DEF 14A of Fedex Corp, Aug 18, 2025

DEF 14A of Fedex Corp

Filed Aug 18, 2025 · FY20250001104659-25-079800

Open on EDGAR

  1. Proxy Statement Summary

    Proxy Statement Summary This summary highlights information contained elsewhere in this proxy statement. This summary does not contain all of the information that you should consider, and you should read the entire proxy statement carefully before voting. Page references are supplied to help you find additional information in this proxy statement.

  2. Proxy Statement Summary

    | | Proposal 1 | | | Election of Directors |

  3. Proxy Statement Summary

    | | | | DIRECTOR SINCE | COMMITTEES | | | | OTHER PUBLIC DIRECTORSHIPS | | NOMINEE AND POSITION | | AGE | | AFC | CHRC | CyTOC | GSPPC | | | | SILVIA DAVILA Regional President, Latin America of Danone S.A. | 54 | 2023 | | | | | Betterware de México, S.A.P.I. de C.V. | | | MARVIN R. ELLISON Chairman of the Board, President, and Chief Executive Officer of Lowe’s Companies, Inc. | 60 | 2014 | | | | | Lowe’s Companies, Inc. | | | STEPHEN E. GORMAN Former Chief Executive Officer of Air Methods Corporation | 70 | 2022 | | | | | Peabody Energy Corporation | | | SUSAN PATRICIA GRIFFITH* President and Chief Executive Officer of The Progressive Corporation | 60 | 2018 | | | | | The Progressive Corporation | | | AMY B. LANE Former Managing Director and Group Leader, Global Retailing Investment Banking Group, Merrill Lynch & Co., Inc. | 72 | 2022 | | | | | NextEra Energy, Inc. and TJX Companies Inc. | | | R. BRAD MARTIN* Chairman of the Board Chairman of RBM Venture Company | 73 | 2011 | | | | | Westrock Coffee Company | | | NANCY A. NORTON Retired Vice Admiral, U.S. Navy | 60 | 2022 | | | | | Leidos Holdings, Inc. | | | FREDERICK P. PERPALL Chief Executive Officer of The Beck Group | 50 | 2021 | | | | | Starwood Property Trust, Inc. | | | JOSHUA COOPER RAMO Chairman and Chief Executive Officer, Sornay, LLC | 56 | 2011 | | | | | | | | SUSAN C. SCHWAB Professor Emerita at the University of Maryland School of Public Policy | 70 | 2009 | | | | | Caterpillar Inc. and Marriott International, Inc. | | | RICHARD W. SMITH Chief Operating Officer – International and Chief Executive Officer – Airline of Federal Express Corporation | 47 | — | | | | | | | | RAJESH SUBRAMANIAM President and Chief Executive Officer of FedEx Corporation | 59 | 2020 | | | | | The Procter & Gamble Company | | | PAUL S. WALSH Executive Chairman of the Board of McLaren Group Limited | 70 | 1996 | | | | | McDonald’s Corporation and UPL Ltd. |

  4. Proxy Statement Summary

    | AFC – Audit and Finance Committee | CyTOC – Cyber and Technology Oversight Committee | Member | Independent | | CHRC – Compensation and Human Resources Committee | GSPPC – Governance, Safety, and Public Policy Committee | Chair | | | * If reelected, immediately following the annual meeting Mr. Martin will become executive Chairman and Chairman of the Board and no longer be considered independent and Ms. Griffith will become Lead Independent Director. See pages 32-33 for additional information. | | | | | See page 36 for committee memberships immediately following the annual meeting if all of the director nominees are elected. | | | |

  5. Proxy Statement Summary

    | Your Board of Directors recommends that you vote “FOR” the election of each of the thirteen nominees. | See page 12 |

  6. Proxy Statement Summary

    | 6 | |

  7. Proxy Statement Summary – Director Nominee Highlights

    Proxy Statement Summary – Director Nominee Highlights

  8. Director Nominee Highlights*

    Director Nominee Highlights* Tenure, Age, Gender, and Background * Statistics assume all director nominees are elected at the annual meeting. If reelected, immediately following the annual meeting R. Brad Martin will become executive Chairman and Chairman of the Board and no longer be considered independent. ** As of August 18, 2025 Director Nominee Experience, Qualifications, Attributes, and Skills The Board believes that it is desirable that the following experience, qualifications, attributes, and skills be possessed by one or more of FedEx’s Board members because of their particular relevance to the company’s business and structure, and these were all considered by the Board in connection with this year’s director nomination process:

  9. Director Nominee Highlights*

    | Transportation/ Logistics/Supply Chain | International | Financial | Marketing | Retail/ E-commerce | | | | | | | | 5 Nominees | 8 Nominees | 6 Nominees | 7 Nominees | 7 Nominees | | Technological/Digital/ Cybersecurity | Energy | Human Resource Management | Government | Risk Management | | | | | | | | 4 Nominees | 4 Nominees | 2 Nominees | 5 Nominees | 7 Nominees | | Leadership | | | | | | | | | | | | 13 Nominees | | | | |

  10. Director Nominee Highlights*

    | 2025 Proxy Statement | 7 |

  11. Nominees for Election to the Board

    Nominees for Election to the Board Below you will find each Board nominee’s biography along with other pertinent information, including a selection of each nominee’s skills and qualifications. Following the biographies, we have included a chart that exhibits the collective experience, qualifications, attributes, and skills of our Board nominees.

  12. Nominees for Election to the Board

    | SILVIA DAVILA INDEPENDENT | | | | Age: 54 Director Since: 2023 Committees: Compensation and Human Resources Cyber and Technology Oversight Other Public Company Directorships: Betterware de México, S.A.P.I de C.V. | Ms. Davila currently serves as Regional President, Latin America of Danone S.A., a multinational food product company, a position she has held since 2021. She previously served as Senior Vice President, Essential Dairy and Plant Based Latin America of Danone from 2017 to 2021. Ms. Davila served as Vice President and Global Food Chief Marketing Officer of Mars, Inc. from 2014 to 2017. She served in a variety of marketing and brand roles at Mars, Inc., Procter & Gamble Company, and McDonald’s Corporation from 1989 to 2014. Ms. Davila previously served as a director of Fibra Monterrey. SKILLS AND QUALIFICATIONS | | | | | International Experience Responsible for leading operations in Mexico for all categories in the Latin American region for Danone. Held a variety of roles in Latin America and Europe at Danone, Mars, Procter & Gamble, and McDonalds. Serves as Global Vice President of the International Women’s Forum. | | | | Marketing Extensive marketing and brand experience in the retail and e-commerce sectors gained from roles at leading consumer companies. Previously served as professor of Strategic Marketing Planning at the Monterrey Institute of Technology. | | | | Technology/Digital/Cybersecurity Significant experience in digital transformation in current and prior roles. |

  13. Nominees for Election to the Board

    | MARVIN R. ELLISON INDEPENDENT | | | | Age: 60 Director Since: 2014 Committees: Audit and Finance Governance, Safety, and Public Policy Other Public Company Directorships: Lowe’s Companies, Inc. | Mr. Ellison serves as Chairman of the Board, President, and Chief Executive Officer of Lowe’s Companies, Inc., a home improvement retailer, serving as Chairman since June 2021 and President and Chief Executive Officer since July 2018. Mr. Ellison served as Chairman of J. C. Penney Company, Inc., an apparel and home furnishings retailer, from August 2016 until May 2018, and Chief Executive Officer from August 2015 through May 2018 (J. C. Penney filed for reorganization in federal bankruptcy court on May 15, 2020). He served as President and CEO-Designee of J. C. Penney from November 2014 through July 2015. From August 2008 through October 2014, Mr. Ellison served as Executive Vice President — U.S. Stores of The Home Depot, Inc., a home improvement specialty retailer. From June 2002 to August 2008, he served in a variety of operational roles at The Home Depot, including as President — Northern Division and as Senior Vice President — Global Logistics. Prior to joining The Home Depot, Mr. Ellison spent 15 years at Target Corporation in a variety of operational roles. He is a former director of J. C. Penney Company, Inc. and H&R Block, Inc. SKILLS AND QUALIFICATIONS | | | | | Financial Has overseen complex accounting and financial matters as CEO of two public companies. An audit committee financial expert, as determined by the Board. | | | | Marketing; Retail/E-Commerce Marketing expert with significant retail and e-commerce expertise through his executive experience at Lowe’s, The Home Depot, and J. C. Penney. | | | | Leadership Significant executive leadership experience gained from executive positions held at Lowe’s, J. C. Penney, and The Home Depot. | | | | Transportation/Logistics/Supply Chain Management Served in a variety of logistics roles during his career, including as Senior Vice President — Global Logistics at The Home Depot. |

  14. Nominees for Election to the Board

    | 2025 Proxy Statement | 15 |

  15. Nominees for Election to the Board

    | STEPHEN E. GORMAN INDEPENDENT | | | | Age: 70 Director Since: 2022 Committees: Cyber and Technology Oversight Governance, Safety, and Public Policy Other Public Company Directorships: Peabody Energy Corporation | Mr. Gorman is the former Chief Executive Officer of Air Methods Corporation, a leading domestic provider in the air medical market, a position he held from August 2018 until his retirement in January 2020. Prior to that, he served as the President and Chief Executive Officer of Borden Dairy Company, a fresh milk and value-added dairy processor and distributor, from 2014 until July 2017. Prior to joining Borden Dairy, he served as Executive Vice President and Chief Operating Officer of Delta Air Lines, Inc. from 2008 to 2014 and Executive Vice President — Operations of Delta Airlines from 2007 to 2008. Prior to that, Mr. Gorman served as the President and Chief Executive Officer of Greyhound Lines, Inc. from 2003 to 2007; the Executive Vice President, Operations Support and President, North America for Krispy Kreme Doughnuts, Inc. from 2001 to 2003; and Executive Vice President — Flight Operations & Technical Operations for Northwest Airlines Corp. in 2001. He previously served as a director of Greyhound Lines, Inc., Rohn Industries, Inc., Timco Aviation Services, Inc., Pinnacle Airlines Corporation, and ArcBest Corporation. SKILLS AND QUALIFICATIONS | | | | | Transportation/Logistics/Supply Chain Management Extensive experience in the transportation industry as CEO and COO of public companies in the aviation and transportation industries. | | | | Financial As a public company CEO, had oversight of financial statements and strategic financial decisions, and led mergers and acquisitions and strategic restructuring activities. | | | | Risk Management Extensive risk management expertise as CEO and COO of public companies in the aviation and transportation industries. | | | | International Has extensive experience as an executive officer of large companies with global operations. | | | | Leadership Extensive leadership in CEO and other executive officer leadership positions for several large public and private corporations and experience as a public company director, including service as Lead Independent Director (ArcBest Corporation). |

  16. Nominees for Election to the Board

    | 16 | |

  17. Nominees for Election to the Board

    | SUSAN PATRICIA GRIFFITH INDEPENDENT | | | | Age: 60 Director Since: 2018 Committees: Compensation and Human Resources Governance, Safety, and Public Policy Other Public Company Directorships: The Progressive Corporation | Ms. Griffith currently serves as President and Chief Executive Officer of The Progressive Corporation, a leading property and casualty insurance company, positions she has held since July 2016. Prior to being named President and Chief Executive Officer, Ms. Griffith served as Progressive’s Personal Lines Chief Operating Officer from April 2015 through June 2016 and Vice President from May 2015 through June 2016. She joined Progressive as a claims representative in 1988 and has served in many key leadership positions during her tenure. Ms. Griffith held several managerial positions in the Claims division before being named Chief Human Resources Officer in 2002. In 2008, she returned to the Claims division as the group president, and prior to being named Personal Lines Chief Operating Officer, she was President of Customer Operations from April 2014 to March 2015. Ms. Griffith was named one of FORTUNE magazine’s “Most Powerful Women in Business” in 2016 and 2017. She is a former director of The Children’s Place, Inc. SKILLS AND QUALIFICATIONS | | | | | Marketing; Retail/E-Commerce Extensive executive and managerial experience in an industry that emphasizes distinctive advertising and marketing campaigns. | | | | Leadership Has held a series of executive leadership positions at The Progressive Corporation, including her role as President and CEO. | | | | Technological/Digital/Cybersecurity Executive and managerial experience at a company that relies heavily on its ability to adapt to change, innovate, develop, and implement new applications and other technologies. | | | | Risk Management; Human Resource Management Extensive risk management expertise as President and CEO at The Progressive Corporation; has held several other managerial positions, including Chief Human Resources Officer, at The Progressive Corporation. |

  18. Nominees for Election to the Board

    | AMY B. LANE INDEPENDENT | | | | Age: 72 Director Since: 2022 Committees: Audit and Finance Compensation and Human Resources Other Public Company Directorships: NextEra Energy, Inc. and TJX Companies Inc. | Ms. Lane is the former Managing Director and Group Leader of the Global Retailing Investment Banking Group at Merrill Lynch & Co., Inc., an investment banking firm, a position she held from 1997 until her retirement in 2002. Ms. Lane previously served as Managing Director at Salomon Brothers, Inc., an investment banking firm, where she founded and led the retail industry investment banking unit, having joined Salomon Brothers in 1989. Ms. Lane also previously served as a director of GNC Holdings, Inc. and as a member of the Board of Trustees of Urban Edge Properties. SKILLS AND QUALIFICATIONS | | | | | Financial Earned an MBA in Finance from The Wharton School, University of Pennsylvania. Has numerous years of experience in financial services, capital markets, finance, and accounting, and public company audit and finance committee experience, including as a chair. | | | | Retail/E-Commerce Founded and led the retail industry investment banking units at Salomon Brothers and Merrill Lynch and is a member of the Board of TJX Companies Inc., a leading global off-price retailer. | | | | Energy Member of the Board of NextEra Energy, Inc., a leading clean energy company. | | | | Leadership Significant executive leadership, management, and strategy expertise as the former leader of two investment banking practices covering the global retailing industry and service as a director on numerous public company boards. |

  19. Nominees for Election to the Board

    | 2025 Proxy Statement | 17 |

  20. Nominees for Election to the Board

    | R. BRAD MARTIN INDEPENDENT* — CHAIRMAN OF THE BOARD | | | | Age: 73 Director Since: 2011 Committees: Audit and Finance (Chair) Other Public Company Directorships: Westrock Coffee Company * If reelected, immediately following the annual meeting Mr. Martin will become executive Chairman and Chairman of the Board and no longer be considered independent. | Mr. Martin is Chairman of RBM Venture Company, a private investment company, a position he has held since 2007. He previously served as Chairman and Chief Executive Officer of Riverview Acquisition Corp., an investment company, from April 2021 until its merger with Westrock Coffee Company in August 2022. Mr. Martin was formerly the Chairman of the Board of Chesapeake Energy Corporation, a producer of oil, natural gas, and natural gas liquids, a position he held from October 2015 to February 2021. He was Chairman and Chief Executive Officer of Saks Incorporated from 1989 to 2006 and remained Chairman until his retirement in 2007. He is the former Interim President of the University of Memphis, a position he held from July 2013 until May 2014. He was previously a director of Chesapeake Energy Corporation, First Horizon National Corporation, Caesars Entertainment Corporation, Dillard’s, Inc., Gaylord Entertainment Company, lululemon athletica inc., Ruby Tuesday, Inc., and Riverview Acquisition Corp. Additionally, he has agreed to serve as Chairman of the Board of the new publicly traded company to be created upon the planned spin-off of FedEx Freight. SKILLS AND QUALIFICATIONS | | | | | Financial; Risk Management Earned an MBA from Vanderbilt University. As a former CEO of a public company, he actively supervised the CFO, and has significant public company audit committee experience, including as a chair. An audit committee financial expert, as determined by the Board. Former chair of the First Horizon National Corporation Executive and Risk Committee. | | | | Marketing; Retail/E-Commerce Gained valuable retail marketing experience and successfully applied his marketing expertise as the former CEO of Saks, a leading department store retailer. | | | | Energy; Transportation/Logistics/Supply Chain Management Former member of the board of Pilot Travel Centers LLC and former Chairman of the Board of Chesapeake Energy Corporation. | | | | Government Former Tennessee state representative. |

  21. Nominees for Election to the Board

    | 18 | |

  22. Nominees for Election to the Board

    | NANCY A. NORTON INDEPENDENT | | | | Age: 60 Director Since: 2022 Committees: Cyber and Technology Oversight (Chair) Other Public Company Directorships: Leidos Holdings, Inc. | Vice Admiral Norton is the retired Director of the Defense Information Systems Agency (DISA), a U.S. Department of Defense combat support agency, and commander, Joint Force Headquarters Department of Defense Information Network, positions she held from February 2018 through February 2021 after serving as Vice Director of DISA from August 2017 through February 2018. Vice Admiral Norton served over 34 years of active duty service as an officer in the U.S. Navy. She served as the director, Command, Control, Communications and Cyber Directorate, U.S. Pacific Command; director of Warfare Integration for Information Warfare; and held commands and posts in multiple international locations. She is the recipient of numerous personal and campaign awards, including the National Security Agency’s Frank B. Rowlett Award for individual achievement in information security. SKILLS AND QUALIFICATIONS | | | | | Technological/Digital/Cybersecurity Served as Director of DISA, where her focus was providing information and cyber security tools and support for the U.S. Department of Defense; held numerous other communications and information security senior leadership positions while serving in the U.S. Navy. | | | | Human Resource Management Led global teams as a Vice Admiral in the U.S. Navy and Director of DISA. | | | | International Has extensive experience conducting technology and cyberspace operations as a U.S. Naval officer, including numerous international leadership positions. | | | | Government; Leadership Served for 34 years as an officer in the U.S. Navy; provided leadership and oversight of global team at DISA. |

  23. Nominees for Election to the Board

    | FREDERICK P. PERPALL INDEPENDENT | | | | Age: 50 Director Since: 2021 Committees: Audit and Finance Governance, Safety, and Public Policy Other Public Company Directorships: Starwood Property Trust, Inc. | Mr. Perpall currently serves as Chief Executive Officer of The Beck Group, one of the world’s largest integrated design-build firms, a position he has held since 2013. Mr. Perpall leads the firm’s domestic and international design, planning, and construction business. He also serves on the Board of Councilors for The Carter Center and is President of the United States Golf Association Executive Committee. Mr. Perpall has a bachelor’s and master’s degree from the University of Texas at Arlington and is a member of the American Institute of Architects College of Fellows, an alumnus of Harvard Business School’s Advanced Management Program, and a former Americas Fellow at The Baker Institute at Rice University. He previously served as a director of Triumph Bancorp, Inc. SKILLS AND QUALIFICATIONS | | | | | Risk Management Has extensive experience in an industry where oversight and management of risks related to safety and compliance are mission-critical functions. | | | | Financial Alumnus of Harvard Business School’s Advanced Management Program; public company audit and investment committee member. | | | | Leadership Twelve years of service as Chief Executive Officer of The Beck Group. |

  24. Nominees for Election to the Board

    | 2025 Proxy Statement | 19 |

  25. Nominees for Election to the Board

    | JOSHUA COOPER RAMO INDEPENDENT | | | | Age: 56 Director Since: 2011 Committees: Audit and Finance Cyber and Technology Oversight Other Public Company Directorships: None | Mr. Ramo is Chairman and Chief Executive Officer of Sornay, LLC, a strategic advisory firm, a position he has held since January 2021. He previously served as Vice Chairman, Co-Chief Executive Officer, of Kissinger Associates, Inc., a strategic advisory firm, from 2011 through 2020 (he was Vice Chairman since 2011 and Co-Chief Executive Officer since 2015). He served as Managing Director of Kissinger Associates from 2006 to 2011. Prior to joining Kissinger Associates, he was Managing Partner of JL Thornton & Co., LLC, a consulting firm. Before that, he worked as a journalist and served as Senior Editor, Foreign Editor, and then Assistant Managing Editor of TIME Magazine from 1995 to 2003. He is a former director of Starbucks Corporation. SKILLS AND QUALIFICATIONS | | | | | International Has been a term member of the Council on Foreign Relations, Asia 21 Leaders Program, World Economic Forum’s Young Global Leaders, and Global Leaders of Tomorrow. He co-founded the U.S.-China Young Leaders Forum in conjunction with the National Committee on U.S.-China Relations. | | | | Leadership Chairman and Chief Executive Officer, Sornay, LLC; former Vice Chairman, Co-Chief Executive Officer, of Kissinger Associates. |

