8-K - FDX - Equibles

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORTPursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2025

FedEx Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware<br><br> (State or other Jurisdiction<br> of Incorporation)	1-15829<br><br> (Commission File Number)	62-1721435<br><br> (IRS Employer<br> Identification No.)
942 South Shady Grove Road<br><br> Memphis, Tennessee <br> (Address of principal executive offices)	38120<br><br> (Zip Code)
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Registrant’s telephone number, including area code:

(901) 818-7500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the<br> Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the<br> Exchange Act (17 CFR 240.14a-12)
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¨	Pre-commencement communications pursuant to<br> Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨	Pre-commencement communications pursuant to<br> Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 Par Value	FDX	New York Stock Exchange
0.450% Notes due 2025	FDX 25A	New York Stock Exchange
1.625% Notes due 2027	FDX 27	New York Stock Exchange
0.450% Notes due 2029	FDX 29A	New York Stock Exchange
1.300% Notes due 2031	FDX 31	New York Stock Exchange
0.950% Notes due 2033	FDX 33	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 8.01. Other Events.

On July 30, 2025, FedEx Corporation issued €500,000,000 aggregate principal amount of its 3.500% Notes due 2032 and €350,000,000 aggregate principal amount of its 4.125% Notes due 2037.

We are filing this Current Report on Form 8-K for the purpose of incorporating by reference the exhibits filed herewith into the Registration Statement on Form S-3 (Registration No. 333-273320) by which those notes and related guarantees were registered.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Exhibit
4.1	Indenture, dated as of October 23, 2015, among FedEx Corporation, the Guarantors named therein and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (as successor trustee to Wells Fargo Bank, National Association), as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Report on Form 8-K of October 23, 2015).
4.2	Supplemental Indenture No. 17, dated as of July 30, 2025, among FedEx Corporation, the Guarantors named therein, U.S. Bank Trust Company, National Association, as trustee, and U.S. Bank Europe DAC, UK Branch, as paying agent.
4.3	Form of 3.500% Note due 2032 (included in Exhibit 4.2).
4.4	Form of 4.125% Note due 2037 (included in Exhibit 4.2).
5.1	Opinion of Skadden, Arps, Slate, Meagher & Flom LLP regarding the legality of the notes and guarantees.
5.2	Opinion of Clement E. Klank III, Secretary of FedEx Office and Print Services, Inc., regarding certain matters relating to FedEx Office and Print Services, Inc.
5.3	Opinion of Christina R. Conrad, Vice President – Labor Relations & Employment Law and Assistant Secretary of FedEx Freight, Inc., regarding certain matters relating to FedEx Freight, Inc.
23.1	Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1).
23.2	Consent of Clement E. Klank III (included in Exhibit 5.2).
23.3	Consent of Christina R. Conrad (included in Exhibit 5.3).
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FEDEX CORPORATION
Date: July 30, 2025	By:	/s/ Trampas T. Gunter
		Trampas T. Gunter
		Corporate Vice President, Corporate Development and Treasurer

Exhibit 4.2

Execution Version

SUPPLEMENTAL INDENTURE NO. 17

Dated as of July 30, 2025

3.500% Notes due 2032

4.125% Notes due 2037

SUPPLEMENTAL INDENTURE NO. 17, dated as of July 30, 2025, 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, Federal Express International, Inc., a Delaware corporation, FedEx Freight, Inc., an Arkansas corporation, and FedEx Office and Print Services, Inc., a Texas corporation (collectively, the “Guarantors”), U.S. Bank Trust Company, National Association ((as successor in interest to U.S. Bank National Association) (as successor trustee to Wells Fargo Bank, National Association (the “Predecessor Trustee”)), as trustee (the “Trustee”) and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch), as paying agent (the “PayingAgent”).

RECITALS

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

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

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

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

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

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

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

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

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

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

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

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

WHEREAS, the Company, the Guarantors and the Predecessor Trustee have executed and delivered Supplemental Indenture No. 13, dated as of May 4, 2021;

WHEREAS, the Company, the Guarantors and the Trustee have executed and delivered Supplemental Indenture No. 14, dated as of February 26, 2025;

WHEREAS, the Company, the Guarantors and the Trustee have executed and delivered Supplemental Indenture No. 15, dated as of February 26, 2025;

WHEREAS, the Company, the Guarantors and the Trustee have executed and delivered Supplemental Indenture No. 16, dated as of February 26, 2025;

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 all or any 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 without the consent of any Holders 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;

WHEREAS, the entry into this Supplemental Indenture No. 17 by the parties hereto is authorized by the provisions of the Indenture;

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

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

WHEREAS, all things necessary to make the Notes, when executed by the Company and authenticated and delivered hereunder and under the Indenture, duly issued by the Company and to make this Supplemental Indenture No. 17 a valid and legally binding agreement of the Company and the Guarantors, in accordance with the terms hereof and thereof, have been done.

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

Article 1

RELATIONTo THE INDENTURE; DEFINITIONs AND OTHER PRovIsIoNs OF GENERAL APPLICATION

Section 1.01.     Relation to the Indenture. This Supplemental Indenture No. 17 constitutes an integral part of the Indenture.

Section 1.02.     Definitions*.*For all purposes of this Supplemental Indenture No. 17, the following terms shall have the respective meanings set forth in this Section.

“2032 Notes” means the 3.500% Notes due 2032.

“2037 Notes” means the 4.125% Notes due 2037.

“Agency Agreement” means the agreement among the Company, U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch), as the Paying Agent, U.S. Bank Trust Company, National Association, as the registrar and Transfer Agent (as defined herein), and the Trustee.

“business day” means each day which is not a Saturday, Sunday or other day on which the Trustee, Paying Agent, Transfer Agent and registrar or banking institutions are not required by law or regulation to be open in the State of New York or London and, for any place of payment outside of New York City or London, in such place of payment, and on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, does not operate;

“Clearing System BusinessDay” means a day on which Clearstream and Euroclear are open for business.

“Clearstream” means Clearstream Banking, société anonyme.

“Common Depositary” means any Person acting as the common depositary for Euroclear and Clearstream which initially shall be U.S. Bank Europe DAC.

“euro” or “€” means the currency of the member states of the European Monetary Union that have adopted or that adopt the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on European Union.

“Euroclear” means Euroclear Bank SA/NV, as operator of the Euroclear System.

“Notes” means, collectively, the 2032 Notes and the 2037 Notes.

Section 1.03.     Definitionsand Other Provisions of General Application. For all purposes of this Supplemental Indenture No. 17 unless otherwise specified herein:

(a)            all terms defined in this Supplemental Indenture No. 17 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. 17, except that the words “herein,” “hereof,” “hereto” and “hereunder” and other words of similar import refer to this Supplemental Indenture No. 17 as a whole and not to the Indenture or any particular Article, Section or other subdivision of the Indenture or this Supplemental Indenture No. 17.

Article 2

THESERIES OF NOTES

Section 2.01.     Title. There shall be (i) a series of Securities designated the 3.500% Notes due 2032 and (ii) a series of Securities designated the 4.125% Notes due 2037.

Section 2.02.     Principal Amounts. Subject to Section 2.15, (i) the initial aggregate principal amount of the 2032 Notes that may be authenticated and delivered under this Supplemental Indenture No. 17 shall not exceed €500,000,000 and (ii) the initial aggregate principal amount of the 2037 Notes that may be authenticated and delivered under this Supplemental Indenture No. 17 shall not exceed €350,000,000 (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 2032 Notes shall be payable on July 30, 2032 and the entire outstanding principal amount of the 2037 Notes shall be payable on July 30, 2037, in each case subject to Section 2.07, Section 2.08, Section 2.09 and Section 4.02.

