Document:

EX-10.3

 Exhibit 10.3 

VOTING AND SUPPORT AGREEMENT 

THIS VOTING AND SUPPORT AGREEMENT, dated as of April 5, 2020 (this “Agreement”), between Velocity Financial,
Inc., a Delaware corporation (the “Company”) and the stockholder set forth on the signature page hereto (the “Stockholder”). 

WHEREAS, the Stockholder beneficially owns, directly or indirectly, shares of common stock, par value $0.01 per share of the Company (the
“Common Stock”) set forth on Schedule A hereto (such shares together with any additional shares of Common Stock of the Company that are hereafter issued to, or otherwise acquired or owned, beneficially or of record, by, the
Stockholder prior to the termination of this Agreement being referred to herein as the “Subject Shares”); 
 WHEREAS, the
Company is entering into a Securities Purchase Agreement on or around the date hereof (the “Purchase Agreement”) with the purchasers named therein (collectively, the “Purchasers”) pursuant to which, among other
things, it proposes to issue and sell to the Purchasers, and the Purchasers purchase from the Company, shares of Series A Convertible Preferred Stock (as defined in the Purchase Agreement) and Warrants (as defined in the Purchase Agreement); 

WHEREAS, pursuant to the terms of the Purchase Agreement, the Company intends to call and hold a meeting of its stockholders (the
“Special Meeting”) to seek approval by the holders of Common Stock to approve the issuance of shares of Common Stock upon exercise of the Warrants or conversion of the Series A Convertible Preferred Stock issued to the Purchasers
pursuant to the Purchase Agreement and all other Transaction Documents as required by the listing standards of the New York Stock Exchange (“NYSE”) (and any successor thereto and any other trading market on which the Common Stock is
listed), including under Section 312.03 of the NYSE Listed Company Manual (collectively, the “Proposal”); and 

WHEREAS, the convertibility and/or exercise of the securities issued pursuant to the Purchase Agreement is contingent upon the receipt of
approval of the Company’s Stockholders of the Proposal at the Special Meeting. 
 NOW, THEREFORE, in consideration of the foregoing,
and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 1.    Agreement to Vote.

 (a)    Voting. Subject to the terms of this Agreement, the Stockholder hereby irrevocably and unconditionally
agrees that during the time this Agreement is in effect at every annual or special meeting of the stockholders of the Company held with respect to the matters specified in Section 1(a)(ii), however called, including any
adjournment or postponement thereof, the Stockholder shall: 
 (i)    cause the Subject Shares to be counted as present
thereat for purposes of determining a quorum; and 
 (ii)    be present (in person or by proxy) and vote (or cause to be
voted), in person or by proxy, the Subject Shares (A) in favor of the approval of the Proposal and (B) without limitation of the preceding clause (i), in favor of any proposal to adjourn or postpone the Special Meeting (and, if applicable,
any subsequent annual or special meeting of the stockholders of the Company held with respect to approval of the Proposal (a “Subsequent Stockholder Meeting”)) to a later date solely if there are not sufficient votes for approval of
the Proposal on the date on which the Special Meeting (or, if applicable, a Subsequent Stockholder Meeting) is held. Any such vote will be cast or consent will be given in accordance with the procedures applicable thereto so as to ensure that it is
duly counted for purposes of determining that a quorum is present and for purposes of recording the results of such vote or consent. 

 (b)    Information for Proxy Statement. The Stockholder and its
Affiliates will furnish to the Company all information concerning such Stockholder and its Affiliates as the Company may reasonably request in connection with the preparation and filing of the Proxy Statement. The Stockholder consents to the Company
publishing and disclosing in any filing to the extent required under applicable law, including the filings contemplated by the Purchase Agreement, the Stockholder’s identity and ownership of the Subject Shares, and the nature of the
Stockholder’s commitments, arrangements and understandings under this Agreement; provided that the Company shall have consulted with the Stockholder in advance of any such disclosure and shall accept any reasonable comments provided by
the Stockholder or its counsel with respect to such disclosure prior to making such disclosure. 
 (c)    Acquisition
of Additional Shares. During the term of this Agreement, the Stockholder shall notify the Company reasonably promptly in writing of the direct or indirect acquisition of record or beneficial ownership of additional shares of Common Stock after
the date of this Agreement, if any, all of which shall be considered Subject Shares and be subject to the terms of this Agreement as though owned by the Stockholder on the date of this Agreement. 

2.    Representations and Warranties of the Stockholder. The Stockholder hereby represents and warrants, severally
but not jointly, to the Company as follows: 
 (a)    Authority. The Stockholder has all necessary corporate,
limited liability company, trust or partnership power and authority to execute, deliver and perform its obligations under this Agreement. The execution, delivery and performance of this Agreement by the Stockholder and the consummation by it of the
transactions contemplated hereby have been duly and validly authorized by all necessary legal action, and no further consent or authorization of the Stockholder or any other Person is required. This Agreement constitutes a legal, valid and binding
obligation of the Stockholder; provided that, with respect to each such agreement, the enforceability thereof may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar Laws from time to
time in effect affecting the enforcement of creditors’ rights and remedies generally and by general principles of equity (regardless of whether such principles are considered in a proceeding in equity or at law). 

(b)    No Violations. The execution and delivery of this Agreement by the Stockholder does not, and the performance
of this Agreement by the Stockholder shall not, (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any material agreement to which the Stockholder is a party or by which the
Stockholder is bound or by which the Subject Shares are bound or affected, (ii) conflict with or result in any violation of the provisions of the Organizational Documents of the Stockholder, or 

  
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(iii) violate any Law of any Governmental Authority or body having jurisdiction over the Stockholder or the Subject Shares, except in the case of clauses (i) and (ii), for such conflicts,
breaches, violations or defaults as would not prevent the consummation of the transactions contemplated under this Agreement. 

