Document:

Document

Exhibit 10.01

THIS CONTRACT IS SUBJECT TO ARBITRATION PURSUANT TO SECTION 13 BELOW.

EMPLOYEE AGREEMENT

This EMPLOYEE AGREEMENT (this "Agreement"), is entered into by and between BLACKBAUD, INC. (the "Company"), and Kevin McDearis ("Employee").

WHEREAS, in connection with Employee's employment with the Company, Employee will have access to valuable, confidential, privileged and/or proprietary information relating to the Company's business, customers, processes, vendors and relationships;

WHEREAS, the parties agree that this Agreement and the consideration provided in connection therewith provides sufficient consideration for restrictions, covenants, promises, and other terms contained herein; and

WHEREAS, the Company and Employee desire to memorialize certain terms relating to non-disclosure, non-solicitation, and non-competition.

Now, THEREFORE, in consideration of the Company's agreement to employ Employee, the mutual promises and covenants of the parties, and other good and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, the Company and Employee stipulate and agree as follows:
1.    Nature of the Business. For purposes of this Agreement, the "Business" shall be defined as products and/or services that are both (1) related to the design, development, marketing, sale or servicing of software, software applications, internet applications, donor research and management, prospective donor analysis or e-commerce solutions, or consulting with respect thereto; and (2) used by non-profit organizations in connection with fund raising, e-commerce, accounting, school administration or ticketing.

2.    Consideration. It is stipulated and agreed that this Agreement is being entered at the inception of Employee's employment with the Company. Employee expressly acknowledges that signing this Agreement was a material inducement for the Company to enter into the employment relationship.

3.    Covenants Not to Use or Disclose Confidential Information.

It is stipulated and agreed that as a result of Employee's employment by the Company, Employee has and. will have access to valuable, highly confidential, privileged and proprietary information not generally available in the public domain relating to the Company's Business (the "Confidential Information"). For purposes of this Agreement, "Confidential Information" means the Company's, or its affiliated companies', trade secrets; patents; copyrights; software (including, without limitation, all progran1s, specifications, applications, routines, subroutines, techniques, algorithms, and ideas for formulae); products and/or services; concepts; inventions; know-how; data; drawings; designs; documents; names and/or lists of clients, customers, client and/or customer usage, prospective clients and/or customers, employees, agents, contractors, and suppliers; marketing information; business plans; business methodologies and processes;

Exhibit 10.01

strategies; financial information and other business records; and all copies of any of the foregoing, including notes, extracts, memoranda shared with, prepared or suffered or directed to be prepared by Employee based on any Confidential Information. It is further acknowledged and agreed that the unauthorized use or disclosure by Employee of any of the Confidential Information would seriously damage the Company in its Business. Confidential Information does not include generalized skills or knowledge acquired by Employee in the course of his/her duties.
As a consequence of the above, with respect to any Confidential Information that is obtained by Employee during or as the result of Employee's perfom1ance of services for the Company and/or its customers, affiliated companies, vendors, suppliers and distributors, whatever its nature and form and whether obtained orally, by observation, from written materials or otherwise, Employee agrees that during the term of Employee's employment and after the termination of Employee's employment for any reason:

(a)    Employee will hold all Confidential Information in strict confidence and will not use, publish, divulge or otherwise reveal or allow to be revealed any portion thereof to any third person, company or other entity, except to or with the prior written consent of the Company;
(b)    Employee will use his/her best efforts to assure that all Confidential Information is properly protected and kept from unauthorized persons or entities, and will immediately report to the Company any misuse of Confidential Information by another person or entity that Employee may encounter or of which Employee may become aware;
(c)    Employee will make no use of any Confidential Information except such use as is required in the performance of Employee's services for the Company; and
(d)    Upon termination of Employee's employment with the Company for any reason, or upon the Company's request, Employee will in1mediately deliver to the Company all documents, software, hardware, written materials and other items of any kind, and any copies thereof that contain Confidential Information.

4.    Covenant Not to Compete or Solicit Customers.
Ancillary to the Confidentiality/Non-Disclosure agreement contained herein and signed at the inception of employment, and in order to protect the substantial time, money and effort invested by the Company in the training and development of its employees, the research and development of its products, its selling, marketing, pricing and servicing strategies, the development of good will among its members and vendors and other legitimate business interests, the Company and Employee further agree as follows:

(a)    During the term of Employee's employment and for one (1) year following the termination of his/her employment (the "Restricted Period"), Employee will not, either directly or indirectly, for himself/herself or on behalf of any other person, business, enterprise or entity, compete with the Company by providing services

Exhibit 10.01

similar to the Business of the Company to any other person, business, enterprise or entity that competes with the Company.

Employee acknowledges that the Company has a national presence and that although headquartered in Charleston, South Carolina, the Company  does business not only throughout South Carolina but also throughout the United States. The parties acknowledge that their sole intention in this Section 4 is to prohibit direct competition in relation to the Business that could affect the Company's business with existing or potential customers for the limited period described. Employee acknowledges that the covenant set forth in this paragraph is reasonable and necessary to protect the legitimate interests and goodwill of the Company due to the national nature of the Company's business and its national customer base. Before entering into this Agreement, Employee has considered the limitations that the covenant in this paragraph could impose on his ability to find other employment and has determined that the covenant would not cause undue hardship to Employee or his or her family. Employee also agrees that the Business constitutes a small part of the market for Employee's services, that Employee's employment opportunities and livelihood are not limited to the provision of services relating to the Business, and that the covenant will not create undue hardship for Employee or his family. It is the desire and intent of the parties that the provisions of this paragraph be enforced to the fullest extent permitted under the laws and public policies of each jurisdiction in which enforcement is sought.

(b)    In addition to, but not in limitation of the restrictions set forth above, the Employee further promises and agrees that unless the Company has given its prior written consent, which can be withheld in its sole discretion, he/she will not advertise or market services as a Company employee or former Company employee or as an expert in any Company products or services or any similar designation in connection with the foregoing. During the term of Employee's employment and for one (I) year following termination of his/her employment, he/she will not, directly or indirectly, either on behalf of himself/herself or any other person, business, enterprise or entity, (i) solicit the Company's Customers for any business purpose in competition with or in conflict with tl1e Business of the Company or (ii) divert business. away from the Company with respect to the Company's Customers. For purposes of this Agreement "Customers" shall mean any current customer or prospective customer of the Company (1) with whom Employee had contact directly or indirectly in connection with Employee's employment with the Company  during the two (2) years prior to the termination of Employee's employment with the Company; or (ii) about whom Employee had access to proprietary, confidential, or commercially advantageous information through Employee's employment by the Company during the two (2) year period prior to the termination of Employee's employment with the Company.

5.    CovenantNot to Solicit Employees. In the event Employee's employment hereunder is terminated, for a period of one (1) year after the termination Employee will not, directly or indirectly, either on behalf of himself/herself or any other person, business, enterprise or entity, solicit for employment, employ, hire, contract with, or otherwise engage any    

Exhibit 10.01

Applicable Personnel. For purposes of this Section, "Applicable Personnel" means any person that was employed or engaged as an employee or independent contractor of the Company at any time during the six (6) month period prior to termination of Employee's employment with the Company.
6.    Exclusive Emplovment. Employee shall not without the express prior written consent of the Company, directly or indirectly, during Employee's employment with the Company, render professional services to any person or fim1 for compensation or engage in any activity competitive with and/or adverse to the Company's purposes, mission or interests, whetl1er alone, as a partner or member, or as an officer, director, employee or shareholder of any other corporation or entity or as a trustee, fiduciary or other representative of any other activity or entity, except with the express written approval of the Company, which the Company may revoke at any time in its sole discretion.
7.    Ownership and Assignment of Inventions. Employee understands and agrees that Employee is perfom1ing work for hire for the Company and that any Inventions (as defined below) developed or conceived by Employee during Employee's employment with the Company are the sole property of the Company. "Inventions" shall include any inventions, improvements, developments, discoveries, programs, designs, products, processes, information systems and software, as well as any other concepts, works and ideas, whether patentable or not, relating to any present or prospective activities or Business of the Company. Employee agrees to make the Company aware of all such Inventions. To the maximum extent permitted by applicable law, Employee farther agrees to assign and does hereby assign to the Company all rights, title and interest in and to all such Inventions hereafter made by Employee. This Section does not apply to any Invention for which Employee affim1atively proves that: (a) no equipment, supplies, facility, trade secrets, or Confidential Information of the Company was used; (b) the Invention was developed entirely on Employee's own time; and (c) the Invention did not result, either directly or indirectly, from any work performed by Employee for the Company.
8.    Remedies. It is stipulated and agreed that a breach by Employee of any of the covenants contained in Sections 3, 4, 5, 6 or 7 of this Agreement would cause irreparable damage to the Company. The Company, in addition to any other rights or remedies that the Company may have, shall be entitled to an injunction restraining Employee from violating or continuing any violation of such covenants. Such right to obtain injunctive relief maybe exercised at the option of the Company, concurrently with, prior to, after, or in lieu of the exercise of any other rights or remedies that the Company may have as a result of any such breach or threatened breach of this Agreement. Employee agrees that upon breach of any of the covenants contained in Sections 3, 4, 5, 6 or 7 of this Agreement, the Company shall be entitled to an accounting and repayment of all profits, royalties, compensation, and/or other benefits that Employee directly or indirectly has realized or may realize as a result of, or in connection with, any such breach. Employee further agrees that she will be liable for any expenses the Company may incur, including attorneys' fees, to enforce the terms of this Agreement.

