Document:

EXHIBIT
10.152

 

MICRON
TECHNOLOGY, INC.

2002
EMPLOYMENT INDUCEMENT STOCK OPTION PLAN

 

 

                1.             Purposes of the Plan.  The purposes of this Employment Inducement Stock Option Plan are
to attract and retain the best available personnel for new employment positions
with the Company or its Subsidiaries and thereby promote the success of the
Company’s business.  Options granted
under the Plan shall be Nonstatutory Stock Options.

 

                2.             Definitions. 
As used herein, the following definitions shall apply:

 

(a)           “Administrator”
means the Board or any of its Committees as shall be administering the Plan, in
accordance with Section 4 of the Plan.

 

(b)           “Applicable Laws”
means the legal requirements relating to the administration of stock option
plans under Delaware corporate and securities laws and the Code.

 

(c)           “Board” means
the Board of Directors of the Company.

 

(d)           “Change in
Control” means the acquisition by any person or entity, directly,
indirectly or beneficially, acting alone or in concert, of more than
thirty-five percent (35%) of the Common Stock of the Company outstanding at any
time.

 

(e)           “Code” means
the Internal Revenue Code of 1986, as amended.

 

(f)            “Committee”
means a Committee appointed by the Board in accordance with Section 4 of the
Plan.

 

(g)           “Common Stock”
means the Common Stock of the Company.

 

(h)           “Company”
means Micron Technology, Inc., a Delaware corporation.

 

(i)            “Consultant”
means any person, including an advisor, engaged by the Company or any
Subsidiary to render services.

 

(j)            “Continuous
Status as an Employee or Consultant” means that the employment or
consulting relationship with the Company or any Subsidiary is not interrupted
or terminated.  Continuous Status as an
Employee or Consultant shall not be considered interrupted in the case of (i)
military leave, sick leave, or any personal leave of absence approved by the
Company, or (ii) transfers between locations of the Company or between the
Company, any Subsidiary, or any successor, or (iii) the transition from an
Employee to a Consultant provided that the person becomes a Consultant
immediately after his or her employment is terminated, or (iv) in the
discretion of the Administrator as specified at or prior to such occurrence, in
the case of a spin-off, sale, or disposition of the Optionee’s employer from
the Company or any Parent or Subsidiary.

 

(k)           “Director”
means a member of the Board.

 

(l)            “Disability”
means total and permanent disability as defined in Section 22(e)(3) of the
Code.

 

(m)          “Employee”
means any person, including an Officer or Director, who is a common law
employee of the Company or any Subsidiary of the Company. Neither service as a
Director nor payment of a Director’s fee by the Company shall be sufficient to
constitute “employment” by the Company.

 

(n)           “Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

 

 

(o)           “Fair Market
Value” means, as of any date, the value of Common Stock determined as
follows:

 

                                                (i)            If the Common Stock is listed on any
established stock exchange, including without limitation the New York Stock
Exchange (“NYSE”), or a national market system, the Fair Market Value of a
Share of Common Stock shall be the average closing price for such stock (or the
closing bid, if no sales were reported) as quoted on such exchange or system
(or the exchange with the greatest volume of trading in Common Stock) on the
day of determination, as reported by Bloomberg L.L.P. or
such other source as the Administrator deems reliable;

 

                                                (ii)           If the Common Stock is quoted on the
over-the-counter market or is regularly quoted by a recognized securities
dealer, but selling prices are not reported, the Fair Market Value of a Share
of Common Stock shall be the mean between the high bid and low asked prices for
the Common Stock on the day of determination, as reported by Bloomberg L.L.P. or such other source as the Administrator
deems reliable;

 

                                                (iii)          In the absence of an established
market for the Common Stock, the Fair Market Value shall be determined in good
faith by the Administrator.

 

(p)           “Nonstatutory
Stock Option” means an Option that does not qualify as an as an incentive
stock option within the meaning of Section 422 of the Code and the regulations
promulgated thereunder.

 

(q)           “Notice
of Grant” means a written notice evidencing certain terms and conditions of
an individual Option grant. The Notice of Grant is subject to the terms and
conditions of the Option Agreement.

 

(r)            “Officer”
means a person who is an officer of the Company within the meaning of Section
16 of the Exchange Act and the rules and regulations promulgated thereunder.

 

(s)           “Option”
means a stock option granted pursuant to the Plan.

 

(t)            “Option
Agreement” means a written agreement between the Company and an Optionee
evidencing the terms and conditions of an individual Option grant.  The Option Agreement is subject to the terms
and conditions of the Plan.

 

(u)           “Optioned
Stock” means the Common Stock subject to an Option.

 

(v)           “Optionee”
means an Employee who holds an outstanding Option granted under the Plan.

 

(w)          “Parent”
means a “parent corporation”, whether now or hereafter existing, as defined in
Section 424(e) of the Code.

 

(x)            “Plan”
means this 2002 Employment Inducement Stock Option Plan.

 

(y)           “Rule
16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3,
as in effect when discretion is being exercised with respect to the Plan.

 

(z)            “Share”
means a share of the Common Stock, as adjusted in accordance with Section 12 of
the Plan.

 

(aa)         “Subsidiary”
means a “subsidiary corporation”, whether now or hereafter existing, as defined
in Section 424(f) of the Code, and shall also include any other entity in which
the Company, or any Subsidiary of the Company has a significant ownership
interest.

 

 

2

 

 

3.             Stock Subject to
the Plan.  Subject to the provisions
of Section 12 of the Plan, the maximum aggregate number of Shares which may be
optioned and sold under the Plan is 1,000,000 Shares. The Shares may be
authorized, but unissued, or reacquired Common Stock.

 

If an Option expires or becomes unexercisable without having been
exercised in full, the unpurchased Shares which were subject thereto shall
become available for future grant or sale under the Plan (unless the Plan has
terminated); provided, however, that Shares that have actually been
issued under the Plan shall not be returned to the Plan and shall not become
available for future distribution under the Plan.

 

4.             Administration
of the Plan.

 

(a)           Administrator.  The Plan shall be administered by a
Committee appointed by the Board (which Committee shall consist of two or more
Directors) or, at the discretion of the Board from time to time, the Plan may
be administered by the Board.  It is
intended that the Directors appointed to serve on the Committee shall be
“non-employee directors” (within the meaning of Rule 16b-3).  However, the mere fact that a Committee
member shall fail to so qualify shall not invalidate any Option granted by the
Committee which Option is otherwise validly made under the Plan.  The members of the Committee shall be
appointed by, and may be changed at any time and from time to time in the
discretion of, the Board.  The Board, in
its discretion, may delegate to a special committee all or part of the
Administrator’s authority and duties with respect to grants and awards to
individuals who at the time of grant are not, and are not anticipated to
become, persons subject to the reporting and other provisions of
Section 16 of the Exchange Act. 
The Board may revoke or amend the terms of a delegation at any time but such
action shall not invalidate any prior actions of the delegate or delegates that
were consistent with the terms of the Plan.

