Supplemental Agreement No. 24 to Purchase Agreement No. 3157 between The Boeing Company And Federal Express Corporation Relating to Boeing Model 777-FREIGHTER Aircraft

Exhibit 10.25

FedEx contract # 07-0255—030

Supplemental Agreement No. 24

to

Purchase Agreement No. 3157

between

The Boeing Company

And

Federal Express Corporation

Relating to Boeing Model 777-FREIGHTER Aircraft

THIS SUPPLEMENTAL AGREEMENT No. 24 (SA-24), entered into as of the 4^th day of May 2016, by and between THE BOEING COMPANY (Boeing) and FEDERAL EXPRESS CORPORATION (Customer);

W I T N E S S E T H:

A. WHEREAS, the parties entered into that certain Purchase Agreement No. 3157, dated November 7, 2006 (Purchase Agreement), relating to the purchase and sale of certain Boeing Model 777-FREIGHTER Aircraft (Aircraft);

B. WHEREAS, Customer desires to reschedule the delivery month of one (1) Block B conditional firm Aircraft (SA-24 Accelerated Block B Aircraft) as shown in the table below:

Aircraft Block		Existing Delivery Month of Aircraft		Revised Delivery Month of Aircraft
B (Conditional Firm)		[*]		[*]

C. WHEREAS, Boeing and Customer agree that the SA-24 Accelerated Block B Aircraft [*] upon execution of this Supplemental Agreement No. 24 as a result of the reschedule described in Recital Paragraph B above in accordance with the terms of Letter Agreement 6-1162-RRO-1068, Special Provision – Block B Aircraft, due to [*] provision therein as it relates to such Accelerated Block B Aircraft, [*].

D. WHEREAS, Boeing and Customer have agreed to an [*].

NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree to supplement the Purchase Agreement as follows:

* Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

P.A. No. 3157		1		SA–24
		BOEING PROPRIETARY

All terms used herein and in the Purchase Agreement, and not defined herein, shall have the same meaning as in the Purchase Agreement.

1. Remove and replace, in its entirety, the “Table of Contents” with the revised Table of Contents, attached hereto, to reflect the changes made by this Supplemental Agreement No. 24.

2. Boeing and Customer agree that upon execution of this Supplemental Agreement No. 24 the SA-24 Accelerated Block B Aircraft is hereby (i) rescheduled as described in Recital Paragraph B above and (ii) [*] in accordance with Recital Paragraph C above.

3. Remove and replace, in its entirety, “Table 1-A”, with the revised Table 1-A, attached hereto, revised to reflect (i) the addition of the SA-24 Accelerated Block B Aircraft [*] and (ii) the revised delivery month and [*], Advance Payment Base Price and Advance Payment(s), subject to Paragraph 6, below, resulting from the reschedule of SA-24 Accelerated Block B Aircraft.

4. Remove and replace, in its entirety, “Table 1-B”, with the revised Table 1-B, attached hereto, revised to reflect the removal of the SA-24 Accelerated Block B Aircraft.

5. Remove and replace, in its entirety, Letter Agreement 6-1162-RCN-1799, [*], with a revised Letter Agreement 6-1162-RCN-1799R1, attached hereto, [*].

6. Add Letter Agreement 6-1162-LKJ-0726, [*] – SA-24 Accelerated Block B Aircraft, attached hereto, to reflect an [*] schedule for the SA-24 Accelerated Block B Aircraft.

7. [*]

8. This Supplemental Agreement No. 24 to the Purchase Agreement shall not be effective unless executed and delivered by the parties on or prior to May 13, 2016.

* Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

P.A. No. 3157		2		SA–24
		BOEING PROPRIETARY

EXECUTED as of the day and year first above written.

