Exhibit 10.10

INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN
EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT
MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO FEDEX IF PUBLICLY
DISCLOSED.

Supplemental Agreement No. 32

to

Purchase Agreement No. 3157

between

The Boeing Company

And

Federal Express Corporation

Relating to Boeing Model 777-FREIGHTER Aircraft

THIS SUPPLEMENTAL AGREEMENT No. 32 (SA-32), entered into as of February 28, 2020
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 and Boeing desire to reschedule the delivery month
of two (2) Block E1 Aircraft, as shown in the table below (SA-32 Accelerated
Block E1 Aircraft):

 

Aircraft

Block    

   MSN      Table      Existing Delivery
Month
of Aircraft      Revised Delivery
Month
of Aircraft  

E1

     66257        1-E1        [* ]       [* ] 

E1

     66258        1-E1        [* ]       [* ] 

C.         [*].

D.         [*].

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.

 

P.A. No. 3157   1   SA-32

BOEING PROPRIETARY

*

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to Item 601(b)(10)(iv) of Regulation S-K because it (i) is not material and (ii)
would likely cause competitive harm to FedEx if publicly disclosed.

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

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. 32.

2.        Boeing and Customer agree that upon execution of this Supplemental
Agreement No. 32 the SA-32 Accelerated Block E1 Aircraft are hereby rescheduled
as described in Recital Paragraph B above.

3.        Remove and replace, in its entirety, “Table 1-E1” Block E Firm
Aircraft Information Table (Block E1), with the revised Table 1-E1, attached
hereto, to reflect the revised delivery date month, [*], [*], and [*] resulting
from the acceleration of the two (2) Block E1 Aircraft described in Recital
Paragraph B above.

4.        Remove and replace, in its entirety, Letter Agreement 6-1169-LKJ-0778,
SA-30 [*] Matters, with Letter Agreement 6-1169-LKJ-0778R1, SA-30 and SA-32 [*]
Matters, attached hereto, to [*].

5.        Add new Letter Agreement FED-PA-3157-LA-2000906, [*] as related to
SA-32 and SA-14, to the Purchase Agreement, to [*].

6.        This Supplemental Agreement No. 32 to the Purchase Agreement shall not
be effective unless (i) executed and delivered by the parties on or prior to
February 28, 2020, and (ii) Customer and Boeing execute and deliver Supplemental
Agreement No. 14 to Purchase Agreement No. 3712 on or prior to February 28,
2020.

7.        References in the Purchase Agreement and any supplemental agreements
and associated letter agreements to the tables, exhibits, supplemental exhibits
and letter agreements listed in the left column of the below table shall be
deemed to refer to the corresponding tables, exhibits, supplemental exhibits and
letter agreements listed in the right column of the below table.

 

Reference

   Replacement Reference  

6-1169-LKJ-0778

     6-1169-LKJ-0778R1  

 

P.A. No. 3157   2   SA-32

BOEING PROPRIETARY

 

*

Blank spaces contained confidential information that has been excluded pursuant
to Item 601(b)(10)(iv) of Regulation S-K because it (i) is not material and (ii)
would likely cause competitive harm to FedEx if publicly disclosed.

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

EXECUTED as of the day and year first above written.

 

FEDERAL EXPRESS CORPORATION       THE BOEING COMPANY By:  

/s/ Kevin A. Burkhart

    By:  

/s/ Steve Otto

Name:  

Kevin A. Burkhart

    Name:  

Steve Otto

Title:  

Vice President

    Title:  

Attorney-In-Fact

 

P.A. No. 3157   3   SA-32

BOEING PROPRIETARY

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

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

     30     1-A   

Block B Firm Aircraft Information Table

     31     1-B   

Block B Conditional Firm Aircraft Information Table

     30     1-C   

Block C Aircraft Information Table

     13     1-C1   

Block C Aircraft Information Table (MSN 39285)

     11     1-C2   

Block C Aircraft Information Table

     29     1-D   

Block D Aircraft Information Table

     31     1-E1   

Block E Firm Aircraft Information Table (Block E1)

     32     1-E2   

Block E Conditional Firm Aircraft Information Table (Block E2)

     30  

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     A5.   

