Document:

EX-4.3

 Exhibit 4.3 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN
THE INDENTURE) OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

 UNITED PARCEL SERVICE, INC. 

 

					
	 No. 1
	  	$	500,000,000	  

 CUSIP: 911312 AZ9 

ISIN: US911312AZ91 
 3.400% Senior Notes due
2046 
 United Parcel Service, Inc., a corporation duly organized and existing under the laws of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Five Hundred Million Dollars
($500,000,000), or such other principal amount as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture, on November 15, 2046 and to pay interest thereon from October 24, 2016, or from
the most recent date to which interest has been paid or duly provided for, semi-annually on May 15 and November 15 of each year (each an “Interest Payment Date”), commencing May 15, 2017, at the rate of 3.400% per annum, until
the principal hereof is paid or made available for payment. Interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be May 1 or November 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be set by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture. 
 Interest payable on this Security on any Interest Payment Date or maturity date
shall be the amount of interest accrued from, and including, the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue date of this Security, if no interest has
been paid or duly provided for) to, but excluding, such Interest Payment Date or maturity date, as the case may be. If any Interest Payment Date (other than the maturity date) is not a Business Day at the relevant place of payment, the Company will
pay interest on the next day that is a Business Day at such place of payment as if payment were made on the date such payment was due, except that if such Business Day is in the immediately succeeding calendar month, such Interest Payment Date
(other than the maturity date) shall be the immediately preceding Business Day. If the maturity date of the Securities is not a Business Day at the relevant place of payment, the Company will pay interest, if any, and principal and premium, if any,
on the next day that is a Business Day at such place of payment as if payment were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date to the immediately succeeding
Business Day. 

 “Business Day” means any day that is not a Saturday or Sunday and that is not a day on
which banking institutions are authorized or obligated by law or executive order to close in The City of New York and, for any place of payment outside of The City of New York, in such place of payment. 

The term “maturity,” when used with respect to a Security, means the date on which the principal of such Security or an installment
of principal becomes due and payable as therein provided or as provided in the Indenture, whether at the stated maturity or by declaration of acceleration, call for redemption, repayment or otherwise. 

Delivery of the Maturity Consideration and payment of interest on this Security will be made at the office or agency of the Company maintained
for that purpose in the Borough of Manhattan, The City of New York, and payment of interest on this Security and the Maturity Consideration will be made in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: _______________ 
  

			
	 UNITED PARCEL SERVICE,
INC.

		
	By:	 	 

  

	
	Attest:
	
	   

	

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of August 26, 2003 (as supplemented, herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New
York Mellon Trust Company, N.A. (as successor to Citibank, N.A.), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series designated on the face hereof. 
 Optional Redemption 

The Securities are redeemable at any time prior to May 15, 2046 as a whole or in part, at the option of the Company, on at least 30 days’,
but not more than 60 days’, prior notice mailed to the registered address of each Holder of the Securities to be redeemed, at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Securities to be redeemed; and
(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed that would be due after the related Redemption Date to May 15, 2046 (except that, if such Redemption Date is not an
Interest Payment Date, the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued thereon to the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at a discount rate of the Treasury Rate plus 15 basis points, plus accrued interest to the date of redemption. 

The Securities will be redeemable at any time on or after May 15, 2046 as a whole or in part, at the option of the Company, on at least 30
days’, but not more than 60 days’, prior notice mailed to the registered address of each holder of the Securities to be redeemed, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued
and unpaid interest, if any, on the principal amount of the Securities to be redeemed to, but excluding, the Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Securities (assuming for this purpose, the Securities mature on May 15, 2046). 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations
for the Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all Quotations obtained. 

 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed
by the Company. 
 “Reference Treasury Dealer” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman, Sachs &
Co., Morgan Stanley & Co. LLC and UBS Securities LLC and their respective successors, except that if any of the foregoing ceases to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the
Company is required to designate as a substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to us (and provided to the Trustee) by such Reference Treasury Dealer as
of 3:30 p.m., New York City time, on the third business day immediately preceding the Redemption Date. 
 “Treasury Rate” means,
with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding the Redemption Date) of the Comparable Treasury Issue, assuming a price for
the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 

If money sufficient to pay the Redemption Price of all of the Securities (or portions thereof) to be redeemed on the Redemption Date is
deposited with the trustee or paying agent on or before the Redemption Date and certain other conditions are satisfied, then on and after such Redemption Date, interest will cease to accrue on the Securities or portions of the Securities called for
redemption. 
 The Company may at any time, and from time to time, purchase the Securities at any price or prices in the open market or
otherwise. 
 Additional Covenants 
 The
Company will not create, assume, incur or guarantee, and will not permit any Restricted Subsidiary to create, assume, incur or guarantee, any Secured Indebtedness without making provision whereby this Security shall be secured equally and ratably
with, or prior to, such Secured Indebtedness, together with, if the Company shall so determine, any other Indebtedness of the Company or any Restricted Subsidiary then existing or thereafter created that is not subordinate to this Security, so long
as the Secured Indebtedness shall be outstanding, unless such Secured Indebtedness, when added to (a) the aggregate amount of all Secured Indebtedness then outstanding (not including in this computation Secured Indebtedness if this Security is
secured equally and ratably with (or prior to) such Secured Indebtedness and further not including in this computation any Secured Indebtedness that is concurrently being retired) and (b) the aggregate amount of all Attributable Debt then
outstanding pursuant to Sale and Leaseback Transactions entered into by the Company after January 26, 1999, or entered into by a Restricted Subsidiary after January 26, 1999 or, if later, the date on which it became a Restricted Subsidiary (not
including in this computation any Attributable Debt that is concurrently being retired), would not exceed 10% of Consolidated Net Tangible Assets. 

