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Exhibit 10.16
The CORPORATEplan for
RetirementSM
EXECUTIVE Plan
Adoption Agreement
IMPORTANT NOTE
This document has not been approved by the Department of Labor, the Internal Revenue Service or any other governmental entity. An Adopting Employer must determine whether the plan is subject to the Federal securities laws and the securities laws of the various states. An Adopting Employer may not rely on this document to ensure any particular tax consequences or to ensure that the Plan is unfunded and maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees under the Employee Retirement Income Security Act with respect to the Employers particular situation. Fidelity Management Trust Company, its affiliates and employees cannot provide you with legal advice in connection with the execution of this document. This document should be reviewed by the Employers attorney prior to execution.
ADOPTION AGREEMENT
ARTICLE 1
1.01 PLAN INFORMATION
(a) Name of Plan:
This is the Hub Group, Inc. Non-Qualified Deferred Compensation Plan (the Plan).
(b) Name of Plan Administrator, if not the Employer:
Address:
Phone Number:
The Plan Administrator is the agent for service of legal process for the Plan.
(c) Plan Year End is December 31.
(d) Plan Status (check one):
(1) |X| Effective Date of new Plan: 1/1/2005
(2) |_| Amendment Effective Date:
The original effective date of the Plan:
1.02 EMPLOYER
(a) The Employer is: Hub Group, Inc.
Address: 3050 Highland Parkway, Suite 100
Downers Grove, IL 60515
Contact's Name: Brigitte Slaker
Telephone Number: (630) 271-3778
(1) Employers Tax Identification Number: 36-4007085
(2) Business form of Employer (check one):
| (A) | |X| Corporation (Other than a Subchapter S corporation) |
| (B) | |_| Other (e.g., Subchapter S corporation, partnership, sole proprietor) |
(3) Employers fiscal year end: 12/31
(b) The term Employer includes the following Related Employer(s)
(as
defined in Section 2.01(a)(24)):
Hub Chicago Holdings, Inc.
Hub City Terminals, Inc.
Hub City Texas, LP
Hub Freight Services, Inc.
Hub Group Associates, Inc.
Hub Group Atlanta, LLC
Hub Group Canada, LP
Hub Group Distribution Services, LLC
Hub Group Transport, LLC
Q.S. of Georgia, LLC
Q.S. of Illinois, LLC
QSSC, Inc.
Quality Services of Kansas, LLC
Quality Services, LLC
1.03 COVERAGE
(a) The following Employees are eligible to participate in the Plan:
(1) |X| Only those Employees listed in Attachment A will be eligible to participate in the Plan.
(2)
|_| Only those Employees in the eligible class described below will be eligible
to participate
in the Plan:
(3)
|_| Only those Employees described in the Board of Directors Resolutions
attached hereto
and hereby made a part hereof will be eligible to
participate in the Plan.
(b) The Entry Date(s) shall be (check one):
(1) |_| each January 1.
(2) |X| each January 1 and each July 1.
(3) |_| each January 1 and each April 1, July 1 and October 1.
(4) |_| the first day of each month.
(5) |_| immediate upon meeting the eligibility requirements specified in Subsection 1.03(a).
1.04 COMPENSATION
For
purposes of determining Contributions under the Plan, Compensation shall be as defined
(check (a) or (b)
below, as appropriate):
(a) |X| in Section 2.01(a)(8), (check (1) or (2) below, if and as appropriate)):
(1) |_| but excluding (check the appropriate box(es)):
(A) |_| Overtime Pay.
(B) |_| Bonuses.
(C) |_| Commissions.
(D)
|_| The value of a qualified or a non-qualified stock option granted to an
Employee by the
Employer to the extent such value is includable in the
Employees taxable income.
(E) |_| The following:
(2) |_| except as otherwise provided below:
(b)
|_| in the _____________________Plan maintained by the Employer to the
extent it is in excess of the
limit imposed under Code Section 401(a)(17).
