Document:

EX-10.5

 Exhibit 10.5 

FEDEX CORPORATION RETIREMENT PARITY PENSION PLAN 
  

 
 Amended and Restated 

Effective June 15, 2020 

 Section 1. Purpose and Description. Federal Express
Corporation, a Delaware corporation (the “Company”), established, effective June 1, 1993 (the “Effective Date”), the Federal Express Corporation Retirement Parity Pension Plan (the “Plan”). The Plan was amended,
effective June 1, 1994, to increase the benefit provided from 80% to 100% of the difference of the “Unreduced Benefit” less the “Maximum Benefit,” as both terms are defined below. The Plan was amended and restated, effective
June 1, 1996 to provide for the inclusion of Managing Directors, in addition to Officers, under the terms of the Plan. The Plan was restated, effective February 1, 1998 to provide for the inclusion of Managing Directors and Officers of
FedEx Corporation (formerly FDX Corporation) and, effective December 1, 1998, Managing Directors and Officers of FedEx Global Logistics, Inc. (formerly FDX Global Logistics, Inc.), under the terms of the Plan. The Plan was restated, effective
June 1, 1999, to conform the Plan to previous amendments and to provide that, upon retirement, an eligible Officer or Managing Director may elect certain lump-sum and installment distributions in lieu of
receiving benefits in the same manner as such benefits would be paid from the Qualified Pension Plan. The Plan provisions, as in effect immediately prior to June 1, 1999, remained in effect for anyone who was not actively employed by the
Company, FedEx Corporation, or FedEx Global Logistics, Inc. as an Officer or Managing Director on or after that date, unless the Plan specifically provides otherwise. 

Effective May 31, 2003, the FedEx Ground Package System, Inc. and Certain Affiliates 401(a)(17) Benefit Plan and the FedEx Ground Package
System, Inc. and Certain Affiliates Excess Plan were merged with and into the Plan and name of the Plan was changed to the FedEx Corporation Retirement Parity Pension Plan. The provisions of the merged plan applicable to the employees participating
in the FedEx Ground Package System, Inc. and Certain Affiliates 401(a)(17) Benefit Plan continue to be set forth in Appendix A and the FedEx Ground Package System, Inc. and Certain Affiliates Excess Plan continue to be set forth in Appendix B. The
provisions of Appendix A and Appendix B are applicable to the employees of FedEx Ground Package System, Inc., FedEx Custom Critical, Inc., FedEx Supply Chain Services, Inc., AutoQuik, Inc., and Urgent Freight, Inc. 

Effective June 1, 2003, the Plan was amended in order to establish the provisions applicable to that portion of an eligible
Officer’s or Managing Director’s accrued benefit that is determined pursuant to Appendix E of the Qualified Pension Plan (“Portable Pension Account”) beginning on or after June 1, 2003. 

The Plan was restated, effective June 1, 2008, to conform the Plan to the terms of the Qualified Pension Plan and to provide for benefit
accruals and benefit payments beginning June 1, 2008. 
 Effective January 1, 2020, the Plan was amended and restated to reflect
(1) that employees who are hired on or after January 1, 2020 shall be eligible to accrue a three and one-half percent (3.5%) Excess Compensation Credit on compensation that exceeds the Code
Section 401(a)(17) limit and (2) an increase of the three and one-half percent (3.5%) Excess Compensation Credit to eight percent (8%) effective January 1, 2021; and (3) that the definition
of Plan eligible employee is expanded to include Officers and Managing Directors of FedEx Freight, Inc. who are hired on or after January 1, 2020 and Officers and Managing Directors of FedEx Office and Print Services, Inc.; FedEx Supply Chain
Systems, Inc.; and their subsidiaries, effective January 1, 2021. 

  
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 The Plan is hereby amended and restated to reflect a
one-year delay in the effective date from January 1, 2021 to January 1, 2022 for (1) the increase of the three and one-half percent (3.5%) Excess
Compensation Credit to eight percent (8%); and (2) the expansion of the definition of Plan eligible employee to include and Officers and Managing Directors of FedEx Office and Print Services, Inc.; FedEx Supply Chain Systems, Inc.; and their
subsidiaries. 
 The Plan is intended to be an “employee benefit pension plan,” as defined in Section 3(2) of the Employee
Retirement Income Security Act of 1974 (“ERISA”), and a plan that is “unfunded and is maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees,” as
provided in Sections 201, 301, and 401 of ERISA and the Department of Labor regulations promulgated under ERISA and is intended to comply with Section 409A of the Internal Revenue Code (the “Code”). The benefits provided by the Plan
are not funded but shall be payable when due out of the assets of the Company as general, unsecured obligations of the Company. 
 Unless
otherwise provided herein, defined terms used in this Plan shall have the same meaning attributed to such terms in the Qualified Pension Plan and the Federal Express Corporation Nonqualified Disability Plan for Officers (the “Officers
Nonqualified Disability Plan”), as applicable. 
 Section 2. Eligibility. Prior to June 1, 2008,
any employee of a participating employer (which shall mean the Company; on or after February 1, 1998, FedEx Corporation; on or after December 1, 1998, FedEx Global Logistics, Inc.; on or after March 1, 2000, FedEx Trade Networks,
Inc., and FedEx Trade Networks Transport & Brokerage, Inc. (formerly, Tower Group International, Inc.); on or after May 1, 2000, World Tariff, Limited; on or after June 1, 2000, FedEx Corporate Services, Inc.; on or after
March 1, 2001, FedEx Freight Corporation; on or after April 11, 2001, FedEx Trade Networks Trade Services, Inc.; on or after May 31, 2003, FedEx Ground Package System, Inc., FedEx Custom Critical, Inc., FedEx Supply Chain Services,
Inc., AutoQuik, Inc. and Urgent Freight, Inc.; on or after June 1, 2001, Federal Express Virgin Islands, Inc.; on or after September 12, 2004, FedEx SmartPost, Inc.; on or after June 1, 2006, FedEx Customer Information Services, Inc.;
and on or after November 15, 2006, FedEx Truckload Brokerage, Inc.) other than an Officer or Managing Director the terms of whose employment are governed by the collective bargaining agreement between the Company and the FedEx Pilots
Association effective May 31, 1999 (“Agreement”) or any successor agreement thereto; on or after January 1, 2020, FedEx Freight, Inc.; on or after January 1, 2022, FedEx Office and Print Services, Inc. and FedEx Supply Chain
Systems, Inc., who serves as an Officer after the Effective Date or, after June 1, 1996, as a Managing Director, has served as an Officer and/or Managing Director for a combined period of five consecutive years, including service prior to the
Effective Date, and is an active participant in the FedEx Corporation Employees’ Pension Plan, as it currently exists and as it may be amended from time to time (the “Qualified Pension Plan”) or would be an active participant in the
Qualified Pension Plan or the FedEx Freight Pension Plan (“Freight Pension Plan”) but for the fact that the Officer or Managing 

  
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Director (1) is hired on or after January, 1, 2020; (2) is employed by FedEx Office and Print Services, Inc.; FedEx Supply Chain Systems, Inc.; or one of their subsidiaries; or
(3) elected to forego accruing Compensation Credits under a Portable Pension Account in the Qualified Pension Plan or Freight Pension Plan, shall be eligible for the benefit described in subsection (c) of Section 3 below, subject to
subsection (a) of Section 3. In addition, an Officer described above shall be eligible for the benefit described in subsection (d) of Section 3 below, subject to subsection (b) of Section 3. 

