# EDGAR Filing Document

**Accession Number:** 0001048911
**File Stem:** 0001193125-25-228346
**Filing Date:** 2025-10
**Character Count:** 18068
**Document Hash:** bb8b21a8597d7187249ad6923157503f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-228346.hdr.sgml**: 20251002

**ACCESSION NUMBER**: 0001193125-25-228346

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250928

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251002

**DATE AS OF CHANGE**: 20251002

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FEDEX CORP
- **CENTRAL INDEX KEY:** 0001048911
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR COURIER SERVICES [4513]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 621721435
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15829
- **FILM NUMBER:** 251369257

**BUSINESS ADDRESS:**
- **STREET 1:** 942 SOUTH SHADY GROVE ROAD
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38120-
- **BUSINESS PHONE:** 9018187500

**MAIL ADDRESS:**
- **STREET 1:** 942 SOUTH SHADY GROVE ROAD
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38120-

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FDX CORP
- **DATE OF NAME CHANGE:** 19971103

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): September 28, 2025

## FedEx Corporation

#### (Exact name of registrant as specified in its charter)

#### Commission File Number 1-15829

---

| | |
|:---|:---|
| **Delaware** | **62-1721435** |
| **(State or other jurisdiction<br>of incorporation)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **942 South Shady Grove Road, Memphis, Tennessee** | **38120** |
| **(Address of principal executive offices)** | **(ZIP Code)** |

---

#### Registrant's telephone number, including area code: (901) 818-7500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol** | **Name of each exchange<br>on which registered** |
| Common Stock, par value $0.10 per share | FDX | New York Stock Exchange |
| 1.625% Notes due 2027 | FDX 27 | New York Stock Exchange |
| 0.450% Notes due 2029 | FDX 29A | New York Stock Exchange |
| 1.300% Notes due 2031 | FDX 31 | New York Stock Exchange |
| 3.500% Notes due 2032 | FDX 32 | New York Stock Exchange |
| 0.950% Notes due 2033 | FDX 33 | New York Stock Exchange |
| 4.125% Notes due 2037 | FDX 37 | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### SECTION 5. CORPORATE GOVERNANCE AND MANAGEMENT.

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| | |
|:---|:---|
| **Item 5.02.** | **Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

---

*FY26 AIC Plan* 

Due to the economic and business uncertainty present at the beginning of fiscal 2026, FedEx Corporation ("FedEx") previously deferred establishing an annual cash incentive compensation plan for fiscal 2026. On September 29, 2025, the Board of Directors of FedEx (the "Board"), upon the recommendation of its Compensation and Human Resources Committee (the "Compensation & HR Committee"), approved an annual cash incentive compensation plan for FedEx's executive officers (other than the executive Chairman) and Chief Accounting Officer (the "fiscal 2026 AIC Plan"). The independent members of the Board approved the fiscal 2026 AIC Plan with respect to the participating management directors.

In order to continue motivating management to improve FedEx's overall financial performance while maximizing service levels, the fiscal 2026 AIC Plan includes three performance metrics: (1) adjusted consolidated operating income, weighted at 50% of the total payout opportunity; (2) incremental structural cost reduction benefits from DRIVE and Network 2.0, weighted at 25% of the total payout opportunity; and (3) on-time service performance, weighted at 25% of the total payout opportunity.

The threshold, target, and maximum objectives under the adjusted consolidated operating income component of the fiscal 2026 AIC Plan are specified levels of fiscal 2026 adjusted consolidated operating income. Actual adjusted consolidated operating income performance that exceeds the target objective under the fiscal 2026 AIC Plan will result in an above-target payout opportunity for that metric, up to the maximum payout amount of 150% of the target amount for that metric. The threshold and target objectives under the structural cost reduction and on-time service performance components of the fiscal 2026 AIC Plan are specified levels of fiscal 2026 incremental structural cost reduction benefits from DRIVE and Network 2.0 and on-time service performance, respectively. Actual incremental structural cost reduction benefits or on-time service performance that meets or exceeds the target objective under the respective component of the fiscal 2026 AIC Plan will result in the maximum payout amount of 100% of the target amount for the metric.

------

The aggregate maximum payout opportunity under the fiscal 2026 AIC Plan for each participating executive officer is 125% of the target amount. The target payouts for FedEx's named executive officers eligible to receive payouts under the fiscal 2026 AIC Plan, as a percentage of their respective base salary actually paid during fiscal 2026, are as follows:

---

| | |
|:---|:---|
| **Name** | **Target Payout<br>(as a percentage of base salary)** |
| Rajesh Subramaniam<br> President and Chief Executive Officer | 200% |
| John W. Dietrich<br> Executive Vice President and Chief Financial Officer | 120% |
| John A. Smith<br> Chief Operating Officer – United States and Canada<br> Federal Express Corporation | 120% |
| Brie A. Carere<br> Executive Vice President – Chief Customer Officer | 120% |

