Document:

Exhibit 10.2

Exhibit 10.2

 

FIRST AMENDMENT

to the

SPECIAL FACILITY GROUND LEASE AGREEMENT

By and Between

MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY

and

FEDERAL EXPRESS CORPORATION

Effective as of September 1, 2008

 

 

 

 

FIRST AMENDMENT

TO THE SPECIAL FACILITY GROUND

LEASE AGREEMENT

This First Amendment, effective on the 1st of September, 2008, (the “Effective
Date”) by and between MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY (herein sometimes referred to as
“Authority”), a body politic organized and existing under the laws of the State of Tennessee, and
FEDERAL EXPRESS CORPORATION (herein sometimes referred to as “Tenant”), a corporation duly
organized and existing under the laws of the State of Delaware and qualified to do business in the
State of Tennessee (Authority and Tenant are collectively referred to as the “Parties”.),

W I T N E S S E T H:

WHEREAS Authority and Tenant entered into a Special Facility Ground Lease Agreement (the
“Ground Lease”) with an effective date of July 1, 1993; and

WHEREAS Authority and Tenant wish to modify the boundaries of the Land leased under the terms
of the Ground Lease effective as of the Effective Date, which will result in a reduction of Land of
approximately 5,766 square feet; and,

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

SECTION 1. Definitions. Except as otherwise provided herein, and unless the context
shall clearly require otherwise, all words and terms used in this First Amendment that are defined
in the Ground Lease shall, for all purposes of this First Amendment, have the respective meanings
given to them in the Ground Lease.

 

2

 

SECTION 2. Modification of Ground Lease. As of the Effective Date, the Parties
substitute the attachments to this First Amendment for Exhibits A and B attached to
the Ground Lease.

SECTION 3. Rental Reconciliation. The modification of the boundaries of the Land that
the parties accomplished by virtue of Section 2 above reduced the area of the Land by 5,766 square
feet and correspondingly reduced the rental payable for the Land. As a result, Tenant has overpaid
rent for the Land since the Effective Date. Accordingly, Tenant will receive a credit against the
installment of rent next becoming due under the terms of the Ground Lease after the date the
Parties execute and deliver this Amendment (as distinguished from its Effective Date) in the
aggregate amount of the overpayment that occurs.

During the term, Tenant shall pay rent to Authority for the Land as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Land	 	Rate Per Sq. Ft.	 	 	Monthly Rent	 	 	Annual Rent	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	2,450,843 sq. ft.
	 	$	0.1541	 	 	$	31,472.91	 	 	$	377,674.91	 

SECTION 4. Remainder of Ground Lease in Effect. All other terms, provisions,
conditions, covenants and agreements of the Ground Lease shall continue in full force and effect.

SECTION 5. Effective Date of this First Amendment. This First Amendment shall become
effective September 1, 2008.

[SIGNATURE PAGE FOLLOWS]

 

3

 

IN WITNESS WHEREOF, the Parties have caused their duly authorized representatives to execute
this First Amendment to the Special Facility Ground Lease Agreement.

	 	 	 	 	 	 	 	 	 	 	 
	WITNESS:	 	MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	/s/ ANNETTE LECROIX	 	BY:	 	/s/ SCOTT A. BROCKMAN	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TITLE:

	 	Paralegal
	 	 	 	TITLE:
	 	EVP/COO	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	DATE:

	 	December 29, 2009
	 	 	 	DATE:
	 	December 29, 2009	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Approved as to Form and Legality:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	/s/ SARA L. HALL	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Sara L. Hall, Vice President & General Counsel	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	WITNESS:	 	FEDERAL EXPRESS CORPORATION

A Delaware Corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	/s/ MICHELLE WHITAKER	 	BY:	 	/s/ WILEY JOHNSON, JR.	 	 
	 	 	 	 	 	 	 
	TITLE:

	 	Project Coordinator
	 	 	 	TITLE:
	 	 Managing Director, Real Estate
and Airport Development	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	DATE:

	 	October 26, 2009
	 	 	 	DATE:
	 	October 26, 2009	 	 

 

4

 

Attachments

REAL ESTATE APPRAISERS & LAND SURVEYORS

Fed-Ex Lease Area Hangar 11 & 12 Revised

March 8, 2008

Description of a ground lease area being a portion of the Memphis-Shelby County Airport
Authority Property as recorded in Special Warranty Deed F5-5925, Parcel 1 and located on the
north side of Winchester Road and west of Tchulahoma Road in Memphis, Shelby County,
Tennessee.

