Exhibit 10.25

FedEx contract # 07-0255—030

Supplemental Agreement No. 24

to

Purchase Agreement No. 3157

between

The Boeing Company

And

Federal Express Corporation

Relating to Boeing Model 777-FREIGHTER Aircraft

THIS SUPPLEMENTAL AGREEMENT No. 24 (SA-24), entered into as of the 4th day of
May 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 one (1) Block B
conditional firm Aircraft (SA-24 Accelerated Block B Aircraft) as shown in the
table below:

 

Aircraft Block

  

Existing Delivery Month

of Aircraft

  

Revised Delivery Month

of Aircraft

B (Conditional Firm)    [*]    [*]

C. WHEREAS, Boeing and Customer agree that the SA-24 Accelerated Block B
Aircraft [*] upon execution of this Supplemental Agreement No. 24 as a result of
the reschedule described in Recital Paragraph B above in accordance with the
terms of Letter Agreement 6-1162-RRO-1068, Special Provision – Block B Aircraft,
due to [*] provision therein as it relates to such Accelerated Block B Aircraft,
[*].

D. WHEREAS, Boeing and Customer have agreed to an [*].

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

 

* 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–24    BOEING PROPRIETARY   

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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. 24.

 

2. Boeing and Customer agree that upon execution of this Supplemental Agreement
No. 24 the SA-24 Accelerated Block B Aircraft is hereby (i) rescheduled as
described in Recital Paragraph B above and (ii) [*] in accordance with Recital
Paragraph C above.

 

3. Remove and replace, in its entirety, “Table 1-A”, with the revised Table 1-A,
attached hereto, revised to reflect (i) the addition of the SA-24 Accelerated
Block B Aircraft [*] and (ii) the revised delivery month and [*], Advance
Payment Base Price and Advance Payment(s), subject to Paragraph 6, below,
resulting from the reschedule of SA-24 Accelerated Block B Aircraft.

 

4. Remove and replace, in its entirety, “Table 1-B”, with the revised Table 1-B,
attached hereto, revised to reflect the removal of the SA-24 Accelerated Block B
Aircraft.

 

5. Remove and replace, in its entirety, Letter Agreement 6-1162-RCN-1799, [*],
with a revised Letter Agreement 6-1162-RCN-1799R1, attached hereto, [*].

 

6. Add Letter Agreement 6-1162-LKJ-0726, [*] – SA-24 Accelerated Block B
Aircraft, attached hereto, to reflect an [*] schedule for the SA-24 Accelerated
Block B Aircraft.

 

7. [*]

 

8. This Supplemental Agreement No. 24 to the Purchase Agreement shall not be
effective unless executed and delivered by the parties on or prior to May 13,
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–24    BOEING PROPRIETARY   

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EXECUTED as of the day and year first above written.

 

THE BOEING COMPANY     FEDERAL EXPRESS CORPORATION By:  

/s/ Kirsten Jensen

    By:  

/s/ Phillip C. Blum

Its:  

Attorney-In-Fact

    Its:  

Vice President

 

 

P.A. No. 3157    3    SA–24    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      24   

1B

   Block B Conditional Firm Aircraft Information Table      24   

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–24    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

   23

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–24    BOEING PROPRIETARY   

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LETTER AGREEMENT

  

SA
NUMBER

 

6-1162-LKJ-0726

   [*]      24       SA-24 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.

 

 

P.A. No. 3157    6    SA–24    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

  

             , 2016

 

 

P.A. No. 3157    7    SA–24    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:   [*]         

 

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

Total:

  3    

*  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       Supplemental Agreement No. 24          BOEING
PROPRIETARY   

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

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   

Detail Specification: D019W007FED7F-1, Rev E dated

    August 29, 2011

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
Agreemt:   [*]       

 

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

[*]

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

Total:

  8              

 

* 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 50720       Supplemental Agreement No. 24       Page 1    BOEING PROPRIETARY
  

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Fedex contract #07-0255-030

6-1162-RCN-1799R1

Federal Express Corporation

3131 Democrat Road

Memphis TN 38125

 

Subject:    [*] Reference:    Purchase Agreement No. 3157 (the Purchase
Agreement) between The Boeing Company (Boeing) and Federal Express Corporation
(Customer) relating to Model 777-FREIGHTER aircraft (Aircraft).