---

*Performance Stock Unit Awards* 

On September 28, 2025, the Compensation & HR Committee approved the one-time grant of performance stock units ("PSUs") to FedEx's executive officers other than the executive Chairman to be settled in shares of FedEx common stock. On September 29, 2025, the independent members of the Board approved the PSU grants to the management directors that received the awards. The PSUs will conditionally vest on December 31, 2028 subject to the achievement of the performance metric discussed below and accrue dividend equivalent rights that are reinvested in additional PSUs. If the PSU recipient's service as an employee of FedEx terminates prior to the end of fiscal 2028 for any reason, all PSUs will be immediately forfeited and cancelled. The payout for the PSUs will be determined based on the number of basis points by which fiscal 2028 adjusted consolidated operating margin (excluding the FedEx Freight segment, if applicable) exceeds fiscal 2025 adjusted consolidated operating margin (excluding the FedEx Freight segment), as follows:

---

| | |
|:---|:---|
| **Payout** | **Adjusted Consolidated Operating Margin**<br> **Improvement** |
| 0% | Less than 100 basis points |
| 25% (Threshold Payout) | 100 basis points |
| 50% | 200 basis points |
| 100% (Target Payout) | 300 basis points |
| 150% (Maximum Payout) | Greater than or equal to 400 basis points |

---

------

The target value of the PSUs awarded to FedEx's named executive officers that received PSU awards are as follows:

---

| | |
|:---|:---|
| **Name** | **Target Value ($)** |
| Rajesh Subramaniam<br> President and Chief Executive Officer | 2787500 |
| John W. Dietrich<br> Executive Vice President and Chief Financial Officer | 825000 |
| John A. Smith<br> Chief Operating Officer – United States and Canada<br> Federal Express Corporation | 825000 |
| Brie A. Carere<br> Executive Vice President – Chief Customer Officer | 825000 |

---

The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the text of the Form of Performance Stock Unit Agreement, which will be filed as an exhibit to FedEx's second quarter fiscal 2026 Quarterly Report on Form 10-Q.

*Amendment to 2019 Stock Incentive Plan* 

At the annual meeting of FedEx stockholders held on September 29, 2025, FedEx's stockholders, upon the recommendation of the Board, approved an amendment to the FedEx Corporation 2019 Omnibus Stock Incentive Plan (as amended, the "Stock Incentive Plan") to authorize an additional 2,100,000 shares for issuance under the Stock Incentive Plan, 2,000,000 of which may be issuable as full-value awards.

A summary of the Stock Incentive Plan was included as part of Proposal 4 in FedEx's definitive proxy statement filed with the Securities and Exchange Commission on August 18, 2025. The summary of the Stock Incentive Plan contained in the proxy statement is qualified by and subject to the full text of the Stock Incentive Plan, which was included as Appendix D to the proxy statement and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 5.07.** | **Submission of Matters to a Vote of Security Holders.**  |

---

(a) FedEx's annual meeting of stockholders was held on September 29, 2025.

(b) The stockholders took the following actions at the annual meeting:

<u>Proposal 1</u>: The stockholders elected thirteen directors, each of whom will hold office until the annual meeting of stockholders to be held in 2026 and until his or her successor is duly elected and qualified. Each director received more votes cast "for" than votes cast "against" his or her election. The tabulation of votes with respect to each nominee for director was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nominee** | **Votes**<br>**For** | **Votes**<br>**Against** | **Abstentions** | **Broker**<br>**Non-Votes** |
|  Silvia Davila | 181222750 | 4501889 | 370389 | 20916564 |
|  Marvin R. Ellison | 182331545 | 3536310 | 227173 | 20916564 |
|  Stephen E. Gorman | 182100702 | 3716418 | 277908 | 20916564 |
|  Susan Patricia Griffith | 181975734 | 3886154 | 233140 | 20916564 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Amy B. Lane | 185078041.0 | 744419.0 | 272568.0 | 20916564.0 |
| R. Brad Martin | 181205995.0 | 4664284.0 | 224749.0 | 20916564.0 |
|  Nancy A. Norton | 185262273.0 | 563238.0 | 269517.0 | 20916564.0 |
|  Frederick P. Perpall | 184193945.0 | 1519565.0 | 381518.0 | 20916564.0 |
|  Joshua Cooper Ramo | 180304496.0 | 5552455.0 | 238077.0 | 20916564.0 |
|  Susan C. Schwab | 178628477.0 | 7241826.0 | 224725.0 | 20916564.0 |
|  Richard W. Smith | 166878949.0 | 18994352.0 | 221727.0 | 20916564.0 |
|  Rajesh Subramaniam | 183612415.0 | 2245880.0 | 236733.0 | 20916564.0 |
|  Paul S. Walsh | 175362349.0 | 10502325.0 | 230354.0 | 20916564.0 |

---

<u>Proposal 2</u>: The compensation of FedEx's named executive officers was approved, on an advisory basis, by stockholders. The tabulation of votes on this matter was as follows:

• 117,787,536 votes for (63.3% of the voted shares)

• 67,893,921 votes against (36.5% of the voted shares)

• 413,571 abstentions (0.2% of the voted shares)

• 20,916,564 broker non-votes

<u>Proposal 3</u>: The Audit and Finance Committee's designation of Ernst & Young LLP as FedEx's independent registered public accounting firm for the fiscal year ending May 31, 2026 was ratified by stockholders. The tabulation of votes on this matter was as follows:

• 198,261,865 votes for (95.8% of the voted shares)

• 8,503,970 votes against (4.1% of the voted shares)

• 245,757 abstentions (0.1% of the voted shares)

• There were no broker non-votes for this item.

<u>Proposal 4</u>: An amendment to the Stock Incentive Plan to authorize an additional 2,100,000 shares for issuance under the Stock Incentive Plan, 2,000,000 of which may be issuable as full-value awards, was approved by stockholders. The tabulation of votes on this matter was as follows:

• 173,191,962 votes for (93.1% of the voted shares)

• 12,555,257 votes against (6.7% of the voted shares)

• 347,809 abstentions (0.2% of the voted shares)

• 20,916,564 broker non-votes

<u>Proposal 5</u>: A stockholder proposal regarding an independent board chairman was not approved by stockholders. The tabulation of votes on this matter was as follows:

• 79,007,130 votes for (42.5% of the voted shares)

• 106,684,739 votes against (57.3% of the voted shares)

------

• 403,159 abstentions (0.2% of the voted shares)

• 20,916,564 broker non-votes

#### SECTION 8. OTHER EVENTS.

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| | |
|:---|:---|
| **Item 8.01.** | **Other Events.**  |

---

Attached as Exhibit 99.1 and incorporated herein by reference is a copy of FedEx's updated compensation arrangements with outside directors.

#### SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

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(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | [Compensation Arrangements with Outside Directors.](d64398dex991.htm) |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **FedEx Corporation** | **FedEx Corporation** |
| Date: October 2, 2025 | By: | /s/ Gina F. Adams |
|  |  | Gina F. Adams |
|  |  | Executive Vice President, General Counsel and Secretary |

---

## Exhibit 99.1

**Exhibit 99.1** 

**<u>Compensation Arrangements with Outside Directors</u>**

In September 2025, the Board of Directors and its Compensation and Human Resources Committee conducted their annual review of non-management (outside) director compensation

The Board approved no change to the annual retainer. Accordingly, outside directors continue to be paid an annual retainer of $140,000. Outside directors may elect to receive their annual retainer in all cash, all shares, or 50% in cash and 50% in shares. The Board approved a $5,000 increase to the committee chairperson fees for the chairpersons of the Cyber and Technology Oversight and Governance, Safety, and Public Policy Committees, and no change to the other committee chairperson fees. As a result, the Audit and Finance Committee chairperson is paid an annual fee of $30,000, and the chairpersons of the Compensation and Human Resources, Cyber and Technology Oversight, and Governance, Safety, and Public Policy Committees are paid an annual fee of $25,000. The Board also approved a $20,000 increase to the fees for the Lead Independent Director. As a result, the Lead Independent Director is paid an additional annual fee of $50,000.

In addition, each outside director who was elected at FedEx's 2025 annual meeting will receive restricted stock units ("RSUs") having a target fair market value of $195,000 that settle in shares of FedEx common stock. The RSUs vest in one year and will accrue dividend equivalent rights, which will be reinvested in additional RSUs.

Any outside director who is elected to the Board after the 2025 annual meeting will receive the applicable pro rata portion of the annual retainer and RSU grant in connection with his or her election.

The Compensation and Human Resources Committee annually reviews director compensation, including, among other things, comparing FedEx's director compensation practices with those of other companies. In 2025, two data sets were used for comparison: (1) a group of twenty companies ranked closely to FedEx on the Fortune 100 list across a range of industries (which are listed on <u>Appendix A</u> attached hereto) and (2) all publicly traded companies in the Fortune 100 (excluding FedEx). Before making a recommendation regarding director compensation to the Board, the Compensation and Human Resources Committee considers that the directors' independence may be compromised if compensation exceeds appropriate levels or if FedEx enters into other arrangements beneficial to the directors.

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**<u>Appendix A</u>**

Albertsons Companies, Inc.

Archer-Daniels-Midland Company

Caterpillar Inc.

Delta Air Lines, Inc.

HCA Healthcare, Inc.

International Business Machines Corporation

Johnson & Johnson

Lockheed Martin Corporation

Lowe's Companies, Inc.

Merck & Co, Inc.

MetLife, Inc.

PepsiCo, Inc.

Pfizer Inc.

RTX Corporation

Sysco Corporation

Target Corporation

The Boeing Company

The Procter & Gamble Company

The Walt Disney Company

United Parcel Service, Inc.