United Parcel Service, Inc.
Form of Non-Management Director
Restricted Stock Unit Award Agreement
THIS AGREEMENT evidences the grant by UNITED PARCEL SERVICE, INC., a Delaware corporation (the "Company"), in accordance with the United Parcel Service, Inc. Incentive Compensation Plan (the "Plan") to , a non-management director of the Company, of Restricted Stock Units ("RSUs"). Each RSU has a value that equals the value of one share of the Company153s class A common stock ("Share"). This Award is granted effective as of May 5, 2010 ("Grant Date") and is subject to all of the terms and conditions set forth below.
Terms and Conditions
1. Plan. This Award is subject to all of the terms and conditions set forth herein and in the Plan, as the same may be amended from time to time, which is herein incorporated by reference. Terms not defined in this agreement are defined in the Plan. If any term or condition in this Award is inconsistent with the Plan, the Plan shall control. By accepting this Award, you unconditionally agree to be bound by the applicable terms, conditions and provisions of the Plan and this Award. Notwithstanding the foregoing, this Award shall not be amended or adjusted if such amendment or adjustment would cause this Award to fail to satisfy the requirements of Section 409A of the Code. The grant of an Award in any year does not entitle an individual to an Award in any subsequent year.
2. Bookkeeping Account. A bookkeeping account will be maintained to keep track of the RSUs you earn and any dividend equivalents units ("DEUs") attributable to your RSUs as described below.
3. Dividend Equivalent Units. The RSUs credited to your account will be credited quarterly with DEUs for cash or stock dividends paid on a Share. DEUs attributable to cash dividends are determined by
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multiplying the cash dividend paid per Share by the number of RSUs and DEUs previously credited to your account, and |
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dividing the product determined above by the New York Stock Exchange closing price of the Company153s class B common stock on the day before the dividend is paid. |
Each whole DEU or fraction thereof has a value equal to one Share or the corresponding fraction thereof.
4. Vesting. The RSUs credited to your account will be fully vested on the Grant Date and any DEUs credited to your account will be fully vested on the date they are credited to your account.
5. Shares. A number of Shares equal to the number of vested RSUs and DEUs credited to your account (less Shares withheld to pay taxes) will be transferred to you on the date of your separation from service (within the meaning of Section 409A of the Code) with the Company.
Notwithstanding the foregoing, if (i) you are a "specified employee" (within the meaning of Section 409A of the Code taking into account such elections as the Board may choose to make from time to time and as are binding on all of the Company153s deferred compensation plans), and (ii) the distribution event is a "separation from service" (within the meaning of Section 409A of the Code), other than death, then no amount shall be distributed to you before the date that is 6 months and one day after the date of your separation from service (or, if earlier, the date of your death) and any amounts that would have been distributed during the 6 months after your separation from service (or prior to death) shall be accumulated and distributed on the date that is 6 months and one day after the date of your separation from service (or, if earlier, upon the date of your death).
The benefit payable to you will be based entirely on the number of vested RSUs and DEUs credited to your account at the time this Award becomes so payable.
6. Nontransferable. This Award and your RSUs and DEUs are not transferable except by will or the laws of descent and distribution.
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ATTEST: |
UNITED PARCEL SERVICE, INC. |
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Secretary |
Chairman and Chief Executive Officer |
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BANK OF CHINA
CONTRACT OF LOAN
BORROWER: UTSTARCOM (HANGZHOU)
TELECOM CO.,LTD
LENDER: BANK OF CHINA ZHEJIANG BRANCH
Contract No.: 99BRJ179
Name of borrower: UTStarcom(Hangzhou) Name of lender: Bank of China
Zhejiang Branch Telecom Co.,Ltd.
Legal address: Legal address: 320 Yan'an Rd., Hangzhou
Legal rep.: Legal rep.:
Bank of deposit: Bank of China Zhejiang Branch
Account No.: [*]
Tel: 8856112 Tel: 0571-7077996
Fax: 8855203 Fax: 0571-7132286
Telex: Telex: 35019 BOCHZ CN
P.C.: 310012 P.C.: 310006
Any notice, legal documentary as well as payment order hereunder is
required to be made in written form. Once the telex, telegraph and fax send
out, or seven days after the letters mail out, or once the correspondence
that must be delivered by hand send off, those documents are considered to
arrive the opposing party.
[*] = CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT
TO THE OMITTED PORTIONS.
CONTRACT OF LOAN
Contract No.: 99BRJ179
Borrower: UTStarcom(Hangzhou) Telecom Co.,Ltd
Lender: Bank of China Zhejiang Branch
Whereas Borrower and Lender agree to make and fulfill this contract
under the General Lending Rules and Regulations of Loan Contract and other
Chinese laws and regulations concerned, it is hereby agreed as follows:
1. Content under this contract:
a. Lending category: Short-term Loan
b. Use of Lending: Circulating
c. Principal RMB15,000,000(in words)
d. Rate of interest:
i. RMB loan: [*]
ii. Foreign currency loan:
Where the rate of interest is adjusted by the government, it is decided
according to the relevant regulations.
e. Life of loan: Six months, (From July 21, 1999 to Jan. 19, 2000).
2. After this Contract takes effect, the borrower shall apply for drawing
according to the detailed drawing plan in case of using the loan in batches.
