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Exhibit 4.3    
  

FEDEX CORPORATION

2002 STOCK INCENTIVE PLAN  

1.    Purpose of Plan  

        The purpose of the FedEx Corporation 2002 Stock Incentive Plan (the "Plan") is to aid FedEx Corporation (the "Corporation") and its subsidiaries in securing and
retaining key employees and directors of outstanding ability and to provide additional motivation to such employees and directors to exert their best efforts on behalf of the Corporation and its
subsidiaries. The Corporation expects that it will benefit from the added interest which such employees and directors will have in the welfare of the Corporation as a result of their ownership or
increased ownership of the Corporation's Common Stock. 

2.    Stock Subject to the Plan  

        The total number of shares of Common Stock of the Corporation that may be optioned under the Plan is 4,400,000 shares, which may consist, in whole or in part, of
unissued shares or treasury shares. Any shares optioned hereunder that are canceled or cease to be subject to the option may again be optioned under the Plan. 

3.    Administration  

        The Plan shall be administered by the Compensation Committee of the Board of Directors (the "Committee"), which shall be comprised of at least two members each of
whom is both an "outside
director" within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code"), and a "non-employee director" as defined in
Rule 16b-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended. Members of the Committee shall be eligible for participation in any grant of
options to directors hereunder. 

        The
Committee shall have the sole authority to grant options under the Plan and, consistent with the Plan, to determine the provisions of the options to be granted, to interpret the Plan
and the options granted under the Plan, to adopt, amend and rescind rules and regulations for the administration of the Plan and generally to administer the Plan and to make all determinations in
connection therewith which may be necessary or advisable, and all such actions of the Committee shall be binding upon all participants. Committee decisions and selections shall be made by a majority
of its members present at the meeting at which a quorum is present, and shall be final. Any decision or selection reduced to writing and signed by all of the members of the Committee shall be as fully
effective as if it had been made at a meeting duly held. 

4.    Eligibility  

        Unless otherwise determined by the Committee, (a) key employees, including officers, of the Corporation and its subsidiaries who are from time to time
responsible for the management, growth and protection of the business of the Corporation and its subsidiaries and (b) non-employee directors are eligible to be granted options under
the Plan. The employees who shall receive options under the Plan shall be selected from time to time by the Committee in its sole discretion, from among those eligible, and the Committee shall
determine, in its sole discretion, the number of shares to be covered by the option or options granted to each such employee selected, subject to the maximum number of stock options which may be
granted to an optionee under the Plan. Non-employee directors shall receive options under the Plan as provided in paragraph 7. 

 

5.    Limit on Awards  

        Unless otherwise determined by the Committee, no option may be granted under the Plan after May 31, 2012, but options theretofore granted may extend beyond
that date. 

        No
optionee shall receive options for more than 800,000 shares of the Corporation's Common Stock during any fiscal year under the Plan. 

6.    Terms and Conditions of Stock Options  

        All options granted under this Plan shall be subject to all the applicable provisions of the Plan, including the following terms and conditions, and to such other
terms and conditions not inconsistent therewith as the Committee shall determine. 

        (a)    Option Price.    The option price per share shall be determined by the Committee, but shall not be less than
100% of the fair market value at the time the option is granted. The fair market value shall, for all purposes of the Plan, be the mean between the high and low prices at which shares of such stock
are traded on the New York Stock Exchange on the day on which the option is granted. In the event that the method for determining the fair market value of the shares provided for in this
paragraph (a) shall not be practicable, then the fair market value per share shall be determined by such other reasonable method as the Committee shall, in its discretion, select and apply at
the time of grant of the option concerned. 

        (b)    Time of Exercise of Option.    Unless otherwise determined by the Committee, each option shall be exercisable
during and over such period ending not later than ten years from the date it was granted, as may be determined by the Committee and stated in the option. 

