EX-10.4



 Exhibit 10.4 

07-0983 

FOURTH AMENDMENT 
 to the 
 COMPOSITE LEASE AGREEMENT 

By and Between 
 MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY 
 and 

FEDERAL EXPRESS CORPORATION 
 Effective as of December 15, 2011 








 07-0983 

 

 FOURTH AMENDMENT 

TO THE COMPOSITE LEASE AGREEMENT 

This Fourth Amendment, effective the 15th day of December, 2011 (the “Effective Date”), by
and between MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY (herein referred to as “Authority”), a body politic and corporate, organized and existing under the laws of the State of Tennessee, and FEDERAL EXPRESS CORPORATION (herein referred to as
“Tenant”), a corporation duly organized and existing under the laws of the State of Delaware and qualified to do business in the State of Tennessee (Authority and Tenant are collectively referred to as “Parties”), 

W I T N E S S E T H: 
 WHEREAS Authority and Tenant executed an instrument entitled “Composite Lease Agreement” with an effective date of January 1, 2007 (that instrument, as previously amended by First Amendment
to the Composite Lease Agreement intended to be effective as of September 1, 2008, by Second Amendment to the Composite Lease Agreement intended to be effective as of June 1, 2009, and Third Amendment to the Composite Lease Agreement
intended to be effective as of July 1, 2009, being herein called the “Composite Lease Agreement”); and 
 WHEREAS Authority and Tenant intended the Composite Lease Agreement to represent each of 23 separate lease agreements between the Parties (later increased to 24) and showed the differences among the 23
(later 24) leases by attaching a schedule as Exhibit A to the Composite Lease Agreement that identified each parcel of real property Authority leased to Tenant, the portion of the Term (as defined in the Composite Lease Agreement) during which the
lease of each parcel will be in effect, and the rent that Tenant pays to Authority for each parcel; and 

WHEREAS the Parties wish to amend the Composite Lease Agreement to reflect the addition of approximately 36,128 square
feet of unimproved property as described in Exhibit 1 attached hereto and incorporated herein by reference. 

NOW, THEREFORE, for and in consideration of the promises, covenants and agreements hereinafter contained to be kept and
performed by the parties hereto and upon the provisions and conditions hereinafter set forth, Authority and Tenant do hereby covenant and agree as follows: 

  
 2 









 07-0983 

 

 SECTION 1. Definitions. Except as otherwise provided
herein, and unless the context shall clearly require otherwise, all words and terms used in this Fourth Amendment that are defined in the Composite Lease Agreement shall, for all purposes of this Fourth Amendment, have the respective meanings given
to them in the Composite Lease Agreement. 
 SECTION 2. Modification of Composite Lease and Applicable
Rent. The Parties amend the Composite Lease Agreement to reflect the addition of 36,128 square feet of unimproved property, which the Parties designate as Parcel 25. As of the Effective Date, the Parties incorporate the attached
Exhibit 1 to be part of Exhibit “A” to the Composite Lease Agreement and the Parties substitute the table attached to this Amendment for the table included as part of Exhibit “A” to the Composite Lease Agreement. The substitution
of that table will accomplish the following: 
 (a) Effective as of March 1, 2012, the annual rent will be
increased by $6,886.00 annually, $573.85 per month to reflect the addition of Parcel 25 at the rate the Parties are currently using for that portion of the rent payable under the terms of the Composite Lease Agreement that is allocable to unimproved
land. 
 (b) The rent, as adjusted in accordance with the foregoing, will continue to be subject to adjustment
in accordance with the terms of Section 2.03(a)(i) of the Composite Lease Agreement. 
 SECTION 3.
Remainder of Composite Lease in Effect. All other terms, provisions, conditions, covenants and agreements of the Composite Lease shall continue in full force and effect. 

SECTION 4. Effective Dates of this Fourth Amendment. This Fourth Amendment becomes effective as of
December 15, 2011. 

  
 3 









 07-0983 

 

 IN WITNESS WHEREOF, the Parties have caused their duly authorized
representatives to execute this Fourth Amendment to the Composite Lease Agreement. 
  

