<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 20, 1995
REGISTRATION NO. ________
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
---------------------
UNITED PARCEL SERVICE OF AMERICA, INC.
(Exact name of registrant as specified in its charter)
---------------------
<TABLE>
<S> <C>
DELAWARE 95-1732075
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 GLENLAKE PARKWAY, N.E., ATLANTA, GEORGIA 30328
(Address of principal executive offices) (Zip Code)
</TABLE>
---------------------
UPS MANAGERS INCENTIVE PLAN
(Full title of plan)
---------------------
JEFFREY L. SCHULTE, ESQUIRE
SCHNADER, HARRISON, SEGAL & LEWIS
SUITE 2800
ONE PEACHTREE CENTER
303 PEACHTREE STREET, N.E.
ATLANTA, GEORGIA 30308-3252
404-215-8100
(Telephone number, including area code, of agent for service)
---------------------
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
====================================================================================================
PROPOSED MAXIMUM
PROPOSED MAXIMUM AGGREGATE
TITLE OF SECURITIES AMOUNT TO BE OFFERING PRICE OFFERING AMOUNT OF
TO BE REGISTERED REGISTERED PER SHARE PRICE* REGISTRATION FEE
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock, par value $.10
per share................... 6,590,000 $26.25 $172,987,500 $59,650.86
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
</TABLE>
* Estimated solely for purposes of calculating the registration fee in
accordance with Rule 457(h) based upon the current price per share of UPS
Common Stock.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE> 2
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE.
The following documents filed with the Securities and Exchange Commission
are hereby incorporated by reference herein and made a part hereof:
(a) The annual report of United Parcel Service of America, Inc.
("UPS") on Form 10-K for the year ended December 31, 1994.
(b) The quarterly reports of UPS on Form 10-Q for the quarters ended
March 31, June 30 and September 30, 1995, and all other reports filed
pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
by UPS since the end of the year covered by its annual report referred to
in (a) above.
(c) The Description of Securities contained in Item 14 of the Form 10
dated April 1970, as updated by the Item 5 of the Form 10-K for the year
ended December 31, 1994.
In addition, any and all documents filed by UPS pursuant to Sections 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934 after the date hereof
and prior to the termination of the offering of the securities offered hereby
shall be deemed to be incorporated by reference herein and to be a part hereof
from the date of filing such documents.
ITEM 4. DESCRIPTION OF SECURITIES.
As the securities to be awarded pursuant to this registration statement are
registered under Section 12 of the Securities Exchange Act of 1934, this item is
inapplicable.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
William H. Brown, III, a director of UPS, is a partner of Schnader,
Harrison, Segal & Lewis. As of December 1, 1995, Mr. Brown owned 23,300 shares
of Common Stock of UPS.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Section 145 of the Delaware General Corporation Law generally provides that
all directors and officers (as well as other employees and individuals) may be
indemnified against expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement in connection with certain specified actions, suits
or proceedings, whether civil, criminal, administrative or investigative (other
than an action by or in the right of the corporation -- a "derivative action"),
if they acted in good faith and in a manner they reasonably believed to be in or
not opposed to the best interests of the corporation, and, with respect to any
criminal action or proceeding, had no reasonable cause to believe their conduct
was unlawful. A similar standard of care is applicable in the case of derivative
actions, except that indemnification extends only to expenses (including
attorneys' fees) incurred in connection with defense or settlement of an action
and the Delaware General Corporation Law requires court approval before there
can be any indemnification where the person seeking indemnification has been
found liable to the corporation. Section 145 of the Delaware General Corporation
Law also provides that the rights conferred thereby are not exclusive of any
other right which any person may be entitled under any by-law, agreement, vote
of stockholders or disinterested directors or otherwise, and permits a
corporation to advance expenses to or on behalf of a person entitled to be
indemnified upon receipt of an undertaking to repay the amounts advanced if it
is determined that the person is not entitled to be indemnified.