        Unless
otherwise determined by the Committee, no option shall be exercisable during the year ending on the first anniversary date of the granting of the option, except as provided in
paragraphs 6(d) and 13 of the Plan. 

        (c)    Payment.    Each option may be exercised by giving written notice to the Corporation specifying the number of
shares to be purchased and accompanied by payment in full (including applicable taxes, if any) in cash therefor. No option shall be exercised for less than the lesser of 50 shares or the full number
of shares for which the option is then exercisable. No optionee shall have any rights to dividends or other rights of a stockholder with respect to shares subject to his or her option until he or she
has given written notice of exercise of his or her option, paid in full for such shares and, if requested, given the representation described in paragraph 10 of the Plan. 

        (d)    Rights After Termination of Employment.    Unless otherwise determined by the Committee, if an optionee's
employment by the Corporation or a subsidiary or directorship terminates by reason of such person's retirement at or after the age of 55, the optionee's option will continue to vest in accordance with
its terms and may be exercised until the expiration of the stated period of the option; provided, however, that if the optionee dies after such
termination of employment or directorship, any unexercised option, to the extent to which it was exercisable at the time of the optionee's death, may
thereafter be exercised by the legal representative of the estate or by the legatee of the option under the last will for a period of twelve months from the date of the optionee's death or the
expiration of the stated period of the option, whichever period is the shorter. 

        Unless
otherwise determined by the Committee, if an optionee's employment by the Corporation or a subsidiary or directorship terminates by reason of permanent disability, the optionee's
option may thereafter be exercised in full (except that no option may be exercised less than six months from the date of grant) but may not be exercised after the expiration of the period of
twenty-four months from the date of such termination of employment or directorship or of the stated period of the option, whichever period is the shorter; provided,
however, that if the optionee dies within a period of 

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twenty-four months after such termination of employment or directorship, any unexercised option may thereafter be exercised by the legal representative of the estate or by the legatee of
the option under the last will for a period of twelve months from the date of the optionee's death or the expiration of the stated period of the option, whichever period is the shorter. 

        Unless
otherwise determined by the Committee, if an optionee's employment by the Corporation or a subsidiary or directorship terminates by reason of the optionee's death, the optionee's
option may thereafter be exercised in full by the legal representative of the estate or by the legatee of the option under the last will for a period of twelve months from the date of the optionee's
death or the expiration of the stated period of the option, whichever period is the shorter. 

        Unless
otherwise determined by the Committee, if an optionee's employment or if a director's directorship terminates for any reason other than death, retirement at or after the age of 55
or permanent disability, the optionee's option shall thereupon terminate. 

7.    Grant of Options to Directors  

        The grant of options hereunder to directors who are not also employees of the Corporation or one of its subsidiaries shall be subject to the following terms and
conditions: 

        (a)  Immediately
following each Annual Meeting of the Stockholders of the Corporation beginning with the 2003 Annual Meeting, each director of the Corporation who is then
incumbent and is not also an employee of the Corporation or one of its subsidiaries shall be granted a non-incentive stock option to purchase such number of shares of the Common Stock of
the Corporation as shall be determined by the Committee. 

        (b)  If
a person who is not also an employee of the Corporation or one of its subsidiaries is first elected or appointed a director after the 2002 Annual Meeting, other than
at an Annual Meeting, such person shall thereupon be granted a non-incentive stock option to purchase such number of shares of the Common Stock of the Corporation as shall be determined by
the Committee. 

        (c)  Each
option granted to directors under this paragraph 7 shall be exercisable at an exercise price equal to 100% of the fair market value of the price of the
Common Stock on the date of the grant, as determined in accordance with the second sentence of paragraph 6(a) hereof. 

        (d)  Each
option granted to directors under this paragraph 7 shall be exercisable on and after the first anniversary of the date of grant. 

        (e)  Unless
otherwise provided in the Plan, all provisions with respect to the terms of non-incentive stock options granted to employees hereunder shall be
applicable to stock options granted to non-employee directors. 