THE BOEING COMPANY						FEDERAL EXPRESS CORPORATION
By:		/s/ Xxxxxxx Xxxxxx				By:		/s/ Xxxxxxx X. Xxxx
Its:		Attorney-In-Fact				Its:		Vice President

P.A. No. 3157		3		SA–24
		BOEING PROPRIETARY

TABLE OF CONTENTS

ARTICLES				SA NUMBER
1.		Quantity, Model and Description
2.		Delivery Schedule
3.		Price
4.		Payment
5.		Miscellaneous
TABLE
1.		Aircraft Information Table			15
1A		Block B Firm Aircraft Information Table			24
1B		Block B Conditional Firm Aircraft Information Table			24
1C		Block C Aircraft Information Table			13
1C1		Block C Aircraft Information Table (MSN 39285)			11
1C2		Block C Aircraft Information Table			20
1D		Block D Aircraft Information Table			20
EXHIBIT
A.		Aircraft Configuration			4
A1.		Aircraft Configuration (Block B Aircraft)			4
A2.		Aircraft Configuration (Block C Aircraft except MSN 39285)			11
A3.		Aircraft Configuration (Block C Aircraft w/ MSN 39285)			11
A4.		Aircraft Configuration (Block D Aircraft)			12
B.		Aircraft Delivery Requirements and Responsibilities
SUPPLEMENTAL EXHIBITS
AE1.		Escalation Adjustment/Airframe and Optional Features
CS1.		Customer Support Variables
EE1.		Engine Escalation/Engine Warranty and Patent Indemnity
SLP1.		Service Life Policy Components

P.A. No. 3157		4		SA–24
		BOEING PROPRIETARY

LETTER AGREEMENT				SA NUMBER
3157-01		777 Spare Parts Initial Provisioning
3157-02		Demonstration Flight Waiver
6-1162-RCN-1785		Demonstrated Compliance
6-1162-RCN-1789		Option Aircraft Attachment to Letter 6-1162-RCN-1789		Exercised in SA # 4
6-1162-RCN-1790		Special Matters
6-1162-RCN-1791		Performance Guarantees		4
6-1162-RCN-1792		Liquidated Damages Non-Excusable Delay
6-1162-RCN-1793		Open Configuration Matters
6-1162-RCN-1795		AGTA Amended Articles
6-1162-RCN-1796		777 First-Look Inspection Program
6-1162-RCN-1797		Licensing and Customer Supplemental Type Certificates
6-1162-RCN-1798		777 Boeing Converted Freighter		Deleted in SA # 4
6-1162-RCN-1798 R1		777 Boeing Converted Freighter		4
6-1162-RCN-1799R1		[*]		24
6-1162-RRO-1062		Option Aircraft Attachment to Letter 6-1162-RRO-1062		23
6-1162-RRO-1065		Performance Guarantees for Block B Aircraft		4
6-1162-RRO-1066R1		Special Matters for Block B Aircraft		22
6-1162-RRO-1067		Special Matters for Option Aircraft detailed in Letter Agreement 6-1162-RRO-1062		4
6-1162-RRO-1068		Special Provision – Block B Aircraft		4
FED-PA-LA-1000790R3		Special Matters for Block C Aircraft		20
FED-PA-LA-0000000X0		Special Matters for Block D Aircraft		19
6-1162-RRO-1144R7		[*] as related to SAs #0, #00 xxxxxxx #00, XX #00 through SA #20		20
6-1162-SCR-137		777F Miscellaneous Matters		20
6-1162-SCR-154		[*] Letter		22
6-1162-SCR-155		[*] Engine Hard Mount Letter		22
6-1162-SCR-186		[*] Non-Isolated Engine Mounts Letter		23
6-1162-SCR-193		[*] Matters		23

* Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

P.A. No. 3157		5		SA–24
		BOEING PROPRIETARY

LETTER AGREEMENT				SA NUMBER
6-1162-LKJ-0726		[*]			00
		XX-00 Xxxxxxxxxxx Xxxxx X Aircraft

* Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

P.A. No. 3157		6		SA–24
		BOEING PROPRIETARY

SUPPLEMENTAL AGREEMENTS		SA           DATED AS OF:
Supplemental Agreement No. 1		May 12, 2008
Supplemental Agreement No. 2		July 14, 2008
Supplemental Agreement No. 3		December 15, 2008
Supplemental Agreement No. 4		January 9, 2009
Supplemental Agreement No. 5		January 11, 2010
Supplemental Agreement No. 6		March 17, 2010
Supplemental Agreement No. 7		March 17, 2010
Supplemental Agreement No. 8		April 30, 2010
Supplemental Agreement No. 9		June 18, 2010
Supplemental Agreement No. 10		June 18, 2010
Supplemental Agreement No. 11		August 19, 2010
Supplemental Agreement No. 12		September 3, 2010
Supplemental Agreement No. 13		August 27, 2010
Supplemental Agreement No. 14		October 25, 2010
Supplemental Agreement No. 15		October 29, 2010
Supplemental Agreement No. 16		January 31, 2011
Supplemental Agreement No. 17		February 14, 211
Supplemental Agreement No. 18		March 31, 2011
Supplemental Agreement No. 19		October 27, 2011
Supplemental Agreement No. 20		December 14, 2011
Supplemental Agreement No. 21		June 29, 2012
Supplemental Agreement No. 22		December 11, 2012
Supplemental Agreement No. 23		December 10, 2013
Supplemental Agreement No. 24		, 2016

P.A. No. 3157		7		SA–24
		BOEING PROPRIETARY

Table 1-A to Purchase Agreement No. 3157

Aircraft Delivery, Description, Price and Advance Payments

Block B Firm

Airframe Model/MTOW:		777-Freighter		766000 pounds		Detail Specification: D019W007FED7F-1, Rev G dated     July 25, 2012
Engine Model/Thrust:		GE90-110B1L		110000 pounds		Airframe Price Base Year/Escalation Formula:		[*]		ECI-MFG/CPI
Airframe Price:				[*]		Engine Price Base Year/Escalation Formula:		N/A		N/A
Optional Features:				[*]
Sub-Total of Airframe and Features:				[*]		Airframe Escalation Data:
Engine Price (Per Aircraft):				[*]		Base Year Index (ECI):		[*]
Aircraft Basic Price (Excluding BFE/SPE):				[*]		Base Year Index (CPI):		[*]
Buyer Furnished Equipment (BFE) Estimate:				[*]
Seller Purchased Equipment (SPE) Estimate:				[*]
Non-Refundable Deposit/Aircraft at Def Agreement:				[*]

Escalation

Escalation Estimate

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

Delivery

Number of

Factor

Adv Payment Base

At Signing

24 Mos.

21/18/15/12/9/6 Mos.

Total

Date

Aircraft

(Airframe)

MSN

Price Per A/P

1%

4%

5%

35%

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

Total:

3

*  SA-24 Accelerated Block B Aircraft. [*] for the SA-24 Accelerated Block B Aircraft are subject to Letter Agreement 6-1162-LKJ-0726.

NOTES:    [*]

* Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

APR No. 62654, 79650				Supplemental Agreement No. 24
		BOEING PROPRIETARY

Table 1-B to Purchase Agreement No. 3157

Aircraft Delivery, Description, Price and Advance Payments

Block B Conditional Firm

Airframe Model/MTOW:		777-Freighter		766000 pounds		Detail Specification: D019W007FED7F-1, Rev E dated     August 29, 2011
Engine Model/Thrust:		GE90-110B1L		110000 pounds		Airframe Price Base Year/Escalation Formula:		[*]		ECI-MFG/CPI
Airframe Price:				[*]		Engine Price Base Year/Escalation Formula:		N/A		N/A
Optional Features:				[*]
Sub-Total of Airframe and Features:				[*]		Airframe Escalation Data:
Engine Price (Per Aircraft):				[*]		Base Year Index (ECI):		[*]
Aircraft Basic Price (Excluding BFE/SPE):				[*]		Base Year Index (CPI):		[*]
Buyer Furnished Equipment (BFE) Estimate:				[*]
Seller Purchased Equipment (SPE) Estimate:				[*]
Non-Refundable Deposit/Aircraft at Def Agreemt:				[*]

Escalation

Escalation Estimate

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

Delivery

Number of

Factor

Adv Payment Base

At Signing

24 Mos.

21/18/15/12/9/6 Mos.

