Document:

EX-10.3

 Exhibit 10.3 

UPS RESTORATION SAVINGS PLAN 

(Effective January 1, 2017) 

 INTRODUCTION 

Effective January 1, 2017, United Parcel Service of America, Inc. (the “Company”) established the UPS Restoration Savings Plan
(the “Plan”) as a non-qualified deferred compensation plan established and maintained solely for the purpose of providing a select group of highly-compensated and management employees with company
contribution credits that they are precluded from receiving under the UPS 401(k) Savings Plan as a result of limitations imposed under Internal Revenue Code Section 401(a)(17). The Company hereby amends and restates the Plan effective
January 1, 2017 to reflect certain changes to the Plan resulting from changes to the UPS 401(k) Savings Plan that as of the restatement date are intended to take effect on January 1, 2023. 

The Company’s Board of Directors has determined that the benefits to be paid under this Plan constitute reasonable compensation for the
services rendered and to be rendered by eligible employees. 
 The Plan shall be unfunded for tax purposes and for purposes of Title I of
ERISA. The Plan is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The Plan is intended to be a “top-hat” plan
within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1) and shall be administered and interpreted to the extent possible in a manner consistent with that intent. 

SECTION I 
 DEFINITIONS 

Whenever used in the Plan, the following terms shall have the meanings set forth below unless otherwise expressly provided. Wherever used, the
masculine pronoun shall be deemed to refer either to a male or female, and the singular shall be deemed to refer to the singular or plural, as appropriate by context. 

1.1 Account. The bookkeeping account maintained under the Plan for each Participant by the Company to record his Company Contribution
Credits plus earnings and losses thereon. A Participant’s Account may be further subdivided into a SavingsPLUS Restoration Credit Account, a UPS Retirement Contribution Restoration Credit Account, a UPS Transition Contribution Restoration
Credit Account and any other sub-accounts as the Committee may determine. 
 1.2 Beneficiary.
The person(s) or entity designated by the Participant to receive his benefits under the Plan in the event of his death in accordance with Section 6.1. 

1.3 Board. The Board of Directors of the Company. 

  
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 1.4 Code. Internal Revenue Code of 1986, as amended. A reference to a particular Code
Section shall include a reference to any regulation issued under that Section. 
 1.5 Committee. The committee appointed by the Board
to be responsible for the Plan and its administration. 
 1.6 Company. United Parcel Service of America, Inc. 

1.7 Company Contribution Credits. Contribution amounts credited to a Participant’s Account pursuant to Section 3.1 through
3.3 of the Plan. Company Contribution Credits may include SavingsPLUS Restoration Credits, UPS Retirement Contribution Restoration Credits, and/or UPS Transition Contribution Restoration Credits. 

1.8 Compensation. Except as otherwise set forth in this Section 1.8, “Eligible Compensation,” as defined in the
Qualified Plan that is paid to an Eligible Employee by the Company or an Employer Company during the Plan Year, but only to the extent such Eligible Compensation exceeds the Code Section 401(a)(17) limits. For purposes of the UPS Transition
Contribution Restoration Credit, Compensation means “UPS Transition Contribution Eligible Compensation,” as defined in the Qualified Plan that is paid to an Eligible Employee by the Company or an Employer Company during the Plan Year, but
only to the extent such UPS Transition Eligible Compensation exceeds the Code Section 401(a)(17) limits. Notwithstanding the foregoing and as described in Appendix 3.2 and 3.3, for purposes of a Participant’s UPS Retirement Contribution
Restoration Credit or UPS Transition Contribution Restoration Credit, only Compensation earned or attributable to a period during which the Participant was employed by an Employer Company that participates in UPS Retirement Contribution Restoration
Credits or UPS Transition Contribution Restoration Credits (as applicable) shall be taken into account. 
 1.9 Disability or
Disabled. A medically determinable physical or mental impairment that can be expected to result in death or to last for a period of not less than 12 months as a result of which the Participant is receiving income replacement benefits under a
long term disability plan to which an Employer Company contributes for the Participant. Notwithstanding the foregoing, in no event shall a Participant be determined to have a Disability unless such condition would qualify as a “disability”
under Section 409A of the Code. 
 1.10 Employee. A person who is classified as an employee on the payroll of an Employer
Company and who actually receives (or is deemed to receive on account of eligible leave of absence) United States compensation from employment by an Employer Company as an employee of that Employer Company. 

1.11 Employer Company. The Company, each corporation or entity listed in Appendix A, and any of the following corporations or entities
that adopt the Plan with the approval of the Board: 
  

	 	(a)	any domestic corporation or entity at least 90% of whose voting stock or voting interests are owned (directly or indirectly) by the Company; and 

  
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	 	(b)	any domestic corporation or entity at least 90% of whose voting stock or voting interests are owned by any corporation or entity described in (a) above. 

1.12 ERISA. The Employee Retirement Income Security Act of 1974, as amended. A reference to a particular Section of ERISA shall include
a reference to any regulation issued under that Section. 
 1.13 Executive Employee. A member of a select group of highly-compensated
and management employees designated as such by the Board or Committee. 
 1.14 Investment Request. A Participant’s instructions,
in accordance with procedures established by the Committee, as to how the Participant’s Account should be deemed to be invested, subject to approval by the Committee. 

