Exhibit 10.13

FEC 07-02255-032

Supplemental Agreement No. 25

to

Purchase Agreement No. 3157

between

The Boeing Company

And

Federal Express Corporation

Relating to Boeing Model 777-FREIGHTER Aircraft

THIS SUPPLEMENTAL AGREEMENT No. 25, entered into as of the 10th day of June
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 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 four (4) Option
Aircraft under Letter Agreement 6-1162-RRO-1062, Option Aircraft, to the
Purchase Agreement as shown in the table below:

 

Existing Delivery

Months of Option

Aircraft

  

Revised Delivery

Months of Option

Aircraft

[*]    [*] [*]    [*] [*]    [*] [*]    [*]

C. WHEREAS, Boeing and Customer desire to acknowledge that one (1) Block B [*]
Aircraft having a scheduled month of delivery of [*] in accordance with the
terms of Letter Agreement 6-1162-RRO-1068, Special Provision – Block B Aircraft,
due to the [*] provision therein as it relates to such 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.

 

P.A. No. 3157    1    SA 25          BOEING PROPRIETARY   

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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. 25.

 

2. Remove and replace, in its entirety, “Table 1-A”, with the revised Table 1-A,
attached hereto, revised to reflect the addition of one (1) Block B Aircraft
having a scheduled month of delivery [*] as a firm Block B Aircraft.

 

3. Remove and replace, in its entirety, “Table 1-B”, with the revised Table 1-B,
attached hereto, revised to reflect the removal of one (1) Block B conditional
firm Aircraft having a scheduled month of delivery [*].

 

4. The Option Aircraft described in Recital Paragraph B are hereby rescheduled
as set forth in Recital Paragraph B. Remove and replace, in its entirety, the
Attachment to Letter Agreement 6-1162-RRO-1062, Option Aircraft, with a revised
Attachment, attached hereto, to reflect such rescheduling of Option
Aircraft. Boeing and Customer acknowledge and agree that the rescheduling of the
Option Aircraft herein is not made pursuant to [*], and accordingly, for the
avoidance of doubt [*]. Boeing and Customer further agree that the Option
Aircraft described in Recital Paragraph B will retain the [*].

 

5. Boeing and Customer agree that as a result of the changes incorporated in
this Supplemental Agreement No. 25, Customer [*].

 

6. This Supplemental Agreement No. 25 to the Purchase Agreement shall not be
effective unless (i) executed and delivered by the parties on or prior to
June 15, 2016 and (ii) Customer and Boeing execute and deliver Supplemental
Agreement No. 8 to Purchase Agreement No. 3712 on or before June 15, 2016.

 

* 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-25          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/ Phillip C. Blum

Its:  

Attorney-In-Fact

    Its:  

Vice President

 

P.A. No. 3157    3    SA-25          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      25      1B   Block B Conditional Firm Aircraft
Information Table      25      1C   Block C Aircraft Information Table      13
     1C1   Block C Aircraft Information Table (MSN 39285)      11      1C2  
Block C Aircraft Information Table      20      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-25          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    4   Attachment to Letter 6-1162-RRO-1062    25

6-1162-RRO-1065

  Performance Guarantees for Block B Aircraft    4

6-1162-RRO-1066R1

  Special Matters for Block B Aircraft    22   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

 

* 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-25          BOEING PROPRIETARY   

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LETTER AGREEMENT (Con’t)

      

SA
NUMBER

6-1162-SCR-186

  [*], Non-Isolated Engine Mounts Letter    23

6-1162-SCR-193

  [*] Matters    23

6-1162-LKJ-0726

  [*] SA-24 Accelerated Block B Aircraft    24

 

SUPPLEMENTAL AGREEMENTS

  

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

 

* 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-25          BOEING PROPRIETARY   

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SUPPLEMENTAL AGREEMENTS (Con’t)

  

DATED AS OF:

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                , 2016

 

P.A. No. 3157    7    SA-25          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   

Engine Model/Thrust:

   GE90-110B1L      110000 pounds   

Airframe Price:

     [*]   

Optional Features:

     [*]         

 

 

 

Sub-Total of Airframe and Features:

     [*]   

Engine Price (Per Aircraft):

     [*]   

Aircraft Basic Price (Excluding BFE/SPE):

     [*]         

 

 

 

Buyer Furnished Equipment (BFE) Estimate:

     [*]   

Seller Purchased Equipment (SPE) Estimate:

     [*]   

Non-Refundable Deposit/Aircraft at Def Agreement:

     [*]   

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

Airframe Price Base Year/Escalation Formula:

    [*]        ECI-MFG/CPI

Engine Price Base Year/Escalation Formula:

    N/A        N/A

Airframe Escalation Data:

     

Base Year Index (ECI):

      [*]     

Base Year Index (CPI):

      [*]     

 

 