									
	 MEMPHIS-SHELBY COUNTY
 AIRPORT AUTHORITY
	 		 	FEDERAL EXPRESS CORPORATION
					
	 By:
	 	 /s/ Scott A. Brockman
	 		 	 By:
	  	/s/ Wiley Johnson, Jr.
	 Title:
	 	 Executive Vice President – COO
	 		 	 Title:
	  	Managing Director, Real Estate & Airport Development
					
	 Date:
	 	 December 22, 2011
	 		 	 Date:
	  	December 19, 2011
				
	Approved as to Form and Legality:	 		 		  	
				
	/s/ Brian Kuhn	 		 		  	
	Brian Kuhn, General Counsel	 		 		  	
	Date:	 	December 22, 2011	 		 		  	


  
 4 








 EXHIBIT 1 
 FOURTH AMENDMENT 
 TO THE COMPOSITE LEASE 

Effective December 15, 2011 







 Parcel 25 Legal Description 

Parcel 25 

Democrat Parking Area 
 March 1, 2012 
 Description of a ground lease area being a portion of the
Memphis-Shelby County Airport Authority as recorded in Special Warranty Deed F5-5925, Parcel III at the Shelby County Register’s Office, City of Memphis, Shelby County, said ground lease area being located on the north side of Democrat Road,
north of existing FedEx Lease Parcels 21 and 22, and being more particularly described by metes and bounds as follows: 

Commencing at the physical centerline intersection of Rental Road (east) and Democrat Road (100’ ROW, 60’ South, 40’
North); thence with the centerline of said Democrat Road, South 89°19’19’ East a distance of 142.87’ to a point; thence departing from and perpendicular to said centerline, North 00°40’41” East a distance of
40.00’ to a point on the north right of way line of said Democrat Road and being the southwest corner of the existing FedEx Lease Parcel 22; thence with an east, north and east line of said existing FedEx Lease Parcel 22 the following three
(3) calls: 
  

	 	•	 	 North 02°49’01” East a distance of 747.11’ (746.98’ called) to a found fence post; 



 

	 	•	 	 South 87°11’41” East a distance of 340.03’ to a found fence post; 



 

	 	•	 	 North 02°49’01” East a distance of 587.49’ to the northwest corner of said existing FedEx Lease Parcel 22;



 being the TRUE POINT OF BEGINNING and the southwest corner of the property herein described; thence
North 02°49’01” East a distance of 56.62’ to a point; thence North 87°10’59” West a distance of 10.00’ to a point; thence North 02°49’01” East a distance of 25.00’ to a point being the
northwest corner of the property herein described; thence South 87°58’06” East a distance of 864.61’ to a point; thence South 80°14’55” East a distance of 103.45’ to a point; thence South 37°36’58”
East a distance of 36.85’ to a northeast corner of the existing FedEx Lease Parcel 21 and being the southeast corner of the property herein described; thence with a north line of said existing Parcel 21, North 80°17’20” West a
distance of 117.32’ to an angle point; thence with a north line of said existing Parcel 21, North 88°16’12” West a distance of 706.74’ (called 607.74’) to the northwest corner of said Parcel 21; thence with a portion of
the west line of said Parcel 21, South 00°48’28” West a distance of 53.63’ to the northeast corner of said existing Lease Parcel 22; thence departing from said west line of Parcel 21 with the north line of said Parcel 22, North
87°10’59” West a distance of 159.92’ to said TRUE POINT OF BEGINNING. 
 Said described ground lease area containing
36,128 square feet or 0.83 acres, more or less. 







 [PHOTOGRAPH] 







 EXHIBIT A to the Composite Lease Agreement as amended by the Fourth Amendment dated
December 15, 2011 
 FEDERAL EXPRESS CORPORATION 

2003 CORPORATE AVENUE-B3 
 MEMPHIS, TN 38132 
  

			x		x		x			x				x				x				x				x				x				x				x				x				x				x				x				x			x
	 	 	FEDEX	 	 	 	 	 	 	 	 	 	 	 	EFFECTIVE	 	 	2008	 	 	2009	 	 	2011	 	 	 
	PARCEL	 	LEASE	 	 	 	 	 	EFFECTIVE	 	 	SQUARE	 	 	DATE	 	 	EFFECTIVE JULY 2008	 	 	7/1/2008(3)	 	 	EFFECTIVE JULY 2009	 	 	EFFECTIVE DECEMBER 2011	 	 	7/01/2013(3)
	 NUMBER
	 	NUMBER	 	 SUPPLEMENTAL
	 	 USE OR LOCATION
	 	DATE	 	 	FEET	 	 	RATE	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	ESCALATION	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	 ESCALATION

