Current report United Parcel Service Inc 8-K

Discussion in 'UPS Discussions' started by jimmythetech, Feb 8, 2020.

  1. jimmythetech

    jimmythetech New Member

    40% for giving 150% and the new CFO is showered with cash - Makes no sense.

    UPS has entered into an employment offer letter with Mr. Newman (the “Offer Letter”). Pursuant to the Offer Letter, Mr. Newman will be entitled to an annual: (i) base salary of $725,000; (ii) UPS Management Incentive Program award with a target of 130% of his base salary, which for 2019 will be prorated and payable in vested Class A common stock; (iii) UPS Long-Term Incentive Performance (“LTIP”) program award with a target award of 550% of his base salary; and (iv) UPS stock option grant on the same basis as other executive officers of UPS. The Offer Letter also provides that Mr. Newman will be entitled to: (i) a grant of UPS restricted stock units with a value of $5,500,000, vesting in March 2020; (ii) a performance-based cash award with a target value of $3,000,000, payable in equal installments in March 2021 and March 2022, with the actual payout based on the Company’s performance under the LTIP for periods ending December 31, 2020 and December 31, 2021, respectively; and (iii) a cash transition payment of $600,000 to be made in March 2020. These amounts are subject to repayment on a prorated basis if Mr. Newman resigns without “good reason” or is terminated for “cause” within 36 months following his start date. Mr. Newman will also be entitled to participate in UPS benefit plans applicable to UPS’s other executive officers.

    SEC Filing: United Parcel Service Inc 2019 8-K Current report
     
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  2. Turdferguson

    Turdferguson Just a turd

    tenor (9).gif
     
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  3. MyTripisCut

    MyTripisCut “They” are coming for us.

    You wouldn’t know what giving 150% was if it bit you in the arse.
     
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  4. DOK

    DOK Well-Known Member

    Still, that seems like a ridiculous bonus for the past years performance of the company. I don’t really understand what I read so I could be wrong.
     
  5. textat3

    textat3 Member

    Good for him...I hope he is successful. Would rather see a guy/gal who has given their life to UPS receive such a rewarding salary than an off the street hire. In my experience, most people who have not paid their dues in the UPS system/culture become part of the problem vs. part of the solution.
     
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  6. Retiree

    Retiree Active Member

  7. Shift Inhibit

    Shift Inhibit He who laughs last didn't get it.

    Disagree
     
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  8. 542thruNthru

    542thruNthru Well-Known Member

    I was thinking the same thing.

    No operations sup/manager has ever even been close to 100%. To say they work a 150% is :censored2: laughable.
     
  9. scratch

    scratch Least Best Moderator Staff Member

    This guy only worked for UPS for two years, most of his career was with Pepsi. He signed a good contract, I imagine UPS was paying him that much for his past work experience.
     
  10. detmaintainer

    detmaintainer Detroit Maintenance Rat

    This makes me want to turn Bolshevik and vote for Bernie.
     
  11. BSWALKS

    BSWALKS Almost Honest