 The Company will not, and will not permit any Restricted Subsidiary to, enter into any Sale and
Leaseback Transaction unless (a) the sum of (i) the Attributable Debt to be outstanding pursuant to such Sale and Leaseback Transaction, (ii) all Attributable Debt then outstanding pursuant to all other Sale and Leaseback Transactions entered into
by the Company after January 26, 1999, or entered into by a Restricted Subsidiary after January 26, 1999 or, if later, the date on which it became a Restricted Subsidiary, and (iii) the aggregate of all Secured Indebtedness then outstanding (not
including in this computation Secured Indebtedness if this Security is secured equally and ratably with (or prior to) such Secured Indebtedness) would not exceed 10% of Consolidated Net Tangible Assets, or (b) an amount equal to the greater of (i)
the net proceeds to the Company or the Restricted Subsidiary of the sale of the Principal Property sold and leased back pursuant to such Sale and Leaseback Transaction and (ii) the amount of Attributable Debt to be outstanding pursuant to such Sale
and Leaseback Transaction is applied to the retirement of Funded Debt of the Company or any Restricted Subsidiaries (other than Funded Debt that is subordinate to this Security or is owing to the Company or any Restricted Subsidiaries or is
scheduled to mature within one year after consummation of such Sale and Leaseback Transaction) within 180 days after the consummation of such Sale and Leaseback Transaction. 

Default in the performance, or breach, of either of the covenants set forth in the preceding two paragraphs will be an “Event of
Default” under Section 5.01 of the Indenture, and the covenants set forth in the preceding two paragraphs will be subject to defeasance in accordance with Section 13.03 of the Indenture. 

“Attributable Debt” means, as of the date of its determination, the present value (discounted semiannually at an interest rate of
7.0% per annum) of the obligation of a lessee for rental payments pursuant to any Sale and Leaseback Transaction (reduced by the amount of the rental obligations of any sublessee of all or part of the same property) during the remaining term of such
Sale and Leaseback Transaction (including any period for which the lease relating thereto has been extended), such rental payments not to include amounts payable by the lessee for maintenance and repairs, insurance, taxes, assessments and similar
charges and for contingent rents (such as those based on sales). In the case of any Sale and Leaseback Transaction in which the lease is terminable by the lessee upon the payment of a penalty, such rental payments shall be considered for purposes of
this definition to be the lesser of the discounted values of (a) the rental payments to be paid under such Sale and Leaseback Transaction until the first date (after the date of such determination) upon which it may be so terminated plus the then
applicable penalty upon such termination, and (b) the rental payments required to be paid during the remaining term of such Sale and Leaseback Transaction (assuming such termination provision is not exercised). 

“Capitalized Lease Obligation” means any obligation to pay rent or other amounts under a lease of (or other agreement conveying the
right to use) real or personal property that is required to be classified and accounted for as a capital lease obligation under generally accepted accounting principles, and, for the purposes of this Security, the amount of such obligation at any
date shall be the capitalized amount thereof at such date, determined in accordance with such principles. 

 “Consolidated Net Tangible Assets” means at any date, the total assets appearing on the
Company’s most recently prepared consolidated balance sheet as of the end of the Company’s fiscal quarter, prepared in accordance with generally accepted accounting principles, less (a) all current liabilities as shown on such balance
sheet and (b) Intangible Assets. 
 “Funded Debt” means any indebtedness maturing by its terms more than one year from its date of
issue, including any indebtedness renewable or extendable at the option of the obligor to a date later than one year from the date of the original issuance thereof. 

“Indebtedness” means (a) any liability of any Person (i) for borrowed money, or under any reimbursement obligation relating to a
letter of credit, (ii) evidenced by a bond, note, debenture or similar instrument, including a purchase money obligation, given in connection with the acquisition of any businesses, properties or assets of any kind or with services incurred in
connection with capital expenditures, other than a trade payable or a current liability arising in the ordinary course of business, or (iii) for the payment of money relating to a Capitalized Lease Obligation, or (iv) for Interest Rate Protection
Obligations; (b) any liability of others described in the preceding clause (a) that the Person has guaranteed or that is otherwise its legal liability; and (c) any amendment, supplement, modification, deferral, renewal, extension or refunding of any
liability of the types referred to in clauses (a) and (b) above. 
 “Intangible Assets” means at any date the value (net of any
applicable reserves), as shown on or reflected in the Company’s most recently prepared consolidated balance sheet, prepared in accordance with generally accepted accounting principles, of: (a) all trade names, trademarks, licenses, patents,
copyrights and goodwill; (b) organizational and development costs; (c) deferred charges (other than prepaid items such as insurance, taxes, interest, commissions, rents and similar items and tangible assets being amortized); and (d) unamortized debt
discount and expense, less unamortized premium. 
 “Interest Rate Protection Obligations” of any Person means the obligations of
such Person pursuant to any arrangement with any other Person whereby, directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying a fixed rate of interest on a stated notional amount in
exchange for periodic payments made by such Person calculated by applying a floating rate of interest on the same notional amount. 

“Liens” means any mortgage, lien, pledge, security interest, charge or encumbrance. 

