Exhibit 10.11

FedEx contract 07-0255-036

Supplemental Agreement No. 27

to

Purchase Agreement No. 3157

between

The Boeing Company

And

Federal Express Corporation

Relating to Boeing Model 777-FREIGHTER Aircraft

THIS SUPPLEMENTAL AGREEMENT No. 27 (SA-27), entered into as of the 12th day of
October 2017, by and between THE BOEING COMPANY (Boeing) and FEDERAL EXPRESS
CORPORATION (Customer);

W I T N E S S E T H:

A. WHEREAS, the parties entered into that certain Purchase Agreement No. 3157,
dated November 7, 2006 (Purchase Agreement), relating to the purchase and sale
of certain Boeing Model 777-FREIGHTER Aircraft (Aircraft);

B. WHEREAS, Customer desires to reschedule the delivery month of one (1) Block B
Aircraft as shown in the table below (SA-27 Accelerated Block B Aircraft):

 

Aircraft Block

  

Existing Delivery Month

of Aircraft

  

Revised Delivery Month

of Aircraft

B    [*]    [*]

C. WHEREAS, Boeing has agreed to provide additional commercial and business
considerations for the SA-27 Accelerated Block B Aircraft.

NOW THEREFORE, in consideration of the mutual covenants herein contained, the
parties hereto agree to supplement the Purchase Agreement as follows:

All terms used herein and in the Purchase Agreement, and not defined herein,
shall have the same meaning as in the Purchase Agreement.

 

1. Remove and replace, in its entirety, the “Table of Contents” with the revised
Table of Contents, attached hereto, to

 

* Blank spaces contained confidential information which has been filed
separately with the Securities and Exchange Commission pursuant to Rule 24b-2
under the Securities Exchange Act of 1934, as amended.

 

 

P.A. No. 3157    1    SA–27    BOEING PROPRIETARY   

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reflect the changes made by this Supplemental Agreement No. 27.

 

2. Boeing and Customer agree that upon execution of this Supplemental Agreement
No. 27 the SA-27 Accelerated Block B Aircraft is hereby rescheduled as described
in Recital Paragraph B above.

 

3. Remove and replace, in its entirety, “Table 1-A”, with the revised Table 1-A,
attached hereto, revised to reflect revised delivery month and [*], Advance
Payment Base Price and Advance Payments, subject to Paragraph 4, below,
resulting from the reschedule of the SA-27 Accelerated Block B Aircraft.

 

4. Add Letter Agreement 6-1162-LKJ-0758, Special Matters – SA-27 Accelerated
Block B Aircraft, attached hereto, to reflect additional commercial and business
considerations to be provided for the SA-27 Accelerated Block B Aircraft. For
the avoidance of doubt, the SA-27 Accelerated Block B Aircraft also retains the
commercial and business considerations applicable to Block B Aircraft.

 

5. As a result of the changes incorporated in this Supplemental Agreement
No. 27, Customer will owe a payment to Boeing in an amount equal to [*] (SA-27
Payment Amount). Customer will pay Boeing such SA-27 Payment Amount within three
(3) business days of executing this Supplemental Agreement No. 27.

 

6. This Supplemental Agreement No. 27 to the Purchase Agreement shall not be
effective unless executed and delivered by the parties on or prior to
October 13, 2017.

 

* Blank spaces contained confidential information which has been filed
separately with the Securities and Exchange Commission pursuant to Rule 24b-2
under the Securities Exchange Act of 1934, as amended.

 

 

P.A. No. 3157    2    SA–27    BOEING PROPRIETARY   

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EXECUTED as of the day and year first above written.

 

THE BOEING COMPANY     FEDERAL EXPRESS CORPORATION By:  

/s/ L. Kirsten Jensen

    By:  

/s/ Ray Carroll

Its:  

Attorney-In-Fact

    Its:  

Vice President

 

 

P.A. No. 3157    3    SA–27    BOEING PROPRIETARY   

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TABLE OF CONTENTS

 

ARTICLES

  

SA
NUMBER

 

1.

   Quantity, Model and Description   

2.

   Delivery Schedule   

3.

   Price   

4.

   Payment   

5.

   Miscellaneous   

TABLE

      

1.