1.15 Participant. Any person with an account balance under the Plan shall be a Participant. Any Executive Employee may become a
Participant upon satisfying the requirements of Section 2.1. 
 1.16 Plan. The UPS Restoration Savings Plan. 

1.17 Plan Year. The calendar year. 

1.18 Qualified Plan. The UPS 401(k) Savings Plan, as amended from time to time. 

1.19 SavingsPLUS Restoration Credit. The credit described in Section 3.1. 

1.20 SavingsPLUS Restoration Credit Account. The portion of the Participant’s Account containing SavingsPLUS Restoration Credits
and any credits for earnings thereon. 
 1.21 Separation from Service. A termination of the Participant’s employment with the
Company and each Employer Company that would also constitute a “separation from service” within the meaning of Code Section 409A(a)(2)(A)(i) and any regulations or other guidance issued thereunder. 

1.22 UPS Retirement Contribution Restoration Credit. The credit described in Section 3.2. 

1.23 UPS Retirement Contribution Restoration Credit Account. The portion of the Participant’s Account containing UPS Retirement
Contribution Restoration Credits and any credits 
 1.24 UPS Retirement Contribution Restoration Credit Service. The measure of
service used for calculating a Participant’s UPS Retirement Contribution Restoration Credit level under Appendix 3.2. UPS Retirement Contribution Restoration Credit Service is determined as of the last day of the Plan Year. A Participant shall
generally be credited with one year of UPS 

  
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Retirement Contribution Restoration Credit Service for each year of employment as an Employee with an Employer Company starting as of such Participant’s most recent date of hire or rehire
with an Employer Company. Any periods of service prior to the Participant’s most recent hire or rehire shall be disregarded in determining the Participant’s years of UPS Retirement Contribution Restoration Credit Service. 

The Committee may grant additional periods of UPS Retirement Contribution Restoration Credit Service for service with the Company or with
another employer through Committee resolutions. 
 1.25 UPS Transition Contribution Restoration Credit. The credit described in
Section 3.3. 
 1.26 UPS Transition Contribution Restoration Credit Account. The portion of the Participant’s Account
containing UPS Transition Contribution Restoration Credits and any credits for earnings thereon. 
 1.27 UPS Transition Contribution
Restoration Participant. A Participant who, on December 31, 2022, (A) was a Participant in the UPS Retirement Plan, (B) was actively accruing a benefit under a Final Average Compensation Formula (as defined in the UPS Retirement Plan),
(C) was not accruing a Portable Account Benefit (as defined in the UPS Retirement Plan), (D) was not accruing a benefit under the RPA-5 non-grandfathered formula (under
the UPS Retirement Plan), and (E) had his or her Final Average Compensation Formula accruals frozen under the UPS Retirement Plan. A Participant described in the preceding sentence who, after December 31, 2022, experiences a Separation
from Service and is subsequently rehired shall no longer be a UPS Transition Contribution Restoration Participant for any period after such Participant’s rehire date. 

1.28 Vesting Service. Vesting Service means the number of years of service determined as of the last day of the Plan Year A Participant
shall generally be credited with a year of Vesting Service for each year of employment as an Employee with an with the Company or an Employer Company, calculated from the Participant’s original date of hire. The Committee may grant additional
periods of Vesting Service for service with the Company or with another employer through Committee resolutions. 
 SECTION II 

ELIGIBILITY/PARTICIPATION 

2.1 In General. To be eligible to become a Participant in the Plan, an Employee must have been hired, rehired, or promoted to Executive
Employee status on or after July 1, 2016, provided however that, for Plan Years beginning on or after January 1, 2023, an Executive Employee may become a Participant for purposes of receiving UPS Retirement Contribution Restoration
Credits and/or UPS Transition Contribution Restoration Credits even if such Employee was hired, rehired or promoted to Executive Employee status prior to July 1, 2016. An Executive Employee meeting the requirements of the previous sentence
shall become a 

  
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Participant in the Plan as of the first day of the Plan Year following the first year in which such Executive Employee’s Compensation exceeds the dollar limit specified under Code
Section 401(a)(17), as adjusted, provided such Executive Employee’s participation in the Plan is approved by the Committee. The Committee shall have sole discretion in determining an Employee’s status as an Executive Employee, as well
as the eligibility of any Employee to participate in this Plan. 
 2.2 Subsequent Years. After an Executive Employee satisfies the
requirements of Section 2.1, such Executive Employee shall remain a Participant in the Plan as long as such Executive Employee remains an Employee, even if the Executive Employee’s Compensation falls below the dollar limit specified under
Code Section 401(a)(17). A Participant who has separated from service shall remain a Participant for purposes of his rights to his vested account balance until all of his Plan benefits have been paid, but shall not be eligible to earn any
additional benefits under the Plan following his Separation from Service or other termination of employment. 
 2.3 Change in Status.
If a Participant ceases to be an Executive Employee but continues to be employed by the Company, then Company Contribution Credits on his behalf under this Plan shall be suspended, but such Participant shall continue to earn years of Vesting Service
and shall remain a Participant under the Plan for purposes of his rights to his vested account balance. 
 2.4 Impact of return to
Executive Employee status. Notwithstanding any other provisions of this Plan to the contrary, any Employee who previously had participated in the Plan as a Participant will again become eligible to earn benefits under the Plan upon re-promotion or other return to Executive Employee status and shall be eligible for the Company Contribution Credits described in Sections 3.1 through 3.3, as appropriate. 

