Exhibit 10.34

FedEx Contract # 12-0527-015

Supplemental Agreement No. 7

to

Purchase Agreement No. 3712

between

The Boeing Company

And

Federal Express Corporation

Relating to Boeing Model 767-3S2F Aircraft

THIS SUPPLEMENTAL AGREEMENT, entered into as of April 18, 2016 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 Purchase Agreement No. 3712, dated December
14, 2011 (Purchase Agreement), relating to the purchase and sale of certain
Boeing Model 767-3S2F Aircraft (the Aircraft); and

B. WHEREAS, Boeing desires to revise the Manufacturer Serial Numbers (MSNs)
associated with certain delivery positions as shown in the table below.

 

Delivery Position

  

Table

Reference

  

Delivery

Position

Contract Block

  

Original MSN

  

Revised MSN

[*]    Table 1-A1    C    61205    42721 [*]    Table 1-A    Original Firm 1   
42721    43550 [*]    Table 1-A1    C    43549    42722 [*]    Table 1-A1    C
   43550    61206 [*]    Table 1-A    Original Firm 1    42722    42723 [*]   
Table 1-A1    C    61206    43538 [*]    Table 1-A    Original Firm 1    42723
   43541 [*]    Table 1-B    C 2    43538    61205 [*]    Table 1-B    C 2   
43541    43549

 

1  Original firm Aircraft at execution of the Purchase Agreement (Original Firm
Aircraft)

2  Exercised Option 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.

BOEING PROPRIETARY

S7-1

--------------------------------------------------------------------------------

Supplemental Agreement No.7 to

Purchase Agreement No. 3712

 

C. WHEREAS, Boeing and Customer desire to revise certain Tables in the Purchase
Agreement to reflect the revised MSNs, where such Tables reference MSNs.

D. WHEREAS, Boeing and Customer desire to [*] as identified in the Table above.

E. WHEREAS, Boeing and Customer desire to acknowledge the expiration of the
special provision described in Letter Agreement 6-1162-SCR-146R1, Special
Provision – Block B and Block G Aircraft, in respect to (i) one (1) Block B
Aircraft scheduled to deliver during [*] and (ii) one Block B Aircraft scheduled
to deliver during [*], both as shown on Table 1-B.

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 reflect the changes made by this
Supplemental Agreement No. 7.

2. Revise and replace in its entirety, Table 1-A1 with a revised Table 1-A1,
attached hereto, to revise the MSNs associated with certain delivery positions
as identified in Recital paragraph B above.

3. Revise and replace in its entirety, Table 1-B with a revised Table 1-B,
attached hereto, to (i) update the MSNs associated with certain delivery
positions as identified in Recital paragraph B above, and (ii) to revise the
note pertaining to the expiration of the special provision described in Letter
Agreement 6-1162-SCR-146R1, Special Provision – Block B and Block G Aircraft, in
respect to the Block B Aircraft scheduled to deliver in [*] and [*].

4. [*]

 

* 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.

BOEING PROPRIETARY

S7-2

--------------------------------------------------------------------------------

Supplemental Agreement No.7 to

Purchase Agreement No. 3712

 

5. This Supplemental Agreement No. 7 to the Purchase Agreement shall not be
effective until executed and delivered by the parties.

 

BOEING PROPRIETARY

S7-3

--------------------------------------------------------------------------------

Supplemental Agreement No.7 to

Purchase Agreement No. 3712

 

EXECUTED as of the day and year first above written.

 

THE BOEING COMPANY By:  

/s/ Kirsten Jensen

Its:  

Attorney-In-Fact

FEDERAL EXPRESS CORPORATION By:  

/s/ Phillip C. Blum

Its:  

Vice President Aircraft Acquisitions

 

BOEING PROPRIETARY

S7-4

--------------------------------------------------------------------------------

TABLE OF CONTENTS

 

ARTICLES

  

SA Number

 

1

   Quantity, Model and Description   

2

   Delivery Schedule   

3

   Price   

4

   Payment   

5

   Additional Terms   

TABLES

      

1-A

   Firm Aircraft Information Table      1   

1-A1

   Block C Aircraft Information Table      7   

1-A2

   Block E, Block F and Block G Aircraft Information Table      6   

1-B

   Exercised Option Aircraft Information Table      7   

1-B1

   Exercised Block D Option Aircraft Information Table      2   

1-C

   Exercised Purchase Right Aircraft Information Table      2   

EXHIBIT

      