The foregoing to the contrary notwithstanding, an employee of FedEx Custom Critical, Inc., AutoQuik, Inc., UrgentFreight, Inc., FedEx
Truckload Brokerage, Inc., or FedEx Supply Chain Services, Inc. who is an Officer of either company prior to June 1, 2008 shall be eligible to participate in the Plan as provided in Section 1.12 of Appendix A to the Plan and
Section 1.12 of Appendix B to the Plan. No employee of FedEx Custom Critical, Inc., AutoQuik, Inc., UrgentFreight, Inc., FedEx Truckload Brokerage, Inc. or FedEx Supply Chain Services, Inc. who was or is a Managing Director shall be eligible to
participate in this Plan prior to June 1, 2008, unless (i) s/he was an Officer of one of these companies prior to June 1, 2008, or (ii) s/he was an Officer or Managing Director of another participating employer and has a combined
period of five consecutive years as an Officer or Managing Director with all Controlled Group Members prior to June 1, 2008. 
 For the
purpose of this Plan, the term “Officer” shall mean an officer of a participating employer elected to the position of vice-president or above, as evidenced in the minutes of each respective participating employer’s board of directors.
The term “Managing Director” shall, for the purpose of this Plan, mean an employee of the Company or another participating employer who has been appointed to the position of managing director, as evidenced in the affected participating
employer’s personnel information system, and shall also mean an employee having the title of “Staff Director” or “Director”. 

In determining whether an Officer or Managing Director has served in such capacity for a combined period of five consecutive years, such
Officer’s or Managing Director’s service with any Controlled Group Member (as that term is defined in the Qualified Pension Plan) shall be taken into account. 

Any Eligible Employee of a Sponsoring Employer who, as of June 1, 2008 or later, serves as an Officer or a Managing Director shall be
eligible for the benefit described in Section 4 below as of the later of (i) the date on which such individual is employed as an Officer or Managing Director, (ii) the date on which such individual becomes a participant in the
Qualified Pension Plan, as it currently exists and as it may be amended from time to time, or (iii) June 1, 2008. An Officer or Managing Director who becomes a participant in this Plan on or after June 1, 2008 shall be vested in his
benefit upon the completion of three (3) consecutive years as an Officer or Managing Director. An Officer or Managing Director (i) whose Separation from Service occurs prior to the completion of three (3) consecutive years as an
Officer or Managing Director, or (ii) who ceases to be an Officer or Managing Director prior to the completion of three (3) consecutive years as an Officer or Managing Director shall not be eligible to receive a benefit under this Plan. A
participant who was vested prior to June 1, 2008 will continue to be vested in the Plan benefit thereafter. 

  
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 Effective January 1, 2020, Officers and Managing Directors of FedEx Freight, Inc. and
its subsidiaries, who are not accruing Compensation Credits under a Portable Pension Account in the FedEx Freight Pension Plan, may become eligible employees to participate in the Plan; provided, however, that such Officers and Directors shall be
eligible to receive Excess Compensation Credits and Excess Compensation Interest Credits only. 
 Effective January 1, 2022, Officers
and Managing Directors of FedEx Office and Print Services, Inc.; FedEx Supply Chain Systems, Inc.; and their subsidiaries may become eligible employees to participate in the Plan; provided, however, that such Officers and Managing Directors shall be
eligible to receive Excess Compensation Credits and Excess Interest Credits only. 
 Notwithstanding the foregoing, an Officer or Managing
Director who is hired on or after January 1, 2020 and who was participating in the FedEx Freight Retirement Parity Plan immediately prior to such hire date shall be eligible to receive Parity Compensation Credits, Parity Transition Credits,
Additional Compensation Credits, Parity Interest Credits, and 415 Limit Credits but not Excess Compensation Credits or Excess Compensation Interest Credits. 

Section 3. Benefit Amount and Limitations; Traditional Pension Benefit. 

(a)    No benefits shall be accrued under the Traditional Pension Benefit formula and this Section 3 after
May 31, 2008. Benefits which have been accrued under this Section by an eligible Officer or Managing Director through May 31, 2008 shall be payable as described in Section 5, Section 6 or Section 7 of the Plan. 

Portable Pension Account benefits accrued by an eligible Officer or Managing Director on or after June 1, 2003 shall be as described in
Section 4, below. 
 (b)    The Traditional Pension Benefit formula for an eligible Officer or Managing Director of
FedEx Ground Package System, Inc. or FedEx SmartPost, Inc. or an eligible Officer of FedEx Custom Critical, Inc., AutoQuik, Inc., UrgentFreight, Inc. FedEx Truckload Brokerage, Inc. or FedEx Supply Chain Services, Inc. shall be as described in
Appendix A and Appendix B to the Plan. No benefits shall be accrued under Appendix A and Appendix B to this Plan after May 31, 2008. Benefits which have been accrued under either Appendix by an eligible Officer or Managing Director through
May 31, 2008 shall be payable as described in Section 5, Section 6 or Section 7 of the Plan. 
 Portable Pension Account
benefits accrued by an eligible Officer or Managing Director on or after June 1, 2003 shall be as described in Section 4, below. 

(c)    An Officer or Managing Director who meets the eligibility requirements of Section 2 above and who has an
accrued benefit under the Traditional Pension Benefit (as that term is defined in Section 1.12 of Appendix E to the Qualified Pension Plan or Section 1.12 of Appendix G to the Qualified Pension Plan) provisions of the Qualified Pension
Plan shall, regardless of whether such benefit under the Qualified Pension Plan has been reduced due to the limits imposed by Code Section415 (limitations on benefits) or Section 401(a)(17) (limitations on annual compensation), be paid from the
Plan a benefit equal to 100% of the difference between the Unreduced Benefit and the Maximum Benefit. 

  
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 For the purpose of this Section 3, the monthly “Unreduced Benefit” shall mean
the benefit that would be provided to the Officer or Managing Director pursuant to the Traditional Pension Benefit provisions of the Qualified Pension Plan, except that (1) if applicable, the Unreduced Benefit shall be calculated without regard
to the limits imposed by Code Section 415 (limitations on benefits) and Section 401(a)(17) (annual compensation limit), and (2) “Average Compensation” taken into account with respect to a participating Officer or Managing
Director shall have the same meaning as set forth under the Qualified Pension Plan, but shall not be limited by the application of Code Section 401(a)(17), except that, with respect to Officers or Managing Directors who (i) are actively
employed by a participating employer as Officers or Managing Directors on or after June 1, 1999, (ii) except for those employees who are Officers or Managing Directors as of April 27, 2000, are not Officers or Managing Directors the terms
of whose employment are governed by the collective bargaining agreement between Federal Express Corporation and the FedEx Pilots Association effective May 31, 1999 (or any successor agreement thereto), (iii) retire on or after June 1,
1999, and (iv) were participants in this Plan prior to June 1, 2008, the number of whole calendar years over which the arithmetic average is determined shall be three (3) years instead of five (5) years. 

For the purpose of this Section 3, the monthly “Maximum Benefit” shall mean the benefit actually provided to the Officer or
Managing Director under the Traditional Pension Benefit provisions of the Qualified Pension Plan. 
 (d)    In addition
to the benefit described in subsection (3)(c) above, with respect to that portion of the accrued benefit of an Officer who meets the eligibility requirements of Section 2 above and who has an accrued benefit under the Traditional Pension
Benefit provisions of the Qualified Pension Plan, shall also be paid from this Plan the difference between such Officer’s Maximum Benefit under the Traditional Pension Benefit provisions of the Qualified Pension Plan and what such
Officer’s Maximum Benefit would have been had such Officer received credit for a Year of Service under the Traditional Pension Benefit provisions of the Qualified Pension Plan for each year that such Officer is eligible to receive, and does in
fact receive, a benefit under the Federal Express Corporation Nonqualified Disability Plan for Officers, as it currently exists or as it may be amended from time to time (the “Officers Nonqualified Disability Plan”). 