“Principal Property” means any land, land improvements, buildings and associated factory, distribution, laboratory and office
equipment (excluding any motor vehicles, aircraft, mobile materials handling equipment, data processing equipment and rolling stock) constituting a distribution facility, operating facility, manufacturing facility, development facility, warehouse
facility, service facility or office facility (including any portion thereof), which facility (a) is owned by or leased to the Company or any Restricted Subsidiary, (b) is located within the United States and (c) has an acquisition cost plus
capitalized improvements in excess of 0.50% of Consolidated Net Tangible Assets as of the date of such determination, other than (i) any such 

 
facility, or portion thereof, which has been financed by obligations issued by or on behalf of a State, a Territory or a possession of the United States, or any political subdivision of any of
the foregoing, or the District of Columbia, the interest on which is excludable from gross income of the holders thereof (other than a “substantial user” of such facility or a “related Person” as those terms are used in Section
103 of the Internal Revenue Code of 1986, as amended (the “Code”)) pursuant to the provisions of Section 103 of the Code (or any similar provision hereafter enacted) as in effect at the time of issuance of such obligations, (ii) any such
facility that the Board of Directors may by Board Resolution declare is not of material importance to the Company and the Restricted Subsidiaries taken as a whole and (iii) any such facility, or portion thereof, owned or leased jointly or in common
with one or more Persons other than the Company and any Subsidiary and in which the interest of the Company and all Subsidiaries does not exceed 50%. 

“Restricted Securities” means any shares of the capital stock or Indebtedness of any Restricted Subsidiary. 

“Restricted Subsidiary” means (a) any Subsidiary (i) which has substantially all its property within the United States of America,
(ii) which owns or is a lessee of any Principal Property and (iii) in which the investment of the Company and all other Subsidiaries exceeds 0.50% of Consolidated Net Tangible Assets as of the date of such determination; provided, however, that the
term “Restricted Subsidiary” shall not include: (A) any Subsidiary (x) primarily engaged in the business of purchasing, holding, collecting, servicing or otherwise dealing in and with installment sales contracts, leases, trust receipts,
mortgages, commercial paper or other financing instruments, and any collateral or agreements relating thereto, including in the business, individually or through partnerships, of financing, whether through long- or short-term borrowings, pledges,
discounts or otherwise, the sales, leasing or other operations of the Company and the Subsidiaries or any of them, or (y) engaged in the business of financing the assets and operations of third parties, and (z) in any case, not, except as incidental
to such financing business, engaged in owning, leasing or operating any property which, but for this proviso, would qualify as Principal Property or (B) any Subsidiary acquired or organized after January 26, 1999, for the purpose of acquiring the
stock or business or assets of any Person other than the Company or any Restricted Subsidiary, whether by merger, consolidation, acquisition of stock or assets or similar transaction analogous in purpose or effect, so long as such Subsidiary does
not acquire by merger, consolidation, acquisition of stock or assets or similar transaction analogous in purpose or effect all or any substantial part of the business or assets of the Company or any Restricted Subsidiary; and (b) any other
Subsidiary that is hereafter designated by the Board of Directors as a Restricted Subsidiary. 
 “Sale and Leaseback Transaction”
means any arrangement with any Person providing for the leasing by the Company or any Restricted Subsidiary of any Principal Property (whether such Principal Property is now owned or hereafter acquired) that has been or is to be sold or transferred
by the Company or such Restricted Subsidiary to such Person, other than (a) leases for a term, including renewals at the option of the lessee, of not more than three years; (b) leases between the Company and a Restricted Subsidiary or between
Restricted Subsidiaries and (c) leases of Principal Property executed by the time of, or within 180 days after the latest of, the acquisition, the completion of construction or improvement (including any improvements on property that will result in
such property becoming a Principal Property), or the commencement of commercial operation of such Principal Property. 

 “Secured Indebtedness” means (a) Indebtedness of the Company or a Restricted Subsidiary
that is secured by any Lien upon any Principal Property or Restricted Securities, and (b) Indebtedness of the Company or a Restricted Subsidiary in respect of any conditional sale or other title retention agreement covering Principal Property
or Restricted Securities; but “Secured Indebtedness” shall not include any of the following: 
 (a) Indebtedness of
the Company and the Restricted Subsidiaries outstanding on January 26, 1999, secured by then existing Liens upon, or incurred in connection with conditional sales agreements or other title retention agreements with respect to Principal Property or
Restricted Securities; 
 (b) Indebtedness that is secured by (i) purchase money Liens upon Principal Property acquired after
January 26, 1999, (ii) Liens placed on Principal Property after January 26, 1999, during construction or improvement thereof (including any improvements on property which will result in such property becoming Principal Property) or placed thereon
within 180 days after the later of acquisition, completion of construction or improvement or the commencement of commercial operation of such Principal Property or improvement, or placed on Restricted Securities acquired after January 26, 1999 or
(iii) conditional sale agreements or other title retention agreements with respect to any Principal Property or Restricted Securities acquired after January 26, 1999, if (in each case referred to in this subparagraph (b)) (x) such Lien or agreement
secures all or any part of the Indebtedness incurred for the purpose of financing all or any part of the purchase price or cost of construction of such Principal Property or improvement or Restricted Securities and (y) such Lien or agreement does
not extend to any Principal Property or Restricted Securities other than the Principal Property so acquired or the Principal Property, or portion thereof, on which the property so constructed or such improvement is located; provided, however, that
the amount by which the aggregate principal amount of Indebtedness secured by any such Lien or agreement exceeds the cost to the Company or such Restricted Subsidiary of the related acquisition, construction or improvement will be considered to be
“Secured Indebtedness;” 
 (c) Indebtedness that is secured by Liens on Principal Property or Restricted
Securities, which Liens exist at the time of acquisition (by any manner whatsoever) of such Principal Property or Restricted Securities by the Company or a Restricted Subsidiary; 

(d) Indebtedness of Restricted Subsidiaries owing to the Company or any other Restricted Subsidiary and Indebtedness of the
Company owing to any Restricted Subsidiary; 
 (e) In the case of any corporation that becomes (by any manner whatsoever) a
Restricted Subsidiary after January 26, 1999, Indebtedness that is secured by Liens upon, or conditional sale agreements or other title retention agreements with respect to, its property that constitutes Principal Property or Restricted Securities,
which Liens exist at the time such corporation becomes a Restricted Subsidiary; 