A

   Aircraft Configuration      4   

B

   Aircraft Delivery Requirements and Responsibilities   

SUPPLEMENTAL EXHIBITS

      

AE1

   Escalation Adjustment/Airframe and Optional Features   

BFE1

   BFE Variables      2   

CS1

   Customer Support Variables   

EE1

   Engine Escalation, Engine Warranty and Patent Indemnity   

SLP1

   Service Life Policy Components   

 

 

FED-PA-03712

      SA-7    BOEING PROPRIETARY   

--------------------------------------------------------------------------------

LETTER AGREEMENTS

  

SA Number

 

LA-1106151R2

  

LA-Special Matters Concerning [*] – Option Aircraft and Certain Purchase Right
Aircraft

     6   

LA-1106152

  

LA-Special Matters Concerning [*]– Firm Aircraft

  

LA-1106153

  

LA-Liquidated Damages Non-Excusable Delay

  

LA-1106154R2

  

LA-Firm Aircraft and Option Aircraft Delivery Matters

     6   

LA-1106155

  

LA-Open Configuration Matters

  

LA-1106156R2

  

LA-Option Aircraft

     6   

LA-1106157

  

AGTA Amended Articles

  

LA-1106158R2

  

LA-Right to Purchase Additional Aircraft

     6   

LA-1106159R1

  

LA-Special Matters Concerning [*]

     1   

LA-1106160

  

LA-Spare Parts Initial Provisioning

  

LA-1106163

  

LA-Demonstration Flight Waiver

  

LA-1106177R1

  

LA-[*]

     6   

LA-1106207R1

  

LA-Special Matters Firm Aircraft

     1   

LA-1106208R1

  

LA-Special Matters Option Aircraft

     1   

LA-1106574R1

  

LA-Agreement for Deviation from the [*]

     6   

LA-1106584R4

  

LA-Aircraft Performance Guarantees

     6   

LA-1106586

  

LA-Miscellaneous Matters

  

LA-1106614R1

  

LA-Special Matters for Purchase Right Aircraft

     6   

LA-1106824

  

LA-Customer Support Matters

  

LA-1208292R2

  

LA-Special Matters Concerning Escalation – Block B, Block C, Block E, Block F
and Block G Aircraft

     6   

LA-1208296R1

  

LA-Special Matters for Block D Option Aircraft

     6   

LA-1208949

  

LA-Special Matters Block C Aircraft in Table 1-A1

     1   

6-1162-SCR-146R1

  

LA Special Provision - Block B and Block G Aircraft

     6   

LA-1306854R1

  

Performance Guarantees, Demonstrated Compliance

     6   

6-1162-LKJ-0696R6

  

LA-[*]

     6   

6-1162-LKJ-0705

  

LA-Special Matters for Block E, Block F and Block G Aircraft in Table 1-A2

  

6-1162-LKJ-0707

  

LA- Agreement Regarding [*]

     6   

6-1162-LKJ-0709

  

[*]Special Matters

     6   

 

* 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.

 

 

FED-PA-03712

      SA-7    BOEING PROPRIETARY   

--------------------------------------------------------------------------------

SUPPLEMENTAL AGREEMENTS

  

DATED AS OF:

Supplemental Agreement No. 1

   June 29, 2012

Supplemental Agreement No. 2

   October 8, 2012

Supplemental Agreement No. 3

   December 11, 2012

Supplemental Agreement No. 4

   December 10, 2013

Supplemental Agreement No. 5

   September 29, 2014

Supplemental Agreement No. 6

   July 21, 2015

Supplemental Agreement No. 7

   April     , 2016

 

 

FED-PA-03712       SA-7    BOEING PROPRIETARY   

--------------------------------------------------------------------------------

Table 1-A1 to PA 3712

Aircraft Delivery, Description, Price and Advance Payments

Block C Aircraft

 

Airframe Model/MTOW:    767-300F     408000 pounds       Detail Specification:
D019T002-K dated April 30, 2011 Engine Model/Thrust:    CF6-80C2B6F     60200
pounds      

Airframe Price Base Year/Escalation Formula:

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

Engine Price Base Year/Escalation Formula:

   [*]    GE CF6-80 & GE90 (99 rev.) 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:     [*]       Engine
Escalation Data:       Seller Purchased Equipment (SPE) Estimate:     [*]      
Base Year Index (CPI):    [*]    Deposit per Aircraft:        [*]            

 

          Escalation   Escalation        Escalation Estimate  
Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): Delivery   
Number of    Factor   Factor        Adv Payment Base   At Signing   24 Mos.  
21/18/12/9/6 Mos.   Total