(c)    Consent and Approvals. The execution and delivery of this Agreement by the Stockholder does not, and the
performance of this Agreement by the Stockholder shall not, require any consent, approval, authorization or permit of, or filing with or notification to, any governmental entity by the Stockholder (except for filings pursuant to the Securities
Exchange Act of 1934, as amended, or any other state securities or “blue sky” Laws). 
 (d)    Ownership of
Subject Shares. The Stockholder holds, beneficially or of record, good and valid title to the Subject Shares and has the power to vote, without restriction, such Subject Shares on all matters brought before Stockholders of capital stock of the
Company. As of the date of this Agreement, the Stockholder beneficially owns, directly or indirectly, only the number of shares of Common Stock as described opposite its name as set forth on Schedule A hereto and Schedule A includes
all Affiliates of the Stockholder that own any securities of the Company beneficially or of record and reflects all shares of Common Stock in which the Stockholder or its Affiliates has any interest or right to acquire, whether through derivative
securities, voting agreements or otherwise (whether or not such Common Stock can be acquired within sixty (60) days). The Stockholder has not appointed or granted any proxy, which appointment or grant is still effective, with respect to the
Subject Shares. 
 3.    Restriction on Transfer; Non-Interference; etc.
The Stockholder hereby covenants and agrees that the Stockholder shall not, until the termination of this Agreement, without the prior written consent of the Company, (i) offer or agree to sell, transfer, tender, assign, hypothecate or
otherwise dispose of the Subject Shares (“Transfer”), (ii) grant a proxy or power of attorney with respect to, or create or permit to exist any limitation on the Stockholder’s voting rights (except for such agreements or
limitations that would not adversely affect the Stockholder’s ability to perform its obligations under this Agreement and other than any such proxy, power of attorney or other authorization consistent with, and for purposes of complying with,
the provisions of Section 1(a) hereof) (“Encumbrance”) with respect to its Subject Shares, or (iii) take, or agree to take, any action that would have the effect of preventing or delaying the
Stockholder from performing any of its obligations under this Agreement, including by agreeing (whether or not in writing) to take any of the actions referred to in the foregoing clauses (i) or (ii) of this Section 3;
provided, however, that the Stockholder may Transfer any Subject Shares owned by it to an Affiliate of the Stockholder; provided that any such Transfer shall be null and void ab initio unless any such transferee of such
Subject Shares has delivered to the Company a written agreement in a form reasonably satisfactory to the Company that the transferee assumes the Stockholder’s obligations hereunder and shall be bound by, and the shares of Common Stock so
Transferred shall remain subject to, this Agreement. 
 4.    No Limitation. Notwithstanding anything in this
Agreement to the contrary, nothing herein shall in any way restrict any officer or director of the Company from taking any action (or failing to take any action) in good faith in his or her capacity as a director or officer of the Company (including
to the extent permitted by the Purchase Agreement), or in the exercise of his or her fiduciary duties in his or her capacity as a director or officer of the Company, and no 

  
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action taken in good faith in any such capacity as an officer or director of the Company shall be deemed to constitute a breach of this Agreement. All rights, ownership and economic benefits of
and relating to the Subject Shares shall remain vested in and belong to the Stockholder, and, notwithstanding anything in this Agreement to the contrary, Stockholder shall not be limited or restricted in any way from voting in its sole discretion on
any matter other than the matters referred to in Section 1(a)(ii) hereof. 

5.    Termination. This Agreement and the obligations of the parties under this Agreement may only be terminated
upon the mutual consent set forth in a written instrument signed by all parties hereto; provided, however, that this Agreement shall automatically terminate, without any action by the parties hereto, upon the first to occur of
(a) the approval by the Company’s Stockholders of the Proposal or (b) the termination of the Purchase Agreement in accordance with its terms. 

6.    Miscellaneous. 

(a)    Expenses. All costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid pursuant to the applicable terms of the Purchase Agreement. 
 (b)    Notices. All notices,
requests, claims, demands and other communications under this Agreement shall be in writing and shall be given by registered or certified mail, return receipt requested, telecopy, electronic mail, air courier guaranteeing overnight delivery or
personal delivery to the following addresses (or at such other address for a party as shall be specified in writing by such party): 
  

	 	(i)	 if to the Company, to: 

Velocity Financial, Inc. 
 30699
Russell Ranch Road, Suite 295 
 Westlake Village, California 91362 

Email: [Redacted] 
 with copies
(which shall not constitute notice) to: 
 Eric Swedenburg 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Email: [Redacted] 

and 
 Daniel N. Webb 

Simpson Thacher & Bartlett LLP 

2475 Hanover Street 
 Palo Alto,
CA 94304 
 Email: [Redacted] 

  
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 (ii)    if to the Stockholder, at the most current address given by the
transfer agent and registrar of the shares to the Company. 
 All notices and communications shall be deemed to have been duly given: at the
time delivered by hand, if personally delivered; upon actual receipt if sent by certified or registered mail, return receipt requested, or regular mail, if mailed; upon actual receipt of the facsimile, if sent via facsimile; when sent, if sent by
electronic mail prior to 5:00 pm New York time on a Business Day, or on the next succeeding Business Day, if not; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 

(c)    Severability. If any provision in this Agreement is held to be illegal, invalid, not binding or
unenforceable, (a) such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of this Agreement, and the remaining
provisions shall remain in full force and effect, and (b) the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that
the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