Exhibit 10.01

9.    No Effect on Trade Secret Laws. Notwithstanding anything herein to the contrary, nothing in this Agreement is intended to alter, limit (temporally, geographically, or otherwise), or have any effect whatsoever on Employee's obligation to refrain from disclosing the Company's trade secrets. Nothing in this Agreement shall limit or otherwise affect the Company's remedies for any violation of applicable trade secrets laws, all of which shall be cumulative to any remedies available to the Company for a breach of this Agreement.

10.    Other Agreements/Warranties. Employee warrants that Employee is not bound by the terms of a confidentiality agreement or non-competition agreement or any other agreement with a former employer or other third party that would preclude Employee from accepting employment with the Company or that would preclude Employee from effectively performing Employee's duties for the Company. Employee further warrants that Employee has the right to make all disclosures that Employee will make to the Company during the course of Employee's employment with the Company. Employee agrees that Employee shall not disclose to the Company, or seek to induce the Company to use, any confidential information in the nature of trade secrets or other proprietary information belonging to others and that in the event that the Company directs Employee to perform tasks that would result in the disclosure or use of any such confidential information, that Employee shall notify the Company in advance of any such disclosure. Employee agrees to defend, indemnify, and hold harmless the Company for any losses that it incurs as a result of the Employee's violation of any non-competition, non- solicitation, non-disclosure, or trade secret obligations that she may have to any other party during her Employment with the Company.

11.    Acknowledgment of Reasonableness. Employee has carefully read and considered the provisions of this Agreement, has had the opportunity to consult with an attorney of Employee's choice, and agrees that the restrictions and remedies set forth herein are fair and reasonably required for the protection of the Company. In the event that any provision relating to the scope of the restrictions shall be declared by a court of competent jurisdiction to exceed the maximum scope that such court deems reasonable and enforceable  under applicable law, the Company and Employee agree that the scope of the restriction held reasonable and enforceable by the court shall thereafter be the scope of this Agreement.

12.    Severabilitv; Survival. The covenants described herein and all provisions and sub provisions of this Agreement are intended to be severable. If any term, covenant, provision, sub-provision, or portion thereof is held to be invalid, void or unenforceable by a court of competent jurisdiction for any reason whatsoever, such ruling shall not affect the remainder of this Agreement, which shall remain in full force and effect Any provision of this Agreement that contemplates performance or observance subsequent to termination of this Agreement, regardless of the date, cause or manner of such termination, shall survive such termination and shall continue in full force and effect.

13.    Dispute Resolution; Applicable Law. Except as otherwise set forth in Section 8 above, the parties agree that all disputes, claims and controversies arising out of this Agreement shall be settled by arbitration in accordance with the American Arbitration Association

Exhibit 10.01

rules, such arbitration to take place in the location of the Company office to which Employee is assigned, and judgment upon the award rendered in any such arbitration may be entered in any court, state or federal, having jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall, in all respects, be governed by and construed according to the laws of the State of South Carolina, without regard to its conflict of law principles.
14.    Waiver. Any waiver of a breach of any provision of this Agreement must be in writing and signed by the waiving party. Any waiver of a breach of any provision of this Agreement shall not operate or be construed as a waiver of, or estoppel with respect to, any subsequent breach of such provision or any other provision of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not deprive that party of its right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
15.    Employment At-Will. Nothing in this Agreement shall be interpreted to create a contract of employment for any specific time. Employee is and shall remain an employee at-will, and either party may terminate the employment relationship at any time for any reason or no reason at all.
16.    Entire Agreement. This Agreement constitutes the entire agreement between the parties as of the date hereof with respect to the subject matter hereof and supersedes any previous understandings, representations, statements and agreements, whether oral or written, between or among the parties with respect to the subject matter hereof. This Agreement may be modified only by written agreement, signed by all of the parties and expressly purporting to modify this Agreement.
17.    No Assignment/ Binding Effect. Employee may not assign this Agreement to any other person or entity without the Company's express written consent, which may be withheld for any reason or no reason at all. This Agreement shall be binding on Employee's heirs, successors, and permitted assigns.
18.    Tolling. The Restricted Period shall be tolled for any period(s) of violation, including period(s) of time required for litigation to enforce the covenants of this Agreement.
19.    Counterparts. This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.

[SIGNATURES FOLLOW]

Exhibit 10.01

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

																								
					EMPLOYEE:	
								
					/s/ Kevin McDearis	
					Kevin McDearis	
								
								
					BLACKBAUD, INC.	
								
					/s/ John Mistretta	
					By:		John Mistretta	
					Its:		SVP HRExhibit 4.2

 

SUPPLEMENTAL INDENTURE NO. 13

 

Dated as of May 4, 2021

 

0.450% Notes due 2029

0.950% Notes due 2033

 

SUPPLEMENTAL INDENTURE NO. 13, dated as of May 4,
2021, among FedEx Corporation, a Delaware corporation (the “Company”), and Federal Express Corporation, a Delaware
corporation, Federal Express Europe, Inc., a Delaware corporation, Federal Express Holdings S.A., LLC, a Delaware limited liability
company (formerly Federal Express Holdings S.A.), Federal Express International, Inc., a Delaware corporation, FedEx Corporate Services, Inc.,
a Delaware corporation (into which FedEx TechConnect, Inc., a Delaware corporation, was merged), FedEx Freight Corporation, a Delaware
corporation, FedEx Freight, Inc., an Arkansas corporation, FedEx Ground Package System, Inc., a Delaware corporation, and FedEx
Office and Print Services, Inc., a Texas corporation (collectively, the “Guarantors”) and Wells Fargo Bank, National
Association, as trustee (the “Trustee”) and Elavon Financial Services DAC, UK Branch, as paying agent (the “Paying
Agent”).

 

RECITALS

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered an Indenture, dated as of October 23, 2015 (as amended or supplemented to date, the “Indenture”),
to provide for the issuance by the Company from time to time, and the guarantee by the Guarantors, of the Company’s senior unsecured
debt securities;

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 1, dated as of October 23, 2015;

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 2, dated as of March 24, 2016;

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 3, dated as of April 11, 2016;

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 4, dated as of January 6, 2017;

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 5, dated as of January 31, 2018;

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 6, dated as of October 17, 2018;

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 7, dated as of January 16, 2019;

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 8, dated as of January 18, 2019;

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 9, dated as of July 24, 2019;

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 10, dated as of August 5, 2019;

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 11, dated as of April 7, 2020;

 

    

     

    

 

WHEREAS, the Company, the Guarantors and the Trustee
have executed and delivered Supplemental Indenture No. 12, dated as of April 29, 2021;

 

WHEREAS, Section 9.01(b) of the Indenture
permits execution of supplemental indentures without the consent of any Holders for the purpose of adding to the covenants of the Company
or any Guarantor for the benefit of the Holders of less than all series of Securities so long as such supplemental indenture states that
such covenant is expressly being included solely for the benefit of one or more particular series of Securities;

 

WHEREAS, Section 9.01(j) of the Indenture
permits execution of supplemental indentures for the purpose of establishing the form or terms of Securities of any series as permitted
by Sections 2.01 and 3.01 of the Indenture without the consent of any Holders;

 

WHEREAS, the entry into this Supplemental Indenture
No. 13 by the parties hereto is authorized by the provisions of the Indenture;

 

WHEREAS, the Redemption for Tax Reasons (as defined
herein), as set forth below, is expressly being included solely for the benefit of the Company;

 

WHEREAS, the Change of Control Repurchase Event
(as defined herein) covenant, as set forth below, is expressly being included solely for the benefit of the Notes (as defined herein);
and

 

WHEREAS, all things necessary to make the Notes,
when executed by the Company and authenticated and delivered hereunder and under the Indenture, duly issued by the Company and to make
this Supplemental Indenture No. 13 a valid and legally binding agreement of the Company and the Guarantors, in accordance with the
terms hereof and thereof, have been done.