  26. Nominees for Election to the Board

    | SUSAN C. SCHWAB INDEPENDENT | | | | Age: 70 Director Since: 2009 Committees: Compensation and Human Resources Cyber and Technology Oversight Other Public Company Directorships: Caterpillar Inc. and Marriott International, Inc. | Ambassador Schwab is currently Professor Emerita at the University of Maryland School of Public Policy, a position she has held since June 2020. Prior to being named Professor Emerita, Ambassador Schwab was a Professor from January 2009 to May 2020. She has also served as a strategic advisor to Mayer Brown LLP, a law firm, since March 2010. She served as U.S. Trade Representative from 2006 to January 2009 and as Deputy U.S. Trade Representative from 2005 to 2006. She was Vice Chancellor of the University System of Maryland and President and Chief Executive Officer of the University System of Maryland Foundation from 2004 to 2005. Ambassador Schwab was Dean of the University of Maryland School of Public Policy from 1995 to 2003. She was Director of Corporate Business Development of Motorola, Inc., an electronics manufacturer, from 1993 to 1995. She was Assistant Secretary of Commerce for the U.S. and Foreign Commercial Service from 1989 to 1993. Ambassador Schwab also serves as Board Chair of the National Foreign Trade Council. She is a former director of The Boeing Company. SKILLS AND QUALIFICATIONS | | | | | International; Government Board Chair of the National Foreign Trade Council, former U.S. Trade Representative and former Director — General of the U.S. and Foreign Commercial Service (Assistant Secretary of Commerce), the export promotion arm of the U.S. government. | | | | Leadership Former U.S. Trade Representative, former Director — General of the U.S. and Foreign Commercial Service (Assistant Secretary of Commerce), former President and Chief Executive Officer of the University System of Maryland Foundation, and former Dean of the University of Maryland School of Public Policy. |

  27. Nominees for Election to the Board

    | 20 | |

  28. Nominees for Election to the Board

    | RICHARD W. SMITH | | | | Age: 47 Director Since: — Committees: None Other Public Company Directorships: None | Mr. Smith serves as Chief Operating Officer — International and Chief Executive Officer — Airline of Federal Express, the world’s largest express transportation company, a position he has held since June 1, 2024. Mr. Smith has held a number of other leadership positions during his 20-year career at FedEx, including President and Chief Executive Officer — Airline and International of Federal Express from April 2023 to May 2024; President and Chief Executive Officer of Federal Express from September 2022 to April 2023; President and Chief Executive Officer-Elect of Federal Express from April 2022 to August 2022; Regional President, The Americas and Executive Vice President, Global Support of Federal Express from 2020 to March 2022; Regional President, U.S. and Executive Vice President, Global Support of Federal Express from 2019 to 2020; and President and Chief Executive Officer of FedEx Logistics from July 2017 to 2019. SKILLS AND QUALIFICATIONS | | | | | Transportation/Logistics/Supply Chain Management; Leadership In addition to serving as President and Chief Executive Officer of both Federal Express and FedEx Logistics, his FedEx career includes a series of leadership positions in life sciences/ healthcare, network planning, and customer solutions. Has helped launch or lead several significant transformation initiatives, including the redesign of the Federal Express international air network through Tricolor. Serves on the board of governors for the International Air Transport Association and the board of directors of Airlines For America. | | | | Energy Led efforts to begin the transformation to an all-electric vehicle fleet at FedEx and enhance the sustainability of the airline in support of the company’s goal of carbon-neutral global operations by 2040. | | | | Government Oversaw FedEx’s responsibilities as part of the U.S. government’s COVID-19 response task force and the successful distribution of roughly half of all COVID-19 vaccines in the United States. | | | | Risk Management Serves as the FedEx accountable executive in accordance with Federal Aviation Administration Safety Management System requirements, holding ultimate responsibility for the safety performance of operations conducted pursuant to the company’s air carrier certificate. |

  29. Nominees for Election to the Board

    | 2025 Proxy Statement | 21 |

  30. Nominees for Election to the Board

    | RAJESH SUBRAMANIAM | | | | Age: 59 Director Since: 2020 Committees: None Other Public Company Directorships: The Procter & Gamble Company | Mr. Subramaniam serves as President and Chief Executive Officer of FedEx Corporation, a position he has held since June 2022. During his more than 30-year tenure with FedEx, Mr. Subramaniam has served in a multitude of leadership roles, including President and Chief Executive Officer-Elect of FedEx Corporation from March 2022 to May 2022, President and Chief Operating Officer of FedEx Corporation from March 2019 to March 2022, President and Chief Executive Officer of Federal Express, the world’s largest express transportation company, from January 2019 to March 2019, and Executive Vice President and Chief Marketing and Communications Officer of FedEx Corporation from January 2017 to December 2018. He served as Executive Vice President of Marketing and Communications at FedEx Services from 2013 to January 2017. He is a former director of First Horizon National Corporation. SKILLS AND QUALIFICATIONS | | | | | Transportation/Logistics/Supply Chain Management Over 30 years of experience across the FedEx enterprise in a number of operational leadership roles. Initiated and leads the company’s ongoing transformation initiatives, including Network 2.0 and one FedEx. | | | | International; Leadership Has held leadership roles at FedEx in the Asia-Pacific region and Canada. Serves as Chair of the U.S.-China Business Council and on the U.S.-India Strategic Partnership Forum, U.S.-India CEO Forum, and board of directors of the Business Roundtable. | | | | Marketing; Retail/E-Commerce Oversaw all aspects of FedEx’s global marketing and communications, including advertising, brand and reputation, product and business development, e-commerce, revenue and forecasting planning, retail marketing, and digital access. | | | | Technological/Digital/Cybersecurity Responsible for several landmark developments at FedEx, including the continuing digital transformation of the company, and has had an instrumental role in technology advancements to profitably grow the e-commerce business. |

  31. Nominees for Election to the Board

    | 22 | |

  32. Nominees for Election to the Board

    | PAUL S. WALSH INDEPENDENT | | | | Age: 70 Director Since: 1996 Committees: Compensation and Human Resources (Chair) Other Public Company Directorships: McDonald’s Corporation and UPL Ltd. | Mr. Walsh is Executive Chairman of the Board of McLaren Group Limited, a luxury automotive, motorsport, and technology company, a position he has held since January 2020. He also currently serves as an advisor for L.E.K. Consulting, a global strategy consulting firm, and TPG Capital LLP, a private investment firm. Mr. Walsh formerly served as Operating Partner at Bespoke Capital Partners LLC, an investment company, and Executive Chairman of Bespoke Capital Acquisition Corp., in each case from August 2016 until June 2021, and he served as Chairman of the Board of Compass Group PLC, a food service and support services company, from February 2014 to December 2020. Mr. Walsh served as Chief Executive Officer of Diageo plc, a beverage company, from 2000 to June 2013 and then served as an advisor to the company from July 2013 through 2014. Mr. Walsh also is an advisor of Chime Communications Limited.. Mr. Walsh was Chairman, President, and Chief Executive Officer of The Pillsbury Company, a wholly owned subsidiary of Diageo plc, from 1996 to 2000, and Chief Executive Officer of The Pillsbury Company from 1992 to 1996. He was previously a director of Avanti Communications Group PLC, Centrica plc, Compass Group PLC, Diageo plc, HSBC Holdings plc, Ontex Group NV, Pace Holdings Corp., RM2 International S.A., TPG Pace Holdings Corp., Unilever PLC, Bespoke Capital Acquisition Corp., and Vintage Wine Estates, Inc. SKILLS AND QUALIFICATIONS | | | | | International Former CEO of a U.K.−based, large multinational corporation. | | | | Financial Has held executive finance positions, including CFO of a major division, at a U.K.−based public company. | | | | Marketing; Retail/E-Commerce Led a company that owes much of its growth and success to highly effective marketing of its brands. His consumer-centric experience brings a vital and unique perspective to the Board. | | | | Government Has held executive positions at companies where government interface is crucial. |

  33. Nominees for Election to the Board

    | 2025 Proxy Statement | 23 |

  34. Summary of Director Nominee Experience, Qualifications, Attributes, and Skills

    Summary of Director Nominee Experience, Qualifications, Attributes, and Skills Our director nominees bring to the FedEx Board the experience, qualifications, attributes, and skills depicted in the following matrix. The matrix is intended as a high-level summary and not an exhaustive list. It is intended to highlight notable areas of focus for each nominee, and not having a mark does not mean that a particular nominee does not possess that experience, qualification, attribute, or skill.

  35. Summary of Director Nominee Experience, Qualifications, Attributes, and Skills

    | | | DAVILA | ELLISON | GORMAN | GRIFFITH | LANE | MARTIN | NORTON | PERPALL | RAMO | SCHWAB | SMITH | SUBRAMANIAM | WALSH | | | Transportation/Logistics/Supply Chain Management Experience is a positive attribute as it greatly increases a director’s understanding of our business operations and its management. | | | | | | | | | | | | | | | | International Experience is beneficial given our operations in over 220 countries and territories. | | | | | | | | | | | | | | | | Financial Expertise is important given our use of financial targets as measures of success and the importance of accurate financial reporting and robust internal auditing and controls. | | | | | | | | | | | | | | | | Marketing Expertise is valuable because we emphasize promoting and protecting the FedEx brand, one of our most important assets. | | | | | | | | | | | | | | | | Retail/E-Commerce Expertise is significant because we are strategically focused on the opportunity presented by this massive and fast-growing market. | | | | | | | | | | | | | | | | Technological/Digital/Cybersecurity Expertise is beneficial because attracting and retaining customers and competing effectively depend in part upon the sophistication, security, and reliability of our technology. | | | | | | | | | | | | | | | | Energy Expertise is important as we are committed to protecting the environment and have initiatives under way to reduce our energy use and minimize our environmental impact. | | | | | | | | | | | | | | | | Human Resource Management Expertise is important because our success depends on the talent, dedication, and well-being of our people — our greatest asset. | | | | | | | | | | | | | | | | Government Experience is useful in our highly regulated industry as we work constructively with governments around the world. | | | | | | | | | | | | | | | | Risk Management Expertise is important as we work to identify and manage risks to our business and operations in a complex global environment. | | | | | | | | | | | | | | | | Leadership Experience is critical because we want directors with the experience and confidence to capably advise our senior management team on a wide range of issues. | | | | | | | | | | | | | |

  36. Summary of Director Nominee Experience, Qualifications, Attributes, and Skills

    Audit Committee Financial Expert The Board of Directors has determined that Marvin R. Ellison and R. Brad Martin are audit committee financial experts as that term is defined in SEC rules.

  37. Summary of Director Nominee Experience, Qualifications, Attributes, and Skills

    | 24 | |

  38. Summary of Director Nominee Experience, Qualifications, Attributes, and Skills

    Director Independence The Board of Directors has determined that each member of the Audit and Finance, Compensation and Human Resources, and GSPP Committees is independent. With the exception of Rajesh Subramaniam and Richard W. Smith, each of the Board’s current members and director nominees (Silvia Davila, Marvin R. Ellison, Stephen E. Gorman, Susan Patricia Griffith, Amy B. Lane, R. Brad Martin, Nancy A. Norton, Frederick P. Perpall, Joshua Cooper Ramo, Susan C. Schwab, and Paul S. Walsh) is independent and meets the applicable independence requirements of the New York Stock Exchange (including the additional New York Stock Exchange and SEC requirements for Audit and Finance Committee and Compensation and Human Resources Committee members, as applicable, with respect to current committee members) and the Board’s more stringent standards for determining director independence. David P. Steiner served as a director for a portion of fiscal 2025 and resigned from the Board on May 9, 2025 following his appointment as United States Postmaster General. Mr. Steiner was independent during the time he served. Mr. Subramaniam is FedEx’s President and Chief Executive Officer and Mr. R.W. Smith is Federal Express’s Chief Operating Officer — International and Chief Executive Officer — Airline. Additionally, Frederick W. Smith, FedEx’s founder who served as Executive Chairman and Chairman of the Board until June 21, 2025, was not independent. If reelected, immediately following the annual meeting Mr. Martin will become executive Chairman and Chairman of the Board and will no longer be considered independent. See “— Board Structure — Board Leadership Structure” for more information. Under the Board’s standards of director independence, which are included in FedEx’s Corporate Governance Guidelines, available under the Governance heading on the Investor Relations page of our website at investors.fedex.com, a director will be considered independent only if the Board affirmatively determines that the director has no direct or indirect material relationship with FedEx, other than as a director. The standards set forth certain categories or types of transactions, relationships, or arrangements with FedEx, as follows, each of which (i) is deemed not to be a material relationship with FedEx, and thus (ii) will not, by itself, prevent a director from being considered independent: Prior Employment of Director. The director was employed by FedEx or was personally working on FedEx’s audit as an employee or partner of FedEx’s independent auditor, and over five years have passed since such employment, partner, or auditing relationship ended. Prior Employment of Immediate Family Member. An immediate family member was an officer of FedEx or was personally working on FedEx’s audit as an employee or partner of FedEx’s independent auditor, and over five years have passed since such employment, partner, or auditing relationship ended. Current Employment of Immediate Family Member. An immediate family member is employed by FedEx in a non-officer position, or by FedEx’s independent auditor not as a partner and not personally working on FedEx’s audit. Interlocking Directorships. An executive officer of FedEx served on the board of directors of a company that employed the director or employed an immediate family member as an executive officer, and over five years have passed since either such relationship ended. Transactions and Business Relationships. The director or an immediate family member is a partner, greater than 10% shareholder, director, or officer of a company that makes or has made payments to, or receives or has received payments (other than contributions, if the company is a tax-exempt organization) from, FedEx for property or services, and the amount of such payments has not within any of such other company’s three most recently completed fiscal years exceeded one percent (or $1 million, whichever is greater) of such other company’s consolidated gross revenue for such year. Indebtedness. The director or an immediate family member is a partner, greater than 10% shareholder, director, or officer of a company that is indebted to FedEx or to which FedEx is indebted, and the aggregate amount of such debt is less than one percent (or $1 million, whichever is greater) of the total consolidated assets of the indebted company. Charitable Contributions. The director is a trustee, fiduciary, director, or officer of a tax-exempt organization to which FedEx contributes, and the contributions to such organization by FedEx have not within any of such organization’s three most recently completed fiscal years exceeded one percent (or $250,000, whichever is greater) of such organization’s consolidated gross revenue for such year. In determining each director’s independence, the Board broadly considered all relevant facts and circumstances, including the following immaterial transactions, relationships, and arrangements: Mr. Ellison and Robert B. Carter (who served as FedEx’s Executive Vice President, FedEx Information Services, and Chief Information Officer until June 30, 2024) serve on the Board of Trustees of the University of Memphis, a non-profit entity to which FedEx makes payments and charitable contributions. The payments and charitable contributions made by FedEx to the University of Memphis in its fiscal 2025 represented 1.1% of the University’s consolidated gross revenue for the year. The payments and charitable contributions made by FedEx to the University of Memphis in its fiscal 2024 represented 1.9% of the University’s consolidated gross revenue for the year, and payments and charitable contributions made by FedEx to the University of Memphis in its fiscal 2023 represented 2.8% of the University’s consolidated gross revenue for the year. The Board determined that Mr. Ellison is an independent director under the Board’s independence standards as he does not have

  39. Summary of Director Nominee Experience, Qualifications, Attributes, and Skills

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  40. Summary of Director Nominee Experience, Qualifications, Attributes, and Skills

    a direct or indirect material relationship with either FedEx or the University of Memphis, other than as a director or trustee, and does not derive any financial or other personal benefit from these transactions. FedEx has an ordinary course business relationship with Lowe’s Companies, Inc., an entity for which Mr. Ellison has served as Chairman of the Board since June 2021 and President and Chief Executive Officer and as a director since July 2018. The amount of the payments made by FedEx to Lowe’s (and vice versa) within any of its three most recently completed fiscal years has not exceeded one percent (or $1 million, whichever is greater) of its consolidated gross revenue for such year. FedEx has an ordinary course business relationship with The Progressive Corporation, an entity for which Ms. Griffith has served as President and Chief Executive Officer and as a director since July 2016. The amount of the payments made by FedEx to Progressive (and vice versa) within any of its three most recently completed fiscal years has not exceeded one percent (or $1 million, whichever is greater) of its consolidated gross revenue for such year. FedEx has an ordinary course business relationship with McLaren Group Limited, an entity for which Mr. Walsh has served as Executive Chairman of the Board since January 2020. The amount of the payments made by McLaren to FedEx within any of its three most recently completed fiscal years has not exceeded one percent (or $1 million, whichever is greater) of its consolidated gross revenue for such year. Related Person Transactions In accordance with the company’s Policy on Review and Preapproval of Related Person Transactions, which is described in more detail below in “— Board Processes and Policies — Policy on Review and Preapproval of Related Person Transactions,” the GSPP Committee has reviewed and approved the following new and existing related person transactions and determined that they remain in the best interests of FedEx and our stockholders: Mr. Subramaniam’s brother is employed by Federal Express as a manager of information technology. The sister of Richard W. Smith, Chief Operating Officer — International and Chief Executive Officer — Airline of Federal Express and nominee for election as a director, is employed by FedEx as a staff director of global public policy. In June 2024, Frederick W. Smith, our former Executive Chairman and Chairman of the Board, purchased a Challenger 650 aircraft (“Aircraft”) through a wholly owned limited liability company (“Aircraft Owner”) for personal use. Following approval by the GSPP Committee and independent members of the Board in July 2024, FedEx entered into the following agreements, effective August 1, 2024, relating to the Aircraft: (1) a dry lease with the Aircraft Owner (“Dry Lease”), which obligated FedEx to arrange for protection and maintenance of the Aircraft and permitted FedEx to use the Aircraft for FedEx business purposes; and (2) a flight support and flight crew services agreement with Mr. Smith (“Support Agreement” and, together with the Dry Lease, the “Aircraft Agreements”) covering expenses related to Mr. Smith’s personal use of the Aircraft. Under the Dry Lease, the Aircraft Owner paid FedEx for actual expenses incurred by FedEx to protect and maintain the Aircraft and a monthly fee for services performed by FedEx personnel. If FedEx uses the Aircraft for FedEx business, FedEx is required to pay an hourly rental rate to the Aircraft Owner, based on operating costs of the Aircraft and the fair market dry lease rate for similar aircraft. Under the Support Agreement, FedEx provided operational support of the Aircraft, and Mr. Smith paid FedEx for operating expenses, flight crew expense, services provided by FedEx personnel, and trip planning services. The financial terms of the Aircraft Agreements were determined on an arms-length basis based upon an analysis of market rates for flight crews and charter flights for comparable aircraft and FedEx’s operating costs. For services provided in fiscal 2025, the Aircraft Owner paid FedEx $1,264,829 pursuant to the Dry Lease and Mr. Smith paid FedEx $1,630,984 pursuant to the Support Agreement. FedEx did not use the Aircraft for FedEx business and did not make any payments to the Aircraft Owner pursuant to the Dry Lease during fiscal 2025. Following Mr. Smith’s unexpected passing, in July 2025 FedEx entered into a new dry lease with the Aircraft Owner (the “New Dry Lease”) and a new a flight support and flight crew services agreement with Stacey D. Smith, the mother of Richard W. Smith and member of the Aircraft Owner (the “New Support Agreement” and, together with the New Dry Lease, the “New Aircraft Agreements”), to allow Mr. Smith’s family to continue to use the Aircraft. The substantive terms of the New Aircraft Agreements are identical to those in the Aircraft Agreements. The GSPP Committee approved the New Aircraft Agreements. Pursuant to FedEx’s executive security procedures (which are consistent with recommendations of an independent outside security consultant and reviewed annually by the Compensation and Human Resources Committee), FedEx provided Mr. Smith with security services and equipment, including home security systems and residential security patrols and provided personal security services. FedEx will continue to provide security services and equipment for the primary residence of Stacey D. Smith through December 31, 2025 to allow time for the family to assess and obtain substitute security services provided by a third party. Mr. Smith’s estate will fully reimburse FedEx for the cost of such security services. The GSPP Committee approved the continuation of these security services. Additionally, the following related person transactions took place during fiscal 2025: FedEx’s policy on personal use of corporate aircraft requires officers to pay FedEx two times the cost of fuel, plus applicable passenger ticket taxes and fees, for personal trips. Pursuant to this requirement, Mr. Smith paid FedEx $734,939 during fiscal 2025 in connection with certain personal use of corporate aircraft.

