Document:

EX-10.14

 Exhibit 10.14 

07-0987-000 
  

 
 EIGHTH AMENDMENT 

to the 
 COMPOSITE LEASE
AGREEMENT 
 By and Between 

MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY 

and 
 FEDERAL EXPRESS
CORPORATION 
 Effective as of April 1, 2017 
  

 

 EIGHTH AMENDMENT 

TO THE COMPOSITE LEASE AGREEMENT 

This EIGHTH Amendment is made and entered into as of the 29th day of July 2016, by and between MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY (herein
referred to as “Authority”), a body politic and corporate, organized and existing under the laws of the State of Tennessee, and FEDERAL EXPRESS CORPORATION (herein referred to as “Tenant”), a corporation duly organized and
existing under the laws of the State of Delaware. 
 W I T N E S S E T H: 

WHEREAS Authority and Tenant executed an instrument entitled “Composite Lease Agreement” with an effective date of January 1,
2007 (that instrument, as previously amended by First Amendment to the Composite Lease Agreement intended to be effective as of September 1, 2008; by Second Amendment to the Composite Lease Agreement intended to be effective as of June 1, 2009;
by Third Amendment to the Composite Lease Agreement intended to be effective as of July 1, 2009; by Fourth Amendment to the Composite Lease Agreement intended to be effective as of December 15, 2011; by Fifth Amendment to the Composite Lease
Agreement intended to be effective as of January 1, 2013; by Sixth Amendment to the Composite Lease intended to be effective July 1, 2014; by Seventh Amendment to the Composite Lease intended to be effective April 1, 2016; collectively
referred to herein as the “Composite Lease Agreement”); and 
 WHEREAS Authority and Tenant intended the Composite Lease Agreement
to represent each of 23 separate lease agreements between the parties (later increased to 27) and showed the differences among the 23 (later 27 leases) by attaching to the Composite Lease Agreement as EXHIBIT “A”, a schedule that
identified each parcel of real property Authority leased to Tenant, the portion of the Term (as defined in the Composite Lease Agreement) during which the lease of each parcel will be in effect, and the rent that Tenant pays to Authority for each
parcel; and 
 WHEREAS the parties wish to amend the Composite Lease Agreement to add Parcel 30 (i.e. 3505 Tchulahoma Road, Memphis, TN)
effective April 1, 2017 and Parcel 31 (i.e. 3318 Winchester Road, Memphis, TN) effective September 1, 2017. 

  
 2 

 NOW, THEREFORE, for and in consideration of the 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 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 Eighth Amendment that are defined in the Composite Lease Agreement, the Special Facility Ground Lease Agreement and the Special Facility Lease Agreement shall have the respective meanings given to them in
each agreement for all purposes of this Eighth Amendment. 
 SECTION 2. Modification of Composite Lease and Applicable
Rent. The parties amend the Composite Lease Agreement to reflect the addition of Parcels 30 and 31, as described in the attached survey and legal description and shown on EXHIBIT “B”. As of the Effective Date, the
parties incorporate the attached survey and legal description of Parcels 30 and 31 to be part of EXHIBIT “A” to the Composite Lease Agreement and the parties substitute the table attached to this Amendment for the table
included as part of EXHIBIT “A” to the Composite Lease Agreement. The substitution of that table will accomplish the following: 

(a) Effective on the earlier of the Parcel 30 “Substantial Completion Date” (as defined in Section 4 below) or April 1, 2018, the
annual rent will be increased by an amount equal to the product achieved by multiplying the area of Parcel 30’s unimproved ground (i.e., 64,702 square feet) by $0.2077 per square foot, improved ground (i.e. 58,810 square feet) by $.2597
per square feet and the building (i.e. 38,345 square feet) by $2.85 per square feet. 
 (b) Effective on the earlier of the Parcel 31
Substantial Completion Date or September 1, 2018, the annual rent will be increased by an amount equal to the product achieved by multiplying the area of Parcel 31’s unimproved ground (i.e. 164,498 square feet) by $0.2077 per square foot,
improved ground (i.e. 196,782 square feet) by $.2597 per square feet and the building (i.e. 113,461 square feet) by $2.85 per square feet. 

(c) The rent, as adjusted in accordance with the foregoing, will continue to be subject to adjustment in accordance with the terms of Section
2.03(a)(i) of the Composite Lease Agreement. 

  
 3 

 SECTION 3. Removal of Equipment (a) Prior to April 1, 2017, Authority shall remove
from Parcel 30 all items listed on EXHIBIT “C” at Authority’s sole expense.
 (b) Prior to September 1, 2017, Authority shall remove
from Parcel 31 all items listed on EXHIBIT “C” at Authority’s sole expense.
 SECTION 4. Improvements by
Tenant (a) Effective April 1, 2017, Authority hereby grants to Tenant for use by Tenant and its servants, agents, employees and independent contractors working on or in connection with Tenant’s alterations of the improvements located on
Parcel 30 making them suitable for Tenant’s use (Tenant’s alteration work on Parcel 30 and Parcel 31 as outlined in Section 4(b) below are both referred to herein as “Tenant’s Work”) all necessary or appropriate rights
of reasonable access, ingress and egress to and from Parcel 30, and the right to do all such other things as may be incidental to Tenant’s Work. Tenant shall obtain, at Tenant’s sole expense, all certificates and approvals relating to
Tenant’s Work. As part of Tenant’s Work on Parcel 30, Tenant shall make all improvements to Parcel 30 as shown on “EXHIBIT D” at no cost to Authority. 

(b) Effective September 1, 2017, Authority hereby grants to Tenant for use by Tenant and its servants, agents, employees and independent contractors working
on or in connection with Tenant’s Work all necessary or appropriate rights of reasonable access, ingress and egress to and from Parcel 31, and the right to do all such other things as may be incidental to Tenant’s Work. Tenant shall
obtain, at Tenant’s sole expense, all certificates and approvals relating to Tenant’s Work.
 (c) The Substantial Completion Date shall be defined
as that date on which Tenant has secured a certificate of occupancy (the “Certificate of Occupancy”) permitting Tenant’s lawful occupancy of the improvements. The requirement for securing a Certificate of Occupancy may be satisfied by
securing a temporary or conditional certificate of occupancy so long as the condition of the improvements in the absence of those items of construction that Tenant must complete as a condition to the issuance of a final, unrestricted certificate of
occupancy is adequate for the conduct of Tenant’s business on the premises. Tenant’s Work and related activity during the period before the Substantial Completion Date shall not be considered the commencement of beneficial use of the
premises by Tenant. However, the terms and conditions 

  
 4 

 
of the Composite Lease, including, without limitation, the commercial liability insurance provisions shall apply to and be effective during such period of occupancy or access to the premises by
Tenant, except for Tenant’s obligation to pay rent as provided in Section 2.03. Authority shall provide for a policy of special form property insurance from April 1, 2017 until the Substantial Completion Date of improvements to Parcels 30
and 31 at no cost to Tenant. Tenant’s obligation to provide for builder’s risk coverage covering the premises and improvements on Parcels 30 and 31 shall commence on April 1, 2017 and will be required until the Substantial Completion Date
of improvements to Parcels 30 and 31. 
 (d) All building materials used during renovations must be asbestos-free and Tenant shall provide a
Contractor’s Asbestos Free Affidavit within 30 days of the Substantial Completion Date of Parcels 30 and 31. 
 SECTION 5.
Improvements by Authority Prior to September 1, 2017, Authority shall make all improvements to Parcel 31 as shown on “EXHIBIT D” at no cost to Tenant. As part of its work under this Section, Authority shall (i)
permanently close all “USTs” and “UST Systems” (as those terms are defined in EXHIBIT “D”) in compliance with all applicable Environmental Laws and (ii) undertake in compliance with the rules and regulations of
any Governmental Authority having jurisdiction over the Parcel 31 all required cleanup activities with respect to environmental conditions caused by, arising out of or resulting from the Authority’s “Permanent Closure” (as that
term is defined in EXHIBIT D) of the USTs and UST Systems. As provided in Section 8.01 of the Composite Lease, Authority shall provide to Tenant copies of all UST related regulatory submittals made by the Authority in connection with the
Permanent Closure of the UST Systems.
 SECTION 6. With respect to Permanent Closure of the UST Systems as provided in Section 5, Authority
will exonerate, hold harmless, indemnify, pay and protect, defend and save Tenant, its commissioners, officers, employees, agents, successors and assigns from and against any claims (including third party claims whether for bodily injury or real or
personal property damage or otherwise), actions, administrative proceedings (including informal proceedings), judgments, damages, punitive damages, penalties, fines, costs, response costs, assessments,

  
 5 

 
liabilities (including sums paid in settlement of claims), interest or losses (including reasonable attorneys’ fees and expenses (including such fees and expenses incurred in enforcing this
Agreement), reasonable consultant fees, and reasonable expert fees) that may be asserted against or sustained by any indemnified Person by reason of, or in connection with, (i) the release, spill, leak, emission, escape, leach, disposal or discharge
by Authority or any of its employees, agents, contractors or other invitees of any Hazardous Substances into the air, soil, groundwater or surface water occurring at, on, about, under or within any part of the Premises or occurring elsewhere in
connection with the removal of the UST Systems from the Premises, or (ii) the migration of Hazardous Substances, the presence of which is attributable to a release, spill, leak, emission, escape, leach, disposal or discharge by Authority or any of
its employees, agents, contractors or other invitees of any Hazardous Substances into the air, soil, groundwater or surface water occurring at, on, about, near, under or within any part of the Premises or occurring elsewhere in connection with the
Permanent Closure of the UST Systems. The indemnification provided in this Section shall specifically apply to and include claims or actions brought by or on behalf of employees of Authority against Tenant or any other Person indemnified hereunder.
The indemnification provided herein shall specifically cover costs (including capital, operating and maintenance costs) and response costs incurred in connection with any investigation or monitoring of site conditions, any cleanup, containment,
remediation, removal or restoration work required or performed by any Governmental Authority or performed by any other Person in response to an order or other requirement by such Governmental Authority. Authority’s obligation to indemnify and
hold harmless Tenant and the other indemnified Persons set forth in this Section shall survive the expiration of the Term and the termination of Tenant’s occupancy, in whole or in part, of the Premises with respect to claims, actions,
administrative proceedings, judgments, damages, punitive damages, penalties, fines, costs, response costs, assessments, liabilities, interest or losses (including reasonable attorneys’ fees and expenses, reasonable consultant fees, and
reasonable expert fees) arising from, or in connection with, releases, spills, leaks, emissions, escapes, leaching, disposals or discharges occurring prior to the expiration of Term or the earlier termination of Tenant’s occupancy of the
Premises. 