(d)    Entire Agreement; No Third Party Beneficiaries. This Agreement, the other Transaction Documents and the
other agreements and documents referred to herein are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the
subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to in this Agreement or the other Transaction Documents with respect to the rights granted by the
Company or any of its Affiliates or the Stockholder, the Purchasers or any of their respective Affiliates. This Agreement, the other Transaction Documents and the other agreements and documents referred to herein or therein supersede all prior
agreements and understandings among the parties with respect to such subject matter. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person, other than the Company and the Stockholder and their respective
permitted assigns any rights, remedies, obligations or liabilities hereunder. 
 (e)    Execution in
Counterparts. This Agreement may be executed in counterparts, each of which when executed shall be deemed to be an original, and all of which together will be considered one and the same agreement and shall become effective when one or more
counterparts have been signed by each of the parties and delivered to the other parties. For purposes of this Agreement, facsimile signatures or signatures by other electronic form of delivery shall be deemed originals. 

(f)    Mutual Drafting. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and 

  
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no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. This Agreement shall be construed without regard to
any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. 

(g)    Interpretation. Capitalized terms used but not otherwise defined herein shall have the respective meanings
ascribed to such terms in the Purchase Agreement. Article, Section, Schedule and Exhibit references in this Agreement are references to the corresponding Article, Section, Schedule or Exhibit to this Agreement, unless otherwise specified. All
Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full herein and are an integral part of this Agreement. All references to instruments, documents, Contracts and agreements are references to
such instruments, documents, Contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to”
and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it... Any reference in this Agreement to “$” shall mean U.S. dollars. Whenever any determination,
consent or approval is to be made or given by any party to this Agreement, such action shall be in such party’s sole discretion, unless otherwise specified in this Agreement. When calculating the period of time before which, within which or
following which any act is to be done or step taken pursuant to the Transaction Documents, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is not a Business Day, the period in question
shall end on the next succeeding Business Day. Any words imparting the singular number only shall include the plural and vice versa. The words such as “herein,” “hereinafter,” “hereof” and “hereunder” refer to
this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires. The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the
insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. 

(h)    Assignment; Binding Effect. Neither this Agreement nor any of the rights, interests or obligations under
this Agreement shall be assigned, in whole or in part, by operation of law or otherwise by without the prior written consent of the Company (such consent not to be unreasonably withheld), except as provided in Section 2(c)
hereof. Any assignment in violation of the preceding sentence shall be void. Subject to the preceding two sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and
assigns. 
 (i)    Governing Law; Submission to Jurisdiction. This Agreement, and all claims or causes of action
(whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any
representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the Laws of the State of Delaware without regard to principles of conflicts of laws that would result in the application
of the law of any other jurisdiction. Any action against any party relating to the foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby irrevocably
submit to the non-exclusive jurisdiction of any federal or state court located within the State of Delaware over any such action. 

  
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The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in
such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by applicable law. 
 (j)    Amendments; Waiver. Subject to applicable law, any provision of this Agreement may
be waived. Any agreement on the part of a party to any such waiver shall be valid only if set forth in an instrument in writing signed on behalf of the party against whom waiver is sought; provided, that any waiver given in compliance with
this Section 6(j) or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. Subject to
applicable law, any of the provisions of this Agreement may be amended at any time, by the mutual written agreement of the parties. No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or
be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or of any other right. 

(k)    WAIVER OF JURY TRIAL. THE PARTIES TO THIS AGREEMENT EACH HEREBY WAIVES, AND AGREES TO CAUSE ITS AFFILIATES
TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE
PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND
CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF
THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 (l)    Equitable Remedies.
The parties hereto agree that irreparable damage would occur and that the parties would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were
otherwise breached by any party. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches and/or threatened breaches of this Agreement and to enforce specifically the terms and provisions of
this Agreement in any federal court located in the State of New York or in New York state court, this being in addition to any other remedy to which they are entitled to at law or in equity. 

(m)    No Ownership Interest. Except as otherwise provided herein, nothing contained in this Agreement shall be
deemed to vest in the Company any direct or indirect ownership or incidence of ownership of or with respect to the Subject Shares. All rights, ownership and economic benefits of and relating to the Subject Shares shall remain vested in and belong to
the Stockholder. Nothing in this Agreement shall be interpreted as creating or forming a “group” 

  
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with any other Person, including with the Company, any Stockholder or any other Person, for the purposes of Rule 13d-5(b)(1) of the Exchange Act or for any
other similar provision of applicable law. The Company acknowledges and agrees that the obligations of each Stockholder under this Agreement shall be several (and not joint) and no Stockholder shall be responsible in any way for the actions or
omissions of the other Stockholders. 
 (n)    Delay. No failure or delay on the part of any party hereto in
exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power
or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise. 

[Signature pages follow] 

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

			
	VELOCITY FINANCIAL, INC.
		
	By:	 	        /s/ Christopher Farrar
		 	Name: Christopher Farrar
		 	Title:   Chief Executive Officer

 [Signature Page to Voting and Support Agreement] 

 
					
	 STOCKHOLDER
  

TOBI III SPE I LLC

		
	By:	 	        /s/ Harin de Silva
		 	Name:	 	Harin de Silva
		 	Title:	 	Authorized person

 [Signature Page to Voting and Support Agreement] 

 Schedule A 

Beneficial Ownership 
  

			
	Name of Purchaser	 	Number of shares of Common Stock
	TOBI III SPE I LLC and Affiliates thereof	 	4,470,300Exhibit 4.2

 

SUPPLEMENTAL INDENTURE NO. 11

Dated as of April 7, 2020

3.800% Notes due 2025

4.250% Notes due 2030

5.250% Notes due 2050

 

SUPPLEMENTAL INDENTURE NO. 11, dated as
of April 7, 2020, 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”).