SECTION III 
 RESTORATION BENEFITS

 3.1 SavingsPLUS Restoration Credits. 

(a) Each active Participant shall be credited for each Plan Year with a SavingsPLUS Restoration Credit. The amount of the SavingsPLUS
Restoration Credit shall equal a percentage of the Participant’s Compensation for the Plan Year based on the Employer Company that employs the Participant during each Accounting Period, as set forth in Appendix 3.1. 

(b) SavingsPLUS Restoration Credits shall be allocated to the Participant’s SavingsPLUS Restoration Credit Account as of the last day of
each Accounting Period (as defined under the Qualified Plan), based on the Participant’s Compensation and Employer Company as of the last day of such Accounting Period. In the event that a Participant transfers employment to a different
Employer Company prior to the end of the Accounting Period, the Participant’s SavingsPLUS Restoration Credit account shall be credited or debited as necessary 

  
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to reflect the SavingsPLUS Restoration Credit rate to which such Participant was entitled based on the Participant’s Employer Company on the last day of the applicable Accounting Period. An
adjustment under this paragraph shall include a corresponding adjustment for earnings. 
 (c) A Participant shall be entitled to SavingsPLUS
Restoration Credits as described above regardless of the level of contributions (if any) that the Participant makes to the Qualified Plan during the Plan Year. 

(d) Vesting. SavingsPLUS Restoration Credits shall be immediately 100% vested. 

3.2 UPS Retirement Contribution Restoration Credits. 

(a) Active Participants who qualify for UPS Restoration Contribution Restoration Credits shall receive a Company Contribution Credit allocated
to an such Participant’s UPS Retirement Contribution Restoration Credit Account as soon as practicable following the last day of the Plan Year (or at such other time as the Company may determine), as described in this Section 3.2 and
Appendix 3.2. 
 (b) Eligibility for UPS Retirement Contribution Restoration Credits. To be eligible for a UPS Retirement Contribution
Restoration Credit, the Participant must be actively employed by an Employer Company that participates in UPS Retirement Contribution Restoration Credits (as specified in Appendix 3.2) during the Plan Year. In the event that, during a Plan Year (but
prior to the last day of a Plan Year), a Participant has a Separation from Service or is transferred to an Employer Company that does not participate in UPS Retirement Contribution Restoration Credits, such Participant shall remain eligible for the
UPS Retirement Contribution Restoration Credit for that Plan Year, but only for such portion of the Plan Year that the Participant was employed by an Employer Company that participates in UPS Retirement Contribution Restoration Credits. 

(c) The amount of the UPS Retirement Contribution Restoration Credit shall be a percentage of the Participant’s Compensation for the Plan
Year and shall vary based on factors set forth in Appendix 3.2. 
 (d) Vesting. UPS Retirement Contribution Restoration Credits shall
vest after the Participant has earned three years of Vesting Service. Upon termination of employment, a Participant shall forfeit any right to any non-vested portion of his Account. Notwithstanding the
foregoing, the Committee may determine to accelerate the vesting of any Participant’s Account, subject to such conditions and limitations as the Committee may see fit to impose. 

3.3 UPS Transition Contribution Restoration Credits. 

(a) Active Participants who meet the requirements of 3.3(b) below shall receive a Company Contribution Credit allocated to an such
Participant’s UPS Transition Contribution Restoration Credit Account as soon as practicable following the last day of the Plan Year (or at such other time as the Company may determine), as described in this Section 3.3 and Appendix 3.3.

  
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 (b) To be eligible for a UPS Transition Contribution Restoration Credit, the Participant must be
a UPS Transition Contribution Restoration Participant and must be employed during the Plan Year by an Employer Company by an Employer Company that participates in UPS Transition Contribution Restoration Credits. In the event that, during a Plan Year
(but prior to the last day of the Plan Year), a Participant has a Separation from Service or transfers to an Employer Company that does not participate in UPS Transition Contribution Restoration Credits only for such portion of the Plan Year that
the Participant was employed by an Employer Company that participates in UPS Transition Contribution Restoration Credits. 
 (c) The amount
of the UPS Transition Contribution Restoration Credit shall be 5% of the Participant’s Compensation for each Plan Year starting on or after January 1, 2023 and prior to January 1, 2028, and 7% of the Participant’s Compensation
for each Plan Year starting on or after January 1, 2028. No UPS Transition Contribution Restoration Credit shall be made for any Plan Year starting before January 1, 2023. 

(d) Vesting. UPS Transition Contribution Restoration Credits shall be immediately 100% vested. 

3.4 Participant Contributions. A Participant is not required or permitted to make contributions to the Plan. 

3.5 Earnings on Accounts. 

(a) The Account of each Participant shall be credited with its allocable share of deemed investment gains and losses. 