   Aircraft Information Table      15  

1A

   Block B Firm Aircraft Information Table      27  

1B

   Block B Conditional Firm Aircraft Information Table      26  

1C

   Block C Aircraft Information Table      13  

1C1

   Block C Aircraft Information Table (MSN 39285)      11  

1C2

   Block C Aircraft Information Table      26  

1D

   Block D Aircraft Information Table      20  

EXHIBIT

      

A.

   Aircraft Configuration      4  

A1.

   Aircraft Configuration (Block B Aircraft)      4  

A2.

   Aircraft Configuration (Block C Aircraft except MSN 39285)      11  

A3.

   Aircraft Configuration (Block C Aircraft w/ MSN 39285)      11  

A4.

   Aircraft Configuration (Block D Aircraft)      12  

B.

   Aircraft Delivery Requirements and Responsibilities   

SUPPLEMENTAL EXHIBITS

      

AE1.

   Escalation Adjustment/Airframe and Optional Features   

CS1.

   Customer Support Variables   

EE1.

   Engine Escalation/Engine Warranty and Patent Indemnity   

SLP1.

   Service Life Policy Components   

 

 

P.A. No. 3157    4    SA–27    BOEING PROPRIETARY   

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LETTER AGREEMENT

  

SA

NUMBER

3157-01

  

777 Spare Parts Initial Provisioning

  

3157-02

  

Demonstration Flight Waiver

  

6-1162-RCN-1785

  

Demonstrated Compliance

  

6-1162-RCN-1789

  

Option Aircraft

Attachment to Letter 6-1162-RCN-1789

   Exercised in SA # 4

6-1162-RCN-1790

  

Special Matters

  

6-1162-RCN-1791

  

Performance Guarantees

   4

6-1162-RCN-1792

  

Liquidated Damages Non-Excusable Delay

  

6-1162-RCN-1793

  

Open Configuration Matters

  

6-1162-RCN-1795

  

AGTA Amended Articles

  

6-1162-RCN-1796

  

777 First-Look Inspection Program

  

6-1162-RCN-1797

  

Licensing and Customer Supplemental Type Certificates

  

6-1162-RCN-1798

  

777 Boeing Converted Freighter

   Deleted in SA # 4

6-1162-RCN-1798 R1

  

777 Boeing Converted Freighter

   4

6-1162-RCN-1799R1

   [*]    24

6-1162-RRO-1062

  

Option Aircraft

Attachment to Letter 6-1162-RRO-1062

   26

6-1162-RRO-1065

  

Performance Guarantees for Block B Aircraft

   4

6-1162-RRO-1066R1

  

Special Matters for Block B Aircraft

   22

6-1162-RRO-1067

  

Special Matters for Option Aircraft detailed in Letter Agreement 6-1162-RRO-1062

   4

6-1162-RRO-1068

  

Special Provision – Block B Aircraft

   4

FED-PA-LA-1000790R3

  

Special Matters for Block C Aircraft

   20

FED-PA-LA-1001683R2

  

Special Matters for Block D Aircraft

   19

6-1162-RRO-1144R7

  

[*] as related to SAs #8, #13 through #16, SA # 18 through SA #20

   20

6-1162-SCR-137

  

777F Miscellaneous Matters

   20

6-1162-SCR-154

  

[*] Letter

   22

6-1162-SCR-155

  

[*] Engine Hard Mount Letter

   22

6-1162-SCR-186

  

[*], Non-Isolated Engine Mounts Letter

   23

6-1162-SCR-193

  

[*] Matters

   23

 

* Blank spaces contained confidential information which has been filed
separately with the Securities and Exchange Commission pursuant to Rule 24b-2
under the Securities Exchange Act of 1934, as amended.

 

 

P.A. No. 3157    5    SA–27    BOEING PROPRIETARY   

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LETTER AGREEMENT

  

SA

NUMBER

6-1162-LKJ-0726

   [*]    24    SA-24 Accelerated Block B Aircraft   

6-1162-LKJ-0737

   Special Matters – SA-26 Accelerated Block C Aircraft    26

6-1162-LKJ-0758

   Special Matters – SA-27 Accelerated Block B Aircraft    27

 

* Blank spaces contained confidential information which has been filed
separately with the Securities and Exchange Commission pursuant to Rule 24b-2
under the Securities Exchange Act of 1934, as amended.