 

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;

 

    1 

     

    

 

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, 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. 11 by the parties hereto is authorized by the provisions of the Indenture;

 

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. 11 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 and the Trustee 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. 11 constitutes an integral part of the Indenture.

 

    2 

     

    

 

Section 1.02. Definitions and Other Provisions
of General Application. For all purposes of this Supplemental Indenture No. 11 unless otherwise specified herein:

 

(a)      all
terms defined in this Supplemental Indenture No. 11 which are used and not otherwise defined herein shall have the meanings
they are given in the Indenture; and

 

(b)     
the provisions of general application stated in Section 1.01 of the Indenture shall apply to this Supplemental Indenture
No. 11, except that the words “herein,” “hereof,” “hereto” and “hereunder”
and other words of similar import refer to this Supplemental Indenture No. 11 as a whole and not to the Indenture or any particular
Article, Section or other subdivision of the Indenture or this Supplemental Indenture No. 11.

 

Article
2

The Series of Notes

 

Section 2.01. Title. There shall
be a series of Securities designated the 3.800% Notes due 2025 (the “2025 Notes”), a series of Securities designated
the 4.250% Notes due 2030 (the “2030 Notes”) and a series of Securities designated the 5.250% Notes due 2050
(the “2050 Notes” and together with the 2025 Notes and the 2030 Notes, the “Notes”).

 

Section 2.02. Principal Amounts. Subject
to Section 2.10, the initial aggregate principal amount of the 2025 Notes that may be authenticated and delivered under this Supplemental
Indenture No. 11 shall not exceed $1,000,000,000, the initial aggregate principal amount of the 2030 Notes that may be authenticated
and delivered under this Supplemental Indenture No. 11 shall not exceed $750,000,000 and the initial aggregate principal amount
of the 2050 Notes that may be authenticated and delivered under this Supplemental Indenture No. 11 shall not exceed $1,250,000,000
(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 2025 Notes shall be payable on May 15, 2025, the entire outstanding principal
amount of the 2030 Notes shall be payable on May 15, 2030 and the entire outstanding principal amount of the 2050 Notes shall be
payable on May 15, 2050, in each case subject to Section 2.06 and Section 3.02.

 

Section 2.04 Interest. 

 

(a)     
2025 Notes. The 2025 Notes will bear interest at the rate of 3.800% per annum. Interest on the 2025 Notes will be
computed on the basis of a 360-day year of twelve 30-day months. Interest on the 2025 Notes will be payable semi-annually in arrears
on May 15 and November 15, commencing November 15, 2020, and ending on the date of maturity, to the Persons in whose names the
2025 Notes are registered on the preceding May 1 and November 1 (whether or not that date is a Business Day), respectively.

 

    3 

     

    

 

(b)      2030
Notes. The 2030 Notes will bear interest at the rate of 4.250% per annum. Interest on the 2030 Notes will be computed on
the basis of a 360-day year of twelve 30-day months. Interest on the 2030 Notes will be payable semi-annually in arrears on
May 15 and November 15, commencing November 15, 2020, and ending on the date of maturity, to the Persons in whose names the
2030 Notes are registered on the preceding May 1 and November 1 (whether or not that date is a Business Day),
respectively.

 

(c)      2050
Notes. The 2050 Notes will bear interest at the rate of 5.250% per annum. Interest on the 2050 Notes will be computed on
the basis of a 360-day year of twelve 30-day months. Interest on the 2050 Notes will be payable semi-annually in arrears on
May 15 and November 15, commencing November 15, 2020, and ending on the date of maturity, to the Persons in whose names the
2050 Notes are registered on the preceding May 1 and November 1 (whether or not that date is a Business Day),
respectively.

 

Section 2.05. Defeasance and Discharge;
Covenant Defeasance. The provisions of Section 13.02 and Section 13.03 of the Indenture shall apply to each series of the Notes.

 

Section 2.06. 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 procedures of the Depositary) to the Holders of the Notes to
be redeemed. Upon redemption of such series of Notes, the Company will pay a redemption price as calculated by a Reference Treasury
Dealer (as defined below) selected by the Company 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 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 a semi-annual basis, assuming a 360-day year
consisting of twelve 30-day months, at the Adjusted Treasury Rate described below plus 0.500% (50 basis points) in the case
of the 2025 Notes, 0.500% (50 basis points) in the case of the 2030 Notes and 0.500% (50 basis points) in the case of the
2050 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.

 

“Adjusted Treasury Rate”
means, with respect to any date of redemption, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for that date of redemption.

 

    4 

     

    

 

“Comparable Treasury
Issue” means, with respect to the series of Notes to be redeemed prior to the applicable Par Call Date, the United
States Treasury security selected by a Reference Treasury Dealer selected by the Company as having a maturity comparable to
the remaining term of the Notes of such series (assuming, for this purpose, that such Notes mature on the applicable Par Call
Date) that would be used, at the time of selection and under customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of such Notes (assuming, for this purpose, that such Notes
mature on the applicable Par Call Date).

 

“Comparable Treasury Price”
means, with respect to any date of redemption, the average of the Reference Treasury Dealer Quotations for the date of redemption,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or if the Company is provided fewer than three Reference
Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations.