 (f) Guarantees by the Company of Secured Indebtedness and Attributable Debt of
any Restricted Subsidiaries and guarantees by a Restricted Subsidiary of Secured Indebtedness and Attributable Debt of the Company and any other Restricted Subsidiaries; 

(g) Indebtedness arising from any Sale and Leaseback Transaction; 

(h) Indebtedness secured by Liens on property of the Company or a Restricted Subsidiary in favor of the United States of
America, any State, Territory or possession thereof, or the District of Columbia, or any department, agency or instrumentality or political subdivision of the United States of America or any State, Territory or possession thereof, or the District of
Columbia, or in favor of any other country or any political subdivision thereof, if such Indebtedness was incurred for the purpose of financing all or any part of the purchase price or the cost of construction of the property subject to such Lien;
provided, however, that the amount by which the aggregate principal amount of Indebtedness secured by any Lien exceeds the cost to the Company or the Restricted Subsidiary of the related acquisition or construction will be considered to be
“Secured Indebtedness”; 
 (i) Indebtedness secured by Liens on aircraft, airframes or aircraft engines, aeronautic
equipment or computers and electronic data processing equipment; and 
 (j) The replacement, extension or renewal, or
successive replacements, extensions or renewals, of any Indebtedness, in whole or in part, excluded from the definition of “Secured Indebtedness” by subparagraphs (a) through (i) above; provided, however, that no Lien securing, or
conditional sale or title retention agreement with respect to, such Indebtedness will extend to or cover any Principal Property or any Restricted Securities, other than such property that secured the Indebtedness so replaced, extended or renewed,
plus improvements on or to any such Principal Property, provided further, however, that to the extent that such replacement, extension or renewal increases the principal amount of Indebtedness secured by such Lien or is in a principal amount in
excess of the principal amount of Indebtedness excluded from the definition of “Secured Indebtedness” by subparagraphs (a) through (i) above, the amount of such increase or excess will be considered to be “Secured Indebtedness.”

 In no event shall the foregoing provisions be interpreted to mean that the same Indebtedness is included more than once in the
calculation of “Secured Indebtedness” as that term is used in this Security, nor shall their operation cause this result. 
 If an
Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series issued under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of

 
the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to
the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding
shall have made a written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity satisfactory to the trustee, and the Trustee shall not have received from the Holders of a
majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment or delivery of the Maturity Consideration hereof or any premium or interest hereon on or after the respective due dates
expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall affect or impair the
obligation of the Company, which is absolute and unconditional, to pay the Maturity Consideration and interest on this Security at the times, place and rate, and in the manner, herein prescribed. 

As provided in the Indenture and subject to certain limitations set forth therein and in this Security, the transfer of this Security is
registrable in the Security Register upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the Maturity Consideration and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and
of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities will be issued only in registered form without coupons, in denominations of $2,000 or integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations set forth therein, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor in different authorized
denomination, as requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith. 

 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall
be affected by notice to the contrary. 
 The Indenture contains provisions whereby (i) the Company may be discharged from its obligations
with respect to the Securities (subject to certain exceptions) or (ii) the Company may be released from its obligation under specified covenants and agreements in the Indenture, in each case if the Company irrevocably deposits with the Trustee money
or U.S. Government Obligations sufficient to pay and discharge the entire indebtedness on all Securities of this series, and satisfies certain other conditions, all as more fully provided in the Indenture. 

This Security shall be governed by and construed in accordance with the laws of the State of New York without giving effect to principles of
conflicts of laws of such state. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to
them in the Indenture. 

 This is one of the Securities of the series designated herein referred to in the Indenture. 

 

			
	 THE BANK OF NEW
YORK MELLON TRUST
 COMPANY, N.A.,

	 As Trustee

		
	By:	 	 
		 	Authorized Signatory

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No. 

(Please print or typewrite name and address including zip code of assignee) 

the within Security and all rights thereunder, hereby irrevocably constituting and appointing
                     to transfer said Security on the books of the Company with full power of substitution in the premises. 

 

	
	
	  

	 By:

	 Date:

 SCHEDULE OF INCREASES OR DECREASES IN SECURITY 

The following increases or decreases in this Security have been made: 

 

									
	 Date of

Exchange
	  	 Amount of decrease in
Principal Amount of
this
Security
	  	 Amount of increase in
Principal Amount of
this
Security
	  	 Principal Amount of this
Security following such
decrease or
increase
	  	 Signature of authorized
officer of Trustee or
Securities
Custodian

 OPTION TO ELECT REPAYMENT 

If you elect to have this Security purchased by the Company pursuant to the terms of the Security, check the box: 

 
 ☐ 

If you want to elect to have only part of this Security purchased by the Company pursuant to the terms of the Security, state the amount in
principal amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess
thereof): $                                       
      and specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Securities to be issued to the Holder for the portion of the Security not being repurchased (in the
absence of any such specification, one such Security will be issued for the portion not being
repurchased):                            . 