        (f)    The
grants described in this paragraph 7 shall constitute the only grants under the Plan permitted to be made to directors who are not also employees of the
Corporation or one of its subsidiaries. 

8.    Transferability Restriction  

        Unless otherwise determined by the Committee, the option by its terms shall be personal and shall not be transferable by the optionee otherwise than by will or by
the laws of descent and distribution. During the lifetime of an optionee, the option shall be exercisable only by the optionee, or by a duly appointed legal representative, unless otherwise determined
by the Committee. 

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9.    Designation of Certain Options as Incentive Stock Options  

        Options or portions of options granted to employees hereunder may, in the discretion of the Committee, be designated as "incentive stock options" within the
meaning of Section 422 of the Code. In addition to the terms and conditions contained in paragraph 6 hereof, options designated as incentive stock options shall also be subject to the
condition that the aggregate fair market value (determined at the time the options are granted) of the Corporation's Common Stock with respect to which incentive stock options are exercisable for the
first time by any individual employee during any calendar year
(under this Plan and all other similar plans of the Corporation and its subsidiaries) shall not exceed $100,000. 

10.  Investment Representation  

        Upon any distribution of shares of Common Stock of the Corporation pursuant to any provision of this Plan, the distributee may be required to represent in writing
that he or she is acquiring such shares for his or her own account for investment and not with a view to, or for sale in connection with, the distribution of any part thereof. The certificates for
such shares may include any legend which the Corporation deems appropriate to reflect any restrictions on transfers. 

11.  Transfer, Leave of Absence, Etc.  

        For the purpose of the Plan: (a) a transfer of an employee from the Corporation to a subsidiary, or vice versa, or from one subsidiary to another, and
(b) a leave of absence, duly authorized in writing by the Corporation, shall not be deemed a termination of employment. 

12.  Rights of Employees and Others  

        (a)  No
person shall have any rights or claims under the Plan except in accordance with the provisions of the Plan. 

        (b)  Nothing
contained in the Plan shall be deemed to give any employee or director the right to be retained in the service of the Corporation or its subsidiaries. 

13.  Changes in Capital or Control  

        If the outstanding Common Stock of the Corporation subject to the Plan shall at any time be changed or exchanged by declaration of a stock dividend, stock split,
combination of shares, recapitalization, merger, consolidation or other corporate reorganization, the number and kind of shares subject to this Plan and the option prices shall be approximately and
equitably adjusted so as to maintain the option price thereof. Notwithstanding any other provision of the Plan, upon the occurrence of a Change in Control, as hereinafter defined, each holder of an
unexpired option under the Plan shall have the right
to exercise such option in whole or in part without regard to the date that such option would be first exercisable, and such right shall continue, with respect to any such holder whose employment with
the Corporation or subsidiary or whose directorship on the Board of Directors terminates following a Change in Control, for a period ending on the earlier of the date of expiration of such option or
the date which is twelve months after such termination of employment or directorship. 

        For
purposes of the Plan, a "Change in Control" of the Corporation shall be deemed to have occurred if: 

        (a)  any
person, as such term is used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended, becomes a beneficial owner (within the meaning of
Rule 13d-3 under such Act) of 20% or more of the Corporation's outstanding Common Stock; 

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        (b)  there
occurs within any period of two consecutive years any change in the directors of the Corporation such that the members of the Corporation's Board of Directors
prior to such change do not constitute a majority of the directors after giving effect to all changes during such two-year period unless the election, or the nomination for election by the
Corporation's stockholders, of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period; or 

        (c)  the
Corporation is merged, consolidated or reorganized into or with, or sells all or substantially all of its assets to, another corporation or other entity, and
immediately after such transaction less than 80% of the voting power of the then-outstanding securities of such corporation or other entity immediately after such transaction is held in
the aggregate by holders of the Corporation's Common Stock immediately before such transaction. 