Section 2.04.     Interest.

(a)            2032 Notes. The 2032 Notes will bear interest at the rate of 3.500% per annum. Interest on the 2032 Notes will be payable annually in arrears on July 30 of each year, commencing on July 30, 2026, to the Persons in whose names the 2032 Notes are registered at the close of business of the preceding July 15 or, if the 2032 Notes are represented by one or more global notes, the close of business on the Clearing System Business Day immediately preceding the relevant Interest Payment Date. Interest on the 2032 Notes will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date to which interest was paid on the 2032 Notes (July 30, 2025, if no interest has been paid on the 2032 Notes) to, but excluding, the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association.

(b)            2037 Notes. The 2037 Notes will bear interest at the rate of 4.125% per annum. Interest on the 2037 Notes will be payable annually in arrears on July 30 of each year, commencing on July 30, 2026, to the Persons in whose names the 2037 Notes are registered at the close of business of the preceding July 15 or, if the 2037 Notes are represented by one or more global notes, the close of business on the Clearing System Business Day immediately preceding the relevant Interest Payment Date. Interest on the 2037 Notes will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date to which interest was paid on the 2037 Notes (July 30, 2025, if no interest has been paid on the 2037 Notes) to, but excluding, the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association.

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

Section 2.06.     Defeasance and Discharge; Covenant Defeasance.

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

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

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

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

(b)            the sum of the present values of the Remaining Scheduled Payments (as defined herein) of principal and interest on the Notes to be redeemed that would be due if the Notes matured on the applicable Par Call Date (not including any portion of such payments of interest accrued as of the Redemption Date), discounted to the Redemption Date on an ACTUAL/ACTUAL (ICMA) day count basis, at the applicable Comparable Government Bond Rate (as defined herein) plus 0.200% (20 basis points) in the case of the 2032 Notes, and 0.250% (25 basis points) in the case of the 2037 Notes, in each case, plus accrued and unpaid interest to, but not including, 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 any time and from time to time, at a Redemption Price equal to 100% of the principal amount of the applicable series of Notes to be redeemed plus accrued and unpaid interest to, but not including, the date of redemption on the principal amount of the Notes being redeemed.

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

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

“Par Call Date” means April 30, 2032 in the case of the 2032 Notes (the date that is three months prior to the maturity date of the 2032 Notes) and April 30, 2037 in the case of the 2037 Notes (the date that is three months prior to the maturity date of the 2037 Notes).

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

In the case of a partial redemption, selection of the Notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No Notes of a principal amount of €100,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to such Note will state the portion of the principal amount of such Note to be redeemed. A new note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of the holder of the Note upon surrender for cancellation of the original Note. For so long as the Notes are held by a depositary, the redemption of the Notes shall be done in accordance with the policies and procedures of the applicable clearing system.

Any redemption notice may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of a corporate transaction. In such event, the related notice of redemption shall describe each such condition and, if applicable, shall state that, at the Company’s discretion, the date of redemption may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the date of redemption, or by the date of redemption as so delayed.

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 2.08.     Redemption for Tax Reasons. If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after July 23, 2025, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, the Company will become obligated to pay additional amounts as described in Section 3.01 hereof with respect to a series of Notes, then the Company may at any time at its option redeem, in whole, but not in part, the outstanding Notes of such series on not less than 10 nor more than 60 days prior notice, at a Redemption Price equal to 100% of their principal amount, together with accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption (such redemptions, a “Redemption for Tax Reasons”).

Section 2.09.     Redemption for Reason of Minimal Outstanding Amount. In the event that the Company has purchased Notes of one or both such series equal to or greater than 80% of the aggregate principal amount of Notes of such series initially issued, the Company may redeem, in whole, but not in part, the remaining Notes of such series on not less than 10 nor more than 60 days prior notice, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption.

Section 2.10.     Form of Notes and Payment.

(a)            Each series of Notes shall be represented by one or more global notes. The 2032 Notes shall be in the form of Exhibit A attached hereto and the 2037 Notes shall be in the form of Exhibit B attached hereto. The Notes shall be issued in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof.

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

(c)            The global notes representing the Notes shall be deposited with, or on behalf of, the Common Depository, and registered in the name of the Common Depositary or its nominee for the accounts of Euroclear and Clearstream.

Section 2.11.     Paying Agent and Security Registrar.

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

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

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

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

Section 2.12.     Sinking Fund; Open Market Purchases. The Notes shall not be subject to a sinking fund. The Company or any of its affiliates may at any time and from time to time purchase Notes in the open market or otherwise.

Section 2.13.     Additional Amounts. The provisions of Section 10.06 of the Indenture shall not apply to the Notes; provided that the provisions of Section 3.01 of this Supplemental Indenture No. 17 shall apply to the Notes.

Section 2.14.     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. The Company may, without the consent of the Holders or the Trustee, increase the principal amount of any series of Notes by issuing additional Notes of such series. The Notes of each series and any additional Notes of such series subsequently issued under the Indenture will be treated as a single series or class for all purposes under the Indenture, including, without limitation, waivers, amendments and redemptions; provided that, if any such additional Notes are not fungible with the existing Notes for U.S. federal income tax purposes, such additional Notes will have a separate CUSP/ISIN number, common code or other identifying number.

Article 3

PAYMENTOF ADDITIONAL AMOUNTS

Section 3.01.     Payment of Additional Amounts.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(c)            As used under this Section 3.01 and Section 2.08 hereof, the term “United States” means the United States of America (including the states of the United States and the District of Columbia and any political subdivision thereof) and the term “UnitedStates person” means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable Treasury regulations), any estate the income of which is subject to United States federal income taxation regardless of its source or any trust that (i) is subject to the primary supervision of a court within the United States and the control of one or more United States persons with respect to all of its substantial decisions or (ii) has a valid election in effect under applicable Treasury regulations to be treated as a United States person.

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

Article 4

CHANGEOF CONTROL REPURCHASE EVENT

Section 4.01.     Intended Beneficiary; Definitions.

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

(b)            For purposes of this Supplemental Indenture No. 17:

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

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

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

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

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

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

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

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

Section 4.02.     Change of Control Repurchase Event.

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

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

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

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

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

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

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

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

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

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

Article 5

Amendmentsto INdenture

Section 5.01.     Amendment to Section 1.01 of the Indenture. Solely with respect to the Notes, Section 1.01 of the Indenture is hereby amended by adding the following defined term to Section 1.01 in appropriate alphabetical sequence, as follows:

“Separation” means any sale, exchange, transfer, distribution, or other disposition of assets and/or Capital Stock of one or more Subsidiaries of the Company resulting in the separation of the Company’s FedEx Freight business through the capital markets to create a new publicly traded company.

Section 5.02.     Amendment to Section 10.07 of the Indenture. Solely with respect to the Notes, Section 10.07 of the Indenture is hereby amended to replace the reference to “Section 12.04” with “Section 12.04(a)”.