The Certificate of Incorporation of UPS provides that each person who was
or is made a party or is threatened to be made a party to or is involved in any
action, suit or proceeding by reason of the fact that he is or was a director or
officer of UPS (or is or was serving at the request of UPS as director, officer,
employee or agent of another entity), shall be indemnified and held harmless by
UPS to the fullest extent authorized by the
II-1
<PAGE> 3
Delaware General Corporation Law, as in effect (or to the extent that
indemnification is broadened, as it may be amended), against all expense,
liability and loss (including attorneys' fees, judgments, fines, ERISA excise
taxes or penalties and amounts paid or to be paid in settlement) reasonably
incurred or suffered by such person in connection therewith. Except with respect
to actions initiated by an officer or director against UPS to recover the amount
of an unpaid claim, UPS is required to indemnify an officer or director in
connection with an action, suit or proceeding initiated by such person only if
such action, suit or proceeding was authorized by the Board of Directors of UPS.
The Certificate further provides that an officer or director may (thirty days
after a written claim has been received by UPS) bring suit against UPS to
recover an unpaid claim and, if such suit is successful, the expense of bringing
such suit. While it is a defense to such suit that the claimant has not met the
applicable standards of conduct which make indemnification permissible under the
Delaware General Corporation Law, neither the failure of the Board of Directors
to have made a determination that indemnification is proper, nor an actual
determination that the claimant has not met the applicable standard of conduct,
shall be a defense to the action or create a presumption that the claimant has
not met the applicable standard of conduct. The Certificate also provides that
the rights conferred thereby are contract rights, that they are not exclusive of
any other rights which an officer or director may have or hereafter acquire
under any statute, any other provision of the Certificate of Incorporation,
by-law, agreement, vote of stockholders or disinterested directors or otherwise,
and that they include the right to be paid by UPS the expenses incurred in
defending any specified action, suit or proceeding in advance of its final
disposition provided that, if the Delaware General Corporation Law so requires,
such payment shall only be made upon delivery to UPS by the officer or director
of an undertaking to repay all amounts so advanced if it shall ultimately be
determined that such director or officer is not entitled to be indemnified under
the Certificate or otherwise.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
As no restricted securities are to be reoffered or resold pursuant to this
registration statement, this item is inapplicable.
ITEM 8. EXHIBITS.
The exhibits required by Item 601 of Regulation S-K and this item are
included following the Exhibit Index at Page II-6 hereof.
ITEM 9. UNDERTAKINGS.
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any
increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) (Sec.
230.424(b) of this chapter) if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement.
(iii) To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement
or any material change to such information in the registration
statement;
Provided, however, that paragraphs (1)(i) and (1)(ii) do not apply
if the registration statement is on Form S-3 or Form S-8 and the
information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed by the
registrant pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the
registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities
II-2
<PAGE> 4
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
II-3
<PAGE> 5
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT
CERTIFIES THAT IT HAS REASONABLE GROUNDS TO BELIEVE THAT IT MEETS ALL OF THE
REQUIREMENTS FOR FILING ON FORM S-8 AND HAS DULY CAUSED THIS REGISTRATION
STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY
AUTHORIZED, IN THE CITY OF ATLANTA, STATE OF GEORGIA ON THE 20TH DAY OF
DECEMBER, 1995.
UNITED PARCEL SERVICE OF AMERICA, INC.
