Document:

EX-10.2

 Exhibit 10.2 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

This Amendment No. 1 to Credit Agreement, dated as of January 5, 2018 (this “Agreement”) is among Andeavor
Logistics LP, a Delaware limited partnership (the “Borrower”), certain Subsidiaries of the Borrower party hereto (the “Guarantors”), the undersigned Lenders (as defined below), and Bank of America, N.A., as
Administrative Agent (in such capacity, the “Administrative Agent”). 
 INTRODUCTION 

A. The Borrower, the financial institutions party thereto as Lenders (the “Lenders”), and the Administrative Agent have
entered into that certain Credit Agreement dated as of January 29, 2016 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”). 

B. The Borrower has requested, and the Lenders and the Administrative Agent have agreed, to amend the Credit Agreement as set forth herein,
subject to the terms and conditions set forth herein. 
 THEREFORE, in fulfillment of the foregoing, the Borrower, the Guarantors, the
Administrative Agent, and the Lenders hereby agree as follows: 
 Section 1. Definitions; References. Unless otherwise defined
in this Agreement, each term used in this Agreement which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. 

Section 2. Amendment of Credit Agreement. 

(a) Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of “Applicable Secured Indebtedness” in
its entirety. 
 (b) Section 1.01 of the Credit Agreement is hereby further amended by replacing the definition of “Fee
Letters” in its entirety with the following: 
 “Fee Letters” means (a) the fee letter agreement,
dated December 22, 2015, among the Borrower, the Administrative Agent and the Arrangers, (b) the fee letter agreement, dated December 22, 2015, among the Borrower, the Administrative Agent and MLPFS and (c) the fee letter
agreement, dated December 20, 2017, among the Borrower, the Administrative Agent and MLPFS. 
 (c) Section 1.01 of the Credit
Agreement is hereby further amended by inserting the following new definitions in the appropriate alphabetical order: 

“Amendment No. 1 Effective Date” means January 5, 2018. 

 “Benefit Plan” means any of (a) an “employee benefit
plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for
purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“MLPFS” means Merrill Lynch, Pierce, Fenner & Smith Incorporated. 

“Permitted Facility Indebtedness” means the Indebtedness permitted pursuant to
Section 7.02(c). 
 “PTE” means a prohibited transaction class exemption issued by
the U.S. Department of Labor, as any such exemption may be amended from time to time. 
 (d) Section 2.14 of the Credit Agreement is
hereby amended by replacing clause (a) in its entirety with the following: 
 (a) Request for Increase. Provided
there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may from time to time, request increases in the Aggregate Commitments; provided that (i) any such request for an
increase shall be in a minimum amount of $50,000,000 and (ii) no such increase shall be permitted if, after giving effect thereto, the Aggregate Commitments would exceed an amount that, when added to the principal amount of all other Permitted
Facility Indebtedness (including undrawn commitments therefor) exceeds $2,600,000,000. At the time of sending such notice to the Administrative Agent, the Borrower (in consultation with the Administrative Agent) shall specify the time period within
which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). 

(e) Section 2.14 of the Credit Agreement is hereby further amended by replacing clause (e)(C) in its entirety with the following: 

(C) giving effect to such increase and any contemporaneous increase of any other Permitted Facility Indebtedness, the aggregate
amount of Permitted Facility Indebtedness (including undrawn commitments therefor) is less than or equal to $2,600,000,000. 
 (f) Section
5.12 of the Credit Agreement is hereby amended by inserting the following sentence at the end thereof: 
 The Borrower
represents and warrants as of the Amendment No. 1 Effective Date that the Borrower is not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by
Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments. 

  
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 (g) Section 6.02(j) of the Credit Agreement is hereby amended by replacing the reference
to “Applicable Secured Indebtedness” with a reference to “Permitted Facility Indebtedness”. 
 (h) Section 6.12 of
the Credit Agreement is hereby amended by inserting the phrase “prior to the Investment Grade Rating Date,” at the beginning of clause (a)(ii) thereof. 