For purposes of determining eligibility for an increased benefit as contemplated by this subsection, such increased benefit shall be provided
for each Plan Year during which an Officer’s Hours of Service under the Qualified Pension Plan plus such Officer’s “Phantom Hours of Service” while receiving benefits under the Officers Nonqualified Disability Plan are equal to a
Year of Service under the Qualified Pension Plan. Phantom Hours of Service shall be credited at the same rate under this subsection as if the Officer receiving benefits under the Officers Nonqualified Disability Plan had been actively at work and
receiving credit for Hours of Service under the Qualified Pension Plan. Notwithstanding the above, an Officer shall not receive credit under this subsection for the same Plan Year for which such Officer receives credit for a Year of Service under
the Qualified Pension Plan. 

  
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 (e)    The foregoing to the contrary notwithstanding, the benefit
payable from this Plan to an employee who was an Officer or Managing Director as of April 27, 2000 and the terms of whose employment are governed by the Agreement (or any successor agreement thereto) and who, as of May 31, 1999, had an
accrued benefit under this Plan, shall be reduced by the total amount of pension benefits payable to such Officer or Managing Director under the Federal Express Corporation Pilots’ Money Purchase Pension Plan, the Federal Express Corporation Non-Qualified Section 415 Excess Pension Plan for Pilots and the Federal Express Corporation Non-Qualified Pension Plan for Pilots, pursuant to the terms of the Agreement
(or any successor agreement thereto). 
 (f)    Except as specifically provided herein, this Plan is not intended to
provide any increased benefit which could otherwise be provided under the Qualified Pension Plan. An Officer’s or Managing Director’s benefit under this Plan shall be decreased to the extent that such Officer’s or Managing
Director’s benefit under the Qualified Pension Plan is so increased. 
 Section 4. Benefit Amount and
Limitations: Parity Portable Pension Account Benefit. 
 (a)    An Officer or Managing Director who meets the
eligibility requirements of Section 2 above and who has an accrued benefit under the Portable Pension Account (as that term is defined in Section 1.06 of Appendix E to the Qualified Pension Plan or Section 1.06 of Appendix G to the
Qualified Pension Plan) provisions of the Qualified Pension Plan shall, regardless of whether such benefit under the Qualified Pension Plan has been reduced due to the limits imposed by Code Section 415 (limitations on benefits) or
Section 401(a)(17) (limitations on annual compensation), be paid from the Plan a benefit equal to his/her Parity Portable Pension Account. 
 The
Parity Portable Pension Account shall be established for each eligible participant as of the participant’s entry date into this Plan, and shall be credited with Parity Compensation Credits, Parity Transition Credits (if eligible), Additional
Compensation Credits and Parity Interest Credits for each Plan Year following the establishment of the Parity Portable Pension Account, and with a 415 Limit Credit (if applicable) as of the participant’s date of retirement where: 

 

	 	(i)	 Parity Compensation Credit for any Plan Year shall equal (A) minus (B) as follows:

  

	 	(A)	 is the Compensation Credit for such Plan Year as calculated under the Qualified Pension Plan but without regard
to the limit imposed by Code Section 401(a)(17) (annual compensation limit) and subject to the provisions in subsections (1) and (2): 

  

	 	(1)	 for Officers and Managing Directors who become participants in this Plan on or before June 1, 2008 (except
Managing Directors of FedEx Custom Critical, Inc., FedEx Truckload Brokerage, Inc, and FedEx Supply Chain Services, Inc. who become participants in the Plan as of June 1, 2008) with retroactive credits as if the Officer or Managing Director had
been a participant in this Plan as of the date he participated in the Qualified Pension Plan. 

  
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	 	(2)	 for all Managing Directors of FedEx Custom Critical, Inc., FedEx Truckload Brokerage, Inc, and FedEx Supply
Chain Services, Inc. who become participants in the Plan as of June 1, 2008 and all other Managing Directors and Officers who become participants of this Plan after June 1, 2008, only for Plan Years ending after the later of
(i) June 1, 2008 and (ii) the date such employee becomes an Officer or Managing Director. 

  

	 	(B)	 is the Compensation Credit accrued under the Qualified Pension Plan for such Plan Year. 

 

	 	(ii)	 Parity Transition Credit for any Plan Year beginning on or after June 1, 2008 shall equal
(A) minus (B) as follows: 

  

	 	(A)	 is the Transition Credit for such Plan Year as calculated under the Qualified Pension Plan but without regard
to the limit imposed by Code Section 401(a)(17) (annual compensation limit) 

  

	 	(B)	 is the Transition Credit accrued under the Qualified Pension Plan for such Plan Year. 

 

	 	(iii)	 Additional Compensation Credit for any Plan Year beginning on or after June 1, 2008 and any Plan
Year beginning on or after June 1, 2011 shall equal 3.5% of the excess of (A) over (B), where 

  

	 	(A)	 is such Officer’s or Managing Director’s Compensation, but without regard to the limitations under
Section 401(a)(17), and 

  

	 	(B)	 is the limit set forth under Code Section 401(a)(17) (annual compensation limit). 

Additional Compensation Credits shall not be accrued for any Plan Years before June 1, 2008, the Plan Year beginning on June 1, 2009,
or any Plan Year for which a Compensation Credit is not accrued under the Qualified Pension Plan. 
 With respect to the Plan Year beginning
June 1, 2010, the Additional Compensation Credit shall equal 1.75% of the excess of (A) over (B), where 
  

	 	(A)	 is such Officer’s or Managing Director’s Compensation, but without regard to the limitations under
Section 401(a)(17), and 

  

	 	(B)	 is the limit set forth under Code Section 401(a)(17) (annual compensation limit). 

  
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	 	(iv)	 Parity Interest Credit shall mean an amount credited to the Parity Portable Pension Account in the same
manner and using the same Interest Credit Factor as in the Qualified Pension Plan. 

  

	 	(v)	 415 Limit Credit shall mean, for a participant whose total Qualified Pension Plan Benefit has been
limited by Code Section 415, a cash balance value equal to the value of the shortfall in the Qualified Pension Plan, except to the extent already provided in Section 3, above. 

(b)    In addition to the benefit described in subsection (a) above, with respect to that portion of the accrued
benefit of an Officer who meets the eligibility requirements of Section 2 above and who has an accrued benefit under the Portable Pension Account provisions of the Qualified Pension Plan shall also be paid from this Plan, the difference between
such Officer’s benefit under the Portable Pension Account provisions of the Qualified Pension Plan and the amount such Officer’s Qualified Pension Plan benefit would have been had such Officer received credit for a Year of Service under
the Portable Pension Account provisions of the Qualified Pension Plan for each year that such Officer is eligible to receive, and does in fact receive, a benefit under the Federal Express Corporation Nonqualified Disability Plan for Officers, as it
currently exists or as it may be amended from time to time (the “Officers Nonqualified Disability Plan”). 
 For purposes of
determining eligibility for an increased benefit as contemplated by this subsection, such increased benefit shall be provided for each Plan Year during which an Officer’s Hours of Service under the Qualified Pension Plan plus such
Officer’s “Phantom Hours of Service” while receiving benefits under the Officers Nonqualified Disability Plan are equal to a Year of Service under the Qualified Pension Plan. Phantom Hours of Service shall be credited at the same rate
under this subsection as if the Officer receiving benefits under the Officers Nonqualified Disability Plan had been actively at work and receiving credit for Hours of Service under the Qualified Pension Plan. Notwithstanding the above, an Officer
shall not receive credit under this subsection for the same Plan Year for which such Officer receives credit for a Year of Service under the Qualified Pension Plan. 

(c)    The foregoing to the contrary notwithstanding, no individual shall be entitled to receive a Parity Compensation
Credit, Parity Transition Credit or Additional Compensation Credit under this Plan for a Plan Year unless (i) s/he is an eligible Officer or Managing Director with any Controlled Group Member as of the last day of the Plan Year for which such
credits would be accrued, or (ii) s/he incurs a Separation from Service as a Managing Director or Officer after having been credited with at least 1,000 Hours of Service in the Plan Year. 