  41. Summary of Director Nominee Experience, Qualifications, Attributes, and Skills

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  42. Summary of Director Nominee Experience, Qualifications, Attributes, and Skills

    Richard W. Smith, Mr. Smith’s oldest son, was employed by Federal Express as its Chief Operating Officer — International and Chief Executive Officer — Airline. The compensation of Mr. R.W. Smith for fiscal 2025 (including any incentive compensation amounts and the Black-Scholes value of any stock option award) was $4,594,665. Mr. Smith’s daughter was employed by FedEx as a staff director of global public policy; Mr. Smith’s brother-in-law was employed by Federal Express as a lead global vehicle technician; and the son-in-law of Mark R. Allen, who served as FedEx’s Executive Vice President, General Counsel and Secretary until September 23, 2024, was employed by FedEx as a managing director in the legal department. The total annual compensation of each of Mr. Subramaniam’s brother, Mr. Smith’s daughter/ R.W. Smith’s sister, Mr. Smith’s brother-in-law, and Mr. Allen’s son-in-law for fiscal 2025 (including any incentive compensation and the Black-Scholes value of any stock option award) did not, individually, exceed $388,000. In fiscal 2017, following the Board’s approval, FedEx entered into a two-year software services agreement with LiveSafe, Inc., a leading mobile risk intelligence solution for safety and security incident prevention, response, and communication. Mr. Smith was a former member of the board of directors of LiveSafe, and an affiliated entity of Mr. Smith invested $7.25 million in LiveSafe’s Series B financings. Mr. Smith’s youngest son was an employee and partial owner of LiveSafe. Under the terms of the agreement, FedEx paid LiveSafe $300,000 per year, in addition to an initial set-up fee of approximately $20,000. In July 2018, following the Board’s approval, FedEx and LiveSafe agreed to amend and extend the agreement through July 2021. Pursuant to the amendment, the number of licensed FedEx users of the LiveSafe application increased, and FedEx paid total license fees of approximately $4.4 million over the three-year term of the agreement. In October 2020, Vector Solutions, an unrelated third party and provider of software solutions for learning, operational readiness, workforce management, and risk reduction, acquired LiveSafe. Following the sale of LiveSafe to Vector Solutions, Mr. Smith and Mr. Smith’s youngest son no longer held any ownership interests in LiveSafe or Vector Solutions, and Mr. Smith’s youngest son is no longer employed by LiveSafe or Vector Solutions. In connection with the sale of LiveSafe, Vector Solutions and Mr. Smith’s youngest son entered into a referral agreement pursuant to which Mr. Smith’s youngest son receives commissions upon the renewal of certain LiveSafe agreements in place prior to the sale, including the FedEx agreement when it was in effect. LiveSafe was previously an integral part of our workplace safety program. Based on the recommendations of our Security and Information Technology leadership, in fiscal 2022 FedEx extended the term of the software services agreement with Vector Solutions (as successor to LiveSafe) for a three-year term beginning July 31, 2021 through July 30, 2024. The GSPP Committee and the independent members of the Board approved the extension of the agreement. FedEx paid an annual license fee of $1,545,000 for each year of the three-year term based on the current number of licensed FedEx users. Pursuant to the referral agreement, Vector Solutions paid Mr. Smith’s youngest son a commission of $154,500 per year over the three-year renewal term based on the current number of licensed FedEx users. The agreement was not subsequently renewed upon expiration on July 30, 2024.

  43. Directors’ Compensation

    | NAME | FEES EARNED OR PAID IN CASH ($)(1) | STOCK AWARDS IN LIEU OF CASH RETAINER ($)(2) | RSU AWARDS ($)(3)(4) | ALL OTHER COMPENSATION ($)(5) | TOTAL ($) | | S. Davila | 70,165 | 69,949 | 194,877 | — | 334,991 | | M.R. Ellison | 140,378 | — | 194,877 | — | 335,255 | | S.E. Gorman | 140,378 | — | 194,877 | — | 335,255 | | S.P. Griffith | 480 | 139,898 | 194,877 | — | 335,255 | | A.B. Lane | 140,378 | — | 194,877 | — | 335,255 | | R.B. Martin | 130,429 | 69,949 | 194,877 | — | 395,255 | | N.A. Norton | 160,378 | — | 194,877 | — | 355,255 | | F.P. Perpall | 140,378 | — | 194,877 | — | 335,255 | | J.C. Ramo | 480 | 139,898 | 194,877 | — | 335,255 | | S.C. Schwab | 70,429 | 69,949 | 194,877 | — | 335,255 | | D.P. Steiner(6) | 50,480 | 139,898 | 194,877 | — | 385,255 | | P.S. Walsh | 165,378 | — | 194,877 | 27,957 | 388,212 |

  44. Compensation Discussion and Analysis

    Over the past four years, based on stockholder feedback, the Compensation & HR Committee incorporated two new metrics into the LTI plans to continue to align executive compensation with stockholder value: Relative TSR (included as 25% of the total payout opportunity in the FY23-FY25 LTI plan and all active LTI plans); and ROIC (included as 25% of the total payout opportunity in all active LTI plans) In its ongoing evaluation of FedEx’s executive compensation programs and practices, the Compensation & HR Committee will continue to consider the results from future stockholder advisory votes to approve named executive officer compensation and continue to reach out to our stockholders to discuss our executive compensation program. Executive Summary Fiscal 2025 Business and Incentive Compensation Highlights We continued to execute on our DRIVE cost saving program initiatives during fiscal 2025 and experienced higher demand for international economy and U.S. ground package services. However, lower demand for our higher yielding priority services and LTL shipping services, coupled with lower yields, including pressure from the mix shift towards deferred offerings and lower fuel surcharges at FedEx Freight, resulted in adjusted consolidated operating income that was below the target objective under our fiscal 2025 AIC plan. Accordingly, and consistent with our pay-for-performance philosophy, below-target payouts were earned by participants under the fiscal 2025 AIC plan, including the named executive officers. Under our LTI plan for FY23-FY25, which was tied to financial and stock price performance over a three-fiscal-year period (fiscal 2023 through fiscal 2025), a below-target payout was earned in fiscal 2025 by all participants, including the named executive officers. A significant year-over-year adjusted EPS decline in fiscal 2023 resulted in below-threshold attainment under the EPS component (50%) of the FY23-FY25 LTI plan, while CapEx/Revenue below the maximum objective over the three-fiscal-year period resulted in maximum attainment under this component (25%) and relative TSR below the target objective over the three fiscal-year period resulted in below-target attainment under the final component (25%), all resulting in below-target total payouts under the FY23-FY25 LTI plan. The following table, which details key incentive compensation highlights of the last five fiscal years, demonstrates the pay-for-performance nature of our executive compensation program.

  45. Incentive Compensation Highlights

    | FY21 | FY22 | FY23 | FY24 | FY25 | | AIC plan paid at maximum | AIC plan paid below target | No AIC plan payout | AIC plan paid below target | AIC plan paid below target | | No FY19-FY21 LTI plan payout | No FY20-FY22 LTI plan payout | FY21-FY23 LTI plan paid above target but below maximum | FY22-FY24 LTI plan paid below target | FY23-FY25 LTI plan paid below target |

  46. Incentive Compensation Highlights

    | | HOW PURSUED | | | OBJECTIVE | GENERALLY | SPECIFICALLY | | Retain and attract highly qualified and effective executive officers. | Pay competitively. | Use comparison survey data as a point of reference in evaluating target levels for TDC, which includes both fixed and variable, at-risk components tied to stock price appreciation and short- and long-term financial performance. | | Motivate executive officers to contribute to our future success and to build long-term stockholder value and reward them accordingly. | Link a significant part of compensation to FedEx’s financial and stock price performance, especially long-term performance. | Weight executive compensation program in favor of incentive and equity-based compensation elements (rather than base salary), especially long-term incentive cash compensation and equity incentives in the form of stock options and restricted stock. | | Further align executive officer and stockholder interests. | Encourage and facilitate long-term stockholder returns and significant ownership of FedEx stock by executive officers. | Make annual equity-based grants; tie long-term cash compensation to growth in our EPS (which strongly correlates with long-term stock price appreciation), relative TSR, and ROIC; maintain a stock ownership goal for senior officers and encourage each officer to retain shares acquired upon stock option exercises until his or her goal is met. |

  47. Incentive Compensation Highlights

    General industry companies, including U.S. and multinational companies, is the appropriate comparison category because our executive officers are recruited by and from businesses outside of FedEx’s industry peer group. Moreover, our industry peer group does not provide a sufficient number of companies that are of a comparable size to FedEx. Using a robust data sample (126 companies for fiscal 2025) mitigates the impact of outliers, year-over-year volatility of compensation levels, and the risk of selection bias, and increases the likelihood of comparing with companies with executive officer positions similar to ours. Because the annual revenues of these companies vary significantly, each consulting firm used regression analysis to allow for the inclusion of data from a large number of both larger and smaller companies. The data results provided by each firm were then averaged to arrive at blended market compensation data for general industry executive officers. When we evaluate the elements of compensation of our executive officers in light of the referenced survey data, we consider TDC as illustrated below:

  48. Elements of TDC

    | SHORT-TERM COMPENSATION | | LONG-TERM COMPENSATION | | | | Base Salary | AIC | LTI | Stock Options | Restricted Stock* |

  49. Elements of TDC

    * includes related tax payments TDC includes AIC at target (i.e., assuming achievement of all objectives) and all long-term components at target. Tax payments on restricted stock awards are included in TDC. Other elements of compensation of the named executive officers (such as perquisites and retirement benefits) are not included in TDC, consistent with our referenced survey information. These other elements of compensation, however, are reviewed annually and approved by the Compensation & HR Committee. While we may reference our target executive compensation levels against the survey group of companies, we do not compare our AIC and LTI financial-performance goals against these companies or any other group of companies (other than through the TSR component of certain LTI plans). Rather, as discussed below, our AIC and LTI financial-performance goals are based upon our internal business objectives which, when set each year, represent aggressive goals. Accordingly, the relationship between our financial performance and the financial performance of the survey companies does not affect the relationship between our executive compensation and the executive compensation of that group in a given year. Pay for Performance Our executive compensation program is intended not only to retain and attract highly qualified and effective executive officers, but also to motivate them to substantially contribute to FedEx’s future success for the long-term benefit of stockholders and appropriately reward them for doing so. Accordingly, we believe that there should be a strong relationship between pay and corporate performance (both financial results and stock price), and our executive compensation program reflects this belief. In particular, AIC payments, LTI payments, and stock options represent a significant portion of our executive compensation program, and this variable compensation is “at risk” and directly dependent upon the achievement of corporate financial-performance goals and stock price appreciation.

  50. Fiscal 2025 Target TDC Components

    Fiscal 2025 Target TDC Components * Does not include special grants of restricted stock and/or stock options to Messrs. Krishnasamy and Smith and Ms. Carere in fiscal 2025. We believe that long-term performance is the most important measure of our success, as we manage FedEx’s operations and business for the long-term benefit of our stockholders. Accordingly, not only is our executive compensation program weighted towards variable, at-risk pay components, but we also emphasize incentives that are dependent upon long-term corporate performance and stock price appreciation. These long-term incentives include LTI plan cash compensation and equity awards (stock options and restricted stock), which comprise a significant portion of an executive officer’s total compensation. These incentives are designed to motivate and reward our executive officers for achieving long-term corporate financial- and stock price-performance goals and maximizing long-term stockholder value. The actual compensation paid out in a given year may vary widely from target levels because compensation earned under the AIC and LTI programs is variable and commensurate with the level of achievement of financial- and stock price-performance goals. When we fall short of our business objectives, payments under these variable programs decrease correspondingly. Conversely, when we achieve superior results, we reward our executive officers accordingly under the terms of these programs. In addition, with regard to the stock-option component of TDC, officers realize value from the stock options recognized in the TDC calculation only if the stock price appreciates after the grant date.

  51. Fiscal 2025 Target TDC Components

    The following chart illustrates for each named executive officer the allocation of fiscal 2025 target TDC between short-term components — base salary and AIC — and long-term incentives — LTI, stock options, and restricted stock, including the related tax payment:

  52. Fiscal 2025 Target Long-Term vs. Target Short-Term Compensation

    Fiscal 2025 Target Long-Term vs. Target Short-Term Compensation Align Management and Stockholder Interests We award stock options and restricted stock to create and maintain a long-term economic stake in the company for our officers, thereby aligning their interests with the interests of our stockholders. All active LTI plans, as well as the FY23-FY25 LTI plan, require the achievement of multiple pre-established financial performance metrics to receive a payout. All LTI plans also include achievement of a pre-established adjusted EPS goal for a three-fiscal-year period as the most heavily weighted performance metric. EPS was selected as the most heavily weighted measure for the LTI plans because growth in our EPS strongly correlates to long-term stock price appreciation, further aligning the interests of senior management with the interests of our stockholders. To further align executive compensation with stockholder returns, relative TSR is included as 25% of the total payout opportunity in the active LTI plans and the FY23-FY25 LTI plan and ROIC is included as 25% of the total payout opportunity in the active LTI plans.

  53. Clawback Policies

    For example, the consultant: updates the Committee on trends and issues in executive compensation and comments on the competitiveness and reasonableness of FedEx’s executive compensation program; assists the Committee in the development and review of FedEx’s AIC and LTI programs, including commenting on performance measures and the goal-setting process; and reviews and provides advice to the Committee for its consideration in reviewing compensation-related proxy statement disclosure, including this Compensation Discussion and Analysis, and on any new equity compensation plans or plan amendments proposed for adoption and any new equity awards proposed to be granted. Other than services provided to the Compensation & HR Committee, the consultant does not perform any services for FedEx. Additionally: the consultant has robust policies and procedures in place to prevent conflicts of interest; the fees received by the consultant from FedEx in the consultant’s most recently completed fiscal year represented less than 5% of the consultant’s revenues; neither the consultant nor any adviser of the consultant had a business or personal relationship with any member of the Compensation & HR Committee or any executive officer of FedEx during fiscal 2025; and no adviser of the consultant directly owns, or directly owned during fiscal 2025, any FedEx stock. Accordingly, the Compensation & HR Committee has determined the consultant to be independent from the company and that no conflicts of interest exist related to the consultant’s services provided to the Committee. Compensation & HR Committee preapproval is required for any services to be provided to the company by the Committee’s independent compensation consultant. This ensures that the consultant maintains the highest level of independence from the company, in both appearance and fact. The Chief Executive Officer, who attends most meetings of the Compensation & HR Committee by invitation of the Committee’s chair, assists the Committee in determining the compensation of all other executive officers by, among other things: Approving any annual merit increases to the base salaries of the executive officers who report to him within limits established by the Committee; Approving, as needed, any special base salary adjustments designed to maintain market competitiveness, within limits established by the Committee; Establishing annual individual performance objectives for the executive officers who report to him and evaluating their performance against such objectives (the Committee reviews these performance evaluations); and Making recommendations, from time to time, for special stock option, restricted stock, or other equity-based grants (e.g., for motivational or retention purposes) to other executive officers. During fiscal 2025, the other executive officers did not have a role in determining their own compensation, other than discussing their annual individual performance objectives and results achieved with the Chief Executive Officer (except Mr. Smith, who reported to the Board of Directors).

  54. Fiscal 2025 AIC Plan Design

    Fiscal 2025 AIC Plan Design In order to continue motivating management to achieve strong financial performance, the performance measure for all participants in the fiscal 2025 AIC plan was adjusted consolidated operating income. In order to ensure that payouts under the fiscal 2025 AIC plan accurately reflected the company’s core financial performance, in June 2024 the Board of Directors, upon the recommendation of the Compensation & HR Committee, approved excluding fiscal 2025 costs incurred in connection with business optimization initiatives related to DRIVE from fiscal 2025 consolidated operating income for purposes of the plan. The Board of Directors determined it was appropriate to minimize the impact of business optimization costs for all plan participants. In June 2025, the Board of Directors, upon the recommendation of the Compensation & HR Committee, approved also excluding (i) costs related to international regulatory and legacy FedEx Ground legal matters, (ii) costs associated with the planned spin-off of FedEx Freight announced in December 2024, and (iii) a noncash impairment charge related to the fiscal 2025 impairment of certain aircraft and related engines from fiscal 2025 adjusted consolidated operating income. See Appendix C for a reconciliation of fiscal 2025 adjusted consolidated operating income used for the fiscal 2025 AIC plan to the most directly comparable GAAP measure. The adjusted consolidated operating income target objective under the fiscal 2025 AIC plan was higher than the fiscal 2025 business plan objective for adjusted consolidated operating income and required significant year-over-year growth in adjusted consolidated operating income and above-plan performance to achieve a target or above-target payout. The maximum payout opportunity under the plan was 150% of the target amount. The actual payout for plan participants, including the non-CEO named executive officers, also depended on the achievement level of their respective individual performance objectives. The fiscal 2025 AIC payout amount for the Chief Executive Officer was not based on individual performance objectives but could be adjusted by the independent Board members based on their annual evaluation of his performance, as described below. The fiscal 2025 AIC payout opportunity for each of the named executive officers was based on the achievement of corporate objectives for adjusted consolidated operating income, as described above, and the fiscal 2025 AIC plan did not have a funding floor for the named executive officers. The minimum payout opportunity under the plan for Mr. Subramaniam was zero, as a result of the threshold financial-performance objective and the independent directors’ ability to adjust Mr. Subramaniam’s bonus amount downward based on his annual performance evaluation. The minimum payout opportunity for each other named executive officer was also zero, as a result of the threshold financial-performance objective and Mr. Subramaniam’s ability to adjust each applicable officer’s payout amount downward based on his or her achievement of individual performance objectives established at the beginning of the fiscal year. After considering our annual executive compensation review and a special analysis by the Compensation & HR Committee’s independent consultant, in July 2024 the independent directors, based upon the recommendation of the Compensation & HR Committee, approved increasing Mr. Subramaniam’s fiscal 2025 target AIC payout to 185% of his base salary actually paid during fiscal 2025 in light of the competitive market for experienced executive leadership and to more closely align with the median of the market. The fiscal 2025 AIC target payouts for the named executive officers, as a percentage of their respective base salary paid during fiscal 2025, were as follows:

  55. Fiscal 2025 AIC Plan Design

    | NAME | TARGET PAYOUT (AS A PERCENTAGE OF BASE SALARY)(1) | | R. Subramaniam | 185% | | J.W. Dietrich | 120% | | S. Krishnasamy | 120% | | J.A. Smith | 120% | | B.A. Carere | 120% |

  56. Fiscal 2025 AIC Performance and Payouts

    Fiscal 2025 AIC Performance and Payouts The following table shows the threshold, target, and maximum objectives for adjusted consolidated operating income under our fiscal 2025 AIC plan as well as our actual performance (in millions). The actual AIC plan payout ranges on a sliding scale based upon the performance of the company against our financial performance objectives. As discussed above, actual fiscal 2025 adjusted consolidated operating income was below the target objective under the fiscal 2025 AIC plan.