(i) Section 7.02(c) of the Credit Agreement is hereby amended by replacing it with the following: 

(c) Indebtedness under the Loan Documents and the Revolving Loan Documents in an aggregate principal amount not to exceed
$2,600,000,000. 
 (j) The Credit Agreement is hereby amended by inserting the following new Section 9.13 in the
appropriate numerical order: 
 Section 9.13 ERISA Representations. (a) Each Lender (x) represents and warrants, as of
the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the
Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101,
as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for
certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank
collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such
Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the
Commitments and this 

  
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Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender. 
 (b) In addition, unless sub-clause (i) in the immediately preceding clause
(a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender
further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the
benefit of, the Administrative Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that: 

(i) none of the Administrative Agent, the Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such
Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto), 

(ii) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment
adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E), 

(iii) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including in
respect of the Obligations), 

  
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 (iv) the Person making the investment decision on behalf of such Lender with respect to the
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the
Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and 
 (v) no
fee or other compensation is being paid directly to the Administrative Agent, the Arrangers or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments
or this Agreement. 
 (c) The Administrative Agent and the Arrangers hereby inform the Lenders that each such Person is not undertaking to
provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an
Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments
for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan
Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees,
letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

(k) Section 10.06 of the Credit Agreement is hereby amended by inserting the following new clause (g) in the appropriate
alphabetical order: 
 (g) Assignment by MLPFS. The parties hereby agree that MLPFS may, without notice to the
Borrower, assign its rights and obligations under this Agreement to any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its
subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement. 

Section 3. Representations and Warranties. Each of the Borrower and the Guarantors represents and warrants to the Administrative
Agent, and the Lenders that (a) the execution, delivery, and performance of this Agreement by the Borrower and the Guarantors are within the 

  
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corporate or equivalent power and authority of the Borrower and the Guarantors and have been duly authorized by all necessary corporate or other organizational action, (b) this Agreement and
the Credit Agreement as amended hereby constitute legal, valid, and binding obligations of the Borrower and the Guarantors, enforceable against the Borrower and the Guarantors in accordance with their terms, except as such enforceability may be
limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally or by general principles of equity, (c) the representations and warranties of the Borrower and the
Guarantors contained in each Loan Document are true and correct in all material respects (except for such representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all
respects) on and as of the date of this Agreement, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except for such
representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all respects) as of such earlier date, and except that for purposes of this Section 3(c),
the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement are deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit
Agreement, respectively, and (d) no Default exists or will result from this Agreement. 
 Section 4. Effectiveness. This
Agreement shall become effective as of the date hereof upon the occurrence of all of the following: 
 (a) Documentation. The
Administrative Agent (or its counsel) shall have received: 
 (i) this Agreement, duly and validly executed by the General
Partner of the Borrower and by a Responsible Officer of each Guarantor (or the general partner of such Guarantor, as applicable), and the Lenders; and 

(ii) evidence that the Amendment No. 1 to the Revolving Credit Agreement shall become effective substantially concurrently
with the closing of this Agreement. 
 (b) Fees and Expenses. The Borrower shall have paid all costs, expenses, and fees which have
been invoiced and are payable pursuant to Section 10.04 of the Credit Agreement. 
 Section 5. Lender
Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on the financial statements referred to in Section 6.01 of the Credit
Agreement and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and to agree to the various matters set forth herein. Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Credit Agreement. 

  
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 Section 6. Effect on Loan Documents. Except as amended herein, the Credit Agreement
and the other Loan Documents remain in full force and effect as originally executed and are hereby in all respects ratified and confirmed, and nothing herein shall act as a waiver of any of the Administrative Agent’s or the Lenders’ rights
under the Loan Documents, as amended. On and after the effectiveness of this Agreement, any reference to the Credit Agreement in any Loan Document shall be deemed to be a reference to the Credit Agreement as amended by this Agreement. This Agreement
is a Loan Document for the purposes of the provisions of the other Loan Documents. Without limiting the foregoing, any breach of representations, warranties, and covenants under this Agreement may be a Default or Event of Default under the other
Loan Documents. 
 Section 7. Reaffirmation of Guaranty. By its signature hereto, each Guarantor represents and warrants that
such Guarantor has no defense to the enforcement of the Guaranty, and that according to its terms the Guaranty will continue in full force and effect to guaranty the Borrower’s obligations under the Credit Agreement and the other amounts
described in the Guaranty following the execution of this Agreement. 
 Section 8. Choice of Law. This Agreement and any claims,
controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby shall be governed by, and construed in accordance with, the law of
the State of New York. 
 Section 9. Counterparts. This Agreement may be executed in counterparts (and by different parties
hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in
electronic (i.e., “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 10. Miscellaneous. The miscellaneous provisions set forth in Article X of the Credit Agreement apply to this
Agreement. 
 THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS DEFINED IN THE CREDIT AGREEMENT, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[The remainder of this page has been left blank intentionally.] 