	1	 	07-0958	 	N/A	 	TAXIWAY N	 	 	2/1/2009	  	 	 	100,035	  	 	$	0.1906	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	$	0.1906	  	 	$	1,588.89	  	 	$	19,066.67 	  	 	$	0.1906	  	 	$	1,588.89	  	 	$	19,066.67 	  	 	CPI OR 13%
																		
	2	 	07-0959	 	SUPPLEMENTAL 26	 	AMR FACILITIES/ LANDLOCKED PARCELS	 	 	1/1/2007	  	 	 	1,082,446	  	 	 	Varies 	(1) 	 	 	Varies	  	 	$	35,497.91	  	 	$	425,974.90	  	 	 	15	% 	 	 	Varies 	(1) 	 	$	34,175.41	  	 	$	410,104.92	  	 	 	Varies 	(1) 	 	$	28,533.41	  	 	$	342,400.87	  	 	CPI OR 13%
																		
	3	 	07-0960	 	SUPPLEMENTALS	 	WEST RAMP	 				 				 				 				 				 				 				 				 				 				 				 				 				 	
		 		 	18, 19, 20, 21, 22 & 23	 	UNIMPROVED GROUND	 	 	1/1/2007	  	 	 	3,111,647	  	 	$	0.1525	  	 	$	0.1906	  	 	$	49,423.33	  	 	$	593,079.92	  	 	 	N/A	  	 	$	0.1906	  	 	$	49,423.33	  	 	$	593,079.92	  	 	$	0.1906	  	 	$	49,423.33	  	 	$	593,079.92	  	 	CPI OR 13%
		 		 	22, 24 & 25	 	UNIMPROVED GROUND	 	 	1/1/2007	  	 	 	914,283	  	 	$	0.1525	  	 	$	0.1906	  	 	$	14,521.86	  	 	$	174,262.34	  	 	 	N/A	  	 	$	0.1906	  	 	$	14,521.86	  	 	$	174,262.34	  	 	$	0.1906	  	 	$	14,521.86	  	 	$	174,262.34	  	 	CPI OR 13%
																		
	4	 	07-0961	 	N/A	 	TAXIWAY C	 	 	2/1/2009	  	 	 	731,098	  	 	$	0.2400	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	$	0.2400	  	 	$	14,621.96	  	 	$	175,463.52	  	 	$	0.2400	  	 	$	14,621.96	  	 	$	175,463.52	  	 	CPI OR 13%
																		
	5	 	07-0962	 	SUPPLEMENTAL 13	 	UNIMPROVED APRON/ GRACELAND RAMP	 	 	1/1/2007	  	 	 	515,496	  	 	$	0.1525	  	 	$	0.1906	  	 	$	8,187.79	  	 	$	98,253.48	  	 	 	N/A	  	 	$	0.1906	  	 	$	8,187.79	  	 	$	98,253.48	  	 	$	0.1906	  	 	$	8,187.79	  	 	$	98,253.48	  	 	CPI OR 13%
		 		 	SUPPLEMENTAL 17	 	UNIMPROVED APRON/SIERRA RAMP	 	 	1/1/2007	  	 				 	$	0.1525	  	 				 				 				 	 	N/A	  	 				 				 				 				 				 				 	CPI OR 13%
																		
	6	 	07-0963	 	AGREEMENT #92-0833	 	IRS/AOD	 	 	1/1/2007	  	 	 	2,248,286	  	 	 	N/A 	(6) 	 	 	N/A 	(6) 	 	$	125,000.00	  	 	$	1,500,000.00	  	 	 	N/A 	(6) 	 	 	N/A 	(6) 	 	$	125,000.00	  	 	$	1,500,000.00	  	 	 	N/A 	(6) 	 	$	125,000.00	  	 	$	1,500,000.00	  	 	15% (7)
																		
