Document:

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                                                                   EXHIBIT 10.46

                                    AMENDMENT

     THIS AMENDMENT ("Amendment") dated the 28th day of May, 2003, amends the
Transportation Agreement dated as of January 10, 2001 (the "Agreement") between
The United States Postal Service ("USPS") and Federal Express Corporation
("FedEx").

                                    PREAMBLE

     WHEREAS, USPS and FedEx entered into the Agreement in order to provide for
the transportation and delivery of the Products (as such term is defined in the
Agreement);

     WHEREAS, the parties now desire to amend certain provisions of the
Agreement to provide an expansion of the Products as stated below;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained in this Amendment, the parties agree as follows:

     1.  FedEx agrees to transport Division 6.2 diagnostic specimens, as that
term is defined in 49 C.F.R. 173.134, which are tendered by USPS under the
Agreement provided that such items are packaged in accordance with that
provision and 49 C.F.R. 173.199, the technical requirements of the International
Civil Aviation Association ("ICAO") Packaging Instruction 650 and the Domestic
Mail Manual CO23.8.0. In addition, any such package must have the shipper's name
and address permanently affixed.

     2.  The parties agree to amend the provisions of the Agreement pertaining
to Unacceptable Packages which is set forth as Attachment IV to the Operating
Specifications to accommodate the new packaging requirement. The amended
Attachment IV is attached.

     3.  All capitalized terms not otherwise defined in this Amendment shall
have the meanings set forth in the Agreement.

     4.  Except as amended by this Amendment, the terms and conditions of the
Agreement shall remain in full force and effect and are ratified and confirmed
in all respects.

     IN WITNESS WHEREOF, the parties have signed this Amendment in duplicate,
one for each of the Parties, as of May 28, 2003.

                              THE UNITED STATES POSTAL SERVICE

                              By: /s/ CHARLES A. PAWLUS
                                 -----------------------------------------------
                              Title: Purchasing and Supply Management Specialist

                              FEDERAL EXPRESS CORPORATION

                              By: /s/ PAUL J. HERRON
                                 -----------------------------------------------
                              Title: Vice President

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                                  ATTACHMENT IV
                                       TO
                            OPERATING SPECIFICATIONS

                             UNACCEPTABLE PACKAGING

PACKAGING AND MARKING

All packages must be prepared and packed for safe transportation with ordinary
care in handling. Any articles susceptible to damage as a result of conditions
which may be encountered in air transportation, such as changes in temperature
or atmospheric pressure, must be adequately protected by proper packaging.

Items that cannot be packed into cartons (auto tail pipes, mufflers, tires,
rims, etc.) should have all sharp edges and protrusions wrapped and the address
label secured by pressure-sensitive tape wrapped completely around the object.

Briefcases, luggage, garment bags, aluminum cases, plastic cases, computer
cartons or similar types of items whose outer finish might be damaged by
adhesive labels, soiling, marking or other types of surface damage that is
normal with ordinary care in handling should be placed in a protective container
for shipment. Items with casters, wheels or rollers must have them removed or
packaged to prevent damage.

Blood, urine and other infectious substances will be accepted only when shipped
in a strong outer shipping container constructed of cardboard/corrugated
fiberboard, wood, metal or rigid plastic containing a sealed watertight primary
receptacle placed inside of a sealed watertight secondary receptacle. Absorbent
material must also be placed inside of the secondary watertight receptacle.
Packaging must be larger than 7" in length, 4" in width, and 2" in depth.
Packages smaller than the minimum size should be placed in other packaging.
Unacceptable packaging includes, but is not limited to, StyrofoamTM, plastic
bags, paper envelopes, FedEx Envelope, FedEx Packet, FedEx Pak, FedEx Box, FedEx
Tube, and FedEx 10kg and FedEx 25kg boxes. We will refuse to accept packages not
meeting these or any federal requirements. Also, all shipments of blood and
blood products must comply with all applicable local, state and federal laws
governing packing, marking and labeling. Any diagnostic specimens must be
properly packaged in accordance with 49 CFR 173.134 and 173.199, ICAO Packaging
Instruction 650 and Domestic Mail Manual C023.8.0. and must have the shipper's
name and address permanently affixed to the package.