 

“Par Call Date” means
April 15, 2025 in the case of the 2025 Notes (the date that is one month prior to the maturity date of the 2025 Notes), February
15, 2030 in the case of the 2030 Notes (the date that is three months prior to the maturity date of the 2030 Notes) and November
15, 2049 in the case of the 2050 Notes (the date that is six months prior to the maturity date of the 2050 Notes).

 

“Reference Treasury Dealer”
means each of: (i) BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC
and their respective affiliates or successors; and (ii) any primary U.S. Government securities dealer in New York City (a “Primary
Treasury Dealer”) the Company selects. If any of the foregoing ceases to be a Primary Treasury Dealer, the Company must substitute
another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any date of redemption, the average of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by
the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day before the date of redemption.

 

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.

 

Section 2.07 Form of Notes. Each
series of the Notes shall be represented by one or more permanent global notes registered in the name Cede & Co. or The Depository
Trust Company or its nominee. The 2025 Notes shall be in the form of Exhibit A attached hereto, the 2030 Notes shall
be in the form of Exhibit B attached hereto and the 2050 Notes shall be in the form of Exhibit C attached
hereto.

 

Section 2.08. Sinking Fund. The Notes
shall not be subject to a sinking fund.

 

Section 2.09. Additional Amounts. The
provisions of Section 10.06 of the Indenture shall not apply to the Notes.

 

    5 

     

    

 

Section 2.10. 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 a separate CUSIP
number.

 

Article
3

Change of Control Repurchase Event

 

Section 3.01. Intended Beneficiary; Definitions.

 

(a)     
The provisions of this Article 3 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. 11:

 

“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) 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.

 

    6 

     

    

 

“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 3.02. 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 $2,000 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 (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 applicable procedures of the Depositary, a notice to each Holder of the Notes of such series, with a copy
to the Trustee, 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.

 

    7 

     

    

 

(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 Trustee or with such Paying Agent as the Trustee may designate 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 3.02(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 applicable procedures of the Depositary, 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, 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 $2,000 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.

 

    8 

     

    

 

Article
4

Miscellaneous Provisions

 

Section 4.01. Supplemental Indenture.
The Indenture, as supplemented by this Supplemental Indenture No. 11, is in all respects hereby adopted, ratified and confirmed.

 

Section 4.02. Effectiveness. This
Supplemental Indenture No. 11 shall take effect as of the date hereof.

 

Section 4.03. Effect of Headings. The
Article and Section headings herein are for convenience only and shall not affect the construction hereof.

 

Section 4.04. Separability Clause. In
case any provision in this Supplemental Indenture No. 11 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 4.05. Governing Law. This
Supplemental Indenture No. 11 shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 4.06. Execution by the Trustee.
The Trustee has executed this Supplemental Indenture No. 11 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. 11 or the execution
hereof by any Person (other than the Trustee).

 

Section 4.07. Counterparts. This
Supplemental Indenture No. 11 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.

 

    9 

     

    

 

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture No. 11 to be duly executed, all as of the day and year first above written.

 

	 	 	FedEx Corporation,
	 	 	 as Issuer
	 	 	 
	Attest:	 	 
	 	 	 
	By:	/s/ C. Edward Klank III	 	By:	/s/ Michael C. Lenz
	 	Name:	C. Edward Klank III	 	 	Name:	Michael C. Lenz
	 	Title:	Assistant Secretary	 	 	Title:	Corporate Vice President and Treasurer

 

[Signature Page to Supplemental Indenture
No. 11]

 

     

     

    

 

	 	 	Federal Express Corporation,
	 	 	as Guarantor
	 	 	 
	Attest:	 	 
	 	 	 
	By:	/s/ C. Edward Klank III	 	By:	/s/ Elise L. Jordan
	 	Name:	C. Edward Klank III	 	 	Name:	Elise L. Jordan
	 	Title:	Secretary	 	 	Title:	Executive Vice President and Chief Financial Officer

 

[Signature Page to Supplemental Indenture
No. 11]

 

     

     

    

 

 

	 	 	FedEx Ground Package System, Inc.,
	 	 	as Guarantor
	 	 	 
	Attest:	 	 
	 	 	 
	By:	/s/ C. Edward Klank III	 	By:	/s/ Robert D. Henning
	 	Name:	C. Edward Klank III	 	 	Name:	Robert D. Henning
	 	Title:	Secretary	 	 	Title:	Executive Vice President
        and Chief Financial Officer

 

[Signature Page to Supplemental Indenture
No. 11]

 

     

     

    

 

 

	 	 	FedEx Freight Corporation,
	 	 	as Guarantor
	 	 	 
	Attest:	 	 
	 	 	 
	By:	/s/ C. Edward Klank III	 	By:	/s/ Matthew L. Rittenhour
	 	Name:	C. Edward Klank III	 	 	Name:	Matthew L. Rittenhour
	 	Title:	Secretary	 	 	Title:	Senior Vice President – Finance and Chief Financial Officer

 

[Signature Page to Supplemental Indenture
No. 11]

 

     

     

    

 

	 	 	FedEx Freight, Inc.,
	 	 	as Guarantor
	 	 	 
	Attest:	 	 
	 	 	 
	By:	/s/ C. Edward Klank III	 	By:	/s/ Matthew L. Rittenhour
	 	Name:	C. Edward Klank III	 	 	Name:	Matthew L. Rittenhour
	 	Title:	Assistant Secretary	 	 	Title:	Senior Vice President – Finance and Chief Financial Officer

 

[Signature Page to
Supplemental Indenture No. 11]

 

     

     

    

 

 