By: /s/ KENT C. NELSON
-------------------------------------
Kent C. Nelson, Chairman of the Board
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS
REGISTRATION STATEMENT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS IN THE
CAPACITIES AND ON THE DATES INDICATED:
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
- --------------------------------------------- --------------------------- -------------------
<C> <S> <C>
/s/ JOHN W. ALDEN Senior Vice President and December 20, 1995
---------------------------- Director
John W. Alden
Director December 20, 1995
----------------------------
William H. Brown, III
/s/ ROBERT J. CLANIN Senior Vice President, December 20, 1995
---------------------------- Treasurer and Assistant
Robert J. Clanin Secretary (Chief Financial
and Accounting Officer)
Director December 20, 1995
----------------------------
Carl Kaysen
/s/ JAMES P. KELLY Executive Vice President and December 20, 1995
---------------------------- Director (Chief Operating
James P. Kelly Officer)
/s/ JOHN J. KELLEY Senior Vice President and December 20, 1995
---------------------------- Director
John J. Kelley
---------------------------- Director December 20, 1995
Gary E. MacDougal
/s/ JOSEPH R. MODEROW Senior Vice President, December 20, 1995
---------------------------- Secretary and Director
Joseph R. Moderow
/s/ KENT C. NELSON Chairman of the Board and December 20, 1995
---------------------------- Director (Chief Executive
Kent C. Nelson Officer)
---------------------------- Director December 20, 1995
Victor A. Pelson
</TABLE>
II-4
<PAGE> 6
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
- --------------------------------------------- --------------------------- -------------------
<C> <S> <C>
Director
------------------------------ December 20, 1995
John W. Rogers
/s/ Charles L. Schaffer Senior Vice President and December 20, 1995
------------------------------ Director
Charles L. Schaffer
Director
------------------------------ December 20, 1995
Robert M. Teeter
/s/ Calvin E. Tyler, Jr. Senior Vice President and December 20, 1995
------------------------------ Director
Calvin E. Tyler, Jr.
</TABLE>
II-5
<PAGE> 7
EXHIBIT INDEX
EXHIBITS INCORPORATED HEREIN BY REFERENCE
<TABLE>
<CAPTION>
DESIGNATION OF
DESIGNATION OF DESCRIPTION OF DOCUMENT WITH WHICH EXHIBIT WAS PREVIOUSLY SUCH EXHIBIT IN
EXHIBIT EXHIBIT FILED WITH COMMISSION THAT DOCUMENT
- -------------- --------------------- ------------------------------------------ ----------------
<C> <S> <C> <C>
4(i) UPS Managers Stock Registrant's Registration Statement on Exhibit 4(b)
Trust, as amended Form S-3 (Registration Statement No.
and restated 33-54297)
4(ii) Articles of Registrant's Registration Statement on Exhibit 4(iv)
Incorporation, as Form S-8 (Registration Statement No.
Amended through May 33-19622)
15, 1987
4(iii) By-Laws, as Amended Registrant's Current Report on Form 8-K Exhibit 3(ii)
through December 19, dated December 20, 1995 (File No. 0-4714)
1995
EXHIBITS FILED HEREWITH
23 Consent of Deloitte &
Touche LLP
99 Copies of Other
Summaries or Written
Communications
Relating to the Plan
</TABLE>
II-6
<PAGE> 1
EXHIBIT 23
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this Registration
Statement of United Parcel Service of America, Inc. on Form S-8 of our report
dated February 8, 1995, appearing in the Annual Report on Form 10-K of United
Parcel Service of America, Inc. for the year ended December 31, 1994 and to the
reference to us under the heading "Experts-UPS" in the Prospectus, which is
part of this Registration Statement.
DELOITTE & TOUCHE LLP
Atlanta, Georgia
December 18, 1995
<PAGE> 1
Exhibit 99
<PAGE> 2
[LOGO] United Parcel Service of America, Inc.
55 Glenlake Parkway NE. Atlanta, GA 30328
(404) 828-6000
November 15, 1995
To Members of the UPS Managers Incentive Plan:
It is a great pleasure to welcome you as a member of the 1995 Managers
Incentive Plan. Your participation is the result of the dedication and efforts
you have demonstrated on behalf of our company.
This year's award will consist of four shares of UPS common stock for
each share of Overseas Partners Ltd. common stock.
The Incentive Plan results are based on UPS profits for the 12 months
ending September 30. The company enjoyed a strong performance over that period
despite continued competitive and economic challenges around the world.
On behalf of the 24,756 active members of the Managers Incentive Plan,
I would like to extend a special congratulations to you and the 2,622 other
supervisors who are receiving stock for the first time this year. Your
continued contributions to the progress of our company will help ensure that
the value of your ownership will grow in the years to come.