(b) The Committee shall retain final authority as to how a Participant’s Account is to be deemed invested. The SavingsPLUS Restoration
Credits shall be deemed invested in shares of UPS Stock (as such term is defined under the Qualified Plan). For investments of a Participant’s UPS Retirement Contribution Restoration Credit Account and UPS Transition Contribution Restoration
Credit Account, a Participant may advise the Committee as to the Participant’s preferred investment allocation by submitting an Investment Request to the Committee. An Investment Request may direct the Committee to deem the Participant’s
Account to be invested in and among such deemed investment vehicles as are made available by the Committee from time to time, which may mirror one or more of the investment options available to participants in the Qualified Plan. Notwithstanding the
foregoing, in no event shall any portion of a Participant’s Account be deemed invested in a self-directed brokerage account or similar feature. 

(c) Investment Requests must follow such procedures as may be set forth by the Committee. In the event that a Participant has not submitted an
Investment Request, the Participant’s Account shall be deemed to be invested in a fund selected by the Committee. In no event shall a Participant’s investment instructions under the Qualified Plan affect or be affected by the deemed
investment of the Participant’s Account under this Plan. 

  
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 3.6 Benefits to Minors and Incompetents. 

(a) If any person entitled to receive payment under the Plan is a minor, the Company shall pay the amount directly to the minor, to a guardian
of the minor, or to a custodian selected by the Company. 
 (b) If a person who is entitled to receive payment under the Plan is physically
or mentally incapable of personally receiving and giving a valid receipt for any payment due (unless a previous claim has been made by a duly qualified committee or other legal representative), the payment will be made as determined by the
Committee, in its sole discretion. 
 SECTION IV 

PARTICIPANT ACCOUNTS 
 4.1
Participant Accounts. The Company shall maintain, or cause to be maintained, records for each Participant showing the amounts credited and debited from time to time to his Account. 

SECTION V 
 PAYMENT OF BENEFITS

 5.1 Commencement of Benefits. A Participant’s Account shall become payable on the date which is the six-month anniversary of the Participant’s Separation from Service, or if earlier, six months following the date on which the Participant dies or becomes Disabled. 

5.2 Method of Payment. 

(a) Prior to the time a Participant commences participation in the Plan pursuant to Section 2.1 of the Plan, the Participant may submit an
election to receive a distribution of his Account in the form of cash in one of the following payment options: 
  

	 	(i)	a single lump sum payment; or 

  

	 	(ii)	annual installments over a period of exactly 3, 5, 7, or 10 years (as elected by the Participant). The amount of each installment shall be to equal the balance of the Participant’s Account immediately prior to the
installment divided by the number of installments remaining to be paid. 

  
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 If a Participant does not elect a form of payment or submits an incomplete election, that
Participant’s benefits shall be paid in the form of a lump sum. 
 (b) If a Participant who has commenced receiving installment payments
under Section 5.2(a) dies, the installment payments shall continue to be made to the Participant’s Beneficiary as though the Participant had not died. However, if a Participant dies or becomes Disabled prior to the commencement of benefit
payments, the Participant’s Account shall be paid in a single lump sum within six months following the earliest to occur of the Participant death or Disability, with payments being made to the Participant’s Beneficiary if the Participant
has died. 
 (c) In the event the Participant elects an installment form of payment, the Participant’s Account balance will remain
subject to market risk associated with the mirrored investment options as described in Section 3.5 during the installment payment period, and earnings (or losses) shall continue to accrue on any remaining balance in the Participant’s
Account for each year or part thereof during the installment payment period in the manner provided for in Section 3.5. 
 5.3 Change
in Form of Payment. 
 (a) A Participant may change the form of payment of his Account at most one time, as described in this
Section 5.3. After a Participant has made an election to change the form of payment under this 5.3, that Participant shall thereafter be ineligible to change the form of payment of his or her Account. 

(b) A Participant’s election to change the form of payment of his Account must satisfy each of the following, or else such election shall
be null and void: 
  

	 	(i)	the election to change the form of payment must be made on a form acceptable to the Committee; 

  

	 	(ii)	the election must be submitted to the Committee not later than the twelve months prior to the date distribution of the Account would otherwise have commenced; and 

 

	 	(iii)	the election shall delay the commencement of any payments under the Plan for a period of no fewer than five years from the date such payment would have otherwise commenced. 

(c) An election to change the form of payment of a Participant’s Account under this Section 5.3 shall become effective no earlier
than twelve months after the date on which it is received by the Committee. In the event a Participant experiences a Separation from Service during such 12 month period, the election shall be null and void and the Participant’s Account shall be
paid as though no such election had been made. 

  
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 SECTION VI 

BENEFICIARY 
 6.1 Designation
of Beneficiary. A Participant may, in the manner determined by the Committee, designate a Beneficiary and one or more contingent Beneficiaries to receive any benefits which may be payable under the Plan upon his death. If a Participant fails to
designate a Beneficiary, the Participant’s estate shall automatically be treated as his or her Beneficiary under this Plan. 
 6.2
Change to Beneficiary. A Participant may change his Beneficiary at any time by following procedures set forth by the Committee. 