Section 5.03.     Amendment to Section 12.04 of the Indenture. Solely with respect to the Notes, Section 12.04 of the Indenture is hereby deleted in its entirety and replaced with the following:

SECTION 12.04. Release of aGuarantor. (a) Subject to the provisions of Section 10.07, (i) upon the sale, exchange, transfer or other disposition (by merger or otherwise), other than a lease, of a Guarantor, or of all of the Capital Stock of a Guarantor, or all, or substantially all, the assets of a Guarantor, to any Person that is not (either before or after giving effect to such transaction) the Company or another Guarantor, (ii) the merger or consolidation of any Guarantor with and into the Company or another Guarantor that is a surviving person in such merger or consolidation, (iii) the liquidation, winding-up or dissolution of any Guarantor, or (iv) the exercise by the Company of its option to have either the satisfaction and discharge or the defeasance or covenant defeasance applied to the applicable series of Notes pursuant to Section 4.01, 13.02 or 13.03, as the case may be, such Guarantor shall be deemed to be automatically and unconditionally released and discharged from all its obligations under its Guarantee and under this Article 12 without any further action required on the part of the Trustee or any Holder.

(b)            In connection with the Separation, at the time FedEx Freight, Inc. ceases to be a Subsidiary of FedEx, FedEx Freight, Inc. will be deemed to be automatically and unconditionally released and discharged from all its obligations under its Guarantee and under this Article 12 without any further action required on the part of the Trustee or any Holder.

(c)            The Trustee shall deliver, without any further action required on the part of any Holder, an appropriate instrument evidencing such release and discharge of a Guarantor pursuant to clauses (a) or (b) above upon receipt of a Company Request accompanied by an Officers’ Certificate certifying as to the compliance with this Section 12.04.

Section 5.04.      Amendment to Section 1.19 of the Indenture. Solely with respect to the Notes, Section 1.19 of the Indenture is hereby deleted in its entirety and replaced with the following:

SECTION 1.19. Waver of JuryTrial. Each of the Company, the Trustee and each Holder of a Security by its acceptance thereof, hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any litigation directly or indirectly arising out of, under or in connection with this Indenture, the Securities or the transactions contemplated hereby.

Article 6

MISCELLANEOUS PROVISIONS

Section 6.01.     Supplemental Indenture. The Indenture, as supplemented by this Supplemental Indenture No. 17, is in all respects hereby adopted, ratified and confirmed.

Section 6.02.     Effectiveness. This Supplemental Indenture No. 17 shall take effect as of the date hereof.

Section 6.03.     Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

Section 6.04.     Separability Clause. In case any provision in this Supplemental Indenture No. 17 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 6.05.     Governing Law. This Supplemental Indenture No. 17 shall be governed by and construed in accordance with, the laws of the State of New York.

Section 6.06.     Submission of Paying Agent to Jurisdiction in the United States. Each of the Paying Agent, the Transfer Agent and the registrar irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Supplemental Indenture No. 17. To the fullest extent permitted by applicable law, each of the Paying Agent, the Transfer Agent and the registrar irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

Section 6.07.     Execution by the Trustee. The Trustee has executed this Supplemental Indenture No. 17 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. 17 or the execution hereof by any Person (other than the Trustee).

Section 6.08.     Counterparts. This Supplemental Indenture No. 17 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. Facsimile, PDF copies or other electronic transmission of signatures shall constitute original signatures for all purposes of this Supplemental Indenture No. 17 and any enforcement hereof. The words “execution,” signed,” “signature,” “delivery,” and words of like import in or relating to this Supplemental Indenture No. 17 or any document to be signed in connection with this Supplemental Indenture No. 17 shall be deemed to include Electronic Signatures (as defined herein), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. “ElectronicSignatures” means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture No. 17 to be duly executed, all as of the day and year first above written.

		FedEx Corporation, as Issuer
Attest:
By:	/s/ Alana L. Griffin	By:	/s/ Trampas T. Gunter
Name:	Alana L. Griffin	Name:	Trampas T. Gunter
Title:	Assistant Secretary	Title:	Corporate Vice President, Corporate Development and Treasurer
		Federal Express Corporation, as Guarantor
---	---	---	---
Attest:
By:	/s/ Alana L. Griffin	By:	/s/ Trampas T. Gunter
Name:	Alana L. Griffin	Name:	Trampas T. Gunter
Title:	Assistant Secretary	Title:	Treasurer
		Federal Express Europe, Inc., as Guarantor
---	---	---	---
Attest:
By:	/s/ Alana L. Griffin	By:	/s/ Trampas T. Gunter
Name:	Alana L. Griffin	Name:	Trampas T. Gunter
Title:	Assistant Secretary	Title:	Treasurer
		Federal Express Holdings S.A., LLC as Guarantor
---	---	---	---
Attest:
By:	/s/ Alana L. Griffin	By:	/s/ Trampas T. Gunter
Name:	Alana L. Griffin	Name:	Trampas T. Gunter
Title:	Assistant Secretary	Title:	Treasurer
		Federal Express International, Inc., as Guarantor
---	---	---	---
Attest:
By:	/s/ Alana L. Griffin	By:	/s/ Trampas T. Gunter
Name:	Alana L. Griffin	Name:	Trampas T. Gunter
Title:	Assistant Secretary	Title:	Treasurer
		FedEx Freight, Inc., as Guarantor
---	---	---	---
Attest:
By:	/s/ Alana L. Griffin	By:	/s/ Trampas T. Gunter
Name:	Alana L. Griffin	Name:	Trampas T. Gunter
Title:	Assistant Secretary	Title:	Treasurer

[Signature Page to Supplemental Indenture No. 17]

		FedEx Office and Print Services, Inc., as Guarantor
Attest:
By:	/s/ Alana Griffin	By:	/s/ Trampas T. Gunter
Name:	Alana L. Griffin	Name:	Trampas T. Gunter
Title:	Assistant Secretary	Title:	Treasurer
U.S. Bank Trust Company, National Association, as Trustee
---	---
By:	/s/ Carolina D. Altomare
Name:	Carolina D. Altomare
Title:	Vice President
U.S. Bank Europe DAC, UK Branch, as Paying Agent
---	---
By:	/s/ Shobita Choudhury
Name:	Shobita Choudhury
Title:	Authorised Signatory

[Signature Page to Supplemental Indenture No. 17]

Exhibit A

2032 Note

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

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

A-1

No. R-[__]	CUSIP No. [__________]^1^<br><br> <br>ISIN No. [__________]^2^<br><br> <br>Common Code [__________]^3^

FEDEX CORPORATION

3.500% Notes due 2032

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

by the Guarantors named in the Indenture Referred to Below

FedEx Corporation, a Delaware corporation (the “Company,” which term includes any successor Corporation under the Indenture), for value received, hereby promises to pay to USB Nominees (UK) Limited, as nominee of U.S. Bank Europe DAC, as common depository for the accounts of Euroclear/Clearstream or registered assigns, the principal sum of €[____], or such other principal sum as may be indicated on the Schedule of Changes in Outstanding Principal Amount attended hereto, on July 30, 2032 (the “Stated Maturity Date”) and to pay interest thereon from July 30, 2025 or from the most recent “Interest Payment Date” to which interest has been paid or duly provided for, annually in arrears on July 30 of each year, commencing on July 30, 2026, or if any such day is not a business day, on the next succeeding business day, and Holders will not be entitled to any interest as a result of such delay, and ending on the Stated Maturity Date or date of earlier redemption as contemplated herein, at the rate of 3.500% 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 U.S. Bank Trust Company, National Association (as successor trustee to 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. 17, dated as of July 30, 2025 (“Supplemental Indenture No. 17”), among the Company, the Guarantors named therein, the Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch), as paying agent (the “PayingAgent”) (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 July 15 or, if the Notes are represented by one or more global notes, the close of business on the Clearing System Business Day immediately preceding such Interest Payment Date, where “Clearing System Business Day” means a day on which Euroclear/Clearstream are open for business. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

^1^ Initial Note: 31428X EB8

^2^ Initial Note: XS3136900670

^3^ Initial Note: 313690067

A-2

Interest payments on this Note will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on this Note (or July 30, 2025, if no interest has been paid on this Note) to, but not including, the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association.