The principle of manager-ownership has been integral to the success of
our organization for several decades. Our partnership philosophy builds
loyalty, dedication and helps us make the right decisions for the long-term
benefit of our company and our customers.
This year, with the introduction of the UPS Stock Ownership Program for
nonmanagement employees, we can expect even greater dedication from those who
participate. Their added motivation to become more involved in our quality
improvement process will support you in the challenges you encounter and
contribute to the overall success of the company.
I thank you for your fine efforts and, with your help, look forward to
another successful year.
Sincerely,
OZ Nelson
---------
OZ Nelson
Chairman
<PAGE> 3
(UPS LOGO)
UNITED PARCEL SERVICE of America, Inc.
65 Glenlake Parkway, NE
Atlanta, GA 30328
(404) 828-6000
15.November 1995
An unsere Aktionare des
"UPS Managers Incentive Plan"
Es ist mir eine Freude, Sie als Teilnehmer am 1995 Sonderbonus-Plan bergruBen
zu konnen. In diesem Jahr haben sich 27.378 UPS Supervisor und Manager fur den
Sonderbonus-Plan qualifiziert.
Der diesjahrige Bonus setzt sich wie folgt zusammen: auf jeweils eine (1)
Overseas Partners Ltd. Stammaktie kommen vier (4) UPS Stammaktien.
Die diesjahrige Ausschuttung hat fur die 2.622 neuen Teilnehmer eine besondere
Bedeutung, da sie zum ersten Mal Aktien erhalten. Ich glaube, daB ich fur die
ubrigen 24.756 Aktionare spreche, wenn ich den Neu-Aktionaren meinen
Gluckwunsch ausspreche und versichere, daB wir ohne sie nicht in den GenuB
dieser Zuwendung gekommen waren. Wir hoffen Ihr Aktienbesitz wachst im Laufe
der Jahre, so wie Ihre wertvolle Mitarbeit in unserem hervorragenden
Unternehmen.
Denjenigen, die sich bereits fruher schon fur den Sonderbonus-Plan qualifiziert
haben, sage ich einfach "dankeschon". Ihr personlicher Einsatz hat uns allen
zu einem wesentlichen Zuwachs an unserer Miteigentumerschaft verholfen. Ihre
Bemuhungen fuhren zum Erfolg des Sonderbonus-Plan und zum Erfolg unseres
Unternehmens.
Der Sonderbonus-Plan ist abhangig von den Gewinnen, die UPS in den letzten 12
Monaten, die am 30. September enden, erwirtschaften konnte. In diesem
Zeitraum haben Sie mitgeholfen, die laufenden internationalen Expansionskosten,
nachlassende internationale Konjunktur und starken nationalen Wettbewerb zu
meistern, und die diesjahrige Bonus-Ausschuttung zu ermoglichen.
Mit freundlichen GruBen
/s/ Oz Nelson
----------------------
Oz Nelson
Vorstandsvorsitzender
<PAGE> 4
1995 UPS MANAGERS INCENTIVE PLAN PARTICIPATION NOTICE
PAYABLE IN JANUARY 1996
<TABLE>
<CAPTION>
ESTIMATED BALANCE
PROFIT ADDITIONAL TOTAL ESTIMATED TAXES TO BE WITHHELD CHARGE TO BE PAID
INCENTIVE INCENTIVE EARNINGS FEDERAL* STATE** OLD AGE A/C REC. IN STOCK
<S> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
This is the notice of your participation in the 1995 UPS Managers Incentive
Plan. The Plan is described below.
An Earnings Statement, showing final figures, including the number of
shares of stock you will receive, will be given to you when the shares have been
deposited in your account with First Fidelity Bank, N.A.
The Profit Incentive consists of an allocation of 15% of the profits of
United Parcel Service of America, Inc. (before federal income taxes, exclusive
of gains or losses on sales of real estate or stock of subsidiary companies) for
the twelve months ended September 30, 1995. This year one unit members receive
an allocation equal to [ ] month's salary as of September 30, 1995. Two unit
members receive twice that amount.
