foranexplanationofthemethodologyandassumptionsusedintheFASBASCTopic718valuations.Inthecaseofourperformanceshareawards,thegrantdatefairvalueshowninthetableisbasedupontheprobableoutcomeoftheperformanceconditions.Thetargetvaluesofthe2019performanceshareawardsatthegrantdatebasedontheprobableoutcomeoftheperformanceconditionsareasfollows:Mr.Rourke,$1,214,998;Mr.Bruffett,$512,490Mr.Geyer,$337,489;Mr. Devgun, $212,495; Mr. Reich, $184,989; and Dr. Lofgren, $1,444,000. Dr. Lofgren’s restricted share award and performance shareawardweresubsequentlyforfeiteduponhisretirementinApril2019.

(3) Amountsreflectthegrantdatefairvalueofourstockoptionawards,determinedinaccordancewiththeapplicableaccountingguidanceforequity-based awards. SeeNote 13to the audited consolidated financial statements includedin our Annual Report on Form10-Kfor theYearEndedDecember31,2019foranexplanationofthemethodologyandassumptionsusedintheFASBASCTopic718valuations.Dr.Lofgren’sstockoptionawardwassubsequentlyforfeiteduponhisretirement.

(4) 2019amountsrepresentanannualbonusearnedfor2019service,whichwaspaidinearly2020,aswellasamountsearnedin2019underthelong-termcashawardsgrantedin2015,whichhadafive-yearperformanceperiod.Noannualbonusamountswerepaidtoanyofthenamedexecutives.Thelong-termcashawardamountswereasfollows:Mr.Rourke,$532,740;Mr.Bruffett,$0;Mr.Geyer,$195,000;Mr.Devgun,$78,000;Mr.Reich,$58,500;andDr.Lofgren,$1,549,080.Amountsshownrepresentgrossearnings(i.e.,grossamountsbeforetaxesandapplicablepayrolldeductions),andassuch,mayincludeamountstransferredintoournonqualifieddeferredcompensationplan,our401(k)planorboth.

(5) Reflectstheamountofearningsunderournonqualifieddeferredcompensationarrangementsthatexceeds120%oftheapplicablefederallong-termrate.

(6) Furtherdetailsonthe“AllOtherCompensation”columnforfiscalyear2019areprovidedinthefollowingtable.

(7) The amounts shown above represent the total compensation received by our named executive officers without the effect of paymentsreceived pursuant to our pre-IPO long-term cash awards. In connection with our transition from a privately-held to a publicly-tradedcompany,wehavediscontinuedgrantingtheseawards.

Components of All Other Compensation for 2019 Perquisites Retirement Contributions

Name

Executive Physical

($) (a)

Personal Use of

Company Jet

($) (b)

401(k) Company Match ($)

Taxable Cash Contribution

($) (c)

Company SSP Contributions

($) (d)Total

($)Mark B. Rourke 2,791 4,650 8,400 16,800 70,927 103,568Stephen L. Bruffett 0 0 8,400 5,600 15,977 29,977David L. Geyer 0 0 8,400 16,800 21,494 46,694Shaleen Devgun 0 0 8,400 11,200 13,655 33,255Robert M. Reich 8,275 0 8,370 16,800 16,792 50,237Christopher B. Lofgren 4,526 0 8,400 0 0 12,926

(a) Representscoststothecompanyfortheexecutivephysicalbenefitandaffiliatedtravel,meals,andlodging.ThecostoftravelassociatedwiththeexecutivephysicalusingtheCompanyaircraftwascalculatedasdescribedinfootnote(b)below.

47

TABLE OF CONTENTS

(b) Representstheaggregateincremental pre-taxcost tousfor personal useof theCompanyaircraft, calculatedasthehourly variableratechargedbyourmanagementcompanymultipliedbythenumberofhoursattributabletopersonaluse.Thehourlyvariableratechargedbyour management company is intended to take into account the incremental cost of fuel, trip-related maintenance, crewtravel expenses,landing fees andother variable costs attributable to the use of the aircraft. Because the Companyaircraft is usedprimarily for businesstravel,thecalculationdoesnotincludethefixedcoststhatdonotchangebasedonusage.

(c) Representsataxablecashretirementcontributionfor2019,whichcouldnotbecontributedtothenamedexecutiveofficer’s401(k)accountduetolimitationsundertheCodewithrespecttonondiscriminationtestingofour401(k)plan.

(d) Representscontributionsfor2019madeinearly2020.

48

TABLE OF CONTENTS

Grants of Plan-Based Awards Table for 2019Thefollowingtablesummarizesawardsmadetoournamedexecutiveofficersduring2019.

NameGrant Date

Compen- sation

CommitteeApproval

Date

Estimated Possible Payouts Under Non-Equity Incentive

Plan Awards (1)

Estimated Future Payments Under Equity Incentive

Plan AwardsAll Other

Stock Awards: Number

of Shares ofStock

All Other Option

Awards: Number of Securities Underlying

Options

Exerciseor

Base Price of Option Awards

($/Sh)

Grant DateFair Value of Stock

and OptionAwards

Threshold ($) (2)

Target ($)

Maximum($)

Threshold (#)

Target(#)

Maximum(#)

Mark B.Rourke 755,000 1,510,000

2/15/19 1/28/19 2,613 26,132 52,264 599,991 2/15/19 1/28/19 13,066 299,995 2/15/19 1/28/19 39,474 $22.96 300,002 4/29/19 4/29/19 2,930 29,300 58,600 615,007 4/29/19 4/29/19 14,650 307,504 4/29/19 4/29/19 48,887 $20.99 307,499Stephen L.Bruffett 475,000 950,000

2/15/19 1/28/19 2,232 22,321 44,642 512,490 2/15/19 1/28/19 11,161 256,257 2/15/19 1/28/19 33,717 $22.96 256,249David L.Geyer 291,667 583,334

2/15/19 1/28/19 1,470 14,699 29,398 337,489 2/15/19 1/28/19 7,350 168,756 4/29/19 4/29/19 26,828 $20.99 168,748ShaleenDevgun 275,000 550,000

2/15/19 1/28/19 926 9,255 18,510 212,495 2/15/19 1/28/19 4,628 106,259 2/15/19 1/28/19 13,980 $22.96 106,248Robert M.Reich 200,000 400,000

2/15/19 1/28/19 806 8,057 16,114 184,989 2/15/19 1/28/19 ‘ 4,029 92,506 4/29/19 4/29/19 14,706 $20.99 92,501ChristopherB. Lofgren (3) 900,000 1,800,000

2/15/19 1/28/19 6,289 62,892 125,784 1,444,000 2/15/19 1/28/19 31,446 722,000 2/15/19 1/28/19 95,000 $22.96 722,000

(1) Actual amounts earned in respect of annual bonus grants shown here are disclosed in the “Non-Equity Incentive Plan Compensation”columnoftheSummaryCompensationTable.See“--2019SummaryCompensationTable.”

49

TABLE OF CONTENTS

(2) Awardsunderour2019annualincentiveprogrammaybeachievedat0%ifneithertherevenue(excludingfuelsurcharge)growthgoalnortheEBITthresholdgoalisachieved.See“--2019Compensation-AnnualIncentiveAwards.”Accordingly,noamountsareshownforannualbonusawardsunderthe“Threshold”column.Iftherevenue(excludingfuelsurcharge)growthgoalisnotachieved,buttheEBITthresholdgoalisachieved,theannualbonuspayoutwouldequal:Mr.Rourke,$320,875;Mr.Bruffett,$201,875;Mr.Geyer,$123,958;Mr.Devgun,$116,875;Mr.Reich,$85,000;andDr.Lofgren,$0.