	 	 	FedEx Corporate Services, Inc.,
	 	 	as Guarantor
	 	 	 
	Attest:	 	 
	 	 	 
	By:	 /s/ C. Edward Klank III	 	By:	/s/ Sharon L. Hawkins
	 	Name:	C. Edward Klank III	 	 	Name:	Sharon L. Hawkins
	 	Title:	Secretary	 	 	Title:	Senior Vice President and Chief Financial Officer

 

[Signature Page to
Supplemental Indenture No. 11]

 

     

     

    

 

 

	 	 	FedEx Office and Print Services, Inc.,
	 	 	as Guarantor
	 	 	 
	Attest:	 	 
	 	 	 
	By:	/s/ C. Edward Klank III	 	By: 	/s/ Leslie M. Benners
	 	Name:	C. Edward Klank III	 	 	Name:	Leslie M. Benners
	 	Title:	Secretary	 	 	Title:	Senior Vice President and Chief Financial Officer

 

[Signature Page to
Supplemental Indenture No. 11]

 

     

     

    

 

	 	 	Federal Express Europe, Inc.,
	 	 	as
    Guarantor
	 	 	 
	Attest:	 	 
	 	 	
	By:	/s/
    C. Edward Klank III	 	By:	/s/
    John D. Hartney
	 	Name:	C. Edward Klank III	 	 	Name:	John D. Hartney
	 	Title:	Assistant Secretary	 	 	Title:	Assistant Treasurer

 

[Signature Page to
Supplemental Indenture No. 11]

 

     

     

    

 

 

	 	 	Federal Express Holdings S.A., LLC,
	 	 	as Guarantor
	 	 	 
	Attest:	 	 
	 	 	 
	By:	/s/ C. Edward Klank III	 	By:	/s/ John D. Hartney
	 	Name:	C. Edward Klank III	 	 	Name:	John D. Hartney
	 	Title:	Assistant Secretary	 	 	Title:	Assistant Treasurer

 

[Signature Page to
Supplemental Indenture No. 11]

 

     

     

    

 

	 	 	Federal Express International, Inc.,
	 	 	as Guarantor
	 	 	 
	Attest:	 	 
	 	 	 
	By:	/s/ C. Edward Klank III	 	By: 	/s/ John D. Hartney
	 	Name:	C. Edward Klank III	 	 	Name:	John D. Hartney
	 	Title:	Assistant Secretary	 	 	Title:	Assistant Treasurer

 

[Signature Page to
Supplemental Indenture No. 11]

 

     

     

    

 

	 	 
	 	Wells Fargo Bank, National Association,

        as Trustee

	 	 
	 	By:	/s/ Stefan Victory
	 	 	Name:	Stefan Victory
	 	 	Title:	Vice President

 

[Signature Page to
Supplemental Indenture No. 11]

 

     

     

    

 

Exhibit A 

Form of 2025 Note

 

 

		No. [      ]	CUSIP
No. [                      ]1

 

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 The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration
of transfer, exchange or payment, and any security issued is registered in the name of Cede & Co. or in such other name as
is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

FEDEX CORPORATION

 

3.800% Notes due 2025

 

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

 

Cede & Co.

c/o The Depository Trust Company

55 Water Street

New York, New York 10041

 

 

 

1
Initial Note: 31428X BY1

 

    1

     

    

 

or registered assigns, the principal sum of US $[] on
May 15, 2025 (the “Stated Maturity Date”) and to pay interest thereon from April 7, 2020, or from the most
recent “Interest Payment Date” to which interest has been paid or duly provided for, semi-annually in
arrears on May 15 and November 15 of each year, commencing November 15, 2020, and ending on the Stated Maturity Date or date
of earlier redemption or repurchase as contemplated herein, at the rate of 3.800% 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. 11 dated as of April 7, 2020
(“Supplemental Indenture No. 11”), among the Company, the Guarantors named therein and the Trustee (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 May 1
and November 1 (whether or not a Business Day (as defined below)), respectively. 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.

 

The Company will at all times appoint and
maintain a Paying Agent (which may be the Trustee) authorized by the Company to pay the principal of and premium, if any, and interest
on any Notes of this series on behalf of the Company and having an office or agency in New York, New York and in such other cities,
if any, as the Company may designate in writing to the Trustee (the “Place of Payment”) where Notes of this
series may be presented or surrendered for payment and where notices, designations or requests in respect for payments with respect
to Notes of this series may be served. The Company has initially appointed Wells Fargo Bank, National Association as such Paying
Agent.

 

Interest payments on this Note will be computed
and paid on the basis of a 360-day year of twelve 30-day months. Interest payable on this Note on any Interest Payment Date and
on the Stated Maturity Date or date of earlier redemption or repurchase as contemplated herein will include interest accrued from
and including the most recent Interest Payment Date to which interest has been paid or duly provided for (or from and including
April 7, 2020, if no interest has been paid on this Note) to but excluding such Interest Payment Date or the Stated Maturity Date
or date of earlier redemption or repurchase as contemplated herein, as the case may be.

 

    2

     

    

 

If any Interest Payment Date or the Stated
Maturity Date or date of earlier redemption or repurchase as contemplated herein falls on a day that is not a Business Day, principal,
premium, if any, and/or interest payable with respect to such Interest Payment Date or the Stated Maturity Date, or such date
of earlier redemption or repurchase, as the case may be, will be paid on the next succeeding Business Day with the same force
and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the
period from and after such Interest Payment Date or the Stated Maturity Date or date of earlier redemption or repurchase as contemplated
herein, as the case may be. “Business Day” means any day other than Saturday, Sunday or other day on which
banking institutions in New York or Tennessee are obligated or authorized by law to close.