 

NOW, THEREFORE, for and in consideration of the
premises and the purchase of the Notes by the Holders, the Company, the Guarantors, the Trustee and the Paying Agent mutually covenant
and agree, for the equal and proportionate benefit of the respective Holders from time to time of each series of the Notes as follows:

 

Article 1

Relation To The Indenture; Definitions and

Other Provisions of General Application

 

Section 1.01. Relation to the Indenture.
This Supplemental Indenture No. 13 constitutes an integral part of the Indenture.

 

Section 1.02. Definitions and Other Provisions
of General Application. For all purposes of this Supplemental Indenture No. 13 unless otherwise specified herein:

 

(a)            all
terms defined in this Supplemental Indenture No. 13 which are used and not otherwise defined herein shall have the meanings they
are given in the Indenture;

 

(b)            the
provisions of general application stated in Section 1.01 of the Indenture shall apply to this Supplemental Indenture No. 13,
except that the words “herein,” “hereof,” “hereto” and “hereunder”
and other words of similar import refer to this Supplemental Indenture No. 13 as a whole and not to the Indenture or any particular
Article, Section or other subdivision of the Indenture or this Supplemental Indenture No. 13;

 

(c)            “business
day” means each day which is not a Saturday, Sunday or other day on which the Trustee, Paying Agent, Transfer Agent (as defined
herein) and registrar or banking institutions are not required by law or regulation to be open in the State of New York or London and,
for any place of payment outside of New York City or London, in such place of payment, and on which the TARGET2 system (as defined below),
or any successor thereto, does not operate;

 

(d)            “Agency
Agreement” means the agreement among the Company, Elavon Financial Services DAC, UK Branch, as the Paying Agent, U.S. Bank National
Association, as the registrar and transfer agent, and the Trustee;

 

    

     

    

 

(e)            “Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear System; and

 

(f)            “Clearstream”
means Clearstream Banking, société anonyme.

 

Article 2

The Series of Notes

 

Section 2.01. Title. There shall be
a series of Securities designated the 0.450% Notes due 2029 (the “2029 Notes”) and a series of Securities designated
the 0.950% Notes due 2033 (the “2033 Notes” and together with the 2029 Notes, the “Notes”).

 

Section 2.02. Principal Amounts. Subject
to ‎Section 2.13, the initial aggregate principal amount of the 2029 Notes that may be authenticated and delivered under this
Supplemental Indenture No. 13 shall not exceed €600,000,000 and the initial aggregate principal amount of the 2033 Notes that
may be authenticated and delivered under this Supplemental Indenture No. 13 shall not exceed €650,000,000 (except for Notes
of each series authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant
to Section 3.04, 3.05, 3.06, 9.06 or 11.07 of the Indenture and except for any Notes which pursuant to Section 3.03 of the Indenture
are deemed never to have been authenticated and delivered hereunder).

 

Section 2.03. Stated Maturity Dates. The
entire outstanding principal amount of the 2029 Notes shall be payable on May 4, 2029, and the entire outstanding principal amount
of the 2033 Notes shall be payable on May 4, 2033, in each case subject to ‎Section 2.07, ‎Section 2.08, ‎Section 2.09
and ‎Section 4.02.

 

Section 2.04 Interest.

 

(a)            2029
Notes. The 2029 Notes will bear interest at the rate of 0.450% per annum. Interest on the 2029 Notes will be payable annually in arrears
on May 4 of each year, commencing on May 4, 2022, to the Persons in whose names the 2029 Notes are registered at the close of
business of the preceding April 19 or, if the 2029 Notes are represented by one or more global notes, the close of business on the
business day (for this purpose a day on which Clearstream and Euroclear are open for business) immediately preceding April 19. Interest
on the 2029 Notes will be computed on the basis of the actual number of days in the period for which interest is being calculated and
the actual number of days from and including the last date on which interest was paid on the 2029 Notes (or May 4, 2021, if no interest
has been paid on the 2029 Notes) to, but excluding, the next scheduled interest payment date. This payment convention is referred to as
ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association.

 

(b)            2033
Notes. The 2033 Notes will bear interest at the rate of 0.950% per annum. Interest on the 2033 Notes will be payable annually in arrears
on May 4 of each year, commencing on May 4, 2022, to the Persons in whose names the 2033 Notes are registered at the close of
business of the preceding April 19 or, if the 2033 Notes are represented by one or more global notes, the close of business on the
business day (for this purpose a day on which Clearstream and Euroclear are open for business) immediately preceding April 19. Interest
on the 2033 Notes will be computed on the basis of the actual number of days in the period for which interest is being calculated and
the actual number of days from and including the last date on which interest was paid on the 2033 Notes (or May 4, 2021, if no interest
has been paid on the 2033 Notes) to, but excluding, the next scheduled interest payment date. This payment convention is referred to as
ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association.

 

Section 2.05. Payments in Euro. All
payments of interest and principal, including payments made upon any redemption of the Notes, will be payable in euro. If, on or after
the date of issuance of the Notes, the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances
beyond the Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union that
have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking
community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to the Company or
so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the
U.S. Federal Reserve Board as of the close of business on the second business day prior to the relevant payment date or, in the event
the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the then most recent U.S. dollar/euro exchange rate
available on or prior to the second business day prior to the relevant payment date as determined by the Company in its sole discretion.
Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of Default under the Notes or the Indenture.
Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

 

    

     

    

 

Section 2.06. Defeasance and Discharge;
Covenant Defeasance.

 

(a)            The
provisions of Section 13.02 and Section 13.03 of the Indenture shall apply to each series of the Notes, subject to clause (b) below.

 

(b)            Solely
with respect to the Notes, the Government Obligations referred to in Section 13.04 of the Indenture shall include (1) securities
that are direct obligations of the Federal Republic of Germany for the payment of which its full faith and credit is pledged or (2) obligations
of a person controlled or supervised by and acting as an agency or instrumentality of the Federal Republic of Germany, the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the Federal Republic of Germany, which, in either case under
clauses (1) or (2) are not callable or redeemable at the option of the issuer thereof.

 

Section 2.07. Optional Redemption. The
Company will have the right, at its option, to redeem a series of Notes, in whole or in part, at any time prior to the applicable Par
Call Date (as defined below), on at least 10 days’, but no more than 60 days’, prior written notice mailed by the Company
(or otherwise delivered in accordance with the applicable clearing system’s procedures) to the Holders of the Notes to be redeemed.
Upon redemption of the Notes of any series, the Company will pay a redemption price equal to the greater of:

 

(a)            100%
of the principal amount of the Notes to be redeemed; and

 

(b)            the
sum of the present values of the Remaining Scheduled Payments (as defined below) of principal and interest on the Notes to be redeemed
that would be due if the Notes matured on the applicable Par Call Date (not including any portion of such payments of interest accrued
as of the redemption date), discounted to the redemption date on an ACTUAL/ACTUAL (ICMA) day count basis, at the applicable Comparable
Government Bond Rate (as defined below) plus 0.150% (15 basis points) in the case of the 2029 Notes and 0.200% (20 basis points) in the
case of the 2033 Notes,

 

in each case, plus accrued and unpaid interest to the date of redemption
on the principal amount of the Notes being redeemed.

 

At any time on or after the applicable Par Call
Date, the Company may redeem a series of Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the
Notes to be redeemed plus accrued and unpaid interest to the date of redemption on the principal amount of the Notes being redeemed.

 

“Comparable Government Bond”
means, with respect to the series of Notes to be redeemed prior to the applicable Par Call Date, in relation to any Comparable Government
Bond Rate calculation, at the discretion of an independent investment bank selected by the Company, a bond that is a direct obligation
of the Federal Republic of Germany (“German government bond”), whose maturity is closest to the Par Call Date of such
Notes to be redeemed, or if such independent investment bank in its discretion determines that such similar bond is not in issue, such
other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German
government bonds selected by the Company, determine to be appropriate for determining the Comparable Government Bond Rate.

 

“Comparable Government Bond Rate”
means the yield to maturity, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), on the third
business day prior to the date fixed for redemption, of the Comparable Government Bond on the basis of the middle market price of the
Comparable Government Bond prevailing at 11:00 a.m. (London time) on such business day as determined by an independent investment
bank selected by the Company.

 

“Par Call Date” means February 4,
2029 in the case of the 2029 Notes (the date that is three months prior to the maturity date of the 2029 Notes) and February 4, 2033
in the case of the 2033 Notes (the date that is three months prior to the maturity date of the 2033 Notes).

 

    

     

    

 

“Remaining Scheduled Payments”
means with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would
be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest
payment date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced
(solely for the purposes of this calculation) by the amount of interest accrued thereon to such redemption date.