  57. Fiscal 2025 AIC Performance and Payouts

    | COMPANY PERFORMANCE MEASURE | THRESHOLD | TARGET | MAXIMUM | ACTUAL | | Adjusted Consolidated Operating Income(1) | $6,077 | $7,245 | $7,332 | $6,120 |

  58. Fiscal 2025 AIC Performance and Payouts

    (1) As discussed above, the Board of Directors, upon the recommendation of the Compensation & HR Committee, approved the exclusion of certain items from actual adjusted consolidated operating income for purposes of the fiscal 2025 AIC plan. See Appendix C for a reconciliation of fiscal 2025 adjusted consolidated operating income to the most directly comparable GAAP measure. The following table sets forth the actual AIC payout for each named executive officer as compared to his or her target AIC payout:

  59. Fiscal 2025 AIC Performance and Payouts

    | NAME | TARGET AIC PAYOUT ($) | ACTUAL AIC PAYOUT ($) | | R. Subramaniam | 2,744,166 | 672,321 | | J.W. Dietrich | 1,158,602 | 275,168 | | S. Krishnasamy | 1,003,182 | 250,796 | | J.A. Smith | 1,079,587 | 261,800 | | B.A. Carere | 1,013,546 | 240,718 |

  60. FY23-FY25 LTI Plan

    FY23-FY25 LTI Plan The FY23-FY25 LTI plan included three financial performance metrics: (1) adjusted EPS for the three-fiscal-year period, weighted at 50% of the total payout opportunity; (2) CapEx/Revenue for the three-fiscal-year period, weighted at 25% of the total payout opportunity; and (3) relative TSR for the three-fiscal-year period, weighted at 25% of the total payout opportunity. EPS The Compensation & HR Committee and Board of Directors determined that EPS was an appropriate financial metric for the FY23-FY25 LTI plan given that growth in EPS strongly correlates to long-term stock price appreciation. Payouts under the EPS component of the FY23-FY25 LTI plan were determined as follows: No payment unless the three-year average annual adjusted EPS growth rate (“EPS growth rate”) is at least 5%; Target payout if the EPS growth rate is 15.0%; Above-target payout if the EPS growth rate is above 15.0%, up to an amount equal to 150% of the target payout if the EPS growth rate is 17.5%; Above-target payout if the EPS growth rate is above 17.5%, up to a maximum amount (equal to 200% of the target payout) if the EPS growth rate is 20.0% or higher; and Below-target payout if the EPS growth rate is below 15.0%, down to a threshold amount (equal to 25% of the target payout) if the EPS growth rate is 5%.

  61. FY23-FY25 LTI Plan

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  62. FY23-FY25 LTI Plan

    CapEx/Revenue The second metric in the FY23-FY25 LTI plan, CapEx/Revenue, was chosen to incent management to further optimize capital deployment and efficiency over the three-fiscal-year period. The Compensation & HR Committee and the Board of Directors chose to use CapEx/Revenue in combination with the historical EPS metric and relative TSR because it can easily be calculated from publicly available information, is easily understood by all plan participants, and works in conjunction with EPS to improve cash flow. The threshold, target, and maximum payout objectives were established based on the forecasted level of capital expenditures for the three-fiscal-year period. Payouts under the CapEx/Revenue component of the FY23-FY25 LTI plan were determined as follows: No payout unless CapEx/Revenue is at or below 7.2%; Target payout if CapEx/Revenue is at 6.9%; Above-target payout if CapEx/Revenue is below 6.9%, up to a maximum payout (equal to 150% of the target payout) if CapEx/ Revenue is at or below 6.6%; and Below-target payout if CapEx/Revenue is above 6.9%, down to a threshold amount (equal to 25% of the target payout) if CapEx/ Revenue is at 7.2%. Relative TSR The third metric in the FY23-FY25 LTI plan, relative TSR, was chosen to directly align executive compensation with stockholder returns. The relative TSR metric measures the total return on an investment in FedEx stock to an investor (stock price appreciation plus dividends) compared to the total return of the stock of the companies in the S&P 500 Index over a three-fiscal-year period. If our TSR over the three-fiscal-year period is negative, there will be no payout, regardless of performance against the companies in the S&P 500 Index. Payouts under the relative TSR component of the FY23-FY25 LTI plan were determined as follows: No payout unless relative TSR is above the 25th percentile; Target payout if relative TSR is above the 50th percentile, up to the 75th percentile; Maximum payout (equal to 200% of the target payout) if relative TSR is above the 75th percentile; and 50% of the target payout if relative TSR is at the 50th percentile or below, down to the 26th percentile.

  63. Mark-to-Market Retirement Plans Accounting and Other Adjustments to EPS for LTI Plan Purposes

    Mark-to-Market Retirement Plans Accounting and Other Adjustments to EPS for LTI Plan Purposes The FY23-FY25 LTI plan, as well as all active LTI plans, include the achievement of EPS goals for the three-fiscal-year period as the most heavily weighted performance metric. The LTI plan design provides for payouts for the EPS plan component that correspond to specific EPS goals established by the Board of Directors that represent total growth in EPS (over a base year) for the three-year term of the LTI plan. The mark-to-market retirement plans accounting adjustments (“MTM Adjustments”), which reflect year-end and other adjustments to the valuation of the company’s defined benefit pension and other postretirement plans, can vary dramatically from year-to-year, as they are significantly impacted by changes in interest rates and the financial markets. As a result, the Board of Directors, upon the recommendation of the Compensation & HR Committee, previously determined that MTM Adjustments will be excluded from EPS calculations under all LTI plans. In addition, the Board of Directors, upon the recommendation of the Compensation & HR Committee, approved the exclusion of business optimization costs from fiscal 2023, 2024, and 2025 EPS for purposes of the FY23-FY25 LTI plan and all active LTI plans. The Board determined that, by excluding these costs, payouts, if any, under the LTI plans will more accurately reflect FedEx’s core financial performance. The Board of Directors, upon the recommendation of the Compensation & HR Committee, approved the exclusion of certain other items from fiscal 2022, 2023, 2024, and 2025 EPS for purposes of FedEx’s FY23-FY25, FY24-FY26, and FY25-FY27 LTI plans, and for establishing the baseline EPS for the FY23-FY25 LTI plan and all active LTI plans. The Board determined that, by excluding each of these items, payouts, if any, under the LTI plans will more accurately reflect FedEx’s core financial performance in these years, as applicable. A discussion of the items excluded for each fiscal year and full reconciliations showing the individual adjustments to the GAAP EPS measure for the applicable fiscal year, as compared to the non-GAAP EPS measure used for each applicable LTI plan, is set forth in Appendix C. During fiscal 2023, the company repurchased 9,180,752 shares under our stock repurchase program. Because the positive impact on EPS resulting from these stock repurchases did not reflect core business performance, the Board of Directors, upon the recommendation of the Compensation & HR Committee, approved the exclusion of the impact of the fiscal 2023 stock repurchases in excess of that which offset dilution from equity awards from EPS for fiscal 2023 for the purpose of calculating attainment under the FY23-FY25 LTI plan. Beginning in fiscal 2024, the impact of stock repurchases in excess of that which offset dilution from equity awards was not excluded from EPS for LTI plan purposes.

  64. Mark-to-Market Retirement Plans Accounting and Other Adjustments to EPS for LTI Plan Purposes

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  65. Fiscal 2025 LTI Performance and Payouts

    Fiscal 2025 LTI Performance and Payouts For the FY23-FY25 LTI plan, the baseline EPS over which the three-fiscal-year average annual EPS growth rate goals are measured was $20.61. For purposes of establishing the baseline EPS for the FY23-FY25 LTI plan, fiscal 2022 GAAP EPS of $14.33 was adjusted to exclude (i) MTM Adjustments ($4.49 per diluted share), (ii) fiscal 2022 business realignment costs ($0.80 per diluted share), (iii) costs related to a legacy FedEx Ground legal matter incurred in fiscal 2022 ($0.60 per diluted share), and fiscal 2022 TNT Express integration expenses ($0.39 per diluted share). The following table presents the EPS, CapEx/Revenue, and relative TSR threshold (minimum), target, and maximum objectives under our FY23-FY25 LTI plan, which was established by the Board of Directors in June 2022, and our actual adjusted EPS, CapEx/ Revenue, and relative TSR under the plan for the three-fiscal-year period ended May 31, 2025:

  66. Fiscal 2025 LTI Performance and Payouts

    | PERFORMANCE MEASURE | THRESHOLD | TARGET | MAXIMUM | ACTUAL | | FY23-FY25 Adjusted EPS | $68.22 | $82.31 | $90.03 | $49.88* | | FY23-FY25 CapEx/Revenue | 7.2% | 6.9% | 6.6% | 5.8% | | FY23-FY25 Relative TSR | >25% of S&P 500, up to 50% | >50% of S&P 500, up to 75% | >75% of S&P 500 | >25% of S&P 500, up to 50% |

  67. Fiscal 2025 LTI Performance and Payouts

    * The actual aggregate adjusted EPS consists of $13.91 for fiscal 2023, $17.78 for fiscal 2024, and $18.19 for fiscal 2025. See Appendix C for a reconciliation of the applicable non-GAAP EPS measure to the corresponding GAAP EPS measure. The following table shows the threshold, target, and maximum payout opportunities under the FY23-FY25 LTI plan and the actual payout to the named executive officers:

  68. Fiscal 2025 LTI Performance and Payouts

    | NAME | THRESHOLD LTI PAYOUT ($) | TARGET LTI PAYOUT ($) | MAXIMUM LTI PAYOUT ($) | ACTUAL LTI PAYOUT ($) | | R. Subramaniam | 343,750 | 5,500,000 | 10,312,500 | 2,750,000 | | J. Dietrich(1) | 83,333 | 1,333,333 | 2,500,000 | 666,667 | | S. Krishnasamy | 93,750 | 1,500,000 | 2,812,500 | 750,000 | | J.A. Smith | 114,149 | 1,826,389 | 3,424,479 | 913,194 | | B.A. Carere | 93,750 | 1,500,000 | 2,812,500 | 750,000 |

  69. Fiscal 2025 LTI Performance and Payouts

    Mr. Dietrich’s participation in the FY23-FY25 LTI plan was effective beginning June 1, 2023, and he received a prorated payout based on the portion of the three-year period during which he participated in the plan.

  70. Fiscal 2025 LTI Performance and Payouts

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  71. Future LTI Payout Opportunities

    Future LTI Payout Opportunities

  72. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

    FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans In July 2023, based upon feedback obtained through the stockholder engagement process, the Board of Directors, upon the recommendation of the Compensation & HR Committee, revised the LTI plan design, beginning with the FY24-FY26 LTI plan, to replace the CapEx/Revenue metric with a new metric, ROIC. The three performance metrics in the active LTI plans are: (1) adjusted EPS for the respective three-fiscal-year period, weighted at 50% of the total payout opportunity; (2) average ROIC growth over the respective three-fiscal-year period, weighted at 25% of the total payout opportunity; and (3) relative TSR for the respective three-fiscal-year period, weighted at 25% of the total payout opportunity. The maximum payout, if maximum attainment is achieved for all metrics under the active LTI plans, is 200%. The performance metrics used in the active LTI plans and targets for the applicable plan are described below. EPS The Compensation & HR Committee and Board of Directors determined that EPS was an appropriate financial metric for the active LTI plans given that growth in EPS strongly correlates to long-term stock price appreciation. The EPS performance goals under the active LTI plans are as follows: No payment unless the EPS growth rate is at least 5%; Target payout if the EPS growth rate is 12.5%; Above-target payout if the EPS growth rate is above 12.5%, up to an amount equal to 150% of the target payout if the EPS growth rate is 15%; Above-target payout if the EPS growth rate is above 15.0%, up to a maximum amount (equal to 200% of the target payout) if the EPS growth rate is 20% or higher; and Below-target payout if the EPS growth rate is below 12.5%, down to a threshold amount (equal to 25% of the target payout) if the growth rate is 5%. As described above under “Mark-to-Market Retirement Plans Accounting and Other Adjustments to EPS for LTI Plan Purposes,” fiscal 2023 adjusted EPS of $14.48 is the baseline EPS for the FY24-FY26 LTI plan, fiscal 2024 adjusted EPS of $17.78 is being used for purposes of calculating attainment under the FY24-FY26 LTI plan and is the baseline EPS for the FY25-FY27 LTI plan, and fiscal 2025 adjusted EPS of $18.19 is being used for purposes of calculating attainment under the FY24-FY26 and FY25-FY27 LTI plans and is the baseline EPS for the FY26-FY28 LTI plan. The following table presents the EPS thresholds, targets, and maximums under the EPS component of the active LTI plans and our progress toward the FY24-FY26 and FY25-FY27 LTI plan goals:

  73. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

    | PERFORMANCE MEASURE | THRESHOLD | TARGET | MAXIMUM | ACTUAL ADJUSTED EPS AS OF MAY 31, 2025* | | FY24-FY26 Adjusted EPS | $47.92 | $55.24 | $63.27 | $35.97 | | FY25-FY27 Adjusted EPS | $58.85 | $67.81 | $77.68 | $18.19 | | FY26-FY28 Adjusted EPS | $60.22 | $69.38 | $79.47 | N/A |

  74. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

    * See Appendix C for a reconciliation of the applicable non-GAAP measure to the corresponding GAAP measure. ROIC The second metric selected for the active LTI plans is ROIC, which was chosen to further align executive compensation with stockholder value, with ROIC being a key metric by which to measure the effectiveness and efficiency of our long-term capital investments. The ROIC metric measures the average growth in ROIC over a three-fiscal-year period (“average ROIC growth”) from a fiscal 2023 ROIC baseline for purposes of the FY24-FY26 LTI plan, from a fiscal 2024 ROIC baseline for purposes of the FY25-FY27 LTI plan, and from a fiscal 2025 ROIC baseline for purposes of the FY26-FY28 LTI plan. For purposes of the plans, annual ROIC is calculated as adjusted consolidated operating income, after taxes, for the fiscal year divided by average invested capital. For purposes of the ROIC calculation, (1) adjusted consolidated operating income is calculated as consolidated operating income excluding items not reflective of our core financial performance that may be approved for exclusion for the applicable fiscal year by the Board of Directors, based upon the recommendation of the Compensation & HR Committee; and (2) average invested capital is calculated as the average of the current and prior fiscal year-end balances of long-term debt, including current portion, and total common stockholders’ investment.

  75. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

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  76. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

    Payouts under the ROIC component for the FY24-FY26 LTI plan are determined as follows: No payout unless average ROIC growth is at least 60 basis points; Target payout if average ROIC growth is 120 basis points; Above-target payout if average ROIC growth is above 120 basis points, up to 250 basis points (equal to 150% of the target payout); Above-target payout if average ROIC growth is above 250 basis points, up to a maximum amount (equal to 200% of the target payout) if average ROIC growth is 370 basis points or higher; and Below-target payout if average ROIC growth is below 120 basis points, down to a threshold amount (equal to 25% of the target payout) if average ROIC is at the threshold objective. Payouts under the ROIC component for the FY25-FY27 and FY26-FY28 LTI plans are determined as follows: No payout unless average ROIC growth is at least 60 basis points; Target payout if average ROIC growth is 120 basis points; Above-target payout if average ROIC growth is above 120 basis points, up to 200 basis points (equal to 150% of the target payout); Above-target payout if average ROIC growth is above 200 basis points, up to a maximum amount (equal to 200% of the target payout) if average ROIC growth is 300 basis points or higher; and Below-target payout if average ROIC growth is below 120 basis points, down to a threshold amount (equal to 25% of the target payout) if average ROIC is at the threshold objective. Fiscal 2023 ROIC of 8.7% is the baseline ROIC for the FY24-FY26 LTI plan, fiscal 2024 ROIC of 9.9% is being used for purposes of calculating attainment under the FY24-FY26 LTI plan and the baseline ROIC for the FY25-FY27 LTI plan, and fiscal 2025 ROIC of 9.6% is being used for purposes of calculating attainment under the FY24-FY26 and FY25-FY27 LTI plans and the baseline ROIC for the FY26-FY28 LTI plan. The following table presents the ROIC growth threshold, target, and maximum under the active LTI plans and our progress toward the FY24-FY26 and FY25-FY27 LTI plan goals:

  77. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

    | PERFORMANCE PERIOD | ROIC GROWTH THRESHOLD | ROIC GROWTH TARGET | ROIC GROWTH MAXIMUM | ACTUAL ROIC GROWTH AS OF MAY 31, 2025* | | FY24-FY26 ROIC Growth | 60 bps | 120 bps | 370 bps | 110 bps | | FY25-FY27 ROIC Growth | 60 bps | 120 bps | 300 bps | (30) bps | | FY26-FY28 ROIC Growth | 60 bps | 120 bps | 300 bps | N/A |

  78. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

    * See Appendix C for a calculation of ROIC for fiscal 2023, 2024, and 2025. RELATIVE TSR The third metric in the active LTI plans, relative TSR, was chosen to directly align executive compensation with stockholder returns. The relative TSR metric measures the total return on an investment in FedEx stock to an investor (stock price appreciation plus dividends) compared to the total return of the stock of the companies in the S&P 500 Index over a three-fiscal-year period. If our TSR over the three-fiscal-year period is negative, there will be no payout, regardless of performance against the companies in the S&P 500 Index. The maximum payout for the relative TSR portion of the active LTI plans is 200%. Potential payouts under the relative TSR metric under the active LTI plans are shown in the table below:

  79. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

    | THREE-FISCAL-YEAR TSR COMPARED TO S&P 500 INDEX | PERCENTAGE OF TARGET EARNED | | Greater than 75th Percentile | 200% | | Greater than 50th Percentile | 100% | | Greater than 25th Percentile | 50% | | Equal to or less than 25th Percentile | 0% |

  80. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

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  81. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

    The following table shows our TSR and the S&P 500 Index TSR for fiscal 2023, 2024, and 2025, as well as the respective cumulative measures for the three-fiscal-year period:

  82. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

    | PERIOD | FEDEX TSR | S&P 500 INDEX TSR | | FY23 | (0.7)% | 2.9% | | FY24 | 18.9% | 28.2% | | FY25 | (12.3)% | 13.5% | | FY23-FY25 | 3.5%* | 49.8% |

  83. FY24-FY26, FY25-FY27, and FY26-FY28 LTI Plans

    * 31st percentile of the S&P 500 Index.

  84. Potential Future Payouts

    Potential Future Payouts The following table sets forth the potential threshold, target, and maximum payouts for the named executive officers under the active LTI plans.

  85. Potential Future Payouts

    | | | POTENTIAL FUTURE PAYOUTS | | | | NAME | PERFORMANCE PERIOD | THRESHOLD ($) | TARGET ($) | MAXIMUM ($) | | R. Subramaniam | FY24-FY26 | 343,750 | 5,500,000 | 11,000,000 | | | FY25-FY27 | 375,000 | 6,000,000 | 12,000,000 | | | FY26-FY28 | 504,375 | 8,070,000 | 16,140,000 | | J.W. Dietrich | FY24-FY26 | 125,000 | 2,000,000 | 4,000,000 | | | FY25-FY27 | 125,000 | 2,000,000 | 4,000,000 | | | FY26-FY28 | 125,000 | 2,000,000 | 4,000,000 | | S. Krishnasamy(1) | FY24-FY26 | — | — | — | | | FY25-FY27 | — | — | — | | | FY26-FY28 | — | — | — | | J.A. Smith | FY24-FY26 | 125,000 | 2,000,000 | 4,000,000 | | | FY25-FY27 | 125,000 | 2,000,000 | 4,000,000 | | | FY26-FY28 | 125,000 | 2,000,000 | 4,000,000 | | B.A. Carere | FY24-FY26 | 109,375 | 1,750,000 | 3,500,000 | | | FY25-FY27 | 109,375 | 1,750,000 | 3,500,000 | | | FY26-FY28 | 109,375 | 1,750,000 | 3,500,000 |

  86. Potential Future Payouts

    (1) Mr. Krishnasamy stepped down as Executive Vice President, Chief Digital and Information Officer and Chief Transformation Officer effective July 17, 2025 and is not eligible to receive any future LTI plan payments, prorated or otherwise. See “Potential Payments upon Termination or Change of Control — Separation and Release Agreement with Sriram Krishnasamy” on page 82. Long-Term Equity Incentives — Stock Options and Restricted Stock Our primary objective in providing long-term equity incentives to executive officers is to further align their interests with those of our stockholders by facilitating significant ownership of FedEx stock by the officers. This creates a direct link between their compensation and long-term stockholder return. Equity awards also serve as an effective retention and motivational vehicle, focusing executive officers on the long-term success of FedEx and rewarding them when the stock price appreciates. During fiscal 2025 the Compensation & HR Committee again reviewed our long-term equity incentive programs and determined that they continue to be appropriate for FedEx.