FedEx will only accept shipments of firearms when either the shipper or
recipient is a licensed manufacturer, licensed importer, licensed dealer or
licensed collector and is not prohibited from making such shipments by federal,
state or local regulations when these conditions are met. FedEx will accept and
deliver firearms between all areas served in the U.S. and Puerto Rico. Firearms
must be

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shipped via FedEx Priority Overnight and may not be sent C.O.D. Upon
presenting the package for shipment, the shipper is required to inform FedEx
that the package contains a firearm. Firearms may not be shipped in one complete
piece. When tendered for shipment, the firearm must be rendered inoperable,
either by removing the firing pin in the gun and disconnecting the barrel, or by
some other means so the package does not contain a completely assembled, usable
weapon. The outside of the package should bear no label, marking, or other
written notice that a firearm is contained within. This includes the
abbreviation of the name of the shipper or recipient if the name would clearly
indicate that the package could contain a firearm. Firearms and ammunition may
not be shipped in the same package. Ammunition is always an explosive and must
be shipped as dangerous goods. The shipper and recipient are required to comply
with all applicable government regulations and laws, including those pertaining
to labeling. The local division office of the Bureau of Alcohol, Tobacco and
Firearms (ATF) can provide assistance with the packaging and shipment of
firearms.

FedEx will accept alcohol shipments (beer, wine and hard liquor) when both the
shipper and recipient are either a licensed wholesaler, licensed dealer,
licensed distributor, licensed manufacturer, or licensed importer. Alcohol
service into, out of, or within the states of Massachusetts and New Hampshire is
not currently available. Shipments from licensed entities to consumers are
permitted in certain instances for wine shipments only. Shippers making direct
shipments to consumers must complete a FedEx Supplemental Wine Shippers
Agreement.

Tobacco products will be accepted only when shipped from a licensed dealer or
distributor to another licensed dealer or distributor.

Plants and plant materials, including seedlings, plant plugs and cut flowers,
must be shipped in accordance with applicable state and federal laws. Packages
containing these items may be inspected by government agencies, which may result
in a delay in delivery.

Ostrich/emu eggs may be shipped only in accordance with applicable state and
federal laws. The shipper is responsible for ensuring compliance with state and
federal law.

FedEx does not provide special handling for packages bearing "Fragile,"
"Refrigeration required," or orientation markings (e.g., "UP" arrows or "THIS
END UP" markings).

Meat, fish and poultry shipments can be shipped only in accordance with
applicable state and federal laws. The shipper is responsible for ensuring
compliance with state and federal law.

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Shipments of over-the-counter and prescription pharmaceuticals will only be
accepted when tendered in accordance with applicable federal, state or local
laws. The shipper is responsible for compliance with all applicable laws.
Pharmaceutical packages should bear no label, markings, or other written notice
that a pharmaceutical is contained within. Proper packaging such as cotton or
other appropriate packing material should be used in order to protect the
contents of the shipment.

The following items are prohibited and will not be accepted:
a. Cash, currency, collectible stamps and coins
b. Live animals, including birds, reptiles, fish (Edible seafood such as live
lobsters, crabs or other types of fish/shellfish for human consumption are
acceptable, provided the shipper is in compliance with state and federal laws.)
c. Animal carcasses will not be accepted. Animal heads and other parts for
taxidermy may be accepted but must be properly packaged. Restrictions do not
apply to materials intended for consumption.
d. Human corpses or body parts; cremated or disinterred human remains
e. Shipments which require us to obtain a federal, state or local license for
their transportation
f. Shipments which may cause damage or delay to equipment, personnel or other
shipments
g. Lottery tickets and gambling devices where prohibited by federal, state or
local law
h. Hazardous waste, used hypodermic needles and/or syringes or medical waste
i. Packages/shipments that are wet, leaking or emit an odor of any kind
j. Packages that are wrapped in kraft paper
k. Live insects
l. Shipments whose carriage is prohibited by law, statute or regulation of any
state in which the shipment may travel
m. Shipments whose carriage is prohibited by applicable federal, state or local
law
n. Shipments with loose hanging straps or strings.

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                        FIRST AMENDMENT TO THIRD ADDENDUM

     THIS FIRST AMENDMENT TO THIRD ADDENDUM adds to and expands upon paragraph
10 of the THIRD ADDENDUM of the January 10, 2001 Transportation Agreement
between the United States Postal Service ("USPS" or "the Postal Service") and
Federal Express Corporation ("FedEx").

                                BACKGROUND FACTS

     On January 10, 2001, USPS and FedEx entered into the Transportation
Agreement which states that FedEx will provide for the transportation of certain
USPS Products with a Minimum Guaranteed Volume for the Day-turn Operations of
[*] and for a Night-turn volume of [*].

     On January 30, 2003, USPS and FedEx entered into the Third Addendum to the
Transportation Agreement due to the USPS' immediate need for the transportation
of its Product over and above the Minimum Guaranteed Volumes listed in the
Transportation Agreement. In addition to changes in the Minimum Guaranteed
Volumes, the parties agreed, in the Third Addendum, paragraph 10, that FedEx
would provide aircraft service into and out of Billings, MT.