 

The principal, premium, if any, and interest
payable on this Note will be made by wire transfer of immediately available funds to the Holder hereof in such currency of the
United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

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.

 

    3

     

    

 

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

 

	 	FEDEX CORPORATION
	 	 
	 	By:  	 
	 	 	Name:  Michael C. Lenz
	 	 	Title:    Corporate Vice President and Treasurer

 

Attest:

 

	By:  	 	 
	 	Name:  C.
    Edward Klank III	 
	 	Title:    Assistant
    Secretary	 

 

    4

     

    

 

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: [                       ]2

 

 

 

2
Initial Note: April 7, 2020

 

    5

     

    

 

[REVERSE OF SECURITY]

 

FEDEX CORPORATION

 

3.800% Notes due 2025

 

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 US $1,000,000,000,
except as contemplated in Supplemental Indenture No. 11. Capitalized terms used herein and in the Guarantee, dated April 7, 2020,
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 to the registered address of each Holder of
the Notes of this series to be redeemed. Upon redemption of such Notes, the Company will pay a redemption price as calculated by
a Reference Treasury Dealer (as defined in Supplemental Indenture No. 11) selected by the Company 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 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 a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury
Rate (as defined in Supplemental Indenture No. 11) plus 0.500% (50 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 April 15, 2025 (the date that is one month
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.

 

    1

     

    

 

If a Change of Control Repurchase
Event (as defined in Supplemental Indenture No. 11) 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. 11, to each Holder of the Notes
of this series to repurchase all or any part (in minimum denominations of $2,000 or 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.

 

    2

     

    

 

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 or agency of the Company in the Place of
Payment, 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 $2,000 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 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 nor any such agent shall be affected by notice to the contrary.

 

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.

 

    3

     

    

 

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

 

    4

     

    

 

 

Exhibit B

 

Form of 2030 Note

 

 

	No. [          ]	CUSIP No. [                   ]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 The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration
of transfer, exchange or payment, and any security issued is registered in the name of Cede & Co. or in such other name as
is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

FEDEX CORPORATION

 

4.250% Notes due 2030

 

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

 

Cede & Co.

c/o The Depository Trust Company

55 Water Street

New York, New York 10041

 

 

3 Initial Note: 31428X BZ

 

    1 

     

    

 

or registered assigns, the principal sum of US $[] on
May 15, 2030 (the “Stated Maturity Date”) and to pay interest thereon from April 7, 2020, or from the most
recent “Interest Payment Date” to which interest has been paid or duly provided for, semi-annually in
arrears on May 15 and November 15 of each year, commencing November 15, 2020, and ending on the Stated Maturity Date or date
of earlier redemption or repurchase as contemplated herein, at the rate of 4.250% 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. 11 dated as of April 7, 2020
(“Supplemental Indenture No. 11”), among the Company, the Guarantors named therein and the Trustee (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 May 1
and November 1 (whether or not a Business Day (as defined below)), respectively. 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.

 

The Company will at all times appoint and
maintain a Paying Agent (which may be the Trustee) authorized by the Company to pay the principal of and premium, if any, and interest
on any Notes of this series on behalf of the Company and having an office or agency in New York, New York and in such other cities,
if any, as the Company may designate in writing to the Trustee (the “Place of Payment”) where Notes of this
series may be presented or surrendered for payment and where notices, designations or requests in respect for payments with respect
to Notes of this series may be served. The Company has initially appointed Wells Fargo Bank, National Association as such Paying
Agent.

 

Interest payments on this Note will be computed
and paid on the basis of a 360-day year of twelve 30-day months. Interest payable on this Note on any Interest Payment Date and
on the Stated Maturity Date or date of earlier redemption or repurchase as contemplated herein will include interest accrued from
and including the most recent Interest Payment Date to which interest has been paid or duly provided for (or from and including
April 7, 2020, if no interest has been paid on this Note) to but excluding such Interest Payment Date or the Stated Maturity Date
or date of earlier redemption or repurchase as contemplated herein, as the case may be.

 

If any Interest Payment Date or the
Stated Maturity Date or date of earlier redemption or repurchase as contemplated herein falls on a day that is not a Business
Day, principal, premium, if any, and/or interest payable with respect to such Interest Payment Date or the Stated Maturity
Date, or such date of earlier redemption or repurchase, as the case may be, will be paid on the next succeeding Business Day
with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the
amount so payable for the period from and after such Interest Payment Date or the Stated Maturity Date or date of earlier
redemption or repurchase as contemplated herein, as the case may be. “Business Day” means any day other
than Saturday, Sunday or other day on which banking institutions in New York or Tennessee are obligated or authorized by law
to close.

 

    2 

     

    

 

The principal, premium, if any, and interest
payable on this Note will be made by wire transfer of immediately available funds to the Holder hereof in such currency of the
United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

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.

 

    3 

     

    

 

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

 

	 	FEDEX CORPORATION
	 	 
	 	By:	 
	 	 	Name:	Michael C. Lenz
	 	 	Title:	Corporate Vice President and Treasurer

 

Attest:

 

	By:	 	 
	 	Name:	C. Edward Klank III	 
	 	Title:	Assistant Secretary	 

 

    4 

     

    

 

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: April 7, 2020

 

    5 

     

    

 

[REVERSE OF SECURITY]

 

FEDEX CORPORATION

 

4.250% Notes due 2030

 

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 US $750,000,000,
except as contemplated in Supplemental Indenture No. 11. Capitalized terms used herein and in the Guarantee, dated April 7, 2020,
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 to the registered address of each Holder of
the Notes of this series to be redeemed. Upon redemption of such Notes, the Company will pay a redemption price as calculated by
a Reference Treasury Dealer (as defined in Supplemental Indenture No. 11) selected by the Company 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 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 a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury
Rate (as defined in Supplemental Indenture No. 11) plus 0.500% (50 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 15, 2030 (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.