        Escalation         Escalation Estimate  
Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): Delivery  
Number of   Factor         Adv Payment Base   At Signing   24 Mos.  
21/18/15/12/9/6 Mos.   Total Date   Aircraft   (Airframe)     MSN  
Price Per A/P   1%   4%   5%   35% [*]   1     [*]      [*]   [*]   [*]   [*]  
[*]   [*] [*]   1     [*]      [*]   [*]   [*]   [*]   [*]   [*] [*]   1     [*]
     [*]   [*]   [*]   [*]   [*]   [*] [*]   1     [*]      [*]   [*]   [*]  
[*]   [*]   [*] Total:   4    

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

 

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    BOEING PROPRIETARY    Supplemental Agreement No. 25

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Table 1-B to Purchase Agreement No. 3157

Aircraft Delivery, Description, Price and Advance Payments

Block B Conditional Firm

 

Airframe Model/MTOW:

   777-Freighter      766000 pounds   

Engine Model/Thrust:

   GE90-110B1L      110000 pounds   

Airframe Price:

     [*]   

Optional Features:

     [*]         

 

 

 

Sub-Total of Airframe and Features:

     [*]   

Engine Price (Per Aircraft):

     [*]   

Aircraft Basic Price (Excluding BFE/SPE):

     [*]         

 

 

 

Buyer Furnished Equipment (BFE) Estimate:

     [*]   

Seller Purchased Equipment (SPE) Estimate:

     [*]   

Non-Refundable Deposit/Aircraft at Def Agreemt:

     [*]   

Detail Specification: D019W007FED7F-1, Rev E dated August 29, 2011

Airframe Price Base Year/Escalation Formula:

    [*]        ECI-MFG/CPI

Engine Price Base Year/Escalation Formula:

    N/A        N/A

Airframe Escalation Data:

     

Base Year Index (ECI):

    [*]       

Base Year Index (CPI):

    [*]       

 

 

        Escalation       Escalation Estimate  
Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): Delivery  
Number of   Factor       Adv Payment Base   At Signing   24 Mos.  
21/18/15/12/9/6 Mos.   Total Date   Aircraft   (Airframe)   MSN   Price Per A/P
  1%   4%   5%   35% [*]   1   [*]   [*]   [*]   [*]   [*]   [*]   [*] [*]   1  
[*]   [*]   [*]   [*]   [*]   [*]   [*] [*]   1   [*]   [*]   [*]   [*]   [*]  
[*]   [*] [*]   1   [*]   [*]   [*]   [*]   [*]   [*]   [*] [*]   1   [*]   [*]
  [*]   [*]   [*]   [*]   [*] [*]   1   [*]   [*]   [*]   [*]   [*]   [*]   [*]
[*]   1   [*]   [*]   [*]   [*]   [*]   [*]   [*] Total:   7              

 

* 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 50270       Supplemental Agreement #25    Boeing Proprietary    Page 1

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Attachment to

Letter 6-1162-RR0-1062

Option Aircraft Delivery, Description, Price and Advance Payments

 

Airframe Model/MTOW:

   777-Freighter      766000 pounds   

Engine Model/Thrust:

   GE90-110B1L      110100 pounds   

Airframe Price:

     [*]   

Optional Features:

     [*]         

 

 

 

Sub-Total of Airframe and Features:

     [*]   

Engine Price (Per Aircraft):

     [*]   

Aircraft Basic Price (Excluding BFE/SPE):

     [*]         

 

 

 

Buyer Furnished Equipment (BFE) Estimate:

     [*]   

Seller Purchased Equipment (SPE) Estimate:

     [*]   

Deposit/Aircraft at Def Agreemt:

     [*]   

Detail Specification: D019W007FED7F-1 Rev E dated August 29, 2011

Airframe Price Base Year/Escalation Formula:

    [*]        ECI-MFG/CPI

Engine Price Base Year/Escalation Formula:

    N/A        N/A

Airframe Escalation Data:

     

Base Year Index (ECI):

    [*]       

Base Year Index (CPI):

    [*]       

Forecast:                     2Q08

     

 

 

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

Escalation

Factor

 

Escalation Estimate

Adv Payment Base

  Balance At Option
Exercise   24 Mos.   21/18/15/12/9/6 Mos.   Total Date   Aircraft   (Airframe)#
  Price Per A/P   1%   4%   5%   35% [*]   [*]   [*]   [*]   [*]   [*]   [*]  
[*] [*]   [*]   [*]   [*]   [*]   [*]   [*]   [*] [*]   [*]   [*]   [*]   [*]  
[*]   [*]   [*] [*]   [*]   [*]   [*]   [*]   [*]   [*]   [*] [*]   [*]   [*]  
[*]   [*]   [*]   [*]   [*] [*]   [*]   [*]   [*]   [*]   [*]   [*]   [*] [*]  
[*]   [*]   [*]   [*]   [*]   [*]   [*] [*]   [*]   [*]   [*]   [*]   [*]   [*]
  [*] [*]   [*]   [*]   [*]   [*]   [*]   [*]   [*] Total:   11            

 

# The Escalation Factor for the Option Aircraft will be adjusted to Boeing’s
then current forecasts for such elements as of the date of the amendment to the
definitive agreement to add the exercised Option Aircraft as an 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.

 

FED       Supplemental Agreement No. 23 50271-1O.TXT    BOEING PROPRIETARY   
Page 1