 

							
			
	Date:                     	  	Your Signature	  	 
		  		  		  	(Sign exactly as your name appears on the other side of the Security)

  

			
		
	Signature Guarantee:	  	 
		  	(Signature must be guaranteed)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.EX-4.4

 Exhibit 4.4 

Execution Version 
 Dated:
October 24, 2016 
 United Parcel Service, Inc. 

as Issuer 
 and 

The Bank of New York Mellon, London Branch 

as London Paying Agent 
 PAYING
AGENCY AGREEMENT 
  

 THIS AGREEMENT is made as of October 24, 2016 between United Parcel Service, Inc., a
corporation organized under the laws of the State of Delaware (the “Issuer”), and The Bank of New York Mellon (London Branch) (sometimes referred to herein as “BNYM”), as London Paying Agent (the
“Paying Agent”), located at One Canada Square, London E14 5AL. 
 WHEREAS, the Issuer proposes to issue Euro denominated
1.000% Senior Notes due 2028 in the form attached hereto as Annex A (the “Notes” and individually, a “Note”) in the aggregate principal amount of €500,000,000, on the date hereof, pursuant to the Indenture,
dated as of August 26, 2003 (the “Indenture”), as supplemented from time to time, between the Issuer and The Bank of New York Mellon Trust Company, N.A. (as successor to Citibank, N.A.), a national banking association, as Trustee
(the “Trustee”); 
 WHEREAS, solely with respect to the Notes, the Issuer wishes to appoint the Paying Agent, as set forth
above, upon the terms and subject to the conditions set forth herein; 
 NOW, THEREFORE, in consideration of the mutual promises contained
herein, the parties hereto agree as follows: 
  

	1	Definitions 

  

	1.1	All capitalized terms used herein, but not defined, shall have the meanings given to them in the Indenture. 

  

	1.2	In addition, the following terms shall have the following meanings: 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which (i)
banking institutions in The City of New York or London are authorized or required by law or executive order to close and (ii) the Trans-European Automated Real-time Gross Settlement Express Transfer system, or the TARGET2 system, or any successor
thereto, operates. 
 “Clearstream” means Clearstream Banking, société anonyme, Luxembourg (or
any successor securities clearing agency). 
 “Euroclear” means Euroclear Bank S.A./N.V. (or any successor
securities clearing agency), as operator of the Euroclear system. 
 “Holder(s)” means the person(s) in
whose name(s) the Note(s) are registered in the Security Register. 
 References to the records of Euroclear and Clearstream
shall be to the records that each of Euroclear and Clearstream holds for its customers which reflect the amount of such customers’ interests in the Notes. 

  
  

1 

	2	Appointment of Paying Agent 

 The Issuer hereby appoints The Bank of New York Mellon
(London Branch) at its office specified above as the paying agent in respect of the Notes, upon the terms and conditions herein contained, and The Bank of New York Mellon (London Branch) accepts such appointment. In the event of any inconsistency
between the Indenture and this Agreement with respect to the Paying Agent, the terms of this Agreement shall prevail.
  

	3	Payment 

  

	3.1	In order to provide for all payments due on the Notes as the same shall become due, the Issuer shall cause to be paid to the Paying Agent, no later than 4:00 p.m. London time one Business Day prior to the due
date for the payment of the Notes, at such bank as the Paying Agent shall previously have notified to the Issuer, immediately available funds sufficient to meet all payments due on the Notes on such due date. 

 

	3.2	The Issuer hereby authorizes and directs the Paying Agent, from the amounts paid to it pursuant to this Section 3, to make or cause to be made all payments on the Notes in accordance with the terms thereof and
the terms of the Indenture. Such payments shall be made to the Holder or Holders of the Notes in accordance with the terms of the Notes and the Indenture, the provisions contained in this Agreement, and the procedures of Euroclear and
Clearstream. All interest payments in respect of the Notes will be made by the Paying Agent on the interest payment dates (as set forth in the Notes) to the Holders in whose names the of Notes are registered at the close of business (New York)
on the record date specified in the Notes next preceding the interest payment date or such other date as is provided in the Notes. So long as the Notes are represented by a single global certificate and registered in the name of Euroclear and
Clearstream or its nominee, all interest payments on the Notes shall be made by the Paying Agent by wire transfer of immediately available funds in Euros to Euroclear and Clearstream.

 

	3.3	The Paying Agent will pay the principal amount of the Notes on the maturity date or upon any redemption date with respect thereto, together with accrued and unpaid interest due at maturity or such redemption
date, if any, upon presentation and surrender of the Notes on or after the maturity date or redemption date thereof to the Paying Agent, or as specified in the Notes. 

 

	3.4	 If for any reason the amounts received by the Paying Agent are insufficient to satisfy all claims in
respect of all payments then due on the Notes, the Paying Agent shall forthwith notify the Issuer, and the Paying Agent shall not be obliged to pay any such claims until the Paying Agent has received the full amount of the monies then due and
payable in respect of the Notes. If, however, the Paying Agent in its sole discretion shall make payment on the Notes on their maturity, redemption, payments of interest or such other payments when otherwise due (it being understood that the
Paying Agent shall have no obligation whatsoever to make any such payment) and the amount which 

  
  

2 

	 	
should have been received is not received on such date, the Issuer agrees forthwith on demand to pay, or procure the payment of, to the Paying Agent, in addition to the amount which should have
been paid hereunder, interest thereon from the day following the date when the amount unpaid should have been received under this Agreement to the date when such amount is actually received (inclusive) at a rate equal to the cost of the Paying Agent
of funding such amount, as certified by the Paying Agent and expressed as a rate per annum. 

  

	3.5	The Paying Agent hereby agrees that: 

  

	 	(i)	it will hold all sums held by it as Paying Agent for the payment of the principal or interest, if any, on the Notes in trust for the benefit of the Holders of the Notes, or for the benefit of the Trustee, as the case
may be, until such sums shall be paid out to such Holders or otherwise as provided in Section 3.6 below and in the Indenture; 

  

	 	(ii)	it will promptly give the Trustee notice of: (x) an Issuer deposit for the payment of principal of or interest, if any, on the Notes, (y) any failure by the Issuer in the making of any deposit for the payment of
principal of or interest, if any, on the Notes that shall have become payable, and (z) any default by the Issuer in making any payment of the principal of or interest, if any, on the Notes where the same shall be due and payable as provided in the
Notes; 

  

	 	(iii)	At any time after an Event of Default in respect of the Notes shall have occurred, the Paying Agent shall, if so required by notice in writing given by the Trustee to the Paying Agent: (y) thereafter, until
otherwise instructed by the Trustee, act as agent of the Trustee under the terms of the Indenture; and/or (z) deliver the Notes and all sums, documents and records held by the Paying Agent in respect of the Notes to the Trustee or as the Trustee
shall direct in such notice; provided that such notice shall be deemed not to apply to any document or record which the Paying Agent is obliged not to release by any applicable law or regulation. 