 

Unless the Company defaults in payment of the redemption
price, on and after the date of redemption, interest will cease to accrue on the Notes, or portions of the Notes, called for redemption.

 

If less than all of the Notes of a series are to
be redeemed, the Notes to be redeemed shall be selected by the Trustee by such method as the Trustee deems to be fair and appropriate
in accordance with the applicable clearing system’s procedures.

 

Section 2.08 Redemption for Tax Reasons.
If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States
(or any taxing authority in the United States), or any change in, or amendments to, an official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after the date
of the issuance of the Notes, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, the
Company will become obligated to pay additional amounts as described in Section 3.01 hereof with respect to a series of Notes, then
the Company may at any time at its option redeem, in whole, but not in part, the outstanding Notes of such series on not less than 30
nor more than 60 days prior notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest
on those Notes to, but not including, the date fixed for redemption (such redemptions, a “Redemption for Tax Reasons”).

 

Section 2.09 Redemption for Reason of Minimal
Outstanding Amount. In the event that the Company has purchased Notes of a series equal to or greater than 80% of the aggregate principal
amount of Notes of such series initially issued, the Company may redeem, in whole, but not in part, the remaining Notes of such series
on not less than 30 nor more than 60 days prior notice, at a redemption price equal to 100% of the principal amount of the Notes to be
redeemed, together with accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption.

 

Section 2.10 Form of Notes and Payment.

 

(a)            Each
series of the Notes shall be represented by one or more permanent global notes. The 2029 Notes shall be in the form of Exhibit A
attached hereto and the 2033 Notes shall be in the form of Exhibit B attached hereto. The Notes shall be issued in
minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof.

 

(b)            Principal,
premium and additional amounts, if any, and/or interest, if any, on the global notes representing the Notes shall be made to the Paying
Agent which in turn, for so long as the Notes are in global form, shall make payment with respect to the Notes to Elavon Financial Services
DAC, as common depositary for Euroclear and Clearstream, for their respective accounts.

 

(c)            The
global notes representing the Notes shall be deposited with, or on behalf of, Elavon Financial Services DAC, as common depositary for
Euroclear and Clearstream, and registered in the name of such common depositary or its nominee for the accounts of Euroclear and Clearstream.

 

(d)            Elavon
Financial Services DAC, UK Branch, shall initially act as the Paying Agent for the Notes in accordance with the terms of the Agency Agreement.
U.S. Bank National Association shall initially act as the transfer agent for the Notes (the “Transfer Agent”) in accordance
with the terms of the Agency Agreement. The Company may change the Paying Agent or the Transfer Agent without prior notice to the Holders.

 

(e)            U.S.
Bank National Association shall initially act as the Security Registrar, as such term is defined in Section 3.05 of the Indenture,
for the Notes in accordance with the terms of the Agency Agreement. The Company may change the Security Registrar without prior notice
to the Holders.

 

    

     

    

 

(f)            Each
of the Company and the Guarantors designates the office of the Paying Agent at 125 Old Broad Street, Fifth Floor, London EC2N 1AR as an
agency where the Notes may be presented for payment, in each case as provided for in the Indenture.

 

(g)            Each
of the Company and the Guarantors designates the officer of the Transfer Agent at U.S. Bank Wealth Management – Corp Trust Services
Boston, 1 Federal Street, Boston, Massachusetts 02110 as an agency where the Notes may be presented for exchange or registration of transfer
as provided for in the Indenture.

 

Section 2.11. Sinking Fund. The Notes
shall not be subject to a sinking fund.

 

Section 2.12. Additional Amounts. The
provisions of Section 10.06 of the Indenture shall not apply to the Notes; provided that the provisions of Section 3.01
of this Supplemental Indenture No. 13 shall apply to the Notes.

 

Section 2.13.     Amount
Not Limited. The aggregate principal amount of Notes which may be authenticated and delivered under the Indenture, as supplemented
from time to time, shall not be limited, and additional Notes may be issued from time to time without any consent of Holders or of the
Trustee, provided that if the additional Notes of a series are not fungible with the then-outstanding Notes of that series for
U.S. federal income tax purposes, the additional Notes shall have separate CUSIP, ISIN and Common Code numbers.

 

Article 3

Payment of Additional Amounts

 

Section 3.01     Payment
of Additional Amounts.

 

(a)            The
Company will, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts
as are necessary in order that the net payment by the Company of the principal of and interest on the Notes to a Holder who is not a United
States person (as defined below), after withholding or deduction for any present or future tax, assessment or other governmental charge
imposed by the United States or a taxing authority in the United States (including any withholding or deduction with respect to the payment
of such additional amounts), will not be less than the amount provided in the Notes to be then due and payable; provided, however,
that the foregoing obligation to pay additional amounts shall not apply:

 

(1)            to
any tax, assessment or other governmental charge that is imposed by reason of the Holder (or the beneficial owner for whose benefit such
Holder holds such Note), or a fiduciary, settlor, beneficiary, member or shareholder of the Holder or beneficial owner if the Holder or
beneficial owner is an estate, trust, partnership, corporation or other entity, or a person holding a power over an estate or trust administered
by a fiduciary holder, being considered as:

 

(a)            being
or having been engaged in a trade or business in the United States or having or having had a permanent establishment in the United States;

 

(b)            having
a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes,
the receipt of any payment thereon or the enforcement of any rights thereunder), including being or having been a citizen or resident
of the United States;

 

(c)            being
or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for United States
federal income tax purposes or a corporation that has accumulated earnings to avoid United States federal income tax;

 

(d)            being
or having been a “10-percent shareholder” of the Company as defined in Section 871(h)(3) of the United States Internal
Revenue Code of 1986, as amended (the “Code”), or any successor provision; or

 

(e)            being
a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade
or business;

 

    

     

    

 

(2)            to
any Holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited
liability company, but only to the extent that a beneficial owner with respect to the Holder, a beneficiary or settlor with respect to
the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have been entitled to the payment
of such additional amounts had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share
of the payment;

 

(3)            to
any tax, assessment or other governmental charge that would not have been imposed but for the failure of the Holder or any other person
to comply with any certification, identification or information reporting requirements concerning the nationality, residence, identity
or connection with the United States of such Holder or other person, if compliance is required by statute, by regulation of the United
States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to
exemption from, or reduction in, such tax, assessment or other governmental charge;

 

(4)            to
any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a paying agent from payments
on the Notes;

 

(5)            to
any tax, assessment or other governmental charge that would not have been imposed but for a change in law, regulation, or administrative
or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs
later;

 

(6)            to
any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or other
governmental charge;

 

(7)            to
any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or interest
on any Note, if such payment can be made without such withholding by presenting such Note (where presentation is required) to at least
one other paying agent;

 

(8)            to
any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the Holder of any Note,
where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the
date on which payment thereof is duly provided for, whichever occurs later;

 

(9)            to
any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner being a bank (i) purchasing
the Notes in the ordinary course of its lending business or (ii) that is neither (A) buying the Notes for investment purposes
only nor (B) buying the Notes for resale to a third-party that either is not a bank or holding the Notes for investment purposes
only;

 

(10)            to
any tax, assessment or other governmental charge imposed under Sections 1471 through 1474 of the Code (or any amended or successor provisions),
any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of
the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered
into in connection with the implementation of such sections of the Code; or

 

(11)            in
the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9), and (10).

 

(b) The Notes are subject in all cases to
any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes. Except as specifically
provided under this Section 3.01, the Company will not be required to make any payment for any tax, assessment or other governmental
charge imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision.

 

(c) As used under this Section 3.01 and
Section 2.08 hereof, the term “United States” means the United States of America (including the states of the
United States and the District of Columbia and any political subdivision thereof) and the term “United States person”
means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership
or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia
(other than a partnership that is not treated as a United States person under any applicable Treasury regulations), or any estate or trust
the income of which is subject to United States federal income taxation regardless of its source.

 

    

     

    

 

(d) Any reference to amounts payable in respect
of the Notes herein or in the Indenture shall be deemed to include any additional amounts which may be payable under this Section 3.01.

 

Article 4

Change of Control Repurchase Event

 

Section 4.01. Intended Beneficiary; Definitions.

 

(a)            The
provisions of this Article 4 shall be applicable only to, and are solely for the benefit of Holders of, each series of Notes and
to no other Security.

 

(b)            For
purposes of this Supplemental Indenture No. 13:

 

“Below Investment Grade Ratings Event”
means, with respect to a series of Notes, on any day within the 60-day period (which period shall be extended so long as the rating of
such series of Notes is under publicly announced consideration for a possible downgrade by any Rating Agency) after the earlier of (1) the
occurrence of a Change of Control, or (2) the public announcement of the occurrence of a Change of Control or the intention by the
Company to effect a Change of Control, the Notes of such series are rated below Investment Grade by each and every Rating Agency. Notwithstanding
the foregoing, a Below Investment Grade Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be deemed
to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Ratings Event for
purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which
this definition would otherwise apply do not publicly announce or publicly confirm, or inform the Trustee in writing at the Company’s
request, that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of,
or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of
the Below Investment Grade Ratings Event).