This letter agreement (Letter Agreement) cancels and supersedes Letter Agreement
6-1162-RCN-1799 dated March 6, 2007 and amends and supplements the Purchase
Agreement. All terms used but not defined in this Letter Agreement have the same
meaning as in the Purchase Agreement.

Recital.

[*]

Agreement.

 

1. Definitions.

1.1 “Covered Aircraft” shall mean those Aircraft identified on Table 1 to the
Purchase Agreement as of March 6, 2007.

1.2 [*]

1.3 [*] shall have the meaning set forth in Article 2, below.

1.4 [*]

 

* 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.

 

 

P.A. No. 3157       SA-24 [*]          BOEING PROPRIETARY   

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Federal Express Corporation

6-1162-RCN-1799R1    Page 2

 

1.5 [*]

 

2. [*]

2.1 [*]

2.2 [*]

2.3 [*]

 

3. Methods of Performance.

[*]

3.1 [*]

3.2 [*]

 

4. Project Approval.

[*]

 

* 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       SA-24 [*]       BOEING PROPRIETARY   

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

Federal Express Corporation

6-1162-RCN-1799R1    Page 3

 

5. Confidentiality.

The commercial and financial information contained in this Letter Agreement is
considered by Boeing as confidential. Customer agrees that it will treat this
Letter Agreement and the information contained herein as confidential and will
not, without the prior written consent of Boeing, disclose this Letter Agreement
or any of the information contained herein.

Very truly yours,

 

THE BOEING COMPANY By  

/s/ Kirsten Jensen

Its  

Attorney-In-Fact

ACCEPTED AND AGREED TO this

Date: May 4, 2016

 

FEDERAL EXPRESS CORPORATION By  

/s/ Phillip C. Blum

Its  

Vice President

 

* 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       SA-24 [*]       BOEING PROPRIETARY   

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LOGO [g207174g0706012503251.jpg]    The Boeing Company    P.O. Box 3707   
Seattle, WA 98124-2207

 

 

Fedex contract #07-0255-030

6-1162-LKJ-0726

Federal Express Corporation

3131 Democrat Road

Memphis, TN 38125

 

Subject:    [*] – SA-24 Accelerated Block B Aircraft Reference:    Purchase
Agreement No. 3157 (Purchase Agreement) between The Boeing Company (Boeing) and
Federal Express Corporation (Customer) relating to Model 777-FREIGHTER aircraft
(Aircraft)

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.

 

1. [*]

 

  1.1 [*]

 

  1.2 [*]

# Supplemental Agreement No. 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.

 

6-1162-LKJ-0726       Page 1 SA-24          BOEING PROPRIETARY   

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LOGO [g207174g0706012502970.jpg]

 

2. [*]

[*]

 

3. Assignment.

Notwithstanding any other provisions of the Purchase Agreement, the rights and
obligations described in this Letter Agreement are provided to Customer only and
cannot be assigned in whole or, in part without the prior written consent of
Boeing.

 

4. 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.

If the foregoing correctly sets forth your understanding of our agreement with
respect to matters described above, please indicate your acceptance and approval
below.

Very truly yours,

 

THE BOEING COMPANY By  

/s/ Kirsten Jensen

Its  

Attorney-In-Fact

ACCEPTED AND AGREED TO this

 

Date:  

May 4, 2016

 

FEDERAL EXPRESS CORPORATION By  

/s/ Phillip C. Blum

Its  

Vice President

 

* 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-0726       Page 2 SA-24          BOEING PROPRIETARY