The Additional Incentive is equal to 2 1/2% of the cost of stock deposited
in the UPS Managers Stock Trust, less the cumulative proceeds from sales of any
such stock. The Additional Incentive is limited to a maximum amount equal to
one month's salary.
A new determination of membership in the UPS Managers Incentive Plan is
made each year without regard to Membership in prior years. A manager may
become a member of the plan each year only upon recommendation of the district
or department manager with the approval of the region or corporate group
manager.
This Participation Notice is being given to you as a member of the 1995 UPS
Managers Incentive Plan. Your rights under the Plan become fixed when you
receive this Notice. Payment will be made in January 1996.
United Parcel Service
* Federal income tax withheld at 28% as required under provisions of Omnibus
Budget Reconciliation Act of 1993.
** State taxes are estimated and do not include local taxes. Actual state &
local taxes will be withheld in January, based upon the rates in effect at that
time.
<PAGE> 5
1995 UPS MANAGERS INCENTIVE PLAN PARTICIPATION NOTICE
PAYABLE IN JANUARY 1996
<TABLE>
<CAPTION>
PROFIT ADDITIONAL TOTAL ESTIMATED TAXES TO BE WITHHELD CHARGE
INCENTIVE INCENTIVE EARNINGS CAN. FEDERAL UNTEMP INS. A/C REC. NET PAYMENT
<S> <C> <C> <C> <C> <C> <C> <C>
CANADIAN DOLLARS
</TABLE>
This is the notice of your participation in the 1995 UPS Managers
Incentive Plan. The Plan is described below.
An Earnings Statement, showing final figures, including the number of
shares of stock you will receive, will be given to you when the shares have been
deposited in your account with First Fidelity Bank, N.A.
The Profit Incentive consists of an allocation of 15% of the profits of
United Parcel Service of America, Inc. (before federal income taxes, exclusive
of gains or losses on sales of real estate or stock of subsidiary companies) for
the twelve months ended September 30, 1995. This year one unit members receive
an allocation equal to months' salary as September 30, 1995. Two unit
members receive twice that amount.
The Additional Incentive is equal to 2 1/2% of the cost of stock
deposited in the UPS Managers Stock Trust, less the cumulative proceeds from
sales of any such stock. The Additional Incentive is limited to a maximum
amount equal to one month's salary.
A new determination of membership in the UPS Managers Incentive Plan is
made each year without regard to Membership in prior years. A manager may
become a member of the plan each year only upon recommendation of the district
or department manager with the approval of the region or corporate group
manager.
This Participation Notice is being given to you as a member of the 1995
UPS Managers Incentive Plan. Your rights under the Plan become fixed when you
receive this Notice. Payment will be made in January 1996.
UNITED PARCEL SERVICE
*To comply with Revenue Canada Regulations, it will be necessary to tax
incentive earnings as ordinary income. Actual taxes will be withheld in
January based upon the rates in effect at that time.
<PAGE> 6
1995 UPS MANAGERS INCENTIVE PLAN PARTICIPATION NOTICE
PAYABLE IN JANUARY 1996
<TABLE>
<CAPTION>
ESTIMATED BALANCE
PROFIT ADDITIONAL TOTAL TO BE PAID
INCENTIVE INCENTIVE EARNINGS ESTIMATED TAXES TO BE WITHHELD IN STOCK
<S> <C> <C> <C> <C>
NATIVE CURRENCY
</TABLE>
This is the notice of your participation in the 1995 UPS Managers
Incentive Plan. The Plan is described below.
An Earnings Statement, showing final figures, including the number of
shares of stock you will receive, will be given to you when the shares have
been deposited in your account with First Fidelity Bank, N.A.
The Profit Incentive consists of an allocation of 15% of the profits of
United Parcel Service of America, Inc. (before federal income taxes, exclusive
of gains or losses on sales of real estate or stock of subsidiary companies)
for twelve months ended September 30, 1995. This year one unit members receive
an allocation equal to month's salary as of September 30, 1995. Two unit
members receive twice that amount.