  
 6 

 SECTION 7. Remainder of Composite Lease in Effect. All other
terms, provisions, conditions, covenants and agreements of the Composite Lease shall continue in full force and effect. 
 SECTION
8. Effective Dates of this Eighth Amendment. This Eighth Amendment shall become effective as of April 1, 2017. 

EXHIBIT “A”, EXHIBIT “B”, EXHIBIT “C” and EXHIBIT “D”, attached hereto,
shall be incorporated herein by reference. 
 IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to execute
this Eighth Amendment to the Composite Lease Agreement. 
  

									
	 MEMPHIS-SHELBY COUNTY

AIRPORT AUTHORITY
	 		 	FEDERAL EXPRESS CORPORATION
					
	By:	 	 /s/ Scott A. Brockman
	 		 	By:	 	 /s/ Donald C. Colvin

	 Scott A. Brockman, A.A.E. President

and Chief Executive Officer
	 		 	  
 Title:
	 	  
 Vice President

	 		 	  
 Date:
	 	  
 07/18/2016

				
	Approved as to Content:	 		 		 	
					
	By:	 	 /s/ Forrest B. Artz
	 		 		 	
	Forrest B. Artz	 		 		 	
	Vice President of Finance and Administration/CFO	 		 		 	
				
	Approved as to Form and Legality:	 		 		 	
				
	 /s/ Brian L. Kuhn
	 		 		 	
	Brian L. Kuhn, General Counsel	 		 		 	

  
 7 

 APPROVED: 

             MSCAA 

             FEDEX 

EXHIBIT A to the Composite Lease Agreement as amended by the Eighth Amendment effective April 1, 2017. 

 

																																													
	 	 	FEDEX	 	 	 	 	 	 	 	 	 	 	EFFECTIVE	 	 	2012	 	 	2013	 
	PARCEL	 	LEASE	 	 	 	 	 	EFFECTIVE	 	SQUARE	 	 	DATE	 	 	EFFECTIVE SEPTEMBER 2012	 	 	EFFECTIVE July 1, 2013	 	 	 	 
	 NUMBER
	 	NUMBER	 	 SUPPLEMENTAL
	 	 USE OR LOCATION
	 	 DATE
	 	FEET	 	 	RATE	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	ESCALATION (3)	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 
	1	 	07-0958	 	 N/A
	 	 TAXIWAY N
	 	2/1/2009	 	 	100,035	  	 	$	0.1906	  	 	$	0.1906	  	 	$	1,588.89	  	 	$	19,066.67	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	1,731.41	  	 	$	20,776.95	  
														
	2	 	07-0959	 	 SUPPLEMENTAL 26
	 	 AMR FACILITIES/LANDLOCKED PARCELS
	 	1/1/2007	 	 	1,082,446	  	 	 	Varies	 (1) 	 	 	Varies	 (1) 	 	$	28,533.41	  	 	$	342,400.87	  	 	 	CPI OR 13	% 	 	 	Varies	 (1) 	 	$	31,092.85	  	 	$	373,114.23	  
		 		 	 N/A 5th Amendment to Composite Lease
	 	 UNIMPROVED GROUND
	 	11/1/2013 (9)	 	 	44,344	  	 	$	0.2077	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	CPI OR 13	% 	 	 	0.2077	 (9) 	 	 	N/A	  	 	 	N/A	  
														
		 		 	 SUPPLEMENTALS
	 	 WEST RAMP
	 		 				 				 				 				 				 				 				 				 			
	3	 	07-0960	 	 18, 19, 20, 21, 22 & 23
	 	 UNIMPROVED GROUND
	 	1/1/2007	 	 	3,111,647	  	 	$	0.1525	  	 	$	0.1906	  	 	$	49,423.33	  	 	$	593,079.92	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	53,856.60	  	 	$	646,279.19	  
		 		 	 22, 24 & 25
	 	 UNIMPROVED GROUND
	 	1/1/2007	 	 	914,283	  	 	$	0.1525	  	 	$	0.1906	  	 	$	14,521.86	  	 	$	174,262.34	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	15,824.47	  	 	$	189,893.67	  
		 		 	 N/A 5th Amendment to Composite Lease
	 	 UNIMPROVED GROUND
	 	11/1/2013 (9)	 	 	2,744	  	 	$	0.2077	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	CPI OR 13	% 	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
														
	4	 	07-0961	 	 N/A
	 	 TAXIWAY C
	 	2/1/2009	 	 	731,098	  	 	$	0.2400	  	 	$	0.2400	  	 	$	14,621.96	  	 	$	175,463.52	  	 	 	CPI OR 13	% 	 	$	0.2615	  	 	$	15,933.55	  	 	$	191,202.60	  
														
	5	 	07-0962	 	 SUPPLEMENTAL 13
	 	 UNIMPROVED APRON/GRACELAND RAMP
	 	1/1/2007	 	 	515,496	  	 	$	0.1525	  	 	$	0.1906	  	 	$	8,187.79	  	 	$	98,253.48	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	8,922.24	  	 	$	107,066.88	  
	 	 	 SUPPLEMENTAL 17
	 	 UNIMPROVED APRON/SIERRA RAMP
	 	1/1/2007	 				 	$	0.1525	  	 				 				 				 	 	CPI OR 13	% 	 				 				 			
														
	6	 	07-0963	 	 AGREEMENT #92-0833
	 	 IRS/AOD
	 	1/1/2007	 	 	2,248,286	  	 	 	N/A	 (6) 	 	 	N/A	 (6) 	 	$	125,000.00	  	 	$	1,500,000.00	  	 	 	15	% (7) 	 	 	N/A	 (6) 	 	$	143,750.00	  	 	$	1,725,000.00	  
														
	7	 	07-0964	 	 SOUTHWIDE #90-0242
	 	 GRAEBER ASSIGNMENT
	 	1/1/2007	 	 	427,030	  	 	 	N/A	 (6) 	 	 	N/A	 (6) 	 	$	2,506.15	  	 	$	30,073.80	  	 	 	CPI OR 13	% 	 	 	N/A	 (6) 	 	$	2,730.95	  	 	$	32,771.42	  
														
	8	 	07-0965	 	 SOUTHWIDE ASGMT. #80-0223
	 	 EQUITABLE LIFE
	 	1/1/2007	 	 	451,370	  	 	 	N/A	 (6) 	 	 	N/A	 (6) 	 	$	2,340.16	  	 	$	28,081.92	  	 	 	CPI OR 13	% 	 	 	N/A	 (6) 	 	$	2,550.07	  	 	$	30,600.87	  
														
	9	 	07-0966	 	 SUPPLEMENTAL 15 (INTERNATIONAL PARK)
	 	 FEDEX PARKING - TCHULAHOMA
	 	1/1/2007	 	 	833,458	  	 	$	0.2673	  	 	$	0.2673	  	 	$	18,565.28	  	 	$	222,783.32	  	 	 	CPI OR 13	% 	 	$	0.2913	  	 	$	20,230.58	  	 	$	242,766.99	  
														
	10	 	07-0967	 	 SUPPLEMENTAL 16 (INTERNATIONAL PARK)
	 	 FEDEX CONSTRUCTION STORAGE AREA
	 	1/1/2007 (2)	 	 	140,617	  	 	$	0.2673	  	 	$	0.2673	  	 	$	3,132.24	  	 	$	37,586.92	  	 	 	CPI OR 13	% 	 	$	0.2913	  	 	$	3,413.21	  	 	$	40,958.47	  
														
	11	 	07-0968	 	 SUPPLEMENTAL 13
	 	 UNIMPROVED GROUND/GSE STORAGE
	 	1/1/2007	 	 	187,217	  	 	$	0.1525	  	 	$	0.1906	  	 	$	2,973.63	  	 	$	35,683.56	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	3,240.36	  	 	$	38,884.38	  
														
	12	 	07-0969	 	 SUPPLEMENTAL 27
	 	 A-380 GSE STORAGE
	 	12/01/07	 	 	187,618	  	 	$	0.1525	  	 	$	0.1525	  	 	$	2,384.31	  	 	$	28,611.75	  	 	 	CPI OR 13	% 	 	$	0.1662	  	 	$	2,598.18	  	 	$	31,178.22	  
														
	13	 	07-0970	 	 SUPPLEMENTAL 23
	 	 A-380 RAMP
	 	1/1/2007	 	 	1,897,879	  	 	$	0.1220	  	 	$	0.1220	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.1329	  	 	$	21,025.87	  	 	$	252,310.49	  
	 	 	 SUPPLEMENTAL 25
	 	 A-380 GSE RAMP
	 	1/1/2007	 	 	319,113	  	 	$	0.1525	  	 	$	0.1906	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	5,523.23	  	 	$	66,278.76	  
														
	14	 	07-0971	 	 SUPPLEMENTAL 14
	 	 UNIMPROVED APRON/DE-ICING EQUIPMENT STORAGE
	 	1/1/2007	 	 	428,616	  	 	$	0.1525	  	 	$	0.1906	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	7,418.52	  	 	$	89,022.18	  
														
	15	 	07-0972	 	 N/A
	 	 SPRANKLE ROAD
	 	1/1/2007	 	 	200,695	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	 	N/A	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  
	16	 	07-0973	 	 N/A
	 	 REPUBLIC ROAD
	 	1/1/2007	 	 	113,179	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	 	N/A	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  
														