	7	 	07-0964	 	SOUTHWIDE #90-0242	 	GRAEBER ASSIGNMENT	 	 	1/1/2007	  	 	 	427,030	  	 	 	N/A 	(6) 	 	 	N/A 	(6) 	 	$	2,506.15	  	 	$	30,073.80	  	 	 	N/A 	(6) 	 	 	N/A 	(6) 	 	$	2,506.15	  	 	$	30,073.80 	  	 	 	N/A 	(6) 	 	$	2,506.15	  	 	$	30,073.80 	  	 	CPI OR 13%
																		
	8	 	07-0965	 	SOUTHWIDE ASGMT. #80-0223	 	EQUITABLE LIFE	 	 	1/1/2007	  	 	 	451,370	  	 	 	N/A 	(6) 	 	 	N/A 	(6) 	 	$	2,340.16	  	 	$	28,081.92	  	 	 	N/A 	(6) 	 	 	N/A 	(6) 	 	$	2,340.16	  	 	$	28,081.92 	  	 	 	N/A 	(6) 	 	$	2,340.16	  	 	$	28,081.92 	  	 	CPI OR 13%
																		
	9	 	07-0966	 	SUPPLEMENTAL 15 (INTERNATIONAL PARK)	 	FEDEX PARKING - TCHULAHOMA	 	 	1/1/2007	  	 	 	833,458	  	 	$	0.2673	  	 	$	0.2673	  	 	$	18,565.28	  	 	$	222,783.32	  	 	 	N/A	  	 	$	0.2673	  	 	$	18,565.28	  	 	$	222,783.32	  	 	$	0.2673	  	 	$	18,565.28	  	 	$	222,783.32	  	 	CPI OR 13%
																		
	10	 	07-0967	 	SUPPLEMENTAL 16 (INTERNATIONAL PARK)	 	FEDEX CONSTRUCTION STORAGE AREA	 	 	1/1/2007	(2) 	 	 	140,617	  	 	$	0.2673	  	 	$	0.2673	  	 	$	3,132.24	  	 	$	37,586.92	  	 	 	N/A	  	 	$	0.2673	  	 	$	3,132.24	  	 	$	37,586.92 	  	 	$	0.2673	  	 	$	3,132.24	  	 	$	37,586.92 	  	 	CPI OR 13%
																		
	11	 	07-0968	 	SUPPLEMENTAL 13	 	UNIMPROVED GROUND/ GSE STORAGE 	 	 	1/1/2007	  	 	 	187,217	  	 	$	0.1525	  	 	$	0.1906	  	 	$	2,973.63	  	 	$	35,683.56	  	 	 	N/A	  	 	$	0.1906	  	 	$	2,973.63	  	 	$	35,683.56 	  	 	$	0.1906	  	 	$	2,973.63	  	 	$	35,683.56 	  	 	CPI OR 13%
																		
	12	 	07-0969	 	SUPPLEMENTAL 27	 	A-380 GSE STORAGE	 	 
 	12/01/07
 	  
  	 	 	187,618	  	 	$	0.1525	  	 	$	0.1525	  	 	$	2,384.31	  	 	$	28,611.75	  	 	 	N/A	  	 	$	0.1525	  	 	$	2,384.31	  	 	$	28,611.75 	  	 	$	0.1525	  	 	$	2,384.31	  	 	$	28,611.75 	  	 	CPI OR 13%
																		
	13	 	07-0970	 	SUPPLEMENTAL 23	 	A-380 RAMP	 	 	1/1/2007	  	 	 	1,897,879	  	 	$	0.1220	  	 	$	0.1220	  	 	$	19,295.10	  	 	$	231,541.24	  	 	 	N/A	  	 	$	0.1220	  	 	$	19,295.10	  	 	$	231,541.24 	  	 	$	0.1220	  	 	$	19,295.10	  	 	$	231,541.24 	  	 	CPI OR 13%
		 		 	SUPPLEMENTAL 25	 	A-380 GSE RAMP	 	 	1/1/2007	  	 	 	319,113	  	 	$	0.1525	  	 	$	0.1906	  	 	$	5,068.58	  	 	$	60,822.94	  	 	 	N/A	  	 	$	0.1906	  	 	$	5,068.58	  	 	$	60,822.94 	  	 	$	0.1906	  	 	$	5,068.58	  	 	$	60,822.94 	  	 	CPI OR 13%
																		