 

(b)           Powers of the
Administrator.  Subject to the
provisions of the Plan, and in the case of a Committee, subject to the specific
duties delegated by the Board to such Committee, the Administrator shall have
the authority, in its discretion:

 

(i)            to determine the
Fair Market Value of the Common Stock, in accordance with Section 2(o) of the
Plan;

 

(ii)           to select the
Employees to whom Options may be granted hereunder; provided, however, that
Options may be granted hereunder only to a person as an inducement for him or
her to accept employment with the Company or any Subsidiary;

 

(iii)          to determine
whether and to what extent Options are granted;

 

(iv)          to determine the
number of shares of Common Stock to be covered by each Option granted
hereunder;

 

(v)           to approve forms of
agreement for use under the Plan;

 

(vi)          to determine the
terms and conditions, not inconsistent with the terms of the Plan, of any award
granted hereunder. Such terms and conditions include, but are not limited to,
the exercise price, the time or times when Options may be exercised (which may
be based on performance criteria), any vesting acceleration or waiver of forfeiture
restrictions, and any restriction or limitation regarding any Option or the
shares of Common Stock relating thereto, based in each case on such factors as
the Administrator, in its sole discretion, shall determine;

 

(vii)         to construe and
interpret the terms of the Plan and awards granted pursuant to the Plan;

 

 

3

 

 

(viii)        to prescribe, amend,
and rescind rules and regulations relating to the Plan, including rules and
regulations relating to sub-plans established for the purpose of qualifying for
preferred tax treatment under foreign tax laws;

 

(ix)           to modify or amend
each Option (subject to Section 14 of the Plan);

 

(x)            to authorize any
person to execute on behalf of the Company any instrument required to effect
the grant of an Option previously granted by the Administrator; and

 

(xi)           to make all other
determinations deemed necessary or advisable for administering the Plan; and

 

(xii)          to allow Optionees
to satisfy withholding tax obligations by electing to have the Company withhold
from the Shares to be issued upon exercise of an Option that number of Shares
having a Fair Market Value equal to the minimum amount (and not any greater
amount) required by law to be withheld. 
The Fair Market Value of the Shares to be withheld shall be determined
on the date that the amount of tax to be withheld is to be determined. All
elections by an Optionee to have Shares withheld for this purpose shall be made
in such form and under such conditions as the Administrator may deem necessary
or advisable.

 

(c)           Effect of
Administrator’s Decision. The Administrator’s decisions, determinations,
and interpretations shall be final and binding on all Optionees and any other
holders of Options.

 

5.             Eligibility.  Options may be granted hereunder only to a
person who is being hired  as an
Employee of the Company or any Subsidiary as an inducement to such
employment.  A person who has been
granted an Option under this Plan may not be granted additional Options under
this Plan, but may be granted options or other awards under other plans of the
Company.

 

6.             Limitations.

 

(a)           Neither the Plan nor
any Option shall confer upon an Optionee any right with respect to continuing
the Optionee’s employment with the Company, nor shall they interfere in any way
with the Optionee’s right or the Company’s right to terminate such employment
at any time, with or without cause.

 

(b)           The following
limitations shall apply to grants of Options hereunder:

 

(i)            No Employee shall
be granted under the Plan Options to purchase more than 500,000 Shares.

 

(ii)           The foregoing
limitations shall be adjusted proportionately in connection with any change in
the Company’s capitalization as described in Section 12.

 

 

7.             Effective Date.  The Plan shall become effective upon its
adoption by the Board.

 

8.             Term of Option.  The term of each Option shall be stated in
the Notice of Grant, but shall not exceed ten (10) years.

 

9.             Option
Exercise Price and Consideration.

 

(a)           Exercise Price.  The per share exercise price for the Shares
to be issued pursuant to exercise of an Option shall be determined by the
Administrator, but shall not be less than the Fair Market Value per share on
the date of grant of the Option.

 

 

4

 

 

(b)           Waiting
Period and Exercise Dates.  At the
time an Option is granted, the Administrator shall fix the period within which
the Option may be exercised and shall determine any conditions which must be
satisfied before the Option may be exercised. In doing so, the Administrator
may specify that an Option may not be exercised until the completion of a
service period.

 

(c)           Form
of Consideration. The Administrator shall determine the acceptable form of
consideration for exercising an Option, including the method of payment.  The Administrator shall determine the
acceptable form of consideration. Such consideration may consist entirely of:

 

(i)            cash;

 

(ii)           check;

 

(iii)          promissory note;

 

(iv)          other Shares which
have been owned by the Optionee for more than six months on the date of
surrender and have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which said Option shall be
exercised;

 

(v)           to the extent
permitted under Regulation T of the Federal Reserve Board, and subject to
applicable securities laws and the Company’s adoption of such program in
connection with the Plan, the delivery of a properly executed exercise notice
together with such other documentation as the Administrator and the broker, if
applicable, shall require to effect a so-called “cashless exercise” whereby the
broker sells the Option Shares and delivers cash sales proceeds to the Company
in payment of the exercise price and any applicable taxes (in which case the
date of exercise shall be deemed to be the date on which notice of exercise is
received by the Company, and the exercise price shall be delivered to the
Company on the settlement date);

 

(vi)          a reduction in the
amount of any Company liability to the Optionee, including any liability
attributable to the Optionee’s participation in any Company­ sponsored deferred
compensation program or arrangement;

 

(vii)         any combination of
the foregoing methods of payment; or

 

(viii)        such other
consideration and method of payment for the issuance of Shares to the extent
approved by the Administrator and permitted by Applicable Laws.

 

10.           Exercise of
Option.

 

(a)           Procedure for
Exercise; Rights as a Shareholder. 
Any Option granted hereunder shall be exercisable according to the terms
of the Plan and at such times and under such conditions as determined by the
Administrator and set forth in the Option Agreement.

 

An Option may not be exercised for a fraction of a
Share.

 

An Option shall be deemed exercised when the Company receives:
(i) notice of exercise (in accordance with the Option Agreement) from the
person entitled to exercise the Option, and (ii) full payment for the Shares
with respect to which the Option is exercised. Full payment may consist of any
consideration and method of payment authorized by the Administrator and
permitted by the Option Agreement and the Plan. Until the stock certificate
evidencing such Shares is issued (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company), no
right to vote or receive dividends or any other rights as a shareholder shall
exist with respect to the Optioned Stock, notwithstanding the exercise of the
Option.  The Company shall issue (or
cause to be issued) such stock certificate, either in book entry form or in
certificate form, promptly after the Option is exercised.  No adjustment will be made for a dividend or
other right for which the record date is prior to the date the Shares are
issued, except as provided in Section 12 of the Plan.

 

 

5

 

 

Exercising an Option in any manner shall decrease the number of Shares
thereafter available, both for purposes of the Plan and for sale under the
Option, by the number of Shares as to which the Option is exercised.

 

(b)           Termination of
Employment or Consulting Relationship. 
Upon termination of an Optionee’s Continuous Status as an Employee or
Consultant, other than upon the Optionee’s death or Disability, the Optionee
may exercise his or her Option, but only within such period of time as is
specified in the Notice of Grant, and only to the extent that the Optionee was
entitled to exercise it as the date of termination (but in no event later than
the expiration of the term of such Option as set forth in the Notice of Grant).  In the absence of a specified time in the
Notice of Grant, the Option shall remain exercisable for thirty 30 days
following the Optionee’s termination of Continuous Status as an Employee or
Consultant.  If, at the date of
termination, the Optionee is not entitled to exercise his or her entire Option,
the Shares covered by the unexercisable portion of the Option shall revert to
the Plan.  If, after termination, the
Optionee does not exercise his or her Option within the time specified herein,
the Option shall terminate, and the Shares covered by such Option shall revert
to the Plan.