1.05 CONTRIBUTIONS
(a) Employee contributions (Complete all that apply)
(1)
|X| Deferral Contributions. The Employer shall make a Deferral Contribution in
accordance with, and
subject to, Section 4.01 on
behalf of each Participant who
has an executed salary reduction agreement in
effect with the Employer for the
calendar year (or portion of the calendar year) in question, not to
exceed 50%
of Compensation, exclusive of any Bonus.
(2)
|X| Bonus Contributions. The Employer requires Participants to enter into a
special salary reduction
agreement to make Deferral Contributions of any
percentage of Employer paid cash Bonuses, up to
100% of such Bonuses. [The
Compensation definition elected by the Employer in Section 1.04 must
include Bonuses if Bonus contributions are permitted.]
(b) |X| Matching Contributions (Choose (1) or (2) below, and (3) below, as applicable.)
(1)
|X| The Employer shall make a Matching Contribution on behalf of each
Participant in an amount
equal to the following
percentage of a
Participants Deferral Contributions during the Plan Year
(check one):
(A) |_| 50%
(B) |_| 100%
(C) |_| ___%
(D)
|_| (Tiered Match)________% of the first_______% of the Participants
Compensation
contributed to the Plan.
(E) |_| The percentage declared for the year, if any, by a Board of Directors resolution.
(F)
|X| Other: 50% of the first 6% of the Participants Compensation
contributed to the Plan, up to a
maximum of (i) 3% of base salary for Employees
or (ii) 3% of Directors fees for
non-employee Directors.
(2)
|_| Matching Contribution Offset. For each Participant who has made 401(k)
Deferrals at least equal
to the maximum under Code
Section 402(g) or, if less,the maximum permitted under the Qualified Plan,
the Employer shall make
a Matching Contribution for the calendar year equal to (A) minus (B) below:
(A) The 401(m) Match that the Participant would have received under the
Qualified Plan for such
calendar year on the sum of the Participants Deferral
Contributions and the Participants 401(k)
Deferrals if no limits otherwise
imposed by tax law applied to the 401(m) Match and deeming
Participants Deferral Contributions to be 401(k)
Deferrals.
(B) The 401(m) Match actually allocated to such Participant under the Qualified
Plan for the
calendar year.
For purposes of this Section 1.05(b): Qualified Plan means the __________________
Plan; 401(k)
Deferrals means contributions under the Qualified Plans
cash or deferred arrangement as
defined in Code Section 401(k); and 401(m)
Match means a matching contribution as defined
in Code Section 401(m).
(3) |_| Matching Contribution Limits (check the appropriate box(es)):
(A)
|_| Deferral Contributions in excess of ______% of the Participants
Compensation for the
period in question shall not be
considered for Matching Contributions.
| Note: If the Employer elects a percentage limit in (A) above and requests the Trustee to account separately for matched and unmatched Deferral Contributions, the Matching Contributions allocated to each Participant must be computed, and the percentage limit applied, based upon each period. |
(B) |_| Matching Contributions for each Participant for
each Plan Year shall be
limited
to $.________
(4)
Eligibility Requirement(s) for Matching Contributions. A Participant who makes Deferral
Contributions during
the Plan Year under Section 1.05(a) shall be entitled to
Matching
Contributions for that Plan Year if the Participant satisfies the following
requirement(s) (Check the appropriate box(es). Options (B) and (C) may not be elected together):
(A) |X| Is employed by the Employer on the last day of the Plan Year.
(B) |_| Earns at least 500 Hours of Service during the Plan Year.
(C) |_| Earns at least 1,000 Hours of Service during the Plan Year.
(D) |_| Other:_______________
(E) |_| No requirements.
| Note: If option (A), (B) or (C) above is selected, then Matching Contributions can only be made by the Employer after the Plan Year ends. Any Matching Contribution made before Plan Year end shall not be subject to the eligibility requirements of this Section 1.05(b)(3)). |
(c) Employer Contributions
(1)
|_| Fixed Employer Contributions. The Employer shall make an Employer
Contribution on behalf of
each Participant in an amount determined as
described below (check at least one):
(A) |_| In an amount equal to _________% of each Participants Compensation each Plan Year.
(B) |_| In an amount determined and allocated as described below:
_________________
(C) |_| In an amount equal to (check at least one):