  87. Amount

    Amount Stock options and restricted stock are generally granted to executive officers on an annual basis. As discussed above, an officer’s position and level of responsibility are the primary factors that determine the number of options and shares of restricted stock awarded to the officer in the annual grant. The number of stock options and restricted shares awarded at each management level can vary from year to year. In determining how many options and shares of restricted stock should be awarded at each level, the Compensation & HR Committee may consider: Target TDC levels and referenced survey data — as discussed above, we include the total target value of all annual equity-based awards (including tax payments for restricted stock awards) in our calculation of target TDC, and in evaluating the fiscal

  88. Amount

    2025 target TDC levels for our named executive officers, we referred to multiple market reference points for comparable positions in the referenced surveys; The total number of shares then available to be granted; and Potential stockholder dilution. As of August 4, 2025, the total number of shares underlying options and shares of restricted stock outstanding or available for future grant under our equity compensation plans represented 9.0% of the sum of shares outstanding plus the shares underlying options outstanding or available for future grant plus shares of restricted stock available for future grant. Other factors that the Compensation & HR Committee may consider, especially with respect to special grants outside of the annual-grant framework, include the promotion of an officer or the desire to retain a valued executive or recognize a particular officer’s contributions. None of these factors is given any particular weight and the specific factors used may vary among individual executive officers.

  89. Timing

    Timing Stock option and restricted stock awards are generally made to executive officers on an annual basis according to a pre-established schedule. Annual equity-based compensation awards to our executive officers are approved annually at the June meeting of the Compensation & HR Committee. The date of this meeting is generally scheduled at least one year in advance. If the meeting date is not on a business day, the grant date is the next business day. However, if the meeting date falls within a blackout period when trading in FedEx securities is prohibited under our Securities Manual, the Compensation & HR Committee may approve the awards but make them effective as of a future grant date that falls outside of such blackout period. Throughout the year, equity awards are made to new hires, promoted employees, and, in certain circumstances, as a reward for exceptional performance or for motivational or retention purposes. When the Compensation & HR Committee approves a special grant outside of the annual-grant framework, such grants are typically made at a regularly scheduled meeting and the grant date of the awards is the approval date or the next business day, if the meeting does not fall on a business day. If the grant is made in connection with the promotion of an individual or the election of an officer, the grant date may be the effective date of the individual’s promotion or the officer’s election, if such effective date is after the approval date. If the meeting date falls within a blackout period when trading in FedEx securities is prohibited under our Securities Manual, the Compensation & HR Committee may approve the awards but make them effective as of a future grant date that falls outside of such blackout period. The Compensation & HR Committee may, to the extent permitted by FedEx’s equity compensation plans, delegate to one or more FedEx officers the authority to grant equity awards to eligible individuals who are not Section 16 officers or non-management Board members. In addition, with respect to the timing of our equity awards: We do not time equity-based awards in coordination with the release of material, non-public information and have never had a practice of doing so; and We have never timed and do not plan to time the release of material, non-public information for the purpose of affecting the value of employee or Board compensation.

  90. Pricing

    Pricing The exercise price of stock options granted under our equity incentive plans is equal to the fair market value of FedEx’s common stock on the date of grant. Under the terms of our equity incentive plans, the fair market value on the grant date is defined as the average of the high and low trading prices of FedEx’s common stock on the NYSE on that day. We believe this is the most equitable method for determining the exercise price of our stock option awards given the intra-day price volatility often shown by our stock.

  91. Vesting

    Vesting Stock options and restricted stock granted to executive officers generally vest ratably over four years beginning on the first anniversary of the grant date. This four-year vesting period is intended to further encourage the retention of our executive officers, since unvested stock options are forfeited upon termination of the officer’s employment for any reason other than death or permanent disability and unvested restricted stock is forfeited upon termination of the officer’s employment for any reason other than death, permanent disability, or retirement.

  92. Tax Payments for Restricted Stock Awards

    Tax Payments for Restricted Stock Awards When granting restricted stock, FedEx first determines the total target value of the award and then approves the delivery of that value in two components: restricted shares and cash payment of taxes due. Therefore, the total target value of the award is the same as it would be if there were no tax payments. In particular, because the amount of the tax payment is included in the calculation of the target value of the restricted stock award, the officers receive fewer shares in each award than they would in the absence of the tax payment: fewer by an amount equal in value to the tax payment.

  93. Tax Payments for Restricted Stock Awards

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  94. Tax Payments for Restricted Stock Awards

    This methodology prevents the need for an officer to make a disposition of FedEx stock to cover the tax consequences of a restricted stock award and dilute his or her interest in FedEx. Conversely, absent the tax payment, the number of shares received in each award would be larger by an amount equal in value to the forgone tax payment, thereby having a dilutive effect on our stockholders’ equity interest in FedEx. While SEC disclosure rules require that these payments be included with tax reimbursement payments and reported as “other compensation” in the Summary Compensation Table, we do not believe these payments are “tax gross-ups” in the conventional sense, since their value is fully reflected in the number of shares ultimately delivered to recipients. The following chart illustrates this principle, using the target value for the fiscal year 2025 annual restricted stock component for Messrs. Krishnasamy and J.A. Smith and Ms. Carere:

  95. Target Value of Restricted Stock Award

    Target Value of Restricted Stock Award Not only is the value to the officer, as well as the cost to the company, generally the same as it would be otherwise, but this practice uses fewer shares of stock to arrive at the same benefit and has proved extremely successful in retaining executive officers and enabling them to retain their shares. Our restricted stock program also includes certain lower-level officers and high-performing managers and individual contributors who are nominated for special awards, and we make tax payments as part of restricted stock awards to these individuals as well. In sum, we strongly believe that our restricted stock program is effectively designed and is aligned with the best interests of our stockholders.

  96. Voting and Dividend Rights on Restricted Stock

    Voting and Dividend Rights on Restricted Stock Holders of restricted shares are entitled to vote and receive any dividends on such shares.

  97. Fiscal 2025 Awards

    Fiscal 2025 Awards The named executive officers were granted stock option and restricted stock awards during fiscal 2025 as follows:

  98. Fiscal 2025 Awards

    | NAME | NUMBER OF STOCK OPTIONS | NUMBER OF SHARES OF RESTRICTED STOCK | | R. Subramaniam(1) | 34,485 | 7,709 | | J.W. Dietrich(1) | 13,933 | 3,322 | | S. Krishnasamy(2) | 26,126 | 3,893 | | J.A. Smith(1)(3) | 11,126 | 3,527 | | B.A. Carere(1)(3) | 11,126 | 3,320 |

  99. Fiscal 2025 Awards

    (1) Granted on June 27, 2024. (2) 11,126 stock options and 3,112 shares of restricted stock granted on June 27, 2024, and 15,000 stock options and 781 shares of restricted stock granted on July 17, 2024 in connection with the special restricted stock grants discussed below under “Retention Awards and Special Bonuses and Awards” on page 63. (3) Includes one-time special component of 415 shares of restricted stock for Mr. Smith and 208 shares of restricted stock for Ms. Carere for motivation and retention purposes. The amount reported for restricted stock awards in the Summary Compensation Table reflects the average of the high and low prices of FedEx common stock on the NYSE on the grant date.

  100. Fiscal 2025 Awards

    Retention Awards and Special Bonuses and Awards In July 2022, Mr. Krishnasamy was promoted to Executive Vice President and Chief Transformation Officer effective August 1, 2022. In September 2022, the company announced our DRIVE transformation program to improve long-term profitability, including Network 2.0, the multi-year effort to improve the efficiency with which FedEx picks up, transports, and delivers packages in the U.S. and Canada. As Chief Transformation Officer, Mr. Krishnasamy oversaw all DRIVE domains and related key initiatives. In addition to his promotional cash and equity awards, in July 2022 Mr. Krishnasamy entered into an agreement under which he would receive four special restricted stock grants each with a total target value of $400,000 (including the related tax payments) in July 2022, July 2023, July 2024, and July 2025, respectively. Each tranche was subject to the approval of the Compensation & HR Committee. Pursuant to the award, the Compensation & HR Committee approved grants of tranches of 934 and 781 shares of restricted stock to Mr. Krishnasamy on July 19, 2023 and July 17, 2024, respectively. In July 2024, Mr. Krishnasamy transitioned to the role of Executive Vice President, Chief Digital and Information Officer and Chief Transformation Officer. In recent years, companies across a broad spectrum of industries have placed an increased focus on recruiting and retaining individuals with expertise in artificial intelligence, machine learning and other emerging technologies, such as Mr. Krishnasamy. In recognition of the critical and strategic leadership role played by him in FedEx’s transformation initiatives including DRIVE, Network 2.0, and FedEx Dataworks; the importance of his leadership to the company’s future success; and the imperative to retain him, the Compensation & HR Committee approved the payment of a special cash bonus of $1,200,000 to Mr. Krishnasamy on July 16, 2023, and a special grant of 15,000 stock options to Mr. Krishnasamy on July 17, 2024. Additionally, the annual equity-based compensation awards approved by the Compensation & HR Committee in June 2024 included one-time special awards of 415 shares of restricted stock for John A. Smith and 208 shares of restricted stock for Brie A. Carere for motivation and retention purposes and in recognition of each individual’s contributions to key strategic initiatives, including Network 2.0 and the company’s digital transformation. On July 17, 2025, FedEx announced that the company and Mr. Krishnasamy had mutually agreed that, effective July 17, 2025, Mr. Krishnasamy would step down as the company’s Executive Vice President, Chief Digital and Information Officer and Chief Transformation Officer following the successful completion of several key initiatives led by Mr. Krishnasamy. See “Potential Payments upon Termination or Change of Control — Separation and Release Agreement with Sriram Krishnasamy” on page 82 for additional information. Perquisites, Tax Payments, and Other Compensation FedEx’s named executive officers receive certain other annual compensation, including: Certain perquisites, such as personal use of corporate aircraft (though officers are required to reimburse FedEx for certain costs related to such usage), security services and equipment, tax return preparation and financial counseling services, umbrella insurance, digital security monitoring and protection services, physical examinations, travel privileges on certain airline partners, salary continuation benefits for short-term disability, and supplemental long-term disability benefits; Group term life insurance and 401(k) company-matching contributions; and Tax payments relating to restricted stock awards (as discussed above) and certain business-related use of corporate and commercial aircraft. We provide this other compensation to enhance the competitiveness of our executive compensation program and to increase the productivity (corporate aircraft travel, professional assistance with tax return preparation, and financial planning), safety (security services and equipment and digital security monitoring and protection services), and health (annual physical examinations) of our executive officers so they can focus on producing superior financial returns for our stockholders. Our tax payments relating to restricted stock awards are a component of the total target value of the restricted stock grant. As a result, the total target value of the award is the same as it would be if there were no tax payments and there is no dilutive effect on our stockholders’ equity interest in FedEx. The Compensation & HR Committee reviews and approves each of these elements of compensation, and all of the independent directors approve each element as it relates to our executive Chairman (if serving) and our President and Chief Executive Officer. The Committee also reviews and approves FedEx’s policies and procedures regarding perquisites and other personal benefits and tax payments, including: FedEx’s written policy setting forth guidelines and procedures regarding personal use of FedEx corporate aircraft; and FedEx’s executive security procedures. FedEx’s executive security procedures, which prescribe the level of personal security to be provided to the President and Chief Executive Officer, and other executive officers, are based on bona fide business-related security concerns and are an integral part of FedEx’s overall risk management and security program. These procedures have been assessed by an independent security consulting firm and deemed necessary and appropriate for the protection of the officers and their families given the history of direct security threats against FedEx executive officers and the likelihood of additional threats against the officers. The security services and equipment provided to FedEx executive officers may be viewed as conveying personal benefits to the executive officers and, as a result, their values must be reported in the Summary Compensation Table.

  101. Limitation on Severance Benefits

    Limitation on Severance Benefits In June 2022, following engagement with our stockholders, the Board of Directors, upon the recommendation of the Compensation & HR Committee, adopted a policy that we will not pay or enter into any new agreement with an executive officer that provides for severance benefits in connection with the executive officer’s voluntary or involuntary termination (unless due to death or permanent disability or in connection with a change of control) in an amount that exceeds 2.99 times the sum of the executive officer’s base salary and target AIC payout for the year of termination (with the value of any unvested equity awards that accelerate on the applicable termination of employment event calculated according to Section 280G of the Internal Revenue Code (“Section 280G”)), unless approved or ratified by stockholders. We also amended FedEx’s 2019 Omnibus Stock Incentive Plan, as amended (the “2019 Plan”), to provide that if the value of any unvested equity awards that accelerate in connection with a change of control of FedEx triggers an excise tax under Section 4999 of the Internal Revenue Code, then the amount of the individual’s awards eligible to accelerate will be reduced, to the extent possible, to one dollar ($1) less than three times the individual’s Section 280G “base amount,” so as to avoid triggering the excise tax.

  102. Limitation on Severance Benefits

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  103. Limitation on Severance Benefits

    In the event of a change of control and qualifying termination, the MRAs limit the amounts payable to each executive officer under the MRA to the largest amount that would result in none of the MRA payments being subject to any excise tax. See “Potential Payments Upon Termination or Change of Control — Benefits Triggered by Change of Control or Termination after Change of Control — Management Retention Agreements” on page 81 for additional information. Risks Arising from Compensation Policies and Practices Management has conducted an in-depth risk assessment of FedEx’s compensation policies and practices and concluded they do not create risks that are reasonably likely to have a material adverse effect on the company. The Compensation & HR Committee has reviewed and concurred with management’s conclusion. The risk assessment process included, among other things, a review of (i) all key incentive compensation plans to ensure that they are aligned with our pay-for-performance philosophy and include performance metrics that meet and support corporate goals and (ii) the overall compensation mix to ensure an appropriate balance between fixed and variable pay components and between short-term and long-term incentives. The objective of the process was to identify any compensation plans and practices that may encourage employees to take unnecessary risks that could threaten the company. No such plans or practices were identified. Tax Deductibility of Compensation Section 162(m) of the Internal Revenue Code limits the income tax deduction by FedEx for compensation paid to the Chief Executive Officer, Chief Financial Officer, and the three other highest-paid executive officers to $1,000,000 per year. The Compensation & HR Committee may continue to approve compensation that will not be fully deductible in order to ensure competitive levels of total compensation for its executive officers. Accounting for Stock-Based Compensation We account for stock-based payments, including grants under our equity compensation plans, in accordance with the requirements of Financial Accounting Standards Board Accounting Standards Codification Topic 718. Our equity award accounting complies with GAAP and is transparently disclosed in our filings with the SEC.

  104. Limitation on Severance Benefits

    | 2025 Proxy Statement | 65 |

  105. Summary Compensation Table

    Summary Compensation Table In this section, we provide certain tabular and narrative information regarding the compensation of our principal executive and financial officers and the other named executive officers for the fiscal year ended May 31, 2025, and for each of the previous two fiscal years (except as noted).

  106. Summary Compensation Table

    | NAME AND PRINCIPAL POSITION | YEAR | SALARY ($) | BONUS ($)(1) | STOCK AWARDS ($)(2) | OPTION AWARDS ($)(2) | NON-EQUITY INCENTIVE PLAN COMPENSATION ($)(3) | CHANGE IN PENSION VALUE AND NONQUALIFIED DEFERRED COMPENSATION EARNINGS ($)(4) | ALL OTHER COMPENSATION ($)(5) | TOTAL ($) | | Rajesh Subramaniam President and Chief Executive Officer (Principal Executive Officer) | 2025 | 1,483,333 | 0 | 2,252,030 | 3,712,832 | 3,422,321 | 386,862 | 1,616,313 | 12,873,691 | | | 2024 | 1,400,000 | 0 | 2,251,868 | 3,712,797 | 3,112,760 | 247,803 | 1,657,279 | 12,382,507 | | | 2023 | 1,300,000 | 250,000 | 2,251,294 | 3,712,859 | 3,998,750 | 209,016 | 1,527,904 | 13,249,823 | | John W. Dietrich(6) Executive Vice President and Chief Financial Officer (Principal Financial Officer) | 2025 | 965,502 | 100,000 | 970,456 | 1,500,098 | 941,835 | 214,426 | 742,615 | 5,434,932 | | | 2024 | 822,505 | 100,000 | 970,540 | 1,500,081 | 867,785 | — | 867,762 | 5,128,673 | | Sriram Krishnasamy(7) Executive Vice President, Chief Digital and Information Officer and Chief Transformation Officer | 2025 | 835,985 | 50,000 | 1,151,910 | 2,954,753 | 1,000,796 | 103,742 | 867,208 | 6,964,394 | | | 2024 | 627,300 | 1,237,500 | 1,151,667 | 1,197,846 | 808,852 | 154,764 | 816,161 | 5,994,090 | | John A. Smith(8) Chief Operating Officer — United States and Canada, Federal Express | 2025 | 899,656 | 0 | 1,030,343 | 1,197,882 | 1,174,994 | 214,759 | 763,439 | 5,281,073 | | Brie A. Carere(8) Executive Vice President — Chief Customer Officer | 2025 | 844,622 | 0 | 969,872 | 1,197,882 | 990,718 | 91,404 | 776,580 | 4,871,078 |

  107. Summary Compensation Table

    (1) The amounts reported in this column reflect (a) a promotional bonus received by Mr. Subramaniam related to his election as President and Chief Executive Officer that was paid in fiscal 2023, (b) a signing bonus received by Mr. Dietrich upon his appointment as Executive Vice President and Chief Financial Officer that was paid in two installments in fiscal 2024 and fiscal 2025, and (c) with respect to Mr. Krishnasamy, a special bonus of $1,200,000 and the second installment ($37,500) of a promotional bonus of $75,000 related to his election as Executive Vice President and Chief Transformation Officer that were paid in fiscal 2024 and the first installment of a promotional bonus related to his appointment as Executive Vice President, Chief Digital and Information Officer that was paid in fiscal 2025. For additional information, see “— Compensation Discussion and Analysis — Compensation Elements and Fiscal 2025 Amounts — Retention Awards and Special Bonuses and Awards” and “— Perquisites, Tax Payments, and Other Compensation” above. (2) The amounts reported in these columns reflect the aggregate grant date fair value of restricted stock and option awards granted to the named executive officer during each fiscal year, computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718. These amounts reflect our calculation of the value of these awards on the grant date and do not necessarily correspond to the actual value that may ultimately be realized by the officer. The fair value of restricted stock awards is equal to the fair market value of FedEx’s common stock (the average of the high and low prices of the stock on the NYSE) on the date of grant multiplied by the number of shares awarded. For accounting purposes, we use the Black-Scholes option pricing model to calculate the grant date fair value of stock options. Assumptions used in the calculation of the amounts in the “Option Awards” column are included in note 11 to our audited consolidated financial statements for the fiscal year ended May 31, 2025, included in our Annual Report on Form 10-K for fiscal 2025. See the “Grants of Plan-Based Awards During Fiscal 2025” table for information regarding restricted stock and option awards granted to the named executive officers during fiscal 2025. Reflects cash payouts, if any, under FedEx’s fiscal 2025, 2024, and 2023 AIC plans and FY23-FY25, FY22-FY24, and FY21-FY23 LTI plans, as follows (for further discussion of the fiscal 2025 AIC plan and the FY23-FY25 LTI plan, see “— Compensation Discussion and Analysis — Compensation Elements and Fiscal 2025 Amounts — AIC Program” and “— LTI Program” above):