 

(c)           Disability of
Optionee.  In the event that an
Optionee’s Continuous Status as an Employee terminates as a result of the
Optionee’s Disability, the Optionee may exercise his or her Option at any time
within twelve (12) months from the date of such termination, but only to the
extent that the Optionee was entitled to exercise it at the date of such
termination (but in no event later than the expiration of the term of such Option
as set forth in the Notice of Grant). 
If, at the date of termination, the Optionee does not exercise his or
her entire Option, the Shares covered by the unexercisable portion of the
Option shall revert to the Plan.  If,
after termination, the Optionee does not exercise his or her option within the
time specified herein, the Option shall terminate, and the Shares covered by
such Option shall revert to the Plan.

 

(d)           Death of Optionee.  In the event of the death of an Optionee,
the Option may be exercised at any time within twelve (12) months following the
date of death (but in no event later than the expiration of the term of such
Option as set forth in the Notice of Grant), by the Optionee’s estate or by a
person who acquired the right to exercise the Option by bequest or inheritance,
but only to the extent that the Optionee was entitled to exercise the Option at
the date of death.  If, at any time of
death, the Optionee was not entitled to exercise his or her entire Option, the
Shares covered by the unexercisable portion of the Option shall immediately
revert to the Plan.  If, after death,
the Optionee’s estate or a person who acquired the right to exercise the Option
by bequest or inheritance does not exercise the Option within the time
specified herein, the Option shall terminate, and the Shares covered by such
Option shall revert to the Plan.

 

(e)           Suspension.  Any Optionee who is also a participant in
the Retirement at Micron (“RAM”) Section 401(k) Plan and who requests and
receives a hardship distribution from the RAM Plan, is prohibited from making,
and must suspend, his or her employee elective contributions and employee
contributions including, without limitation on the foregoing, the exercise of
any Option granted from the date of receipt by that employee of the RAM
hardship distribution for the time period, if any, required by the RAM Plan.

 

11.           Non-Transferability
of Options. Unless determined otherwise by the Administrator, an Option may
not be sold, pledged, assigned, hypothecated, transferred, or disposed of in
any manner other than by will or by the laws of descent or distribution and may
be exercised, during the lifetime of the Optionee, only by the Optionee.  If the Administrator makes an Option transferable,
such Option shall contain such additional terms and conditions as the
Administrator deems appropriate.

 

12.           Adjustments
Upon Changes in Capitalization, Dissolution, Corporate Transaction, or Change
in Control.

 

(a)           Changes
in Capitalization. In the event of a corporate transaction involving
the Company (including, without limitation, any stock dividend, stock split,
extraordinary cash dividend, recapitalization, reorganization, merger,
consolidation, split-up, spin-off, combination or exchange of 

 

 

6

 

 

shares), the
authorization limits under Sections 3 and 6(b)(i) of the Plan shall be adjusted
proportionately, and the Administrator may adjust Options to preserve the
benefits or potential benefits of the Options. 
Action by the Administrator may include: (i) adjustment of the number
and kind of shares which may be delivered under the Plan; (ii) adjustment of
the number and kind of shares subject to outstanding Options; (iii) adjustment
of the exercise price of outstanding Options; and (iv) any other adjustments
that the Administrator determines to be equitable. In addition, the Administrator may, in its sole discretion, provide (i)
that Options will be settled in cash rather than Stock, (ii) that Options will
be assumed by another party to a transaction or otherwise be equitably
converted in connection with such transaction, or (iii) any combination of the
foregoing.  The Administrator’s
determination need not be uniform and may be different for different Optionees
whether or not such Optionees are similarly situated.  Without limiting the foregoing, in the event a stock
dividend or stock split is declared upon the Shares, the authorization limits
under Sections 3 and 6(b)(i) shall be increased proportionately, and the shares
of Stock then subject to each Option shall be increased proportionately without
any change in the aggregate purchase price therefor.

 

(b)           Dissolution
or Liquidation.  To the extent not
previously exercised, Options will terminate immediately prior to the
consummation of any proposed dissolution or liquidation of the Company.  The Board may, in the exercise of its sole
discretion in such instances, declare that any Option shall terminate as of a
date fixed by the Board and give each Optionee the right to exercise his or her
Option as to all or any part of the Optioned Stock, including Shares as to
which the Option would not otherwise be exercisable.

 

(c)           Corporate
Transaction. In the event of a reorganization, merger, consolidation,
statutory share exchange or similar form of corporate transaction involving the
Company that requires the approval of the Company’s shareholders, whether for
such transaction or the issuance of securities in the transaction, or the sale
or other disposition of all or substantially all of the assets of the Company
to an entity that is not an affiliate of the Company, each outstanding Option
shall be assumed or an equivalent option or right substituted by the successor
corporation or a parent or subsidiary of the successor corporation.  In the event that the successor corporation
refuses to assume or substitute for the Option, the Optionee shall fully vest
in and have the right to exercise the Option as to all of the Optioned Stock,
including Shares as to which it would not otherwise be vested or exercisable.  If an Option becomes fully vested and
exercisable in lieu of assumption or substitution in the event of a merger or sale of assets, the
Administrator shall notify the Optionee in writing or electronically that the
Option shall be fully vested and exercisable for a period of thirty (30) days
from the date of such notice, and the Option shall terminate upon the
expiration of such period or, in the discretion of the Administrator, the
Option shall be settled in cash rather than stock upon the consummation of such
corporate transaction.

 

(d)           Change
in Control.  In the event of a
Change in Control, the unexercised portion of each Option then outstanding
shall become wholly vested and immediately exercisable.

 

13.           Date
of Grant.  The date of grant of an
Option shall be, for all purposes, the date on which the Administrator makes
the determination granting such Option, or such other later date as is
determined by the Administrator.  Notice
of the determination shall be provided to each Optionee within a reasonable
time after the date of such grant.

 

14.           Amendment
and Termination of the Plan and Outstanding Options.

 

(a)           Amendment
and Termination.  The Board may at
any time amend, alter, suspend, or terminate the Plan without
shareholder approval; provided, however, that the Board may condition any
amendment or modification on the approval of shareholders of the Company if
such approval is necessary or deemed advisable with respect to tax, securities
or other applicable laws, policies or regulations.

 

(b)           Effect
of Amendment or Termination.  No
amendment, alteration, suspension, or termination of the Plan or any
outstanding Option shall impair the rights of any Optionee, unless mutually
agreed otherwise between the Optionee and the Administrator, which agreement must
be in writing and signed by the Optionee and the Company.

 

 

7

 

 

(c)           Shareholder
Approval Required for Certain Actions. 
The original term of any Option may not be extended without the
prior approval of the shareholders of the Company.  Except as otherwise provided in Section 12, the exercise price of
any Option may not be reduced, directly or indirectly, without the prior
approval of the shareholders of the Company.

 

15.           Conditions
Upon Issuance of Shares.

 

(a)           Legal
Compliance.  Shares shall not be
issued pursuant to the exercise of an Option unless the exercise of such Option
and the issuance and delivery of such Shares shall comply with all relevant
provisions of law, including, without limitation, the Securities Act of 1933,
as amended, the Exchange Act, the rules and regulations promulgated thereunder,
Applicable Laws, and the requirements of any stock exchange or quotation system
upon which the Shares may then be listed or quoted, and shall be further
subject to the approval of counsel for the Company with respect to such
compliance.