Aircraft Configuration (Block E Aircraft)

     30     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-32

BOEING PROPRIETARY

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

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-1798R1   

777 Boeing Converted Freighter

       4   6-1162-RCN-1799R1   

[*]

     24   6-1162-RRO-1062   

Option Aircraft

       4     

Attachment to Letter 6-1162-RRO-1062

     30   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-1067R1   

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

     30   6-1162-RRO-1068R1   

Special Provision – Block B and Block E2 Aircraft

     30   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-193R1   

[*] Matters and [*] Special Matters

     30  

 

P.A. No. 3157   5   SA-32

BOEING PROPRIETARY

*

Blank spaces contained confidential information that has been excluded pursuant
to Item 601(b)(10)(iv) of Regulation S-K because it (i) is not material and (ii)
would likely cause competitive harm to FedEx if publicly disclosed.

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

LETTER AGREEMENT (Con’t)    SA
NUMBER 6-1162-LKJ-0726    [*] SA-24 Accelerated Block B Aircraft    24
6-1162-LKJ-0737R1   

Special Matters – SA-26 Accelerated Block C Aircraft

   29 6-1162-LKJ-0758   

Special Matters – SA-27 Accelerated Block B Aircraft

   27 6-1162-LKJ-0768   

Special Matters – SA-28 Accelerated Aircraft

   28 6-1162-LKJ-0766   

Special Matters – SA-29 Accelerated Aircraft

   29 6-1162-LKJ-0767   

Special Considerations – SA-29

   29 FED-PA-3157-LA-1802894   

Special Matters for Block E Aircraft

   30 6-1169-LKJ-0776   

SA-30 Option Aircraft

   30 6-1169-LKJ-0777   

Special Matters – SA-30 Option Aircraft

   30 6-1169-LKJ-0778R1   

SA-30 and SA-32 [*] Matters

   32 FED-PA-3157-LA-2000906   

[*] as related to SA-32 and SA-14

   32

 

P.A. No. 3157   6   SA-32

BOEING PROPRIETARY

 

*

Blank spaces contained confidential information that has been excluded pursuant
to Item 601(b)(10)(iv) of Regulation S-K because it (i) is not material and (ii)
would likely cause competitive harm to FedEx if publicly disclosed.

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

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

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-32

BOEING PROPRIETARY

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

SUPPLEMENTAL AGREEMENTS (Con’t)    DATED AS OF:

Supplemental Agreement No. 26

   February 10, 2017

Supplemental Agreement No. 27

  

October 12, 2017

Supplemental Agreement No. 28

  

January 28, 2018

Supplemental Agreement No. 29

  

February 2, 2018

Supplemental Agreement No. 30

  

June 18, 2018

Supplemental Agreement No. 31

   September 14, 2018

Supplemental Agreement No. 32

               , 2020

 

P.A. No. 3157   8   SA-32

BOEING PROPRIETARY

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

LOGO [g877381gra09.jpg]    

The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207

 

6-1169-LKJ-0778R1

  

FedEx contract #

Federal Express Corporation

3131 Democrat Road

Memphis, TN 38125

 

Subject:

SA-30 and SA-32 [*] Matters

 

References:

(a) Purchase Agreement No. 3157 between The Boeing Company (Boeing) and Federal
Express Corporation (Customer) relating to Model 777-FREIGHTER aircraft (the 777
Purchase Agreement)

(b) Purchase Agreement No. 3712 between Boeing and Customer relating to Model
767-3S2F aircraft (the 767 Purchase Agreement)

(c) Letter Agreement FED-PA-03712-LA-1106159R1, Special Matters Concerning [*]

All terms used but not defined in this Letter Agreement (Letter Agreement) shall
have the same meaning as in the 767 Purchase Agreement and the 777 Purchase
Agreement.

1.    As a result of SA-30 and SA-32 to the 777 Purchase Agreement, as well as
SA-11 and SA-14 to the 767 Purchase Agreement, Customer will owe certain 777
Advance Payments or 767 Advance Payments during calendar years [*] in accordance
with the advance payment schedules provided in the Table 1 of the 777 Purchase
Agreement and 767 Purchase Agreement (Standard Advance Payment Schedule) and the
reference (c) letter agreement. [*]

 

6-1169-LKJ-0778R1

SA-30 and SA-32 [*] Matters

   

SA-32

Page 1

BOEING PROPRIETARY

 

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to Item 601(b)(10)(iv) of Regulation S-K because it (i) is not material and (ii)
would likely cause competitive harm to FedEx if publicly disclosed.