 

	 	(iv)	Subject to Section 10.03 of the Indenture, the Paying Agent will (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Issuer
(or any other obligor upon the Notes) in the making of any payment in respect of the Notes, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by the Paying Agent for payment in respect of such Notes.

  

	 	(v)	This Agreement may be delivered to and filed with the Trustee and the agreements in this Section 3.5 shall also be deemed to be agreed with the Trustee. 

  
  

3 

	3.6	Notwithstanding the foregoing, 

  

	 	(i)	if any Note is presented or surrendered for payment to the Paying Agent and the Paying Agent has delivered a replacement therefor or has been notified that the same has been replaced, the Paying Agent shall as soon as
is reasonably practicable notify the Issuer in writing of such presentation or surrender and shall not make payment against the same until it is so instructed by the Issuer and has received the amount to be so paid; and 

 

	 	(ii)	the Paying Agent shall cancel the Note against surrender of which it has made full payment and shall deliver the Note so cancelled by it to the Trustee. 

 

	3.7	In no event, shall the Paying Agent be obliged to make any payments hereunder if it has not received the full amount of any payment. 

 

	3.8	The Notes may be presented or surrendered for registration of transfer or exchange at the London office of the Paying Agent (which shall initially be the office specified in the introductory paragraph of this
Agreement), and notices and demands to or upon the Issuer in respect to the Notes and the Indenture may be served at such London office of the Paying Agent. Upon receipt of the Notes, notice or demand for such purposes, the Paying Agent shall
promptly notify the Issuer and the Trustee and shall not be required to take any action other than in accordance with the instructions of the Issuer or the Trustee, as the case may be. 

 

	4	Indemnity 

  

	4.1	The Issuer shall indemnify and keep indemnified the Paying Agent against any losses, liabilities, costs, claims, actions or demands which it may incur or which may be made against it as a result of or in
connection with its appointment or the exercise of its powers and duties under this Agreement or in respect of the Issuer’s issue of Notes, except to the extent that such has resulted from the Paying Agent’s gross negligence, bad faith or
wilful misconduct or the gross negligence, bad faith or wilful misconduct of its officers or employees. Promptly after the receipt by the Paying Agent of notice of any demand or claim or the commencement of any action, suit, proceeding or
investigation, the Paying Agent shall provide such notice to the Issuer; provided, however, that the Paying Agent’s failure to provide such notice shall not relieve the Issuer of its obligation to indemnify and keep indemnified the Paying Agent
pursuant to this Section 4.1. 

  

	4.2	The indemnity contained in this Section shall survive the termination or expiry of this Agreement and the resignation or removal of the Paying Agent. 

 

	5	General 

  

	5.1	 In acting under this Agreement, the Paying Agent shall not (a) be under any fiduciary duty towards any
Holder of Notes, (b) be responsible for or liable in respect of the authorization, validity or legality of any Note amount paid by it hereunder (except to 

  
  

4 

	 	
the extent that any such liability is determined by a court of competent jurisdiction to have been resulted from the Paying Agent’s gross negligence, bad faith or wilful misconduct), (c) be
under any obligation towards any person other than the Trustee and Issuer or (d) assume any relationship of agency or trust for or with any Holder. 

  

	5.2	The Paying Agent shall be entitled to treat the registered Holder of any Note as the absolute owner of such Note for all purposes and make payments thereon accordingly. 

 

	5.3	The Paying Agent may exercise any of its rights or duties hereunder by or through agents or attorneys, and shall not be responsible for any misconduct thereof, provided such agent or attorney has been appointed
by due care and each such agent making any payment on the Notes is a United States person (as defined in Section 7701(a)(30) of the Code) that is a “financial institution” within the meaning of Treasury Regulation Section 1.1441-1T(c)(5)
and a U.S. financial institution within the meaning of Treasury Regulation Section 1.1471-1(b)(136). 

  

	5.4	The Paying Agent shall not exercise any lien, right of set-off or similar claim against any Holder of a Note in respect of moneys payable by it under this Agreement; however, should the Paying Agent elect to make
a payment pursuant to Section 3.4 hereof, it shall be entitled to appropriate for its own account out of the funds received by it under Section 3 an amount equal to the amount so paid by it. 

 

	5.5	The Paying Agent may (at the expense of the Issuer) consult on any matter concerning its duties hereunder any legal adviser or other expert selected by it, and the Paying Agent shall not be liable in respect of
anything done, or omitted to be done, in good faith in accordance with that legal adviser’s written opinion. At any time, the Paying Agent may apply to any duly authorized representative of the Issuer for a written instruction, and shall
not be liable for action taken or omitted to be taken in good faith in accordance with such instruction. Notwithstanding anything to the contrary herein, in no event shall the Paying Agent be entitled to reimbursement of the expenses of such
legal adviser or expert with respect to any matter arising from the Paying Agent’s gross negligence, bad faith or wilful misconduct. The Paying Agent shall notify the Issuer with reasonable promptness of any action taken or omitted by the
Paying Agent in reliance upon such advice. 

  

	5.6	The Paying Agent shall be entitled to rely, and shall not be liable in respect of anything done or suffered by it in reliance, on any notice, document, communication or information reasonably believed in good
faith by it to be genuine and given by the proper parties. 