SECTION VII 
 TAXES 

7.1 Withholding Taxes. Benefits paid under the Plan may be subject to federal, state and local income and payroll taxes. The
Participant shall arrange for all such taxes to be paid in the manner required by law. Where possible, the Committee may deduct taxes owed from payments from the Plan or from the Participant’s regular wages. Alternatively, the Participant
agrees to remit to the Company payments to cover taxes upon the Committee’s request. The Committee reserves the right to offset all unpaid taxes against the interest of a Participant under the Plan. 

7.2 Section 409A Compliance. 

(a) This Plan is intended to comply with the provisions of Section 409A of the Code and any regulations issued thereunder. To the extent
feasible, all definitions, terms, conditions, and rights under this Plan shall be interpreted or construed in a manner that is consistent with that intent. In addition, any provision, including, without limitation, any definition, in this Plan
document that is determined to violate the requirements of Section 409A of the Code shall be void and without effect and any provision, including, without limitation, any definition, that is required to appear in this Plan document under
Section 409A of the Code that is not expressly set forth shall be deemed to be set forth herein, and the Plan shall be administered in all respects as if such provisions were expressly set forth. In addition, the timing of certain payments of
benefits provided for under this Plan shall be revised as necessary for compliance with Section 409A of the Code. 
 (b) Notwithstanding
the foregoing, the tax treatment of any payment provided under this Plan is not warranted or guaranteed. Neither the Company, nor the Committee, nor any Employer Company shall be liable for any taxes, interest, penalties, or other monetary amounts
owed by the Participant or any other taxpayer as a result of the Plan or the payment or non-payment of any amount thereunder. By participating in the Plan, the Participant agrees to be

  
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solely and exclusively liable for any tax consequences (including without limitation any additional tax based on noncompliance with Section 409A) associated with any benefit under the Plan.
Additionally, nothing in this Plan shall be interpreted as creating in the Company, the Committee, or any Employer Company a duty to optimize any tax treatment. 

  
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 SECTION VIII 

ADMINISTRATION 
 8.1
Administration. This Plan shall be administered by the Committee, which shall have complete authority in its sole discretion to make, amend, interpret and enforce rules and regulations for the administration of this Plan and decide or resolve
in its sole discretion any and all questions which may arise in connection with this Plan. The Committee may delegate certain of its duties to one or more employees or to a separate committee appointed by the Committee. 

8.2 Employment of Agents. In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them
such administrative duties as it sees fit and may, from time to time, consult with counsel, including counsel to the Company. 
 8.3
Decisions. The decision or action of the Committee in respect of any question arising out of or in connection with the administration, interpretation and application of this Plan and the rules and regulations hereunder shall be final and
conclusive and binding upon all persons having any interest in this Plan. 
 8.4 Claims Procedure. Any claim for a benefit under this
Plan shall be filed and resolved in accordance with the claims procedure provided under the UPS 401(k) Savings Plan, which procedure hereby is incorporated in this Plan by reference, except that (a) the Committee of this Plan shall be the
entity with whom a claim for review should be filed under this Plan and (b) the Committee has absolute discretion to resolve any claims under this Plan. 

SECTION IX 
 AMENDMENT AND
TERMINATION 
 9.1 Amendment or Termination. The Committee reserves the right, by written resolution, to amend, modify or terminate,
either retroactively or prospectively, any or all of the provisions of this Plan,; provided, however, that no such action on its part shall adversely affect the rights of a Participant, or beneficiaries without the consent of such Participant (or
beneficiaries, if the Participant is deceased) with respect to any benefits accrued under this Plan prior to the date of such amendment, modification or termination of the Plan if the Participant has at that time a
non-forfeitable right to benefits under of this Plan. 

  
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 SECTION X 

GENERAL CONDITIONS 
 10.1
Funding. The benefits payable under this Plan shall be paid by the Company out of its general assets and shall not be funded. The obligations that the Company incurs under this Plan shall be subject to the claims of the Company’s other
creditors having priority as to the Company’s assets. 
 The Company may (but is not required to) establish one or more trusts to which
the Company may transfer such assets as the Company determines in its sole discretion to assist in meeting its obligations under the Plan. If a trust is established under the Plan, it is intended that the transfer of assets into the trust will not
generate taxable income (for federal income tax purposes) to the Participants until such assets are actually distributed or otherwise made available to the Participants. The provisions of the Plan shall govern the rights of a Participant to receive
distributions pursuant to the Plan, and the provisions of any trust shall govern the rights of the Company, Participants and the creditors of the Company to the assets transferred to such trust. The Company’s obligations under the Plan may be
satisfied with trust assets distributed pursuant to the terms of the trust, and any such distribution shall reduce the Company’s obligations under the Plan. 

10.2 Assignment. Except as to withholding of any tax under the laws of the United States or any state or locality, no benefit
payable at any time hereunder shall be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment or other legal process, or encumbrance of any kind. Any attempt to alienate, sell, transfer, assign, pledge or otherwise
encumber any such benefit, whether currently or thereafter payable hereunder, shall be void. For clarification and without limitation, this section 10.2 specifically forbids and makes void any purported assignment of benefits to an alternate payee
through a domestic relations order, regardless of whether such domestic relations order would be a qualified domestic relations order under Section 414(p) of the Code or Section 206 of ERISA. 