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

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

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

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

A-3

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

FEDEX<br> CORPORATION
By:
	Name:
	Title:

Attest:

By:
	Name:
	Title:

A-4

Certificate of Authentication

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

U.S.<br> Bank Trust Company, National Association, as Trustee
By:
	Authorized Signatory

Dated: [___________]^4^

^4^ Initial Note: July 30, 2025

A-5

[REVERSE OF SECURITY]

FEDEX CORPORATION

3.500% Notes due 2032

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 €500,000,000, except as contemplated in Supplemental Indenture No. 17. Capitalized terms used herein and in the Guarantee, dated July 30, 2025, 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 and from time to time, prior to the Par Call Date (as defined herein), on at least 10 days’, but no more than 60 days’, prior written notice mailed or electronically delivered by the Company (or otherwise transmitted in accordance with the applicable clearing system’s procedures) to the Holders of the Notes of this series to be redeemed. Upon redemption of such Notes, the Company will pay a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes of this series to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments (as defined in Supplemental Indenture No. 17) of principal and interest on the Notes of this series to be redeemed that would be due if the Notes of this series matured on the Par Call Date (not including any portion of such payments of interest accrued as of the Redemption Date), discounted to the Redemption Date on an ACTUAL/ACTUAL (ICMA) day count basis, at the applicable Comparable Government Bond Rate (as defined in Supplemental Indenture No. 17) plus 0.200% (20 basis points), plus, in the case of either (i) or (ii), accrued and unpaid interest to, but not including, 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, but not including, 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 30, 2032 (the date that is three months prior to the Stated Maturity Date of the Notes of this series).

Any redemption notice may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of a corporate transaction. In such event, the related notice of redemption shall describe each such condition and, if applicable, shall state that, at the Company’s discretion, the date of redemption may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in the Company’s sole discretion) by the date of redemption, or by the date of redemption as so delayed.

A-6

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

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after July 23, 2025, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, the Company will become obligated to pay additional amounts (as described in Supplemental Indenture No. 17) with respect to the Notes of this series, then the Company may at any time at its option redeem, in whole, but not in part, the outstanding Notes of this series on not less than 10 nor more than 60 days prior notice, at a Redemption Price equal to 100% of their principal amount, together with accrued and unpaid interest on the Notes of this series to be redeemed to, but not including, the date fixed for redemption.

In the event that the Company has purchased Notes of this series equal to or greater than 80% of the aggregate principal amount of Notes of this series initially issued, the Company may redeem, in whole, but not in part, the remaining Notes of this series on not less than 10 nor more than 60 days prior notice, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest on the Notes of this series to be redeemed to, but not including, the date fixed for redemption.

If a Change of Control Repurchase Event (as defined in Supplemental Indenture No. 17) 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. 17, to each Holder of the Notes of this series to repurchase all or any part (in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof) of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes repurchased plus any accrued and unpaid interest on such Notes repurchased to, but not including, the date of repurchase.

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

A-7

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

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

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

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

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

Prior to due presentment of this Note for registration of transfer, the Company, the Guarantors, the Trustee, the Paying Agent, the Security Registrar and any agent of the Company, a Guarantor or the Trustee, the Paying Agent or the Security Registrar may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Guarantors, the Trustee, the Paying Agent or the Security Registrar 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.

A-8

Schedule 1

SCHEDULE OF CHANGES IN OUTSTANDING PRINCIPAL AMOUNT

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

Date	Initial Principal Amount	Change in Outstanding Principal Amount	New Balance	Notation Made by

A-9

Exhibit B

2037 Note

B-1

No. R-[__]	CUSIP No. [__________]^5^<br><br> <br>ISIN No. [__________]^6^<br><br> <br>Common Code [__________]^7^

FEDEX CORPORATION

4.125% Notes due 2037

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

by the Guarantors named in the Indenture Referred to Below

FedEx Corporation, a Delaware corporation (the “Company,” which term includes any successor Corporation under the Indenture), for value received, hereby promises to pay to USB Nominees (UK) Limited, as nominee of U.S. Bank Europe DAC, as common depository for the accounts of Euroclear/Clearstream or registered assigns, the principal sum of €[____], or such other principal sum as may be indicated on the Schedule of Changes in Outstanding Principal Amount attended hereto, on July 30, 2037 (the “Stated Maturity Date”) and to pay interest thereon from July 30, 2025 or from the most recent “Interest Payment Date” to which interest has been paid or duly provided for, annually in arrears on July 30 of each year, commencing on July 30, 2026, or if any such day is not a business day, on the next succeeding business day, and Holders will not be entitled to any interest as a result of such delay, and ending on the Stated Maturity Date or date of earlier redemption as contemplated herein, at the rate of 4.125% 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 U.S. Bank Trust Company, National Association (as successor trustee to 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. 17, dated as of July 30, 2025 (“Supplemental Indenture No. 17”), among the Company, the Guarantors named therein, the Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch), as paying agent (the “PayingAgent”) (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 July 15 or, if the Notes are represented by one or more global notes, the close of business on the Clearing System Business Day immediately preceding such Interest Payment Date, where “Clearing System Business Day” means a day on which Euroclear/Clearstream are open for business. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

^5^ Initial Note: 31428X E6C

^6^ Initial Note: XS3136901132

^7^ Initial Note: 313690113

B-2

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.

B-3

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

FEDEX<br> CORPORATION
By:
	Name:
	Title:

Attest:

By:
	Name:
	Title:

B-4

Certificate of Authentication

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

U.S.<br> Bank Trust Company, National Association, as Trustee
By:
	Authorized Signatory

Dated: [___________]^8^

^8^ Initial Note: July 30, 2025

B-5

[REVERSE OF SECURITY]

FEDEX CORPORATION

4.125% Notes due 2037

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 €350,000,000, except as contemplated in Supplemental Indenture No. 17. Capitalized terms used herein and in the Guarantee, dated July 30, 2025, 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 and from time to time, prior to the Par Call Date (as defined herein), on at least 10 days’, but no more than 60 days’, prior written notice mailed or electronically delivered by the Company (or otherwise transmitted in accordance with the applicable clearing system’s procedures) to the Holders of the Notes of this series to be redeemed. Upon redemption of such Notes, the Company will pay a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes of this series to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments (as defined in Supplemental Indenture No. 17) of principal and interest on the Notes of this series to be redeemed that would be due if the Notes of this series matured on the Par Call Date (not including any portion of such payments of interest accrued as of the Redemption Date), discounted to the Redemption Date on an ACTUAL/ACTUAL (ICMA) day count basis, at the applicable Comparable Government Bond Rate (as defined in Supplemental Indenture No. 17) plus 0.250% (25 basis points), plus, in the case of either (i) or (ii), accrued and unpaid interest to, but not including, 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, but not including, 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 30, 2037 (the date that is three months prior to the Stated Maturity Date of the Notes of this series).

Any redemption notice may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of a corporate transaction. In such event, the related notice of redemption shall describe each such condition and, if applicable, shall state that, at the Company’s discretion, the date of redemption may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in the Company’s sole discretion) by the date of redemption, or by the date of redemption as so delayed.