(3) Dr.Lofgren’sannualincentiveawardandannualequityawardswereforfeiteduponhisretirementinApril2019.

Material Terms and Conditions of 2019 Omnibus Incentive Plan Awards

Thefollowingnarrativedescribesthematerialtermsandconditionsoftheincentiveawardsreportedinour2019SummaryCompensationTableandGrantsofPlan-BasedAwardsfor2019Table.See“—2019SummaryCompensationTable.”

Annual Bonuses.AtargetcashincentiveawardcontingentontheachievementofperformancegoalsrelatingtoRevenueGrowth and EBIT for 2019. Payouts may range from 0% to 200% of target, depending on the level of achievement.Additionaldetailisprovidedaboveunder“AnnualIncentiveAwards.”

Nonqualified Stock Options.OptionstopurchasesharesofourClassBcommonstockthatvestandbecomeexercisableratablyoverafour-yearperiod,subjecttocontinuedemploymentwithusthrougheachvestingdate,withlimitedexceptionsforaterminationofemploymentduetodeathordisability,aneligibleretirementorachangeincontrol.

Performance Shares. Shares of our Class B common stock that are contingent on the achievement of specifiedperformancegoalsrelatingtocompoundedEBTgrowthandaverageROCoverathree-yearperformanceperiodaswellasoncontinuedservicethroughthevestingdate,withlimitedexceptions.Thenumberofsharesearnedmayrangefrom0%to200%ofthetargetnumber.Dividendsareearnedandpaidonlytotheextentthesharesareearnedattheendoftheperformanceperiod.

Restricted Shares. Restricted shares of our Class B common stock vest ratably over a four-year period, subject tocontinuedemploymentwithusthrougheachvestingdate,withlimitedexceptionsforaterminationofemploymentduetodeathordisability, aneligibleretirementorachangeincontrol. Dividendsareaccruedduringthevestingperiodbutareearnedonlytotheextenttherestrictedsharesareearned.

50

TABLE OF CONTENTS

Outstanding Equity Awards at 2019 Year-EndThefollowingtablesetsforthcertaininformationwithrespect tooutstandingequityawardsheldbythenamedexecutiveofficersasofDecember31,2019.

Name

Option Awards Stock Awards

Grant Year

Number of Securities Underlying UnexercisedOptions (#) Exercisable

Number of Securities Underlying

Unexercised Options (#)

Unexercisable

Option Exercise

Price ($)

Option Expiration

Date (1)

Number of

Shares or Units of Stock

That HaveNot

Vested (#) (2)

Market Value of

Shares or Units of Stock

That Have Not

Vested ($) (2) (3)

Equity Incentive

Plan Awards: Number

of UnearnedShares, Units or Other Rights That

Have Not Vested (#) (4)

Equity Incentive

Plan Awards:

Market or Payout

Value of UnearnedShares, Units or Other Rights

That HaveNot

Vested ($) (3) (4)

Mark B. Rourke 2019 0 39,474 22.96 2/15/2029 13,066 285,100 2,613 57,0202019 0 48,887 20.99 4/29/2029 14,650 319,663 2,930 63,9332018 8,380 25,140 26.81 2/15/2028 8,391 183,092 22,380 488,3212017 20,604 20,604 19.00 4/5/2027 6,908 150,733 2,763 60,292

Stephen L. Bruffett 2019 0 33,717 22.96 2/15/2029 11,161 243,533 2,232 48,7042018 6,914 20,742 26.37 4/29/2028 7,110 155,140 18,961 413,729

David L. Geyer 2019 0 26,828 20.99 4/29/2029 7,350 160,377 1,470 32,073Shaleen Devgun 2019 0 13,980 22.96 2/15/2029 4,628 100,983 926 20,194

2018 2,088 6,264 26.81 2/15/2028 39,391 859,512 5,577 121,6792017 5,874 5,874 19.00 4/5/2027 1,968 42,942 788 17,185

Robert M. Reich 2019 0 14,706 20.99 4/29/2029 4,029 87,913 806 17,580Christopher B.Lofgren

2018 20,168 60,504 26.81 2/15/2028 14,273 311,437 23,400 510,5882017 56,656 56,656 19.00 4/5/2027 15,100 329,482 5,945 129,720

(1) These stock options were granted ten years prior to the expiration dates indicated and becomevested and exercisable in equal annualinstallmentsoneachofthefirstfouranniversariesofMarch15,subjecttocontinuedemploymentthroughtheapplicablevestingdate.

(2) Theseawardsofrestrictedsharesvestinequalannualinstallmentsoverthreeorfouryears,subjecttocontinuedemploymentthroughtheapplicablevestingdate.Thevestingdatesfortheawardsarelistedbelow:

Name Vesting Date No. of SharesMark B. Rourke 3/13/2020 13,181 3/15/2021 13,181

51

TABLE OF CONTENTS

Name Vesting Date No. of Shares 3/15/2022 9,725 3/15/2023 6,928Stephen L. Bruffett 3/13/2020 5,161 3/15/2021 5,160 3/15/2022 5,160 3/15/2023 2,790David L. Geyer 3/13/2020 1,838 3/15/2021 1,838 3/15/2022 1,837 3/15/2023 1,837Shaleen Devgun 3/13/2020 2,838 3/15/2021 2,838 3/15/2022 1,854 3/15/2023 19,807 3/15/2024 18,650Robert M. Reich 3/13/2020 1,008 3/15/2021 1,007 3/15/2022 1,007 3/15/2023 1,007Christopher B.Lofgren 3/13/2020 6,410 3/15/2021 16,230 3/15/2022 6,733

(3) MarketvaluesarebasedontheclosingpriceofaClassBshareequalto$21.82asofDecember31,2019,thelasttradingdayof2019.

(4) Performanceshare/unitawardsvestupondeterminationofperformanceattheendofthe2017-2019performanceperiodfor2017grants,attheendofthe2018-2020performanceperiodfor2018grants,andattheendofthe2019-2021performanceperiodfor2019grants.Thenumberandvalueoftheperformanceshares/unitsassumeperformanceatthefollowinglevels:thresholdfor2019grants,targetfor2018grants,andthresholdfor2017grants.Allshares/unitsawardedunderthe2017performancegrantsweresubsequentlyforfeited.

52

TABLE OF CONTENTS

Option Exercises and Stock Vested in 2019ThefollowingtablepresentsinformationabouteachstockoptionexerciseandvestingofstockduringthefiscalyearendedDecember31,2019foreachofthenamedexecutiveoffersonanaggregatedbasis.

Name

Option Awards Stock AwardsNumber of Shares

Acquired on Exercise (#)

Value Realized on Exercise ($)

Number of Shares Acquired on Vesting

(#)Value Realized on

Vesting ($) (1)Mark B. Rourke 0 0 6,251 135,584Stephen L. Bruffett 0 0 2,370 51,405David L. Geyer 0 0 5,524 119,816Shaleen Devgun 0 0 1,681 36,461Robert M. Reich 0 0 2,406 52,186Christopher B. Lofgren 0 0 0 0

(1) ThevaluerealizedonvestingisbasedontheclosingstockpriceonMarch15,2019(thevestingdate)of$21.69.