 

    1 

     

    

 

If a Change of Control Repurchase
Event (as defined in Supplemental Indenture No. 11) 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. 11, to each Holder of the Notes
of this series to repurchase all or any part (in minimum denominations of $2,000 or 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 or agency of the Company in the Place of
Payment, 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.

 

    2 

     

    

 

The Notes of this series are issuable only
in registered form without coupons in denominations equal to $2,000 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 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 nor any such agent shall be affected by notice to the contrary.

 

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.

 

    3 

     

    

 

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

 

    4 

     

    

 

 

Exhibit C 

 

Form of 2050 Note

 

	No. [                ]	CUSIP No. [                    ]5

 

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 The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration
of transfer, exchange or payment, and any security issued is registered in the name of Cede & Co. or in such other name as
is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

FEDEX CORPORATION

 

5.250% Notes due 2050

 

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

 

Cede & Co.

c/o The Depository Trust Company

55 Water Street

New York, New York 10041

 

 

 

5
Initial Note: 31428X CA2

 

    1 

     

    

 

or registered assigns, the principal sum of US $[] on
May 15, 2050 (the “Stated Maturity Date”) and to pay interest thereon from April 7, 2020, or from the most
recent “Interest Payment Date” to which interest has been paid or duly provided for, semi-annually in
arrears on May 15 and November 15 of each year, commencing November 15, 2020, and ending on the Stated Maturity Date or date
of earlier redemption or repurchase as contemplated herein, at the rate of 5.250% 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. 11 dated as of April 7, 2020
(“Supplemental Indenture No. 11”), among the Company, the Guarantors named therein and the Trustee (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 May 1
and November 1 (whether or not a Business Day (as defined below)), respectively. 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.

 

The Company will at all times appoint and
maintain a Paying Agent (which may be the Trustee) authorized by the Company to pay the principal of and premium, if any, and interest
on any Notes of this series on behalf of the Company and having an office or agency in New York, New York and in such other cities,
if any, as the Company may designate in writing to the Trustee (the “Place of Payment”) where Notes of this
series may be presented or surrendered for payment and where notices, designations or requests in respect for payments with respect
to Notes of this series may be served. The Company has initially appointed Wells Fargo Bank, National Association as such Paying
Agent.

 

Interest payments on this Note will be computed
and paid on the basis of a 360-day year of twelve 30-day months. Interest payable on this Note on any Interest Payment Date and
on the Stated Maturity Date or date of earlier redemption or repurchase as contemplated herein will include interest accrued from
and including the most recent Interest Payment Date to which interest has been paid or duly provided for (or from and including
April 7, 2020, if no interest has been paid on this Note) to but excluding such Interest Payment Date or the Stated Maturity Date
or date of earlier redemption or repurchase as contemplated herein, as the case may be.

 

If any Interest Payment Date or the
Stated Maturity Date or date of earlier redemption or repurchase as contemplated herein falls on a day that is not a Business
Day, principal, premium, if any, and/or interest payable with respect to such Interest Payment Date or the Stated Maturity
Date, or such date of earlier redemption or repurchase, as the case may be, will be paid on the next succeeding Business Day
with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the
amount so payable for the period from and after such Interest Payment Date or the Stated Maturity Date or date of earlier
redemption or repurchase as contemplated herein, as the case may be. “Business Day” means any day other
than Saturday, Sunday or other day on which banking institutions in New York or Tennessee are obligated or authorized by law
to close.

 

    2 

     

    

 

The principal, premium, if any, and interest
payable on this Note will be made by wire transfer of immediately available funds to the Holder hereof in such currency of the
United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

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.

 

    3 

     

    

 

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

 

	 	FEDEX CORPORATION
	 	 
	 	By:	 
	 	 	Name:	Michael C. Lenz
	 	 	Title:	Corporate Vice President and Treasurer

 

Attest:

 

	By:	 	 
	 	Name:	C. Edward Klank III	 
	 	Title:	Assistant Secretary	 

 

    4 

     

    

 

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: [                        ]6

 

 

6 Initial Note: April 7,
2020

 

    5 

     

    

 

[REVERSE OF SECURITY]

 

FEDEX CORPORATION

 

5.250% Notes due 2050

 

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 US $1,250,000,000,
except as contemplated in Supplemental Indenture No. 11. Capitalized terms used herein and in the Guarantee, dated April 7, 2020,
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 to the registered address of each Holder of
the Notes of this series to be redeemed. Upon redemption of such Notes, the Company will pay a redemption price as calculated by
a Reference Treasury Dealer (as defined in Supplemental Indenture No. 11) selected by the Company 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 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 a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury
Rate (as defined in Supplemental Indenture No. 11) plus 0.500% (50 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 November 15, 2049 (the date that is six
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.

 

    1 

     

    

 

If a Change of Control Repurchase
Event (as defined in Supplemental Indenture No. 11) 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. 11, to each Holder of the Notes
of this series to repurchase all or any part (in minimum denominations of $2,000 or 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.

 

    2 

     

    

 

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 or agency of the Company in the Place of
Payment, 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 $2,000 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 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 nor any such agent shall be affected by notice to the contrary.

 

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.

 

    3 

     

    

 

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

 

 

    4

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