B-6

B-7

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

B-8

Schedule 1

SCHEDULE OF CHANGES IN OUTSTANDING PRINCIPAL AMOUNT

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

Date	Initial Principal Amount	Change in Outstanding Principal Amount	New Balance	Notation Made by

B-9

Exhibit 5.1

Skadden, Arps, Slate, Meagher & Flom llp

One<br> Manhattan West  <br><br> New York, NY 10001	FIRM/AFFILIATE<br> <br> OFFICES
TEL: (212) 735-3000	BOSTON
FAX: (212) 735-2000	CHICAGO
www.skadden.com	HOUSTON
	LOS<br> ANGELES
	PALO<br> ALTO
	WASHINGTON,<br> D.C.
	WILMINGTON
	ABU<br> DHABI
	BEIJING
	BRUSSELS
	FRANKFURT
	HONG<br> KONG
	LONDON
	MUNICH
	PARIS
July 30,<br>2025	SÃO<br> PAULO
	SEOUL
	SINGAPORE
	TOKYO
	TORONTO

FedEx Corporation

942 South Shady Grove Road

Memphis, Tennessee 38120

Re:	FedEx Corporation – Senior Notes Offering

Ladies and Gentlemen:

We have acted as special United States counsel to FedEx Corporation, a Delaware corporation (the “Company”), in connection with the public offering of €500,000,000 in aggregate principal amount of its 3.500% Notes due 2032 and €350,000,000 in aggregate principal amount of its 4.125% Notes due 2037 (collectively, the “Notes”) to be issued under the Indenture, dated as of October 23, 2015 (the “Base Indenture”), among the Company, the Guarantors listed on Schedule I-A hereto (collectively, the “Guarantors”) and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (as successor trustee to Wells Fargo Bank, National Association), as trustee (in such capacity, the “Trustee”), as supplemented by Supplemental Indenture No. 17, dated as of July 30, 2025 (“Supplemental Indenture No. 17” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors, the Trustee and U.S. Bank Europe DAC, UK Branch, as paying agent (the “Paying Agent”). The Indenture provides that the Notes are to be guaranteed by the Guarantors (such guarantees, together with the Notes, the “Securities”).

This opinion letter is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act of 1933 (the “Securities Act”).

In rendering the opinions stated herein, we have examined and relied upon the following:

(a)            the registration statement on Form S-3 (File No. 333-273320) of the Company and the Guarantors relating to debt securities and other securities filed on July 19, 2023 with the Securities and Exchange Commission (the “Commission”) under the Securities Act allowing for delayed offerings pursuant to Rule 415 of the General Rules and Regulations under the Securities Act (the “Rules and Regulations”), including the information deemed to be a part of the registration statement pursuant to Rule 430B of the Rules and Regulations (such registration statement being hereinafter referred to as the “Registration Statement”);

(b)            the prospectus, dated July 19, 2023 (the “Base Prospectus”), which forms a part of and is included in the Registration Statement;

(c)            the preliminary prospectus supplement, dated July 22, 2025 (together with the Base Prospectus, the “Preliminary Prospectus”), relating to the offering of the Securities, in the form filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations;

(d)            the prospectus supplement, dated July 23, 2025 (together with the Base Prospectus, the “Prospectus Supplement”), relating to the offering of the Securities, in the form filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations;

(e)            an executed copy of the Underwriting Agreement, dated July 23, 2025 (the “Underwriting Agreement”), among the Company, the Guarantors party thereto and the several Underwriters named therein (the “Underwriters”), relating to the sale by the Company and the Guarantors to the Underwriters of the Securities;

(f)            an executed copy of the Base Indenture, including Article 12 thereof containing the guaranty obligations of the Guarantors (the “Guarantees”);

(g)            an executed copy of Supplemental Indenture No. 17;

(h)            the global certificates evidencing the Notes, executed by the Company and registered in the name of the nominee of the common depositary for the accounts of Euroclear and Clearstream (the “Note Certificates”), delivered by the Company to the Trustee for authentication and delivery;

(i)            the Agency Agreement, dated as of July 30, 2025 (the “Agency Agreement”), among the Company, the Paying Agent, U.S. Bank Trust Company, National Association, as the registrar and transfer agent, and the Trustee;

(j)            an executed copy of a certificate of the Secretary or Assistant Secretary of each Opinion Party (as defined below), as applicable, dated the date hereof (the “Secretary’s Certificate”);

(k)            a copy of each Opinion Party’s certificate of incorporation or certificate of formation, as applicable, certified by the Secretary of State of the State of Delaware as of July 21, 2025, and certified pursuant to the Secretary’s Certificate;

(l)            a copy of each Opinion Party’s by-laws, as amended and in effect as of the date hereof, or limited liability company agreement, as applicable, certified pursuant to the Secretary’s Certificate;

(m)            copies of certain resolutions of the Board of Directors of the Company, adopted on July 21, 2025 and September 28, 2015, certified pursuant to the Secretary’s Certificate; and

(n)            copies of resolutions or other actions by written consent of the board of directors, sole member or managing member, as applicable, of each of the Opinion Party Guarantors (as defined below), adopted on July 17, 2023, and September 28, 2015, certified pursuant to the Secretary’s Certificate.

We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Opinion Parties and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Opinion Parties and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinions stated below.

In our examination, we have assumed the genuineness of all signatures, including electronic signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photocopied copies, and the authenticity of the originals of such copies. As to any facts relevant to the opinions stated herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Opinion Parties and others and of public officials, including the facts and conclusions set forth in the Secretary’s Certificate and the factual representations and warranties contained in the Underwriting Agreement.

We do not express any opinion with respect to the laws of any jurisdiction other than (i) the laws of the State of New York and (ii) the Covered State Laws (as defined below) (all of the foregoing being referred to as “Opined-on Law”).

The Underwriting Agreement, the Note Certificates, the Guarantees, the Indenture and the Agency Agreement are referred to herein collectively as the “Transaction Documents.” As used herein, (i) “Opinion Party Guarantors” means the DE Corporate Subsidiaries and Federal Express Holdings S.A., LLC, (ii) “DE Corporate Subsidiaries” means the entities listed on Schedule I-B hereto, (iii) “Opinion Parties” means the Company and the Opinion Party Guarantors, and (iv) “Non-Opinion Party Guarantors” means the Guarantors listed on Schedule I-C that are not Opinion Party Guarantors.

As used herein, “Covered State Laws” means, with respect to the Company and the DE Corporate Subsidiaries, the General Corporation Law of the State of Delaware (the “DGCL”), and, with respect to Federal Express Holdings S.A., LLC, the Delaware Limited Liability Company Act.

Based upon the foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that:

1.            The Note Certificates have been duly authorized by all requisite corporate action on the part of the Company and duly executed by the Company under the DGCL, and when duly authenticated by the Trustee and issued and delivered by the Company against payment therefor in accordance with the terms of the Underwriting Agreement and the Indenture, the Note Certificates will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms under the laws of the State of New York.

2.            The Guarantee of each Opinion Party Guarantor has been duly authorized by all requisite corporate or limited liability company, as applicable, action on the part of such Opinion Party Guarantor under the applicable Covered State Laws and, when the Note Certificates are duly authenticated by the Trustee and are issued and delivered by the Company against payment therefor in accordance with the terms of the Underwriting Agreement and the Indenture, each Guarantee will constitute the valid and binding obligation of the applicable Guarantor, enforceable against such Opinion Party Guarantor in accordance with its terms under the laws of the State of New York.