	17	 	07-0974	 	 SUPPLEMENTALS
	 		 		 				 				 				 				 				 				 				 				 			
	 	 	 1 Parcel 1, 2, 3, 4, 6 & 9 (UNIMP GROUND)
	 		 	1/1/2007	 	 	1,662,877	  	 	$	0.1525	  	 	$	0.1906	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	28,781.19	  	 	$	345,374.26	  
	 	 	 1 Parcel 1, 2, 7, 9 (IMP APRON)
	 		 	1/1/2007	 	 	1,908,290	  	 	$	0.1906	  	 	$	0.2383	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.2597	  	 	$	41,294.68	  	 	$	495,536.18	  
	 	 	 Parcel 5 (INTERNATIONAL PARK)
	 		 	1/1/2007	 	 	24,000	  	 	$	0.2673	  	 	$	0.3341	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.3641	  	 	$	728.14	  	 	$	8,737.65	  
	 	 	 1 Parcel 8 (INTERNATIONAL PARK)
	 	 FUEL TANKS
	 	1/1/2007	 	 	247,254	  	 	$	0.2673	  	 	$	0.3341	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.3641	  	 	$	7,501.45	  	 	$	90,017.46	  
	 	 	 1 & 8 Parcel 12 (INTERNATIONAL PARK)
	 	 ARTC TRAINING BUILDING
	 	1/1/2007	 	 	117,915	  	 	$	0.2673	  	 	$	0.3341	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.3641	  	 	$	3,577.43	  	 	$	42,929.17	  
	 	 	 1 & 8 Parcel 11 (INTERNATIONAL PARK)
	 	 GAS STATION
	 	1/1/2007	 	 	45,359	  	 	$	0.2673	  	 	$	0.3341	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.3641	  	 	$	1,376.15	  	 	$	16,513.80	  
	 	 	 8 Parcel 9 (INTERNATIONAL PARK)
	 	 SOUTH RAMP, COURTYARD, SOUTHGATES
	 	1/1/2007	 	 	1,586,172	  	 	$	0.2673	  	 	$	0.3341	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.3641	  	 	$	48,122.97	  	 	$	577,475.69	  
	 	 	 Parcel 10 (INTERNATIONAL PARK)
	 	 SOUTHEASTERN RAMP, NORTH SECONDARY,
	 	1/1/2007	 	 	70,200	  	 	$	0.2673	  	 	$	0.3341	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.3641	  	 	$	2,129.80	  	 	$	25,557.63	  
	 	 	 Parcel 17 (INTERNATIONAL PARK)
	 	 NORTH INPUT, PRIMARY SORT,
	 	1/1/2007	 	 	4,333,659	  	 	$	0.2673	  	 	$	0.3341	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.3641	  	 	$	131,479.16	  	 	$	1,577,749.90	  
	 	 		 	 SMALL PACKAGE SORT SYSTEM,
	 		 				 				 				 				 				 				 				 				 			
	 	 		 	 INTERNATIONAL INPUT, HEAVY WEIGHT, EAST RAMP
	 		 				 				 				 				 				 				 				 				 			
	 	 		 	 TAB-LINE MAINTENANCE
	 	1/1/2007	 	 	556,334	  	 	$	0.2673	  	 	$	0.3341	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.3641	  	 	$	16,878.65	  	 	$	202,543.84	  
	 	 	 10 Parcel 27A (IMP APRON)
	 	 PARCEL 27A
	 	1/1/2007	 	 	487,512	  	 	$	0.1906	  	 	$	0.2383	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.2597	  	 	$	10,549.58	  	 	$	126,594.93	  
	 	 	 11 Parcel A & B West (UNIMP GROUND)
	 	 NORTH RAMP
	 	1/1/2007	 	 	527,676	  	 	$	0.1525	  	 	$	0.1906	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	9,133.05	  	 	$	109,596.63	  
	 	 	 5 Parcel 16 (INTERNATIONAL PARK)
	 		 	1/1/2007	 	 	796,312	  	 	$	0.2673	  	 	$	0.3341	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.3641	  	 	$	24,159.36	  	 	$	289,912.33	  
	 	 	 23
	 	 GRAEBER ASSIGNMENT/TRUCKING OPERATION
	 	1/1/2007	 	 	261,460	  	 	$	0.1029	  	 	$	0.1286	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.1401	  	 	$	3,053.32	  	 	$	36,639.83	  
	 	 	 SUPPLEMENTAL 9 (INTERNATIONAL PARK)
	 	 PARKING AREA
	 	1/1/2007	 	 	18,933	  	 	$	0.2673	  	 	$	0.3341	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.3641	  	 	$	574.41	  	 	$	6,892.91	  
														
	18	 	07-0975	 	 SUPPLEMENTAL 8 (INTERNATIONAL PARK)
	 	 DC-10 HANGAR (LAND)
	 	1/1/2007	 	 	552,730	  	 	$	0.2673	  	 	$	0.2673	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.2913	  	 	$	13,416.45	  	 	$	160,997.43	  
	18A	 	07-0976	 	 BUILDING HAVING AN AREA OF 72,378 SQ FT & OTHER IMPROVEMENTS
	 	 DC-10 HANGAR (BUILDING)
	 	9/1/2012 (4)	 	 	72,378	  	 	$	1.2600	  	 	$	1.2600	  	 	$	7,599.69	  	 	$	91,196.28	  	 	 	CPI OR 13	% 	 	$	1.3730	  	 	$	8,281.38	  	 	$	99,376.59	  
		 		 	 CONSTRUCTED ON PARCEL 18
	 		 		 				 				 				 				 				 				 				 				 			
	19	 	07-0977	 	 SUPPLEMENTAL 8 (INTERNATIONAL PARK)
	 	 ENGINE SHOP
	 	1/1/2007	 	 	418,016	  	 	$	0.2673	  	 	$	0.2673	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.2913	  	 	$	10,146.53	  	 	$	121,758.37	  
														
	20	 	07-0978	 	 SUPPLEMENTAL 27
	 	 WEST SIDE OF TANG
	 	3/1/2008	 	 	108,051	  	 	$	0.1525	  	 	$	0.1525	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.1662	  	 	$	1,496.32	  	 	$	17,955.83	  
														
	21	 	07-0979	 	 SUPPLEMENTAL 7
	 	 DEMOCRAT VEHICLE PARKING
	 	1/1/2007	 	 	1,812,363	  	 	$	0.1525	  	 	$	0.1906	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	31,368.50	  	 	$	376,422.03	  
	22	 	07-0980	 	 SUPPLEMENTAL 9
	 	 DEMOCRAT VEHICLE PARKING
	 	1/1/2007	 	 	491,127	  	 	$	0.1525	  	 	$	0.1906	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	8,500.46	  	 	$	102,005.52	  
														
	23	 	07-0981	 	 N/A
	 	 TAXIWAY SIERRA
	 	2/1/2009	 	 	248,711	  	 	$	0.2400	  	 	$	0.2400	  	 	 	#REF!	  	 	 	#REF!	  	 	 	CPI OR 13	% 	 	$	0.2615	  	 	$	5,420.41	  	 	$	65,044.89	  
														
	24	 	07-0982	 	 N/A
	 	 SORT FACILITY
	 	9/1/2009 (5)	 	 	292,000	  	 	$	1.2600	  	 	$	1.2600	  	 	$	30,660.00	  	 	$	367,920.00	  	 	 	CPI OR 13	% 	 	$	1.3730	  	 	$	33,410.20	  	 	$	400,922.42	  

  

																																									
	 	 	FEDEX	 	 	 	 	 	 	 	 	 	 	EFFECTIVE	 	 	2014	 	 	2015-17	 
	PARCEL	 	LEASE	 	 	 	 	 	EFFECTIVE	 	SQUARE	 	 	DATE	 	 	EFFECTIVE July 1, 2014	 	 	EFFECTIVE April 1, 2015	 
	 NUMBER
	 	NUMBER	 	 SUPPLEMENTAL
	 	 USE OR LOCATION
	 	 DATE
	 	FEET	 	 	RATE	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 
	1	 	07-0958	 	 N/A
	 	 TAXIWAY N
	 	2/1/2009	 	 	100,035	  	 	$	0.1906	  	 	$	0.2077	  	 	$	1,731.41	  	 	$	20,776.95	  	 	$	0.21	  	 	$	1,731.41	  	 	$	20,776.95	  
													
	2	 	07-0959	 	 SUPPLEMENTAL 26
	 	 AMR FACILITIES/LANDLOCKED PARCELS
	 	1/1/2007	 	 	1,082,446	  	 	 	Varies	 (1) 	 	 	Varies	 (1) 	 	$	31,092.85	  	 	$	373,114.23	  	 	 	Varies	 (1) 	 	$	31,092.85	  	 	$	373,114.23	  
		 		 	 N/A 5th Amendment to Composite Lease
	 	 UNIMPROVED GROUND
	 	11/1/2013 (9)	 	 	44,344	  	 	$	0.2077	  	 	$	0.2077	  	 	$	767.52	  	 	$	9,210.25	  	 	$	0.21	  	 	$	767.52	  	 	$	9,210.25	  
													
		 		 	 SUPPLEMENTALS
	 	 WEST RAMP
	 		 				 				 				 				 				 				 				 			
	3	 	07-0960	 	 18, 19, 20, 21, 22 & 23
	 	 UNIMPROVED GROUND
	 	1/1/2007	 	 	3,111,647	  	 	$	0.1525	  	 	$	0.2077	  	 	$	53,856.60	  	 	$	646,279.19	  	 	$	0.21	  	 	$	53,856.60	  	 	$	646,279.19	  
		 		 	 22, 24 & 25
	 	 UNIMPROVED GROUND
	 	1/1/2007	 	 	914,283	  	 	$	0.1525	  	 	$	0.2077	  	 	$	15,824.47	  	 	$	189,893.67	  	 	$	0.21	  	 	$	15,824.47	  	 	$	189,893.67	  
		 		 	 N/A 5th Amendment to Composite Lease
	 	 UNIMPROVED GROUND
	 	11/1/2013 (9)	 	 	2,744	  	 	$	0.2077	  	 	$	0.2077	  	 	$	47.49	  	 	$	569.92	  	 	$	0.21	  	 	$	47.49	  	 	$	569.92	  
													
	4	 	07-0961	 	 N/A
	 	 TAXIWAY C
	 	2/1/2009	 	 	731,098	  	 	$	0.2400	  	 	$	0.2615	  	 	$	15,933.55	  	 	$	191,202.60	  	 	$	0.26	  	 	$	15,933.55	  	 	$	191,202.60	  
													