(d)    The foregoing to the contrary notwithstanding, the benefit payable from this Plan to an employee who was an Officer
or Managing Director as of April 27, 2000 and the terms of whose employment are governed by the Agreement (or any successor agreement thereto) and who, as of May 31, 1999, had an accrued benefit under this Plan, shall be reduced by the
total amount of pension benefits payable to such Officer or Managing Director under the Federal Express Corporation Pilots’ Money Purchase Pension Plan, the Federal Express Corporation Non-Qualified
Section 415 Excess Pension Plan for Pilots, and the Federal Express Corporation Non-Qualified Pension Plan for Pilots, pursuant to the terms of the Agreement (or any successor agreement thereto). 

  
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 (e)    Except as specifically provided herein, this Plan is not intended
to provide any increased benefit which could otherwise be provided under the Qualified Pension Plan. An Officer’s or Managing Director’s benefit under this Plan shall be decreased to the extent that such Officer’s or Managing
Director’s benefit under the Qualified Pension Plan is so increased. 
 (f)    Effective January 1, 2022, no
Officer or Managing Director who was hired on or after January 1, 2020 or any Officer or Managing Director of FedEx Office and Print Services, Inc.; FedEx Supply Chain Systems, Inc.; or their subsidiaries shall be eligible to receive Parity
Compensation Credits, Parity Transition Credits, Additional Compensation Credits, Parity Interest Credits, or 415 Limit Credits. Notwithstanding the foregoing, an Officer or Managing Director who is hired on or after January 1, 2020 and who was
participating in the FedEx Freight Retirement Parity Plan immediately prior to such hire date shall be eligible to receive Parity Compensation Credits, Parity Transition Credits, Additional Compensation Credits, Parity Interest Credits, and 415
Limit Credits but not Excess Compensation Credits or Excess Compensation Interest Credits. 
 Effective January 1, 2022, an Officer or
Managing Director who elected to forego accruing Compensation Credits under a Portable Pension Account in the Qualified Pension Plan or the FedEx Freight Pension Plan shall not be eligible to receive Parity Compensation Credits, Parity Transition
Credits, Additional Compensation Credits, or 415 Limit Credits; provided, however, such Officer or Managing Director shall be eligible to receive Excess Compensation Credit and Excess Compensation Interest Credits and Parity Interest Credits on any
previously accrued Parity Portable Pension Account Benefit. 
 Section 5. Benefit Amount and Limitations:
Excess Compensation Account Benefit. 
 (a)    An Officer or Managing Director who is hired on or after
January 1, 2020 or an Officer or Managing Director who elected to forego accruing Compensation Credits under a Portable Pension Account in the Qualified Pension Plan or the FedEx Freight Pension Plan shall be paid from the Plan a benefit equal
to his/her Excess Compensation Account. An Excess Compensation Account shall be established for each eligible participant as of the participant’s entry date into this Plan, and shall be credited with Excess Compensation Credits and Excess
Compensation Interest Credits for each Plan Year following the establishment of the Excess Compensation Account where: 
  

	 	(i)	 Excess Compensation Credit for any Plan Year shall equal eight percent (8%) multiplied by the excess of
the Officer’s or Managing Director’s compensation for the calendar year in which such Plan Year began that is limited under the Defined Contribution Plan due to the imposition of the Code Section 401(a)(17) limit. Notwithstanding the
foregoing, for an Excess Compensation Credit that relates to compensation for calendar year 2020 or 2021, the eight percent (8%) in the preceding sentence shall be replaced with three and one-half percent
(3.5%). 

  
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	 	(ii)	 Excess Compensation Interest Credit shall mean an amount credited to the Excess Compensation Account in
the same manner and using the same Interest Credit Factor as in the Qualified Pension Plan. 

(b)    Notwithstanding the foregoing, no individual shall be entitled to receive an Excess Compensation Credit under this
Plan for a Plan Year unless (i) s/he is an eligible Officer or Managing Director with any Controlled Group Member as of the last day of the Plan Year in which such credit is calculated, or (ii) s/he incurs a Separation from Service as a
Managing Director or Officer after having been credited with at least 1,000 Hours of Service in the Plan Year. 

Section 6. Payment of Benefits: Benefits Accrued Prior to January 1, 2005 but Commencing Prior
to January 1, 2009. 
 (a)    Unless an eligible Officer or Managing Director makes an election in
the manner and within the time period specified in subsection (b) below, benefits under this Plan shall be paid in the same manner and at the same time as benefit payments under the Qualified Pension Plan and shall be subject to the same
restrictions and limitations as provided therein, without regard to Code Sections 415 and 401(a)(17). The foregoing to the contrary notwithstanding, Officers of FedEx Custom Critical, Inc., AutoQuik, Inc. UrgentFreight, Inc., FedEx Truckload
Brokerage, Inc., and FedEx Supply Chain Services, Inc.) are not eligible to make a lump sum election. 
 An eligible Officer or Managing Director shall, no
later than twelve (12) months prior to the date on which benefits commence under the Qualified Pension Plan, elect one of the following options under which benefits shall be payable under this Plan. An eligible Officer or Managing Director may
elect to receive his or her benefit: 
  

	 	(i)	 in a single lump sum, payable on the date on which benefit payments commence under the Qualified Pension Plan;

  

	 	(ii)	 in a single lump sum, payable twelve (12) months following the date on which benefit payments commence
under the Qualified Pension Plan; 

  

	 	(iii)	 in a single lump sum payable twenty-four (24) months following the date on which benefit payments commence
under the Qualified Pension Plan; 

  

	 	(iv)	 in two equal installments (each being equal to one-half of the lump sum
amount described in clause (i) above), the first installment payable on the date on which benefit payments commence under the Qualified Pension Plan, and the second installment payable twelve (12) months following the date on which benefit
payments commence under the Qualified Pension Plan; or 

  

	 	(v)	 in two equal installments (each being equal to one-half of the lump sum
amount described in clause (ii) above), the first installment payable twelve (12) months following the date on which benefit payments commence under the Qualified 

  
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Pension Plan, and the second installment payable twenty-four (24) months following the date on which benefit payments commence under the Qualified Pension Plan. 

(b)    In the event that any eligible Officer or Managing Director elects to receive a lump sum or installment benefit
under subsection (a) above, the amount of each such distribution shall be calculated as of the Annuity Starting Date. The amount of the lump sum distribution payable under this Section 5(b) shall be calculated based upon the benefit
payable as of the Annuity Starting Date by using an interest rate equal to the annual interest rate on thirty (30) year Treasury Constant Maturities as published in Federal Reserve releases G.13 and H.15 in effect for the second (2nd) month
before the month in which the beginning of the Plan Year in which the calculation is performed (which shall be the stability period for purposes of the Plan) and the mortality table set forth in Revenue Ruling
2001-62, based on a blend of fifty percent (50%) of the male and female mortality rates set forth in the 1994 Group Annuity Reserving Table (“94 GAR”). 

(c)    An eligible Officer or Managing Director may revoke the election made in this section and elect another manner in
which his or her benefit from this Plan shall be payable, but only if such revocation and subsequent election occur no later than twelve (12) months prior to the date on which benefits commence under the Qualified Pension Plan with respect to
such Officer or Managing Director. 
 (d)    If the value of the annuity benefit payable to an Officer or Managing
Director is less than $100 per month, the benefit payable to such Officer or Managing Director may be paid as a lump sum. 