2019 Non-Qualified Deferred Compensation

Name

Executive Contributions in

Last Fiscal Year ($)

Registrant Contributions in

Last Fiscal Year ($)(1)

Aggregate Earnings in Last Fiscal

Year ($)(2)(3)

Aggregate Withdrawals

and Distributions ($)

Aggregate Balance at

Last Fiscal Year End ($)(4)(5)

Mark B. Rourke SSP 70,927 13,981 0 439,487

RetentionCredits 0 0 62,428 0 1,633,416

SARs(6) 0 0 652,800 0 2,353,809 Total 0 70,927 729,209 0 4,426,712Stephen L. Bruffett SSP 15,977 33 0 16,916 Total 0 15,977 33 0 16,916

53

TABLE OF CONTENTS

Name

Executive Contributions in

Last Fiscal Year ($)

Registrant Contributions in

Last Fiscal Year ($)(1)

Aggregate Earnings in Last Fiscal

Year ($)(2)(3)

Aggregate Withdrawals

and Distributions ($)

Aggregate Balance at

Last Fiscal Year End ($)(4)(5)

David L. Geyer SSP 112,060 21,494 9,130 -12,761 255,253

RetentionCredits 0 0 9,476 0 247,937

SARs 0 0 131,294 0 471,429 Total 112,060 21,494 149,900 -12,761 974,620Shaleen Devgun SSP 0 13,655 903 0 37,912 Total 0 13,655 903 0 37,912Robert M. Reich SSP 26,200 16,792 1,280 0 64,711 Total 26,200 16,792 1,280 0 64,711Christopher B.

Lofgren SSP 0 0 42,286 -7,868 1,105,449

RetentionCredits 0 0 202,417 0 5,296,272

SARs(6) 0 0 1,930,044 -6,959,179 0 Total 0 0 2,174,747 -6,967,047 6,401,721

(1) Represents our Supplemental Savings Plan contributions for 2019, made in early 2020 (which amounts are included in the “All OtherCompensation”columnoftheSummaryCompensationTable,above).

(2) Represents (a) interest that accrued during 2019 on the executive’s and registrant’s contributions and existing balances under theSupplementalSavingsPlan,(b)interestthataccruedduring2019onthedeferredbalanceoftheRetentionCreditsand(c)thechangeinvestedSARvaluesduring2019.

(3) Of the amounts reported in the “Aggregate Earnings in Last Fiscal Year” column, the following amounts were also reported as 2019compensationintheSummaryCompensationTableforFiscalYear2019astheamountofearningsthatexceeded120%oftheapplicablefederallong-termrate:Mr.Rourke,$1,354;Mr.Bruffett,$0;Mr.Geyer,$,1760;Mr.Devgun,$9;Mr.Reich,$0;andDr.Lofgren,$4,372.

(4) Oftheamountsreportedinthe“AggregateBalanceat Last Fiscal YearEnd”column,thefollowingamountswerepreviously reportedascompensation in the Summary Compensation Table for 2018 or prior years: Mr. Rourke: $171,774; Mr. Bruffett: $16,883; Mr. Geyer,$21,494;Mr.Devgun:$20,948;Mr.Reich,$16,792;andDr.Lofgren:$200,301.

(5) The“AggregateBalanceatLastFiscalYearEnd”columnincludesourSupplementalSavingsPlancontributionsfor2019,madeinearly2020.

(6) Theamountspreviouslyreportedinthe“AggregateBalanceatLastFiscalYearEnd”forMr.RourkeandDr.LofgrenintheNon-QualifiedDeferredCompensationTablefor2018wereoverstatedduetoanerrorthatcountedfullaggregatebalanceswithintheaggregateearningsbalancespriorto2018.Theamountofoverstatementswereasfollows:Mr.Rourke,$1,126,080;Dr.Lofgren,$3,329,326.

54

TABLE OF CONTENTS

The Nonqualified Deferred Compensation Table for Fiscal Year 2019, above, includes amounts under the followingarrangements.

Supplemental Savings Plan (or “SSP”). We maintain the 2005 Supplemental Savings Plan, which was amended andrestatedeffectiveasofDecember1,2007andsubsequentlyamendedin2012and2017.TheSupplementalSavingsPlanis a nonqualified deferred compensation plan that allows eligible employees to defer a portion of their compensation.Participantscanelecttodeferuptoamaximumof90%oftheir basesalaryaswell asupto90%oftheir bonusfortheyear.Inaddition,theplanprovidesforcontinuationofcompanycontributionsinexcessofthatotherwisepermittedunderthequalifiedplan.Thecompensationdeferredunderthisplaniscreditedwithearningsequaltotherateonatreasurybillwith 7 years remainingto maturity plusonepercent, whichwas3.97%for 2019, andis reset eachDecember 1st.Eachparticipant is fully vested in the deferred compensation and earnings which they contribute and which we contributetowards their retirement. All amounts are considered unfunded and are subject to general creditor claims until actuallydistributed to the employee. A participant may elect to receive their elective deferrals in one lump sum payment or inannualinstallmentspayableoveraperiodofthree,fiveortenyears.Non-electiveretirementdeferralsarepaidout50%inJanuary of the year following separation of employment and 50% the January following that. As of January 2017,participantsmaydeferanadditionalfiveyearsormorefromtheoriginalscheduledpaymentdatesubjecttoSection409AoftheCode.

Retention Credits.RetentionCredits,ifany,aresubjecttoafive-yearvestingschedule.VestedRetentionCreditsarepaidoutinMarchfollowingthesecondanniversaryofthedateoftheemployee’sterminationofemploymentwithus,providedtheemployeehasnotviolatedthetermsofhisorherrestrictivecovenantagreements.TheCompanypaysinterestonthedeferredbalanceoftheRetentionCredits,equaltotherateonatreasurybillwith7yearsremainingtomaturityplusonepercent,whichwas3.97%for2019,andisreseteachDecember1st.

Stock Appreciation Rights. Stock Appreciation Rights, or “SARs,” is a legacy program. In 2011 and 2012, ourCompensation Committee granted SARs which become 100% vested on the date provided in the applicable awardagreement (generally a three-year vesting period). The account balance for 2011 and 2012 awards are included in the“Aggregate Balance at Last Fiscal Year End” column of the 2019 Nonqualified Deferred Compensation Table. VestedSARsarepaidoutonMarch1ofthefifthyearfollowingtheyearofsuchgrant(orassoonaspracticablethereafter,butinno event later than June 1) or on a subsequent deferral date elected by the executive (or within 90 days following aterminationofemploymentorchangeincontrol,ifearlier),anduntilpayment,continuetoappreciate(ordepreciate)basedonthechangeinthebookvalueofourClassBcommonstock.PaymentoftheSARsmayalsobedeferredanadditionalfiveyearsormorefromtheoriginalscheduledpaymentdatesubjecttoSection409AoftheCode.NopaymentsinrespectofSARsweremadetoournamedexecutiveofficersin2019becauseeachofthemelectedtodefer.InconnectionwithourIPO,weadjustedthenumberandgrantpriceofouroutstandingSARstomaintaintheir intrinsicvalueatthesamelevelbeforeandaftertheIPO.ThevalueoftheSARsuponpaymentwillequaltheexcess,ifany,ofthebookvalueofashareofourClassBcommonstockonthedateofpaymentovertheadjustedgrantprice,multipliedbythenumberofvestedSARs.Grants of SARs were intended to enhance the retentive aspects of executive compensation, and to tie executivecompensationtothevalueofourequity.

55

TABLE OF CONTENTS

In accordance with Section 409A of the Code and our deferred compensation arrangements, payments of nonqualifieddeferredcompensationuponaseparationfromservicemayneedtobedelayed6monthsiftherecipientofthepaymentisconsidereda“specifiedemployee”withinthemeaningofSection409AoftheCode.