	5	 	07-0962	 	 SUPPLEMENTAL 13
	 	 UNIMPROVED APRON/GRACELAND RAMP
	 	1/1/2007	 	 	515,496	  	 	$	0.1525	  	 	$	0.2077	  	 	$	8,922.24	  	 	$	107,066.88	  	 	$	0.21	  	 	$	8,922.24	  	 	$	107,066.88	  
	 	 	 SUPPLEMENTAL 17
	 	 UNIMPROVED APRON/SIERRA RAMP
	 	1/1/2007	 				 	$	0.1525	  	 				 				 				 				 				 			
													
	6	 	07-0963	 	 AGREEMENT #92-0833
	 	 IRS/AOD
	 	1/1/2007	 	 	2,248,286	  	 	 	N/A	 (6) 	 	 	N/A	 (6) 	 	$	143,750.00	  	 	$	1,725,000.00	  	 	 	N/A	 (6) 	 	$	143,750.00	  	 	$	1,725,000.00	  
													
	7	 	07-0964	 	 SOUTHWIDE #90-0242
	 	 GRAEBER ASSIGNMENT
	 	1/1/2007	 	 	427,030	  	 	 	N/A	 (6) 	 	 	N/A	 (6) 	 	$	2,730.95	  	 	$	32,771.42	  	 	 	N/A	 (6) 	 	$	2,730.95	  	 	$	32,771.42	  
													
	8	 	07-0965	 	 SOUTHWIDE ASGMT. #80-0223
	 	 EQUITABLE LIFE
	 	1/1/2007	 	 	451,370	  	 	 	N/A	 (6) 	 	 	N/A	 (6) 	 	$	2,550.07	  	 	$	30,600.87	  	 	 	N/A	 (6) 	 	$	2,550.07	  	 	$	30,600.87	  
													
	9	 	07-0966	 	 SUPPLEMENTAL 15 (INTERNATIONAL PARK)
	 	 FEDEX PARKING - TCHULAHOMA
	 	1/1/2007	 	 	833,458	  	 	$	0.2673	  	 	$	0.2913	  	 	$	20,230.58	  	 	$	242,766.99	  	 	$	0.29	  	 	$	20,230.58	  	 	$	242,766.99	  
													
	10	 	07-0967	 	 SUPPLEMENTAL 16 (INTERNATIONAL PARK)
	 	 FEDEX CONSTRUCTION STORAGE AREA
	 	1/1/2007 (2)	 	 	140,617	  	 	$	0.2673	  	 	$	0.2913	  	 	$	3,413.21	  	 	$	40,958.47	  	 	$	0.29	  	 	$	3,413.21	  	 	$	40,958.47	  
													
	11	 	07-0968	 	 SUPPLEMENTAL 13
	 	 UNIMPROVED GROUND/GSE STORAGE
	 	1/1/2007	 	 	187,217	  	 	$	0.1525	  	 	$	0.2077	  	 	$	3,240.36	  	 	$	38,884.38	  	 	$	0.21	  	 	$	3,240.36	  	 	$	38,884.38	  
													
	12	 	07-0969	 	 SUPPLEMENTAL 27
	 	 A-380 GSE STORAGE
	 	12/01/07	 	 	187,618	  	 	$	0.1525	  	 	$	0.1662	  	 	$	2,598.18	  	 	$	31,178.22	  	 	$	0.17	  	 	$	2,598.18	  	 	$	31,178.22	  
													
	13	 	07-0970	 	 SUPPLEMENTAL 23
	 	 A-380 RAMP
	 	1/1/2007	 	 	1,897,879	  	 	$	0.1220	  	 	$	0.1329	  	 	$	21,025.87	  	 	$	252,310.49	  	 	$	0.13	  	 	$	21,025.87	  	 	$	252,310.49	  
	 	 	 SUPPLEMENTAL 25
	 	 A-380 GSE RAMP
	 	1/1/2007	 	 	319,113	  	 	$	0.1525	  	 	$	0.2077	  	 	$	5,523.23	  	 	$	66,278.76	  	 	$	0.21	  	 	$	5,523.23	  	 	$	66,278.76	  
													
	14	 	07-0971	 	 SUPPLEMENTAL 14
	 	 UNIMPROVED APRON/DE-ICING EQUIPMENT STORAGE
	 	1/1/2007	 	 	428,616	  	 	$	0.1525	  	 	$	0.2077	  	 	$	7,418.52	  	 	$	89,022.18	  	 	$	0.21	  	 	$	7,418.52	  	 	$	89,022.18	  
													
	15	 	07-0972	 	 N/A
	 	 SPRANKLE ROAD
	 	1/1/2007	 	 	200,695	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  
	16	 	07-0973	 	 N/A
	 	 REPUBLIC ROAD
	 	1/1/2007	 	 	113,179	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  	 	$	0.0000	  
													
	17	 	07-0974	 	 SUPPLEMENTALS
	 		 		 				 				 				 				 				 				 				 			
	 	 	 1 Parcel 1, 2, 3, 4, 6 & 9 (UNIMP GROUND)
	 		 	1/1/2007	 	 	1,662,877	  	 	$	0.1525	  	 	$	0.2077	  	 	$	28,781.19	  	 	$	345,374.26	  	 	$	0.21	  	 	$	28,781.19	  	 	$	345,374.26	  
	 	 	 1 Parcel 1, 2, 7, 9 (IMP APRON)
	 		 	1/1/2007	 	 	1,908,290	  	 	$	0.1906	  	 	$	0.2597	  	 	$	41,294.68	  	 	$	495,536.18	  	 	$	0.26	  	 	$	41,294.68	  	 	$	495,536.18	  
	 	 	 Parcel 5 (INTERNATIONAL PARK)
	 		 	1/1/2007	 	 	24,000	  	 	$	0.2673	  	 	$	0.3641	  	 	$	728.14	  	 	$	8,737.65	  	 	$	0.36	  	 	$	728.14	  	 	$	8,737.65	  
	 	 	 1 Parcel 8 (INTERNATIONAL PARK)
	 	 FUEL TANKS
	 	1/1/2007	 	 	247,254	  	 	$	0.2673	  	 	$	0.3641	  	 	$	7,501.45	  	 	$	90,017.46	  	 	$	0.36	  	 	$	7,501.45	  	 	$	90,017.46	  
	 	 	 1 & 8 Parcel 12 (INTERNATIONAL PARK)
	 	 ARTC TRAINING BUILDING
	 	1/1/2007	 	 	117,915	  	 	$	0.2673	  	 	$	0.3641	  	 	$	3,577.43	  	 	$	42,929.17	  	 	$	0.36	  	 	$	3,577.43	  	 	$	42,929.17	  
	 	 	 1 & 8 Parcel 11 (INTERNATIONAL PARK)
	 	 GAS STATION
	 	1/1/2007	 	 	45,359	  	 	$	0.2673	  	 	$	0.3641	  	 	$	1,376.15	  	 	$	16,513.80	  	 	$	0.36	  	 	$	1,376.15	  	 	$	16,513.80	  
	 	 	 8 Parcel 9 (INTERNATIONAL PARK)
	 	 SOUTH RAMP, COURTYARD, SOUTHGATES
	 	1/1/2007	 	 	1,586,172	  	 	$	0.2673	  	 	$	0.3641	  	 	$	48,122.97	  	 	$	577,475.69	  	 	$	0.36	  	 	$	48,122.97	  	 	$	577,475.69	  
	 	 	 Parcel 10 (INTERNATIONAL PARK)
	 	 SOUTHEASTERN RAMP, NORTH SECONDARY,
	 	1/1/2007	 	 	70,200	  	 	$	0.2673	  	 	$	0.3641	  	 	$	2,129.80	  	 	$	25,557.63	  	 	$	0.36	  	 	$	2,129.80	  	 	$	25,557.63	  
	 	 	 Parcel 17 (INTERNATIONAL PARK)
	 	 NORTH INPUT, PRIMARY SORT,
	 	1/1/2007	 	 	4,333,659	  	 	$	0.2673	  	 	$	0.3641	  	 	$	131,479.16	  	 	$	1,577,749.90	  	 	$	0.36	  	 	$	131,479.16	  	 	$	1,577,749.90	  
	 	 		 	 SMALL PACKAGE SORT SYSTEM,
	 		 				 				 				 				 				 				 				 			
	 	 		 	 INTERNATIONAL INPUT, HEAVY WEIGHT, EAST RAMP
	 		 				 				 				 				 				 				 				 			
	 	 		 	 TAB-LINE MAINTENANCE
	 	1/1/2007	 	 	556,334	  	 	$	0.2673	  	 	$	0.3641	  	 	$	16,880.10	  	 	$	202,561.21	  	 	$	0.30	  	 	$	14,099.88	  	 	$	169,198.54	  
	 	 	 10 Parcel 27A (IMP APRON)
	 	 PARCEL 27A
	 	1/1/2007	 	 	487,512	  	 	$	0.1906	  	 	$	0.2597	  	 	$	10,549.58	  	 	$	126,594.93	  	 	$	0.26	  	 	$	10,549.58	  	 	$	126,594.93	  
	 	 	 11 Parcel A & B West (UNIMP GROUND)
	 	 NORTH RAMP
	 	1/1/2007	 	 	527,676	  	 	$	0.1525	  	 	$	0.2077	  	 	$	9,133.05	  	 	$	109,596.63	  	 	$	0.21	  	 	$	9,133.05	  	 	$	109,596.63	  
	 	 	 5 Parcel 16 (INTERNATIONAL PARK)
	 		 	1/1/2007	 	 	796,312	  	 	$	0.2673	  	 	$	0.3641	  	 	$	24,159.36	  	 	$	289,912.33	  	 	$	0.36	  	 	$	24,159.36	  	 	$	289,912.33	  
	 	 	 23
	 	 GRAEBER ASSIGNMENT/TRUCKING OPERATION
	 	1/1/2007	 	 	261,460	  	 	$	0.1029	  	 	$	0.1401	  	 	$	3,053.32	  	 	$	36,639.83	  	 	$	0.14	  	 	$	3,053.32	  	 	$	36,639.83	  
	 	 	 SUPPLEMENTAL 9 (INTERNATIONAL PARK)
	 	 PARKING AREA
	 	1/1/2007	 	 	18,933	  	 	$	0.2673	  	 	$	0.3641	  	 	$	574.41	  	 	$	6,892.91	  	 	$	0.36	  	 	$	574.41	  	 	$	6,892.91	  
													
