Supplemental Agreement No. 27 to Purchase Agreement No. 3157 between The Boeing Company And Federal Express Corporation Relating to Boeing Model 777-FREIGHTER Aircraft

Exhibit 10.11

FedEx contract 00-0000-000

Supplemental Agreement No. 27

to

Purchase Agreement No. 3157

between

The Boeing Company

And

Federal Express Corporation

Relating to Boeing Model 777-FREIGHTER Aircraft

THIS SUPPLEMENTAL AGREEMENT No. 27 (SA-27), entered into as of the 12th day of October 2017, 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 Aircraft as shown in the table below (SA-27 Accelerated Block B Aircraft):

Aircraft Block		Existing Delivery Month of Aircraft		Revised Delivery Month of Aircraft
B		[*]		[*]

C. WHEREAS, Boeing has agreed to provide additional commercial and business considerations for the SA-27 Accelerated Block B Aircraft.

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

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

* 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–27
		BOEING PROPRIETARY

reflect the changes made by this Supplemental Agreement No. 27.

2. Boeing and Customer agree that upon execution of this Supplemental Agreement No. 27 the SA-27 Accelerated Block B Aircraft is hereby rescheduled as described in Recital Paragraph B above.

3. Remove and replace, in its entirety, “Table 1-A”, with the revised Table 1-A, attached hereto, revised to reflect revised delivery month and [*], Advance Payment Base Price and Advance Payments, subject to Paragraph 4, below, resulting from the reschedule of the SA-27 Accelerated Block B Aircraft.

4. Add Letter Agreement 6-1162-LKJ-0758, Special Matters – SA-27 Accelerated Block B Aircraft, attached hereto, to reflect additional commercial and business considerations to be provided for the SA-27 Accelerated Block B Aircraft. For the avoidance of doubt, the SA-27 Accelerated Block B Aircraft also retains the commercial and business considerations applicable to Block B Aircraft.

5. As a result of the changes incorporated in this Supplemental Agreement No. 27, Customer will owe a payment to Boeing in an amount equal to [*] (SA-27 Payment Amount). Customer will pay Boeing such SA-27 Payment Amount within three (3) business days of executing this Supplemental Agreement No. 27.

6. This Supplemental Agreement No. 27 to the Purchase Agreement shall not be effective unless executed and delivered by the parties on or prior to October 13, 2017.

* 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–27
		BOEING PROPRIETARY

EXECUTED as of the day and year first above written.

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

P.A. No. 3157		3		SA–27
		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			27
1B		Block B Conditional Firm Aircraft Information Table			26
1C		Block C Aircraft Information Table			13
1C1		Block C Aircraft Information Table (MSN 39285)			11
1C2		Block C Aircraft Information Table			26
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–27
		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		26
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 XXx #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–27
		BOEING PROPRIETARY

LETTER AGREEMENT				SA NUMBER
6-1162-LKJ-0726		[*]		24
		SA-24 Accelerated Block B Aircraft
6-1162-LKJ-0737		Special Matters – XX-00 Xxxxxxxxxxx Xxxxx X Xxxxxxxx		00
0-0000-XXX-0000		Special Matters – SA-27 Accelerated Block B Aircraft		27

* 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–27
		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		May 4, 2016
Supplemental Agreement No. 25		June 10, 2016

P.A. No. 3157		7		SA–27
		BOEING PROPRIETARY

Supplemental Agreement No. 26		February 10, 2017
Supplemental Agreement No. 27		October     , 2017

P.A. No. 3157		8		SA–27
		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:				[*]

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

Delivery

Number of

Escalation Factor

MSN

Escalation Estimate Adv Payment Base

At Signing

24 Mos.

21/18/15/12/9/6 Mos.

Total

Date

Aircraft

(Airframe)

Price Per A/P

1%

4%

5%

35%

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

XX-00 Xxxxxxxxxx Xxxxx X Aircraft

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

[*]

[*]

[*]

[*]

[*]

[*]

1

[*]

[*]

SA-27 Accelerated Block B Aircraft

[*]

[*]

[*]

[*]

[*]

Total:

5

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

2    SA-27 Accelerated Block B Aircraft. [*] for the SA-27 Accelerated Block B Aircraft are subject to Letter Agreement 6-1162-LKJ-0758.

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, 106232				Supplemental Agreement No. 27
		BOEING PROPRIETARY

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

FedEx contract # 07-0255-M    

6-1162-LKJ-0758

Federal Express Corporation

0000 Xxxxxxxx Xxxx

Xxxxxxx, XX 00000

Subject:		Special Matters – SA-27 Accelerated Block B Aircraft
Reference:		(a) Purchase Agreement No. 3157 (Purchase Agreement) between The Boeing Company (Boeing) and Federal Express Corporation (Customer) relating to Model 777-FREIGHTER aircraft (Aircraft)
		(b) Letter Agreement 6-1162-RCN-1799R1, [*]

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.    The terms of this Letter Agreement apply to the SA-27 Accelerated Block B Aircraft as defined in Supplemental Agreement No. 27 to the Purchase Agreement (SA-27).

1.      In consideration of the acceleration of the SA-27 Accelerated Block B Aircraft, Boeing will provide Customer, the following additional business considerations.

1.1 [*] Advance Payment.

As a consequence of the acceleration of the SA-27 Accelerated Block B Aircraft, Customer will owe certain advance payments for the SA-27 Accelerated Block B Aircraft before [*] in accordance with the advance payment schedule provided in Table 1-A of the Purchase Agreement (Standard Advance Payment Schedule). [*]

1.2 [*]

[*]

1.2.1 [*]

[*]

1.2.2 Performance Period.

Notwithstanding paragraph 1.4, of the reference (b) letter agreement, the Performance Period for the [*] set forth in paragraph 1.2.1 above will be the period beginning on the date of this Letter Agreement and ending one (1) year after the scheduled delivery of the SA-27 Accelerated Block B 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.

6-1162-LKJ-0758				Page 1
Special Matters – SA-27 Accelerated Block B Aircraft				SA-27
		BOEING PROPRIETARY

1.2.3 Method of Performance.

[*]

2. ASSIGNMENT.

The commercial and other business arrangements set forth in this Letter Agreement are [*] to Customer and in consideration of Customer taking title to the SA-27 Accelerated Block B Aircraft at the time of delivery and cannot be assigned, in whole or in part, without the prior written consent of Boeing.

3. 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.

* 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-0758				Page 2
Special Matters – SA-27 Accelerated Block B Aircraft				SA-27
		BOEING PROPRIETARY

Very truly yours,

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

    ACCEPTED AND AGREED TO this

    Date: October 12, 2017

FEDERAL EXPRESS CORPORATION
By		/s/ Xxx Xxxxxxx
Its		Vice President

6-1162-LKJ-0758				Page 3
Special Matters – SA-27 Accelerated Block B Aircraft				SA-27
		BOEING PROPRIETARY