  108. Summary Compensation Table

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  109. Summary Compensation Table

    | NAME | YEAR | AIC PAYOUT ($) | LTI PAYOUT ($) | TOTAL NON-EQUITY INCENTIVE PLAN COMPENSATION ($) | | R. Subramaniam | 2025 | 672,321 | 2,750,000 | 3,422,321 | | | 2024 | 1,519,010 | 1,593,750 | 3,112,760 | | | 2023 | 0 | 3,998,750 | 3,998,750 | | J.W. Dietrich* | 2025 | 275,168 | 666,667 | 941,835 | | | 2024 | 649,035 | 218,750 | 867,785 | | S. Krishnasamy | 2025 | 250,796 | 750,000 | 1,000,796 | | | 2024 | 505,102 | 303,750 | 808,852 | | J.A. Smith | 2025 | 261,800 | 913,194 | 1,174,994 | | B.A. Carere | 2025 | 240,718 | 750,000 | 990,718 |

  110. Summary Compensation Table

    * Mr. Dietrich’s participation in the FY23-FY25 and FY22-FY24 LTI plans was effective beginning June 1, 2023. He received a prorated payout based on the portion of the three-year period during which he participated in each plan. (4) Reflects the actuarial increase in the present value of the named executive officer’s benefits under the Pension Plan and the Parity Plan (as each such term is defined under “— Fiscal 2025 Pension Benefits — Overview of Pension Plans”). The amounts in the table and this footnote were determined using assumptions (e.g., for interest rates and mortality rates) consistent with those used in the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2025. Mr. Dietrich is not eligible to participate in the Pension Plan, and did not participate in the Parity Plan until August 1, 2024. See “— Fiscal 2025 Pension Benefits” below. (5) Includes: The aggregate incremental cost to FedEx of providing perquisites and other personal benefits; Group term life insurance premiums paid by FedEx; Company-matching contributions under FedEx’s tax-qualified, defined contribution 401(k) retirement savings plan called the FedEx Corporation Retirement Savings Plan; and Tax payments relating to restricted stock awards, certain business-related use of corporate and commercial aircraft and, for Mr. Dietrich, relocation expenses. FedEx pays the taxes resulting from a restricted stock award on behalf of the recipient to prevent the need for the officer to sell a portion of a stock award to pay the corresponding tax obligation. While SEC disclosure rules require that these payments be included with tax reimbursement payments and reported as “other compensation” in the Summary Compensation Table, we do not believe these payments are “tax gross-ups” in the conventional sense, since their value is fully reflected in the number of shares ultimately delivered to recipients. See “— Compensation Discussion and Analysis — Compensation Elements and Fiscal 2025 Amounts — Long-Term Equity Incentives — Stock Options and Restricted Stock — Tax Payments for Restricted Stock Awards” above. The following table shows the amounts included for each such item:

  111. Summary Compensation Table

    | NAME | YEAR | PERQUISITES AND OTHER PERSONAL BENEFITS ($)(a) | LIFE INSURANCE PREMIUMS ($) | COMPANY CONTRIBUTIONS UNDER 401(K) PLAN ($) | TAX REIMBURSEMENT PAYMENTS ($)(a) | OTHER ($)(b) | TOTAL ($) | | R. Subramaniam | 2025 | 122,894 | 2,707 | 12,179 | 1,478,533 | 0 | 1,616,313 | | | 2024 | 167,753 | 2,955 | 15,467 | 1,471,104 | 0 | 1,657,279 | | | 2023 | 50,793 | 2,445 | 7,458 | 1,467,208 | 0 | 1,527,904 | | J.W. Dietrich | 2025 | 72,595 | 2,707 | 28,000 | 639,313 | 0 | 742,615 | | | 2024 | 147,037 | 2,216 | 27,600 | 690,909 | 0 | 867,762 | | S. Krishnasamy | 2025 | 104,676 | 2,707 | 12,461 | 747,364 | 0 | 867,208 | | | 2024 | 52,599 | 2,955 | 13,400 | 747,207 | 0 | 816,161 | | J.A. Smith | 2025 | 72,904 | 2,707 | 12,415 | 675,413 | 0 | 763,439 | | B.A. Carere | 2025 | 130,373 | 2,707 | 12,304 | 631,196 | 0 | 776,580 |

  112. Summary Compensation Table

    (a) See the following two tables for additional details regarding the amounts included in each item. During fiscal 2025, 2024, and 2023, unless otherwise noted below, FedEx provided the following perquisites and other personal benefits to the named executive officers: Personal use of corporate aircraft: FedEx maintains a fleet of corporate aircraft that is used primarily for business travel by FedEx employees. FedEx has a written policy that sets forth guidelines and procedures regarding personal use of FedEx corporate aircraft. The policy requires officers to pay FedEx two times the cost of fuel for personal trips, plus applicable passenger ticket taxes and fees. These payments are intended to approximate the incremental cost to FedEx of personal corporate aircraft usage. The Board of Directors and the FedEx executive security procedures require our Chief Executive Officer to use FedEx corporate aircraft for all travel, including personal travel. Mr. Subramaniam is not required to pay FedEx for any travel on corporate aircraft by his family members or guests when they are accompanying him on business travel. He is, however, required to pay FedEx for any personal travel by him and any personal travel by his family members or guests when they are accompanying him and he is on personal travel or when they are traveling without him. Compensation is included in the table above for personal corporate aircraft travel (which for this purpose includes travel to attend a board or stockholder meeting of an outside company or organization for which the officer serves as a director or trustee) by a named

  113. Summary Compensation Table

    | 2025 Proxy Statement | 67 |

  114. Summary Compensation Table

    executive officer and his or her family members and guests to the extent, if any, that the aggregate incremental cost to FedEx of all such travel exceeds the amount the officer paid FedEx for such travel. The incremental cost to FedEx of personal use of corporate aircraft is calculated based on the variable operating cost to FedEx, which includes the cost of fuel, aircraft maintenance, crew travel, landing fees, ramp fees, and other smaller variable costs. Because FedEx corporate aircraft are used primarily for business travel, fixed costs that do not change based on usage, such as pilots’ salaries and purchase and lease costs, are excluded from this calculation. In addition, when an aircraft is already flying to a destination for business purposes and the officers or their family members or guests ride along on the aircraft for personal travel, there is no additional variable operating cost to FedEx associated with the additional passengers, and thus no compensation is included in the table above for such personal travel. With the exception of Mr. Subramaniam, the officer is still required to pay FedEx for such personal travel if persons on business travel occupy less than 50% of the total available seats on the aircraft. The amount of such payment is a pro rata portion (based on the total number of passengers) of the fuel cost for the flight, multiplied by two, plus applicable passenger ticket taxes and fees. For tax purposes, income is imputed to each named executive officer for personal travel and “business-related” travel (travel by the officer’s spouse or adult guest who accompanies the officer on a business trip for the primary purpose of assisting the officer with the business purpose of the trip) for the excess, if any, of the Standard Industrial Fare Level (SIFL) value of all such flights during a calendar year over the aggregate fuel payments made by the officer during that calendar year. The Board of Directors and the FedEx executive security procedures require our Chief Executive Officer to use FedEx corporate aircraft for all travel, including personal travel. Accordingly, during fiscal 2025, 2024, and 2023, FedEx was required to reimburse Mr. Subramaniam for taxes relating to any imputed income for his personal travel and the personal travel of his family members and guests when they were accompanying him (no such reimbursement payments were made during any of these fiscal years). FedEx reimburses each named executive officer for taxes relating to imputed income for business-related travel. For additional information regarding FedEx policies on the use of FedEx corporate aircraft, see “— Compensation Discussion and Analysis — Compensation Elements and Fiscal 2025 Amounts — Perquisites, Tax Payments, and Other Annual Compensation” above. Security services and equipment: Pursuant to FedEx’s executive security procedures, the named executive officers are provided security services and equipment. To the extent the services and equipment are provided by third parties (e.g., out-of-town transportation and other security-related expenses and home security system installation, maintenance, and monitoring), we have included in the table above the amounts paid by FedEx for such services and equipment. To the extent the security services are provided by FedEx employees, we have included amounts representing: (a) the number of hours of service provided to the officer by each such employee multiplied by (b) the total hourly compensation cost of the employee (including, among other things, pension and other benefit costs). Tax return preparation services: FedEx requires officers to have their income tax returns prepared by a qualified third party (other than our independent registered public accounting firm) and pays all reasonable and customary costs for such services. Financial counseling services: FedEx reimburses officers for certain financial counseling services, subject to various caps. Umbrella insurance premiums: FedEx pays umbrella insurance premiums on behalf of officers. Physical examinations: FedEx pays for officers to have comprehensive annual physical examinations. Travel privileges: FedEx provides certain executive officers and their spouses with travel privileges on certain airline partners. There is a small per-trip ticketing fee incurred by FedEx in connection with these privileges. FedEx reimburses an executive officer for taxes relating to imputed income for business-related travel. Supplemental disability benefits: FedEx provides executive officers with salary continuation benefits for short-term disability (100% of base salary for 28 weeks) and supplemental long-term disability benefits. Both benefit programs are self-funded (i.e., no premiums are paid to a third-party insurer) and thus there is no incremental cost to FedEx to provide these benefit programs. Digital security protection services: Beginning in fiscal 2025, FedEx provides optional digital security monitoring and protection services to executive officers, which are provided through a third-party vendor. In addition, during fiscal 2024 certain payments were made with respect to Mr. Dietrich’s relocation following his hire. The following table shows the amounts (the aggregate incremental cost to FedEx) included in the perquisites and other personal benefits column in the table above for each such item:

  115. Summary Compensation Table

    | NAME | YEAR | PERSONAL USE OF CORPORATE AIRCRAFT ($)(a) | SECURITY SERVICES AND EQUIPMENT ($) | TAX RETURN PREPARATION SERVICES ($) | FINANCIAL COUNSELING SERVICES ($) | UMBRELLA INSURANCE PREMIUMS ($) | DIGITAL SECURITY MONITORING AND PROTECTION SERVICES ($) | OTHER ($)(b) | TOTAL ($) | | R. Subramaniam | 2025 | 63,407 | 34,568 | 11,100 | 0 | 7,215 | 3,600 | 3,004 | 122,894 | | | 2024 | 38,112 | 110,873 | 4,900 | 5,489 | 4,755 | 3,600 | 24 | 167,753 | | | 2023 | 31,383 | 11,995 | 0 | 3,500 | 3,699 | 0 | 216 | 50,793 | | J.W. Dietrich | 2025 | 33,889 | 19,491 | 0 | 12,000 | 7,215 | 0 | 0 | 72,595 | | | 2024 | 44,232 | 23,030 | 0 | 0 | 4,008 | 0 | 75,767 | 147,037 | | S. Krishnasamy | 2025 | 0 | 92,456 | 1,055 | 350 | 7,215 | 3,600 | 0 | 104,676 | | | 2024 | 0 | 43,534 | 2,825 | 970 | 4,755 | 0 | 515 | 52,599 | | J.A. Smith | 2025 | 6,232 | 51,547 | 2,658 | 1,008 | 7,215 | 3,600 | 644 | 72,904 | | B.A. Carere | 2025 | 102,686 | 18,002 | 2,095 | 375 | 7,215 | 0 | 0 | 130,373 |

  116. Summary Compensation Table

    The amounts shown include the following amounts for use of corporate aircraft to attend board or stockholder meetings of outside companies or organizations for which the following named executive officers served as directors for fiscal 2025: Mr. Subramaniam — $63,407, Mr. Dietrich — $33,889, Mr. J.A. Smith — $6,232, and Ms. Carere — $102,686; fiscal 2024: Mr. Subramaniam — $38,112; and fiscal 2023: Mr. Subramaniam — $31,383.

  117. Summary Compensation Table

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  118. Summary Compensation Table

    The fiscal 2024 amount for Mr. Dietrich is for relocation expenses. Other amounts shown include physical examinations and/or ticketing fees for airline travel privileges. The following table shows the tax payments relating to the items listed, which are included in the table:

  119. Summary Compensation Table

    | NAME | YEAR | RESTRICTED STOCK ($) | BUSINESS-RELATED USE OF CORPORATE AND COMMERCIAL AIRCRAFT ($) | OTHER* ($) | TOTAL ($) | | R. Subramaniam | 2025 | 1,461,128 | 17,405 | 0 | 1,478,533 | | | 2024 | 1,461,022 | 10,082 | 0 | 1,471,104 | | | 2023 | 1,460,650 | 6,558 | 0 | 1,467,208 | | J.W. Dietrich | 2025 | 629,636 | 9,677 | 0 | 639,313 | | | 2024 | 638,019 | 11,381 | 41,509 | 690,909 | | S. Krishnasamy | 2025 | 747,364 | 0 | 0 | 747,364 | | | 2024 | 747,207 | 0 | 0 | 747,207 | | J.A. Smith | 2025 | 668,491 | 6,922 | 0 | 675,413 | | B.A. Carere | 2025 | 629,257 | 1,939 | 0 | 631,196 |

  120. Summary Compensation Table

    * 2024 amount is tax reimbursement payments for expenses related to Mr. Dietrich’s relocation. (6) Mr. Dietrich joined FedEx as Executive Vice President and Chief Financial Officer-Elect effective July 17, 2023, and was appointed Executive Vice President and Chief Financial Officer effective August 1, 2023. (7) Mr. Krishnasamy was not a named executive officer in fiscal 2023. Accordingly, the table includes Mr. Krishnasamy’s compensation only for fiscal 2024 and fiscal 2025. Beginning July 18, 2025, Mr. Krishnasamy is serving as an Executive Advisor with his last day as an employee of FedEx on October 31, 2025 or such earlier date as may be mutually agreed by Mr. Krishnasamy and FedEx. See “Potential Payments upon Termination or Change of Control — Separation and Release Agreement with Sriram Krishnasamy” for additional information. Mr. J. A. Smith and Ms. Carere were not named executive officers in fiscal 2023 or fiscal 2024. Accordingly, the table includes each individual’s compensation only for fiscal 2025.

  121. Summary Compensation Table

    | 2025 Proxy Statement | 69 |

  122. Executive Compensation – Grants of Plan-Based Awards During Fiscal 2025

    Executive Compensation – Grants of Plan-Based Awards During Fiscal 2025

  123. Grants of Plan-Based Awards During Fiscal 2025

    Grants of Plan-Based Awards During Fiscal 2025 The following table sets forth information regarding grants of plan-based awards made to the named executive officers during the fiscal year ended May 31, 2025:

  124. Grants of Plan-Based Awards During Fiscal 2025

    | | | | | ESTIMATED FUTURE PAYOUTS UNDER NON-EQUITY INCENTIVE PLAN AWARDS | | | ALL OTHER STOCK AWARDS: NUMBER OF SHARES OF STOCK OR UNITS (#) | ALL OTHER OPTION AWARDS: NUMBER OF SECURITIES UNDERLYING OPTIONS (#) | EXERCISE OR BASE PRICE OF OPTION AWARDS ($/SH)(1) | CLOSING PRICE ON GRANT DATE ($/SH) | GRANT DATE FAIR VALUE OF STOCK AND OPTION AWARDS ($)(2) | | NAME | TYPE OF PLAN/AWARD | GRANT DATE | APPROVAL DATE | THRESHOLD ($) | TARGET ($) | MAXIMUM ($) | | | | | | | R. Subramaniam | Restricted Stock(3) | 06/27/2024 | 06/09/2024 | | | | 7,709 | | | | $2,252,030 | | | Stock Option(4) | 06/27/2024 | 06/09/2024 | | | | | 34,485 | $292.13 | $295.47 | $3,712,832 | | | FY25 AIC(5) | | | 0 | 2,744,166 | 4,116,249 | | | | | | | | FY25-FY27 LTI(6) | | | 375,000 | 6,000,000 | 12,000,000 | | | | | | | J.W. Dietrich | Restricted Stock(3) | 06/27/2024 | 06/09/2024 | | | | 3,322 | | | | $970,456 | | | Stock Option(4) | 06/27/2024 | 06/09/2024 | | | | | 13,933 | $292.13 | $295.47 | $1,500,098 | | | FY25 AIC(5)(7) | | | 0 | 1,158,602 | 1,737,903 | | | | | | | | FY25-FY27 LTI(6)(7) | | | 125,000 | 2,000,000 | 4,000,000 | | | | | | | S. Krishnasamy | Restricted Stock(3) | 06/27/2024 | 06/09/2024 | | | | 3,112 | | | | $909,109 | | | Stock Option(4) | 06/27/2024 | 06/09/2024 | | | | | 11,126 | $292.13 | $295.47 | $1,197,882 | | | Restricted Stock(3) | 07/17/2024 | 07/14/2024 | | | | 781 | | | | $242,801 | | | Stock Option(4) | 07/17/2024 | 07/14/2024 | | | | | 15,000 | $310.89 | $310.43 | $1,756,870 | | | FY25 AIC(5) | | | 0 | 1,003,182 | 1,504,773 | | | | | | | | FY25-FY27 LTI(6) | | | 109,375 | 1,750,000 | 3,500,000 | | | | | | | J.A. Smith | Restricted Stock(3) | 06/27/2024 | 06/09/2024 | | | | 3,527 | | | | $1,030,343 | | | Stock Option(4) | 06/27/2024 | 06/09/2024 | | | | | 11,126 | $292.13 | $295.47 | $1,197,882 | | | FY25 AIC(5) | | | 0 | 1,079,587 | 1,619,381 | | | | | | | | FY25-FY27 LTI(6) | | | 125,000 | 2,000,000 | 4,000,000 | | | | | | | B.A. Carere | Restricted Stock(3) | 06/27/2024 | 06/09/2024 | | | | 3,320 | | | | $969,872 | | | Stock Option(4) | 06/27/2024 | 06/09/2024 | | | | | 11,126 | $292.13 | $295.47 | $1,197,882 | | | FY25 AIC(5) | | | 0 | 1,013,546 | 1,520,320 | | | | | | | | FY25-FY27 LTI(6) | | | 109,375 | 1,750,000 | 3,500,000 | | | | | |

  125. Grants of Plan-Based Awards During Fiscal 2025

    (1) The exercise price of the options is the fair market value of FedEx’s common stock (the average of the high and low prices of the stock on the NYSE) on the grant date. (2) Represents the grant date fair value of each equity-based award, computed in accordance with FASB ASC Topic 718. See note 2 to the Summary Compensation Table for information regarding the assumptions used in the calculation of these amounts. Shares of restricted stock awarded to the named executive officers generally vest ratably over four years beginning on the first anniversary of the grant date. Holders of restricted stock are entitled to vote such shares and receive any dividends paid on FedEx common stock. FedEx pays the taxes resulting from a restricted stock award on behalf of the recipient (these tax payments are included in the “All Other Compensation” column in the Summary Compensation Table). See “— Compensation Discussion and Analysis — Compensation Elements and Fiscal 2025 Amounts — Long-Term Equity Incentives — Stock Options and Restricted Stock” for further discussion of restricted stock awards.