     Concerning the Billings, MT service, the parties further agree as follows:

                                    AGREEMENT

     1.  DEFINITIONS

For the purposes of this First Amendment to the Third Addendum, capitalized
terms shall have the meaning outlined in the Transportation Agreement. The
following additional terms shall have the following meaning:

     "Agent" means any person, who is not a FedEx or USPS employee, or any
company, that is working on behalf of or under contract with FedEx or USPS.

     "BIL Ramp" means the Billings, MT ramp at the Billings Logan International
Airport, located in Billing, MT, under lease by the USPS from Corporate Air. See
attached Exhibits A & B for pictorial layout.

     "Lease" means the agreement for use of the Billings, MT ramp between the
USPS and Corporate Air dated May 27, 1999.

     2.  BILLINGS, MT USPS WARRANTIES AND REPRESENTATIONS

     (a) The USPS warrants and represents to FedEx that the USPS may allow FedEx
to use the BIL Ramp under the Lease.

*  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.

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     (b) FedEx is not required to pay the USPS any money or consideration for
FedEx's use of the BIL Ramp when used for fulfilling its USPS Transportation
Agreement contract duties.

     (c) FedEx's use of the BIL Ramp is contingent upon the USPS' continued
lease of and access to the ramp. In the event the USPS does not have access to
or a right to use the BIL Ramp, as of the date of that occurrence, FedEx will no
longer have a right to use the ramp. However, as of the date of that occurrence,
FedEx will still be expected to provide the services outlined in paragraph 10 of
the Third Addendum and the Transportation Agreement.

     (d) As required by the Lease, the USPS will maintain the BIL Ramp in proper
condition, making all ordinary repairs for which it is responsible under the
Lease, so that FedEx's planes will not be damaged while using the BIL Ramp.

     3.  LIABILITIES

FedEx shall be liable to USPS for any losses suffered by USPS which arise out of
or result from injuries to persons or property as a result of FedEx or its
agent's use of the BIL Ramp.

     4.  FULL FORCE AND EFFECT

Except as amended by this First Amendment to the Third Addendum, the terms and
conditions of the Transportation Agreement shall remain in full force and effect
and are ratified and confirmed in all other respects.

     5. PROVISION CONFLICT

If any provision of this First Amendment to the Third Addendum conflicts with
any provision of the Transportation Agreement, the provisions of this Amendment
shall govern.

     The parties have signed this First Amendment to the Third Addendum in
duplicate, one for each of the parties, as of June 4, 2003.

                      THE UNITED STATES POSTAL SERVICE

                      By: /s/ CHARLES A. PAWLUS
                          -----------------------------------------------

                      Printed Name: Charles A. Pawlus

                      Printed Title: Purchasing and Supply Management Specialist

                      Date: June 4, 2003

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                     FEDERAL EXPRESS CORPORATION

                      By: /s/ PAUL J. HERRON
                          -----------------------------------------------

                      Printed Name:  Paul J. Herron

                      Printed Title: Vice President

                      Date: May 30, 2003

                                        3
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                                                                Exhibits A and B

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                                                                   EXHIBIT 10.67

                               FIRST AMENDMENT TO

                           FEDERAL EXPRESS CORPORATION

                         RETIREMENT PARITY PENSION PLAN

                          (EFFECTIVE DATE JUNE 1, 1993,
                 AS AMENDED AND RESTATED EFFECTIVE JUNE 1, 1999)

     WHEREAS, Federal Express Corporation (the "Company") has established the
Federal Express Corporation Retirement Parity Pension Plan (the "Plan") as 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, with benefits payable when due out of the assets of the
Company as its general, unsecured obligations; and

     WHEREAS, the Company has reserved the right, pursuant to Section 12 of the
Plan, to amend the Plan at any time;

     NOW, THEREFORE, the Company amends the Plan, effective as of the dates
provided herein, to (i) clarify the eligibility provisions, as set forth in
Section 2 of the Plan and (ii) clarify the benefit amount payable with respect
to an eligible Officer or Managing Director the terms of whose employment are

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governed by the collective bargaining agreement between the Company and the
Fedex Pilots Association effective May 31, 1999 (or any successor agreement
thereto).