	14	 	07-0971	 	SUPPLEMENTAL 14	 	UNIMPROVED APRON/DE-ICING EQUIPMENT STORAGE	 	 	1/1/2007	  	 	 	428,616	  	 	$	0.1525	  	 	$	0.1906	  	 	$	6,807.85	  	 	$	81,694.21	  	 	 	N/A	  	 	$	0.1906	  	 	$	6,807.85	  	 	$	81,694.21 	  	 	$	0.1906	  	 	$	6,807.85	  	 	$	81,694.21 	  	 	CPI OR 13%
																		
	15	 	07-0972	 	N/A	 	SPRANKLE ROAD	 	 	1/1/2007	  	 	 	200,695	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.00	  	 	$	0.00	  	 	 	N/A	  	 	$	0.0000	  	 	$	0.00	  	 	$	0.00 	  	 	$	0.0000	  	 	$	0.00	  	 	$	0.00 	  	 	N/A
	16	 	07-0973	 	N/A	 	REPUBLIC ROAD	 	 	1/1/2007	  	 	 	113,179	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.00	  	 	$	0.00	  	 	 	N/A	  	 	$	0.0000	  	 	$	0.00	  	 	$	0.00 	  	 	$	0.0000	  	 	$	0.00	  	 	$	0.00 	  	 	N/A
																		