  126. Grants of Plan-Based Awards During Fiscal 2025

    | 70 | |

  127. Executive Compensation – Grants of Plan-Based Awards During Fiscal 2025

    Executive Compensation – Grants of Plan-Based Awards During Fiscal 2025 Stock options granted to the named executive officers generally vest ratably over four years beginning on the first anniversary of the grant date. The options may not be transferred in any manner other than by will or the laws of descent and distribution and may be exercised during the lifetime of the optionee only by the optionee. See “— Compensation Discussion and Analysis — Compensation Elements and Fiscal 2025 Amounts — Long-Term Equity Incentives — Stock Options and Restricted Stock” above for further discussion of stock option awards. (5) In June 2024, the Board of Directors, upon the recommendation of the Compensation & HR Committee, established this annual performance cash compensation plan, which provided a cash payment opportunity at the conclusion of fiscal 2025. Payment amounts were based upon the achievement of company financial-performance goals for fiscal 2025 and, for Messrs. Dietrich, Krishnasamy, and J.A. Smith and Ms. Carere, the achievement of individual performance objectives. See “— Compensation Discussion and Analysis — Compensation Elements and Fiscal 2025 Amounts — AIC Program” above for further discussion of this plan. (6) The Board of Directors, upon the recommendation of the Compensation & HR Committee, established this long-term performance cash compensation plan in June 2024. The plan provides a long-term cash payment opportunity to the named executive officers at the conclusion of fiscal 2027 if FedEx achieves (a) an aggregate EPS goal established by the Board with respect to the three-fiscal-year period 2025 through 2027 (50% of the total payout opportunity), (b) an average ROIC growth goal over the three-fiscal-year period 2025 through 2027 (25% of the total payout opportunity), and (c) a relative TSR performance goal with respect to the three-fiscal-year period 2025 through 2027 (25% of the total payout opportunity). No amounts can be earned under the plan until 2027 because achievement of the EPS, ROIC, and relative TSR goals can only be determined following the conclusion of the three-fiscal-year period. The estimated individual future payouts under the plan are set dollar amounts ranging from threshold (minimum) amounts if the EPS, ROIC, and relative TSR goals achieved are less than target, up to maximum amounts if the plan goals are substantially exceeded. There is no assurance that these estimated future payouts will be achieved. See “— Compensation Discussion and Analysis — Compensation Elements and Fiscal 2025 Amounts — LTI Program” above for further discussion of this plan. Mr. Dietrich joined FedEx as Executive Vice President and Chief Financial Officer-Elect effective July 17, 2023, and was appointed Executive Vice President and Chief Financial Officer effective August 1, 2023. His participation in the FY25-FY27 LTI plan was effective beginning June 1, 2023.

  128. Executive Compensation – Grants of Plan-Based Awards During Fiscal 2025

    | 2025 Proxy Statement | 71 |

  129. Outstanding Equity Awards at End of Fiscal 2025

    Outstanding Equity Awards at End of Fiscal 2025 The following table sets forth for each named executive officer certain information about unexercised stock options and unvested shares of restricted stock held at the end of the fiscal year ended May 31, 2025:

  130. Outstanding Equity Awards at End of Fiscal 2025

    | | OPTION AWARDS | | | | STOCK AWARDS | | | | NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) | NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) | OPTION EXERCISE PRICE ($) | OPTION EXPIRATION DATE | NUMBER OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED (#)(a) | MARKET VALUE OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED ($)(b) | | NAME | EXERCISABLE | UNEXERCISABLE(a) | | | | | | R. Subramaniam | 13,225 | — | 162.8200 | 6/06/2026 | | | | | 12,120 | — | 207.3050 | 6/12/2027 | | | | | 9,185 | — | 261.7800 | 6/11/2028 | | | | | 163 | — | 173.0200 | 1/28/2029 | | | | | 45,570 | — | 161.8500 | 6/10/2029 | | | | | 75,600 | — | 130.9600 | 6/15/2030 | | | | | 13,657 | 4,553(1) | 294.6050 | 6/14/2031 | | | | | 27,960 | 27,960(2) | 226.9450 | 6/30/2032 | | | | | 11,962 | 35,889(3) | 229.5950 | 6/22/2033 | | | | | — | 34,485(4) | 292.1300 | 6/27/2034 | | | | | | | | | 20,919(5) | 4,562,434 | | J.W. Dietrich | 4,172 | 12,516(6) | 259.8500 | 7/19/2033 | | | | | — | 13,933(7) | 292.1300 | 6/27/2034 | | | | | | | | | 6,124(8) | 1,335,644 | | S. Krishnasamy(b) | 2,565 | — | 261.7800 | 6/11/2028 | | | | | 2,122 | 708(9) | 294.6050 | 6/14/2031 | | | | | 2,260 | 2,260(10) | 226.9450 | 6/30/2032 | | | | | 4,140 | 6,210(11) | 219.4250 | 7/18/2032 | | | | | 3,859 | 11,579(12) | 229.5950 | 6/22/2033 | | | | | — | 11,715(13) | 292.1300 | 6/27/2034 | | | | | — | 15,000(14) | 310.8850 | 7/17/2034 | | | | | | | | | 9,338(15) | 2,036,618 | | J.A. Smith | 2,975 | — | 207.3050 | 6/12/2027 | | | | | 9,185 | — | 261.7800 | 6/11/2028 | | | | | 17,030 | — | 161.8500 | 6/10/2029 | | | | | 13,905 | — | 130.9600 | 6/15/2030 | | | | | 7,248 | 2,417(16) | 294.6050 | 6/14/2031 | | | | | 6,777 | 6,778(17) | 226.9450 | 6/30/2032 | | | | | 3,859 | 11,579(18) | 229.5950 | 6/22/2033 | | | | | — | 11,126(19) | 292.1300 | 6/27/2034 | | | | | | | | | 8,687(20) | 1,894,635 | | B.A. Carere | 3,820 | — | 261.7800 | 6/11/2028 | | | | | 773 | — | 173.0200 | 1/28/2029 | | | | | 14,530 | — | 161.8500 | 6/10/2029 | | | | | 18,540 | — | 130.9600 | 6/15/2030 | | | | | 5,103 | 1,702(21) | 294.6050 | 6/14/2031 | | | | | 6,400 | 6,400(22) | 226.9450 | 6/30/2032 | | | | | 3,859 | 11,579(23) | 229.5950 | 6/22/2033 | | | | | — | 11,126(24) | 292.1300 | 6/27/2034 | | | | | | | | | 8,247(25) | 1,798,671 |

  131. Outstanding Equity Awards at End of Fiscal 2025

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  132. Outstanding Equity Awards at End of Fiscal 2025

    | | DATE | NUMBER | | DATE | NUMBER | | R. Subramaniam(1) | 6/14/2025 | 4,553 | J.W. Dietrich(6) | 7/19/2025 | 4,172 | | (2) | 6/30/2025 | 13,980 | | 7/19/2026 | 4,172 | | | 6/30/2026 | 13,980 | | 7/19/2027 | 4,172 | | (3) | 6/22/2025 | 11,963 | (7) | 6/27/2025 | 3,483 | | | 6/22/2026 | 11,963 | | 6/27/2026 | 3,483 | | | 6/22/2027 | 11,963 | | 6/27/2027 | 3,483 | | (4) | 6/27/2025 | 8,621 | | 6/27/2028 | 3,484 | | | 6/27/2026 | 8,621 | (8) | 6/27/2025 | 830 | | | 6/27/2027 | 8,621 | | 7/19/2025 | 934 | | | 6/27/2028 | 8,622 | | 6/27/2026 | 831 | | (5) | 6/14/2025 | 894 | | 7/19/2026 | 934 | | | 6/22/2025 | 2,452 | | 6/27/2027 | 830 | | | 6/27/2025 | 1,927 | | 7/19/2027 | 934 | | | 6/30/2025 | 2,480 | | 6/27/2028 | 831 | | | 6/22/2026 | 2,452 | | | | | | 6/27/2026 | 1,927 | | | | | | 6/30/2026 | 2,480 | | | | | | 6/22/2027 | 2,452 | | | | | | 6/27/2027 | 1,927 | | | | | | 6/27/2028 | 1,928 | | | |

  133. Outstanding Equity Awards at End of Fiscal 2025

    | 2025 Proxy Statement | 73 |

  134. Outstanding Equity Awards at End of Fiscal 2025

    | | DATE | NUMBER | | DATE | NUMBER | | S. Krishnasamy(9) | 6/14/2025 | 708 | J.A. Smith(16) | 6/14/2025 | 2,417 | | (10) | 6/30/2025 | 1,130 | (17) | 6/30/2025 | 3,389 | | | 6/30/2026 | 1,130 | | 6/30/2026 | 3,389 | | (11) | 7/18/2024 | 2,070 | (18) | 6/22/2025 | 3,860 | | | 7/18/2025 | 2,070 | | 6/22/2026 | 3,859 | | | 7/18/2026 | 2,070 | | 6/22/2027 | 3,860 | | (12) | 6/22/2025 | 3,860 | (19) | 6/27/2025 | 2,781 | | | 6/22/2026 | 3,859 | | 6/27/2026 | 2,782 | | | 6/22/2027 | 3,860 | | 6/27/2027 | 2,781 | | (13) | 6/27/2025 | 3,860 | | 6/27/2028 | 2,782 | | | 6/27/2026 | 3,859 | (20) | 6/14/2025 | 587 | | | 6/27/2027 | 3,860 | | 6/22/2025 | 990 | | | 6/27/2028 | 136 | | 6/27/2025 | 881 | | (14) | 7/17/2025 | 3,750 | | 6/30/2025 | 801 | | | 7/17/2026 | 3,750 | | 6/22/2026 | 990 | | | 7/17/2027 | 3,750 | | 6/27/2026 | 882 | | | 7/17/2028 | 3,750 | | 6/30/2026 | 802 | | (15) | 6/14/2025 | 137 | | 6/22/2027 | 990 | | | 6/22/2025 | 990 | | 6/27/2027 | 882 | | | 6/27/2025 | 778 | | 6/27/2027 | 882 | | | 7/17/2025 | 195 | | | | | | 7/18/2025 | 635 | | | | | | 7/19/2025 | 234 | | | | | | 6/22/2026 | 990 | | | | | | 6/27/2026 | 778 | | | | | | 6/30/2026 | 367 | | | | | | 7/17/2026 | 195 | | | | | | 7/18/2026 | 635 | | | | | | 7/19/2026 | 233 | | | | | | 6/22/2027 | 990 | | | | | | 6/27/2027 | 778 | | | | | | 7/17/2027 | 195 | | | | | | 7/19/2027 | 234 | | | | | | 6/27/2028 | 778 | | | | | | 7/17/2028 | 196 | | | |

  135. Outstanding Equity Awards at End of Fiscal 2025

    | 74 | |

  136. Outstanding Equity Awards at End of Fiscal 2025

    | | DATE | NUMBER | | B.A. Carere(21) | 6/14/2025 | 1,702 | | (22) | 6/30/2025 | 3,200 | | | 6/30/2026 | 3,200 | | (23) | 6/22/2025 | 3,860 | | | 6/22/2026 | 3,859 | | | 6/22/2027 | 3,860 | | (24) | 6/27/2025 | 2,781 | | | 6/27/2026 | 2,782 | | | 6/27/2027 | 2,781 | | | 6/27/2028 | 2,782 | | (25) | 6/14/2025 | 487 | | | 6/22/2025 | 990 | | | 6/27/2025 | 830 | | | 6/30/2025 | 735 | | | 6/22/2026 | 990 | | | 6/27/2026 | 830 | | | 6/30/2026 | 735 | | | 6/22/2027 | 990 | | | 6/27/2027 | 830 | | | 6/27/2028 | 830 |

  137. Outstanding Equity Awards at End of Fiscal 2025

    Computed by multiplying the closing market price of FedEx’s common stock on May 30, 2025, the last trading day of fiscal 2025 (which was $218.10), by the number of shares.

  138. Outstanding Equity Awards at End of Fiscal 2025

    | 2025 Proxy Statement | 75 |

  139. Executive Compensation – Option Exercises and Stock Vested During Fiscal 2025

    Executive Compensation – Option Exercises and Stock Vested During Fiscal 2025

  140. Option Exercises and Stock Vested During Fiscal 2025

    Option Exercises and Stock Vested During Fiscal 2025 The following table sets forth for each named executive officer certain information about stock options that were exercised and restricted stock that vested during the fiscal year ended May 31, 2025:

  141. Option Exercises and Stock Vested During Fiscal 2025

    | | OPTION AWARDS | | STOCK AWARDS | | | NAME | NUMBER OF SHARES ACQUIRED ON EXERCISE (#) | VALUE REALIZED ON EXERCISE ($)(1) | NUMBER OF SHARES ACQUIRED ON VESTING (#) | VALUE REALIZED ON VESTING ($)(2) | | R. Subramaniam | — | — | 8,699 | 2,285,525 | | J.W. Dietrich | — | — | 933 | 285,848 | | S. Krishnasamy | 5,627 | 954,522 | 2,799 | 769,265 | | J.A. Smith | 6,155 | 446,313 | 3,917 | 1,011,594 | | B.A. Carere | — | — | 3,773 | 972,788 |

  142. Option Exercises and Stock Vested During Fiscal 2025

    (1) If the shares were sold immediately upon exercise, the value realized on exercise of the option is the difference between the actual sales price and the exercise price of the option. Otherwise, the value realized is the difference between the fair market value of FedEx’s common stock (the average of the high and low prices of the stock on the NYSE) on the date of exercise and the exercise price of the option. Represents the fair market value of the shares on the vesting date.

  143. Option Exercises and Stock Vested During Fiscal 2025

    | 76 | |

  144. Fiscal 2025 Pension Benefits

    Fiscal 2025 Pension Benefits The following table sets forth for each named executive officer the present value of accumulated benefits on May 31, 2025, under FedEx’s defined benefit pension plans. For information regarding benefits triggered by retirement under our stock option and restricted stock plans, see “— Potential Payments Upon Termination or Change of Control” below.

  145. Fiscal 2025 Pension Benefits

    | NAME | PLAN NAME | NUMBER OF YEARS CREDITED SERVICE (#) | PRESENT VALUE OF ACCUMULATED BENEFIT ($)(1) | PAYMENTS DURING FISCAL 2025 ($) | | R. Subramaniam | FedEx Corporation Employees’ Pension Plan | 34 | 1,463,733 | — | | | FedEx Corporation Retirement Parity Pension Plan | 34 | 3,728,687 | — | | J.W. Dietrich(2) | FedEx Corporation Employees’ Pension Plan | 2 | — | — | | | FedEx Corporation Retirement Parity Pension Plan | 2 | 214,426 | — | | S. Krishnasamy | FedEx Corporation Employees’ Pension Plan | 8 | 130,189 | — | | | FedEx Corporation Retirement Parity Pension Plan | 8 | 265,203 | — | | | Federal Express Belgian Pension Plan(3) | n/a | 9,600 | — | | J.A. Smith | FedEx Corporation Employees’ Pension Plan | 25 | 331,767 | — | | | FedEx Corporation Retirement Parity Pension Plan | 25 | 668,245 | — | | B.A. Carere | FedEx Corporation Employees’ Pension Plan | 11 | 144,475 | — | | | FedEx Corporation Retirement Parity Pension Plan | 11 | 326,528 | — |

  146. Fiscal 2025 Pension Benefits

    (1) These amounts were determined using assumptions (e.g., for interest rates and mortality rates) consistent with those used in the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2025. The benefits are expressed as lump sum amounts, even though the benefits using the traditional pension benefit formula under the Pension Plan (as defined below) are generally not payable as a lump sum distribution (only $5,000 or less may be distributed as a lump sum under the traditional pension benefit formula under the Pension Plan). The benefits using the Portable Pension Account formula (discussed below) under the Pension Plan may be paid as a lump sum. The present value of the Pension Plan traditional pension benefit is equal to the single life annuity payable at the normal retirement date (age 60), or June 1, 2025 if the officer is past normal retirement age, converted based on an interest rate of 5.942% and Oliver Wyman’s 2024 mortality tables based on the U.S. longevity model with MP-2021 mortality improvement scale, discounted to May 31, 2025 using an interest rate of 5.942%. The present value of the Parity Plan (as defined below) traditional pension benefit is equal to the single life annuity payable at the normal retirement age (age 60), or June 1, 2025 if the officer is past normal retirement age, converted based on an interest rate of 4.71% for lump sums paid through May 31, 2026, 4.26% for lump sums paid through May 31, 2027, and 3.80% for lump sums paid on and after June 1, 2027, and the 1994 Group Annuity Reserving Table, discounted to May 31, 2025 using an interest rate of 5.942%. The present value of the Portable Pension Account as of May 31, 2025 is equal to the officer’s account balance on May 31, 2025, projected to the normal retirement date, if applicable, based on an interest rate of 1.2375% credited quarterly during fiscal 2026 and 1% credited quarterly thereafter and discounted to May 31, 2025, using an interest rate of 5.942%. (2) Mr. Dietrich is not eligible to participate in the Pension Plan and did not participate in the Parity Plan until August 1, 2024. (3) Mr. Krishnasamy participated in the Federal Express Belgian Pension Plan in connection with prior overseas service. Overview of Pension Plans FedEx maintains a tax-qualified, defined benefit pension plan called the FedEx Corporation Employees’ Pension Plan (the “Pension Plan”). For fiscal 2025, the maximum compensation limit under a tax-qualified pension plan was $345,000. The Internal Revenue Code also limits the maximum annual benefits that may be accrued under a tax-qualified, defined benefit pension plan. In order to provide 100% of the benefits that would otherwise be denied to certain management-level participants in the Pension Plan due to these limitations, FedEx also maintains a supplemental, non-tax-qualified plan called the FedEx Corporation Retirement Parity Pension Plan (the “Parity Plan”). Benefits under the Parity Plan are general, unsecured obligations of FedEx. Effective May 31, 2003, FedEx amended the Pension Plan and the Parity Plan to add a cash balance feature, which is called the Portable Pension Account. Eligible employees as of May 31, 2003 had the option to make a one-time election to accrue future pension benefits under either the cash balance formula or the traditional pension benefit formula. In either case, employees retained all benefits previously accrued under the traditional pension benefit formula and continued to receive the benefit of future compensation increases on benefits accrued as of May 31, 2003. Eligible employees hired after May 31, 2003 accrue benefits exclusively under the Portable Pension Account. Beginning June 1, 2008, eligible employees who participate in the Pension Plan and/or the Parity Plan, including the named executive officers, accrue all future pension benefits under the Portable Pension Account. In addition, benefits previously accrued under the Pension Plan and the Parity Plan using the traditional pension benefit formula were capped as of May 31, 2008, and those benefits will be payable beginning at retirement. Effective June 1, 2008, each participant in the Pension Plan and the Parity Plan who was age 40 or older on that date and who has an accrued traditional pension benefit will receive a transition compensation credit, as described in more detail below. Employees who elected in 2003 to accrue future benefits under the Portable Pension Account will continue to accrue benefits under that formula.