The Additional Incentive is equal to 2 1/2% of the cost of stock
deposited in the UPS Managers Stock Trust, less the cumulative proceeds from
sales of any such stock. The Additional Incentive is limited to a maximum
amount equal to one month's salary.
A new determination of membership in the UPS Managers Incentive Plan is
made each year without regard to Membership in prior years. A manager may
become a member of the plan each year only upon recommendation of the district
or department manager with the approval of the region or corporate group
manager.
This Participation Notice is being given to you as a member of the 1995
UPS Managers Incentive Plan. Your rights under the Plan become fixed when you
receive this Notice. Payment will be made in January 1996.
UNITED PARCEL SERVICE
<PAGE> 7
BENACHRICHTIGUNG UBER DIE TEILNAHME AM
"1995 UPS MANAGERS INCENTIVE PLAN"
(UPS SONDERBONUS-PLAN FUR MANAGER 1995)
ZAHLBAR IM JANUAR 1996
<TABLE>
<S> <C> <C> <C> <C> <C>
SONDERBONUS ZUSATZLICHER GESAMTER BONUS VORLAUFIGE GEHALTSABZUGE GESAMT UMBUCHUNGEN/ VORLAUFIGER
BRUTTO DM BONUS BRUTTO DM (LOHNSTEUER/SOZIALVERSICHERUNG) VERRECHNUNGEN SONDERBONUS ETTO
</TABLE>
Hiermit benachrichtigen wir Sie uber Ihre Teilnahme am "UPS Managers
Incentive Plan" (UPS Sonderbonus-Plan fur Manager) de United Parcel Service of
America, Inc. fur das Jahr 1995.
Die endgultige Bonusaufstellung unter Angabe der Aktien, die Sie
erhalten, wird ihnen nach Ubertragung der Aktien in ihr Depot bei der First
Fidelity Bank, N.A. zugesandt.
Insgesamt werden 15 Prozent der in den letzten zwolf Monaten zum
September 1995 erziehiten Ertrage der United Parcel Service of America, Inc.
(vor Ertragssteuern und ausschlieBlich der Gewinne oder Verluste aus dem Verkauf
von Immobilien oder Beteiligungen an Tochtergesellschaften) als Sonderbonus
ausgeschuttet. In diesem Jahr erhalten Teilnehmer, die fur eine Bonuseinheit
vorgesehen sind, eine Zuteilung in Hohe des -fachen ihres September
1995-Gehalts. Teilnehmer, die fur zwei Bonuseinheiten vorgesehen sind, erhalten
das Doppelte diese Betrages.
Der zusatzliche Bonus entspricht 2,5 Prozent der Einstandskosten der im
"UPS Managers Stock Trust" deponierten Aktien abzuglich der kumulativen Erlose
aus etwaigen Aktienverkaufen. Der zusatzliche Bonus darf en Monatsgehalt nicht
uberschreiten.
United Parcel Service of America, Inc. entscheidet jahrlich neu daruber,
ob und fur weiche Unternehmen der UPS-Unternehmensgruppe ein "UPS Manager
Incentive Plan" zur Vertugung gestelit wird. Diese Entscheidung erfoigt
unabhangig von den Entscheidungen in vorangegangenen Jahren. Ebenso wird die
Entscheidung uber die Teilnahme des einzelnen Managementmitarbeiters am "UPS
Managers Incentive Plan" von der United Parcel Service of America, Inc. jahrlich
ohne Berucksichtigung einer etwaigen Teilnahme in voragngegangenen Jahren neu
getroffen. Voraussetzung fur die Teilnahme ist in jedem Fall, daB sich der
Mitarbeiter zum Zeitpunkt der Zahlung in einem ungekundigten
Anstellungsverhaltnis mit dem jeweilgen UPS Untemehmen befindet. Dessen
ungeachtet erfoigt die Aktienzuteilung freiwillig; auch nach wiederholter
Teilnahme am "UPS Managers Incentive Plan" erwachst hierauf kien Rechtsanspruch
fur die Zukunft.
Die Zahlung erfolgt im Januar 1996.
United Parcel Service
