Summary
This 8-K filing from United Parcel Service, Inc. (UPS) reports on the adoption of the United Parcel Service, Inc. 2009 Omnibus Incentive Compensation Plan, effective May 7, 2009. This plan was approved by the company's shareowners at their 2009 Annual Meeting. The details of the plan were previously disclosed in the company's proxy statement filed on March 13, 2009, and are incorporated by reference in this filing. This action signals management's focus on aligning executive and employee compensation with long-term company performance and shareholder value, particularly in the context of the prevailing economic environment at the time.
Key Highlights
- 1UPS adopted the 2009 Omnibus Incentive Compensation Plan effective May 7, 2009.
- 2The plan's adoption was approved by UPS shareowners at the 2009 Annual Meeting.
- 3Detailed terms of the plan were previously disclosed in the March 13, 2009 proxy statement.
- 4The 2009 Omnibus Incentive Compensation Plan is incorporated by reference as Exhibit 10.1.
- 5This action relates to Item 5.02 (Departure/Election of Directors/Officers; Compensatory Arrangements) of Form 8-K.
- 6The filing was signed by Kurt P. Kuehn, Senior Vice President, Chief Financial Officer and Treasurer.
Frequently Asked Questions
The main purpose of this 8-K filing is to report the adoption of the United Parcel Service, Inc. 2009 Omnibus Incentive Compensation Plan, which became effective on May 7, 2009, following shareholder approval.
Detailed information regarding the material terms of the 2009 Omnibus Incentive Compensation Plan can be found in UPS's proxy statement filed with the SEC on March 13, 2009. This information is incorporated by reference into this 8-K filing and is also available as Exhibit 10.1.
The report was signed by Kurt P. Kuehn, who holds the positions of Senior Vice President, Chief Financial Officer, and Treasurer at United Parcel Service, Inc.