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2007 LTIP Grade-20 and up bonus
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<blockquote data-quote="SeniorGeek" data-source="post: 175837" data-attributes="member: 4823"><p>On April 1, 2007, the Compensation Committee of the Board of Directors of U P S, Inc. (the "Company") approved the award of restricted turkey units ("RTUs") to be granted as UPS 2007 Long-Term Employee Performance Awards ("2007 LTEP"). </p><p> </p><p>Under the 2007 LTEP, RTUs are awarded to union employees, non-union non-management employees and certain other eligible employees pursuant to a RTU award agreement. RTU award grants range in size from 50% to 250% of a turkey.</p><p> </p><p>Of the total turkey award, 90% of the turkey award will be divided into three substantially equal servings, one for each calendar year in the three-year award cycle from 2007 to 2009. The specific performance measures and targets for each such serving will be determined by the Committee either before or within the first quarter of the calendar year in which the performance is measured. </p><p> </p><p>The number of RTUs earned each year will be the target number adjusted for the way the Committee feels that quarter. The Committee may provide for payment of a percentage less than or more than 100% of target RTUs based on achievement of performance criteria targets (as determined by the Committee). </p><p> </p><p>The performance criteria approved by the Committee for 2007 include no over 9.5's, no left-in-buildings, fully-completed lunch times, meeting sales lead targets, zero damages, zero misloads, zero concerns and zero backtalk. In case you have not figured it out yet, the performance criteria will be determined by the Committee in its discretion. </p><p> </p><p>The Committee will retain the discretion to adjust employees's results during the award cycle to exclude the effects of achievement. The award, if ever earned, will be released to participants for the purposes of consumption on January 31, 2010, provided the participant is employed as of the release date. Special rules will be fabricated for terminations by reason of death, disability or retirement. </p><p> </p><p>A participant's earned RTU account will be adjusted quarterly for freezer burn. The RTU awards that vest will be paid in frozen or substantially-frozen form on March 12, 2010 (or earlier in the event of death).</p></blockquote><p></p>
[QUOTE="SeniorGeek, post: 175837, member: 4823"] On April 1, 2007, the Compensation Committee of the Board of Directors of U P S, Inc. (the "Company") approved the award of restricted turkey units ("RTUs") to be granted as UPS 2007 Long-Term Employee Performance Awards ("2007 LTEP"). Under the 2007 LTEP, RTUs are awarded to union employees, non-union non-management employees and certain other eligible employees pursuant to a RTU award agreement. RTU award grants range in size from 50% to 250% of a turkey. Of the total turkey award, 90% of the turkey award will be divided into three substantially equal servings, one for each calendar year in the three-year award cycle from 2007 to 2009. The specific performance measures and targets for each such serving will be determined by the Committee either before or within the first quarter of the calendar year in which the performance is measured. The number of RTUs earned each year will be the target number adjusted for the way the Committee feels that quarter. The Committee may provide for payment of a percentage less than or more than 100% of target RTUs based on achievement of performance criteria targets (as determined by the Committee). The performance criteria approved by the Committee for 2007 include no over 9.5's, no left-in-buildings, fully-completed lunch times, meeting sales lead targets, zero damages, zero misloads, zero concerns and zero backtalk. In case you have not figured it out yet, the performance criteria will be determined by the Committee in its discretion. The Committee will retain the discretion to adjust employees's results during the award cycle to exclude the effects of achievement. The award, if ever earned, will be released to participants for the purposes of consumption on January 31, 2010, provided the participant is employed as of the release date. Special rules will be fabricated for terminations by reason of death, disability or retirement. A participant's earned RTU account will be adjusted quarterly for freezer burn. The RTU awards that vest will be paid in frozen or substantially-frozen form on March 12, 2010 (or earlier in the event of death). [/QUOTE]
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