I.   Effective March 1, 2000, Section 2 of the Plan is amended to read as
follows:

     SECTION 2. ELIGIBILITY. 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 Tower Group International, Inc.; on or after May
1, 2000, World Tariff, Limited; and on or after June 1, 2000, FedEx Corporate
Services, 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, who

          (i)     serves as an Officer after the Effective Date or, after June
                  1, 1996, as a Managing Director,

          (ii)    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

          (iii)   is an active participant in the Federal Express Corporation
                  Employees' Pension Plan, as it currently exists and as it may
                  be amended from time to time (the "Qualified Pension Plan"),

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shall be eligible for the benefit described in subsection (a) of Section 3
below. In addition, an Officer described above shall be eligible for the benefit
described in subsection (b) of Section 3 below. 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 of the following
entities shall be taken into account: Federal Express Corporation, FedEx
Corporation, FedEx Global Logistics, Inc., Caliber System, Inc., Caliber
Technology, Inc., FedEx Supply Chain Services, Inc. (formerly, Caliber
Logistics, Inc.), FedEx Ground Package System, Inc. (formerly, RPS, Inc.), FedEx
Custom Critical, Inc. (formerly, Roberts Express, Inc.), Viking Freight System,
Inc., FedEx Trade Networks, Inc., Tower Group International, Inc., World Tariff,
Limited, or FedEx Corporate Services, Inc.

                                        3
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II.  Effective June 1, 1999, Section 3 of the Plan is amended to read as
follows:

     SECTION 3. BENEFIT AMOUNT AND LIMITATIONS. (a) An Officer or Managing
Director who meets the eligibility requirements of Section 2 above shall be paid
from the Plan a benefit equal to 100% of the difference between the Unreduced
Benefit and the Maximum Benefit.

     For the purpose of this Plan, "Unreduced Benefit" shall mean the benefit
that would be provided to the Officer by the Qualified Pension Plan without
regard to the limits imposed by Internal Revenue Code (the "Code") Section 415
(limitations on benefits for defined benefit plans and limitation in case of
defined benefit and defined contribution plan for same employee) and Section
401(a)(17) (annual compensation limit). "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 (without regard
to the limits imposed under 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) are not Officers or Managing Directors the terms of whose employment
are governed by the collective bargaining agreement between the Company and the
Fedex Pilots Association effective May 31, 1999 (or any successor agreement
thereto), and (iii) retire on or after June 1, 1999, the number of whole
calendar years over which the arithmetic average is determined shall be three
(3)

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years instead of five (5) years.

     For the purpose of this Plan, "Maximum Benefit" shall mean the benefit
actually provided to the Officer or Managing Director by the Qualified Pension
Plan.

     (b) An Officer who meets the eligibility requirements of Section 2 above
shall be paid from this Plan, in addition to the benefit described in subsection
(a) above, the difference between such Officer's Maximum Benefit under 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 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

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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, the benefit payable to
an Officer or Managing Director 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
Qualified 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).

     (d) 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 Officers Nonqualified Disability Plan, as applicable.

                                        6
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     IN WITNESS WHEREOF, the undersigned duly authorized Officers of the
participating employers have caused this Plan amendment and restatement to be
adopted effective as of the dates provided herein, by affixing their signatures
hereto.

                                            FEDERAL EXPRESS CORPORATION

                                            BY:/s/ STEVEN E. PRIDDY
                                               --------------------------
                                            Steven E. Priddy
                                            Vice President, Personnel
                                            Administration
                                            Date: March 1, 2000

                                            FEDEX CORPORATION

                                            BY:/s/ WILLIAM J. CAHILL
                                               --------------------------
                                            William J. Cahill
                                            Staff Vice President,
                                            Personnel
                                            Date: March 1, 2000

                                            FEDEX GLOBAL LOGISTICS, Inc.

                                            BY:/s/ AMI P. KELLEY
                                               --------------------------
                                            Ami P. Kelley
                                            Vice President and
                                            General Counsel
                                            Date: March 1, 2000

                                            FEDEX TRADE NETWORKS, Inc.

                                            BY:/s/ PENELOPE W. REGISTER
                                               --------------------------
                                            Penelope W. Register
                                            Vice President and
                                            General Counsel
                                            Date: March 1, 2000

                                            TOWER GROUP INTERNATIONAL, Inc.

                                            BY:/s/ GERALD P. LEARY
                                               --------------------------
                                            Gerald P. Leary
                                            President
                                            Date: March 1, 2000

                                        7
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                                            WORLD TARIFF, LIMITED

                                            BY:/s/ PENELOPE W. REGISTER
                                               --------------------------
                                            Penelope W. Register
                                            Vice President and
                                            Secretary
                                            Date: March 1, 2000

                                            FEDEX CORPORATE SERVICES, Inc.

                                            BY:/s/ WILLIAM J. CAHILL
                                               --------------------------
                                            William J. Cahill
                                            Vice President, Personnel
                                            Date: March 1, 2000

ATTEST:

/s/ GEORGE W. HEARN
-------------------------
George W. Hearn, Corporate Vice President
and Assistant Secretary, FedEx Corporation

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