 

(b)           Investment
Representations.  As a condition to
the exercise of an Option, the Company may require the person exercising such
Option to represent and warrant at the time of any such exercise that the
Shares are being purchased only for investment and without any present
intention to sell or distribute such Shares if, in the opinion of counsel for
the Company, such a representation is required.

 

16.           Liability of Company.

 

(a)           Inability to
Obtain Authority. The inability of the Company to obtain authority from any
regulatory body having jurisdiction, which authority is deemed by the Company’s
counsel to be necessary to the lawful issuance and sale of any Shares
hereunder, shall relieve the Company of any liability in respect of the failure
to issue or sell such Shares as to which such requisite authority shall not
have been obtained.

 

(b)           Grants Exceeding
Allotted Shares.  If the Optioned
Stock covered by an Option exceeds, as of the date of grant, the number of
Shares which may be issued under the Plan, such Option shall be void with
respect to such excess Optioned Stock, unless approval of an amendment
sufficiently increasing the number of shares subject to the Plan is timely
obtained.

 

17.           Reservation of
Shares.  The Company, during the
term of this Plan, will at all times reserve and keep available such number of
Shares as shall be sufficient to satisfy the requirements of the Plan.

 

18.           Restriction on
Repricing.  Without the prior
approval of the shareholders of the Company, the Administrator shall not
reprice any Options issued under the Plan through cancellation and regrant, by
lowering the exercise price, or by any other means.

 

 

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EXHIBIT 10.1    
  

EXECUTION COPY  

TWENTY-THIRD SUPPLEMENTAL LEASE AGREEMENT  

 by and between  

 MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY  

 and  

 FEDERAL EXPRESS CORPORATION  

 Dated as of March 1, 2002  

AMENDING THE CONSOLIDATED AND RESTATED LEASE AGREEMENT DATED AS OF AUGUST 1, 1979 BETWEEN THE MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY AND FEDERAL EXPRESS
CORPORATION.

TABLE OF CONTENTS  

	Section
 
	 	 
	 	Page

	1	 	Definitions	 	4
	

2	
 	

Granting Leasehold	
 	

4
	

3	
 	

Term; Delivery and Acceptance of Possession	
 	

4
	

4	
 	

Rental	
 	

5
	

5	
 	

Hazardous Substances/Waste	
 	

6
	

6	
 	

Lease Agreement Still in Effect; Provisions Thereof Applicable to this Twenty-Second Supplemental Lease Agreement	
 	

7
	

7	
 	

Descriptive Headings	
 	

7
	

8	
 	

Effectiveness of this Twenty-Second Lease Agreement	
 	

8
	

9	
 	

Execution of Counterparts	
 	

8
	

10	
 	

Summaries	
 	

8
	

 	
 	

Notary	
 	

10
	

 	
 	

Leased Parcel Summary	
 	

11
	

 	
 	

Rental Summary	
 	

13

   TWENTY-THIRD SUPPLEMENTAL LEASE AGREEMENT  

        THIS TWENTY-THIRD SUPPLEMENTAL LEASE AGREEMENT, made and entered into as of the 1ST of
March 2002, by and between MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY (herein sometimes referred to as "Authority"), a public and governmental body politic and corporate 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. 

W I T N E S S E T H:  

        WHEREAS, Authority and Tenant on October 3, 1979 entered into a Consolidated and Restated Lease Agreement dated as of August 1, 1979; and 

        WHEREAS,
Authority and Tenant between April 1, 1981 and March 15, 2001, have entered into Twenty Two Supplemental Lease Agreements amending the 1979 Consolidated and
Restated Lease Agreement; and 

        WHEREAS,
the said Consolidated and Restated Lease Agreement dated as of August 1, 1979, together with the First through the Twenty-Second Supplemental Lease Agreements is herein
referred to as the "Lease Agreement"; and 

        WHEREAS,
Authority and Tenant have agreed to further supplement the Lease Agreement so as to lease to Tenant certain additional land under this Twenty-Third Supplemental Lease Agreement. 

        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 

3

 

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 Twenty-Third Supplemental Lease Agreement which are defined in the Lease Agreement, shall, for all purposes of this Twenty-Third
Supplemental Lease Agreement, have the respective meanings given to them in the Lease Agreement. 

        SECTION
2.    Granting of Leasehold.    In addition to the lease and demise to Tenant of the
land in the Lease Agreement, the Authority hereby leases and demises to Tenant, and Tenant hereby takes and hires from Authority, subject to the provisions and conditions set forth in the Lease
Agreement and this Twenty-Third Supplemental Lease Agreement, the additional land containing approximately 6 acres located on the Graber parcel, approximately 19.6 acres located on the 12/02 West Ramp
expansion and approximately 44 acres on the A380 Ramp area. 

        SECTION
3.    Term; Delivery and Acceptance of Possession.    The term of this Twenty-Third
Supplemental Lease Agreement shall commence at 12:01 A.M. on March 1, 2002, for the land described in Exhibit "A" and shall expire at such time as the Lease Agreement shall expire,
to-wit: August 31, 2012 or upon such earlier termination, extension or otherwise as provided therein. Authority shall, however, deliver to Tenant sole and exclusive possession of
the land leased hereby, as of the effective date of this Twenty-Third Supplemental Lease Agreement for the purpose of constructing improvements required for Tenant's intended use of the land leased
hereby, subject however, to Authority's right-of-entry set forth in Section 21 of the Lease Agreement. 

4

 

        SECTION
4.    Rental.    In addition and supplemental to the rentals required to be paid to
the Authority pursuant to Section 5 of the Lease Agreement (including all prior Supplemental Lease Agreements), during the term of this Twenty-Third Supplemental Lease Agreement, Tenant shall
pay to the Authority in advance on the first business day of each month $1,793.18 in equal installments beginning March 1, 2002 or date of beneficial occupancy of Parcel 23 (Graber), whichever
occurs first, a total rental payment of $21,518.17 per year, which the parties hereto agree is based upon an aggregate of 261,460.18 square feet of area at an annual rental rate of ($0.0823) per
square foot. Tenant will begin rental payments for Parcel 12/02 West Ramp Expansion to the Authority in advance on the first day of each month in the amount of $8,708.04 in equal installments
beginning December 1, 2002 or date of beneficial occupancy, whichever occurs first, a total of rental payments of $104,496.54 per year, which
the parties hereto agree is based upon an aggregate of 856,529 square feet of the area at an annual rental rate of ($0.1220) per square foot. 

        Tenant
will begin rental payments for Parcel A380 Ramp to the Authority in advance of the first day of each month in the amount of $19,316.73 in equal installments beginning
December 31, 2006 or date of beneficial occupancy whichever occurs first, at total rental payment of $231,800.73 per year, which the parties hereto agree is based upon an aggregate of 1,900,006
square feet of the area at an annual rental rate of ($0.1220) per square feet. 

        The
rental rate for all parcels will increase subject to terms and conditions of the consolidated and restated lease agreement dated August 1, 1979. 