The opinions stated herein are subject to the following assumptions and qualifications:

(a)            we do not express any opinion with respect to the effect on the opinions stated herein of any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference and other similar laws or governmental orders affecting creditors’ rights generally, and the opinions stated herein are limited by such laws and governmental orders and by general principles of equity (regardless of whether enforcement is sought in equity or at law);

(b)            we do not express any opinion with respect to any law, rule or regulation that is applicable to any party to any of the Transaction Documents or the transactions contemplated thereby solely because such law, rule or regulation is part of a regulatory regime applicable to any such party or any of its affiliates as a result of the specific assets or business operations of such party or such affiliates;

(c)            except to the extent expressly stated in the opinions contained herein, we have assumed that each of the Transaction Documents constitutes the valid and binding obligation of each party to such Transaction Document, enforceable against such party in accordance with its terms;

(d)            we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Document relating to any indemnification, contribution, non-reliance, exculpation, release, limitation or exclusion of remedies, waiver or other provisions having similar effect that may be contrary to public policy or violative of federal or state securities laws, rules or regulations, or to the extent any such provision purports to, or has the effect of, waiving or altering any statute of limitations;

(e)            we do not express any opinion whether the execution or delivery of any Transaction Document by any Opinion Party, or the performance by any Opinion Party of its obligations under any Transaction Document to which such Opinion Party is a party will constitute a violation of, or a default under, any covenant, restriction or provision with respect to financial ratios or tests or any aspect of the financial condition or results of operations of any Opinion Party or any of its subsidiaries;

(f)            the opinions stated herein are limited to the agreements and documents specifically identified in the opinions contained herein (the “Specified Documents”) without regard to any agreement or other document referenced in any Specified Document (including agreements or other documents incorporated by reference or attached or annexed thereto) and without regard to any other agreement or document relating to any Specified Document that is not a Transaction Document;

(g)            subsequent to the effectiveness of the Indenture and immediately prior to the effectiveness of Supplemental Indenture No. 17, the Indenture has not been amended, restated, supplemented or otherwise modified in any way that affects or relates to the Securities;

(h)            we do not express any opinion with respect to the enforceability of Section 1.12 of the Indenture to the extent that such section purports to bind any Opinion Party to the exclusive jurisdiction of any particular federal court or courts;

(i)            we call to your attention that irrespective of the agreement of the parties to any Transaction Document, a court may decline to hear a case on grounds of forum non conveniens or other doctrine limiting the availability of such court as a forum for resolution of disputes; in addition, we call to your attention that we do not express any opinion with respect to the subject matter jurisdiction of the federal courts of the United States of America in any action arising out of or relating to any Transaction Document;

(j)            we do not express any opinion with respect to the enforceability of Article 12 of the Indenture to the extent that such section provides that the obligations of the Guarantors are absolute and unconditional irrespective of the enforceability or genuineness of the Indenture or the effect thereof on the opinions herein stated;

(k)            we do not express any opinion with respect to the enforceability of the provisions contained in Section 12.2 of the Indenture to the extent that such provisions limit the obligations of the Guarantors under the Indenture or any right of contribution of any party with respect to the obligations of the Guarantors under the Indenture;

(l)            we have assumed that the choice of euros as the currency in which the Securities are denominated does not contravene any exchange control or other laws of the European Union, and further we call to your attention that a court may not award a judgment in any currency other than U.S. dollars;

(m)            to the extent that any opinion relates to the enforceability of the choice of New York law and choice of New York forum provisions contained in any Transaction Document, the opinions stated herein are subject to the qualification that such enforceability may be subject to, in each case, (i) the exceptions and limitations in New York General Obligations Law Sections 5-1401 and 5-1402 and (ii) principles of comity and constitutionality; and

(n)            this opinion letter shall be interpreted in accordance with customary practice of United States lawyers who regularly give opinions in transactions of this type.

In addition, in rendering the foregoing opinions we have also assumed that, at all applicable times:

(a)            each Non-Opinion Party Guarantor (i) was duly incorporated or formed, as applicable, and was validly existing and in good standing, (ii) had requisite legal status and legal capacity under the laws of the jurisdiction of its organization or formation, as applicable, and (iii) has complied and will comply with all aspects of the laws of the jurisdiction of its organization or formation, as applicable, in connection with the transactions contemplated by, and the performance of its obligations under, the Transaction Documents to which such Non-Opinion Party Guarantor is a party;

(b)            each Non-Opinion Party Guarantor had the corporate or limited liability company, as applicable, power and authority to execute, deliver and perform all its obligations under each of the Transaction Documents to which such Non-Opinion Party Guarantor is a party;

(c)            each of the Transaction Documents to which each Non-Opinion Party Guarantor is a party had been duly authorized, executed and delivered by all requisite corporate or limited liability company, as applicable, action on the part of such Non-Opinion Party Guarantor;

(d)            neither the execution and delivery by the Company and each Guarantor of the Transaction Documents to which the Company or each Guarantor is a party nor the performance by the Company and such Guarantor of its obligations thereunder, including the issuance and sale of the Securities: (i) conflicted or will conflict with the certificate of incorporation, certificate of formation, by-laws or limited liability company agreement, as applicable, or any other comparable organizational document of the Company or any Guarantor, (ii) constituted or will constitute a violation of, or a default under, any lease, indenture, agreement or other instrument to which the Company or any Guarantor or its property is subject (except that we do not make the assumption set forth in this clause (ii) with respect to those agreements or instruments expressed to be governed by the laws of the State of New York which are listed in Part II of the Registration Statement or the Company’s Annual Report on Form 10-K for the year ended May 31, 2025), (iii) contravened or will contravene any order or decree of any governmental authority to which the Company or any Guarantor or its property is subject, or (iv) violated or will violate any law, rule or regulation to which the Company or any Guarantor or its property is subject (except that we do not make the assumption set forth in this clause (iv) with respect to the Opined-on Law);

(e)            neither the execution and delivery by the Company or any Guarantor of the Transaction Documents to which the Company or such Guarantor is a party nor the performance by the Company and such Guarantor of its obligations thereunder, including the issuance and sale of the Securities, required or will require the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of any jurisdiction; and

(f)            the LLC Agreement of Federal Express Holdings S.A., LLC is the only limited liability company agreement, as defined under the DLLCA, of the members of Federal Express Holdings S.A., LLC as to the affairs of Federal Express Holdings S.A., LLC and the conduct of its business, and we do not express any opinion with respect to the effect of any other agreement of the members of Federal Express Holdings S.A., LLC as to the affairs of Federal Express Holdings S.A., LLC and the conduct of its business. Further, we have assumed that Federal Express Holdings S.A., LLC has, and since the time of its formation has had, at least one validly admitted and existing member of Federal Express Holdings S.A., LLC and (i) no procedures have been instituted for, and no other event has occurred, including, without limitation, any action taken by Federal Express Holdings S.A., LLC or its sole member, that would result in, the liquidation, dissolution or winding-up of Federal Express Holdings S.A., LLC, (ii) no event has occurred that has adversely affected the good standing of Federal Express Holdings S.A., LLC under the laws of its jurisdiction of formation, and Federal Express Holdings S.A., LLC has taken all actions required by the laws of its jurisdiction of formation to maintain such good standing and (iii) no grounds exist for the revocation or forfeiture of Federal Express Holdings S.A., LLC’s certificate of formation.

We hereby consent to the reference to our firm under the heading “Legal Matters” in the Preliminary Prospectus and the Prospectus. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations. We also hereby consent to the filing of this opinion letter with the Commission as an exhibit to the Company’s Current Report on Form 8-K being filed on the date hereof and incorporated by reference into the Registration Statement. This opinion letter is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.