  

	5.7	The Paying Agent shall be obliged to perform only such duties as are specifically set forth herein and in the Notes, and no implied duties or obligations shall be read into this Agreement or the Notes against the
Paying Agent. 

  

	5.8	The Paying Agent shall not be liable to account to the Issuer for any interest or other amounts in respect of funds received by it from the Issuer. Money held by the Paying Agent need not be segregated
except as required by law. 

  
  

5 

	5.9	No provision of this Agreement or the Notes shall require the Paying Agent to risk or expend its own funds, or to take any action which in its reasonable judgment would result in any expense or liability accruing
to it. 

  

	5.10	In no event will the Paying Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God; it being understood that the Paying Agent will use commercially reasonable best efforts
which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  

	5.11	The Paying Agent shall have no duty to inquire as to the performance of the covenants of the Issuer, nor shall it be charged with knowledge of any default or Event of Default under the Indenture.

  

	5.12	Notwithstanding any provision of this Agreement to the contrary, the Paying Agent will not in any event be liable for special, punitive or consequential loss or damage of any kind whatsoever (including but not
limited to lost profits), whether or not foreseeable, even if the Paying Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

 

	5.13	The Paying Agent shall incur no liability hereunder except to the extent such liability has resulted from the Paying Agent’s gross negligence, bad faith or wilful misconduct. 

 

	5.14	Notwithstanding any other provision of this Agreement, the Paying Agent shall be entitled to make a deduction or withholding from any payment which it makes under this Agreement for or on account of any present
or future taxes, duties or charges if and to the extent so required by any applicable law and any current or future regulations or official interpretations thereof or any law implementing an intergovernmental approach thereto or by virtue of the
relevant holder failing to satisfy any certification or other requirements in respect of the Notes, in which event the Paying Agent shall make such payment after such withholding or deduction has been made and shall account to the relevant
authorities for the amount so withheld or deducted and shall have no obligation to gross up any payment hereunder or pay any additional amount as a result of such withholding tax except as provided in the Indenture and provided the amount of the
gross up is paid by the Issuer to the Paying Agent prior to such payment. The terms of this section shall survive the termination of this Agreement. 

  

	5.15	[Reserved.] 

  

	5.16	The Paying Agent, its officers, directors, employees and shareholders may become the owners of, or acquire any interest in, the Notes, with the same rights that it or they would have if it were not the Paying
Agent, and may engage or be interested in any financial or other transaction with the Issuer as freely as if it were not the Paying Agent. 

  
  

6 

	5.17	[Reserved]. 

  

	5.18	The Paying Agent shall retain the right not to act and shall not be held liable for refusing to act unless it has received clear and reasonable documentation which complies with the terms of this Agreement.

  

	5.19	The Issuer will supply the Paying Agent with the names and specimen signatures of its authorized persons. 

  

	6	Change of Paying Agent 

  

	6.1	Resignation or Removal of Paying Agent. Subject to Section 6.2, any time, other than on a day during the forty-five (45) day period preceding any payment date for Issuer’s Notes, the Paying Agent may
resign by giving at least forty-five (45) days’ prior written notice to Issuer; and the Paying Agent’s agency shall be terminated and its duties shall cease upon expiration of such forty-five (45) days or such lesser period of time as
shall be mutually agreeable to Paying Agent and Issuer. Subject to Section 6.2, at any time, following at least forty-five (45) days’ prior written notice (or such lesser period of time as shall be mutually agreeable to the Paying Agent and the
Issuer) from the Issuer, the Paying Agent may be removed from its agency. Subject to Section 6.2, such removal shall become effective upon the expiration of the forty-five (45) day or agreed lesser time period, and upon payment to the Paying
Agent of all amounts payable to it in connection with its agency. In such event, following payment of its fees and expenses, the Paying Agent shall deliver to the Issuer, or to the Issuer’s designated representative, all Notes (if any) and
cash (if any) belonging to the Issuer and, at the Issuer’s expense, shall furnish to the Issuer, or to the Issuer’s designated representative, such information regarding the status of the Issuer’s outstanding Notes reasonably
requested by the Issuer. 

  

	6.2	(a) Notwithstanding anything to the country in Section 6.2 and subject to Section 6.2(b), no resignation or removal of the Paying Agent shall take effect if there would not then be a paying agent with respect to
the Notes in London and a paying agent in London is required under the Indenture or the Notes. If a successor paying agent in London is required under the Indenture or the Notes but shall not have been appointed and accepted before the
expiration of 45-day period (or other period of time mutually agreed by the Issuer and the Paying Agent) set forth in Section 6.1, the resigning or terminated Paying Agent may petition any court of competent jurisdiction for the appointment of a
successor London paying agent with respect to the Notes.

 (b) Automatic Termination: Notwithstanding anything to the country
in Sections 6.1 and 6.2(a), the appointment of the Paying Agent shall forthwith terminate if the Paying Agent becomes incapable of acting, is adjudged bankrupt or insolvent, files a voluntary petition in bankruptcy, makes an assignment for the
benefit of its creditors, consents to the appointment of a receiver, administrator or other similar official of all 

  
  

7 

 
or a substantial part of its property or admits in writing its inability to pay or meet its debts as they mature or suspends payment thereof, or if a resolution is passed or an order made for the
winding-up or dissolution of the Paying Agent, a receiver, administrator or other similar official of the Paying Agent or all or a substantial part of its property is appointed, a court order is entered approving a petition filed by or against it
under applicable bankruptcy or insolvency law, or a public officer takes charge or control of the Paying Agent or its property or affairs for the purpose of rehabilitation, conservation or liquidation. 