	17	 	07-0974	 	SUPPLEMENTALS	 		 				 				 				 				 				 				 				 				 				 				 				 				 				 	
		 		 	1 Parcel 1, 2, 3, 4, 6 & 9 (UNIMP GROUND)	 		 	 	1/1/2007	  	 	 	1,662,877	  	 	$	0.1525	  	 	$	0.1906	  	 	$	26,412.03	  	 	$	316,944.36	  	 	 	N/A	  	 	$	0.1906	  	 	$	26,412.03	  	 	$	316,944.36 	  	 	$	0.1906	  	 	$	26,412.03 	  	 	$	316,944.36 	  	 	CPI OR 13%
		 		 	1 Parcel 1, 2, 7, 9 (IMP APRON)	 		 	 	1/1/2007	  	 	 	1,908,290	  	 	$	0.1906	  	 	$	0.2383	  	 	$	37,895.46	  	 	$	454,745.51	  	 	 	N/A	  	 	$	0.2383	  	 	$	37,895.46	  	 	$	454,745.51 	  	 	$	0.2383	  	 	$	37,895.46 	  	 	$	454,745.51 	  	 	CPI OR 13%
		 		 	Parcel 5 (INTERNATIONAL PARK)	 		 	 	1/1/2007	  	 	 	24,000	  	 	$	0.2673	  	 	$	0.3341	  	 	$	668.25	  	 	$	8,019.00	  	 	 	25	% 	 	$	0.3341	  	 	$	668.25	  	 	$	8,019.00 	  	 	$	0.3341	  	 	$	668.25 	  	 	$	8,019.00 	  	 	CPI OR 13%
		 		 	1 Parcel 8 (INTERNATIONAL PARK)	 	FUEL TANKS	 	 	1/1/2007	  	 	 	247,254	  	 	$	0.2673	  	 	$	0.3341	  	 	$	6,884.48	  	 	$	82,613.74	  	 	 	25	% 	 	$	0.3341	  	 	$	6,884.48	  	 	$	82,613.74 	  	 	$	0.3341	  	 	$	6,884.48 	  	 	$	82,613.74 	  	 	CPI OR 13%
		 		 	1 & 8 Parcel 12 (INETRNATIONAL PARK)	 	ARTC TRAINING BUILDING	 	 	1/1/2007	  	 	 	117,915	  	 	$	0.2673	  	 	$	0.3341	  	 	$	3,283.20	  	 	$	39,398.35	  	 	 	25	% 	 	$	0.3341	  	 	$	3,283.20	  	 	$	39,398.35 	  	 	$	0.3341	  	 	$	3,283.20 	  	 	$	39,398.35 	  	 	CPI OR 13%
		 		 	1 & 8 Parcel 11 (INTERNATIONAL PARK)	 	GAS STATION	 	 	1/1/2007	  	 	 	45,359	  	 	$	0.2673	  	 	$	0.3341	  	 	$	1,262.96	  	 	$	15,155.58	  	 	 	25	% 	 	$	0.3341	  	 	$	1,262.96	  	 	$	15,155.58 	  	 	$	0.3341	  	 	$	1,262.96 	  	 	$	15,155.58 	  	 	CPI OR 13%
		 		 	8 Parcel 9 (INTERNATIONAL PARK)	 	SOUTH RAMP, COURTYARD, SOUTHGATES	 	 	1/1/2007	  	 	 	1,586,172	  	 	$	0.2673	  	 	$	0.3341	  	 	$	44,164.98	  	 	$	529,979.72	  	 	 	25	% 	 	$	0.3341	  	 	$	44,164.98	  	 	$	529,979.72 	  	 	$	0.3341	  	 	$	44,164.98 	  	 	$	529,979.72 	  	 	CPI OR 13%
		 		 	Parcel 10 (INTERNATIONAL PARK)	 	SOUTHEASTERN RAMP, NORTH SECONDARY,	 	 	1/1/2007	  	 	 	70,200	  	 	$	0.2673	  	 	$	0.3341	  	 	$	1,954.63	  	 	$	23,455.58	  	 	 	25	% 	 	$	0.3341	  	 	$	1,954.63	  	 	$	23,455.58 	  	 	$	0.3341	  	 	$	1,954.63 	  	 	$	23,455.58 	  	 	CPI OR 13%
		 		 	Parcel 17 (INTERNATIONAL PARK)	 	NORTH INPUT, PRIMARY SORT,	 	 	1/1/2007	  	 	 	4,333,659	  	 	$	0.2673	  	 	$	0.3341	  	 	$	120,665.32	  	 	$	1,447,983.81	  	 	 	25	% 	 	$	0.3341	  	 	$	120,665.32	  	 	$	1,447,983.81	  	 	$	0.3341	  	 	$	120,665.32	  	 	$	1,447,983.81	  	 	CPI OR 13%
		 		 		 	SMALL PACKAGE SORT SYSTEM,	 				 				 				 				 				 				 				 				 				 				 				 				 				 	
		 		 		 	INTERNATIONAL INPUT, HEAVY WEIGHT, EAST RAMP	 				 				 				 				 				 				 				 				 				 				 				 				 				 	
		 		 		 	TAB-LINE MAINTENANCE	 	 	1/1/2007	  	 	 	556,334	  	 	$	0.2673	  	 	$	0.3341	  	 	$	15,490.42	  	 	$	185,885.10	  	 	 	25	% 	 	$	0.3341	  	 	$	15,490.42	  	 	$	185,885.10 	  	 	$	0.3341	  	 	$	15,490.42	  	 	$	185,885.10 	  	 	CPI OR 13%
		 		 	10 Parcel 27A (IMP APRON)	 	PARCEL 27A	 	 	1/1/2007	  	 	 	487,512	  	 	$	0.1906	  	 	$	0.2383	  	 	$	9,681.18	  	 	$	116,174.11	  	 	 	N/A	  	 	$	0.2383	  	 	$	9,681.18	  	 	$	116,174.11 	  	 	$	0.2383	  	 	$	9,681.18	  	 	$	116,174.11 	  	 	CPI OR 13%
		 		 	11 Parcel A & B West (UNIMP GROUND)	 	NORTH RAMP	 	 	1/1/2007	  	 	 	527,676	  	 	$	0.1525	  	 	$	0.1906	  	 	$	8,381.25	  	 	$	100,575.05	  	 	 	N/A	  	 	$	0.1906	  	 	$	8,381.25	  	 	$	100,575.05 	  	 	$	0.1906	  	 	$	8,381.25	  	 	$	100,575.05 	  	 	CPI OR 13%
		 		 	5 Parcel 16 (INTERNATIONAL PARK)	 		 	 	1/1/2007	  	 	 	796,312	  	 	$	0.2673	  	 	$	0.3341	  	 	$	22,172.31	  	 	$	266,067.75	  	 	 	25	% 	 	$	0.3341	  	 	$	22,172.31	  	 	$	266,067.75 	  	 	$	0.3341	  	 	$	22,172.31	  	 	$	266,067.75 	  	 	CPI OR 13%
		 		 	23	 	GRAEBER ASSIGNMENT/ TRUCKING OPERATION	 	 	1/1/2007	  	 	 	261,460	  	 	$	0.1029	  	 	$	0.1286	  	 	$	2,802.53	  	 	$	33,630.32	  	 	 	25	% 	 	$	0.1286	  	 	$	2,802.53	  	 	$	33,630.32 	  	 	$	0.1286	  	 	$	2,802.53	  	 	$	33,630.32 	  	 	CPI OR 13%
		 		 	SUPPLEMENTAL 9 (INTERNATIONAL PARK)	 	PARKING AREA	 	 	1/1/2007	  	 	 	18,933	  	 	$	0.2673	  	 	$	0.3341	  	 	$	527.17	  	 	$	6,325.99	  	 	 	25	% 	 	$	0.3341	  	 	$	527.17	  	 	$	6,325.99 	  	 	$	0.3341	  	 	$	527.17	  	 	$	6,325.99 	  	 	CPI OR 13%
																		