Very<br> truly yours,
/s/<br> Skadden, Arps, Slate, Meagher & Flom LLP

LKB

Schedule I-A

Guarantors

Federal Express Corporation

Federal Express Europe, Inc.

Federal Express Holdings S.A., LLC

Federal Express International, Inc.

FedEx Freight, Inc.

FedEx Office and Print Services, Inc.

Schedule I-B

Delaware Corporate Subsidiaries

Federal Express Corporation

Federal Express Europe, Inc.

Federal Express International, Inc.

Schedule I-C

Non-Opinion Party Guarantors

FedEx Freight, Inc., an Arkansas corporation

FedEx Office and Print Services, Inc., a Texas corporation

Exhibit 5.2

FedEx Office and Print Services, Inc.

7900 Legacy Drive

Plano, Texas 75024

July 30, 2025

FedEx Corporation

942 South Shady Grove Road

Memphis, Tennessee 38120

Ladies and Gentlemen:

FedEx Corporation, a Delaware corporation (the “Company”), FedEx Office and Print Services, Inc., a Texas corporation (“FedEx Office”), and the other subsidiary guarantors named in the Registration Statement (defined below) have filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form S-3 (File No. 333-273320) (the “Registration Statement”) and a prospectus supplement dated July 23, 2025 (the “Prospectus Supplement”) for the purpose of registering under the Securities Act of 1933, as amended (the “Securities Act”), certain securities including €500,000,000 aggregate principal amount of the Company’s 3.500% Notes due 2032 and €350,000,000 aggregate principal amount of the Company’s 4.125% Notes due 2037 (collectively, the “Notes”) and the related joint and several guarantees of the Notes (the “Guarantees”). The Notes and the Guarantees are to be issued pursuant to the provisions of a base indenture, dated as of October 23, 2015, among the Company, the guarantors party thereto (the “Guarantors”) and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (as successor trustee to Wells Fargo Bank, National Association), as trustee (the “Trustee”) (the “Base Indenture”), as supplemented by supplemental indenture no. 1, dated as of October 23, 2015, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 1”), as further supplemented by supplemental indenture no. 2, dated as of March 24, 2016, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 2”), as further supplemented by supplemental indenture no. 3, dated as of April 11, 2016, among the Company, the Guarantors, the Trustee and Elavon Financial Services Limited, UK Branch, as paying agent (“Supplemental Indenture No. 3”), as further supplemented by supplemental indenture no. 4, dated as of January 6, 2017, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 4”), as further supplemented by supplemental indenture no. 5, dated as of January 31, 2018, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 5”), as further supplemented by supplemental indenture no. 6, dated as of October 17, 2018, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 6”), as further supplemented by supplemental indenture no. 7, dated as of January 16, 2019, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 7”), as further supplemented by supplemental indenture no. 8, dated as of January 18, 2019, among the Company, the Guarantors, the Trustee and Elavon Financial Services DAC, UK Branch, as paying agent (the “Elavon Paying Agent”) (“Supplemental Indenture No. 8”), as further supplemented by supplemental indenture no. 9, dated as of July 24, 2019, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 9”), as further supplemented by supplemental indenture no. 10, dated as of August 5, 2019, among the Company, the Guarantors, the Trustee and the Elavon Paying Agent (“Supplemental Indenture No. 10”), as further supplemented by supplemental indenture no. 11, dated as of April 7, 2020, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 11”), as further supplemented by supplemental indenture no. 12, dated as of April 29, 2021, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 12”), as further supplemented by supplemental indenture no. 13, dated as of May 4, 2021, among the Company, the Guarantors, the Trustee and the Elavon Paying Agent (“Supplemental Indenture No. 13”), as further supplemented by supplemental indenture no. 14, dated as of February 26, 2025, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 14”), as further supplemented by supplemental indenture no. 15, dated as of February 26, 2025, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 15”), as further supplemented by supplemental indenture no. 16, dated as of February 26, 2025, among the Company, the Guarantors, the Trustee and U.S. Bank Europe DAC, UK Branch, as paying agent (the “US Bank Paying Agent”) (“Supplemental Indenture No. 16”) and as further supplemented by supplemental indenture no. 17, dated as of July 30, 2025, among the Company, the Guarantors, the Trustee, as transfer agent and registrar, and the US Bank Paying Agent (“Supplemental Indenture No. 17”) (the Base Indenture, Supplemental Indenture No. 1, Supplemental Indenture No. 2, Supplemental Indenture No. 3, Supplemental Indenture No. 4, Supplemental Indenture No. 5, Supplemental Indenture No. 6, Supplemental Indenture No. 7, Supplemental Indenture No. 8, Supplemental Indenture No. 9, Supplemental Indenture No. 10, Supplemental Indenture No. 11, Supplemental Indenture No. 12, Supplemental Indenture No. 13, Supplemental Indenture No. 14, Supplemental Indenture No. 15, Supplemental Indenture No. 16 and Supplemental Indenture No. 17 are collectively referred to herein as the “Indenture”), and are to be sold pursuant to the Underwriting Agreement dated July 23, 2025, among the Company, the subsidiary guarantors named therein and the several underwriters named in Schedule A thereto (the “Underwriting Agreement”) and will be subject to the Agency Agreement among the Company, the US Bank Paying Agent, U.S. Bank Trust Company, National Association, as registrar and transfer agent, and the Trustee.

I am the Secretary of FedEx Office and have acted as counsel to FedEx Office in connection with the issuance and delivery by FedEx Office of its Guarantee of the Notes (the “FedEx Office Guarantee”).

In connection with the opinions expressed below, I have examined, or caused to be examined by attorneys under my supervision, originals or copies, certified or otherwise identified to my satisfaction, of the Registration Statement, the Prospectus Supplement, the Indenture, the FedEx Office Guarantee, the Underwriting Agreement, FedEx Office’s certificate of formation and bylaws, and such agreements, documents, certificates and statements of government officials and other papers as I have deemed necessary or advisable as a basis for such opinions. In such examination, I have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as certified, conformed, photostatic, electronic or facsimile copies and the authenticity of the originals of such documents. In making our examination of executed documents and documents to be executed, I have assumed (i) that the parties thereto (other than FedEx Office) had or will have the power, corporate or otherwise, and authority to enter into and perform all obligations thereunder, (ii) the due delivery by such parties of such documents and (iii) that such documents constitute or will constitute valid and binding obligations of such parties. As to any facts material to the opinions expressed herein, which I have not independently established or verified, I have relied upon statements and representations of officers and representatives of FedEx Office.

Based upon the foregoing, it is my opinion that:

1.            FedEx Office is a corporation validly existing and in good standing under the laws of the State of Texas.

2.            FedEx Office has the corporate power to (a) enter into and perform its obligations under the Indenture and (b) create, enter into and perform its obligations under the FedEx Office Guarantee.

3.            Each of the Indenture and the FedEx Office Guarantee has been duly and validly authorized, executed and delivered by FedEx Office.

I am qualified to practice law in the State of Texas, and the foregoing opinion is limited to the laws of the State of Texas.

I hereby consent to the filing of this opinion as an exhibit to a report on Form 8-K to be filed by the Company on the date hereof and its incorporation by reference into the Registration Statement. In addition, I further consent to the reference to me under the heading “Legal Matters” in the Prospectus Supplement, which is a part of the Registration Statement. In giving such consent, I do not admit that I am in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

Skadden, Arps, Slate, Meagher & Flom LLP, special counsel to the Company, may rely upon this opinion in rendering its opinion of even date herewith.