5

 

        SECTION
5.    Hazardous Substances/Waste.    Tenant agrees to take the Graber parcel in an "as
is" condition as it relates to Hazardous Substances/Waste material that may be located at the site. 

        Tenant,
at its own expense, may arrange for a Phase I Environmental Survey on the land described herein by a reputable environmental consultant to determine the existence of "Hazardous
Substances", as such term is defined in this Agreement. In the event that "Hazardous Substances" are discovered during excavation for construction on the property described in Exhibit "A", as
the 12/02 West Ramp Expansion and A380 Ramp, and such "Hazardous Substances" require special handling, removal or disposal ("Remediation"), then Tenant shall immediately notify Authority. The Tenant
and Authority will confer and jointly determine the method of handling, removing or disposing of the "Hazardous Substances" within 14 days after Tenant provides the Authority, in writing, its
plan for Remediation. The form of Remediation agreed to by the parties must comply with "Environmental Laws", as such term is defined below. In the event that Tenant and Authority are unable to agree
on a method for handling, removing or disposing of the "Hazardous Substances" due to differing interpretations of the requirements for Remediation as set forth in the applicable "Environmental Laws",
then the form of Remediation will be determined by the appropriate federal, state or local agency with relevant regulatory and enforcement jurisdiction over the subject site. Authority will grant to
Tenant a rent credit equal to the reasonable documented costs paid by Tenant for the Remediation of such "Hazardous Substances" associated with the property described in Exhibit "A". 

        The
term "Hazardous Substances", as used in this Twenty-Third Supplemental Lease Agreement, shall mean any hazardous or toxic substances,
materials or wastes, including, but not 

6

 

limited
to, those substances, materials, and wastes (i) listed in the United States Department of Transportation Hazardous Materials Table (49 CFR § 172.101) or by the
Environmental Protection Agency as hazardous substances (40 CFR Part 302) and amendments thereto, (ii) designated as a "Hazardous Substance" pursuant to Section 311 of the Clean
Water Act, 33 U.S.C. § 1251 et seq. (33 U.S.C. § 1321) or listed pursuant to Section 307 of the Clean Water Act (33 U.S.C. § 1317,
(iii) defined as a "Hazardous Waste" pursuant to Section 1004 of the Resource Conservation and Recovery Act, 42 U.S.C. § 6901, et seq. (42 U.S.C. §
6903), or (iv) defined as "Hazardous Substance" pursuant to Section 101 of the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.§ 9601,
et seq. 42 U.S.C. § 9601) or any other substances, (including, without limitation, asbestos and raw materials which include hazardous constituents), the general, discharge or
removal of which or the use of which is restricted, prohibited or penalized by any "Environmental Law", which term shall mean any Federal, State or local law, regulation, or ordinance relating to
pollution or protection of the environment. 

        SECTION
6.    Lease Agreement Still in Effect; Provisions Therefore Applicable to this Supplemental Lease
Agreement.    All of the terms, provisions, conditions, covenants and agreements of the Lease Agreement, as supplemented, shall continue in full force and effect as
supplemented hereby, and shall be applicable to each of the provisions of this Twenty-Third Supplemental Lease Agreement during the term hereof with the same force and effect as though the provisions
hereof were set forth in the Lease Agreement. 

        SECTION
7.    Descriptive Headings.    The descriptive headings of the sections of this
Twenty-Third Supplemental Lease Agreement are inserted for convenience of reference only and do not constitute a part of this Twenty-Third Supplemental Lease Agreement and shall not affect the 

7

 

meaning,
construction, interpretation or effect of this Twenty-Third Supplemental Lease Agreement. 

        SECTION
8.    Effectiveness of this Supplemental Lease Agreement.    This Twenty-Third
Supplemental Lease Agreement shall become effective at 12:01 a.m. on March 1, 2002. 

        SECTION
9.    Execution of Counterparts.    This Twenty-Third Supplemental Lease Agreement may
be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 

        SECTION
10.    Summaries.    For the convenience of both parties a Leased Parcel Summary and a
Rental Summary are attached to this Lease Agreement. 

8

   
        IN WITNESS WHEREOF, THE MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY AND FEDERAL EXPRESS CORPORATION have caused this Twenty-Third Supplemental Lease Agreement to be duly executed in their
respective behalfs, as of the day and year first above written. 

	WITNESS:	 	MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY
	

/s/  PAT STANFILL      
	
 	

BY:	

/s/  LARRY D. COX      

	TITLE: Executive Assistant	 	TITLE:	President and CEO
	

Approved as to Form and Legality:	
 	

 	

 
	

/s/  R. GRATTAN BROWN, JR.      
 R. Grattan Brown, Jr., Attorney	
 	

 	

 
	

WITNESS:	
 	
FEDERAL EXPRESS CORPORATION

A DELAWARE CORPORATION
	

/s/  GLORIA E. OWENS      
	
 	

BY:	

/s/  GRAHAM R. SMITH      

	TITLE: Project Coordinator	 	TITLE:	Vice President

9

 

	(STATE OF TENNESSEE	 	)	 	 
	(COUNTY OF SHELBY	 	)	 	 

        On
this 10th day of October, 2001, before me appeared Larry D. Cox, to me personally known, who, being by me duly sworn (or affirmed), did say that he is the President of the
Memphis-Shelby County Airport Authority, the within named Lessor, and that he as such President, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by
signing the name of the Authority by himself as such President. 

MY
COMMISSION EXPIRES 

	

January 20, 2004	

/s/  PAT STANFILL      
Notary Public

(seal)

	(STATE OF TENNESSEE	 	)	 	 
	(COUNTY OF SHELBY	 	)	 	 

        On
this 30th day of September, 2001, before me appeared Graham R. Smith, to me personally known, who, being by me duly sworn (or affirmed), did say that he is a Vice President of
Federal Express Corporation, the within named Lessee, and that he as such Vice President, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing
the name of the Corporation by himself as such Vice President. 

MY
COMMISSION EXPIRES 

	

August 13, 2003	

/s/  GLORIA E. OWENS      
Notary Public

(seal)

10

   FEDERAL EXPRESS LEASED PARCELS SUMMARY  

	PARCEL LEASE
 
	 	ACRES
	 	SQUARE FEET
	 	AGREEMENT
	 	EFFECTIVE

DATE

	BASE-LEASE
	

Revised 9	
 	

128.469	
 	

 	
 	

Consolidated & Restated	
 	

08/01/79
	10	 	1.612	 	70,200	 	Consolidated & Restated	 	08/01/79
	11	 	1.044	 	45,359	 	Consolidated & Restated	 	08/01/79
	
PREVIOUS SUPPLEMENTS
	

12	
 	

2.707	
 	

117,915	
 	

First Supplemental	
 	

04/01/81
	13	 	6.860	 	298,830	 	Second Supplemental	 	01/01/82
	14	 	14.586	 	635,377	 	Fourth Supplemental	 	07/01/83
	15	 	12.689	 	552,723	 	Fourth Supplemental	 	07/01/83
	Rev 16	 	18.281 (19.685	)	796,312	 	Fifth Supplemental	 	02/01/84
	Rev 17	 	119.616 (124.992	)	5,210,477	 	Sixth Supplemental	 	04/01/84
	18	 	2.717	 	118,353	 	Sixth Supplemental	 	04/01/84
	19	 	41.606	 	1,812,352	 	Seventh Supplemental	 	06/01/84
	25	 	0.435	 	18,933	 	Eighth Supplemental	 	07/01/88
	20	 	11.275	 	491,127	 	Ninth Supplemental	 	06/01/89
	27	 	11.192	 	487,512	 	Tenth Supplemental	 	10/01/91
	27 A(West)	 	4.058	 	176,777	 	Eleventh Supplemental	 	07/01/94
	27 B(West)	 	5.706	 	248,533	 	Eleventh Supplemental	 	07/01/94
	Southwest Ramp	 	2.350	 	102,366	 	Eleventh Supplemental	 	07/01/94