        In
addition, if the Corporation enters into an agreement or series of agreements or the Board of Directors of the Corporation adopts a resolution which results in the occurrence of any
of the foregoing events, and the employment or directorship of a holder of an option under the Plan is terminated after the entering into of such agreement or series of agreements or the adoption of
such resolution, then, upon the occurrence of any of the events described above, a Change in Control shall be deemed to have retroactively occurred on the date of entering into of the earliest of such
agreements or the adoption of such resolution. 

14.  Use of Proceeds  

        Proceeds from the sale of shares pursuant to options granted under this Plan shall constitute general funds of the Corporation. 

15.  Amendments  

        The Board of Directors may discontinue the Plan and the Committee may amend the Plan from time to time, but no amendment, alteration or discontinuation shall be
made which, without the approval of the stockholders, would: 

        (a)  Except
as provided in paragraph 13 of the Plan, increase the total number of shares reserved for the purposes of the Plan; 

        (b)  Decrease
the option price of an option to less than 100% of the fair market value on the date of the granting of the option; or 

        (c)  Increase
the maximum number of options which may be granted to an optionee under the Plan. 

        Neither
shall any amendment, alteration or discontinuation impair the rights of any holder of an option theretofore granted without the optionee's consent;  provided, however, that if the Committee after
consulting with management of the Corporation determines that application of an accounting standard in
compliance with any statement issued by the Financial Accounting Standards Board concerning the treatment of employee stock options would have a significant adverse effect on the Corporation's
financial statements because of the fact that options granted before the issuance of such statement are subject to new accounting rules, then the Committee in its absolute discretion may cancel and
revoke all outstanding options to which such adverse effect is attributed and the holders of such options shall have no further rights in respect thereof. Such cancellation and revocation shall be
effective upon written notice by the Committee to the holders of such options. 

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16.  Repricing Restriction  

        Options granted under this Plan shall not be repriced by the Corporation (including, without limitation, by canceling an outstanding option and replacing such
option with a new option with a lower exercise price) for any reason. 

17.  Effective Date of Plan  

        This Plan shall be effective upon its approval by the Corporation's Board of Directors and stockholders. 

18.  Compliance with Section 16(b)  

        The Plan is intended to comply with all applicable conditions of Rule 16b-3 of the General Rules and Regulations under the Securities Exchange
Act of 1934, as amended. All transactions involving the Corporation's directors, executive officers and other persons subject to Section 16 of said Act are subject to such conditions,
regardless of whether the conditions are expressly set forth in the Plan. Any provision of the Plan that is contrary to a condition of Rule 16b-3 shall not apply to directors,
executive officers and other Section 16 persons of the Corporation. 

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Exhibit 4.4    
  

STOCK OPTION AGREEMENT

PURSUANT TO

FEDEX CORPORATION

2002 STOCK INCENTIVE PLAN  

        A STOCK OPTION for a total of            shares of Common Stock, par value $.10 per share, of FedEx Corporation, a Delaware
corporation (the "Company"), is
hereby granted to                        (the "Optionee"), at the price determined as provided herein, and in all respects subject
to the terms, definitions and provisions of the Company's 2002 Stock
Incentive Plan (the "Plan"), which is incorporated herein by reference. 

        1.    Option Price.    The option price is $            for each share, being one hundred percent (100%) of the
fair market value, as determined by the Committee, of the Common Stock on the date of grant of this Option. 

        2.    Exercise of Option.    This Option shall be exercisable in accordance with the provisions of Section 6 of
the Plan as follows: 

        (i)    Schedule of Rights to Exercise.    Twenty-five percent (25%) after one year from the date of grant;
fifty percent (50%) after two years; seventy-five percent (75%) after three years; and one hundred percent (100%) after four years. 