 

“Change of Control” means the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than (1) the Company or
any Subsidiary, (2) any employee benefit plan (or a trust forming a part thereof) maintained by the Company or any Subsidiary, or
(3) any underwriter temporarily holding Voting Stock of the Company pursuant to an offering of such Voting Stock, becomes the beneficial
owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting
power of the Company’s Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated,
exchanged or changed measured by voting power rather than number of shares.

 

“Change of Control Repurchase Event”
means the occurrence of both a Change of Control and a Below Investment Grade Ratings Event with respect to a series of Notes.

 

“Investment Grade” means, with
respect to Moody’s, a rating of Baa3 or better (or its equivalent under any successor rating categories of Moody’s); with
respect to S&P, a rating of BBB- or better (or its equivalent under any successor rating categories of S&P); and, with respect
to any additional Rating Agency or Rating Agencies selected by the Company, the equivalent investment grade credit rating.

 

“Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agency” means (1) each
of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of
the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization”
within the meaning of Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a Board Resolution) as a replacement
agency for Moody’s or S&P, or both of them, as the case may be.

 

“S&P” means S&P Global
Ratings, a division of S&P Global, Inc., and its successors.

 

    

     

    

 

“Voting Stock” of any specified
 “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of
such person that is at the time entitled to vote generally in the election of the board of directors of such person.

 

Section 4.02. Change of Control Repurchase
Event.

 

(a)            If
a Change of Control Repurchase Event occurs with respect to a series of Notes, except to the extent the Company has exercised its right
to redeem such Notes pursuant to the redemption terms of such Notes, the Company will make an offer to each Holder of the Notes of such
series to repurchase all or any part (in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof)
of that Holder’s Notes at a repurchase price (the “Repurchase Price”) in cash equal to 101% of the aggregate
principal amount of such Notes repurchased plus any accrued and unpaid interest on such Notes repurchased to, but not including, the Repurchase
Date (as defined below).

 

(b)            Within
30 days following a Change of Control Repurchase Event or, at the Company’s option, prior to a Change of Control, but after the
public announcement of such Change of Control, the Company will mail, or cause to be mailed, or otherwise deliver in accordance with the
procedures of the applicable clearing system, a notice to each Holder of the Notes of such series, with a copy to the Trustee and the
Paying Agent, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and
offering to repurchase the Notes of such series on the payment date specified in the notice (such offer, the “Repurchase Offer”
and such date, the “Repurchase Date”), which Repurchase Date will be no earlier than 30 days and no later than 60 days
from the date such notice is mailed, pursuant to the procedures described in such notice. The notice shall, if mailed or delivered prior
to the date of consummation of the Change of Control, state that the Repurchase Offer is conditioned on a Change of Control Repurchase
Event occurring on or prior to the Repurchase Date.

 

(c)            The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the
extent those laws and regulations are applicable in connection with the repurchase of a series of Notes as a result of a Change of Control
Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase
Event provisions of the Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to have
breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.

 

(d)            On
the Repurchase Date following a Change of Control Repurchase Event, the Company will, to the extent lawful:

 

(i)            accept
for payment all Notes or portions of Notes properly tendered pursuant to the Repurchase Offer;

 

(ii)            deposit
with the Paying Agent an amount equal to the aggregate Repurchase Price for all Notes or portions of Notes properly tendered;

 

(iii)            deliver,
or cause to be delivered, to the Trustee the Notes properly accepted for payment by the Company, together with an Officers’ Certificate
stating the aggregate principal amount of Notes being repurchased by the Company pursuant to the Repurchase Offer; and

 

(iv)            deliver,
or cause to be delivered, to the Trustee, for authentication by the Trustee, any new Notes required to be issued pursuant to Section 4.02(e) below,
duly executed by the Company.

 

(e)            Upon
receipt by the Trustee from the Company of a notice setting forth the Repurchase Price and the Notes properly tendered and accepted for
payment, the Trustee will promptly mail, or cause the Paying Agent to promptly mail, or otherwise deliver in accordance with the procedures
of the applicable clearing system, to each Holder of such Notes, or portions of such Notes, properly tendered and accepted for payment
by the Company the Repurchase Price for such Notes or portions of such Notes, and the Trustee will promptly authenticate and mail (or
cause to be transferred by book-entry) to each such Holder a new Note, as applicable, duly executed by the Company equal in principal
amount to any unrepurchased portion of the Notes surrendered, as applicable; provided that each new Note will be in a principal
amount equal to €100,000 or integral multiples of €1,000 in excess thereof.

 

    

     

    

 

(f)            The
Company will not be required to make a Repurchase Offer upon a Change of Control Repurchase Event if a third party makes such an offer
in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party
purchases all Notes or portions of Notes properly tendered and not withdrawn under its offer.

 

(g)            The
Company and the Guarantors acknowledge that the Company may not have sufficient funds to repurchase all Notes or portions of Notes properly
tendered upon a Change of Control Repurchase Event.

 

Article 5

Miscellaneous Provisions

 

Section 5.01. Supplemental Indenture. The
Indenture, as supplemented by this Supplemental Indenture No. 13, is in all respects hereby adopted, ratified and confirmed.

 

Section 5.02. Effectiveness. This Supplemental
Indenture No. 13 shall take effect as of the date hereof.

 

Section 5.03. Effect of Headings. The
Article and Section headings herein are for convenience only and shall not affect the construction hereof.

 

Section 5.04. Separability Clause. In
case any provision in this Supplemental Indenture No. 13 shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions herein shall not in any way be affected or impaired thereby.

 

Section 5.05. Governing Law. This Supplemental
Indenture No. 13 shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 5.06. Submission of Paying Agent
to Jurisdiction in the United States. Each of the Paying Agent, the Transfer Agent and the registrar irrevocably submits to the non-exclusive
jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or
proceeding arising out of or relating to this Supplemental Indenture No. 13. To the fullest extent permitted by applicable law, each
of the Paying Agent, the Transfer Agent and the registrar irrevocably waives and agrees not to assert, by way of motion, as a defense
or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have
to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum.

 

Section 5.07 Execution by the Trustee.
The Trustee has executed this Supplemental Indenture No. 13 only upon the terms and conditions set forth in the Indenture. Without
limiting the generality of the foregoing, the Trustee shall not be responsible for the correctness of the recitals contained herein, which
shall be taken as statements of the Company and the Guarantors, and the Trustee makes no representation and shall have no responsibility
for, or in respect of, the validity or sufficiency of this Supplemental Indenture No. 13 or the execution hereof by any Person (other
than the Trustee).

 

Section 5.08 Counterparts. This Supplemental
Indenture No. 13 may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together
constitute but one and the same instrument.

 

    

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture No. 13 to be duly executed, all as of the day and year first above written.

 

	 	 	
    FedEx Corporation,

    as Issuer

	Attest:	 	 
	By:	/s/ Alana L. Griffin	 	By:	/s/ Herbert C. Nappier
	 	Name: 	Alana L. Griffin	 	 	Name:	Herbert C. Nappier
	 	Title: 	Assistant Secretary	 	 	Title:	Executive Vice President, Treasurer, Tax & Corporate Development

 

[Signature
Page to Supplemental Indenture No. 13]

 

    

     

    

 

	 	 	
    Federal Express Corporation,

    as Guarantor

	Attest:	 	 
	By:	/s/ Alana L. Griffin	 	By:	/s/ Elise L. Jordan
	 	Name:	Alana L. Griffin	 	 	Name:	Elise L. Jordan
	 	Title:	Assistant Secretary	 	 	Title:	Executive Vice President and Chief Financial Officer

 

[Signature
Page to Supplemental Indenture No. 13]

 

    

     

    

 

	 	 	
    FedEx Ground Package System, Inc.,

    as Guarantor

	Attest:	 	 
	By:	/s/ Alana L. Griffin	 	By:	/s/ Robert D. Henning
	 	Name:	Alana L. Griffin	 	 	Name:	Robert D. Henning
	 	Title:	Assistant Secretary	 	 	Title:	Executive Vice President and Chief Financial Officer

 

[Signature
Page to Supplemental Indenture No. 13]

 

    

     

    

 

	 	 	
    FedEx Freight Corporation,

    as Guarantor

	Attest:	 	 
	By:	/s/ Alana L. Griffin	 	By:	/s/ Matthew L. Rittenhour
	 	Name:	Alana L. Griffin	 	 	Name:	Matthew L. Rittenhour
	 	Title:	Assistant Secretary	 	 	Title:	Senior Vice President – Finance and Chief Financial Officer