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

LOGO [g877381gra09.jpg]

 

1.1    [*]

Table 1.1

 

Table in

PA        

   Contracted
Delivery Date   MSN+    [*]   [*]   [*]         [*]   [*]   [*]         [*]  
[*]   [*]         [*]   [*]   [*]         [*]   [*]   [*]         [*]   [*]  

Table 1-A

   [*]   40676    [*]   [*]   [*]

Table 1-A

   [*]   40679    [*]   [*]   [*]

Table 1-E1

   [*]   66256    [*]   [*]   [*]

Table 1-A

   [*]   40673    [*]   [*]   [*]

Table 1-A

   [*]   40676    [*]   [*]   [*]

Table 1-A

   [*]   40679    [*]   [*]   [*]         [*]   [*]  

Table 1-A

   [*]   40676    [*]   [*]   [*]

Table 1-A

   [*]   40679    [*]   [*]   [*]

Table 1-E1

   [*]   66259    [*]   [*]   [*]

Table 1-E1

   [*]   66260    [*]   [*]   [*]

Table 1-E1

   [*]   66259    [*]   [*]   [*]         [*]   [*]  

Table 1-E2

   [*]   66264    [*]   [*]   [*]

Table 1-E1

   [*]   66260    [*]   [*]   [*]

Table 1-E2

   [*]   66262    [*]   [*]   [*]

Table 1-E2

   [*]   66265    [*]   [*]   [*]

Table 1-E2

   [*]   66263    [*]   [*]   [*]

Table 1-E1

   [*]   66259    [*]   [*]   [*]

Table 1-E2

   [*]   66264    [*]   [*]   [*]

Table 1-E1

   [*]   66260    [*]   [*]   [*]

Table 1-E2

   [*]   66262    [*]   [*]   [*]

Table 1-E2

   [*]   66265    [*]   [*]   [*]

Table 1-E2

   [*]   66263    [*]   [*]   [*]

Table 1-E2

   [*]   66264    [*]   [*]   [*] + Manufacture Serial Number(s) (MSNs)
identified are for informational purposes only and subject to change.    [*]  
[*]      [*]   [*]  

 

6-1169-LKJ-0778R1

SA-30 and SA-32 [*] Matters

   

SA-32

Page 2

BOEING PROPRIETARY

 

*

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to Item 601(b)(10)(iv) of Regulation S-K because it (i) is not material and (ii)
would likely cause competitive harm to FedEx if publicly disclosed.

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

LOGO [g877381gra09.jpg]

 

1.2    [*]

Table 1.2

 

Table in

PA        

   Contracted
Delivery Date   MSN+    [*]   [*]   [*]

Table 1-E1

   [*]   66256    [*]   [*]   [*]

Table 1-A

   [*]   40676    [*]   [*]   [*]

Table 1-A

   [*]   40679    [*]   [*]   [*]

Table 1-E1

   [*]   66255    [*]   [*]   [*]

Table 1-E1

   [*]   66256    [*]   [*]   [*]

Table 1-A

   [*]   40673    [*]   [*]   [*]         [*]   [*]  

Table 1.3

 

Table in

PA        

   Contracted
Delivery Date   MSN+    [*]   [*]   [*]

Table 1-E1

   [*]   66257    [*]   [*]   [*]

Table 1-E1

   [*]   66258    [*]   [*]   [*]

Table 1-E1

   [*]   66257    [*]   [*]   [*]

Table 1-E1

   [*]   66258    [*]   [*]   [*]         [*]   [*]  

Table 1-E1

   [*]   66257    [*]   [*]   [*]

Table 1-E1

   [*]   66258    [*]   [*]   [*]

Table 1-E1

   [*]   66257    [*]   [*]   [*]

Table 1-E1

   [*]   66258    [*]   [*]   [*]

Table 1-E1

   [*]   66257    [*]   [*]   [*]

Table 1-E1

   [*]   66258    [*]   [*]   [*]

Table 1-E1

   [*]   66257    [*]   [*]   [*]

Table 1-E1

   [*]   66258    [*]   [*]   [*]

Table 1-E1

   [*]   66257    [*]   [*]   [*]

Table 1-E1

   [*]   66258    [*]   [*]   [*]

+ Manufacture Serial Number(s) (MSNs) identified are for informational purposes
only and subject to change.

   [*]   [*]      [*]   [*]  

 

6-1169-LKJ-0778R1

SA-30 and SA-32 [*] Matters

   

SA-32

Page 3

BOEING PROPRIETARY

 

*

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to Item 601(b)(10)(iv) of Regulation S-K because it (i) is not material and (ii)
would likely cause competitive harm to FedEx if publicly disclosed.