Commencing at the intersection of the projected centerline of Runway 27 and the west right-of-
way line of Tchulahoma Road (106 foot wide right-of-way) with state plane coordinates of
approximately N: 287511.24152 & E: 786451.50317;

Thence North 85 degrees 42 minutes 12 seconds West, along the projected and centerline of
Runway 27, a distance of 3,114.22 feet to a point,

Thence southwestwardly being perpendicular to the centerline of Runway 27, South 4 degrees 17
minutes 48 seconds East, a distance of 795.47 feet to a set nail in cap being the TRUE POINT
OF BEGINNING being the northeast corner of the following lease area,

Thence South 40 degrees 19 minutes 04 second East, along the east line of Hangar 11 & 12, also
being a west line of Parcel 13, a distance of 407.82 feet to an angle
point,

Thence South 49 degrees 40 minutes 56 second West, along the east line of Hangar 11 & 12, also
being a west line of Parcel 13, a distance of 301.48 feet to an angle point,

Thence South 04 degrees 40 minutes 00 second East, along the east line of Hangar 11 & 12, also
being a west line of Parcel 13, a distance of 623.21 feet to the southeast corner of said
lease area in the north line of Winchester Road having a 99 foot wide right-of-way,

Thence northwestwardly along the north line of Winchester Road, North 84 degrees 39 minutes 32
seconds West, a distance of 245.51 feet to an angle point,

Thence continuing along said north line, North 85 degrees 43 minutes 50 seconds West, a
distance of 718.16 feet to an angle point,

Thence northwestwardly along the north line of Winchester Road, North 40 degrees 43 minutes 50
seconds West, a distance of 5.66 feet to an angle point,

Thence continuing along said north line, North 85 degrees 43 minutes 50 seconds West, a
distance of 55.17 feet to the southwest corner of said lease area,

Thence northeastwardly along the west line of said lease area, North 4 degrees 43 minutes 51
seconds East, a distance of 534.76 feet to an angle point,

 

5

 

REAL ESTATE APPRAISERS & LAND SURVEYORS

Thence continuing along said west line, North 40 degrees 15 minutes 13 seconds West, a
distance of 284.48 feet to an angle point,

Thence continuing along said west line, North 04 degrees 01 minutes 24 seconds East, a
distance of 386.06 feet to the northwest corner of said lease area,

Thence South 85 degrees 43 minutes 01 seconds East, along the north line of said lease area, a
distance of 476.55 feet to an angle point and the beginning of a painted white line,

Thence southeastwardly along a new north lease line being along the alignment of a painted
whit line, South 83 degrees 13 minutes 07 seconds East, along a white line, a distance of
140.98 feet to an angle point,

Thence South 85 degrees 39 minutes 44 seconds East, along a white line, a distance of 534.98
feet to the point of beginning and containing approximately 1,290,083 square feet or 29.6162
acres by calculation.

Van E. Boals,

Public Land Surveyor

Tennessee License No. 613

 

6

 

[Photographs]

 

7Exhibit 10.3

Exhibit 10.3

Supplemental Agreement No. 5

to

Purchase Agreement No. 3157

between

The Boeing Company

And

Federal Express Corporation

Relating to Boeing Model 777-FREIGHTER Aircraft

THIS SUPPLEMENTAL AGREEMENT, entered into as of the 11th day of January, 2010, by
and between THE BOEING COMPANY (Boeing) and FEDERAL EXPRESS CORPORATION (Customer);

W I T N E S S E T H:

WHEREAS, the parties entered into that certain Purchase Agreement No. 3157, dated November 7,
2006 (Purchase Agreement), relating to the purchase and sale of certain Boeing Model 777-FREIGHTER
Aircraft (the Aircraft); and

WHEREAS, Customer desires to re-schedule the delivery of two (2) Aircraft (Rescheduled
Aircraft) as follows;

	 	 	 	 	 
	Serial	 	Current Delivery	 	Revised Delivery
	Number	 	Month per SA # 4	 	Month
	[ * ]
	 	[ * ]
	 	[ * ]
	[ * ]
	 	[ * ]
	 	[ * ]

NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto
agree to supplement the Purchase Agreement as follows:

	 	 	 
	*	 	Blank spaces contained confidential information which has been filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of
1934, as amended.

 

 

 

Supplemental Agreement 5 to

Purchase Agreement No. 3157

All terms used herein and in the Purchase Agreement, and not defined herein, shall have the
same meaning as in the Purchase Agreement.

	1.	 	Remove and replace, in its entirety, the “Table of Contents” with the revised Table of
Contents attached hereto to reflect the changes made by this Supplemental Agreement No. 5.
	 