Section 7. Payment of Benefits: Benefits Accrued After December 31, 2004 but Commencing Prior
to January 1, 2009. 
 The Traditional Pension Benefit provided under this Plan which is accrued by an eligible
Officer or Managing Director after December 31, 2004 shall be paid as a single lump sum no earlier than the later of (i) six (6) months following the eligible Officer’s or Managing Director’s Separation from Service, or
(ii) his or her attainment of age 55. The amount of the lump sum distribution shall be calculated as of the later of the Officer’s or Managing Director’s attainment of age 55 or Separation from Service. The amount of the lump sum
distribution payable under this Section 6 shall be calculated based upon the benefit payable as of the later of the Officer’s or Managing Director’s Separation from Service or attainment of age 55 by using an interest rate equal to
the annual interest rate on thirty (30) year Treasury Constant Maturities as published in Federal Reserve releases G.13 and H.15 in effect for the second (2nd) month before the month in which the beginning of the Plan Year in which the
calculation is performed (which shall be the stability period for purposes of the Plan) and the mortality table set forth in Revenue Ruling 2001-62, based on a blend of fifty percent (50%) of the male and
female mortality rates set forth in the 1994 Group Annuity Reserving Table (“94 GAR”). 

  
 -11- 

 The Portable Pension Account Benefit provided under this Plan that is accrued by an eligible
Officer or Managing Director after December 31, 2004 shall be calculated as of the date of the Officer’s or Managing Director’s Separation from Service and paid as a single lump sum no earlier than six (6) months following the
eligible Officer’s or Managing Director’s Separation from Service. 
 “Separation from Service” means a termination of
substantial services for the Company. For purposes of applying the provisions of Code Section 409A, a reference to the Company shall also be deemed a reference to any affiliate thereof within the contemplation of Code Sections 414(b) and
414(c). A substantial employment relationship shall be considered to exist for so long as an individual is on an authorized leave of absence of up to six (6) months or, if longer, for so long as the individual retains a right to re-employment by law or contract. An individual who is on an authorized leave of absence shall not in any event be deemed to have a Separation from Service for so long as the Company has a reasonable expectation
that the individual will again perform substantial services for the Company in any capacity, whether or not as an employee of the Company. An individual will not be treated as having incurred a Separation from Service where the individual’s
level of future services for the Company is reasonably anticipated by the Company to exceed 20% of the average level of bona fide Company services provided by that individual in any capacity for the prior 36 month period, or the prior period of
services if less, but will be treated as having incurred a Separation from Service at any time when such reasonably anticipated level of future services is equal to or less than such 20% average level of prior services. 

Section 8. Payment of Benefits Commencing On or After January 1, 2009. 

(a)    The Traditional Pension Benefit provided under this Plan that is accrued by an eligible Officer or Managing Director
shall be paid as a single lump sum no earlier than the later of (i) six (6) months following the eligible Officer’s or Managing Director’s Separation from Service, (ii) his or her attainment of age 55, or (iii) as of
January 1, 2009, with respect to Officers and Managing Directors who have incurred a Separation from Service but who had not commenced benefits prior to January 1, 2009. 

The amount of the lump sum distribution payable under this Section 7(a) shall be calculated based upon the benefit payable as of the
later of (i) the Officer’s or Managing Director’s Separation from Service, (ii) his or her attainment of age 55, or (iii) January 1, 2009, by using an interest rate equal to the annual interest rate on thirty
(30) year Treasury Constant Maturities as published in Federal Reserve releases G.13 and H.15 in effect for the second (2nd) month before the month in which the beginning of the Plan Year in which the calculation is performed (which shall be
the stability period for purposes of the Plan) and the mortality table set forth in Revenue Ruling 2001-62, based on a blend of fifty percent (50%) of the male and female mortality rates set forth in the 1994
Group Annuity Reserving Table (“94 GAR”). 
 (b)    The Portable Pension Account Benefit provided under this
Plan that is accrued by an eligible Officer or Managing Director shall be calculated as of the date of the Officer’s or Managing Director’s Separation from Service and paid as a single lump sum no earlier than (i)

  
 -12- 

 
six (6) months following the eligible Officer’s or Managing Director’s Separation from Service, or (ii) as of January 1, 2009, with respect to Officers and Managing
Directors who have incurred a Separation from Service but who had not commenced benefits prior to January 1, 2009. 

(c)    The Excess Compensation Account Benefit provided under this Plan that is accrued by an eligible Officer or Managing
Director shall be calculated as of the date of the Officer’s or Managing Director’s Separation from Service and paid as a single lump sum no earlier than six (6) months following the eligible Officer’s or Managing Director’s
Separation from Service. 
 Section 9. Plan Administration. The Plan shall be administered by the
Retirement Plans Department of FedEx Corporation (the “Administrator”). The Administrator shall have the responsibility to receive, evaluate and process all claims for benefits and shall cause payment of benefits to be made under the Plan
in accordance with its terms. In connection with its duties, the Administrator shall have the authority to interpret the Plan’s provisions and to determine eligibility for Plan benefits. The Administrator shall have the authority to adopt such
rules and procedures which it deems necessary for the administration of the Plan and recommend any modifications, changes or amendments to the Plan. 

Section 10. The Committee. The Committee, as defined in the Qualified Pension Plan, shall have the authority to perform the
administrative duties under the Plan, other than the duties of the Administrator. In connection with its duties, the Committee shall have the authority to interpret the Plan’s provisions and to determine eligibility for Plan benefits. The
Committee is the named fiduciary of the Plan and shall adopt such rules and procedures that in its opinion are either necessary or desirable to implement and administer the Plan. 

Section 11. Claims Procedures. The claims procedures for the Plan shall be the same as such procedures in the
Qualified Pension Plan. 
 Section 12. Legal Expenses. An Officer or Managing Director shall be entitled to
reimbursement from the Company for reasonable legal expenses incurred in successfully enforcing his or her right to benefits under the Plan. This right to reimbursement shall only be available if such Officer or Managing Director has applied for
benefits in substantial compliance with the Administrator’s procedures, been denied benefits by the Administrator, timely requested a review of that denial as provided in Section 10 above and had the Administrator’s denial upheld.

  
 -13- 

 Section 13.
Non-Assignability of Benefits. Benefits under this Plan shall not be assignable or transferable in any manner, nor shall they be subject to garnishment, attachment, or other legal process, except as
provided by ERISA and other applicable federal law, or as provided under a domestic relations order. 

Section 14. Effect. Neither the establishment of the Plan nor any modification thereto, nor the creation of
any account on the books of any participating employer hereunder, nor the payment of any benefit from the Plan shall be construed as giving an Officer, Managing Director, or any other person any legal or equitable right against a participating
employer, its directors, officers, employees or agents, except that the provisions of this Section 13 shall neither impair nor extinguish any rights of any participating Officer or Managing Director with respect to any claim for benefits
payable under this Plan. 
 Section 15. No Guarantee of Employment. Nothing contained in this Plan shall be
construed as a contract of employment between a participating employer and any Officer or Managing Director or as a promise that any Officer or Managing Director shall continue in his or her present or comparable position or as a limit on the
participating employer’s right to discharge such Officer or Managing Director. 
 Section 16. Amendment or
Termination. The Company may amend or terminate the Plan at any time. An amendment shall become effective: (i) upon its execution in writing by duly authorized Officers of the participating employers, (ii) upon action of the
Company’s Board of Directors or the Board of Directors of FedEx Corporation, or any committee thereof, or (iii) upon action of the Committee, as reflected in the Committee’s minutes or in the minutes of the Board of Directors of the
Company or of FedEx Corporation or any committee thereof. The Plan’s termination shall become effective: (i) upon action of the Company’s Board of Directors or the Board of Directors of FedEx Corporation, or any committee thereof, or
(ii) upon action of the Committee, as reflected in the Committee’s minutes or in the minutes of the Board of Directors of the Company or of FedEx Corporation or any committee thereof. However, no amendment or termination shall eliminate or
reduce any benefits accrued under the Plan at the time of such amendment or termination. 
 Section 17. Agent
for Service of Process. The Company is hereby designated as agent for service of process for all purposes provided herein. 