10.3 No Contract of Employment. No employee and no other person shall have any legal or equitable rights or interest in this Plan that
are not expressly granted in this Plan. Participation in this Plan does not give any person any right to be retained in the employment of the Company. The right and power of the Company to dismiss or discharge any employee is expressly reserved.

 10.4 Terms. All terms used in this Plan which are defined in the Qualified Plan shall have the same meaning herein as therein,
unless otherwise expressly provided in this Plan. 
 10.5 Plan Provisions Govern. The rights under this Plan of a Participant who
leaves the employment of the Company at any time and the rights of anyone entitled to receive any payments under this Plan by reason of the death of such Participant, shall be governed by the provisions of this Plan in effect on the date such
Participant leaves the employment of the Company, except as otherwise specifically provided in this Plan. 

  
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 10.6 Governing Law. The law of the State of Georgia shall govern the construction and
administration of this Plan, to the extent not pre-empted by federal law. 
 As evidence of its
adoption of the UPS Restoration Savings Plan, the Committee, as authorized by the Board, has caused this document to be executed by a duly authorized officer. 

 

			
	UNITED PARCEL SERVICE OF AMERICA, INC.
		
	By:	 	 /s/ David Abney

	Title:	 	 Chairman

  
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 APPENDIX A 

List of Employer Companies 
  

					
	BT Realty Holdings II, Inc.	  	UPS Capital Corporation, Inc.	  	UPS Mail Innovations, Inc. (Formerly UPS Messaging Inc.)
			
	iShip, Inc.	  	UPS Capital Insurance Agency, Inc. (Formerly Glenlake Insurance Agency, Inc.)	  	UPS Procurement Services Corporation
			
	United Parcel Service Co.	  	UPS Customhouse Brokerage, Inc.	  	UPS Supply Chain Solutions, Inc. (includes Diversified Trimodal, Inc. d/b/a Martrac, UPS Supply Chain Management Nevada, Inc., UPS Supply Chain Management Tristate, Inc., UPS Logistics Group Americas, Inc. which were all merged
through a series of mergers 12/31/02)
			
	United Parcel Service of America, Inc.	  	UPS General Services Co.	  	UPS Telecommunications, Inc. (UPS Teleservices)
			
	United Parcel Service, Inc. (Ohio)	  	UPS Ground Freight d/b/a UPS Freight (Formerly Overnite Transportation Company)	  	UPS Worldwide Forwarding, Inc.
			
	UPS Capital Business Credit (Formerly First International Bank)	  	UPS International General Services Co.	  	Worldwide Dedicated Services, Inc.
			
	UPS Capital Business Credit of New Jersey, Inc. (Formerly First International Capital Corporation of New Jersey)	  	UPS Latin America, Inc.	  	

  
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 APPENDIX 3.1 SavingsPLUS Restoration Credit 

Effective as of January 1, 2017 

SavingsPLUS Restoration Credit Calculation. 
 For purposes of
this Appendix 3.1, the term “Employer Company Group” shall mean the group of Employer Companies applicable to the Participant as of the last day of the Accounting Period (as such term is defined under the Qualified Plan) as set forth below
(the “Employer Company Group”). If a Participant has a Separation from Service or transfers to an Employer Company that does not participate in UPS Retirement Contribution Restoration Credits, such Participant’s “Employer Company
Group” for that Accounting Period shall be determined by reference to the participating Employer Company that last employed such Participant during that Accounting Period. Although SavingsPLUS Restoration Credits are calculated each Accounting
Period, the Company may allocate them to the accounts of eligible Participants more frequently or less frequently, in the Company’s sole discretion. 

Prior to January 1, 2023. The SavingsPLUS Restoration Credit for a Participant shall be determined based on the Employer Company
Group, and the Participant’s Compensation, as determined by the tables below: 
  

			
	 Employer Company Group
	  	 Amount of SavingsPLUS Restoration Credit

		
	A	  	3% SavingsPLUS Restoration Contribution of Compensation
		
	B	  	1% SavingsPLUS Restoration Contribution of Compensation

 Employer Company Group A: The following Employer Companies are considered part of Employer Company Group A for
purposes of determining the SavingsPLUS Restoration Credit noted above: 
  

	
	Employer
	BT Realty Holdings II, Inc.
	Connectship, Inc i-Parcel LLC iShip, Inc.
	Parcel Pro, Inc. (CA, FL, NY)
	The UPS Store, Inc
	United Parcel Service Co.
	United Parcel Service of America, Inc.
	United Parcel Service, Inc. (Ohio)
	UPS Capital Business Credit (Formerly First International Bank)
	UPS Capital Corporation, Inc.
	UPS Capital Insurance Agency, Inc. (Formerly Glenlake Insurance Agency, Inc.)
	UPS Cartage Services, Inc.
	UPS Customhouse Brokerage, Inc.