 

 

P.A. No. 3157    6    SA–27    BOEING PROPRIETARY   

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SUPPLEMENTAL AGREEMENTS

  

SA          

DATED AS OF:

Supplemental Agreement No. 1

  

May 12, 2008

Supplemental Agreement No. 2

  

July 14, 2008

Supplemental Agreement No. 3

  

December 15, 2008

Supplemental Agreement No. 4

  

January 9, 2009

Supplemental Agreement No. 5

  

January 11, 2010

Supplemental Agreement No. 6

  

March 17, 2010

Supplemental Agreement No. 7

  

March 17, 2010

Supplemental Agreement No. 8

  

April 30, 2010

Supplemental Agreement No. 9

  

June 18, 2010

Supplemental Agreement No. 10

  

June 18, 2010

Supplemental Agreement No. 11

  

August 19, 2010

Supplemental Agreement No. 12

  

September 3, 2010

Supplemental Agreement No. 13

  

August 27, 2010

Supplemental Agreement No. 14

  

October 25, 2010

Supplemental Agreement No. 15

  

October 29, 2010

Supplemental Agreement No. 16

  

January 31, 2011

Supplemental Agreement No. 17

  

February 14, 211

Supplemental Agreement No. 18

  

March 31, 2011

Supplemental Agreement No. 19

  

October 27, 2011

Supplemental Agreement No. 20

  

December 14, 2011

Supplemental Agreement No. 21

  

June 29, 2012

Supplemental Agreement No. 22

  

December 11, 2012

Supplemental Agreement No. 23

  

December 10, 2013

Supplemental Agreement No. 24

  

May 4, 2016

Supplemental Agreement No. 25

  

June 10, 2016

 

 

P.A. No. 3157    7    SA–27    BOEING PROPRIETARY   

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Supplemental Agreement No. 26

  

February 10, 2017

Supplemental Agreement No. 27

  

October     , 2017

 

 

P.A. No. 3157    8    SA–27    BOEING PROPRIETARY   

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Table 1-A to Purchase Agreement No. 3157

Aircraft Delivery, Description, Price and Advance Payments

Block B Firm

 

Airframe Model/MTOW:   777-Freighter   766000 pounds   

Detail Specification: D019W007FED7F-1, Rev G dated July 25, 2012

Engine Model/Thrust:   GE90-110B1L   110000 pounds   

Airframe Price Base Year/Escalation Formula:

  [*]   ECI-MFG/CPI Airframe Price:   [*]   

Engine Price Base Year/Escalation Formula:

  N/A   N/A Optional Features:   [*]           

 

       Sub-Total of Airframe and Features:   [*]    Airframe Escalation Data:  
  Engine Price (Per Aircraft):   [*]    Base Year Index (ECI):   [*]   Aircraft
Basic Price (Excluding BFE/SPE):   [*]    Base Year Index (CPI):   [*]      

 

       Buyer Furnished Equipment (BFE) Estimate:   [*]        Seller Purchased
Equipment (SPE) Estimate:   [*]        Non-Refundable Deposit/Aircraft at Def
Agreement:   [*]       

 

                       

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

Delivery   Number of  

Escalation

Factor

  MSN      

Escalation Estimate

Adv Payment Base

  At Signing   24 Mos.   21/18/15/12/9/6 Mos.   Total

Date

 

Aircraft

 

(Airframe)

 

 

     

Price Per A/P

 

1%

 

4%

 

5%

 

35%

[*]

  1   [*]   [*]     [*]   [*]   [*]   [*]   [*]

[*]

  1   [*]   [*]     [*]   [*]   [*]   [*]   [*]

[*]

  1   [*]   [*]   SA-24 Accelerted Block B Aircraft   [*]   [*]   [*]   [*]  
[*]

[*]

  1   [*]   [*]     [*]   [*]   [*]   [*]   [*]

[*]

  1   [*]   [*]   SA-27 Accelerated Block B Aircraft   [*]   [*]   [*]   [*]  
[*]

Total:

  5    

1    SA-24 Accelerated Block B Aircraft. [*] for the SA-24 Accelerated Block B
Aircraft are subject to Letter Agreement 6-1162-LKJ-0726.

     

2    SA-27 Accelerated Block B Aircraft. [*] for the SA-27 Accelerated Block B
Aircraft are subject to Letter Agreement 6-1162-LKJ-0758.

NOTES:    [*]

 

* Blank spaces contained confidential information which has been filed
separately with the Securities and Exchange Commission pursuant to Rule 24b-2
under the Securities Exchange Act of 1934, as amended.