Section 18. Governing Law. Except to the extent preempted by federal law, the provisions of this Plan shall
be administered, construed and enforced in accordance with the laws of the State of Tennessee. 

  
 -14- 

 Section 19. Execution. This document may be executed in any
number of counterparts and each fully executed counterpart shall be deemed an original. 

  
 -15- 

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDERAL EXPRESS CORPORATION
		
	 Signed:
	 	/s/ Robbin S.
Page                                         
                 
		
	 Name:
	 	Robbin S.
Page                                         
                     
		
	 Title:
	 	 VP Human
Resources                                        
            

		
	Date:	 	7/21/2020                                    
                                    

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDEX CORPORATION
		
	Signed:	 	/s/ Judith H.
Edge                                         
                           
		
	Name:	 	Judith H.
Edge                                         
                                
		
	Title:	 	Corporate VP, Human
Resources                                        
    
		
	Date:	 	7/31/2020                                    
                                         
    

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDEX CORPORATE SERVICES, INC.
		
	Signed:	 	/s/ Judith H.
Edge                                         
                           
		
	Name:	 	Judith H.
Edge                                         
                                
		
	Title:	 	Corporate VP, Human
Resources                                        
    
		
	Date:	 	7/31/2020                                    
                                         
    

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	 FEDEX CROSS BORDER HOLDINGS, INC.

		
	 Signed:
	 	 /s/ Michael E.
Hagan                                        
                    

		
	 Name:
	 	 Michael E.
Hagan                                        
                         

		
	 Title:
	 	 Senior VP and General
Counsel                                        
   

		
	 Date:
	 	 7/31/2020
                                         
                                    

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	 FEDEX CROSS BORDER TECHNOLOGIES, INC.

		
	 Signed:
	 	 /s/ Michael E.
Hagan                                        
                    

		
	 Name:
	 	 Michael E.
Hagan                                        
                         

		
	 Title:
	 	 Senior VP and General
Counsel                                        
    

		
	 Date:
	 	 7/31/2020
                                         
                                     

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	 FEDEX FORWARD DEPOTS, INC.

		
	 Signed:
	 	 /s/ Michael E.
Hagan                                        
                    

		
	 Name:
	 	 Michael E.
Hagan                                        
                         

		
	 Title:
	 	 Senior VP and General
Counsel                                        
   

		
	 Date:
	 	 7/31/2020
                                         
                                    

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDEX LOGISTICS, INC.
		
	 Signed:
	 	 /s/ Michael E.
Hagan                                        
                    

		
	 Name:
	 	 Michael E.
Hagan                                        
                         

		
	 Title:
	 	 Senior VP and General
Counsel                                        
   

		
	 Date:
	 	 7/31/2020
                                         
                                    

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDERAL TRADE NETWORKS TRADE SERVICES, LLC
		
	 Signed:
	 	 /s/ Michael E.
Hagan                                        
                    

		
	 Name:
	 	 Michael E.
Hagan                                        
                         

		
	 Title:
	 	 Senior VP and General
Counsel                                        
   

		
	 Date:
	 	 7/31/2020
                                         
                                    

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	WORLD TARIFF, LTD.
		
	 Signed:
	 	 /s/ Michael E.
Hagan                                        
                    

		
	 Name:
	 	 Michael E.
Hagan                                        
                         

		
	 Title:
	 	 Vice President and General
Counsel                                    

		
	 Date:
	 	 7/31/2020
                                         
                                    

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDEX FREIGHT CORPORATION
		
	Signed:	 	/s/ Jeffery B.
Greer                                        
                            
		
	Name:	 	Jeffery B.
Greer                                        
                                 
		
	Title:	 	Senior VP, Human
Resources                                        
            
		
	Date:	 	7/27/2020                                    
                                         
       

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDEX FREIGHT, INC.
		
	Signed:	 	/s/ Jeffery B.
Greer                                        
                            
		
	Name:	 	Jeffery B.
Greer                                        
                                 
		
	Title:	 	Senior VP, Human
Resources                                        
            
		
	Date:	 	7/27/2020                                    
                                         
       

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	 FEDERAL EXPRESS VIRGIN ISLANDS, INC.

		
	 Signed:
	 	 /s/ Marilyn
Blanco-Reyes                                       
                  

		
	 Name:
	 	 Marilyn
Blanco-Reyes                                       
                       

		
	 Title:
	 	 VP
Legal/LAC                                        
                                  

		
	 Date:
	 	
7/21/2020                 
                                         
                        

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDEX CUSTOM CRITICAL, INC.
		
	Signed:	 	/s/ Allan W.
Brown                                        
                            
		
	 Name:
	 	Allan W.
Brown                                        
                                 
		
	 Title:
	 	Vice President and General
Counsel                                        
  
		
	Date:	 	7/21/2020
                                         
                                         
 

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDEX TRADE NETWORKS TRANSPORT & BROKERAGE, INC.
		
	 Signed:
	 	 /s/ Michael E.
Hagan                                        
                    

		
	 Name:
	 	 Michael E.
Hagan                                        
                         

		
	 Title:
	 	 Vice
President                                        
                               

		
	 Date:
	 	 7/31/2020
                                         
                                     

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDEX SUPPLY CHAIN DISTRIBUTION SYSTEM, INC.
		
	Signed:	 	/s/ Allan W.
Brown                                        
                            
		
	 Name:
	 	Allan W.
Brown                                        
                                 
		
	 Title:
	 	Vice President and General
Counsel                                        
  
		
	Date:	 	7/29/2020
                                         
                                         
 

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDEX GROUND PACKAGE SYSTEM, INC.
		
	Signed:	 	/s/ Chris
Winton                                        
                            
		
	Name:	 	Chris
Winton                                        
                                 
		
	Title:	 	Senior VP, Human
Resources                                        
       
		
	Date:	 	7/27/2020                                    
                                         
 

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	 FEDEX OFFICE AND PRINT SERVICES, INC.

		
	 Signed:
	 	 /s/ Tracy
Brightman                                        
                

		
	 Name:
	 	 Tracy
Brightman                                        
                    

		
	 Title:
	 	 SVP, Human
Resources                                        
          

		
	 Date:
	 	
7/21/2020                 
                                         
               

 IN WITNESS WHEREOF, the undersigned duly authorized Officers of the participating employers
have caused this Plan amendment and restatement to be adopted by affixing their signatures hereto. 
  

			
	FEDEX OFFICE COMMERCIAL PRESS, INC.
		
	 Signed:
	 	 /s/ Tracy
Brightman                                        
                

		
	 Name:
	 	 Tracy
Brightman                                        
                     

		
	 Title:
	 	 VP, Human
Resources                                        
            

		
	 Date:
	 	
7/21/2020EX-10.1

 Exhibit 10.1 

Execution Copy 

SHARE REPURCHASE AGREEMENT 

THIS SHARE REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of September 14, 2020, by and
between Albertsons Companies, Inc., a Delaware corporation (the “Company”), and Bart M. Schwartz, in his capacity as a court-appointed receiver (the “Receiver”), on behalf of Gabriel Assets, LLC and/or
any of its related, affiliated or associated entities (collectively, the “Seller”). 
 WHEREAS, on
September 14, 2020, Cerberus Iceberg LLC (“Iceberg”) redeemed all of the membership interests of Iceberg owned by the Seller and, in exchange, Iceberg distributed 6,837,970 shares (the “Shares”)
of Class A common stock, par value $0.01 per share, of the Company (the “Common Stock”), reflecting the Seller’s pro rata indirect ownership of the Common Stock owned by Iceberg, to the Seller (the
“Redemption”); 
 WHEREAS, the Shares were distributed by Iceberg to the Seller for no value prior to the Repurchase
Transaction (as defined below) and Iceberg is not acting as an agent or advisor to the Seller; 
 WHEREAS, the Receiver is a court-appointed
receiver and is causing the Seller to sell the Shares; 
 WHEREAS, the Company and the Seller propose to enter into a transaction (the
“Repurchase Transaction”) whereby the Seller shall sell to the Company and the Company shall purchase from the Seller all of the Shares; and 

WHEREAS, the Shares shall be sold by the Seller and purchased by the Company at the Per Share Purchase Price (as defined below). 

NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows: 
 ARTICLE I 

REPURCHASE 

Section 1.1    Repurchase of Shares. The Seller shall sell to the Company and the Company shall purchase from
the Seller all of the Shares, under the terms and subject to the conditions hereof and in reliance upon the representations, warranties and agreements contained herein, at the Closing (as defined below), at a price per share of $12.00 (the
“Per Share Purchase Price”). 
 Section 1.2    Closing. 

(a)    The closing (the “Closing”) of the Repurchase Transaction shall be held at the offices of
Schulte Roth & Zabel LLP, 919 Third Avenue, New York, NY 10022, on the date hereof or at such other time, date or place as the Seller and the Company may agree in writing (the “Closing Date”). 

 (b)    At the Closing, the Seller shall deliver or cause to be
delivered the number of Shares sold by the Seller to the Company or to a third party as instructed by the Company and the Company agrees to pay to the Seller a dollar amount equal to the product of the Per Share Purchase Price and the number of
Shares sold by the Seller (the “Purchase Price”) by wire transfer of immediately available funds to an account designated by the Seller. 

Section 1.3    Tax Treatment. The Sellers and the Company intend that the Repurchase Transaction shall be
treated, for U.S. federal (and applicable state and local) income tax purposes, as a distribution in exchange for the Shares governed by Section 302(a) of the Internal Revenue Code of 1986, as amended (the “Code”). No
party shall take any position inconsistent with such treatment on any tax return (including any information return), in any proceeding before any governmental authority, in any report made for tax purposes, or otherwise, unless required to do so by
a final “determination” (within the meaning of Section 1313(a) of the Code). 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE RECEIVER 

The Seller and the Receiver, with respect to the Receiver, solely with respect to Section 2.5 and Section 2.6, represent and warrant
to the Company as follows: 
 Section 2.1    Organization; Authorization; No Conflict. (i) The Seller
is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization with all requisite legal capacity, power and authority to execute, deliver and perform its obligations under this Agreement; (ii) this
Agreement has been duly authorized, executed and delivered by it and is the legal, valid and binding agreement of it, enforceable against it in accordance with the Agreement’s terms; (iii) the person signing on behalf of it has the
authority to bind it; and (iv) its execution of this Agreement and the performance of its obligations hereunder do not conflict with or violate any provisions of its governing documents or any obligations by which it is bound, whether arising
by contract, operation of law or otherwise. 
 Section 2.2    Solvency. The Seller and/or any of its
related, affiliated or associated entities, individually and on a consolidated basis, are not, after giving effect to the Repurchase Transaction contemplated hereby, Insolvent (as defined below). For purposes of this Agreement,
“Insolvent” means, with respect to any Person (as defined below), (i) the present fair saleable value of such Person’s assets is less than the amount required to pay such Person’s total indebtedness, (ii) such
Person is unable to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured, (iii) such Person intends to incur or believes that it will incur debts that would be beyond
its ability to pay as such debts mature or (iv) such Person has unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted. For purposes of this
Agreement, “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof. 

  
 2 

 Section 2.3    Title to Shares. The Seller will have,
immediately prior to the Closing, good and valid title to the Shares to be sold at the Closing Date by the Seller, free and clear of all liens, encumbrances, equities or adverse claims; and, upon delivery of such Shares and payment therefor pursuant
hereto, good and valid title to such Shares, free and clear of all liens, encumbrances, equities or adverse claims, will pass to the Company. 

Section 2.4     Required Consents. Except as would not impair the ability of the Seller to consummate its
obligations hereunder, all consents, approvals, authorizations and orders necessary for the execution and delivery by the Seller of this Agreement, and for the sale and delivery of the Shares to be sold by the Seller hereunder, have been obtained;
and the Seller has full right, power and authority to enter into this Agreement and to sell, assign, transfer and deliver the Shares to be sold by the Seller hereunder. 

Section 2.5    Information. The Seller and the Receiver have sought such accounting, legal and tax advice as
they have considered necessary to make an informed decision with respect to the sale of the Shares. The Seller and the Receiver acknowledge and agree that neither the Company, Iceberg nor any affiliates of Iceberg has provided the Seller or the
Receiver with any advice with respect to the Shares nor is such advice necessary or desired. Except for the representations of Iceberg set forth in that certain Redemption and Exchange Agreement, dated September 14, 2020, neither the
Company, Iceberg nor any affiliates of Iceberg has made or makes any representation as to the Company or the Shares and Iceberg and any affiliates of Iceberg may have acquired non-public information with
respect to the Company which such Seller and Receiver agree need not be provided to it. In connection with the sale of the Shares to the Company, neither the Company, Iceberg nor any affiliates of Iceberg have acted as a financial advisor or
fiduciary to the Seller or the Receiver. 
 Section 2.6    Receivership. The Receiver is liquidating the
assets of the Seller, which includes the Shares, pursuant to an order of the Supreme Court of the State of New York. The Repurchase Transaction is being conducted in connection with the liquidation of the assets of the Seller in accordance with such
order. The Receiver has the authority to execute this Agreement on behalf of the Seller and this Agreement is binding on the Seller. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to the Seller and Receiver as follows: 

Section 3.1    Organization; Authorization; No Conflict. (i) The Company is duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization with all requisite legal capacity, power and authority to execute, deliver and perform its obligations under this Agreement; (ii) this Agreement has been duly
authorized, executed and delivered by it and is the legal, valid and binding agreement of it, enforceable against it in accordance with the Agreement’s terms; (iii) the person signing on behalf of it has the authority to bind it; and
(iv) its execution of this Agreement and the performance of its obligations hereunder do not conflict with or violate any provisions of its governing documents or any obligations by which it is bound, whether arising by contract, operation of
law or otherwise. 

  
 3 

 Section 3.2     Solvency. The Company and/or any of its related,
affiliated or associated entities, individually and on a consolidated basis, are not, after giving effect to the Repurchase Transaction contemplated hereby, Insolvent. 

Section 3.3    Required Consents. Except as would not impair the ability of the Company to consummate its
obligations hereunder, all consents, approvals, authorizations and orders necessary for the execution and delivery by the Company of this Agreement, have been obtained; and the Company has full right, power and authority to enter into this Agreement
and to purchase the Shares to be purchased by the Company hereunder.  
 ARTICLE IV

 CONDITIONS TO CLOSING 

Section 4.1    Conditions to the Obligations of the Company. The obligations of the Company to purchase the
Shares at the Closing are subject to the condition that (i) all representations and warranties and other statements of the Seller herein are, on the date hereof and at and as of the Closing Date, true and correct, (ii) the Seller shall
have performed all of its obligations hereunder theretofore to be performed on or prior to the Closing, (iii) the transactions contemplated by the Redemption shall have been consummated and (iv) the Company shall have received the opinion
of Reed Smith LLP, Receiver’s outside counsel, dated as of the Closing Date, in the form attached hereto as Exhibit A. 