        (ii)    Method of Exercise.    This Option shall be exercisable by a written notice which shall: 

        (a)  state
the election to exercise the Option, the number of shares in respect of which it is being exercised, the person in whose name the stock certificate or certificates
for such shares of Common Stock is to be registered and the address and Social Security Number of such person (or if more than one, the names, addresses and Social Security Numbers of such persons); 

        (b)  contain
such representations and agreements as to the holder's investment intent with respect to such shares of Common Stock as may be satisfactory to the Company's
counsel; 

        (c)  be
signed by the person or persons entitled to exercise the Option and, if the Option is being exercised by any person or persons other than the Optionee, be accompanied
by proof, satisfactory to counsel for the Company, of the right of such person or persons to exercise the Option; and 

        (d)  be
in writing and delivered in person or by first class or interdepartmental mail to the President of the Company or his designee. 

        Payment
of the purchase price of any shares with respect to which the Option is being exercised shall be by bank cashier's check or wire transfer. 

        (iii)    Restrictions on Exercise    This Option may not be exercised if the issuance of the shares upon such
exercise would constitute a violation of any applicable federal or state securities or other law or regulation. As a condition to the exercise of this Option, the Company may require the person
exercising this Option to make any representation and warranty to the Company as may be required by any applicable law or regulation. 

        3.    Designation of Certain Option Shares as Incentive Stock Options.    The maximum number of option shares granted
hereunder are (as permitted by the Plan) hereby designated incentive stock options, as that term is defined in Section 422(b) of the Internal Revenue Code (the "ISO Shares"). Pursuant to the
exercise schedule as provided in Section 2(i) of this Agreement, the number of ISO Shares and non-qualified option shares ("NQO Shares") exercisable on and after the
anniversaries described in such Section 2(i) shall be as set forth in the table below; provided, however, that if 

 

pursuant to any provision of the Plan or amendment to this Agreement any of the option shares hereby granted become exercisable sooner than as provided in Section 2(i) hereof, then the
number of option shares that may be ISO Shares with respect to any calendar year during which they are first exercisable shall, notwithstanding the table below, be limited to the quotient obtained by
dividing $100,000 by the option price set forth in Section 1 hereof. 

	Anniversary of

Grant Date
	 	ISO

Shares
	 	NQO

Shares

	

  

  

    	
 	

 	
 	

 

        (i)    Notice to Company of Disposition of ISO Shares.    Optionee agrees that, in the event the Optionee disposes of
any of the ISO Shares within one year after the date of exercise of the option to purchase same, the Optionee will promptly notify the Company of such disposition. Such notice shall be in writing and
shall specify (i) the number of ISO Shares so disposed of, (ii) the price paid for such shares by the Optionee upon the exercise of the option, and (iii) the price or other
consideration received for such shares. All certificates for Common Stock issued upon the exercise of an option to purchase ISO Shares shall bear such legend or other distinctive impression, as
determined by the Committee, as will notify the transfer agent of such stock to advise the Company of the disposition of ISO Shares within one year after the issuance thereof. 

        4.    Transferability of Option.    This Option may not be transferred in any manner otherwise than by will or the
laws of descent or distribution and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of this Option shall be binding upon the heirs, personal representatives and
successors of the Optionee. 

        5.    Term of Option.    This Option may not be exercised more than ten (10) years from the date of grant of
this Option, as set forth below, and may be exercised during such term only in accordance with the Plan and the terms of this Option. 

        6.    Optionee Acknowledgment.    Optionee acknowledges receipt of a copy of the Plan and represents that such
Optionee is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all the terms and provisions thereof. Optionee further acknowledges that the Company will not make
any loans for the purpose of exercising this Option or paying any tax liability associated with the exercise of this Option. Optionee hereby agrees to accept as binding, conclusive and final all
decisions or interpretations of the Committee upon any questions arising under the Plan or this Option. 

        Date
of Grant:                        . 

	 	 	FEDEX CORPORATION
	

 	
 	
By:	

 
	 	 	 	
 CHAIRMAN, PRESIDENT AND

CHIEF EXECUTIVE OFFICER
	

 	
 	

    
 OPTIONEE

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Exhibit 4.4

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