Look from an analysis point of view you have to place everything in context and connection in other words look at the whole board. Lets talk in terms of chess. By reading and paying attention only to the contract it would be as if your only paying attention to what one pawn is doing while ignoring all the other pieces. Wall street (thus the stock rating and price) pays close attention to What these guys say and How they say it. July 25th 2018 2nd qtr earnings call transcript James Jay Barber of UPS uses the language,"we believe the Teamsters will get the communication and begin the process to a ratification..." this kind of language seen in the picture of looking at the whole board is contextually somewhere between the legal definition of extortion and/or coercion. Its almost as if it has the feel of a really polite form of blackmail. Listen UPS doesnt look at this contract in terms of just this 5 year period why should we? Again July 25th 2018 2nd qtr conference call transcript David Abney, " we can set the foundations for the future." How is that, "We also believe that we have to have the flexibility (wall street sees flexibility = 22.4s) to respond to our customers needs"
So, take these in the context of the whole board view and get the CORRECT AND COMPLETE BIG PICTURE.