  
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 EXECUTED as of the date first set forth above. 

 

			
	ANDEAVOR LOGISTICS LP
		
	By:	 	TESORO LOGISTICS GP, LLC,
		 	        its general partner
		
	By:	 	 /s/ Stephan E. Tompsett

		 	Stephan E. Tompsett
		 	Vice President and Treasurer
	
	ANDEAVOR FIELD SERVICES LLC
	ANDEAVOR GATHERING I LLC
	 ANDEAVOR MIDSTREAM PARTNERS GP LLC

	 ANDEAVOR MIDSTREAM PARTNERS OPERATING LLC

	 GREEN RIVER PROCESSING, LLC

	 RENDEZVOUS PIPELINE COMPANY, LLC

	 TESORO ALASKA PIPELINE COMPANY LLC

	 TESORO ALASKA TERMINALS LLC

	 TESORO HIGH PLAINS PIPELINE COMPANY LLC

	 TESORO LOGISTICS FINANCE CORP.

	 TESORO LOGISTICS NORTHWEST PIPELINE LLC

	 TESORO LOGISTICS OPERATIONS LLC

	 TESORO LOGISTICS PIPELINES LLC

	 TESORO SOCAL PIPELINE COMPANY LLC

	 WESTERN REFINING PIPELINE, LLC

	 WESTERN REFINING PRODUCT TRANSPORT, LLC

	 WESTERN REFINING TERMINALS, LLC

	 WESTERN REFINING WHOLESALE, LLC

	 WNRL ENERGY, LLC

	 WNRL ENERGY GP, LLC

	 WNRL FINANCE CORP.

		
	By:	 	 /s/ Stephan E. Tompsett

		 	Stephan E. Tompsett
		 	Vice President and Treasurer

 
			
	ANDEAVOR MIDSTREAM PARTNERS LP
		
	By:	 	 ANDEAVOR MIDSTREAM PARTNERS

    GP LLC, its general partner

		
	By:	 	 /s/ Stephan E. Tompsett

		 	Stephan E. Tompsett
		 	Vice President and Treasurer
	
	WESTERN REFINING LOGISTICS, LP
		
	By:	 	 WESTERN REFINING LOGISTICS GP,

    LLC, its general partner

		
	By:	 	 /s/ Stephan E. Tompsett

		 	Stephan E. Tompsett
		 	Vice President and Treasurer

 
			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	/s/ Darlene R. DiGrazia
	Name:	 	Darlene R. DiGrazia
	Title:	 	Vice President

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Greg M. Hall

		 	Greg M. Hall
		 	Vice President

 
			
	Barclays Bank PLC, as a Lender
		
	By:	 	/s/ Sydney Dennis
	Name:	 	Sydney Dennis
	Title:	 	Director

 
			
	Citibank, N.A., as a Lender
		
	By:	 	/s/ Tariq Masuad
	Name:	 	Tariq Masuad
	Title:	 	Vice President

 
			
	JPMorgan Chase Bank, N.A., as a Lender
		
	By:	 	/s/ Jeffrey C. Miller
	Name:	 	Jeffrey C. Miller
	Title:	 	Vice President

 
			
	Wells Fargo Bank, N.A., as a Lender
		
	By:	 	/s/ Borden Tennant
	Name:	 	Borden Tennant
	Title:	 	Vice President

 
			