Potential Payments upon Termination or Change in Control

Thecompany does not haveemployment agreements or predetermined personal severance agreements with any of itsexecutives. According to the terms of our long-term incentive awards, certain outstanding awards held by our namedexecutiveofficersaccelerateallorinpartupondeath,disability,changeincontrolandretirement,asdescribedbelow.

Nonqualified Stock Options.OptionstopurchasesharesofourClassBcommonstockwillvestandbecomeexercisableinfulliftheawardholder’semploymentisterminatedasaresultofdeathordisability.Iftheawardholderretiresbeforethevestingdateandmeetsthedefinedretirementeligibilityservicerequirements,thentheoptionswillcontinuetovestinfullandbecomeexercisableontheiroriginalschedule.Unvestedstockoptionsvestinfulluponachangeincontrolonlyifnoprovision is madein the changein control for the assumption or substitution of the options. If provision is madefor theassumption or substitution of the options, then they will remain eligible for vesting contingent on continued service or aqualifying termination of employment (an involuntary termination without cause or the executive’s resignation for goodreasonwithin24monthsfollowingthechangeincontrol-“double-trigger”equityvesting).

Performance Shares.Performanceshareswillbedeemedearnedatthetargetlevelif,duringthefirstcalendaryearoftheperformanceperiod,theawardholder’semploymentisterminatedasaresultofdeathordisability.Ifsuchaneventoccursafterthefirstcalendaryearoftheperformanceperiod,theCommitteewilldeterminewhetheranyperformanceshareswillbe earned, based on actual performance for the completed calendar year prior to the year in which the termination ofemploymentoccurs.Iftheawardholderretiresbeforethevestingdateandmeetsthedefinedretirementeligibilityservicerequirements,thentheawardholderwillremaineligibletoearnaprorataportionoftheperformancesharescontingentonachievement of the performancegoals. Performanceshares vest immediately in full uponachangein control only if noprovision is made in the change in control for the assumption or substitution of the performance shares. If provision ismade for the assumption or substitution of the performance shares, then the performance conditions are waived and adesignatednumberofperformanceshareswill remaineligibleforvestingcontingentoncontinuedserviceoraqualifyingterminationofemployment(“double-trigger”equityvesting).

Post-IPO Restricted Shares. Restrictedsharesgrantedafter ourIPOwill vest infull if theawardholder’s employment isterminated as a result of death or disability. If the award holder retires before the vesting date and meets the definedretirementeligibilityservicerequirements,thentheshareswillcontinuetovest.TherestrictedsharesgrantedafterourIPOvestinfulluponachangeincontrolonlyifnoprovisionismadeinthechangeincontrolfortheassumptionorsubstitutionoftheshares.Ifprovisionismadefortheassumptionorsubstitutionoftheshares,thentheywillremaineligibleforvestingcontingentoncontinuedserviceoraqualifyingterminationofemployment(“double-trigger”equityvesting).

Long-Term Cash Awards. Long-term cash awards held by our named executive officers vest as to the service-vestingconditiononaproratabasisuponterminationofemploymentbyreasonofdeath,disability,eligibleretirementorchangeincontrol during the performance period. The amount will be determined by our Compensation Committee, taking intoaccounttheexecutive’s

56

TABLE OF CONTENTS

completedcalendaryearsofserviceduringtheperformanceperiodandtheattainedlevelofperformancewithrespecttosuch year(s). Such vested amounts are payable within 90 days following such termination of employment. Upontermination of employment for any reason other than death, disability, eligible retirement or change in control (includingterminationforcauseorvoluntaryresignation),theunvestedportionoftheawardisforfeited,andanyvestedportionoftheawardispayableincashwithin90daysfollowingtheendofthefive-yearperformanceperiod.Paymentoflong-termcashawardsissubjecttocompliancewiththeCompany’srestrictivecovenantagreements.

SARs.SARaccountbalanceswillgenerallybepayableinalumpsumwithin90daysfollowingtheexecutive’sterminationof employment (subject to any six-month delay required for compliance with Section 409Aof the Code) or a change incontrol(suchaccountbalancesaresetforthintheNonqualifiedDeferredCompensationTableforFiscalYear2019).See“—2019NonqualifiedDeferredCompensation.”

Retention Credits. Retentioncreditawardsfullyvestif theawardholder’semploymentisterminatedasaresultofdeath,disability or retirement. In the event of disability or retirement, payment will be made in the March following the secondanniversaryoftheawardholder’sterminationdate.Intheeventofdeath,paymentwill bemadewithin90daysfollowingtheawardholder’sdeath.

Generally,forpurposesoftheawardsdescribedabove,a“changeincontrol”meansthedateonwhichapersonorgroupofaffiliatedorassociatedpersons(an“acquiringperson”)hasacquiredlegalorbeneficialownershipofmorethan50%ofthe outstanding shares of the voting stock of Schneider National, Inc., or the date an acquiring person acquires all orsubstantiallyalloftheassetsofSchneiderNational,Inc.TransfersofvotingstockofSchneiderNational,Inc.amongtrustsheldfortheprimarybenefitofmembersoftheDonaldJ.Schneiderfamilywouldnotconstituteachangeincontrol.

Retirement treatment of long-term incentive awards is conditioned on, among other things, the executive reaching therequiredretirementageof591⁄2andhavingatleasttenconsecutiveyearsofservicewithus.AsofDecember31,2019,thelastbusinessdayoffiscal2019,ouronlynamedexecutiveofficerthatmettherequiredretirementageof591⁄2wasDr.Lofgren,whoretiredfromtheCompanyinApril2019.Withrespecttoourpost-IPOawards,arecipientmustworkthroughthe end of the year in which the award was granted and provide the required six months advance written notice to thecompanyinordertobeeligibleforretirementtreatmentundersuchawards.

57

TABLE OF CONTENTS

Potential Benefits Upon Termination or Change in ControlPotential benefits of thenamedexecutiveofficers duetodeath, disability, or achangeincontrol (other thanpayment ofdeferredcompensationaccounts)areshowninthetablebelow,assumingsucheventoccurredasofDecember31,2019,thelastbusinessdayoffiscal2019.

Name

Value of Long- Term Cash

Awards ($) (1)

Value ofAcceleration of

Restricted Sharesor Units ($) (2)

Value ofAcceleration ofPerformance

Shares or Units ($)(3)

Value ofAcceleration ofStock Options

($) (4) Total ($)Mark B. Rourke

ChangeinControl 1,418,000 938,587 3,392,006 1,962,419 7,711,013DeathorDisability 1,418,000 938,587 3,392,006 1,962,419 7,711,013

Stephen L. Bruffett ChangeinControl 0 398,673 1,314,502 744,539 2,457,714DeathorDisability 0 398,673 1,314,502 744,539 2,457,714

David L. Geyer ChangeinControl 565,000 457,391 1,285,045 416,639 2,724,075DeathorDisability 565,000 457,391 1,285,045 416,639 2,724,075

Shaleen Devgun ChangeinControl 250,000 1,003,436 789,011 370,167 2,412,614DeathorDisability 250,000 1,003,436 789,011 370,167 2,412,614

Robert M. Reich ChangeinControl 175,000 216,302 595,839 228,384 1,215,525DeathorDisability 175,000 216,302 595,839 228,384 1,215,525

Christopher B. Lofgren (5) ChangeinControl 4,007,000 640,919 3,615,574 1,654,022 9,917,515DeathorDisability 4,007,000 640,919 3,615,574 1,654,022 9,917,515Retirement 4,007,000 640,919 3,615,574 1,654,022 9,917,515

(1) Representsamountspayableunderthelong-termcashawardsgrantedin2015and2016toournamedexecutiveofficersthatvestastotheservice-vestingconditiononaproratabasisuponterminationofemploymentbyreasonofdeath,disability,orchangeincontrol,assumingperformanceachievement yieldinga100%payout of theexecutive’s target dollar valueaward, appropriately proratedthroughDecember31,2019.

