Item 1.01. Entry into a Material Definitive Agreement.

On January 9, 2009, FedEx Corporation's wholly owned subsidiary Federal Express Corporation ("FedEx Express") and The Boeing Company entered into Supplemental Agreement No. 4 (and related side letters) (the "Supplemental Agreement") to the Boeing 777 Freighter (B777F) Purchase Agreement dated as of November 7, 2006 between Boeing and FedEx Express.

In the original purchase agreement, FedEx Express agreed to purchase 15 B777F aircraft and obtained an option to purchase an additional 15 B777F aircraft. In the Supplemental Agreement, FedEx Express exercised this option and obtained another option to purchase an additional 15 B777F aircraft. Accordingly, FedEx Express has now agreed to purchase a total of 30 B777F aircraft and holds an option to purchase an additional 15 B777F aircraft.

The Supplemental Agreement also deferred the scheduled delivery of certain of the B777F aircraft. The agreement, as supplemented, now provides for delivery of four B777Fs in FedEx's fiscal year 2010, four in fiscal 2011, three in each subsequent fiscal year through fiscal 2018, and the remaining one in fiscal 2019.

As a result of the exercise of the option to purchase the additional 15 B777F aircraft and the rescheduled delivery dates, the net change to FedEx's expected capital expenditures is an increase of approximately $15 million in fiscal 2009 and of approximately $2.75 billion over the following 10 fiscal years.

A copy of the Supplemental Agreement will be filed as an exhibit to FedEx's quarterly report on Form 10-Q for the fiscal quarter ending February 28, 2009.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

August A. Busch IV has resigned from the Board of Directors of FedEx Corporation, effective January 12, 2009.

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