	Deutsche Bank AG, New York Branch, as a Lender
		
	By:	 	/s/ Anca Trifan
	Name:	 	Anca Trifan
	Title:	 	Managing Director
		
	By:	 	/s/ Markus Tarkington
	Name:	 	Markus Tarkington
	Title:	 	Director

 
			
	Goldman Sachs Bank USA, as a Lender
		
	By:	 	/s/ Josh Rosenthal
	Name:	 	Josh Rosenthal
	Title:	 	Authorized Signatory

 
			
	Mizuho Bank, Ltd., as a Lender
		
	By:	 	/s/ Leon Mo
	Name:	 	Leon Mo
	Title:	 	Authorized Signatory

 
			
	The Bank of Tokyo Mitsubishi UFJ, as a Lender
		
	By:	 	/s/ Anastasiya Haurylenia
	Name:	 	Anastasiya Haurylenia
	Title:	 	Vice President

 
			
	Toronto Dominion (Texas) LLC, as a Lender
		
	By:	 	/s/ Annie Dorval
	Name:	 	Annie Dorval
	Title:	 	Authorized Signatory

 
			
	UBS AG, Stamford Branch, as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	Compass Bank, as a Lender
		
	By:	 	/s/ Deanna Breland
	Name:	 	Deanna Breland
	Title:	 	Managing Director

 
			
	BNP Paribas, as a Lender
		
	By:	 	/s/ Joe Onischuk
	Name:	 	Joe Onischuk
	Title:	 	Managing Director
		
	By:	 	/s/ Mark Renaud
	Name:	 	Mark Renaud
	Title:	 	Managing Director

 
			
	Credit Suisse AG, Cayman Islands Branch, as a Lender
		
	By:	 	/s/ Mikhail Faybusovich
	Name:	 	Mikhail Faybusovich
	Title:	 	Authorized Signatory
		
	By:	 	/s/ Shyam Kapadia
	Name:	 	Shyam Kapadia
	Title:	 	Authorized Signatory

 
			
	Royal Bank of Canada, as a Lender
		
	By:	 	/s/ Jason S. York
	Name:	 	Jason S. York
	Title:	 	Authorized Signatory

 
			
	SunTrust Bank, as a Lender
		
	By:	 	/s/ Chulley Bogle
	Name:	 	Chulley Bogle
	Title:	 	Vice President

 
			
	U.S. Bank National Association, as a Lender
		
	By:	 	/s/ Mark Salierno
	Name:	 	Mark Salierno
	Title:	 	Vice President

 
			
	ABN AMRO Capital USA LLC, as a Lender
		
	By:	 	/s/ Darrell Holley
	Name:	 	Darrell Holley
	Title:	 	Managing Director
		
	By:	 	/s/ Kaylan Hopson
	Name:	 	Kaylan Hopson
	Title:	 	Vice President

 
			
	Frost Bank, a Texas state bank, as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	PNC Bank, National Association, as a Lender
		
	By:	 	/s/ Sean Piper
	Name:	 	Sean Piper
	Title:	 	AVP

 
			
	Sumitomo Mitsui Banking Corp., as a Lender
		
	By:	 	/s/ Katsuyuki Kubo
	Name:	 	Katsuyuki Kubo
	Title:	 	Managing Director

 
			
	Raymond James Bank, N.A., as a Lender
		
	By:	 	  

	Name:	 	  

	Title:Exhibit 10.3

 

Terms of Performance Based Restricted Stock
Award under

Hub Group, Inc. 2017 Long-Term Incentive Plan

 

Hub Group, Inc. (the “Company”)
has granted the Participant a Full Value Award under the Hub Group, Inc. 2017 Long-Term Incentive Plan (the "Plan")
in the form of performance-based restricted stock. This Performance-Based Restricted Stock Award shall be subject to the following
Performance-Based Restricted Stock Award Terms (“Terms”) (sometimes referred to herein as the “Award Agreement”):

 

1.                 
Terms of Award. The following words and phrases used in the Performance-Based Restricted Stock Award Terms
shall have the meanings set forth in this paragraph 1:

 

		(a)	The "Participant" is _______________________________.

 

		(b)	The "Grant Date" is  _______________________________.