58

TABLE OF CONTENTS

(2) Representsvalueofrestrictedshares/unitsheldbyournamedexecutiveofficersthatvestuponachangeincontrol(ifnoprovisionismadeinthechangeincontrolfortheassumptionorsubstitutionoftheshares/units)oruponterminationofemploymentduetodeathordisability,usingtheclosingsalepriceofashareofClassBcommonstockequalto$21.82asofDecember31,2019.

(3) Representsvalueofthetargetlevelofperformancesharesfor2019grantsandmaximumlevelofperformanceshares/unitsfor2018and2017grantsheldbyournamedexecutiveofficers,usingtheclosingsalepriceofashareofClassBcommonstockequalto$21.82asofDecember31,2019.Theperformanceshares/unitswouldvestuponachangeincontrol(ifnoprovisionismadeinthechangeincontrolfortheassumptionorsubstitutionoftheshares/units)oruponaterminationofemploymentduetodeathordisability.Allshares/unitsawardedunderthe2017performancegrantsweresubsequentlyforfeited.

(4) Represents intrinsic value of stock options that vest upon a change in control (if no provision is made in the change in control for theassumptionorsubstitutionoftheshares)oruponaterminationofemploymentduetodeathordisability,usingtheclosingsalepriceofashareofClassBcommonstockequalto$21.82asofDecember31,2019.

(5) Asdescribedabove, ourtime-basedandperformance-basedequityawardsprovidetheopportunityfor eligibleparticipants, includingournamedexecutiveofficers,tocontinuevestingintheirawardsintheeventoftheirretirement(subjecttoactualperformanceinthecaseofour performance equity awards). The information in this table was calculated using the closing price of our Class B common stock onDecember31,2019of$21.82,andassumingDr.Lofgren(ouronlyretirednamedexecutiveofficerasofDecember31,2019)satisfiedallother applicable requirements to continue vesting in their equity awards and assuming target performance for the remainder of theperformanceperiodfor ourperformanceawards. However, theactual paymentfor performanceawardswill dependupontheCompany’sactualperformancefollowingretirement.

59

TABLE OF CONTENTS

CEO Pay RatioAsrequiredunderSection953(b)oftheDodd-FrankWallStreetReformandConsumerProtectionAct,weareprovidingthe ratio of the annual total compensation of our CEO to the median of the annual total compensation for all of ouremployees other than our CEO (the “Pay Ratio Disclosure”) calculated in a manner consistent with Item 402(u) ofRegulationS-K.

• Themedianoftheannualtotalcompensationforall employeesofourcompanyanditsconsolidatedsubsidiaries,otherthanourCEO,was$51,201.

• Our CEO’s annual total compensation for 2019, as reported in the Total column of the 2019 SummaryCompensation Table, was$3,742,725includingthelong-termcashaward(whichincludestheeffect of paymentsreceivedpursuanttoourpre-IPOlong-termcashawards)and$3,209,985excludingthelong-termcashawards.

Basedonthis information, for 2019, theratio of theannual total compensationof our CEOincludingthelong-termcashawardpayouttothemedianoftheannualtotalcompensationofallotheremployeesisestimatedtobe73to1andtheratioof the annual compensation of our CEO excluding the long-term cash award payout to the median of the annual totalcompensationofallotheremployeestobe63to1.

Identification of Median EmployeeDuetochangesinouremployeepopulationfrom2018,weidentifiedanewmedianemployeeasofDecember31,2019.We identified our median employee by examining the 2019 Form W-2 compensation for all of our U.S. employees,excludingourCEO,whowereemployedbyusonDecember31,2019.Weincludedinthisexaminationallfull-time,part-time, seasonal and temporary employees but we excluded all of our non-U.S. employees pursuant to the de minimisexemption.Whilewedidnotmakeanyassumptions,adjustments,orestimateswithrespecttoFormW-2compensation,wedidannualizethecompensationforanypermanentfull-timeorpart-timeemployeeswhowerenotemployedbyusforallof2019.WebelievethattheuseofFormW-2compensationforallemployeesisaconsistentlyappliedcompensationmeasurebecauseitincludesallmajortaxablecompensationelementsavailabletoemployees.

AtDecember31,2019,ouremployeepopulationafterexcludingnon-U.S.employeesconsistedof15,221employees.Weexcluded102employeesinMexico,195employeesinCanada,andapproximately245employeesinChinaunderthedeminimisexemption.

For2019,themedianoftheannualtotalcompensationforallemployeesofourcompanyanditsconsolidatedsubsidiaries(otherthanourCEO)usingthemethoddescribedabovewas$51,201.Indeterminingthetotalannualcompensationofthemedianemployee,wecalculatedsuchemployee’scompensationinaccordancewithItem402(c)(2)(x)ofRegulationS-Kasrequired pursuant to SEC executive compensation disclosure rules. This calculation is the same calculation used todeterminetotalcompensationforpurposesofthe2019SummaryCompensationTablewithrespecttoeachtoeachoftheNEOs.

60

TABLE OF CONTENTS

Risk Considerations Relating to CompensationWebelievethatourcompensationprogramsaredesignedwithappropriatefeaturestomitigaterisk,including:

• Our incentive plans have a mix of performance measures, including annual company-wide and business unitfinancialmetricstiedtobudgetaswellasdifferentlong-termincentivethree-yearperformancemetricsbasedinpartuponindustrypeergroupbenchmarking.

• Ourcompensationprogramscontainabalanceofannualandlong-termincentivevehicles.

• Incentiveplanpayoutsarecappedforcashincentives.

• Therangeofpayoutsfromthresholdtomaximum(alinearslope)iscarefullyconsideredtoensureanappropriateriskprofile.

• In long-term incentives a mix of restricted shares/units, performance shares/units and stock options provides ablendofperformancemeasuresandincentives.

• Weusestockoptionsandotherequityawards,includingperformanceshares/units,thattypicallyvestoveramulti-year period, with stock options that expire after a ten-year period to encourage executives to take actions thatpromotethelong-termsustainabilityofourbusiness.

• Our plansarewell documentedandcommunicatedto participants; thereis arobust reviewof results astheplanyearunfolds;ananonymous,internationalwhistle-blowerreportingmechanismisinplace.

• Ourstockownershipguidelineslinkinterestsofexecutiveofficerstoshareholders.

• Executive compensation adjustments, payouts and plan design decisions are at the sole purview of theCompensation Committee; an independent executive compensation consultant attends Committee meetings toprovidemarketandbestpracticeconsultation.

InJanuary2020,weconductedananalysisofwhetherourpoliciesandpracticesrelatingtothedesignandimplementationof the Company’s incentive compensation programs, including executive compensation plans that cover our namedexecutiveofficerscreatematerialriskstotheCompany.ThatanalysiswasreviewedbytheCompensationCommitteeandF.W. Cook, the Compensation Committee’s independent compensation consultant. The Compensation CommitteeconcludedthatSchneider’scompensationprogramsdonotgiverisetorisksthatarereasonablylikelytohaveamaterialadverseeffectontheCompany.

61

TABLE OF CONTENTS

PROPOSAL 3ADVISORYVOTETOAPPROVETHECOMPENSATIONOFOURNAMEDEXECUTIVEOFFICERSShareholders are entitled to vote to approve, on an advisory or non-binding basis, the compensation of our namedexecutive officers as disclosed in this Proxy Statement, as required pursuant to Section 14Aof the ExchangeAct. Thisproposaliscommonlyknownasa“say-on-pay”proposal.Wecurrentlyincludethisadvisoryvoteonanannualbasis.