  
 17 

	
	UPS Expedited Mail Services, Inc.
	UPS General Services Co.
	UPS Global Innovations, Inc.
	UPS International General Services Co.
	UPS Latin America, Inc.
	UPS Market Driver, Inc.
	UPS Mail Innovations, Inc. (Formerly UPS Messaging Inc.)
	UPS Procurement Services Corporation
	UPS Supply Chain Solutions General Services, Inc.
	UPS Supply Chain Solutions, Inc. (includes Diversified Trimodal, Inc. d/b/a Martrac, UPS Supply Chain Management Nevada, Inc., UPS Supply Chain Management Tristate, Inc., UPS Logistics Group Americas, Inc. which were all merged
through a series of mergers 12/31/02)
	UPS Telecommunications, Inc. (UPS Teleservices)
	UPS Trade Management Services, Inc.
	UPS Worldwide Forwarding, Inc.

 Employer Company Group B: The following Employer Companies are considered part of Employer Company Group B for
purposes of determining the SavingsPLUS Restoration Credit noted above: 
  

	
	Employer
	UPS Ground Freight

 On and after January 1, 2023. Unless otherwise specified below, the SavingsPLUS Restoration Credit
for a Participant shall be the amount set forth in the table below: 
  

	
	 Amount of SavingsPLUS Restoration Credit

3% SavingsPLUS Restoration Contribution of Compensation

 Notwithstanding the foregoing, the Participants employed by the following Employer Companies on the last day of an Accounting
Period shall receive the SavingsPLUS Restoration Credit levels set forth below for such Accounting Period: 
  

	 	•	 	Marken Ltd. 

  

	
	Amount of SavingsPLUS Restoration Credit
	NONE

  
 18 

 APPENDIX 3.2 UPS Retirement Contribution Restoration Credits 

Effective as of January 1, 2017 
 For
purposes of this Appendix 3.2, the term “Employer Company Group” shall mean the group of Employer Companies applicable to the Participant as of the last day of the Plan Year as set forth below (the “Employer Company Group”). For
Plan Years beginning on or after January 1, 2018, if a Participant has a Separation from Service or transfers to an Employer Company that does not participate in UPS Retirement Contribution Restoration Credits, such Participant’s
“Employer Company Group” shall be determined by reference to the participating Employer Company that last employed such Participant during the Plan Year. 

The UPS Retirement Contribution Restoration Credit is determined by the Employer Company Group for which the Participant is employed on the last day of the
Plan Year (or otherwise as described in the previous paragraph) and the Participant’s number of years of UPS Retirement Contribution Restoration Credit Service, subject to the eligibility requirements of Section 3.2 of the Plan. 

UPS Retirement Contribution Restoration Credits prior to January 1, 2023 

 

									
	 Employer

Company Group
	  	 0-4 Years of
UPS
Retirement Contribution
Restoration Credit Service
	  	 5-9 Years of
UPS
Retirement Contribution
Restoration Credit Service
	  	 10-14 Years of
UPS
Retirement Contribution
Restoration Credit Service
	  	 15 + Years of UPS
Retirement Contribution
Restoration
Credit Service

					
	A	  	5% of Compensation	  	6% of Compensation	  	7% of Compensation	  	8% of Compensation
					
	B	  	3% of Compensation	  	3.5% of Compensation	  	4% of Compensation	  	4.5% of Compensation

 Compensation shall only include amounts earned or attributable to periods during which the Participant was employed by an
Employer Company that participates in UPS Retirement Contribution Restoration Credits. 
 Employer Company Group A: The following Employer
Companies are considered part of Employer Company Group A for purposes of determining the UPS Retirement Contribution Restoration Credits noted above: 
  

	
	Employer
	BT Realty Holdings II, Inc.
	United Parcel Service Co.
	United Parcel Service of America, Inc.
	United Parcel Service, Inc. (Ohio)

  
 19 

	
	UPS Capital Business Credit (Formerly First International Bank)
	UPS Capital Corporation, Inc.
	UPS Capital Insurance Agency, Inc. (Formerly Glenlake Insurance Agency, Inc.)
	UPS General Services Co.
	UPS Global Innovations, Inc
	UPS Ground Freight
	UPS International General Services Co.
	UPS Latin America, Inc.
	UPS Market Drivers
	UPS Procurement Services Corporation
	UPS Worldwide Forwarding, Inc.

 Employer Company Group B: The following Employer Companies are considered part of Employer Company Group B for
purposes of determining the UPS Retirement Contribution Restoration Credits noted above: 
  

	
	Employer
	ConnectShip, Inc. iParcel LLC iShip, Inc.
	Parcel Pro, Inc. (CA, FL, NY)
	The UPS Stores, Inc.
	UPS Cartage Services, Inc
	UPS Customhouse Brokerage, Inc.
	UPS Expedited Mail Services, Inc
	UPS Mail Innovations, Inc. (Formerly UPS Messaging, Inc.)
	UPS Supply Chain Solutions General Services, Inc
	UPS Supply Chain Solutions, Inc. (Includes Diversified Trimodal, Inc. d/b/a/ Martrac, UPS Supply Chain Management Nevada, Inc., UPS Supply Chain Management Tristate, Inc., UPS Logistics Group Americas, Inc. which were all merged
through a series of mergers 12/31/02)
	UPS Telecommunications, Inc. (UPS Teleservices)
	UPS Trade Management Services
	Worldwide Dedicated Services, Inc.