Total

Date

Aircraft

(Airframe)

MSN

Price Per A/P

1%

4%

5%

35%

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

Total:

8

* Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

APR 50720				Supplemental Agreement No. 24
				Page 1
		BOEING PROPRIETARY

Fedex contract #00-0000-000

6-1162-RCN-1799R1

Federal Express Corporation

0000 Xxxxxxxx Xxxx

Xxxxxxx XX 00000

Subject:		[*]
Reference:		Purchase Agreement No. 3157 (the Purchase Agreement) between The Boeing Company (Boeing) and Federal Express Corporation (Customer) relating to Model 777-FREIGHTER aircraft (Aircraft).

This letter agreement (Letter Agreement) cancels and supersedes Letter Agreement 6-1162-RCN-1799 dated March 6, 2007 and amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement.

Recital.

[*]

Agreement.

1. Definitions.

1.1 “Covered Aircraft” shall mean those Aircraft identified on Table 1 to the Purchase Agreement as of March 6, 2007.

1.2 [*]

1.3 [*] shall have the meaning set forth in Article 2, below.

1.4 [*]

* Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

P.A. No. 3157				SA-24
[*]
		BOEING PROPRIETARY

Federal Express Corporation

6-1162-RCN-1799R1    Page 2

1.5 [*]

2. [*]

2.1 [*]

2.2 [*]

2.3 [*]

3. Methods of Performance.

[*]

3.1 [*]

3.2 [*]

4. Project Approval.

[*]

* Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

P.A. No. 3157				SA-24
[*]
		BOEING PROPRIETARY

Federal Express Corporation

6-1162-RCN-1799R1    Page 3

5. Confidentiality.

The commercial and financial information contained in this Letter Agreement is considered by Boeing as confidential. Customer agrees that it will treat this Letter Agreement and the information contained herein as confidential and will not, without the prior written consent of Boeing, disclose this Letter Agreement or any of the information contained herein.

Very truly yours,

THE BOEING COMPANY
By		/s/ Xxxxxxx Xxxxxx
Its		Attorney-In-Fact

ACCEPTED AND AGREED TO this

Date: May 4, 2016

FEDERAL EXPRESS CORPORATION
By		/s/ Xxxxxxx X. Xxxx
Its		Vice President

* Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

P.A. No. 3157				SA-24
[*]
		BOEING PROPRIETARY

		The Boeing Company
		X.X. Xxx 0000
		Xxxxxxx, XX 00000-0000

Fedex contract #00-0000-000

6-1162-LKJ-0726

Federal Express Corporation

0000 Xxxxxxxx Xxxx

Xxxxxxx, XX 00000

Subject:		[*] – SA-24 Accelerated Block B Aircraft
Reference:		Purchase Agreement No. 3157 (Purchase Agreement) between The Boeing Company (Boeing) and Federal Express Corporation (Customer) relating to Model 777-FREIGHTER aircraft (Aircraft)

This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.

1. [*]

1.1 [*]

1.2 [*]

# Supplemental Agreement No. 4

* Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

6-1162-LKJ-0726				Page 1
SA-24
		BOEING PROPRIETARY

2. [*]

[*]

3. Assignment.

Notwithstanding any other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer only and cannot be assigned in whole or, in part without the prior written consent of Boeing.

4. Confidential Treatment.

Customer and Boeing consider certain commercial and financial information contained in this Letter Agreement as confidential. Each of Customer and Boeing agree that it will treat this Letter Agreement and the information contained herein as confidential. Customer agrees to limit the disclosure of the contents of this Letter Agreement to employees of Customer with a need to know and who understand that they are not to disclose its content to any other person or entity without the prior written consent of Boeing. Notwithstanding the forgoing, Customer may disclose this Letter Agreement and the terms and conditions herein to its parent company, FedEx Corporation, to the Board of Directors of its parent corporation, FedEx Corporation, to its professional advisors under a duty of confidentiality with respect hereto, and as required by law.

If the foregoing correctly sets forth your understanding of our agreement with respect to matters described above, please indicate your acceptance and approval below.

Very truly yours,

THE BOEING COMPANY
By		/s/ Xxxxxxx Xxxxxx
Its		Attorney-In-Fact

ACCEPTED AND AGREED TO this

Date: May 4, 2016

FEDERAL EXPRESS CORPORATION
By		/s/ Xxxxxxx X. Xxxx
Its		Vice President

* Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

6-1162-LKJ-0726				Page 2
SA-24
		BOEING PROPRIETARY