	2.	 	Remove and replace, in its entirety, Table 1 to the Purchase Agreement with the revised Table
1 attached hereto to reflect changes relating to the Rescheduled Aircraft.
	 
	3.	 	Boeing and Customer agree that all advance payments for the Rescheduled Aircraft will [ * ].
	 
	4.	 	Boeing and Customer further agree that the final delivery payment for the Rescheduled
Aircraft will [ * ].

EXECUTED as of the day and year first above written.

	 	 	 	 	 	 	 
	THE BOEING COMPANY	 	FEDERAL EXPRESS CORPORATION
	 
	 	 	 	 	 	 
	By:

	 	/s/ Richard R. Ochs
	 	By:
	 	/s/ Phillip C. Blum
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its: Attorney-In-Fact
	 	 	 	Its: Vice President —
Aircraft Acquisitions/SAO

	 	 	 
	*	 	Blank spaces contained confidential information which has been filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of
1934, as amended.

 

S5 - 2

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	SA	 
	 	 	NUMBER	 
	ARTICLES
	 	 	 	 
	 
	 	 	 	 
	1. Quantity, Model and Description
	 	 	 	 
	 
	 	 	 	 
	2. Delivery Schedule
	 	 	 	 
	 
	 	 	 	 
	3. Price
	 	 	 	 
	 
	 	 	 	 
	4. Payment
	 	 	 	 
	 
	 	 	 	 
	5. Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	TABLE
	 	 	 	 
	 
	 	 	 	 
	1. Aircraft Information Table
	 	 	5	 
	 
	 	 	 	 
	1B. Block B Aircraft Information Table
	 	 	4	 
	 
	 	 	 	 
	EXHIBIT
	 	 	 	 
	 
	 	 	 	 
	A. Aircraft Configuration
	 	 	4	 
	 
	 	 	 	 
	A1. Aircraft Configuration (Block B Aircraft)
	 	 	4	 
	 
	 	 	 	 
	B. Aircraft Delivery Requirements and
Responsibilities
	 	 	 	 
	 
	 	 	 	 
	SUPPLEMENTAL EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	AE1. Escalation Adjustment/Airframe and
Optional Features
	 	 	 	 
	 
	 	 	 	 
	CS1. Customer Support Variables
	 	 	 	 
	 
	 	 	 	 
	EE1. Engine Escalation/Engine Warranty and
Patent Indemnity
	 	 	 	 
	 
	 	 	 	 
	SLP1. Service Life Policy Components
	 	 	 	 

 

 

 

Supplemental Agreement 5 to

Purchase Agreement No. 3157

	 	 	 	 	 	 	 
	 	 	 	 	SA
	 	 	 	 	NUMBER
	LETTER
AGREEMENT
	 	 	 	 	 	 
	 
	 	 	 
	3157-01

	 	777 Spare Parts Initial Provisioning	 	 	 	 
	 
	 	 	 	 	 	 
	3157-02

	 	Demonstration Flight Waiver	 	 	 	 
	 
	 	 	 	 	 	 
	6-1162-RCN-1785

	 	[ * ]	 	 	 	 
	 
	 	 	 	 	 	 
	6-1162-RCN-1789

	 	Option Aircraft
Attachment to Letter 6-1162-RCN-1789
	 	Exercised
in SA # 4

	 
	 	 	 	 	 	 
	6-1162-RCN-1790

	 	Special Matters	 	 	 	 
	 
	 	 	 	 	 	 
	6-1162-RCN-1791

	 	Performance Guarantees
	 	 	4	 
	 
	 	 	 	 	 	 
	6-1162-RCN-1792

	 	Liquidated Damages Non-Excusable

Delay	 	 	 	 
	 
	 	 	 	 	 	 
	6-1162-RCN-1793

	 	Open Configuration Matters	 	 	 	 
	 
	 	 	 	 	 	 
	6-1162-RCN-1795

	 	AGTA Amended Articles	 	 	 	 
	 
	 	 	 	 	 	 
	6-1162-RCN-1796

	 	777 First-Look Inspection Program	 	 	 	 
	 
	 	 	 	 	 	 
	6-1162-RCN-1797

	 	Licensing and Customer Supplemental Type
Certificates	 	 	 	 
	 
	 	 	 	 	 	 
	6-1162-RCN-1798

	 	777 Boeing Converted Freighter
	 	Deleted in SA # 4

	 
	 	 	 	 	 	 
	6-1162-RCN-1798 R1

	 	777 Boeing Converted Freighter
	 	 	4	 
	 
	 	 	 	 	 	 
	6-1162-RCN-1799

	 	[ * ]	 	 	 	 
	 