	18	 	07-0975	 	 SUPPLEMENTAL 8 (INTERNATIONAL PARK)
	 	 DC-10 HANGAR (LAND)
	 	1/1/2007	 	 	552,730	  	 	$	0.2673	  	 	$	0.2913	  	 	$	13,416.45	  	 	$	160,997.43	  	 	$	0.29	  	 	$	13,416.45	  	 	$	160,997.43	  
	18A	 	07-0976	 	 BUILDING HAVING AN AREA OF 72,378 SQ FT & OTHER IMPROVEMENTS
	 	 DC-10 HANGAR (BUILDING)
	 	9/1/2012 (4)	 	 	72,378	  	 	$	1.2600	  	 	$	1.3730	  	 	$	8,281.38	  	 	$	99,376.59	  	 	$	1.37	  	 	$	8,281.38	  	 	$	99,376.59	  
		 		 	 CONSTRUCTED ON PARCEL 18
	 		 		 				 				 				 				 				 				 				 			
	19	 	07-0977	 	 SUPPLEMENTAL 8 (INTERNATIONAL PARK)
	 	 ENGINE SHOP
	 	1/1/2007	 	 	418,016	  	 	$	0.2673	  	 	$	0.2913	  	 	$	10,146.53	  	 	$	121,758.37	  	 	$	0.29	  	 	$	10,146.53	  	 	$	121,758.37	  
													
	20	 	07-0978	 	 SUPPLEMENTAL 27
	 	 WEST SIDE OF TANG
	 	3/1/2008	 	 	108,051	  	 	$	0.1525	  	 	$	0.1662	  	 	$	1,496.32	  	 	$	17,955.83	  	 	$	0.17	  	 	$	1,496.32	  	 	$	17,955.83	  
													
	21	 	07-0979	 	 SUPPLEMENTAL 7
	 	 DEMOCRAT VEHICLE PARKING
	 	1/1/2007	 	 	1,812,363	  	 	$	0.1525	  	 	$	0.2077	  	 	$	31,368.50	  	 	$	376,422.03	  	 	$	0.21	  	 	$	31,368.50	  	 	$	376,422.03	  
	22	 	07-0980	 	 SUPPLEMENTAL 9
	 	 DEMOCRAT VEHICLE PARKING
	 	1/1/2007	 	 	491,127	  	 	$	0.1525	  	 	$	0.2077	  	 	$	8,500.46	  	 	$	102,005.52	  	 	$	0.21	  	 	$	8,500.46	  	 	$	102,005.52	  
													
	23	 	07-0981	 	 N/A
	 	 TAXIWAY SIERRA
	 	2/1/2009	 	 	248,711	  	 	$	0.2400	  	 	$	0.2615	  	 	$	5,420.41	  	 	$	65,044.89	  	 	$	0.26	  	 	$	5,420.41	  	 	$	65,044.89	  
													
	24	 	07-0982	 	 N/A
	 	 SORT FACILITY
	 	9/1/2009 (5)	 	 	292,000	  	 	$	1.2600	  	 	$	1.3730	  	 	$	33,410.20	  	 	$	400,922.42	  	 	$	1.37	  	 	$	33,410.20	  	 	$	400,922.42	  

 Exhibit A 

April 1, 2017 
 Eighth
Amendment to Composite Lease Agreement 

  

 EXHIBIT A to the Composite Lease Agreement as amended by the Eighth Amendment effective April 1, 2017.

  

																																													
	 	 	FEDEX	 	 	 	 	 	 	 	 	 	 	EFFECTIVE	 	 	2012	 	 	2013	 
	PARCEL	 	LEASE	 	 	 	 	 	EFFECTIVE	 	SQUARE	 	 	DATE	 	 	EFFECTIVE SEPTEMBER 2012	 	 	EFFECTIVE July 1, 2013	 	 	 	 
	 NUMBER
	 	NUMBER	 	 SUPPLEMENTAL
	 	 USE OR LOCATION
	 	 DATE
	 	FEET	 	 	RATE	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	ESCALATION (3)	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 
														
	 25
	 	07-0983	 	 N/A
	 	 DEMOCRAT PARKING AREA
	 	12/15/11 (8)	 	 	36,128	  	 	$	0.1906	  	 	$	0.1906	  	 	$	573.83	  	 	$	6,885.99	  	 	 	CPI OR 13	% 	 	$	0.2077	  	 	$	625.31	  	 	$	7,503.67	  
	 26
	 	07-0985	 	 N/A
	 	 CORPORATE AVIATION HANGAR (BUILDING)
	 	7/1/2014	 	 	35,070	  	 	$	1.4238	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	CPI OR 13	% 	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
		 		 		 	 CORPORATE AVIATION HANGAR (LAND)
	 	7/1/2014	 	 	161,334	  	 	$	0.0000	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 27
	 	07-0984	 	 N/A
	 	 HANGAR 11 (BUILDING)
	 	7/1/2014	 	 	58,265	  	 	$	1.4238	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	CPI OR 13	% 	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
		 		 	 N/A
	 	 HANGAR 12 (BUILDING)
	 	7/1/2014	 	 	117,306	  	 	$	1.4238	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	CPI OR 13	% 	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
		 		 		 	 HANGARS 11 AND 12 (LAND)
	 	7/1/2014	 	 	1,290,083	  	 	$	0.0000	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 28
	 	07-0986	 	 N/A
	 	 EAST GSE RAMP
	 	7/1/2014 (10)	 	 	1,000,681	  	 	$	0.1741	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	CPI OR 13	% 	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 29
	 		 	 N/A
	 	 COLD CHAIN STORAGE PARKING
	 	4/1/2016 (11)	 	 	29,174	  	 	$	0.2077	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 30
	 		 	 N/A
	 	 3505 TCHULAHOMA ROAD (BUILDING)
	 	4/1/2017 (13)	 	 	38,345	  	 	$	2.8500	  	 				 				 				 				 				 				 			
		 		 		 	 3505 TCHULAHOMA ROAD (IMPROVED GROUND)
	 	4/1/2017 (13)	 	 	58,810	  	 	$	0.2597	  	 				 				 				 				 				 				 			
		 		 		 	 3505 TCHULAHOMA ROAD (UNIMPROVED GROUND)
	 	4/1/2017 (13)	 	 	64,702	  	 	$	0.2077	  	 				 				 				 				 				 				 			
	 31
	 		 	 N/A
	 	 3318 WINCHESTER ROAD (BUILDING)
	 	8/1/2017 (12)	 	 	113,461	  	 	$	2.8500	  	 				 				 				 				 				 				 			
		 		 		 	 3318 WINCHESTER ROAD (IMPROVED GROUND)
	 	8/1/2017 (12)	 	 	196,782	  	 	$	0.2597	  	 				 				 				 				 				 				 			
		 		 		 	 3318 WINCHESTER ROAD (UNIMPROVED GROUND)
	 	8/1/2017 (12)	 	 	164,498	  	 	$	0.2077	  	 				 				 				 				 				 				 			
		 		 		 		 		 				 				 				 				 				 				 	 	Totals	  	 	$	781,847.02	  	 	$	9,382,164.23	  

  

																																									
	 	 	FEDEX	 	 	 	 	 	 	 	 	 	 	EFFECTIVE	 	 	2014	 	 	2015-17	 
	PARCEL	 	LEASE	 	 	 	 	 	EFFECTIVE	 	SQUARE	 	 	DATE	 	 	EFFECTIVE July 1, 2014	 	 	EFFECTIVE April 1, 2015	 
	 NUMBER
	 	NUMBER	 	 SUPPLEMENTAL
	 	 USE OR LOCATION
	 	 DATE
	 	FEET	 	 	RATE	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 
													
	 25
	 	07-0983	 	 N/A
	 	 DEMOCRAT PARKING AREA
	 	12/15/11 (8)	 	 	36,128	  	 	$	0.1906	  	 	$	0.2077	  	 	$	625.31	  	 	$	7,503.67	  	 	$	0.21	  	 	$	625.31	  	 	$	7,503.67	  
	 26
	 	07-0985	 	 N/A
	 	 CORPORATE AVIATION HANGAR (BUILDING)
	 	7/1/2014	 	 	35,070	  	 	$	1.4238	  	 	$	1.4238	  	 	$	4,161.06	  	 	$	49,932.67	  	 	$	1.42	  	 	$	4,161.06	  	 	$	49,932.67	  
		 		 		 	 CORPORATE AVIATION HANGAR (LAND)
	 	7/1/2014	 	 	161,334	  	 	$	0.0000	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 27
	 	07-0984	 	 N/A
	 	 HANGAR 11 (BUILDING)
	 	7/1/2014	 	 	58,265	  	 	$	1.4238	  	 	$	1.4238	  	 	$	6,913.14	  	 	$	82,957.71	  	 	$	1.42	  	 	$	6,913.14	  	 	$	82,957.71	  
		 		 	 N/A
	 	 HANGAR 12 (BUILDING)
	 	7/1/2014	 	 	117,306	  	 	$	1.4238	  	 	$	1.4238	  	 	$	13,918.36	  	 	$	167,020.28	  	 	$	1.42	  	 	$	13,918.36	  	 	$	167,020.28	  
		 		 		 	 HANGARS 11 AND 12 (LAND)
	 	7/1/2014	 	 	1,290,083	  	 	$	0.0000	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 28
	 	07-0986	 	 N/A
	 	 EAST GSE RAMP
	 	7/1/2014 (10)	 	 	1,000,681	  	 	$	0.1741	  	 	$	0.1741	  	 	$	14,518.21	  	 	$	174,218.56	  	 	$	0.17	  	 	$	14,518.21	  	 	$	174,218.56	  
	 29
	 		 	 N/A
	 	 COLD CHAIN STORAGE PARKING
	 	4/1/2016 (11)	 	 	29,174	  	 	$	0.2077	  	 				 				 				 	$	0.2077	  	 	$	504.95	  	 	$	6,059.44	  
	 30
	 		 	 N/A
	 	 3505 TCHULAHOMA ROAD (BUILDING)
	 	4/1/2017 (13)	 	 	38,345	  	 	$	2.8500	  	 				 				 				 	$	2.8500	  	 	$	9,106.94	  	 	$	109,283.25	  
		 		 		 	 3505 TCHULAHOMA ROAD (IMPROVED GROUND)
	 	4/1/2017 (13)	 	 	58,810	  	 	$	0.2597	  	 				 				 				 	$	0.2597	  	 	$	1,272.75	  	 	$	15,272.96	  
		 		 		 	 3505 TCHULAHOMA ROAD (UNIMPROVED GROUND)
	 	4/1/2017 (13)	 	 	64,702	  	 	$	0.2077	  	 				 				 				 	$	0.2077	  	 	$	1,119.88	  	 	$	13,438.61	  
	 31
	 		 	 N/A
	 	 3318 WINCHESTER ROAD (BUILDING)
	 	8/1/2017 (12)	 	 	113,461	  	 	$	2.8500	  	 				 				 				 	$	2.8500	  	 	$	26,946.99	  	 	$	323,363.85	  
		 		 		 	 3318 WINCHESTER ROAD (IMPROVED GROUND)
	 	8/1/2017 (12)	 	 	196,782	  	 	$	0.2597	  	 				 				 				 	$	0.2597	  	 	$	4,258.69	  	 	$	51,104.29	  
		 		 		 	 3318 WINCHESTER ROAD (UNIMPROVED GROUND)
	 	8/1/2017 (12)	 	 	164,498	  	 	$	0.2077	  	 				 				 				 	$	0.2077	  	 	$	2,847.19	  	 	$	34,166.23	  
		 		 		 		 		 				 				 				 	$	822,174.25	  	 	$	9,866,090.99	  	 	 	Totals	  	 	$	865,451.42	  	 	$	10,385,416.96	  