11

 

	PARCEL LEASE
 
	 	ACRES
	 	SQUARE FEET
	 	AGREEMENT
	 	EFFECTIVE

DATE

	PREVIOUS SUPPLEMENT
	32 (removed)	 	22.972	 	1,000,681	 	Twelfth Supplemental	 	07/01/93
	33	 	8.998	 	391,942	 	Thirteenth Supplemental	 	06/01/95
	36	 	3.050	 	132,837	 	Thirteenth Supplemental	 	06/01/95
	Hangar 8 (removed)	 	 	 	36,946.33	 	Thirteenth Supplemental	 	06/01/95
	34	 	9.951	 	433,461	 	Fourteenth Supplemental	 	01/01/96
	21	 	19.134	 	833,476	 	Fifteenth Supplemental	 	01/01/97
	22A (North)	 	3.214	 	140,000	 	Sixteenth Supplemental	 	04/01/97
	37	 	2.692	 	117,283	 	Seventeenth Supplemental	 	05/01/97
	38	 	2.523	 	109,921	 	Eighteenth Supplemental	 	07/01/97
	39	 	8.366	 	364,430	 	Eighteenth Supplemental	 	07/01/97
	West Ramp Expansion	 	19.917	 	867,583	 	Nineteenth Supplemental	 	09/01/98
	Centerline November	 	13.206	 	575,253.36	 	Twentieth Supplemental	 	12/01/00
	Taxilane 700	 	4.706	 	204,975	 	Twenty-First Supplemental	 	05/15/00
	Taxilane 700 Extension	 	3.052	 	132,951	 	Twenty-Second Supplemental	 	03/15/01
	West Ramp Aircraft/GSE Expansion	 	8.408	 	366,242	 	Twenty-Second Supplemental	 	03/15/01
	
THIS SUPPLEMENT
	

23 (Graber)	
 	

6.0023	
 	

261,460.18	
 	

Twenty-Third Supplemental	
 	

03/01/02
	12/02 West Ramp	 	19.66	 	856,529	 	 	 	12/01/02
	A380 Ramp	 	43.6181	 	1,900,006	 	 	 	12/31/06
	
OPTIONS
	

22B (South)	
 	

3.310	
 	

144,200	
 	

Option, Expires 5/31/04	
 	

 
	29	 	3.85	 	167,706	 	Option, Month/Month	 	 

12

 

	PARCEL LEASE
 
	 	ACRES
	 	SQUARE FEET
	 	AGREEMENT
	 	EFFECTIVE

DATE

	ASSIGNMENTS
	

24	
 	

9.964	
 	

434,030	
 	

Southwide Assignment

Expires 5/14/2013

Invoice FEC

Next Increase 5/15/03	
 	

 
	26	 	9.532	 	415,213	 	BICO Assignment,

Expires 7/31/2021

Invoice FEC

Next Increase 8/01/2011	 	 
	28	 	10.68	 	465,221	 	Equitable Life Assignment

Expires 5/14/2013

Invoice FEC

Next Increase 5/15/03	 	 

RENTAL—FEDERAL EXPRESS  

Effective
March 1, 2002 

	Category Of Space
 
	 	Number of

Square Feet
	 	Annual

Rental Rate

Per Sq. Ft.
	 	Annual Rental

	Parcel 23 (Graber)	 	261,460.18	 	0.0823	 	$	21,518.17
	Bldg. T-376	 	1,240	 	1.5258	 	$	1,891.99
	Unimproved Ground	 	8,190,929.96	 	0.1220	 	$	999,293.44
	Improved Apron	 	2,395,802	 	0.1525	 	$	365,359.80
	Hangar Property	 	72,092.67	 	1.1291	 	$	81,399.83
	Hangar Office	 	28,000	 	1.8311	 	$	51,270.80
	International Park	 	9,694,700	 	0.2138	 	$	2,072,726.80
	Former IRS Facility	 	2,255,137.24	 	—	 	$	1,200,000.00
	 	 	
	 	
	 	

	 	 	22,899,362.05	 	5.0566	 	$	4,793,460.83

BREAKDOWN OF SPACE  

	 
	 	 
	 	Sq. Ft.
	 	Sq. Ft.

	Graber	 	Parcel 23	 	261,460.18	 	 
	 	 	 	 	 	 	261,460.18
	
Bldg. T-376	
 	

Parcel 4	
 	

1,240	
 	

 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	1,240
	
Unimproved Ground	
 	

Parcel 1	
 	

130,900	
 	

 
	 	 	Parcel 2	 	50,000	 	 
	 	 	Parcel 3	 	192,400	 	 
	 	 	Parcel 4	 	32,540	 	 
	 	 	Parcel 6	 	89,700	 	 

13

 
BREAKDOWN OF SPACE  

	 
	 	 
	 	Sq. Ft.
	 	Sq. Ft.

	 	 	Parcel 9	 	1,167,337	 	 
	 	 	Parcel 19	 	1,812,362	 	 
	 	 	Parcel 20	 	491,127	 	 
	 	 	Parcel 27A	 	176,777	 	 
	 	 	Parcel 27B	 	248,533	 	 
	 	 	Southwest Ramp	 	102,366	 	 
	 	 	Parcel 33	 	391,942	 	 
	 	 	Parcel 36	 	132,837	 	 
	 	 	Parcel 34	 	433,461	 	 
	 	 	Parcel 37	 	117,283	 	 
	 	 	Parcel 38	 	109,921	 	 
	 	 	Parcel 39	 	364,430	 	 
	 	 	West Ramp Expansion	 	867,588	 	 
	 	 	Centerline November	 	575,253.36	 	 
	 	 	Taxilane 700	 	204,975	 	 
	 	 	Taxilane 700 Extension	 	132,951	 	 
	 	 	West Ramp Aircraft/GSE Expansion	 	366,242	 	 
	 	 	 	 	 	 	8,190,925.36
	
Improved Apron	
 	

Parcel 1	
 	

850,250	
 	

 
	 	 	Parcel 2	 	226,900	 	 
	 	 	Parcel 7	 	577,540	 	 
	 	 	Parcel 9	 	253,600	 	 
	 	 	Parcel 27	 	487,512	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	2,395,802.00
	

 	
 	

 	
 	
Sq. Ft.
	
 	
Sq. Ft.

	Hangar Property	 	Parcel 1	 	44,336	 	 
	 	 	Parcel 2	 	27,756.67	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	72,092.67
	
Hangar Office	
 	

Parcel 1	
 	

22,400	
 	

 
	 	 	Parcel 2	 	5,600	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	28,000.00

14

 
BREAKDOWN OF SPACE  

	 
	 	 
	 	Sq. Ft.
	 	Sq. Ft.