 

		(c)	The number of "Performance Shares" shall be __________ shares of Class A Common Stock.

 

		(d)	The “Performance Period” shall begin on             ,
20     and end on             ,
20    .

 

		(e)	The “Measurement Date” shall mean the date on which the Compensation Committee (the “Committee”) certifies
the performance results for the Performance Period.

 

Other words and phrases used in the
Terms are defined elsewhere herein or the Plan.

 

2.                 
Performance-Based Restricted Shares. Subject to the terms and conditions of the Plan and this Award Agreement,
the Company hereby grants to the Participant a Full Value Award under the Plan in the form of Performance Shares that will become
vested in accordance with the terms of this Award Agreement.

 

3.                 
  Vesting of Performance Shares.

 

		(a)	General Rules. The number of Performance Shares that become vested in accordance with
this Award Agreement shall be referred to as “Vested Performance Shares”. Subject to the terms and conditions of this
Award Agreement and provided that the Participant’s Date of Termination has not occurred prior to the Measurement Date, as
of the Measurement Date the Performance Shares that shall become Vested Performance Shares shall be determined in accordance with
Appendix A hereto based on satisfaction of the Performance Measure (as set forth in Appendix A). The number of Performance
Shares that may become Vested Performance Shares shall be based on the level of satisfaction of the Performance Measure which may
not exceed 200% of the number of Performance Shares subject to this Award Agreement. Except as otherwise provided by the Committee
or this Award Agreement, if the Participant’s Date of Termination occurs for any reason prior to the Measurement Date, all
Performance Shares shall be forfeited, none of the Performance Shares shall become Vested Performance Shares, and the Participant
shall have no rights under or with respect thereto. 

 

		(b)	Special Rules for Date of Termination Occurring Prior to the Measurement Date; Change in Control.
Notwithstanding the provisions of paragraph 2(a) in the event that (i) the Participant’s Date of Termination occurs prior
to the Measurement Date due to the Participant’s death, Disability or Retirement, or (ii) a Change in Control occurs on or
before the expiration of the Performance Period, the Committee may determine that any portion of the Performance Shares shall become
Vested Performance Shares, with or without regard to satisfaction of the Performance Measure; provided, however, that in no event
shall the number of Vested Performance Shares exceed the maximum number permitted under the Plan or 200% of the number of Performance
Shares subject to this Award Agreement. 

    

     

    

4.                 
Determination of Award. As soon as possible after the end of the Performance Period, the Committee will certify
in writing what level of the Performance Measure has been met for the Performance Period and the number of Performance Shares that
shall become Vested Performance Shares.

 

5.                 
 Withholding. All deliveries and distributions pursuant to this Award Agreement are subject to withholding
of all applicable taxes. At the election of the Participant, and subject to such rules and limitations as may be established by
the Committee from time to time, such withholding obligations may be satisfied through the surrender of shares of Stock which the
Participant already owns, or to which the Participant is otherwise entitled under the Plan; provided, however, that such shares
may be used to satisfy not more than the Company's minimum statutory withholding obligation (based on minimum statutory withholding
rates for Federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income).

 

6.                 
 Transferability. Except as otherwise provided by the Committee, the Award (and the Performance Shares) may
not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date on which such shares become Vested Performance
Shares.

 

7.                 
Dividends. The Participant shall not be prevented from receiving dividends
and distributions paid on the Performance Shares merely because those shares are subject to the restrictions imposed by this Award
Agreement and the Plan; provided, however that no dividends or distributions shall be payable to or for the benefit of the Participant
with respect to record dates for such dividends or distributions for any Performance Shares occurring on or after the date, if
any, on which the Participant has forfeited those shares. Any dividends paid with respect to Performance Shares which remain subject
to the restrictions hereunder shall also be subject to the same restrictions and risk of forfeiture as the Performance Shares and
shall be withheld by the Company until such restrictions lapse, pursuant to the procedures as may be established by the Committee
from time to time, and upon the lapse of such restrictions, shall be paid on distributed within 60 days after the vesting date
of such dividends.