The Board and the Compensation Committee believe that the 2019 compensation program described under“CompensationDiscussionandAnalysis”and“ExecutiveCompensationTablesandNarrative”isaneffectiveincentiveforthe achievement of positive results, appropriately aligning pay and performance, and enabling us to attract and retaintalentedexecutives.

OurBoardrequeststhesupportofourshareholdersforthecompensationofournamedexecutiveofficersasdisclosedinthis Proxy Statement. Accordingly, our Board unanimously recommends that shareholders vote in favor of the followingresolution:

“RESOLVED, that Schneider’s shareholders approve, on an advisory basis, the compensation of the named executiveofficers as disclosed in Schneider’s Proxy Statement for the 2020 Annual Meeting of Shareholders pursuant to thecompensationdisclosurerulesoftheSecuritiesandExchangeCommission,includingtheCompensationDiscussionandAnalysis,theSummaryCompensationTable,andtheotherrelatedtablesanddisclosures.”

Thevotescast“for”thisproposalmustexceedthevotescast“against”thisproposalforittobeapproved.Forpurposesofdeterminingthevoteregardingthisproposal, abstentionsandbrokernon-votesdonotconstituteavote“for” or“against”theproposalandwillbedisregardedinthecalculationof“votescast.”

Thisvoteisadvisoryand,therefore, not bindingonus, theBoardortheCompensationCommittee. However, theBoardandtheCompensationCommitteevaluestheopinionsofourshareholdersand,totheextentthereisanysignificantvoteagainstthenamedexecutiveofficers’compensationasdisclosedinthisProxyStatement, weconsiderourshareholders’concernsandtheCompensationCommitteewillevaluatewhetheranyactionsarenecessarytoaddressthoseconcerns.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” THEAPPROVAL OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS ASDISCLOSED IN THIS PROXY STATEMENT (PROPOSAL 3).

62

TABLE OF CONTENTS

INFORMATION REGARDING BENEFICIALOWNERSHIP OF PRINCIPAL SHAREHOLDERS,THE BOARD AND MANAGEMENTThefollowingtablesetsforthinformation,basedondataprovidedtous,withrespecttobeneficialownershipofsharesofourClassAandClassBcommonstockasofFebruary18,2020for(1)eachpersonknownbyustoownbeneficiallymorethanfivepercentoftheoutstandingsharesofeitherclassofcommonstock(otherthancurrentdirectorsornominees),(2)eachofourdirectorsandnomineesforelectionasdirectors,(3)thenamedexecutiveofficers,and(4)allofourdirectors,nomineesandexecutiveofficersasagroup.

BeneficialownershipforpurposesofthefollowingtableisdeterminedinaccordancewiththerulesandregulationsoftheSEC.Theserulesgenerallyprovidethatapersonisthebeneficialownerofsecuritiesif theyhaveorsharethepowertovoteor direct thevotingthereof, or todisposeordirect thedispositionthereof, or havetheright toacquiresuchpowerswithin60days.Accordingly,thefollowingtabledoesnotincludeoptionstopurchasesharesofourcommonstockthatarenotexercisablewithinthenext60days.Toourknowledge,exceptasindicatedinthefootnotestothistableandpursuanttoapplicablecommunitypropertylaws,thepersonsnamedinthetablehavesolevotingandinvestmentpowerwithrespecttoallsharesofClassAorClassBcommonstock.Unlessotherwiseindicated,theaddressofeachbeneficialownerlistedin the table below is c/o Schneider National, Inc. 3101 South Packerland Dr., Green Bay, WI 54313. Percentage ofbeneficialownershipisbasedon83,029,500sharesofClassAcommonstockand94,090,966sharesofClassBcommonstockoutstandingasofFebruary18,2020.

Class A Common Stock(1) Class B Common Stock(2)

Name of Beneficial Owner

Number of Shares and Nature of Beneficial

Ownership(3) % of Class

Number of Shares and Nature of

Beneficial Ownership(3)

% of Class

Holders of More Than 5%: JoanD.Klimpel(4) 83,029,500 100.0% 30,999,867 32.95%ThereseA.Koller(5) 16,605,900 20.0% 5,779,669 6.14%ThomasA.Gannon(6) 8,713,364 9.26%ThomasJ.Schneider(7) 16,605,900 20.0% 4,630,370 4.92%SchneiderNational,Inc. VotingTrust(8) 83,029,500 100.0% – –

63

TABLE OF CONTENTS

Class A Common Stock(1) Class B Common Stock(2)

Name of Beneficial Owner

Number of Shares and Nature of Beneficial

Ownership(3) % of Class

Number of Shares and Nature of

Beneficial Ownership(3)

% of Class

Directors and Nominees (Non-Officers): MaryP.DePrey(10) 16,605,900 20.0% 3,035,180 3.23%JamesR.Giertz(11) – – 20,256 *AdamP.Godfrey(11) – – 624,278 *RobertW.Grubbs(11) – – 304,422 *NormanE.Johnson(11) – – 579,254 *RobertM.Knight,Jr. – – – –PaulJ.Schneider(12) 16,605,900 20.0% 1,863,144 1.98%JohnA.Swainson – – 5,956 *DanielJ.Sullivan(11) – – 477,342 *JamesL.Welch(11) – – 11,428 *KathleenM.Zimmermann(13) 16,605,900 20.0% 2,832,223

Named Executive Officers: MarkB.Rourke – – 703,481 *StephenBruffett – – 66,732 *DavidL.Geyer – – 301,247 *ShaleenDevgun – – 168,399 *RobertM.Reich – – 90,123 *ChristopherB.Lofgren – – 626,522 *AllDirectors,NomineesandExecutiveOfficersasaGroup(17persons) 49,817,700 60.0% 11,709,987 12.42%

* Lessthan1%.

(1) ClassA(10votespershare).TheSchneiderNational,Inc.VotingTrustistherecordholderofallsharesofClassAcommonstock.

(2) ClassB(1votepershare).

(3) Except as indicated below, all persons have represented to us that they exercise sole voting power and sole investment power withrespect to their shares. For our executive officers, the Class B common stock amounts include the following shares subject to stockoptionsvestingwithin60daysofFebruary18,2020:ForMr.Rourke,40,773shares;forMr.Bruffett,15,344shares;forMr.Geyer,6,707shares;forMr.Mr.Devgun,8,520shares;forMr.Reich,3,677shares;forDr.Lofgren48,496shares;andforourdirectors,nomineesandexecutiveofficersasagroup,123,517shares.

(4) Consistsof(i)83,029,500ClassAsharesheldintrustforthebenefitofmembersoftheSchneiderfamilyforwhichMs.Klimpelservesasco-trustee, over which Ms. Klimpel has shared voting and dispositive power, subject to the terms of the Voting Trust, (ii) 16,710,915ClassBsharesheldintrustforthebenefitofmembersoftheSchneiderfamilyforwhichMs.Klimpelservesasco-trustee,overwhichMs.Klimpelhassharedvotinganddispositivepower,and(iii)14,288,952ClassBsharesheldintrustforthebenefitofmembersoftheSchneiderfamilyforwhichMs.Klimpelservesassoletrustee,overwhichshehassolevotinganddispositivepower.TheClassAsharesarerepresentedbytrustcertificatesissuedbytheVotingTrust.Ms.Klimpel’saddressisc/oGodfreyandKahn,833EastMichiganSt.,Suite1800,Milwaukee,WI53202.