	 	 	 	 	 	 
	6-1162-RRO-1062

	 	Option Aircraft
	 	 	4	 
	 
	 	 	 	 	 	 
	6-1162-RRO-1065

	 	Performance Guarantees for Block B Aircraft
	 	 	4	 
	 
	 	 	 	 	 	 
	6-1162-RRO-1066

	 	Special Matters for Block B Aircraft
	 	 	4	 
	 
	 	 	 	 	 	 
	6-1162-RRO-1067

	 	Special Matters for Option Aircraft detailed in

Letter Agreement 6-1162-RRO-1062
	 	 	4	 
	 
	 	 	 	 	 	 
	6-1162-RRO-1068

	 	Special Provision — Block B Aircraft
	 	 	4	 

 

S5 - 2

 

Supplemental Agreement 5 to

Purchase Agreement No. 3157

	 	 	 
	SUPPLEMENTAL AGREEMENTS	 	DATED AS OF:
	 
	 	 
	Supplemental Agreement No. 1

	 	May 12, 2008
	 
	 	 
	Supplemental Agreement No. 2

	 	July 14, 2008
	 
	 	 
	Supplemental Agreement No. 3

	 	December 15, 2008
	 
	 	 
	Supplemental Agreement No. 4

	 	January 9, 2009
	 
	 	 
	Supplemental Agreement No. 5

	 	January 11, 2010

	 	 	 
	*	 	Blank spaces contained confidential information which has been filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of
1934, as amended.

 

S5 - 3

 

Table
1 to
Purchase Agreement No. 3157
Aircraft Delivery,
Description, Price and Advance Payments

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Airframe Model/MTOW:
	 	777-Freighter	 	766000 pounds	 	Detail Specification: D019W007FED7F-1, Rev NEW	 	 	 	 	 	 	 	 
	Engine Model/Thrust:
	 	GE90-110B1L	 	110100 pounds	 	Airframe Price Base Year/Escalation Formula:	 	Jul-06	 	ECI-MFG/CPI
	Airframe Price:
	 	 	 	 	 	 	[  *  ]	 	 	Engine Price Base Year/Escalation Formula:	 	 	N/A	 	 	 	N/A	 
	Optional Features:
	 	 	 	 	 	 	[  *  ]	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sub-Total of Airframe and Features:
	 	 	[ * ]	 	 	Airframe Escalation Data:	 	 	 	 	 	 	 	 
	Engine Price (Per Aircraft):
	 	$	0	 	 	Base Year Index (ECI):	 	 	180.3	 	 
	Aircraft Basic Price (Excluding BFE/SPE):
	 	 	[ * ]	 	 	Base Year Index (CPI):	 	 	195.4	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Buyer Furnished Equipment (BFE) Estimate:	 	 	[ * ]	 	 	 	 	 	 	 	 	 	 	 	 	 
	Seller Purchased Equipment (SPE) Estimate:	 	$	0	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Refundable Deposit/Aircraft at Proposal Accept:	 	 	[ * ]	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
	 	 	 	 	Escalation	 	 	 	 	 	Escalation Estimate	 	Balance	 	 	 	 	 	 
	Delivery	 	Number of	 	Factor	 	 	 	 	 	Adv Payment Base	 	At Signing	 	24 Mos.	 	21/18/15/12/9/6 Mos.	 	Total
	Date	 	Aircraft	 	(Airframe)	 	 	 	 	 	Price Per A/P	 	1%	 	4%	 	5%	 	35%
	Aircraft	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[ * ]
	 	1	 	1.0816	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	1	 	1.0832	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	1	 	1.0858	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	1	 	1.0963	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	1	 	1.1087	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	1	 	1.1112	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	2	 	1.1128	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	1	 	1.1325	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	1	 	1.1415	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	2	 	1.1501	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	1	 	1.1612	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	1	 	1.1869	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]
	[ * ]
	 	1	 	1.1957	 	 	 	 	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]	 	[  *  ]

	 	 	 
	Note:	 	Boeing and Customer acknowledge that letter 6-1162-RRO-1069 “Delivery Notice and Excusable
Delay for Aircraft
with Delivery Dates of [ * ] has been sent to Customer.
	 
	 	 	Per SA # 5, [ * ]. Per SA # 5, [ * ].
	 
	*	 	Blank spaces contained confidential information which has been filed separately with the
Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of
1934, as amended.

	 	 	 	 	 
	FED

	 	 	 	Supplemental Agreement No. 5
	50269-1F.TXT

	 	Boeing Proprietary
	 	Page 1

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