 

	6.3	Any corporation into which a Paying Agent may be merged or consolidated or any corporation resulting from any merger or consolidation to which such Paying Agent is a party or any corporation to which such Paying
Agent shall sell or otherwise transfer all or substantially all of its corporate trust or agency assets shall on the date on which such merger, consolidation or transfer becomes effective, become the successor to such Paying Agent under this
Agreement upon due notice to the Issuer hereunder without the further execution or filing of any paper or any further act on the part of the parties hereto; provided that such corporation provides the information required by Section 10.2 of this
Agreement. 

  

	6.4	If the Paying Agent changes the address of its specified office in London, it shall give the Issuer and the Trustee at least 60 days’ notice of the change, giving the new address and the date on which the
change is to take effect. 

  

	7	Compensation, Fees and Expenses 

  

	7.1	The Issuer will pay to the Paying Agent the compensation, fees and expenses in respect of the Paying Agent’s services as separately agreed with the Paying Agent. 

 

	7.2	The Issuer will also pay as incurred all reasonable and documented out-of-pocket expenses (including reasonable and documented legal expenses) incurred by the Paying Agent in connection with its services
hereunder, together with any applicable value added tax and stamp, issue, or other documentary taxes and duties. 

  

	8	Notices 

  

	8.1	Each notice or communication under this Agreement shall be made in writing, by fax or otherwise in accordance with this Section 8. Each communication or document to be delivered to any party under this
Agreement shall be sent to that party at the fax number or address, and marked for the attention of the person (if any), from time to time designated by that party to the Paying Agent (or, in the case of the Paying Agent, by it to each other party)
for the purpose of this Agreement. The initial telephone number, fax number, address and person so designated are: 

in the case of the Issuer, at: 

United Parcel Service, Inc. 
 55
Glenlake Parkway, N.E. 
 Atlanta, GA 30328 

Attn: Legal Department
 Fax no.:

  
  

8 

 With copies to: 

King & Spalding LLP 
 1180
Peachtree Street, N.E. 
 Atlanta, GA 30309 

Attn: Jeffrey M. Stein 
 Fax no.:
404-572-5133
 in the case of the Paying Agent, to it at: 

The Bank of New York Mellon (London Branch) 

One Canada Square, London E14 5AL 

Attention: Corporate Trust Administration 

Fax no: 
 All notices under this
Agreement shall be effective (if by fax) when good receipt is confirmed by the recipient following enquiry by the sender and (if in writing) when delivered, except that a communication received outside normal business hours shall be deemed to be
received on the next business day in the city in which the recipient is located. 
  

	8.2	In no event, shall the Paying Agent be liable for any losses arising from the Paying Agent receiving or transmitting any data from or to an authorized person via any non-secure method of transmission or
communication, such as but without limitation, by facsimile or email, in the absence of fraud, gross negligence or wilful misconduct of the Paying Agent. The Issuer accepts that some methods of communication are not secure and the Paying Agent shall
not incur any liability for receiving instructions via any such non-secure method. The Paying Agent is authorized to comply with and rely upon any such notice, instruction or other communications believed by it to have been sent or given by an
authorized person. The Issuer shall use all reasonable endeavours to ensure that instructions transmitted to the Paying Agent pursuant to this Agreement are complete and correct. Any instructions shall be conclusively deemed to be valid
instructions from the Issuer to the Paying Agent for the purposes of this Agreement. 

  

	9	Governing Law and Jurisdiction; Waiver of Jury Trial 

  

	9.1	The interpretation, validity and enforcement of this Agreement, and all legal actions brought under or in connection with the subject matter of this Agreement, shall be governed by the laws of the State of New
York. 

  
  

9 

	9.2	Any court action brought under or in connection with the subject matter of this Agreement shall be brought only in the United States District Court for the Southern District of New York or, if such court would
not have jurisdiction over the matter, then only in a New York State court sitting in the Borough of Manhattan, City of New York. Each Party submits to the exclusive jurisdiction of these courts and agrees not to commence any legal action under
or in connection with the subject matter of this Agreement in any other court or forum. 

  

	9.3	Each Party waives any objection to the laying of the venue of any legal action brought under or in connection with the subject matter of this Agreement in the Federal or state courts sitting in the Borough of
Manhattan, City of New York, and agrees not to plead or claim in such courts that any such action has been brought in an inconvenient forum. 

  

	9.4	THE ISSUER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTION
CONTEMPLATED HEREBY. 

  

	10	Withholding and Tax Forms. 

  

	10.1	In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time to which a foreign
financial institution, issuer, trustee, paying agent, holder or other institution is or has agreed to be subject related to the Notes (“Applicable Law”), the Issuer agrees: (i) to provide to BNYM sufficient information about
Holders or other applicable parties and/or transactions in its possession (including any modification to the terms of such transactions), so BNYM can determine whether it has tax related obligations under Applicable Law; and (ii) that BNYM shall be
entitled to make any withholding or deduction from payments under the transaction documents to the extent required to comply with Applicable Law. The terms of this section shall survive the termination of this Agreement. 

 

	10.2	The Paying Agent shall deliver to the Issuer a properly completed and executed original (or electronic copy) of IRS Form W-9 (or appropriate successor form) upon entering into this agreement (and from time to
time thereafter upon reasonable request of the Issuer). The Paying Agent agrees that if any form or certification that it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification
promptly or promptly notify the Issuer in writing of its legal inability to do so. 

  

	11	Counterparts 

 This Agreement may be signed in any number of
counterparts, each of which shall be deemed an original. 

  
  

10 

 In witness whereof the parties hereto have caused this Agreement to be duly executed the day and
year first above written. 
  

			
	United Parcel Service, Inc., as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 Paying Agent
  

The Bank of New York Mellon (London Branch)
  

	By:	 	  

		 	Name:
		 	Title:

 [Signature to Paying Agency Agreement] 

 Annex A – Form of 1.000% Senior Note due 2028

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