	18	 	07-0975	 	SUPPLEMENTAL 8 (INTERNATIONAL PARK)	 	DC-10 HANGAR (LAND)	 	 	1/1/2007	  	 	 	552,730	  	 	$	0.2673	  	 	$	0.2673	  	 	$	12,312.06	  	 	$	147,744.73	  	 	 	N/A	  	 	$	0.2673	  	 	$	12,312.06	  	 	$	147,744.73 	  	 	$	0.2673	  	 	$	12,312.06	  	 	$	147,744.73 	  	 	CPI OR 13%
	18A	 	07-0976	 	BUILDING HAVING AN AREA OF 72,378 SQ FT & OTHER IMPROVEMENTS	 	DC-10 HANGAR (BUILDING) 	 	 	9/1/2012	(4) 	 	 	72,378	  	 	$	1.2600	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	CPI OR 13%
		 		 	CONSTRUCTED ON PARCEL 18	 		 				 				 				 				 				 				 				 				 				 				 				 				 				 	
	19	 	07-0977	 	SUPPLEMENTAL 8 (INTERNATIONAL PARK)	 	ENGINE SHOP	 	 	1/1/2007	  	 	 	418,016	  	 	$	0.2673	  	 	$	0.2673	  	 	$	9,311.31	  	 	$	111,735.68	  	 	 	N/A	  	 	$	0.2673	  	 	$	9,311.31	  	 	$	111,735.68 	  	 	$	0.2673	  	 	$	9,311.31	  	 	$	111,735.68 	  	 	CPI OR 13%
																		
	20	 	07-0978	 	SUPPLEMENTAL 27	 	WEST SIDE OF TANG	 	 	3/1/2008	  	 	 	108,051	  	 	$	0.1525	  	 	$	0.1525	  	 	$	1,373.15	  	 	$	16,477.78	  	 	 	N/A	  	 	$	0.1525	  	 	$	1,373.15	  	 	$	16,477.78 	  	 	$	0.1525	  	 	$	1,373.15	  	 	$	16,477.78 	  	 	CPI OR 13%
																		
	21	 	07-0979	 	SUPPLEMENTAL 7	 	DEMOCRAT VEHICLE PARKING	 	 	1/1/2007	  	 	 	1,812,363	  	 	$	0.1525	  	 	$	0.1906	  	 	$	28,786.37	  	 	$	345,436.39	  	 	 	N/A	  	 	$	0.1906	  	 	$	28,786.37	  	 	$	345,436.39 	  	 	$	0.1906	  	 	$	28,786.37	  	 	$	345,436.39 	  	 	CPI OR 13%
	22	 	07-0980	 	SUPPLEMENTAL 9	 	DEMOCRAT VEHICLE PARKING	 	 	1/1/2007	  	 	 	491,127	  	 	$	0.1525	  	 	$	0.1906	  	 	$	7,800.73	  	 	$	93,608.81	  	 	 	N/A	  	 	$	0.1906	  	 	$	7,800.73	  	 	$	93,608.81 	  	 	$	0.1906	  	 	$	7,800.73	  	 	$	93,608.81 	  	 	CPI OR 13%

  

			
	 12/15/2011 11:52 AM
	 	Exhibit A
		 	December 15, 2011
		 	Fourth Amendment to Composite Lease Agreement
		 	








 EXHIBIT A to the Composite Lease Agreement as amended by the Fourth Amendment dated
December 15, 2011 
 FEDERAL EXPRESS CORPORATION 