 

8.                 
Voting. The Participant shall not be prevented from voting the Performance
Shares merely because those shares are subject to the restrictions imposed by this Award Agreement and the Plan; provided, however,
that the Participant shall not be entitled to vote Performance Shares with respect to record dates for any Performance Shares occurring
on or after the date, if any, on which the Participant has forfeited those shares.

 

9.                 
Deposit of Restricted Stock Award. Each Performance Share awarded under
this Award Agreement shall be registered in the name of the Participant and shall, in the discretion of the Committee, be retained
by the Company or deposited in a bank designated by the Committee, until the restrictions lapse.

 

    

     

    

10.             
Heirs and Successors. This Award Agreement shall be binding upon, and inure to the benefit of, the Company
and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise,
all or substantially all of the Company's assets and business. If any benefits deliverable to the Participant under this Award
Agreement have not been delivered at the time of the Participant's death, such benefits shall be delivered to the Participant’s
Designated Beneficiary, in accordance with the provisions of this Award Agreement. The "Designated Beneficiary" shall
be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee in such form and at such
time as the Committee shall require. If a deceased Participant fails to designate a beneficiary, or if the Designated Beneficiary
does not survive the Participant, any rights that would have been exercisable by the Participant and any benefits distributable
to the Participant shall be distributed to the legal representative of the estate of the Participant. If a deceased Participant
designates a beneficiary and the Designated Beneficiary survives the Participant but dies before the complete distribution of
benefits to the Designated Beneficiary under this Award Agreement, then any benefits distributable to the Designated Beneficiary
shall be distributed to the legal representative of the estate of the Designated Beneficiary.

 

11.             
Administration. The authority to manage and control the operation and administration of this Award Agreement
shall be vested in the Committee, and the Committee shall have all powers with respect to this Award Agreement as it has with
respect to the Plan. Any interpretation of this Award Agreement by the Committee and any decision made by it with respect hereto
is final and binding on all persons.

 

12.             
Plan Governs. Notwithstanding anything in this Award Agreement to the contrary, this Award Agreement shall
be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the
Company; and this Award Agreement is subject to all interpretations, amendments, rules and regulations promulgated by the Committee
from time to time pursuant to the Plan.

 

13.             
Not An Employment Contract. The Award will not confer on the Participant
any right with respect to continuance of employment or other service with the Company or any Related Company, nor will it interfere
in any way with any right the Company or any Related Company would otherwise have to terminate or modify the terms of such Participant's
employment or other service at any time.

 

14.             
Notices. Any written notices provided for in this Award Agreement or the Plan shall be in writing and shall
be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail.
Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt.
Notices shall be directed, if to the Participant, at the Participant's address indicated by the Company's records, or if to the
Company, at the Company's principal executive office.

 

15.             
Fractional Shares. In lieu of issuing a fraction of a share, resulting from an adjustment of the Award pursuant
to the Plan or otherwise, the Company will be entitled to pay to the Participant an amount equal to the fair market value of such
fractional share.

 

16.             
Amendment. This Award Agreement may be amended in accordance with the provisions of the Plan, and may otherwise
be amended by written agreement of the Participant and the Company without the consent of any other person.

 

 

 

    

     

    

IN WITNESS WHEREOF, the Company has caused
these presents to be executed in its name and on its behalf, all as of the Grant Date.

 

 

 

	 		HUB GROUP, INC.

 

	By:		_________________________

 

	Its:		_________________________

 

 

    

     

    

Appendix A

 

Performance Measure(s) and Target(s) to
be Inserted—EXAMPLE

 

Calculation of Vested Performance
Shares

 

 

 

PERFORMANCE MEASURE

 

The Performance Measure shall be defined as _______________.

 

 

 

The number of Performance Shares granted under the Award Agreement
that will be Vested Performance Shares will be determined by multiplying the number of Performance Shares granted pursuant to the
Award Agreement by the applicable percentage set forth in the table below as determined as of the Measurement Date:  

 

 

 

	[Performance Measure]	Payout Percentage of Performance Measure
	 	 
	 	 
	 	 
	 	 

 

 

Percentages between points indicated above will be interpolated
on a sliding scale.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]