 

[Signature
Page to Supplemental Indenture No. 13]

 

    

     

    

 

	 	 	
    FedEx Freight, Inc.,

    as Guarantor

	Attest:	 	 
	By:	/s/ Alana L. Griffin	 	By:	/s/ Matthew L. Rittenhour
	 	Name:	Alana L. Griffin	 	 	Name:	Matthew L. Rittenhour
	 	Title:	Assistant Secretary	 	 	Title:	Senior Vice President – Finance and Chief Financial Officer

 

[Signature
Page to Supplemental Indenture No. 13]

 

    

     

    

 

	 	 	
    FedEx Corporate Services, Inc.,

    as Guarantor

	Attest:	 	 
	By:	/s/ Alana L. Griffin	 	By:	/s/ Sharon L. Hawkins
	 	Name:	Alana L. Griffin	 	 	Name:	Sharon L. Hawkins
	 	Title:	Assistant Secretary	 	 	Title:	Senior Vice President and Chief Financial Officer

 

[Signature
Page to Supplemental Indenture No. 13]

 

    

     

    

 

	 	 	
    FedEx Office and Print Services, Inc.,

    as Guarantor

	Attest:	 	 
	By:	/s/ Alana L. Griffin	 	By:	/s/ Leslie M. Benners
	 	Name:	Alana L. Griffin	 	 	Name:	Leslie M. Benners
	 	Title:	Assistant Secretary	 	 	Title:	Senior Vice President and Chief Financial Officer

 

[Signature
Page to Supplemental Indenture No. 13]

 

    

     

    

 

	 	 	
    Federal Express Europe, Inc.,

    as Guarantor

	Attest:	 	 
	By:	/s/ Alana L. Griffin	 	By:	/s/ John D. Hartney
	 	Name:	Alana L. Griffin	 	 	Name:	John D. Hartney
	 	Title:	Assistant Secretary	 	 	Title:	Assistant Treasurer

 

[Signature
Page to Supplemental Indenture No. 13]

 

    

     

    

 

	 	 	
    Federal Express Holdings S.A., LLC,

    as Guarantor

	Attest:	 	 
	By:	/s/ Alana L. Griffin	 	By:	/s/ John D. Hartney
	 	Name:	Alana L. Griffin	 	 	Name:	John D. Hartney
	 	Title:	Assistant Secretary	 	 	Title:	Assistant Treasurer

 

[Signature
Page to Supplemental Indenture No. 13]

 

    

     

    

 

	 	 	Federal Express International, Inc.,

    as Guarantor

	Attest:	 	 
	By:	/s/ Alana L. Griffin	 	By:	/s/ John D. Hartney
	 	Name:	Alana L. Griffin	 	 	Name:	John D. Hartney
	 	Title:	Assistant Secretary	 	 	Title:	Assistant Treasurer

 

[Signature Page to Supplemental Indenture
No. 13]

 

     

     

    

 

	 	Wells Fargo Bank, National Association,

    as Trustee

	 	 
	 	By:	/s/ Todd Landry
	 	 	Name:	Todd Landry
	 	 	Title:	Vice President

 

[Signature Page to Supplemental Indenture
No. 13]

 

     

     

    

 

	 	Elavon Financial Services DAC, UK Branch,

    as Paying Agent

	 	 
	 	By:	/s/ Liliya Popova
	 	 	Name:	Liliya Popova
	 	 	Title:	Authorised Signatory

 

[Signature Page to Supplemental Indenture
No. 13]

 

     

     

    

 

Exhibit A

 

Form of 2029 Note

 

	No. R-[__]	CUSIP No. [__________]1	 
	 	 	 
	 	ISIN No. [__________]2	 
	 	 	 
	 	Common Code [__________]3	 

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT
IN SUCH LIMITED CIRCUMSTANCES.

 

Unless this security is presented by an authorized representative
of Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”), and Clearstream Banking, société
anonyme (“Clearstream” and, together with Euroclear, “Euroclear/Clearstream”) to the Issuer
or its agent for registration of transfer, exchange or payment, and any security issued is registered in the name of USB Nominees (UK)
Limited or in such other name as is requested by an authorized representative of Euroclear/Clearstream (and any payment is made to USB
Nominees (UK) Limited or to such other entity as is requested by an authorized representative of Euroclear/Clearstream), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, USB Nominees
(UK) Limited, has an interest herein.

 

FEDEX CORPORATION

 

0.450% Notes due 2029

 

Guaranteed as to Payment of Principal, Premium,
if any, and Interest

by the Guarantors named in the Indenture Referred to Below

 

FedEx Corporation, a Delaware corporation (the
 “Company,” which term includes any successor Corporation under the Indenture), for value received, hereby promises
to pay to USB Nominees (UK) Limited as nominee of Elavon Financial Services DAC as common depository for the accounts of Euroclear/Clearstream
or registered assigns, the principal sum of €[____] on May 4, 2029 (the “Stated Maturity Date”) and to pay
interest thereon from May 4, 2021, or from the most recent “Interest Payment Date” to which interest has been
paid or duly provided for, annually in arrears on May 4 of each year, commencing on May 4, 2022, and ending on the Stated Maturity
Date or date of earlier redemption as contemplated herein, at the rate of 0.450% per annum, until the principal hereof is paid or duly
provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture dated as of October 23, 2015 among the Company, the Guarantors referred to in the Indenture and Wells Fargo Bank, National
Association as Trustee (the “Trustee,” which term includes any successor trustee pursuant to the Indenture), as supplemented
by Supplemental Indenture No. 13 dated as of May 4, 2021 (“Supplemental Indenture No. 13”), among the
Company, the Guarantors named therein, the Trustee and Elavon Financial Services DAC, UK Branch, as paying agent (the “Paying
Agent”) (as so amended and supplemented, the “Indenture”), be paid to the Person in whose name this Note
is registered at the close of business on the “Regular Record Date” for such interest, which shall be the preceding
April 19 or, if the Notes are represented by one or more global notes, the close of business on the business day (for this purpose
a day on which Euroclear/Clearstream are open for business) immediately preceding April 19. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may either be
paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes of this
series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in the Indenture.

 

 

 

1
Initial Note: 31428X CB0

 

2
Initial Note: XS2337252931

 

3
Initial Note: 233725293

 

    A-1 

     

    

 

Interest payments on this Note will be computed
on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and
including the last date on which interest was paid on this Note (or May 4, 2021, if no interest has been paid on this Note) to,
but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in
the rulebook of the International Capital Market Association.

 

If the Stated Maturity Date or any redemption
date of this Note falls on a day that is not a business day, the related payment of principal, premium and additional amounts, if any,
and interest will be made on the next business day as if it were made on the date such payment was due, and no interest shall accrue
on the amounts so payable for the period from and after such date to the next business day. If any interest payment date would otherwise
be a day that is not a business day, that interest payment date will be postponed to the next date that is a business day.

 

If, on or after issuance of this Note, the single
currency of participating member states of the economic and monetary union as contemplated in the Treaty on European Union (the “euro”)
is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or
if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency
or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect
of this Note will be made in U.S. dollars until the euro is again available to the Company or so used. In such circumstances, the amount
payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close
of business on the second business day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated
a rate of conversion, on the basis of the then most recent U.S. dollar/euro exchange rate available on or prior to the second business
day prior to the relevant payment date as determined by the Company in its sole discretion. Any payment in respect of this Note so made
in U.S. dollars will not constitute an Event of Default under this Note or the Indenture.

 

Reference is hereby made to the further provisions
of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

 

Unless the Certificate of Authentication hereon
has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit pursuant to the Indenture or be
valid or obligatory for any purpose.

 

    A-2 

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

 

	 	FEDEX CORPORATION

	 	 
	 	By:	 

	 	Name:	Herbert C. Nappier
	 	Title:	Executive Vice President, Treasurer, Tax & Corporate Development

 

Attest:

 

	By:	 	 

	Name:	Alana L. Griffin	 
	Title:	Assistant Secretary	 

 

    A-3 

     

    

 

Certificate of Authentication

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: [              ]4

 

 

4
Initial Note: May 4, 2021

 

    A-4 

     

    

 

[REVERSE OF SECURITY]

 

FEDEX CORPORATION

 

0.450% Notes due 2029

 

This Note is one of a duly authorized issue of
notes of the Company (herein called the “Notes”), issued pursuant to the Indenture. Reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors,
the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. To the
extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. This Note is one of the series
designated on the face hereof, limited in initial aggregate principal amount to €600,000,000, except as contemplated in Supplemental
Indenture No. 13. Capitalized terms used herein and in the Guarantee, dated May 4, 2021 but not defined herein have the meanings
ascribed to such terms in the Indenture.