 Note 1: 
 (a) Hangar
26 has been removed from Parcel 2 and, effective July 1, 2009, rent for Parcel 2 has been reduced by $1,322.50 per month, $15,870.00 per year. 
 (b)
As of December 14, 2010, the date of Tenant’s beneficial occupancy of the Replacement Hangar, as defined in the Third Amendment to the Composite Lease Agreement, the annual rent will be reduced by $44,246.00 ($3,687.17 monthly). The rent rate
for the 35,000 square foot Replacement Hangar will be $0.1906.
 (c) As of December 14, 2010, the date of Tenant’s benefical occupancy of
renovated Hangars 24, 25 and 27, the combined annual rent for these Hangars will be reduced by $23,458.05 (30% of $78,193.49).
 Note 2: In accordance
with the Second Amendment to the Composite Lease Agreement, Parcel 10 will not be part of the demised premises between May 1, 2010, and December 31, 2011, and no rent will be payable with respect to that Parcel during that time period.

Note 3: Refer to Section 2.03(a)(i) of the Composite Lease Agreement for a further description of the rent adjustment summarized in this column. 

Note 4: The Effective Date is subject to the operation and effect of Section 1.04(b) of the Composite Lease Agreement. When the Effective Date occurs,
the rent for Parcel 18A will be calculated based upon a rental rate of $1.26 per square foot of building footprint area. 
 Note 5: The Effective Date
is subject to the operation and effect of Section 1.04(b) of the Composite Lease Agreement. When the Effective Date occurs, the rent for Parcel 24 will be calculated based upon a rental rate of $1.26 per square foot of building footprint area.

 Note 6: For Parcels 6, 7, and 8, the monthly rent for each is an amount previously agreed upon by the Parties, and is not calculated on any
applicable current rate. 
 Note 7: Section 2.03(a)(i) of the Composite Lease Agreement will govern the escalation of the rent for Parcel 6 beginning
July 1, 2018. 
 Note 8: In accordance with the terms of the 4th Amendment to the Composite Lease, rent for Parcel 25 began to accrue March 1, 2012 at
the rate of $0.1906 
 Note 9: In accordance with the terms of the 5th Amendment to the Composite Lease, rent for the unimproved property that the
5th Amendment adds to Parcels 2 and 3 will begin to accrue on November 1, 2013 at the July 1, 2013 rental rate for unimproved property. (See Notes 3 and 7) 

Note 10: Rate agreed upon by the parties and as defined in the 6th Amendment to the Composite Lease 

Note 11: Parcel 29 adds the lot used for Cold Chain Storage Parking effective April 1, 2015 and should be added. 

Note 12: Parcel 30 adds the office building and warehouse at 3505 Tchulahoma Road effective April 1, 2017. Rent will begin to accrue on the earlier of the
Parcel 30 Substantial Completion Date or April 1, 2018. 
 Note 13: Parcel 31 adds the maintenance facility at 3318 Winchester Road effective September
1, 2017. Rent will begin to accrue on the earlier of the Parcel 31 Substantial Completion Date or September 1, 2018. 
  

									
	 RATE & RATE ESCALATION
	  	CURRENT RATES	 	  	7/1/2013	 
	 IMPROVED GROUND
	  	$	0.2383	  	  	$	0.2597	  
			
	 UNIMPROVED GROUND
	  	$	0.1906	  	  	$	0.2077	  

 EXHIBIT B 
  

 

  
 8 

 Parcel 30 Legal Description 

Parcel 30 
 3505
Tchulahoma Road, Memphis, TN 
 Description of a 3.1746 acre lease containment are identified as Parcel 30 and being a part of the Memphis-Shelby County
Airport Authority property as recorded in Instrument 0911534 in the Shelby County Register’s Office and located on the west side of Tchulahoma Road. 

Commencing at the intersection of the north line of Winchester Road (having a 99 foot Right-of-Way) and the west line of Tchulahoma Road (having a 106 foot
Right-of-Way), 
 Thence northeastwardly along the west Right of Way of Tchulahoma Road, North 8 degrees 20 minutes 13 seconds East, a distance of 297.3
feet to the northeast corner of Winchester Road 3340 Center LLC Property as recorded in Instrument 10118123 and the southeast corner of Parcel 31 of the Memphis- Shelby County Airport Authority as recorded in Instrument 0911534, 

Thence northeastwardly along the west Right-of-Way of Tchulahoma Road, North 8 degrees, 20 minutes, 13 seconds East, a distance of 144.31 feet to a point of
curvature in the west Right-of-Way of Tchulahoma Road, 
 Thence along said curve to the right having a radius of 1,272.75 feet, a chord bearing of North 13
degrees 38 minutes 56 seconds West with a cord distance of 231.04 feet and an arc length of 231.36 to a point of tangency, 
 Thence northeastwardly along
the west Right-of-Way of Tchulahoma Road, North 18 degrees 47 minutes 42 seconds East, a distance of 37.86 feet to the TRUE POINT OF BEGINNING of the following Parcel 30 and the northeast corner of Parcel 31 being part of the Memphis-Shelby County
Airport Authority as recorded in Instrument 0911534, 
 Thence northwestwardly along the common line of Parcels 30 &31, North 86 degrees 24 minutes 01
seconds West, a distance of 300.04 feet to an angle corner, 
 Thence continuing along said common line, the following courses: 

Thence South 89 degrees 47 minutes 54 seconds West, a distance of 9.09 feet, 

Thence South 73 degrees 28 minutes 43 seconds West, a distance of 11.27 feet, 

Thence South 62 degrees 18 minutes 10 seconds West, a distance of 9.95 feet, 

Thence South 72 degrees 02 minutes 49 seconds West, a distance of 9.63 feet, 

Thence North 88 degrees 45 minutes 05 seconds West, a distance of 9.82 feet, 

Thence North 84 degrees 24 minutes 38 seconds West, a distance of 11.20 feet, 

  
 9 

 Thence North 88 degrees 14 minutes 50 seconds West, a distance of 11.77 feet, 

Thence North 89 degrees 09 minutes 14 seconds West, a distance of 22.82 feet, 

Thence North 4 degrees 17 minutes 45 seconds East, a distance of 51.00 feet, 

Thence North 85 degrees 42 minutes 15 seconds West, a distance of 147.00 feet, 

Thence North 40 degrees 34 minutes 04 seconds West, a distance of 151.42 feet, 

Thence North 48 degrees 54 minutes 46 seconds East, a distance of 96.20 feet, 

Thence North 41 degrees 05 minutes 14 seconds West, a distance of 50.60 feet, 

Thence North 43 degrees 24 minutes 40 seconds East, a distance of 95.18 feet to a point of curvature, 

Thence along said curve to the right having a radius of 22.53 feet, a chord bearing of North 40 degrees 12 minutes 02 seconds West with a chord distance of
32.19 feet and an arc length of 35.86 and a chord length of 32.19 feet to a point of tangency, 
 Thence North 5 degrees 23 minutes 08 seconds East, a
distance of 18.06 to the northwest corner of said Parcel 30 and the northeast corner of Parcel 31, 
 Thence continuing along the north line of Parcel 31,
the following courses: 
 Thence South 84 degrees 39 minutes 46 seconds East, a distance of 33.94 feet, 

Thence South 2 degrees 59 minutes 45 seconds West, a distance of 22.56 feet, 

Thence South 85 degrees 44 minutes 35 seconds East, a distance of 126.84 feet, 

Thence South 4 degrees 20 minutes 09 seconds, West, a distance of 147.32 feet, 

Thence South 85 degrees 42 minutes 45 seconds East, a distance of 464.01 feet to the northeast corner of Parcel 30 located in the west Right-of-Way line of
Tchulahoma Road, 
 Thence southwestwardly South 18 degrees 47 minutes 42 seconds West, a distance of 192.91 feet to the southeast corner of Parcel 30 and
the northeast corner of Parcel 31 and the TRUE POINT OF BEGINNING and containing 3.1746 acres by calculation. 

  
 10 

 Parcel 31 Legal Description 

Parcel 31 
 3318
Winchester Road, Memphis, TN 
 Description of a 10.7955 acre lease containment area identified as Parcel 31 and being a part of the Memphis-Shelby
County Airport Authority property as recorded in Instrument 0911534 in the Shelby County Register’s Office and located on the west side of Tchulahoma Road. 

