UNITED PARCEL SERVICE INC

Proxy StatementUNITED PARCEL SERVICE, INC.55 Glenlake Parkway, N.E., Atlanta, Georgia 30328

This Proxy Statement contains important information about the 2025 Annual Meeting of Shareowners (the “Annual Meeting”). We are providing these proxy materials to you because our Board of Directors is soliciting your proxy to vote your shares at the Annual Meeting. The Annual Meeting will be held online via webcast on May 8, 2025, at 8:00 a.m. Eastern Time, at www.virtualshareholdermeeting.com/UPS2025. Shareowners can participate, ask questions and vote during the meeting through this website.

All properly executed written proxies, and all properly completed proxies submitted through the Internet or by telephone, that are delivered pursuant to this solicitation will be voted at the Annual Meeting in accordance with the directions given in the proxy, unless the proxy is revoked prior to the completion of voting at the Annual Meeting. Only owners of record of shares of the Company’s common stock as of the close of business on March 10, 2025 (the “Record Date”) are entitled to notice of, and to vote at, the Annual Meeting (or any adjournment or postponement of the Annual Meeting). We are first distributing this Proxy Statement to shareowners on March 17, 2025.

Proxy Statement Summary

The following summary highlights key information contained elsewhere in this Proxy Statement.

Corporate Governance

Some of our key governance policies and practices include:

•Anindependent boardand anindependent Board Chair who is highly engaged and experienced; all our directors are independent, other than our Chief Executive Officer (“CEO”);

•Adiverse board, with a variety of relevant skills, experience and backgrounds;

•Executive sessions of ourindependent directors held ateach regular board meeting;

•Annual elections for all directors; majority voting in uncontested director elections;

•Full board engagementin thestrategic planning process, including an in-depth annual strategy review and overseeing progress throughout the year;

•A Risk Committee consisting entirely of independent members that is responsible foroversight of enterprise risks, including cybersecurity risks;

•Regular evaluations of governance policies and practices, making changes when appropriate; including delegating additional cybersecurity oversight responsibilities to the Risk Committee, delegating environmental sustainability oversight responsibilities to the Nominating and Corporate Governance Committee, delegating additional human capital oversight responsibilities to the Compensation and Human Capital Committee; and adopting executive compensation clawback and director overboarding policies;

•Regular engagement with stakeholders on environmental, social and governance (“ESG”)matters; during this proxy season management contacted holders of over 47% of our class B common stock to discuss our environmental sustainability goals and initiatives, corporate governance, executive compensation and human capital matters;

•Annual board and committee self-evaluations, including one-on-one director discussions with the independent Board Chair;

•Comprehensive director orientation and education program;

•Robust stock ownership guidelines, including a target ownership ofeight times annual salary for the CEO, five times annual salary for other executive officers andfive times the annual retainer for directors; and

•Restrictions on executive officers and directors hedging or pledging their ownership in UPS stock.

2025 Director Nominees

Highlights

Summary information about our director nominees is below. As a group, we believe our 12 director nominees have the appropriate skills and experience to effectively oversee and constructively challenge management’s performance in the execution of our strategy. For more information about our director nominees, see page 21.

(1)If elected, will join the Audit Committee following the Annual Meeting

(2)Independent Board Chair

Executive Compensation

Compensation Practices

A significant portion of executive compensation is at-risk and tied to Company performance. This helps align executive decision-making with the long-term interests of our shareowners. Compensation practices that support these principles include:

•Abalanced mix ofcash and equity, providing a degree of financial certainty and appropriate incentives to retain and motivate executives;

•Performance incentive equity awards that vest over multiple years, furthering both retention andincentive goals;

•Periodic reviews andchanges to incentive compensation metrics to better align them to progress on our strategic initiatives;

•Multiple distinct goals for annual and long-term performance incentive awards, avoiding overemphasis on any one metric and mitigating excessive risk-taking;

•Adopting payout structures for our annual Management Incentive Program (the “MIP”) that provide visibility and clarity to participants, and removing payout discretion;

•Long-term performance incentive awards with athree-year performance period;

•Stock option awards that vest over afive-year period and only provide value if our stock price increases;

•Clawback policy that applies to all of our executive officers;

•Incentive compensation plan awards that require adouble trigger — both a change in control and a termination of employment or a failure to continue, assume or substitute the award — to accelerate vesting; and

•No tax gross-ups on equity awards or golden parachute excise taxes.

2024 Compensation Actions

Key 2024 compensation decisions affecting our executive officers included:

•Most target direct compensation wasperformance-based or considered “at risk” (94% for the CEO and 86% for all other named executive officers (“NEOs”) as a group), page 40;

•Base salary increases as a result of the annual salary review process, page 42;

•Areturn to annual goal setting for awards under the MIP, page 43;

•Adoption of anew incentive compensation award metric, andchanges in metric weightings, under the MIP designed to better incent towards achievement of our strategic initiatives;

•Annual MIP awards were earned and paid below target, page 43; and

•Previously granted 2022 Long-Term Incentive Performance(“LTIP”) awards, which had three-year performance goals ending in 2024, were earned and paid below target, page 47.

Say on Pay Vote

We maintain executive compensation programs that support the long-term interests of our shareowners. We provide shareowners the opportunity to vote annually, on an advisory basis, to approve the compensation of our NEOs, as described in the Compensation Discussion and Analysis section and in the compensation tables and accompanying narrative disclosure in this Proxy Statement. The board recommends you vote FOR the advisory vote to approve NEO compensation. For more information, see page 70.

Ratify the Appointment of the Independent Registered Public Accounting Firm

The Audit Committee of the Board of Directors has appointed Deloitte & Touche LLP as our independent registered public accounting firm for the year ending December 31, 2025. The board recommends you vote FOR the ratification of the appointment of Deloitte & Touche LLP. For more information, see page 73.

Shareowner Proposals

For the reasons described in this Proxy Statement, the board recommends you vote AGAINST the shareowner proposals. Information about these proposals starts on page 76.