 

The Notes of this series are not subject to any
sinking fund.

 

The Company will have the right, at its option,
to redeem the Notes of this series in whole or in part at any time prior to the Par Call Date (as defined below), on at least 10 days’,
but no more than 60 days’, prior written notice mailed by the Company (or otherwise delivered in accordance with the applicable
clearing system’s procedures) to the Holders of the Notes of this series to be redeemed. Upon redemption of such Notes, the Company
will pay a redemption price equal to the greater of (i) 100% of the principal amount of the Notes of this series to be redeemed
and (ii) the sum of the present values of the Remaining Scheduled Payments (as defined in Supplemental Indenture No. 13) of
principal and interest on the Notes of this series to be redeemed that would be due if the Notes of this series matured on the Par Call
Date (not including any portion of such payments of interest accrued as of the redemption date), discounted to the redemption date on
an ACTUAL/ACTUAL (ICMA) day count basis, at the applicable Comparable Government Bond Rate (as defined in Supplemental Indenture No. 13)
plus 0.150% (15 basis points), plus, in the case of either (i) or (ii), accrued and unpaid interest to the date of redemption
on the principal amount of the Notes of this series being redeemed.

 

At any time on or after the Par Call Date, the
Company may redeem the Notes of this series, in whole or in part, at a redemption price equal to 100% of the principal amount of the
Notes of this series to be redeemed plus accrued and unpaid interest to the date of redemption on the principal amount of the Notes of
this series being redeemed. As used in this Note, Par Call Date shall mean February 4, 2029 (the date that is three months prior
to the Stated Maturity Date of the Notes of this series).

 

Unless the Company defaults in payment of the
redemption price, on and after the date of redemption, interest will cease to accrue on the Notes, or portions of the Notes of this series
called for redemption.

 

If, as a result of any change in, or amendment
to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United States),
or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings,
which change or amendment is announced or becomes effective on or after the date of the issuance of the Notes of this series, the Company
becomes or, based upon a written opinion of independent counsel selected by the Company, the Company will become obligated to pay additional
amounts (as described in Supplemental Indenture No. 13) with respect to the Notes of this series, then the Company may at any time
at its option redeem, in whole, but not in part, the outstanding Notes of this series on not less than 30 nor more than 60 days prior
notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on the Notes of this
series to be redeemed to, but not including, the date fixed for redemption.

 

In the event that the Company has purchased Notes
of this series equal to or greater than 80% of the aggregate principal amount of Notes of this series initially issued, the Company may
redeem, in whole, but not in part, the remaining Notes of this series on not less than 30 nor more than 60 days prior notice, at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest on the Notes of this
series to be redeemed to, but not including, the date fixed for redemption.

 

    A-5 

     

    

 

If a Change of Control Repurchase Event (as defined
in Supplemental Indenture No. 13) occurs with respect to Notes of this series, except to the extent the Company has exercised its
right to redeem the Notes of this series pursuant to the redemption terms of the Notes, the Company will make an offer, as provided in,
and subject to the terms of, Supplemental Indenture No. 13, to each Holder of the Notes of this series to repurchase all or any
part (in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof) of that Holder’s Notes
at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes repurchased plus any accrued and unpaid interest
on such Notes repurchased to, but not including, the date of repurchase.

 

The Notes of this series are fully and unconditionally
guaranteed as to the due and punctual payment of the principal, premium, if any, and interest in respect thereof by the Guarantors as
evidenced by their guarantees (the “Guarantees”) set forth hereon. The Guarantees are the direct and unconditional
obligations of such Guarantors and rank and will rank equally in priority of payment and in all other respects with all other unsecured
and unsubordinated obligations of such Guarantors now or hereafter outstanding.

 

In case an Event of Default with respect to the
Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.

 

The Indenture contains provisions for defeasance
at any time of (i) the entire indebtedness of this Note or (ii) certain respective covenants and Events of Default with respect
to this Note, in each case upon compliance with certain conditions set forth therein, which provisions apply to the Notes.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantors and the
rights of the Holders of the Securities of each series to be affected pursuant to the Indenture at any time by the Company, the Guarantors
and the Trustee with the consent of the Holders of a majority in principal amount of such Securities at the time Outstanding (voting
as a single class). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by
the Company and the Guarantors with certain provisions of the Indenture and certain past defaults pursuant to the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note or Notes issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and premium, if any, and interest on this Note at the times, places and rate, and in the currency herein prescribed.

 

As provided in the Indenture and subject to certain
limitations herein and therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note
for registration of transfer at the office of the Transfer Agent, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar, duly executed by, the Holder hereof or its attorney-in-fact duly authorized
in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Notes of this series are issuable only in
registered form without coupons in denominations equal to €100,000 and integral multiples of €1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations herein and therein set forth, Notes of this series are exchangeable for the same
aggregate principal amount of Notes of this series and of like tenor and authorized denominations, as requested by the Holder surrendering
the same.

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.

 

Prior to due presentment of this Note for registration
of transfer, the Company, the Guarantors, the Trustee, the Paying Agent and any agent of the Company, a Guarantor or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
neither the Company, the Guarantors, the Trustee, the Paying Agent nor any such agent shall be affected by notice to the contrary.

 

    A-6 

     

    

 

No recourse under or upon any obligation, covenant
or agreement of the Company or any Guarantor in the Indenture or any indenture supplemental thereto or in any Note, or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director or employee,
as such, past, present or future, of the Company or any Guarantor or of any successor thereto, either directly or through the Company
or any Guarantor or any successor thereto, under any rule of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance
hereof and as part of the consideration for the issue hereof.

 

This Note shall be governed by and construed in
accordance with the laws of the State of New York.

 

    A-7 

     

    

 

Schedule 1

 

SCHEDULE OF CHANGES IN OUTSTANDING PRINCIPAL AMOUNT

 

The following notations in respect of changes
in the outstanding principal amount of this Note have been made:

 

	Date
	Initial
    Principal Amount
	Change in
    Outstanding

    Principal Amount
	New 

Balance
	Notation
    Made by

 

    A-8 

     

    

 

Exhibit B

 

Form of 2033 Note

 

	No. R-[__]	CUSIP No. [__________]5	 
	 	 	 
	 	ISIN No. [__________]6	 
	 	 	 
	 	Common Code [__________]7	 

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT
IN SUCH LIMITED CIRCUMSTANCES.

 

Unless this security is presented by an authorized representative
of Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”), and Clearstream Banking, société
anonyme (“Clearstream” and, together with Euroclear, “Euroclear/Clearstream”) to the Issuer
or its agent for registration of transfer, exchange or payment, and any security issued is registered in the name of USB Nominees (UK)
Limited or in such other name as is requested by an authorized representative of Euroclear/Clearstream (and any payment is made to USB
Nominees (UK) Limited or to such other entity as is requested by an authorized representative of Euroclear/Clearstream), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, USB Nominees
(UK) Limited, has an interest herein.

 

FEDEX CORPORATION

 

0.950% Notes due 2033

 

Guaranteed as to Payment of Principal, Premium,
if any, and Interest

by the Guarantors named in the Indenture Referred to Below

 

FedEx Corporation, a Delaware corporation (the
 “Company,” which term includes any successor Corporation under the Indenture), for value received, hereby promises
to pay to USB Nominees (UK) Limited as nominee of Elavon Financial Services DAC as common depository for the accounts of Euroclear/Clearstream
or registered assigns, the principal sum of €[____] on May 4, 2033 (the “Stated Maturity Date”) and to pay
interest thereon from May 4, 2021, or from the most recent “Interest Payment Date” to which interest has been
paid or duly provided for, annually in arrears on May 4 of each year, commencing on May 4, 2022, and ending on the Stated Maturity
Date or date of earlier redemption as contemplated herein, at the rate of 0.950% per annum, until the principal hereof is paid or duly
provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture dated as of October 23, 2015 among the Company, the Guarantors referred to in the Indenture and Wells Fargo Bank, National
Association as Trustee (the “Trustee,” which term includes any successor trustee pursuant to the Indenture), as supplemented
by Supplemental Indenture No. 13 dated as of May 4, 2021 (“Supplemental Indenture No. 13”), among the
Company, the Guarantors named therein, the Trustee and Elavon Financial Services DAC, UK Branch, as paying agent (the “Paying
Agent”) (as so amended and supplemented, the “Indenture”), be paid to the Person in whose name this Note
is registered at the close of business on the “Regular Record Date” for such interest, which shall be the preceding
April 19 or, if the Notes are represented by one or more global notes, the close of business on the business day (for this purpose
a day on which Euroclear/Clearstream are open for business) immediately preceding April 19. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may either be
paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes of this
series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in the Indenture.