Date

   Aircraft    (Airframe)   (Engine)   MSN    Price Per A/P   1%   4%   5%   30%
[*]    1    [*]   [*]   43544    [*]   [*]   [*]   [*]   [*] [*]    1    [*]  
[*]   44377    [*]   [*]   [*]   [*]   [*] [*]    1    [*]   [*]   44378    [*]
  [*]   [*]   [*]   [*] [*]    1    [*]   [*]   43542    [*]   [*]   [*]   [*]  
[*] [*]    1    [*]   [*]   43543    [*]   [*]   [*]   [*]   [*] [*]    1    [*]
  [*]   44379    [*]   [*]   [*]   [*]   [*] [*]    1    [*]   [*]   44380   
[*]   [*]   [*]   [*]   [*] [*]    1    [*]   [*]   43545    [*]   [*]   [*]  
[*]   [*] [*]    1    [*]   [*]   43546    [*]   [*]   [*]   [*]   [*] [*]    1
   [*]   [*]   43547    [*]   [*]   [*]   [*]   [*] [*]    1    [*]   [*]  
43548    [*]   [*]   [*]   [*]   [*] [*]    1    [*]   [*]   42721    [*]   [*]
  [*]   [*]   [*] [*]    1    [*]   [*]   42722    [*]   [*]   [*]   [*]   [*]
[*]    1    [*]   [*]   61206    [*]   [*]   [*]   [*]   [*] [*]    1    [*]  
[*]   43538    [*]   [*]   [*]   [*]   [*] [*]    1    [*]   [*]      [*]   [*]
  [*]   [*]   [*] [*]    1    [*]   [*]      [*]   [*]   [*]   [*]   [*] [*]   
1    [*]   [*]      [*]   [*]   [*]   [*]   [*] [*]    1    [*]   [*]      [*]  
[*]   [*]   [*]   [*] Total:    19                  

 

* 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.

 

FED-PA-03712 62134-1F.TXT    Boeing Proprietary   

--------------------------------------------------------------------------------

Table 1-B To

Purchase Agreement No. 3712

Aircraft Delivery, Description, Price and Advance Payments

Exercised Option Aircraft

 

Airframe Model/MTOW:   767-300F     40,8000 pounds      

Detail Specification: D019T002FED63F-1, Rev D dated

    March 26, 2015

Engine Model/Thrust:   CF6-80C2B6F     60,200 pounds      

Airframe Price Base Year/Escalation Formula:

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

Engine Price Base Year/Escalation Formula:

   [*]    GE CF6-80 & GE90 (99 rev.) 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:     [*]       Engine
Escalation Data:       Seller Purchased Equipment (SPE) Estimate:     [*]      
Base Year Index (CPI):    [*]    Deposit per Aircraft:       [*]            

 

          Escalation   Escalation             Escalation Estimate  
Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):     Delivery   
Number of    Factor   Factor             Adv Payment Base   At Signing   24 Mos.
  21/18/12/9/6 Mos.   Total

Date

   Aircraft    (Airframe)   (Engine)   Block    MSN    Price Per A/P   1%   4%  
5%   30%

[*]

   1    [*]   [*]   Block C    61205    [*]   [*]   [*]   [*]   [*]

[*]

   1    [*]   [*]   Block C    43549    [*]   [*]   [*]   [*]   [*]

[*]

   1    [*]   [*]   Block C    43551    [*]   [*]   [*]   [*]   [*]

[*]

   1    [*]   [*]   Block B 1    43630    [*]   [*]   [*]   [*]   [*]

[*]

   1    [*]   [*]   Block C    43552    [*]   [*]   [*]   [*]   [*]

[*]

   1    [*]   [*]   Block B 1    43631    [*]   [*]   [*]   [*]   [*]

[*]

   1    [*]   [*]   Block B 1    43632    [*]   [*]   [*]   [*]   [*]

[*]

   1    [*]   [*]   Block C    43553    [*]   [*]   [*]   [*]   [*]

[*]

   1    [*]   [*]   Block C    43554    [*]   [*]   [*]   [*]   [*]

[*]

   1    [*]   [*]   Block B    43633    [*]   [*]   [*]   [*]   [*]    10       
             

 

1  The Determination Date has passed and the special provision pursuant to
Letter Agreement 6-1162-SCR-146R1, Special Provision - Block B and Block
G Aircraft, has expired.

 

* 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.

 

FED-PA-03712 57361-1F.TXT

  Boeing Proprietary    Page 1