(5) Consistsof(i)16,605,900ClassAsharesheldintrustsforthebenefitofMs.KollerandherdescendantsforwhichMs.Kollerservesasco-trusteewithMs.Klimpel,overwhichMs.Kollerhassharedvotinganddispositivepower,subjecttothetermsoftheVotingTrust,(ii)3,029,320ClassBsharesheldintrustsforthebenefitofMs.KollerandherdescendantsforwhichMs.Kollerservesasco-trusteewithMs.Klimpel, overwhichMs.Kollerhassharedvotinganddispositivepower,(iii) 1,558,479ClassBshareshelddirectlybyMs.Koller,overwhichMs.Kollerhassolevotinganddispositivepower,and(iv)1,191,870ClassBsharesheldintrustforthebenefitofMs.Koller’schildrenfor whichMs.Koller servesassoletrustee, overwhichshehassolevotinganddispositivepower. Ms.Koller’sinterest intheClassAsharesisrepresentedbytrustcertificatesissuedbytheVotingTrust.

(6) Consistsof(i)7,989,390ClassBsharesheldbytrustsforthebenefitofmembersoftheSchneiderfamilyforwhichMr.Gannonservesasco-trustee,overwhichhehassharedvotinganddispositivepowerand

64

TABLE OF CONTENTS

(ii)723,974ClassBshareshelddirectlybyMr.Gannon(160,000sharesofwhicharepledgedassecuritytoafinancialinstitution)andhisspouse,overwhichheandhisspousehavesolevotinganddispositivepower(subjectinthecaseofthepledgedsharestothetermsofthepledge).

(7) Consistsof (i) 16,605,900ClassAsharesheldintrustsforthebenefit of Mr. SchneiderandhisdescendantsforwhichMr.Schneiderservesasco-trusteewithMs. Klimpel, over whichMr. Schneider hassharedvotinganddispositive power, subject tothetermsof theVotingTrust,(ii)1,449,320ClassBsharesheldintrustsforthebenefitofMr.SchneiderandhisdescendantsforwhichMr.Schneiderservesasco-trusteewithMs.Klimpel, overwhichMr. Schneider hassharedvotinganddispositivepower, and(iii) 3,181,050ClassBshareshelddirectlybyMr.Schneider, overwhichMr.Schneiderhassolevotinganddispositivepower.Mr.Schneider’sinterestintheClassAsharesisrepresentedbytrustcertificatesissuedbytheVotingTrust.

(8) ConsistsofClassAsharesoverwhichthemembersoftheCorporateGovernanceCommittee,whoserveasthetrusteesoftheVotingTrust, havesharedvotingpowerwiththetrusteesofthetrustswhichhavedepositedsuchsharesintotheVotingTrust, subject tothetermsoftheVotingTrust.

(10) Consistsof(i)16,605,900ClassAsharesheldintrustsforthebenefitofMs.DePreyandherdescendantsforwhichMs.DePreyservesasco-trusteewithMs.Klimpel,overwhichMs.DePreyhassharedvotinganddispositivepower,subjecttothetermsoftheVotingTrust,(ii)807,100ClassBsharesheldintrustsforthebenefitofMs.DePreyandherdescendantsforwhichMs.DePreyservesasco-trusteewithMs.Klimpel, overwhichMs.DePreyhassharedvotinganddispositivepower, (iii) 1,161,640ClassBshareshelddirectly byMs.DePrey,overwhichMs.DePreyhassolevotinganddispositivepower,and(iv)936,770ClassBsharesheldintrustforthebenefitofMs.DePrey’s children for which Ms. DePrey serves as sole trustee, over which she has sole voting and dispositive power. Ms. DePrey’sinterestintheClassAsharesisrepresentedbytrustcertificatesissuedbytheVotingTrust.

(11) ExcludesClassAsharessubjecttothetermsoftheVotingTrust.

(12) Consistsof (i) 16,605,900ClassAsharesheldintrustsforthebenefit of Mr. SchneiderandhisdescendantsforwhichMr.Schneiderservesasco-trusteewithMs. Klimpel, over whichMr. Schneider hassharedvotinganddispositive power, subject tothetermsof theVotingTrust,(ii)1,366,320ClassBsharesheldintrustsforthebenefitofMr.SchneiderandhisdescendantsforwhichMr.Schneiderserves as co-trustee with Ms. Klimpel, over which Mr. Schneider has shared voting and dispositive power, and (iii) 496,824 Class BshareshelddirectlybyMr.Schneider, overwhichMr.Schneiderhassolevotinganddispositivepower.Mr.Schneider’sinterestintheClassAsharesisrepresentedbytrustcertificatesissuedbytheVotingTrust.

(13) Consists of (i) 16,605,900 Class A shares held in trusts for the benefit of Ms. Zimmermann and her descendants for which Ms.Zimmermannservesasco-trusteewithMs.Klimpel,overwhichMs.Zimmermannhassharedvotinganddispositivepower,subjecttothetermsoftheVotingTrust,(ii)2,445,095ClassBsharesheldintrustsforthebenefitofMs.ZimmermannandherdescendantsforwhichMs.Zimmermannservesasco-trusteewithMs.Klimpel,overwhichMs.Zimmermannhassharedvotinganddispositivepower,and(iii)631,478 Class B shares held directly by Ms. Zimmermann and her spouse, over which Ms. Zimmermann and her spouse have solevotinganddispositivepower.Ms.Zimmermann‘sinterestintheClassAsharesisrepresentedbytrustcertificatesissuedbytheVotingTrust.

65

TABLE OF CONTENTS

Voting TrustThe Voting Trust holds all of the outstanding shares of Class A common stock and is governed by the Amended andRestated 1995 Schneider National, Inc. Voting Trust Agreement and Voting Agreement (the “Voting Trust Agreement”).TheVotingTrusteesaretheindependentmembersoftheCorporateGovernanceCommitteewhoarenotSchneiderfamilymembers (currently NormanE. Johnson, JamesR. Giertz, AdamP. Godfrey, Robert W. Grubbs, Daniel J. SullivanandJamesL. Welch). In exchangefor shares of Class Acommonstock transferred to theVoting Trust by Schneider familytrusts,theVotingTrusteesissuedtrustcertificatesevidencingsharesofbeneficialinterestintheVotingTrustequaltothenumberofsharesofClassAcommonstocktransferredtotheVotingTrust.

TheVotingTrusteesdonothaveanyeconomicrightsorinvestmentpowerwithrespecttothesharesofClassAcommonstock transferred to the Voting Trust; their rights consist of voting rights. Under the Voting Trust Agreement, the VotingTrust exercises all voting power with respect to the shares of Class A common stock held by the Voting Trust. Unlessotherwise prescribed by the Voting Trust Agreement, the Voting Trustees must act by majority consent in exercising allvoting power with respect to the shares of Class A common stock subject to the Voting Trust. However, if there is avacancy, theVotingTrusteesmustact byunanimousconsent. Onvoteswithrespect to“Major Transactions” (describedbelow)theVotingTrusteesmusttakedirectionfromtheholdersoftrustcertificates,votinginthesameproportionasthevoteoftheholdersoftrustcertificates.Asaresult,thevoteonanyMajorTransactionswillnotbecontrolledbytheVotingTrust, but instead will be controlled by certain trusts for the benefit of the Schneider family members holding the trustcertificatesissuedbytheVotingTrust.OurAmendedandRestatedBylawsdefinea“MajorTransaction”asanyoneofthefollowing:(1)anytransactiontowhichwearepartythatresultsin,orwouldresultin,morethan40%ofthevotingpowerofouroutstandingsharesofstockbeingheldcollectivelybypersonswhoarenotmembersoftheSchneiderfamily,(2)thesaleofallorsubstantiallyallofourassets,(3)ourdissolutionorliquidation,(4)changingthelocationofourheadquartersfromGreenBay,Wisconsintoadifferentlocation,(5)theremovalofthename“Schneider”fromourlegaland/orbusinessnameor(6)changingourofficialcolorfromorange.