[The remainder of this page is intentionally left blank]

This opinion is expressed as of the date hereof and I undertake no, and disclaim any, obligation to advise you (or any third party) of any subsequent change in or development of law or fact that might affect the matters, conclusions, statements or opinions set forth herein.

Sincerely,
By:		/s/ Clement E. Klank III
	Name:	Clement E. Klank III
	Title:	Secretary

[Signature Page to FedEx Office and Print Services, Inc. Exhibit 5.2 Opinion]

Exhibit 5.3

FedEx Freight, Inc.

8285 Tournament Drive,

Memphis, Tennessee, 38125

July 30, 2025

FedEx Corporation

942 South Shady Grove Road

Memphis, Tennessee 38120

Ladies and Gentlemen:

FedEx Corporation, a Delaware corporation (the “Company”), FedEx Freight, Inc., an Arkansas corporation (“FedEx Freight”), and the other subsidiary guarantors named in the Registration Statement (defined below) have filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form S-3 (File No. 333-273320) (the “Registration Statement”) and a prospectus supplement dated July 23, 2025 (the “Prospectus Supplement”) for the purpose of registering under the Securities Act of 1933, as amended (the “Securities Act”), certain securities including €500,000,000 aggregate principal amount of the Company’s 3.500% Notes due 2032 and €350,000,000 aggregate principal amount of the Company’s 4.125% Notes due 2037 (collectively, the “Notes”) and the related joint and several guarantees of the Notes (the “Guarantees”). The Notes and the Guarantees are to be issued pursuant to the provisions of a base indenture, dated as of October 23, 2015, among the Company, the guarantors party thereto (the “Guarantors”) and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (as successor trustee to Wells Fargo Bank, National Association), as trustee (the “Trustee”) (the “Base Indenture”), as supplemented by supplemental indenture no. 1, dated as of October 23, 2015, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 1”), as further supplemented by supplemental indenture no. 2, dated as of March 24, 2016, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 2”), as further supplemented by supplemental indenture no. 3, dated as of April 11, 2016, among the Company, the Guarantors, the Trustee and Elavon Financial Services Limited, UK Branch, as paying agent (“Supplemental Indenture No. 3”), as further supplemented by supplemental indenture no. 4, dated as of January 6, 2017, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 4”), as further supplemented by supplemental indenture no. 5, dated as of January 31, 2018, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 5”), as further supplemented by supplemental indenture no. 6, dated as of October 17, 2018, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 6”), as further supplemented by supplemental indenture no. 7, dated as of January 16, 2019, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 7”), as further supplemented by supplemental indenture no. 8, dated as of January 18, 2019, among the Company, the Guarantors, the Trustee and Elavon Financial Services DAC, UK Branch, as paying agent (the “Elavon Paying Agent”) (“Supplemental Indenture No. 8”), as further supplemented by supplemental indenture no. 9, dated as of July 24, 2019, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 9”), as further supplemented by supplemental indenture no. 10, dated as of August 5, 2019, among the Company, the Guarantors, the Trustee and the Elavon Paying Agent (“Supplemental Indenture No. 10”), as further supplemented by supplemental indenture no. 11, dated as of April 7, 2020, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 11”), as further supplemented by supplemental indenture no. 12, dated as of April 29, 2021, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 12”), as further supplemented by supplemental indenture no. 13, dated as of May 4, 2021, among the Company, the Guarantors, the Trustee and the Elavon Paying Agent (“Supplemental Indenture No. 13”), as further supplemented by supplemental indenture no. 14, dated as of February 26, 2025, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 14”), as further supplemented by supplemental indenture no. 15, dated as of February 26, 2025, among the Company, the Guarantors and the Trustee (“Supplemental Indenture No. 15”), as further supplemented by supplemental indenture no. 16, dated as of February 26, 2025, among the Company, the Guarantors, the Trustee and U.S. Bank Europe DAC, UK Branch, as paying agent (the “US Bank Paying Agent”) (“Supplemental Indenture No. 16”) and as further supplemented by supplemental indenture no. 17, dated as of July 30, 2025, among the Company, the Guarantors, the Trustee, as transfer agent and registrar, and the US Bank Paying Agent (“Supplemental Indenture No. 17”) (the Base Indenture, Supplemental Indenture No. 1, Supplemental Indenture No. 2, Supplemental Indenture No. 3, Supplemental Indenture No. 4, Supplemental Indenture No. 5, Supplemental Indenture No. 6, Supplemental Indenture No. 7, Supplemental Indenture No. 8, Supplemental Indenture No. 9, Supplemental Indenture No. 10, Supplemental Indenture No. 11, Supplemental Indenture No. 12, Supplemental Indenture No. 13, Supplemental Indenture No. 14, Supplemental Indenture No. 15, Supplemental Indenture No. 16 and Supplemental Indenture No. 17 are collectively referred to herein as the “Indenture”), and are to be sold pursuant to the Underwriting Agreement dated July 23, 2025, among the Company, the subsidiary guarantors named therein and the several underwriters named in Schedule A thereto (the “Underwriting Agreement”) and will be subject to the Agency Agreement among the Company, the US Bank Paying Agent, U.S. Bank Trust Company, National Association, as registrar and transfer agent, and the Trustee.

I am the Vice President – Labor Relations & Employment Law and Assistant Secretary of FedEx Freight and have acted as counsel to FedEx Freight in connection with the issuance and delivery by FedEx Freight of its Guarantee of the Notes (the “FedEx Freight Guarantee”).

In connection with the opinions expressed below, I have examined, or caused to be examined by attorneys under my supervision, originals or copies, certified or otherwise identified to my satisfaction, of the Registration Statement, the Prospectus Supplement, the Indenture, the FedEx Freight Guarantee, the Underwriting Agreement, FedEx Freight’s articles of incorporation, as amended, and bylaws, as amended, and such agreements, documents, certificates and statements of government officials and other papers as I have deemed necessary or advisable as a basis for such opinions. In such examination, I have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as certified, conformed, photostatic, electronic or facsimile copies and the authenticity of the originals of such documents. In making our examination of executed documents and documents to be executed, I have assumed (i) that the parties thereto (other than FedEx Freight) had or will have the power, corporate or otherwise, and authority to enter into and perform all obligations thereunder, (ii) the due delivery by such parties of such documents and (iii) that such documents constitute or will constitute valid and binding obligations of such parties. As to any facts material to the opinions expressed herein, which I have not independently established or verified, I have relied upon statements and representations of officers and representatives of FedEx Freight.

Based upon the foregoing, it is my opinion that:

1.            FedEx Freight is a corporation validly existing and in good standing under the laws of the State of Arkansas.

2.            FedEx Freight has the corporate power to (a) enter into and perform its obligations under the Indenture and (b) create, enter into and perform its obligations under the FedEx Freight Guarantee.

3.            Each of the Indenture and the FedEx Freight Guarantee has been duly and validly authorized, executed and delivered by FedEx Freight.

I am qualified to practice law in the State of Arkansas, and the foregoing opinion is limited to the laws of the State of Arkansas.

Skadden, Arps, Slate, Meagher & Flom LLP, special counsel to the Company, may rely upon this opinion in rendering its opinion of even date herewith.

[The remainder of this page is intentionally left blank]

Sincerely,
By:		/s/ Christina R. Conrad
	Name:	Christina R. Conrad
	Title:	Vice President – Labor Relations & Employment Law and Assistant Secretary

[Signature Page to FedEx Freight, Inc. Exhibit 5.3 Opinion]