Section 4.2    Conditions to the Obligations of the Seller. The obligations of the Seller to sell the Shares
at the Closing are subject to the condition that (i) all representations and warranties and other statements of the Company herein are, on the date hereof and at and as of the Closing Date, true and correct, (ii) the Company shall have
performed all of its obligations hereunder theretofore to be performed on or prior to the Closing, (iii) the transactions contemplated by the Redemption shall have been consummated, (iv) the Company shall have delivered to Seller in cash
an amount equal to the Purchase Price by wire transfer of immediately available funds and (v) the Seller shall have received the opinion of Schulte Roth & Zabel LLP, the Company’s outside counsel, dated as of the Closing Date, in
the form attached hereto as Exhibit B. 
 ARTICLE V 

MISCELLANEOUS 

Section 5.1    Termination. This Agreement may be terminated at any time prior to the Closing by the mutual
written consent of each of the parties hereto. 
 Section 5.2    Savings Clause. No provision of this
Agreement shall be construed to require any party or its affiliates to take any action that would violate any applicable law (whether statutory or common), rule or regulation. 

Section 5.3    Amendment and Waiver. This Agreement may not be amended except by an instrument in writing
signed on behalf of each of the parties hereto. Any party may waive in whole or in part any benefit or right provided to it under this Agreement, such waiver 

  
 4 

 
being effective only if contained in a writing executed by such party (and by the Company, in the case of any waiver by the Seller). The failure of any party to enforce any of the provisions of
this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

Section 5.4    Severability. If any provision of this Agreement shall be declared by any court of competent
jurisdiction to be illegal, void or unenforceable, all other provisions of this Agreement shall not be affected and shall remain in full force and effect. 

Section 5.5    Successors and Assigns. Neither this Agreement nor any of the rights or obligations of any
party under this Agreement shall be assigned, in whole or in part by any party without the prior written consent of the other parties. 

Section 5.6    No Third Party Beneficiaries. Other than with respect to Section 5.10 herein, no Person
other than the parties hereto shall have any rights or benefits under this Agreement, and nothing in this Agreement is intended to, or will, confer on any Person other than the parties hereto any rights, benefits or remedies. 

Section 5.7    Broker; Fees and Expenses. No broker, finder or other financial consultant has acted on
behalf of the Company in connection with this Agreement or the Repurchase Transaction contemplated by this Agreement. The Company shall indemnify and hold the Seller harmless from any brokers, finders or other consultants fees or commissions
incurred or accrued by the Company in connection with this Agreement or the Repurchase Transaction contemplated by this Agreement. Other than Houlihan Lokey, Inc. (“Houlihan”), no other broker, finder or other financial
consultant has acted on behalf of the Seller in connection with this Agreement or the Repurchase Transaction contemplated by this Agreement. The Seller shall indemnify and hold the Company harmless from any brokers, finders or other consultants fees
or commissions incurred or accrued by the Seller or the Receiver in connection with this Agreement or the Repurchase Transaction contemplated by this Agreement. Each party shall be responsible for its own costs and expenses incurred in connection
with the preparation, negotiation and delivery of this Agreement and any other Repurchase Transaction document, including but not limited to, attorneys’ and accountants’ fees and expenses. For the avoidance of doubt, the Seller shall be
responsible for the payment of any placement agent’s fees, financial advisory fees, or brokers’ commissions (other than for Persons engaged by the Company) relating to or arising out of the Repurchase Transaction contemplated hereby,
including, without limitation, fees payable to Houlihan in connection with the sale of the Shares. For the avoidance of doubt, the Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, or
brokers’ commissions (other than for Persons engaged by the Seller) relating to or arising out of the Repurchase Transaction contemplated hereby. 

Section 5.8    Counterparts. This Agreement may be executed in separate counterparts each of which shall be an
original and all of which taken together shall constitute one and the same agreement. 

  
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 Section 5.9    Notices. All notices and other communications
hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Company shall be given to Albertsons Companies, Inc., 250 Parkcenter Blvd.,
Boise, Idaho 83706, Attention: Juliette Pryor, Executive Vice President, General Counsel and Secretary, Email: juliette.pryor@albertsons.com. Notices to the Seller shall be given to Gabriel Assets, LLC, c/o Bart M. Schwartz, Guidepost Partners LLC,
1185 Avenue of the Americas, 17th Floor, New York, NY 10036. 

Section 5.10    Indemnification. 

(a) In consideration of the Company’s purchase of the Shares, the Seller shall defend, protect, indemnify and hold harmless the Company
and all of its officers, directors, and employees and any of the foregoing persons’ agents or other representatives (collectively, the “Company-Indemnitees”), from and against any and all actions, causes of action,
suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Company-Indemnitee is a party to the action for which indemnification hereunder is sought), and including
actual and reasonable attorneys’ fees and disbursements (the “Indemnified Company Liabilities”), incurred by any Company-Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or
breach of any representation or warranty made by the Seller herein or any other certificate, instrument or document contemplated hereby, or (ii) any breach of any covenant, agreement or obligation of the Seller contained herein or any other
certificate, instrument or document contemplated hereby or thereby in each case except to the extent that any such losses, costs, penalties, fees, liabilities, damages, or expenses that have been found by a final,
non-appealable judgment of a court of competent jurisdiction to have resulted from the breach by any misrepresentation or breach by the Company or by any Company-Indemnitee of any representation or warranty
made by the Company or any Company-Indemnitee of any provision of this Agreement, or the gross negligence, bad faith or willful misconduct of the Company or any Company-Indemnitee. To the extent that the foregoing undertaking by the Seller may be
unenforceable for any reason, the Seller shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Company Liabilities that is permissible under applicable law. 

(b) In consideration of the Seller’s sale of the Shares, the Company shall defend, protect, indemnify and hold harmless the Seller and
all of its managers, officers, directors, and employees and any of the foregoing persons’ agents or other representatives (collectively, the “Seller-Indemnitees”), from and against any and all actions, causes of action,
suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Seller-Indemnitee is a party to the action for which indemnification hereunder is sought), and including
actual and reasonable attorneys’ fees and disbursements (the “Indemnified Seller Liabilities”), incurred by any Seller-Indemnitee as a result of, or arising out of, or relating to (i) any misrepresentation or breach
of any representation or warranty made by the Company herein or any other certificate, instrument or document contemplated hereby, or (ii) any breach of any covenant, agreement or obligation of the Company contained herein or any other
certificate, instrument or document contemplated hereby or thereby in each case except to the extent that any such losses, costs, penalties, fees, liabilities, damages, or expenses that have been found by a final,
non-appealable judgment of a court of competent jurisdiction to have resulted from the breach by any misrepresentation or breach by the Seller or by any Seller-Indemnitee of any representation or warranty made
by the Seller or any Seller-Indemnitee of any provision of this Agreement, or the gross negligence, bad faith or 

  
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willful misconduct of the Seller or any Seller-Indemnitee. To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum
contribution to the payment and satisfaction of each of the Indemnified Seller Liabilities that is permissible under applicable law. 

Section 5.11    Governing Law; Consent to Jurisdiction; Jury Trial. This Agreement and any claim,
controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in such state without giving effect to any
choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction). Any claim, controversy or dispute arising under or related to this Agreement shall be instituted in the federal courts of the United States of
America or the courts of the State of New York in each case located in the City of New York and County of New York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any claim, controversy or dispute. EACH PARTY
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

Section 5.12    Interpretation. The headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole
and not to any particular provision of this Agreement, and Article and Section references are to this Agreement unless otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms
of such terms. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	ALBERTSONS COMPANIES, INC.
		
	By:	 	 /s/ Robert B. Dimond

	Name:	 	Robert B. Dimond
	Title:	 	Executive Vice President & Chief Financial Officer

 [Signature Page to Share Repurchase Agreement] 

  
 8 

 
			
	GABRIEL ASSETS, LLC
		
	By:	 	 /s/ Bart M. Schwartz

	Name:	 	Bart M. Schwartz
	Title:	 	Receiver

 [Signature Page to Share Repurchase Agreement] 

  
 9 

 Exhibit A 

Form of Reed Smith Opinion 

  
 10 

 Exhibit B 

Form of Schulte Roth & Zabel Opinion 

  
 11

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