	International Park	 	Parcel 5	 	24,000	 	 
	 	 	Parcel 8	 	247,254	 	 
	 	 	Parcel 9	 	1,586,172	 	 
	 	 	Parcel 10	 	70,200	 	 
	 	 	Parcel 11	 	45,359	 	 
	 	 	Parcel 12	 	117,915	 	 
	 	 	Parcel 13	 	298,830	 	 
	 	 	Parcel 14	 	556,334	 	 
	 	 	Parcel 15	 	552,723	 	 
	 	 	Parcel 16	 	796,312	 	 
	 	 	Parcel 17	 	4,288,839	 	 
	 	 	Parcel 18	 	118,353	 	 
	 	 	Parcel 25	 	18,933	 	 
	 	 	Parcel 21	 	833,476	 	 
	 	 	Parcel 22A	 	140,000	 	 
	 	 	 	 	
	 	 
	 	 	 	 	 	 	9,694,700.00
	
Former IRS Facility	
 	

 	
 	

2,255,137.24	
 	

2,255,137.24
	 	 	 	 	
	 	 

	
 Areas added DBO
 
	
 	

Square feet
	
 	

DBO
	
 	

 

	12/02 West Ramp Expansion	 	856,529	 	12/01/02	 	 
	A380 Ramp	 	1,900,006	 	12/31/06	 	 
	 	 	 	 	 	 	2,756,535
	

 	
 	
TOTAL:	
 	

 	
 	

25,655,892.45

15

[Pickering Firm, Inc. letterhead]  

PAGE
ONE 

JANUARY
2, 2002 

LEGAL
DESCRIPTION 

BEING
A LEGAL DESCRIPTION OF PART OF THE MEMPHIS AND SHELBY COUNTY AIRPORT AUTHORITY PROPERTY, SAID PART TO BE KNOWN FOR THE PURPOSES OF THIS DESCRIPTION AS THE SUBJECT-LEASE PROPERTY, ALL BEING
SITUATED IN MEMPHIS, SHELBY COUNTY, TENNESSEE AND SAID SUBJECT-LEASE PROPERTY BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: 

BEGINNING
AT THE REFERENCED POINT OF BEGINNING FOR PARCEL "G" SHOWN ON THE "LEASE AREA SURVEY" PERFORMED BY TOLES AND ASSOCIATES DATED JANUARY 13, 1999, SAID POINT OF BEGINNING FOR PARCEL G" BEING
DESCRIBED AS A POINT LYING NORTH 17 DEGREES 35 MINUTES 11 SECONDS WEST—3234.61 FEET FROM AIRPORT (MEMPHIS INTERNATIONAL AIRPORT) CONTROL POINT NUMBER 12 ON SAID TOLES AND ASSOCIATES
SURVEY; THENCE ALONG THE PERIMETER OF SAID TOLES LEASE SURVEY THE FOLLOWING METES AND BOUNDS: SOUTH 87 DEGREES 53 MINUTES 30 SECONDS EAST—143.76 FEET; THENCE NORTH 65 DEGREES 49 MINUTES 29
SECONDS EAST—208.39 FEET; THENCE SOUTH 87 DEGREES 54 MINUTES 56 SECONDS EAST ALONG SAID TOLES LEASE SURVEY AND THE EASTWARDLY PROJECTION THEREOF-412.17 FEET; THENCE SOUTH 01 DEGREES 55
MINUTES 14 SECONDS WEST—19.31 FEET; THENCE SOUTH 88 DEGREES 04 MINUTES 46 SECONDS EAST—20.00 FEET; THENCE SOUTH 01 DEGREES 55 MINUTES 14 SECONDS WEST—40.00 FEET;
THENCE SOUTH 88 DEGREES 04 MINUTES 46 SECONDS EAST—20.00 FEET; THENCE SOUTH 01 DEGREES 55 MINUTES 14 SECONDS WEST- 20.71 FEET; THENCE SOUTH 88 DEGREES 01 MINUTES 41 SECONDS
EAST—39.20 FEET; THENCE SOUTH 01 DEGREES 56 MINUTES 39 SECONDS WEST—25.00 FEET TO THE NORTHERLY LINE OF AN EXISTING LEASE AREA SURVEYED BY ALLEN AND HOSHALL; THENCE ALONG THE
PERIMETER OF SAID ALLEN AND HOSHALL SURVEY THE FOLLOWING METES AND BOUNDS: NORTH 88 DEGREES 03 MINUTES 21 SECONDS WEST—200.00 FEET; THENCE SOUTH 01 DEGREES 56 MINUTES 39 SECONDS
WEST—467.58 FEET TO THE NORTHERLY LINE OF AN EXISTING LEASE AREA SURVEYED BY ALLEN AND HOSHALL; THENCE ALONG THE PERIMETER OF SAID ALLEN AND HOSHALL SURVEY THE FOLLOWING METES AND BOUNDS:
NORTH 85 DEGREES 42 MINUTES 38
SECONDS WEST—FEET TO THE EASTERLY LINE OF AN EXISTING LEASE AREA SURVEYED BY FISHER AND ARNOLD; THENCE ALONG THE PERIMETER OF SAID FISHER AND ARNOLD SURVEY THE FOLLOWING METES AND BOUNDS:
NORTH 04 DEGREES 17 MINUTES 22 SECONDS EAST—74.94 FEET; THENCE NORTH 85 DEGREES 42 MINUTES 38 SECONDS WEST—299.97 FEET; THENCE SOUTH 04 DEGREES 17 MINUTES 22 SECONDS
WEST—473.94 FEET TO THE NORTHERLY LINE OF AN EXISTING LEASE AREA SURVEYED BY ALLEN AND HOSHALL; THENCE ALONG THE PERIMETER OF SAID ALLEN AND HOSHALL SURVEY THE FOLLOWING METES AND BOUNDS:
NORTH 85 DEGREES 42 MINUTES 38 SECONDS WEST—250.43 FEET; THENCE SOUTH 04 DEGREES 17 MINUTES 22 SECONDS WEST—100.00 FEET; THENCE NORTH 85 DEGREES 42 MINUTES 38 SECONDS
WEST—25.00 FEET; THENCE SOUTH 04 DEGREES 17 MINUTES 22 SECONDS WEST—25.00 FEET; THENCE NORTH 85 DEGREES 42 MINUTES 38 SECONDS WEST ALONG SAID NORTHERLY LINE AND ALONG THE
WESTWARDLY PROJECTION THEREOF—440.21 FEET; THENCE NORTH 02 DEGREES 28 MINUTES 51 SECONDS EAST—225.15 FEET; THENCE NORTH 85 DEGREES 43 MINUTES 39 SECONDS WEST—222.72
FEET; THENCE NORTH 32 DEGREES 43 MINUTES 09 SECONDS EAST—319.35 FEET; THENCE SOUTH 85 DEGREES 42 MINUTES 38 SECONDS EAST—142.70 FEET; THENCE SOUTH 04 DEGREES 17 MINUTES 22
SECONDS WEST—0.50 FEET; THENCE SOUTH 85 DEGREES 39 MINUTES 14 SECONDS EAST—160.21 FEET; THENCE NORTH 66 DEGREES 32 MINUTES 48 SECONDS EAST—337.93 FEET; THENCE NORTH
04 DEGREES 20 MINUTES 46 SECONDS EAST—192.85 FEET; THENCE NORTH 33 DEGREES 43 MINUTES 54 SECONDS EAST—270.31 FEET TO THE SAID PERIMETER OF SAID 