2003 CORPORATE AVENUE-B3 
 MEMPHIS, TN 38132 
  

			xx		xx		xx			xx				xx				xx				xx				xx				xx				xx				xx				xx				xx				xx				xx				xx			xx
	 	 	FEDEX	 	 	 	 	 	 	 	 	 	 	 	EFFECTIVE	 	 	2008	 	 	2009	 	 	2011	 	 	 
	PARCEL	 	LEASE	 	 	 	 	 	EFFECTIVE	 	 	SQUARE	 	 	DATE	 	 	EFFECTIVE JULY 2008	 	 	7/1/2008 (3)	 	 	EFFECTIVE JULY 2009	 	 	EFFECTIVE DECEMBER 2011	 	 	7/01/2013 (3)
	 NUMBER
	 	NUMBER	 	 SUPPLEMENTAL
	 	 USE OR LOCATION
	 	DATE	 	 	FEET	 	 	RATE	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	ESCALATION	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	 ESCALATION

	23	 	07-0981	 	N/A	 	TAXIWAY SIERRA	 	 	2/1/2009	  	 	 	248,711	  	 	$	0.2400	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	$	0.2400	  	 	$	4,974.22	  	 	$	59,690.64 	  	 	$	0.2400	  	 	$	4,974.22	  	 	$	59,690.64 	  	 	CPI OR 13%
	24	 	07-0982	 		 	SORT FACILITY	 	 	9/1/2009 	(5) 	 	 	292,000	  	 	$	1.2600	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	$	1.2600	  	 	$	30,660.00	  	 	$	367,920.00	  	 	$	1.2600	  	 	$	30,660.00	  	 	$	367,920.00	  	 	CPI OR 13%
	25	 	07-0983	 	N/A	 	DEMOCRAT PARKING AREA	 	 	3/1/2012	  	 	 	36,128	  	 	$	0.1906	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 				 	 	N/A	  	 				 				 	CPI OR 13%

  

	Note	 1: 


  

	(a)	 Hangar 26 has been removed from Parcel
2 and, effective July 1, 2009, rent for Parcel 2 has been reduced
by $1,322.50 per month, $15,870.00 per year. 


  

	(b)	 As of December 14, 2010, the date
of Tenant’s beneficial occupancy of the Replacement Hangar, as defined in
the Third Amendment to the Composite Lease Agreement, the annual rent will
be reduced by $44,246.00 ($3,687.17 monthly). The rent rate for the 35,000
square foot Replacement Hangar will be $0.1906. 


  

	(c)	 As of December 14, 2010, the date
of Tenant’s benefical occupancy of renovated Hangars 24, 25 and 27, the
combined annual rent for these Hangars will be reduced by $23,458.05 (30%
of $78,193.49). 


 Note 2: In
accordance with the Second Amendment to the Composite Lease Agreement, Parcel 10
will not be part of the demised premises between May 1, 2010, and
December 31, 2011, and no rent will be payable with respect to that
Parcel during that time period. 
 Note
3: Refer to Section 2.03(a)(i) of the Composite Lease Agreement for a
further description of the rent adjustment summarized in this column. 

Note 4: The Effective Date is subject
to the operation and effect of Section 1.04(b) of the Composite Lease
Agreement. When the Effective Date occurs, the rent for Parcel 18A will
be calculated based upon a rental rate of $1.26 per square foot of
building footprint area. 
 Note 5: The
Effective Date is subject to the operation and effect of Section 1.04(b)
of the Composite Lease Agreement. When the Effective Date occurs, the rent
for Parcel 24 will be calculated based upon a rental rate of $1.26
per square foot of building footprint area. 
 Note 6: For Parcels 6, 7, and 8, the monthly rent
for each is an amount previously agreed upon by the Parties, and is
not calculated on any applicable current rate. 
 Note 7: Section 2.03(a)(i) of the Composite Lease Agreement will
govern the escalation of the rent for Parcel 6 beginning July 1, 2018.

  

				September 30,			September 30,
	 RATE & RATE ESCALATION
	    	CURRENT RATES	 	    	7/1/2013
	 IMPROVED GROUND
	    	$	0.2383	  	    	CPI-U
			
	 UNIMPROVED GROUND
	    	$	0.1906	  	    	CPI-U

  

			
	 12/15/2011 11:52 AM
	 	Exhibit A
		 	December 15, 2011
		 	Fourth Amendment to Composite Lease Agreement