Commencing at the intersection of the north line of Winchester Road with a 99 foot wide Right-of-Way and the west line of Tchulahoma Road with a 106 foot
Right-of-Way, 
 Thence northeastwardly along the west Right-of-Way of Tchulahoma Road, North 8 degrees 20 minutes 13 seconds East, a distance of 297.3 feet
to the southeast corner of Parcel 31, also being the northeast corner of the Winchester Road 3340 Center LLC Property as recorded in Instrument 10118123, and being the TRUE POINT of BEGINNING of the following lease area, 

Thence northwestwardly along the north line of the Winchester Road 3340 Center LLC Property as recorded in Instrument 10118123, also being a re-entrant line
of Parcel 31, North 83 degrees 03 minutes 43 seconds West, being south and parallel to an existing chain link fence, a call and measure of 189.70 feet to the northwest corner of the distance of the Winchester Road 3340 Center LLC Property also an
interior corner of Parcel 31, 
 Thence southwestwardly along the west line of the Winchester Road 3340 Center LLC Property, also an interior line of Parcel
31, South 8 degrees 20 minutes 33 seconds West, along the general alignment of a chain link fence, a distance of 209.60 feet to @ a fence post being the southwest corner of the Winchester Road 3340 Center LLC Property and the southernmost southeast
corner of Parcel 31 located in the north Right-of-Way line of Winchester Road having a 99 foot wide Right-of-Way, 
 Thence northwestwardly along the north
Right-of-Way line of Winchester Road @ the back of walk, North 86 degrees 29 minutes 40 seconds West, a distance of 444.47 to @ a fence point being the southwest corner of Parcel 31, 

Thence northeastwardly along the interior line of Parcel 31, North 85 degrees 49 minutes 47 seconds West, along the general alignment of a chain link fence, a
distance of 193.24 feet to the westernmost southwest corner of Parcel 31, 
 Thence northeastwardly along a west line of Parcel 31, North 4 degrees 5
minutes 7 seconds East, being east and @ parallel to a chain link fence, a distance of 167.53 feet to an exterior corner of Parcel 31, 

  
 11 

 Thence southeastwardly along an interior line of Parcel 31, South 85 degrees 54 minutes 53 seconds East along an
interior line being south and @ parallel to a chain link fence, a distance of 113.85 feet to an interior corner of Parcel 31, 
 Thence northeastwardly
along a west line of Parcel 31, North 4 degrees 6 minutes 13 seconds East, being east and @ parallel to a chain link fence, a distance of 195.00 feet to an exterior corner of Parcel 31, 

Thence southeastwardly along a re-entrant line of Parcel 31, South 85 degrees 53 minutes 47 seconds East, a distance of 8.00 feet to an interior corner of
Parcel 31, 
 Thence northwestwardly along an exterior line of Parcel 31, North 40 degrees 17 minutes 27 seconds West, a distance of 47.05 feet to an angle
corner or Parcel 31, 
 Thence northeastwardly along an interior line of Parcel 31, North 49 degrees 14 minutes 44 seconds East, along the general alignment
of a chain link fence, a distance of 281.11 feet to a fence post being an angle corner or Parcel 31, 
 Thence northeastwardly along a west line of Parcel
31, North 22 degrees 41 minutes 44 seconds East, being east and @ parallel to a chain link fence, a distance of 24.23 feet to a fence post at a gate being an angle corner of Parcel 31, 

Thence southeastwardly along a north line of Parcel 31, South 86 degrees 22 minutes 14 seconds East, across a gate, a distance of 36.66 feet to an exterior
corner of Parcel 31 and being a common corner with Parcel 30, 
 The following courses are a common lease line between Parcel 31 and Parcel 30, 

Thence South 5 degrees 23 minutes 8 seconds West, a distance of 18.06 feet to a point of a curve, 

Thence along a curve to the left having a radius of 22.563 feet and an arc length of 35.86 feet on a chord bearing of South 40 degrees 12 minutes 02 seconds
East, a chord distance of 32.19 to a point of tangency, 
 Thence South 43 degrees 24 minutes 40 seconds West, a distance of 95.18 feet to an angle point,

 Thence South 41 degrees 05 minutes 14 seconds East, a distance of 50.60 feet to an angle point, 

Thence South 48 degrees 54 minutes 46 seconds West, a distance of 96.20 feet to an angle point, 

  
 12 

 Thence South 40 degrees 34 minutes 04 seconds East, a distance of 151.42 feet to an angle point, 

Thence South 85 degrees 42 minutes 15 seconds East, a distance of 147.00 feet to an angle point, 

Thence South 04 degrees 17 minutes 45 seconds West, a distance of 51.00 feet to an angle point, 

Thence North 89 degrees 09 minutes 14 seconds East, a distance of 22.82 feet to an angle point, 

Thence South 88 degrees 14 minutes 50 seconds East, a distance of 11.77 feet to an angle point, 

Thence South 84 degrees 24 minutes 38 seconds East, a distance of 11.20 feet to an angle point, 

Thence South 88 degrees 45 minutes 05 seconds East, a distance of 9.82 feet to an angle point, 

Thence North 72 degrees 02 minutes 49 seconds East, a distance of 9.63 feet to an angle point, 

Thence North 62 degrees 18 minutes 10 seconds East, a distance of 9.96 feet to an angle point, 

Thence North 73 degrees 28 minutes 43 seconds East, a distance of 11.27 feet to an angle point, 

Thence North 89 degrees 47 minutes 54 seconds East, a distance of 9.09 feet to an angle point, 

Thence South 86 degrees 24 minutes 01 seconds East, a distance of 300.04 feet to the northeast corner of Parcel 31 located in the west Right-of-Way line of
Tchulahoma Road with a 106 foot Right-of-Way, 
 Thence southwestwardly along said Right-of-Way, South 18 degrees 47 minutes 42 seconds West, a distance of
37.86 feet to a point of curve, 
 Thence southwestwardly along a curve to the left having a radius of 1272.75 feet, an arc length of 231.36 feet, a chord
bearing of South 13 degrees 38 minutes 57 seconds West and a chord distance of 231.04 feet to a point of tangency, 

  
 13 

 Thence southwestwardly along said Right-of-Way, South 08 degrees 20 minutes 13 seconds West, a distance of 144.31
feet to the point of beginning and containing approximately 10.7955 acres by calculation. 

  
 14 

 EXHIBIT “C” 

Parcel 30 - 3505 Tchulahoma Road, Memphis, TN 
  

	 	A.	Fixtures that will remain: 

  

	 	1.	Lockers 

  

	 	2.	Ventilation equipment 

  

	 	3.	Cages in room AD-22 

  

	 	4.	Aircraft lights in the front lobby 

  

	 	5.	All fixtures with millwork 

  

	 	6.	Backup generator 

  

	 	B.	Authority will remove the following property from the building prior to occupancy: 

  

	 	1.	MSCAA IT servers 

  

	 	2.	All racking from the parts warehouse, storage warehouse, chemical storage and tire storage. 

  

	 	3.	Electrical reels under building canopy 

 Parcel 31 - 3318 Winchester Road, Memphis, TN 

 

	 	A.	Fixtures that will remain: 

  

	 	1.	Lockers 

  

	 	2.	(3) bridge cranes 

  

	 	3.	Sprinkler system air compressors 

  

	 	4.	Vehicle exhaust fan systems 

  

	 	5.	Sinks 

  

	 	6.	Paint Booth 

  

	 	7.	Cabinets in dark room 

  

	 	8.	All structural steel mezzanines 

  

	 	9.	(1) chain link cage 

  

	 	10.	Break room divider partition 

  

	 	11.	All fixtures with millwork 

  

	 	12.	Backup generator 

  

	 	B.	The following property will be removed by Authority prior to occupancy: 

  

	 	1.	Info and marker boards 

  

	 	2.	Bunk Beds 

  

	 	3.	Work Tables 

  

	 	4.	(1) chain link cage 

  

	 	5.	Floor lifts 

  

	 	6.	Grease reels 

  
 15 

	 	7.	Pressure washers (portable) 

  

	 	8.	Pressure washers with reels and wands 

  

	 	9.	Welding curtains 

  

	 	10.	Personnel fans 

  

	 	11.	Air compressors 

  

	 	12.	Vacuum system 

  

	 	13.	Above ground oil tanks 

  

	 	14.	Security cameras 

  

	 	15.	Miscellaneous equipment to include furniture, tables, chairs, cubes, refrigerators, stoves, shelves, microwaves and conference room tables 

 

	 	16.	Electrical reels under building canopy. 

  
 16 

 EXHIBIT “D” 

Improvement by Tenant prior to occupancy of 3505 Tchulahoma Road, Memphis, TN: 
  

	 	1.	Installation of a 6’ high chain link fence along the boundary of the leased area as shown in EXHIBIT “B”.

Improvements by Authority prior to occupancy of 3318 Winchester Road, Memphis, TN: 
  

	 	1.	Remove all fuel underground storage tanks (UST’s) 

  

	 	2.	Remove fueling building, canopy and fueling island. 

  

	 	3.	Remove all deice tanks and associated equipment. 

  

	 	4.	Remove all metal storage buildings with the exception of the chemical storage building (2264 square feet). 

  

	 	5.	Remove portable buildings and a small canopy (506 square feet). 

  

	 	6.	Repave the areas affected by the UST removal. 

  

	 	7.	Closure-in-place of Used oil tank (under floor). 

 Definitions: 

The term “Permanent Closure” when used in this Amendment shall mean either (i) Removal: the tank, piping, and vent line are pulled
from the ground in compliance with Environmental Laws; or (ii) Closure-in-place: the tank and piping are filled with an inert solid material and left in the ground in compliance with Environmental Laws. 

The term “Underground storage tank” or “UST” when used in this Amendment shall mean any one or combination of tanks
(including underground pipes connected thereto) that is used to contain an accumulation of Hazardous Substances, and the volume of which (including the volume of underground pipes connected thereto) is ten percent (10%) or more beneath the surface
of the ground.
 The term “UST system” when used in this Amendment shall mean an underground storage tank, connected underground
piping, underground ancillary equipment, and containment system, if any. 