 UPS Retirement Contribution Restoration Credits on and after January 1, 2023 

For Plan Years beginning on or after January 1, 2023, the amount of the UPS Retirement Contribution Restoration Credit shall be as specified below: 

  
 20 

							
	 0-4

Years of UPS
 Retirement

Contribution
 Restoration Credit

Service
	  	 5-9

Years of UPS

Retirement

Contribution
 Restoration
Credit
 Service
	  	 10-14

Years of UPS

Retirement

Contribution
 Restoration
Credit
 Service
	  	 15 +

Years of UPS

Retirement

Contribution
 Restoration
Credit
 Service

	5% of Compensation	  	6% of Compensation	  	7% of Compensation	  	8% of Compensation

 Compensation shall only include amounts earned or attributable to periods during which the Participant was employed by an
Employer Company that participates in UPS Retirement Contribution Restoration Credits. 
 For Plan Years beginning on and after January 1, 2023, all
Employer Companies shall participate in the UPS Retirement Contribution Restoration Credits, with the exception of the following: 
  

	 	•	 	Coyote Logistics, LLC 

  

	 	•	 	Marken Ltd. 

 Additionally, any employees described in Section 4.2(c)(iii) of the Qualified Plan (i.e.
Overnite’s or UPS Freight’s Special Services Division or OMC Logistics) shall not be eligible for UPS Retirement Contribution Restoration Credits. 

  
 21 

 APPENDIX 3.3 UPS Transition Contribution Restoration Credits 

Effective as of January 1, 2023 
 All
Employer Companies participate in the UPS Transition Contribution Restoration Credits, with the exception of the following: 
  

	 	•	 	Coyote Logistics, LLC 

  

	 	•	 	Marken Ltd. 

 Additionally, any employees described in Section 4.2(c)(iii) of the Qualified Plan (i.e.
Overnite’s or UPS Freight’s Special Services Division or OMC Logistics) shall not be eligible for UPS Transition Contribution Restoration Credits. 

Compensation shall only include amounts earned or attributable to periods during which the Participant was employed by an Employer Company that participates
in UPS Transition Contribution Restoration Credits. 

  
 22EX-10.4

 Exhibit 10.4 

AMENDMENT ONE 
 TO THE

 UPS EXCESS COORDINATING BENEFIT PLAN 

WHEREAS, United Parcel Service of America, Inc. (the “Employer”) maintains the UPS Excess Coordinating Benefit Plan (the
“Plan”), amended and restated effective January 1, 2012; and 
 WHEREAS, pursuant to Section 7.1 of the Plan, the
Employer’s board of directors (the “Board”) may amend the Plan at any time; and 
 WHEREAS, the Employer desires to
amend the plan as provided herein; 
 NOW THEREFORE, in consideration of the foregoing, the Plan is amended by as follows effective
June 23, 2017: 
 1. 
 The
following is added to the introductory section of the Plan: 
 Effective December 31, 2022, benefit accruals (other than PAF benefit
interest credits) under the UPS Retirement Plan were frozen. Notwithstanding any other provisions of the Plan, benefit accruals (other than interest credits under the Coordinating PAF Benefit) are frozen effective December 31, 2022 and benefits
under this Plan shall generally not increase after that date (other than on account of interest credits under the Coordinating PAF Benefit). All benefit formulas under this Plan shall be interpreted in accordance with the foregoing sentence. 

2. 
 Section 1.3 is amended by adding
the following: 
 Notwithstanding the foregoing, Benefit Service shall generally not increase after December 31, 2022. 

3. 
 Section 1.8 is amended by adding
the following: 
 For clarification, the Coordinating Final Average Compensation Formula is frozen effective December 31, 2022 and shall
not take into account Benefit Service, International Benefit Service, or changes in compensation after that date. 

 4. 

Section 1.10 is amended by adding the following: 

For clarification, the Coordinating International Service Benefit is frozen effective December 31, 2022 and shall not take into account
Benefit Service, International Benefit Service, or changes in compensation after that date. 
 5. 

Section 1.22 is amended by adding the following: 

Notwithstanding the foregoing, FAC shall not generally increase or decrease after December 31, 2022. 

6. 
 The final sentence of
Section 1.26 is replaced as follows: 
 Notwithstanding the forgoing, International Service shall not include (i) any years (or
fractional years) of employment that are taken into account for purposes of computing a benefit under the UPS International Retirement Plan or any successor plan, (ii) any years (or fractional years) of employment after an individual ceases
employment as an Eligible International Service Participant except to the extent provided in Exhibit B, or (iii) any period of time after December 31, 2022. 

7. 
 Section 3.1(a) is amended by
adding the following: 
 Notwithstanding any other provisions of the Plan, benefit accruals (other than interest credits under the
Coordinating PAF Benefit) are frozen effective December 31, 2022 and no person’s benefit under this Plan shall generally increase or decrease after that date (other than on account of interest credits under the Coordinating PAF Benefit).

 *        *        
*        * 
 IN WITNESS WHEREOF, the Board has caused this amendment to be executed this
June 23rd day of June, 2017. 
  

			
	BOARD OF DIRECTORS OF UNITED PARCEL SERVICE OF AMERICA, INC.

 

			
	By:	 	 /s/ David Abney

	Title:	 	 Chairman

	Date:	 	 June 23, 2017

  
 2

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