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

LOGO [g877381gra09.jpg]

 

2.    [*]

3.    [*] will be paid in accordance with the Standard Advance Payment Schedule
and the reference (c) letter agreement. If the contractual obligations set forth
in the 777 Purchase Agreement or 767 Purchase Agreement are revised prior to
[*], Boeing and Customer will work in good faith to revise this Letter Agreement
accordingly.

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
foregoing, Boeing acknowledges that 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 company, FedEx Corporation, and to
Customer’s and FedEx Corporation’s professional advisors under a duty of
confidentiality with respect thereto, and as required by law.

 

ACCEPTED AND AGREED TO this       Date:  

February 28, 2020

      FEDERAL EXPRESS CORPORATION       THE BOEING COMPANY By:  

/s/ Kevin A. Burkhart

    By:  

/s/ Steve Otto

Name:  

Kevin A. Burkhart

    Name:  

Steve Otto

Title:  

Vice President

    Title:  

Attorney-In-Fact

 

6-1169-LKJ-0778R1

SA-30 and SA-32 [*] Matters

   

SA-32

Page 4

BOEING PROPRIETARY

 

*

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to Item 601(b)(10)(iv) of Regulation S-K because it (i) is not material and (ii)
would likely cause competitive harm to FedEx if publicly disclosed.

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

LOGO [g877381gra09.jpg]    

The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207

 

FED-PA-3157-LA-2000906

  

FedEx contract #

Federal Express Corporation

3131 Democrat Road

Memphis, TN 38125

 

Subject:

[*] as related to SA-32 and SA-14

 

References:

(a) Purchase Agreement No. 3157 between The Boeing Company (Boeing) and Federal
Express Corporation (Customer) relating to Model 777-FREIGHTER aircraft (777
Purchase Agreement)

(b) Purchase Agreement No. 3712 between Boeing and Customer relating to Model
767-3S2F aircraft (767 Purchase Agreement)

(c) Letter Agreement FED-PA-03712-LA-1106159R1, Special Matters Concerning [*],
associated with the 767 Purchase Agreement

(d) Letter Agreement No. 6-1169-LKJ-0778R1, SA-30 and SA-32 [*] Matters,
associated with the 777 Purchase Agreement

This letter agreement (Letter Agreement) amends and supplements the 777 Purchase
Agreement. All terms used but not defined in this Letter Agreement shall have
the same meaning as in the 777 Purchase Agreement and the 767 Purchase
Agreement.

1.    Background.

In consideration of the strong business relationship between Boeing and Customer
and Customer executing Supplemental Agreement No. 32 to the 777 Purchase
Agreement (SA-32) and Supplemental Agreement No. 14 to the 767 Purchase
Agreement (SA-14), Boeing has agreed to [*].

2.     [*].

2.1    [*]

2.2    [*]

 

FED-PA-3157-LA-2000906

[*] as related to SA-32 and SA-14

   

SA-32

Page 1

BOEING PROPRIETARY

*

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to Item 601(b)(10)(iv) of Regulation S-K because it (i) is not material and (ii)
would likely cause competitive harm to FedEx if publicly disclosed.

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

LOGO [g877381gra09.jpg]

 

ACCEPTED AND AGREED TO this       Date:  

February 28, 2020

      FEDERAL EXPRESS CORPORATION       THE BOEING COMPANY By:  

/s/ Kevin A. Burkhart

    By:  

/s/ Steve Otto

Name:  

Kevin A. Burkhart

    Name:  

Steve Otto

Title:  

Vice President

    Title:  

Attorney-In-Fact

Omitted Attachment

An attachment to this exhibit regarding delivery and pricing of certain B777F
aircraft manufactured by The Boeing Company for FedEx has been omitted pursuant
to Item 601(a)(5) of Regulation S-K because the information contained therein is
not material and is not otherwise publicly disclosed. FedEx will furnish
supplementally a copy of this attachment to the Securities and Exchange
Commission or its staff upon request.

 

FED-PA-3157-LA-2000906

[*] as related to SA-32 and SA-14

   

SA-32

Page 2

BOEING PROPRIETARY

*

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to Item 601(b)(10)(iv) of Regulation S-K because it (i) is not material and (ii)
would likely cause competitive harm to FedEx if publicly disclosed.