  
 17STOCK
PURCHASE AGREEMENT

This
Stock Purchase Agreement (this “Agreement”) is entered into as of September 15, 2016, by and between Double Grouper
LLC (“Seller”) and Ted Murphy (“Purchaser”). The Purchaser and Seller are referred to collectively in the
Agreement as the “Parties”, and individually as a “Party”.

BACKGROUND

A.
Seller owns Three Million Six Hundred Thousand (3,600,000) shares of common stock of Watermark Group, Inc., a Nevada corporation
(“WMHH” or the “Company”) of which Seller wishes to sell Three Million Six Hundred Thousand (3,600,000)
shares to Purchaser (the “Shares”). The Company’s shares of common stock trade on the OTC Pink Market.

B.
Purchaser desires to purchase the Shares from Seller and Seller desires to sell the Shares to Purchaser upon the terms and conditions
set forth in this Agreement,

AGREEMENTS

In
consideration of the forgoing and the promises and agreements contained herein, the parties agree as follows:

 

1.                
Purchase and Sale of the Shares. Subject to the terms and
conditions hereinafter set forth, at the Closing of the transaction contemplated hereby:

(a)               
Seller shall sell, convey, transfer, and deliver to Purchaser
certificates representing the Shares, and

 

(b)              
Purchaser shall purchase from Seller the Shares in consideration
of Fifty Thousand Dollars ($50,000.00) (the “Purchase Price”).

 

(c)               
The certificates representing the Company’s common stock
shall be duly endorsed for transfer or accompanied by appropriate stock transfer powers duly executed in blank, in either case
with signatures guaranteed in the customary fashion, and shall have all the necessary documentary transfer tax stamps affixed thereto
at the expense of Seller.

(d)               The
closing of the transactions contemplated by this Agreement (“Closing”), shall take place after: (i) all executed
documents including the stock certificate(s) duly endorsed for transfer or accompanied by appropriate stock transfer powers
and medallion guaranteed signature(s) and funds have been received by Brinen & Associates, LLC; and (ii) the
Company’s transfer agent confirms that  all required documentation has been received. After the Closing,
Purchaser’s attorney shall release funds to Seller by wire transfer of immediately available funds into an account
designated by Seller in writing.

2.                
Purchaser’s Representations. Purchaser hereby represents,
warrants and acknowledges and agrees with the following:

(a)               
Purchaser has received all information Purchaser considers necessary
or advisable to make a decision concerning the purchase of the Shares, and has had an opportunity to review all documents relating
to the Company that Purchaser deems necessary in the decision to purchase the Shares.

(b)              
Purchaser or Purchaser’s representative, as the case may
be, has such knowledge and experience in financial, tax and business mailers so as to enable Purchaser to utilize the information
made available to Purchaser to evaluate the merits and risks of an investment in the Shares and to make an informed decision with
respect thereto.

 

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(c)              
Purchaser recognizes that investment in
the Shares involves
substantial risks, including loss of
the entire amount of such investment, has taken
full cognizance
of and
understands all of the risks related to a purchase
or the Shares. Purchaser further recognizes that
no Federal or
state agencies
have made any
finding or determination as to the fairness of
this investment or any recommendations or endorsement
of the Shares.

(d)              
Purchaser hereby agrees not to purchase
or sell the Company’s stock or any equity instrument
related to the Company’s stock
“on the basis
of,” as such term
is defined
in Rule 10b5-l
of the Securities and Exchange Act of 1934, any
material nonpublic information.

(e)              
Purchaser hereby represents that neither
it nor any of its “affiliates” are “affiliates” of the Company
as defined
in Rule 144 of the
Securities Act of
1933.

3.                 
Seller’s Representations. Seller
hereby represents, warrants and acknowledges and agrees
with the following:

(a)              
Seller owns the Shares free and clear of
all adverse claims, security interests, liens, claims and encumbrances.

(b)              
Seller is not a
party to
any agreement, written
or oral, creating rights in respect
to the Company’s stock in any third person or relating to the voting of the Company’s stock.

(c)              
Seller hereby represents that it
did not
enter into this Agreement or decide to sell
the Company’s stock or
any equity instrument related to the Company’s
stock “on the basis of,” as such term is
defined in Rule 10b5-l of
the Securities and Exchange Act of 1934, any material
nonpublic information.

(d)              
Seller or
Seller’s representative, as
the case may be,
has such knowledge
and experience in
financial, tax and business matters so as to enable
Seller to evaluate the merits and risks of an investment
in and sale of the Shares and to make an informed decision with respect thereto. Seller has reviewed all
information Seller
considers necessary
or advisable
to make a decision concerning the sale of the Shares,
and has taken full cognizance of and understands all
of the risks related to
the ownership and sale of
the Shares. Seller further recognizes
that no Federal or state agencies have made any
finding or determination as to the fairness of this investment or any
recommendations or
endorsement of the Shares.

(e)              
Seller hereby represents that
he is an “affiliate” of the Company as defined
in Rule 144 of the
Securities Act of 1933.

4.                 
Understandings. The Parties further acknowledge and agree
as follows:

(a)              
The obligations of
Purchaser to purchase and pay for
the Shares, and of the Seller to transfer
such shares and Company to
issue the
Shares are
subject to the
satisfaction at or
prior to the Closing of
the sale of each Share of the following conditions
precedent: (i) the Shares of the Company are validly issued and fully- paid;
and (ii) neither Seller,
the Company,
nor the transfer
agent will
take any action to cancel or
encumber the Shares or the stock certificate(s)
representing the Shares other than as required
pursuant to applicable Federal
and state
securities laws and regulations. Seller hereby
indemnifies and
holds harmless
Purchaser and any brokerage
and/or clearing firm and attorney working with Purchaser against any claims with respect to the Shares and any reliance
on the preceding sentence.

(b)              
Each party hereto,
hereby acknowledges and agrees that Brinen & Associates, LLC (“Brinen”) and P&G Holdings LLC
are each an intended third party beneficiary and
may rely upon the representations, warranties and
covenants of Seller
as set forth herein and in any other documents executed in connection with the sale of
the Shares.

(c)              
IN MAKING A DECISION TO BUY AND
SELL THE SHARES, PURCHASER AND
SELLER ARE RELYING ON THEIR OWN EXAMINATION OF
THE MERITS AND RISKS INVOLVED. THE SHARES HAVE NOT BEEN RECOMMENDED BY ANY
FEDERAL OR STATE
SECURITIES COMMISSION

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OR
REGULATORY AUTHORITY. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

(d)             
Waiver, Amendment, Indemnification. Neither this Agreement nor
any provisions hereof shall be modified, amended, discharged or terminated except by an instrument in writing, signed by the party
against whom any modification, amendment, discharge or termination is sought. Any term or condition of this Agreement may be waived
at any time by the party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a
written instrument duly executed by or on behalf of the party waiving such term or condition. No waiver by any party of any term
or condition of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same on any
other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by law or otherwise
afforded, will be cumulative and not alternative.

5.                  
Miscellaneous.

(a)              
Except as set forth elsewhere herein, any
notice or demand to
be given or
served in connection
herewith shall
be deemed
to be sufficiently given or served
for all purposes by being sent as registered or
certified mail, return receipt requested, postage
prepaid, addressed to the party at the address set forth on the signature
page

Either
party may change its address for notices under
this Agreement by written notice
to the other party
of such new address, delivered pursuant to this Section
5(a).

(b)             
THIS AGREEMENT SHALL BE
CONSTRUED, AND THE RIGHTS AND OBLIGATION OF THE
PARTIES HEREUNDER
DETERMINED, IN ACCORDANCE WITH AND
GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW
YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW
RULE THAT WOULD CAUSE THE APPLICATION OF THE LAWS
OF ANY JURISDICTION OTHER THAN THE INTERNAL LAWS
OF THE STATE OF NEW YORK TO THE RIGHTS AND
DUTIES OF THE PARTIES; PROVIDED, HOWEVER, THAT
ALL LAWS PERTAINING OR RELATING TO CORPORATE GOVERNANCE
OF THE COMPANY SHALL BE CONSTRUED IN
ACCORDANCE AND GOVERNED
BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF
LAW RULE THAT
WOULD CAUSE
THE APPLICATION OF
THE LAWS OF
ANY JURISDICTION OTHER
THAN THE
INTERNAL LAWS
OF THE STATE
OF NEW YORK
TO THE CORPORATE GOVERNANCE
OF THE COMPANY.

(c)              
In any action, proceeding or counterclaim
brought to enforce
any of the
provisions of this Agreement or to
recover damages, costs
and expenses in
connection with any breach
of the
Agreement, the
prevailing party
shall be entitled
to be reimbursed by the opposing party for all of the prevailing
party’s attorney’s fees, costs and
other out-of-pocket expenses incurred in connection with such action, proceeding or counterclaim.

(d)             
This Agreement
constitutes the entire agreement among
the parties
hereto with
respect to the subject matter hereof. There are
no restrictions, promises, warranties or undertakings, other than those set forth herein. This Agreement supersedes all prior agreements
and understandings among the parties hereto with respect to the
subject matter hereof.

(e)              
In case
any provision in or
obligation under this
Agreement shall be invalid, illegal or unenforceable
in any jurisdiction the validity, legality and enforceability of the remaining provisions or obligations, or of
such provisions or obligations, shall not in
any way
be affected or impaired thereby in any other jurisdiction.

Whereas,
the Parties hereto
have executed this Stock Purchase Agreement as of the date
first

above
written.

[SIGNATURE
PAGE TO FOLLOW]

 

 

 

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	Seller:	 	Double Grouper LLC	 	Seller:	Ted Murphy
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	 	/s/ Adam Kovacevic	 	By:	/s/ Ted Murphy
	 	 	 	 	 	 
	Name:	 	Adam Kovacevic	 	Name:	Ted Murphy
	 	 	 	 	 	 
	Title:	 	Managing Member	 	Title:	 
	 	 	 	 	 	 
	Address:	 	7 Dey Street, Suite 1503	 	Address:	64 Industrial Road
	 	 	 	 	 	 
	 	 	New York, New York  10007	 	 	Richmond Hill, Ontario, Canada  L4C2Y1

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