3. Repayment. The borrower shall repay the principal and interest during the
aforesaid conventional term. In case of installment, the borrower shall
comply with the plan as follows:
Date:______________________, Repayment amount: _____________________
The borrower may apply to the lender for a grace period 30 days before
the maturity, and it can be extended with the lender's consent and the
fulfillment of the corresponding procedure.
The borrower may make prepayment with the consent of the lender, and
the interest on the amount of prepayment is calculated according to the
relevant regulations.
4. Interest calculation.
a. The interest hereunder is calculated from the first day of utilizing
on the amount that the borrower actually has used. The interest is calculated
daily and paid quarterly.
b. The interest is collected actively at the interest payment day by the
lender from the running account or any other saving account which is opened
in the lender or one of the lender's branches.
5. The principal, interest and corresponding fee are jointly and severally
guaranteed by UTStarcom (China) Telecom Co.,Ltd in full, the number of the
guarantee contract is 98BRB107. _______________ provides assets as a
mortgage, the number of the mortgage contract is ____________. _____________
provides chattels as a pledge, the number of the pledge contract is _________.
6. Borrower's obligations
6.1 The borrower shall open an account for settlement in the lender or in
one of the lender's branches. Any settlement arising from this contract shall
be processed through the aforesaid account.
6.2 The borrower shall provide monthly the lender with authentic balance
sheet, profit and loss sheet, financial statement and the true information
such as the name of the bank with which the borrower's account is opened,
account number, balances of its outstanding deposits and loans, etc.
6.3 The borrower shall accept the lender's inspection and supervision on
utilizing the loan, status of business and the financial affairs. The
borrower shall provide the lender with the documents at the lender's request.
[*] = CERTAIN INFORMATION ON THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT
TO THE OMITTED PORTIONS.
6.4 The borrower shall utilize the loan according to the agreed purpose
stipulated in this contract.
6.5 The borrower shall pay the loan interest on time and render the
repayment on time.
6.6 In case that the borrower provides any warranty for the third party, the
borrower shall notify the lender in advance and such warranty shall not
affect the borrower's repayment to the lender on time.
6.7 During the period of this contract, in case that the borrower changes
the pattern of management or the ownership construction by the means of
contracting, leasing, pooling, transforming to stock company, establishing
joint venture, separating, merger, foreign investment, transferring of
ownership, resolving or any other action, the borrower shall seek the
lender's consent and ascertain the new source of repayment or provide new
warranties.
If the borrower transfers partial or all the obligations under this
contract to a third party, the borrower should obtain the lender's consent in
writing and ascertain exactly the rights and obligations.
6.8 During the period of this contract, if the borrower changes its legal
representative, legal address or business address the borrower shall notify
the lender in advance.
6.9 During the period of this period, if there arises any circumstance that
is to cause damage to the lender's credit, the borrower shall inform the
lender in time and take measures to protect the lender's right.
7. Default responsibilities
7.1 If the borrower breaches any part of the aforesaid obligations, the
lender has the right of collecting all amounts payable hereunder by the
borrower before it's due, freezing the balance of the loan which the borrower
has not utilized, taking the measures of credit punishment as well as
bringing a lawsuit.
7.2 The lender has the right of charging a penalty fine according to
stipulations promulgated by the People's Bank of China or the Bank of China
if the borrower can not render the repayment during the loan period or the
extension of the loan.
7.3 If the borrower do not utilize the loan for purpose specified in this
contract or engross and embezzle the loan, the lender can impose additional
interest according to the stipulations promulgated by the People's Bank of
China or the Bank of China.
7.4 The borrower shall pay interest calculated on the basis of the unpaid
due interest at the exact interest rate of this loan or if the borrower do
not pay the due interest in full, the lender has the right of charging the
interest calculated on the basis of unpaid due interest according to the
stipulations promulgated by the People's Bank of China or the Bank of China.
8. The borrower shall pay all expenses arising out of or in connection with
the contract, as well as the expenses incurred by the lender in collecting
its loan. Such expenses shall include, but shall not be limited to the
assessment fee, auction fee, lawyer's fee, investigation fee, and costs for
assignment of assets, taxes, etc.
9. During the period of this contract, the lender may collect all amounts
payable hereunder by the borrower before it is due or terminate the contract,
where the borrower or the guarantor is or may be in financial difficulties,
or withdraws or transfers its capital and assets without consent of the
lender, or involves in any disputes with a third party and the estates under
mortgage/pledge destroyed or lose, or any such events may endanger the safety
of the loan. Where the lender collects partial or all amount hereunder before
due according to this contract, laws and regulations, the borrower and the
guarantor voluntarily waiver the right of defense against the lender, and the
lender has the right to transfer the amount directly to its own from the
borrower's or the guarantor's bank account.
10. The loan receipt, guarantee/mortgage/pledge contract, application for
loan and any other documents hereunder are parts of this contract, and have
the same legal effect as this contract.
11. Other agreements upon by and between parties.
a.
b.
c.
12. The contract is governed by China law and under the jurisdiction of the
court in the lender's domicile place.
13. The contract takes effect from and after the legal representatives or
agents of all parties sign and affix their companies' seal, and terminates as
soon as the borrower pays off the amount hereunder in full.
14. The original of the contract is triplicate which the lender takes two
and the borrower takes one.
The borrower: The lender: Bank of China Zhejiang Branch
Legal rep.(agent): Legal rep.(agent):
Sign(Seal): Sign(Seal):
Date of the Contract: July 21, 1999
Place of the Contract: Hangzhou