PARCEL
12/02 WEST

RAMP EXPANSION

EXHIBIT A

Page 1 of 3 

PAGE
TWO 

TOLES
SURVEY; THENCE SOUTH 23 DEGREES 34 MINUTES 43 SECONDS EAST ALONG SAID TOLES SURVEY—15.08 FEET; THENCE SOUTH 44 DEGREES 48 MINUTES 55 SECONDS EAST (LEAVING SAID TOLES
SURVEY)—55.41 FEET; THENCE SOUTH 33 DEGREES 43 MINUTES 54 SECONDS WEST—233.59 FEET; THENCE SOUTH 04 DEGREES 20 MINUTES 46 SECONDS WEST—140.90 FEET; THENCE NORTH 66
DEGREES 24 MINUTES 13 SECONDS EAST—140.12 FEET; THENCE NORTH 04 DEGREES 17 MINUTES 22 SECONDS EAST—7.36 FEET; THENCE NORTH 85 DEGREES 42 MINUTES 38 SECONDS
WEST—6.50 FEET; THENCE NORTH 04 DEGREES 17 MINUTES 22 SECONDS EAST—4.50 FEET; THENCE SOUTH 85 DEGREES 42 MINUTES 38 SECONDS EAST—6.50 FEET; THENCE NORTH 04 DEGREES
17 MINUTES 22 SECONDS EAST—142.13 FEET; THENCE SOUTH 85 DEGREES 42 MINUTES 02 SECONDS EAST—89.39 FEET; THENCE NORTH 04 DEGREES 02 MINUTES 23 SECONDS EAST—233.31
FEET TO SAID PERIMETER OF TOLES SURVEY; THENCE NORTH 66 DEGREES 51 MINUTES 42
SECONDS EAST ALONG SAID TOLES SURVEY—35.36 FEET; THENCE SOUTH 02 DEGREES 33 MINUTES 48 SECONDS EAST (LEAVING SAID TOLES SURVEY)—186.79 FEET TO THE POINT OF BEGINNING. 

CONTAINING
856,529 SQUARE FEET OR 19.663 ACRES, MORE OR LESS. 

BEARINGS
ARE RELATIVE TO AIRPORT GRID NORTH. 

(Seal) 

/s/
JOHN R. ARMSTRONG 

PARCEL
12/02 WEST

RAMP EXPANSION

EXHIBIT A

Page 2 of 3 

[Survey]

PARCEL
12/02 WEST

RAMP EXPANSION

EXHIBIT A

Page 3 of 3 

Real Estate Appraisers—Land Surveyors  

 DESCRIPTION OF A 43.6181 ACRE TRACT  

 July 31, 2002  

Description
of a 43.6181 acre tract located on the north side of Winchester Road, east side of the Fed-Ex lease area known as Hangar 11 and 12, south of Taxiway "A", and vest
of the MSCAA Maintenance Facility. 

Beginning
at a set iron pin located in the north right-of-way of Winchester Road being 3.59 feet east of the southeast corner of the MSCAA property as recorded in Instrument KF
4024 also being the southeast corner of Lot 1 of Wayside Subdivision as recorded in Plat Book 16, Page 61, thence northwestwardly along the north right-of-way line of
Winchester Road (99 feet wide), North 85 degrees 19 minutes 41 seconds West, passing the southeast corner of the Memphis-Shelby County Airport Authority
property as previously described at 3.59 feet but in all 77.14 feet to an angle point being a point of curve along the east right-of-way for Morris Road as recorded in Plat
Book 16, Page 61 in the Register's Office of Shelby County, thence continuing along the north line of Winchester, North 85 degrees 45 minutes 02 seconds West, a distance of 107.78 feet
to an angle point being the end of a curve along the west right-of-way line of Morris Road, thence continuing along said north line of Winchester Road, North 85 degrees 50
minutes 15 seconds West, a distance of 479.66 feet to an angle point, thence along said north line, North 85 degrees 40 minutes 54 seconds West, a distance of 814.69 feet to an angle point,
thence continuing along said line, North 84 degrees 40 minutes 49 seconds West, a distance of 261.48 feet to the southwest corner of this tract, also being the southeast corner of the
Fed-Ex Lease Area for Hangar 11 & 12, thence northeastwardly along the west line of this tract, also being an east line of the Fed-Ex Hangar 11 & 12
lease area, North 4 degrees 40 minutes 00 seconds East, a call and measure of 623.21 feet to an angle point, thence continuing along the afore described line, North 49 degrees 40 minutes 56
seconds East, a call and measure of 301.48 feet to an angle point, thence along said line, North 40 degrees 19 minutes 04 seconds West, a call of 418.36 feet but a measure of 417.17 feet to the
northeast corner of the Fed-Ex Hangar 11 & 12 lease area and the northwest corner of this tract, thence southeastwardly along the north line of this 43.6181 acre tract, South
85 degrees 43 minutes 01 second East, being 191.0 feet south and parallel to the centerline of Taxiway "A", a distance of 1598.83 feet to a set iron pin being the northeast corner of said
tract, 

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thence
southeastwardly along said east line, South 44 degrees 04 minutes 43 seconds East, being approximately 10 feet southwest and parallel to the south edge of a service road leading to the MSCAA
Grounds Maintenance Facility as located on March 17 2002, a distance of 258.02 feet to a set iron pin being an angle point, thence southwestwardly along an said east line, South 02 degrees 54
minutes 36 seconds West, and following the general alignment of a chain link fence as located on March 17, 2002, a distance of 965.44 feet to the point of beginning and containing by
calculation 43.6181 acres or 1,900,006 square feet. 

However,
the area of the above tract contains the dedicated right-of-way of Morris Road as recorded in Plat Book 16, Page 61 in the Register's Office of Shelby County,
Tennessee. The area of the Morris Road right-of-way is approximately 32,986 square feet. 

       

/s/
VAN E. BOALS            Public Land Surveyor, TN License No. 613 

Van
E. Boals 

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[Survey]

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MEMPHIS INTERNATIONAL AIRPORT

MEMPHIS, TENNESSEE

LEASE AREA

NORTH CENTRAL AIRPORT PROPERTY

PARCEL A  

 July 20, 1970  

        A 6 tract of land in the north central portion of the Memphis International Airport property being more particularly described as follows; 

Beginning
at a point, said point being the southeast corner of the Tennessee Air National Guard property, 129.42 feet north of the centerline of K. W. Sparnkel Avenue; thence
N 30°03' W along the east property line of the Tennessee Air National Guard property a distance of 453.16 feet to a point; thence N 84°30' E a distance of 444.17
feet to a point, said point being in the west line of B Street East; thence S 5°39' E along the west line of B Street East a distance of 587.73 feet to a point, said
point being the intersection of the west line of B Street East and the north line of K. W. Sparnkel Avenue; thence S 88° 25' W along the north line of
K. W. Sparnkel Avenue a distance of 471.07 feet to a point; thence N 3°0' W along a line a distance of 102.92 ft. to the point of beginning. 

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[Survey]

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QuickLinks

EXHIBIT 10.1

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