TheVotingTrustalsorequirestheVotingTrusteestovoteall sharesofcapitalstockoftheCompanyheldbytheVotingTrust entitled to vote in the election of directors of the Company to elect as director in favor of: (1) each eligible familymember (as defined in the Voting Trust Agreement) whohas beennominated in accordance with the Schneider FamilyBoardNominationProcessAgreement;(2)theChiefExecutiveOfficer;and(iii)eachofuptofifteenindividualswhoarenoteligiblefamilymembers,lessthenumberofindividualselectedpursuantto(1)and(2).

TheVotingTrustAgreementwillautomaticallyterminateupon:

• anyofthefollowingMajorTransactions:(1)anytransactiontowhichwearepartythatresultsin,orwouldresultin,morethan40%ofthevotingpowerofouroutstandingsharesofstockbeingheldcollectivelybypersonswhoarenot members of theSchneider family, (2) thesale of all or substantially all of our assets or (3) our dissolution orliquidation;

• theaffirmativevoteofholdersoftrustcertificatesthenholdingatleast80%ofthesharesofbeneficialinterestintheVotingTrustortheunanimousagreementofthetrusteesoftheVotingTrusttoterminatetheVotingTrustwithin180daysaftertheissuanceofourfinancialstatementsforanyfiscalyearasoftheendofwhichthebookvalueoftheCompanyplusanydistributionsislessthantwo-thirdsofthebookvalueoftheCompanyasoftheendofanyofthefivefiscalyearsoftheCompanyprecedingsuchfiscalyear;or

• thetimeatwhichtheoutstandingsharesofClassBcommonstockrepresentmorethan40%ofthevotingpowerofthecapitalstockoftheCompanyentitledtovotegenerallyintheelectionofdirectors.

66

TABLE OF CONTENTS

DELINQUENT SECTION 16(a) REPORTSSection16(a)oftheExchangeAct,requiresourdirectors,executiveofficers,principalaccountingofficerandpersonswhobeneficially own more than 10% of our Common Stock to file with the SEC initial reports of ownership and reports ofchangesinbeneficialownershipofCommonStockandotherequitysecuritiesoftheCompany.WeassistourdirectorsandofficersbymonitoringtransactionsandcompletingandfilingSection16reportsontheirbehalf.BasedsolelyonareviewofthecopiesofSection16reportsinourpossessionandonwrittenrepresentationsfromreportingpersons,webelievethatduring 2019 all required reports for our directors, executive officers, principal accounting officer and persons whobeneficiallyownmorethan10%ofourCommonStockwerefiledonatimelybasis,exceptthat:(i)individuallateForm4swerefiledfor eachof Messrs. Lofgren, Rourke, Devgun,Bruffett andStevenJ. MatheysonFebruary28,2019toreportequityawardsgrantedonFebruary15,2019,witheachoftheseForm4srelatedtotwotransactions;(ii)alateForm4wasfiledforAmyG.SchillingonMarch18,2019toreportasingleequityawardgrantedonFebruary15,2019;(iii)individuallateForm4swerefiledforeachofMessrs.GodfreyandJohnsononOctober9,2019toreportfullyvestedsharesreceivedinlieuofcashretainersonOctober1,2019;(iv)individuallateForm4swerefiledforeachofMessrs.GrubbsandSullivanonOctober9,2019toreportfullyvesteddeferredshareunitsreceivedinlieuofcashretainersonOctober1,2019;and(v)alateForm4wasfiledforMr.StephenL.BruffettonMarch2,2020toreportthreetransactionsrepresentingacquisitionsofSchneidersharespursuanttoanautomaticdividendreinvestmentplanimplementedinhisbrokerageaccount.

SHAREHOLDER PROPOSALS FOR OUR 2021ANNUAL MEETINGThe submission deadline for shareholder proposals to be included in our proxy materials for the 2021 annual meetingpursuanttoRule14a-8undertheExchangeActisNovember12,2020,exceptasmayotherwisebeprovidedinRule14a-8undertheExchangeAct.AllsuchproposalsmustbereceivedbytheCorporateSecretaryat3101SouthPackerlandDrive,GreenBay,WI54313bytherequireddeadlinetobeconsideredforinclusionintheCompany’s2020proxymaterials.

ADVANCE NOTICE PROCEDURES FOR OUR2021 ANNUAL MEETINGUnder our Bylaws, director nominations and other business may be brought at the annual meeting only by or at thedirectionoftheBoardorbyashareholderof recordentitledtovotewhohascompliedwiththenoticeproceduresinourBylaws.Tobringaproposalbeforeanannualmeeting,ashareholdermustdelivertimelynoticeofaproposalpertainingtoapropersubject for presentment at themeeting, andthenoticemust beaccompaniedwithinformationdescribedinourBylaws.Tobetimely,theshareholdergenerallymustdelivernoticenolaterthanthecloseofbusinessonthe90thdaypriorto, and not earlier than the close of business on the 120thday in advance of, the anniversary of the annual meeting ofshareholdersheldintheprioryear.Accordingly,anynoticefornominatingdirectorsat,orbringingotherbusinessbefore,the2021annualmeetingmustbesubmittednoearlierthanDecember28,2020andnolaterthanJanuary27,2021(unlessthedateofthemeetingischangedbymorethan30days). ThenoticemustbesenttoourCorporateSecretaryat3101SouthPackerlandDrive,Green

67

TABLE OF CONTENTS

Bay,WI54313.AcopyofthefulltextoftheBylawprovisionsdiscussedabovemaybeobtainedbywritingtotheCorporateSecretary.IftheshareholderdoesnotalsocomplywiththerequirementsofRule14a-4undertheExchangeAct,wemayexercisediscretionaryvotingauthorityunderproxieswesolicittovoteinaccordancewithourbestjudgmentonanysuchnominationorotherbusinesssubmittedbyashareholder.

OTHER BUSINESSTheBoardknowsofnootherbusinesstobeacteduponatthemeeting.However,if anyotherbusinessproperlycomesbefore the meeting or any adjournment or postponement, it is the intention of the proxy holders named in theaccompanyingproxycardtovotethesharesrepresentedtherebyonthosemattersinaccordancewiththeirbestjudgment.

FORM 10-KA copy of our Annual Report on Form 10-K will be sent without charge to any shareholder who requests it in writing,addressedto:SchneiderNational,Inc.,Attn:InvestorRelations,3101SouthPackerlandDrive,GreenBay,WI54313.OurAnnualReportonForm10-KmayalsobeobtainedviatheInternetathttps://investors.schneider.com.

INCORPORATION BY REFERENCETotheextentthatthisProxyStatementisincorporatedbyreferenceintoanyotherfilingbyusundertheSecuritiesActof1933, as amended, or the Exchange Act, the sections of this Proxy Statement entitled “Audit Committee Report” and“CompensationCommitteeReport”(totheextentpermittedbytherulesoftheSEC),aswellasanyexhibitstothisProxyStatement,willnotbedeemedincorporated,unlessspecificallyprovidedotherwiseinsuchfiling.

Dated:March12,2020GreenBay,Wisconsin

68

TABLE OF CONTENTS

 

TABLE OF CONTENTS