 

 

5
Initial Note: 31428X CC8

 

6
Initial Note: XS2337253319

 

7
Initial Note: 233725331

 

    B-1

     

    

 

Interest payments on this Note will be computed
on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and
including the last date on which interest was paid on this Note (or May 4, 2021, if no interest has been paid on this Note) to,
but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in
the rulebook of the International Capital Market Association.

 

If the Stated Maturity Date or any redemption
date of this Note falls on a day that is not a business day, the related payment of principal, premium and additional amounts, if any,
and interest will be made on the next business day as if it were made on the date such payment was due, and no interest shall accrue
on the amounts so payable for the period from and after such date to the next business day. If any interest payment date would otherwise
be a day that is not a business day, that interest payment date will be postponed to the next date that is a business day.

 

If, on or after issuance of this Note, the single
currency of participating member states of the economic and monetary union as contemplated in the Treaty on European Union (the “euro”)
is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or
if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency
or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect
of this Note will be made in U.S. dollars until the euro is again available to the Company or so used. In such circumstances, the amount
payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close
of business on the second business day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated
a rate of conversion, on the basis of the then most recent U.S. dollar/euro exchange rate available on or prior to the second business
day prior to the relevant payment date as determined by the Company in its sole discretion. Any payment in respect of this Note so made
in U.S. dollars will not constitute an Event of Default under this Note or the Indenture.

 

Reference is hereby made to the further provisions
of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

 

Unless the Certificate of Authentication hereon
has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit pursuant to the Indenture or be
valid or obligatory for any purpose.

 

    B-2

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

 

	 	FEDEX CORPORATION
	 	 

	 	By:	 

	 	Name:	Herbert C. Nappier
	 	Title:	Executive Vice President, Treasurer, Tax & Corporate Development

 

Attest:

 

	By:	 	 

	Name:	Alana L. Griffin	 
	Title:	Assistant Secretary	 

 

    B-3

     

    

Certificate of Authentication

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated: [                   ]8

 

 

8
Initial Note: May 4, 2021

 

    B-4

     

    

 

[REVERSE OF SECURITY]

 

FEDEX CORPORATION

 

0.950% Notes due 2033

 

This Note is one of a duly authorized issue of
notes of the Company (herein called the “Notes”), issued pursuant to the Indenture. Reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors,
the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. To the
extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. This Note is one of the series
designated on the face hereof, limited in initial aggregate principal amount to €650,000,000, except as contemplated in Supplemental
Indenture No. 13. Capitalized terms used herein and in the Guarantee, dated May 4, 2021 but not defined herein have the meanings
ascribed to such terms in the Indenture.

 

The Notes of this series are not subject to any
sinking fund.

 

The Company will have the right, at its option,
to redeem the Notes of this series in whole or in part at any time prior to the Par Call Date (as defined below), on at least 10 days’,
but no more than 60 days’, prior written notice mailed by the Company (or otherwise delivered in accordance with the applicable
clearing system’s procedures) to the Holders of the Notes of this series to be redeemed. Upon redemption of such Notes, the Company
will pay a redemption price equal to the greater of (i) 100% of the principal amount of the Notes of this series to be redeemed
and (ii) the sum of the present values of the Remaining Scheduled Payments (as defined in Supplemental Indenture No. 13) of
principal and interest on the Notes of this series to be redeemed that would be due if the Notes of this series matured on the Par Call
Date (not including any portion of such payments of interest accrued as of the redemption date), discounted to the redemption date on
an ACTUAL/ACTUAL (ICMA) day count basis, at the applicable Comparable Government Bond Rate (as defined in Supplemental Indenture No. 13)
plus 0.200% (20 basis points), plus, in the case of either (i) or (ii), accrued and unpaid interest to the date of redemption
on the principal amount of the Notes of this series being redeemed.

 

At any time on or after the Par Call Date, the
Company may redeem the Notes of this series, in whole or in part, at a redemption price equal to 100% of the principal amount of the
Notes of this series to be redeemed plus accrued and unpaid interest to the date of redemption on the principal amount of the Notes of
this series being redeemed. As used in this Note, Par Call Date shall mean February 4, 2033 (the date that is three months prior
to the Stated Maturity Date of the Notes of this series).

 

Unless the Company defaults in payment of the
redemption price, on and after the date of redemption, interest will cease to accrue on the Notes, or portions of the Notes of this series
called for redemption.

 

If, as a result of any change in, or amendment
to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United States),
or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings,
which change or amendment is announced or becomes effective on or after the date of the issuance of the Notes of this series, the Company
becomes or, based upon a written opinion of independent counsel selected by the Company, the Company will become obligated to pay additional
amounts (as described in Supplemental Indenture No. 13) with respect to the Notes of this series, then the Company may at any time
at its option redeem, in whole, but not in part, the outstanding Notes of this series on not less than 30 nor more than 60 days prior
notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on the Notes of this
series to be redeemed to, but not including, the date fixed for redemption.

 

In the event that the Company has purchased Notes
of this series equal to or greater than 80% of the aggregate principal amount of Notes of this series initially issued, the Company may
redeem, in whole, but not in part, the remaining Notes of this series on not less than 30 nor more than 60 days prior notice, at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest on the Notes of this
series to be redeemed to, but not including, the date fixed for redemption.

 

    B-5

     

    

 

If a Change of Control Repurchase Event (as defined
in Supplemental Indenture No. 13) occurs with respect to Notes of this series, except to the extent the Company has exercised its
right to redeem the Notes of this series pursuant to the redemption terms of the Notes, the Company will make an offer, as provided in,
and subject to the terms of, Supplemental Indenture No. 13, to each Holder of the Notes of this series to repurchase all or any
part (in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof) of that Holder’s Notes
at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes repurchased plus any accrued and unpaid interest
on such Notes repurchased to, but not including, the date of repurchase.

 

The Notes of this series are fully and unconditionally
guaranteed as to the due and punctual payment of the principal, premium, if any, and interest in respect thereof by the Guarantors as
evidenced by their guarantees (the “Guarantees”) set forth hereon. The Guarantees are the direct and unconditional
obligations of such Guarantors and rank and will rank equally in priority of payment and in all other respects with all other unsecured
and unsubordinated obligations of such Guarantors now or hereafter outstanding.

 

In case an Event of Default with respect to the
Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.

 

The Indenture contains provisions for defeasance
at any time of (i) the entire indebtedness of this Note or (ii) certain respective covenants and Events of Default with respect
to this Note, in each case upon compliance with certain conditions set forth therein, which provisions apply to the Notes.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantors and the
rights of the Holders of the Securities of each series to be affected pursuant to the Indenture at any time by the Company, the Guarantors
and the Trustee with the consent of the Holders of a majority in principal amount of such Securities at the time Outstanding (voting
as a single class). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by
the Company and the Guarantors with certain provisions of the Indenture and certain past defaults pursuant to the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note or Notes issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and premium, if any, and interest on this Note at the times, places and rate, and in the currency herein prescribed.

 

As provided in the Indenture and subject to certain
limitations herein and therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note
for registration of transfer at the office of the Transfer Agent, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar, duly executed by, the Holder hereof or its attorney-in-fact duly authorized
in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Notes of this series are issuable only in
registered form without coupons in denominations equal to €100,000 and integral multiples of €1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations herein and therein set forth, Notes of this series are exchangeable for the same
aggregate principal amount of Notes of this series and of like tenor and authorized denominations, as requested by the Holder surrendering
the same.

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.

 

Prior to due presentment of this Note for registration
of transfer, the Company, the Guarantors, the Trustee, the Paying Agent and any agent of the Company, a Guarantor or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
neither the Company, the Guarantors, the Trustee, the Paying Agent nor any such agent shall be affected by notice to the contrary.

 

    B-6

     

    

 

No recourse under or upon any obligation, covenant
or agreement of the Company or any Guarantor in the Indenture or any indenture supplemental thereto or in any Note, or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director or employee,
as such, past, present or future, of the Company or any Guarantor or of any successor thereto, either directly or through the Company
or any Guarantor or any successor thereto, under any rule of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance
hereof and as part of the consideration for the issue hereof.

 

This Note shall be governed by and construed in
accordance with the laws of the State of New York.

 

    B-7

     

    

 

Schedule 1

 

SCHEDULE OF CHANGES IN OUTSTANDING PRINCIPAL AMOUNT

 

The following notations in respect of changes
in the outstanding principal amount of this Note have been made:

 

	Date
	Initial
    Principal Amount
	Change in
    Outstanding

    Principal Amount
	New 

Balance
	Notation
    Made by

 

    B-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]