 

 

APR No. 62654, 79650, 106232    Supplemental Agreement No. 27          BOEING
PROPRIETARY   

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LOGO [g491972001.jpg]    The Boeing Company    P.O. Box 3707   
Seattle, WA 98124-2207

 

 

FedEx contract # 07-0255-M    

6-1162-LKJ-0758

Federal Express Corporation

3131 Democrat Road

Memphis, TN 38125

 

Subject:    Special Matters – SA-27 Accelerated Block B Aircraft Reference:   
(a) Purchase Agreement No. 3157 (Purchase Agreement) between The Boeing Company
(Boeing) and Federal Express Corporation (Customer) relating to
Model 777-FREIGHTER aircraft (Aircraft)    (b) Letter Agreement
6-1162-RCN-1799R1, [*]

This letter agreement (Letter Agreement) amends and supplements the Purchase
Agreement. All terms used but not defined in this Letter Agreement shall have
the same meaning as in the Purchase Agreement.    The terms of this Letter
Agreement apply to the SA-27 Accelerated Block B Aircraft as defined in
Supplemental Agreement No. 27 to the Purchase Agreement (SA-27).

1.      In consideration of the acceleration of the SA-27 Accelerated Block B
Aircraft, Boeing will provide Customer, the following additional business
considerations.

 

  1.1 [*] Advance Payment.

As a consequence of the acceleration of the SA-27 Accelerated Block B Aircraft,
Customer will owe certain advance payments for the SA-27 Accelerated Block B
Aircraft before [*] in accordance with the advance payment schedule provided in
Table 1-A of the Purchase Agreement (Standard Advance Payment Schedule). [*]

 

  1.2 [*]

 

  [*]

 

  1.2.1 [*]

 

  [*]

 

  1.2.2 Performance Period.

Notwithstanding paragraph 1.4, of the reference (b) letter agreement, the
Performance Period for the [*] set forth in paragraph 1.2.1 above will be the
period beginning on the date of this Letter Agreement and ending one (1) year
after the scheduled delivery of the SA-27 Accelerated Block B Aircraft.

 

* Blank spaces contained confidential information which has been filed
separately with the Securities and Exchange Commission pursuant to Rule 24b-2
under the Securities Exchange Act of 1934, as amended.

 

6-1162-LKJ-0758       Page 1 Special Matters – SA-27 Accelerated Block B
Aircraft    SA-27    BOEING PROPRIETARY   

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LOGO [g491972001.jpg]

 

  1.2.3 Method of Performance.

 

  [*]

 

2. ASSIGNMENT.

The commercial and other business arrangements set forth in this Letter
Agreement are [*] to Customer and in consideration of Customer taking title to
the SA-27 Accelerated Block B Aircraft at the time of delivery and cannot be
assigned, in whole or in part, without the prior written consent of Boeing.

 

3. CONFIDENTIAL TREATMENT.

Customer and Boeing consider certain commercial and financial information
contained in this Letter Agreement as confidential. Each of Customer and Boeing
agree that it will treat this Letter Agreement and the information contained
herein as confidential. Customer agrees to limit the disclosure of the contents
of this Letter Agreement to employees of Customer with a need to know and who
understand that they are not to disclose its content to any other person or
entity without the prior written consent of Boeing. Notwithstanding the
forgoing, Customer may disclose this Letter Agreement and the terms and
conditions herein to its parent company, FedEx Corporation, to the Board of
Directors of its parent corporation, FedEx Corporation, to its professional
advisors under a duty of confidentiality with respect hereto, and as required by
law.

 

* Blank spaces contained confidential information which has been filed
separately with the Securities and Exchange Commission pursuant to Rule 24b-2
under the Securities Exchange Act of 1934, as amended.

 

 

6-1162-LKJ-0758       Page 2 Special Matters – SA-27 Accelerated Block B
Aircraft    SA-27    BOEING PROPRIETARY   

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LOGO [g491972001.jpg]

Very truly yours,

 

  THE BOEING COMPANY   By  

/s/ L. Kirsten Jensen

  Its  

Attorney-In-Fact

    ACCEPTED AND AGREED TO this

 

    Date:  

October 12, 2017

 

    FEDERAL EXPRESS CORPORATION     By  

/s/ Ray Carroll

    Its  

Vice President

 

 

 

6-1162-LKJ-0758       Page 3 Special Matters – SA-27 Accelerated Block B
Aircraft    SA-27    BOEING PROPRIETARY