  147. Fiscal 2025 Pension Benefits

    | 2025 Proxy Statement | 77 |

  148. Fiscal 2025 Pension Benefits

    Effective January 1, 2020, FedEx amended and restated the Pension Plan to close the Pension Plan to employees hired on or after January 1, 2020. In 2021, eligible employees hired prior to January 1, 2020 were given a one-time option to (a) continue receiving pension compensation credits under the existing Portable Pension Account formula and remain in the FedEx Corporation Retirement Savings Plan (the “401(k) Plan”) with its existing matching company contribution of up to 3.5% of eligible earnings or (b) effective January 1, 2022, cease receiving compensation credits under the Pension Plan and move to a new 401(k) plan (the “New 401(k) Plan”) with a higher match (as described below). Employees hired on or after January 1, 2020 were automatically moved to the New 401(k) Plan effective January 1, 2022. The Parity Plan will continue to be open to all new officers and managing/ staff directors, but the benefits provided under the plan will mirror the benefits provided by the Pension Plan and the 401(k) Plan. The named executive officers also participate in the 401(k) Plan. The annual matching company contribution under the 401(k) Plan is a maximum of 3.5% of eligible earnings. Effective January 1, 2022, the annual matching contribution under the 401(k) Plan for employees hired on or after January 1, 2020 or eligible employees who choose the New 401(k) Plan option increased to a maximum of 8.0% of eligible earnings. In order to provide 100% of the benefits that would otherwise be limited due to certain limitations imposed by United States tax laws, Parity Plan participants, including the named executive officers, receive additional Portable Pension Account compensation credits equal to 3.5% of any eligible earnings above the maximum compensation limit for tax-qualified plans (or 8% after January 1, 2022 for eligible employees who elect to participate in the New 401(k) Plan or who were hired on or after January 1, 2020). Normal retirement age for the majority of participants, including the named executive officers, under the Pension Plan and the Parity Plan is age 60. However, for benefits accrued after January 31, 2016, the normal retirement age is age 62. The traditional pension benefit under the Pension Plan for a participant who retires between the ages of 55 and 60 will be reduced by 3% for each year the participant receives his or her benefit prior to age 60. Traditional Pension Benefit Under the traditional pension benefit formula, the Pension Plan and the Parity Plan provide 2% of the average of the five calendar years (three calendar years for the Parity Plan) of highest earnings during employment multiplied by years of credited service for benefit accrual up to 25 years. Eligible compensation for the traditional pension benefit under the Pension Plan and the Parity Plan generally included salary and annual incentive compensation. Each named executive officer’s capped accrued traditional pension benefit was calculated using his or her years of credited service as of either May 31, 2003 or May 31, 2008, depending on whether he or she chose to accrue future benefits under the cash balance formula or the traditional pension benefit formula in 2003, and his or her eligible earnings history as of May 31, 2008. Portable Pension Account The benefit under the Portable Pension Account is expressed as a notional cash balance account. For each plan year in which a participant is credited with a year of service, compensation credits are added based on the participant’s age and years of service as of the end of the prior plan year and the participant’s eligible compensation for the prior calendar year based on the following table:

  149. Fiscal 2025 Pension Benefits

    | AGE + SERVICE ON MAY 31 | COMPENSATION CREDIT | | Less than 55 | 5% | | 55 – 64 | 6% | | 65 – 74 | 7% | | 75 or over | 8% |

  150. Fiscal 2025 Pension Benefits

    On May 31, 2025, the sum of age plus years of service for the named executive officers was as follows: Mr. Subramaniam — 91; Mr. Dietrich — 60; Mr. Krishnasamy — 59; Mr. Smith — 86; and Ms. Carere — 56. Eligible compensation under the Portable Pension Account feature includes salary, annual incentive compensation, and promotional and certain other bonuses (but does not include long-term incentive compensation). Transition compensation credits are an additional compensation credit percentage to be granted to participants in the Pension Plan and the Parity Plan who were age 40 or older on June 1, 2008, and who have an accrued benefit under the traditional pension benefit formula. For each plan year in which an eligible participant is credited with a year of service, transition compensation credits will be added based on the participant’s age and years of service as of the end of the prior plan year and the participant’s eligible compensation for the prior calendar year based on the following table:

  151. Fiscal 2025 Pension Benefits

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  152. Fiscal 2025 Pension Benefits

    | AGE + SERVICE ON MAY 31 | TRANSITION COMPENSATION CREDIT* | | Less than 55 | 2% | | 55 – 64 | 3% | | 65 – 74 | 4% | | 75 or over | 5% |

  153. Fiscal 2025 Pension Benefits

    * For years of credited service over 25, transition compensation credits are 2% per year. An eligible participant will receive transition compensation credits for five years (through May 31, 2013) or until he or she has 25 years of credited service, whichever is longer. For participants with 25 or more years of service, transition compensation credits are 2% per year and ceased as of May 31, 2013. An eligible participant’s first transition compensation credit was added to his or her Portable Pension Account as of May 31, 2009. Interest credits are added to a participant’s Portable Pension Account benefit as of the end of each fiscal quarter (August 31, November 30, February 28, and May 31) after a participant accrues his or her first compensation credit. The May 31 interest credit is added prior to the May 31 compensation credit or transition compensation credit (or additional compensation credit under the Parity Plan). Interest credits are based on the Portable Pension Account notional balance and a quarterly interest-crediting factor, which is equal to the greater of (a) 1/4 of the one-year Treasury constant maturities rate for April of the preceding plan year plus 0.25% and (b) 1% (1/4 of 4%). Interest credits will continue to be added until the last day of the month before plan benefits are distributed. The quarterly interest-crediting factor for each of the plan years ended May 31, 2025, 2024, and 2023 was 1%. Distribution Upon a participant’s retirement, the vested traditional pension benefit under the Pension Plan is payable as a monthly annuity. Upon a participant’s retirement or other termination of employment, an amount equal to the vested Portable Pension Account notional balance under the Pension Plan is payable to the participant in the form of a lump-sum payment or an annuity. All Parity Plan benefits are paid as a single lump-sum distribution as follows: For the portion of the benefit accrued under the Portable Pension Account formula, the lump-sum benefit will be paid six months following the date of the participant’s termination of employment; and For the portion of the benefit accrued under the traditional pension benefit formula, the lump-sum benefit will be paid the later of the date the participant turns age 55 or six months following the date of the participant’s termination of employment.

  154. Fiscal 2025 Pension Benefits

    | 2025 Proxy Statement | 79 |

  155. Potential Payments Upon Termination or Change of Control

    Potential Payments Upon Termination or Change of Control This section provides information regarding payments and benefits to the named executive officers that would be triggered by termination of the officer’s employment (including resignation or voluntary termination; severance or involuntary termination; and retirement) or a change of control of FedEx. Benefits Triggered by Voluntary or Involuntary Separation Each of the named executive officers is an at-will employee and, as such, does not have an employment contract. In addition, if the officer’s employment terminates for any reason other than death or permanent disability, any unvested stock options are automatically terminated. If the officer’s employment terminates for any reason other than retirement, death, or permanent disability, any unvested shares of restricted stock are automatically forfeited. Accordingly, there are no payments or benefits that are triggered by any termination event (including resignation and severance) other than retirement, death, or permanent disability, or in connection with a change of control of FedEx. Under our policy on limitation of severance benefits, we will not pay or enter into any new agreement with an executive officer that provides for severance benefits in connection with the executive officer’s voluntary or involuntary termination (unless due to death or permanent disability or in connection with a change of control) in an amount that exceeds 2.99 times the sum of the executive officer’s base salary and target AIC payout for the year of termination (with the value of any unvested equity awards that accelerate on the applicable termination of employment event calculated according to Section 280G) unless approved or ratified by stockholders. We also amended our 2019 Plan to provide that if the value of any unvested equity awards that accelerate in connection with a change of control of FedEx triggers an excise tax under Section 4999 of the Internal Revenue Code, then the amount of the individual’s awards eligible to accelerate will be reduced, to the extent possible, to one dollar ($1) less than three times the individual’s Section 280G “base amount.” See “Compensation Discussion and Analysis — Post-Employment Compensation — Limitation on Severance Benefits.” Benefits Triggered by Retirement, Death, or Permanent Disability Retirement When an employee retires: If retirement occurs at or after age 60, all restrictions applicable to the restricted stock held by the employee lapse on the date of retirement (unless otherwise provided in the applicable award agreement); If retirement occurs at or after age 55, but before age 60 (unless otherwise provided in the applicable award agreement), the restrictions applicable to restricted stock held by the employee continue until the earlier of the specified expiration of the restriction period, the employee’s permanent disability, or the employee’s death; and All of the employee’s unvested stock options terminate. For information regarding retirement benefits under our pension plans, see “— Fiscal 2025 Pension Benefits” above. Death or Permanent Disability When an employee dies or becomes permanently disabled: all restrictions applicable to the restricted stock held by the employee immediately lapse; and all of the employee’s unvested stock options immediately vest. In addition, FedEx provides each named executive officer with: $1,500,000 of group term life insurance coverage; $500,000 of business travel accident insurance coverage for death or certain injuries suffered as a result of an accident while traveling on company business; and A supplemental long-term disability program, with a monthly benefit equal to 60% of the officer’s basic monthly earnings (provided the officer continues to meet the definition of disability, these benefits generally continue until age 65).

  156. Potential Payments Upon Termination or Change of Control

    | 80 | |

  157. Potential Payments Upon Termination or Change of Control

    Benefits Triggered by Change of Control or Termination after Change of Control Stock Option and Restricted Stock Plans Each of our 2010 Omnibus Stock Incentive Plan, as amended, and our 2019 Plan (together, the “Stock Incentive Plans”) provides that, in the event of a “change of control” (as defined in the Stock Incentive Plans), each holder of an unexpired option has the right to exercise such option without regard to the date such option would first be exercisable. The Stock Incentive Plans also provide that, in the event of a “change of control,” depending on the change of control event, either (i) the restricted stock will be canceled and FedEx will make a cash payment to each holder in an amount equal to the product of the highest price per share received by the holders of FedEx’s common stock in connection with the change of control multiplied by the number of shares of restricted stock held or (ii) the restrictions applicable to any such shares will immediately lapse. Under the Stock Incentive Plans, our Compensation & HR Committee may exercise its discretion to provide for a treatment different than described above with respect to any particular stock option or restricted stock award, as set forth in the related award agreement. To date, such discretion has not been exercised. Our 2019 Plan provides that, if the value of any award holder’s unvested awards that accelerate in connection with a change of control would give rise to adverse tax consequences under Section 4999 of the Internal Revenue Code, then the amount of the holder’s awards eligible to accelerate will automatically be reduced, to the extent possible, to one dollar ($1) less than the three times the participant’s “base amount” (as defined in Section 280G). Management Retention Agreements FedEx has entered into MRAs with each of its executive officers, including the named executive officers. The purpose of the MRAs is to secure the executives’ continued services in the event of any threat or occurrence of a change of control (as defined in the MRAs; such term has the same meaning as used in FedEx’s equity compensation plans). The terms and conditions of the MRAs with the named executive officers are summarized below.

  158. Pay Versus Performance

    Pay Versus Performance Under rules adopted by the SEC pursuant to the Dodd-Frank Act, FedEx is required to calculate and disclose information about the relationship between executive “compensation actually paid” (“CAP”) and certain financial performance measures of FedEx. “Compensation actually paid,” as determined pursuant to Item 402(v) of Regulation S-K adopted by the SEC, reflects adjusted values to unvested and vested equity awards during the years shown in the table based on year-end stock prices, various accounting valuation assumptions, and projected performance modifiers but does not reflect actual compensation paid for those awards. CAP generally fluctuates due to stock price changes and varying levels of projected and actual achievement of performance goals. For a discussion of how our Compensation & HR Committee assessed FedEx’s performance and the performance of our Chief Executive Officer and our other named executive officers for purposes of determining pay each year, see “Executive Compensation — Compensation Discussion and Analysis” in this proxy statement and in our proxy statements for 2025, 2024, 2023, 2022, and 2021. For further information about our compensation philosophy and the pay-for-performance nature of our executive compensation program, please see “Executive Compensation — Compensation Discussion and Analysis” beginning on page 43.

  159. Pay Versus Performance

    | | | | AVERAGE SUMMARY COMPENSATION TABLE TOTAL FOR NON-CEO NEOs ($)(3) | AVERAGE COMPENSATION ACTUALLY PAID TO NON-CEO NEOs ($)(4) | VALUE OF INITIAL FIXED $100 INVESTMENT BASED ON: | | | ADJUSTED CONSOLIDATED OPERATING INCOME (IN MILLIONS) ($)(8) | | YEAR | SUMMARY COMPENSATION TABLE TOTAL ($)(1) | COMPENSATION ACTUALLY PAID TO CEO ($)(2) | | | FEDEX TSR ($)(5) | DOW JONES TRANSPORTATION AVERAGE TSR ($)(6) | NET INCOME (IN MILLIONS) ($)(7) | | | 2025 | 12,873,691 | 7,273,193 | 5,637,869 | 3,590,384 | 182.43 | 175.85 | 4,092 | 6,120 | | 2024 | 12,382,507 | 15,909,634 | 5,498,440 | 5,688,059 | 208.06 | 179.57 | 4,331 | 6,235 | | 2023 | 13,249,823 | 12,796,020 | 6,296,043 | 5,689,551 | 174.03 | 159.13 | 3,972 | 4,948 | | 2022 | 10,596,150 | (19,560,048) | 4,131,008 | (1,388,125) | 176.23 | 163.49 | 3,826 | 6,733 | | 2021 | 14,325,537 | 88,307,582 | 5,783,014 | 16,035,779 | 244.15 | 177.82 | 5,231 | 5,857 |

  160. Pay Versus Performance

    (1) Reflects total compensation amounts for Mr. Subramaniam for fiscal 2025, 2024, and 2023 and Frederick W. Smith for fiscal 2022 and 2021 reported in the proxy statements reporting pay for the fiscal years covered in the table above. Reflects “compensation actually paid” to Mr. Subramaniam in fiscal 2025, 2024, and 2023 and Mr. Smith in fiscal 2022 and 2021, as determined in accordance with Item 402(v) of Regulation S-K for each year, adjusted in accordance with Item 402(v) of Regulation S-K as set forth in the table below. These dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Subramaniam in fiscal 2025, 2024, or 2023 or Mr. Smith in fiscal 2022 or 2021. For information regarding the decisions made by our Compensation & HR Committee relating to CEO compensation for each fiscal year, please see the “Executive Compensation — Compensation Discussion & Analysis” sections of the proxy statements reporting pay for the fiscal years covered in the table above.

  161. Pay Versus Performance

    | 2025 Proxy Statement | 85 |

  162. Pay Versus Performance

    | YEAR | 2021 | 2022 | 2023 | 2024 | 2025 | | CEO | F.W. Smith | F.W. Smith | R. Subramaniam | R. Subramaniam | R. Subramaniam | | SCT Total Compensation ($) | 14,325,537 | 10,596,150 | 13,249,823 | 12,382,507 | 12,873,691 | | Less: Stock and Option Award Values Reported in SCT for the Covered Year ($) | (8,784,094) | (7,160,341) | (5,964,153) | (5,964,665) | (5,964,862) | | Plus: Year End Fair Value for Stock and Option Awards Granted in the Covered Year ($) | 49,787,090 | 4,378,639 | 6,029,546 | 7,017,566 | 3,466,167 | | Change in Fair Value of Outstanding Unvested Stock, and Option Awards from Prior Years ($) | 32,335,923 | (24,455,363) | (484,674) | 1,826,533 | (3,150,182) | | Change in Fair Value of Stock, and Option Awards from Prior Years that Vested in the Covered Year ($) | 532,670 | (2,970,262) | 69,188 | 784,265 | 282,904 | | Less: Fair Value of Stock, and Option Awards that failed to meet Vesting Conditions in the Covered Year ($) | — | — | — | — | — | | Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($) | — | — | (209,016) | (247,803) | (386,862) | | Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($) | 110,456 | 51,129 | 105,306 | 111,231 | 152,337 | | Compensation Actually Paid ($) | 88,307,582 | (19,560,048) | 12,796,020 | 15,909,634 | 7,273,193 |

  163. Pay Versus Performance

    Equity Valuations: Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of date of grant in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 718 as of the end of the respective fiscal year. Adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions (i.e., term, volatility, dividend yield, risk free rates) as of the measurement date. Time-vested restricted stock awards grant date fair values are calculated using the stock price as of the date of grant. Adjustments have been made using the stock price as of fiscal year-end and as of each vesting date. Stock award valuations include reinvested dividends where applicable. (3) Reflects the average total compensation amounts reported in the Summary Compensation Table for the following non-CEO named executive officers for the indicated years: 2021: Messrs. Subramaniam; Donald F. Colleran, the former President and Chief Executive Officer of Federal Express; Robert B. Carter, our former Executive Vice President, FedEx Information Services and Chief Information Officer; and Michael C. Lenz and Alan B. Graf, Jr., who each formerly served as our Executive Vice President and Chief Financial Officer. 2022: Messrs. Colleran, Subramaniam, Carter, and Lenz. 2023: Messrs. F.W. Smith, Carter, Lenz, and Mark R. Allen, who formerly served as our Executive Vice President, General Counsel and Secretary. 2024: Messrs. Krishnasamy, Allen, Carter, Dietrich, and Lenz. 2025: Messrs. Krishnasamy, J.A. Smith, and Dietrich and Ms. Carere Reflects the average of the “compensation actually paid” to our non-CEO named executive officers in each of fiscal 2021, 2022, 2023, 2024, and 2025 as determined in accordance with Item 402(v) of Regulation S-K for each year, adjusted in accordance with Item 402(v) of Regulation S-K as set forth in the table below. These dollar amounts do not reflect the actual amount of compensation earned by or paid to our non-CEO named executive officers during the applicable year. For information regarding the decisions made by our Compensation & HR Committee with respect the compensation of the non-CEO named executive officers for each fiscal year, please see the “Executive Compensation — Compensation Discussion & Analysis” sections of the proxy statements reporting pay for the fiscal years covered in the table above.

  164. Pay Versus Performance

    | 86 | |

  165. Pay Versus Performance

    | YEAR | 2021 AVERAGE | 2022 AVERAGE | 2023 AVERAGE | 2024 AVERAGE | 2025 AVERAGE | | Non-CEO NEOs(3) | | | | | | | SCT Total Compensation ($) | 5,783,014 | 4,131,008 | 6,296,043 | 5,498,440 | 5,637,869 | | Less: Stock, and Option Award Values Reported in SCT for the Covered Year ($) | (2,457,868) | (2,061,624) | (1,670,867) | (2,300,849) | (2,743,298) | | Plus: Year End Fair Value for Stock, and Option Awards Granted in the Covered Year ($) | 8,632,939 | 1,381,663 | 1,685,166 | 2,000,364 | 1,559,936 | | Change in Fair Value of Outstanding Unvested Stock, and Option Awards from Prior Years ($) | 3,534,655 | (4,374,850) | (605,233) | 437,425 | (866,569) | | Change in Fair Value of Stock, and Option Awards from Prior Years that Vested in the Covered Year ($) | 250,602 | (443,261) | (33,347) | 294,355 | 99,626 | | Fair Value as of Vesting Date of Stock, and Option Awards Granted and Vested in the Covered Year ($) | 390,549 | — | — | 214,520 | — | | Fair Value of Stock, and Option Awards that Failed to Meet Vesting Conditions in the Covered Year ($) | (104,391) | — | — | (449,288) | — | | Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($) | (66,903) | (94,867) | (34,030) | (51,743) | (156,083) | | Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($) | 73,182 | 73,806 | 51,819 | 44,835 | 58,904 | | Compensation Actually Paid ($) | 16,035,779 | (1,388,125) | 5,689,551 | 5,688,059 | 3,590,384 |

  166. Pay Versus Performance

    Equity Valuations: Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of date of grant in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 718 as of the end of the respective fiscal year. Adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions (i.e., term, volatility, dividend yield, risk free rates) as of the measurement date. Time-based restricted stock award grant date fair values are calculated using the stock price as of date of grant. Adjustments have been made using the stock price as of fiscal year-end and as of each vesting date. The aggregate change in actuarial present value of accumulated benefits under pension plans reflects the amount reported for the applicable year in the Summary Compensation Table. Stock award valuations include reinvested dividends where applicable. (5) For the relevant fiscal year, represents the cumulative total shareholder return (TSR) of FedEx for the measurement periods ending May 31, 2025, 2024, 2023, 2022, and 2021, respectively. (6) For the relevant fiscal year, represents the cumulative TSR of the Dow Jones Transportation Average (“Peer Group TSR”) for the measurement periods ending May 31, 2025, 2024, 2023, 2022, and 2021, respectively. (7) Reflects “Net Income” in FedEx’s audited consolidated income statements included in our Annual Reports on Form 10-K for fiscal 2025, 2024, 2023, 2022, and 2021. (8) Company-selected measure is adjusted consolidated operating income, as used in our AIC plans. See “Executive Compensation — Compensation Discussion and Analysis — Compensation Elements” for a discussion of how adjusted consolidated operating income is used in our executive compensation program. See Appendix C for a reconciliation of adjusted consolidated operating income to the most directly comparable GAAP measure for fiscal 2025, 2024, 2023, and 2022. GAAP consolidated operating income was the performance measure for the fiscal 2021 AIC plan. Relationship between Pay and Performance. Below are graphs showing the relationship of “compensation actually paid” to our Chief Executive Officer and our non-CEO named executive officers in fiscal 2021, 2022, 2023, 2024, and 2025 to (1) the TSR of FedEx and the peer group, (2) FedEx’s net income, and (3) FedEx’s adjusted consolidated operating income.

  167. Pay Versus Performance

    | 2025 Proxy Statement | 87 |

  168. Compensation Actually Paid vs. FedEx and Peer Group TSR

    Compensation Actually Paid vs. FedEx and Peer Group TSR

  169. Compensation Actually Paid vs. GAAP Net Income

    Compensation Actually Paid vs. GAAP Net Income

  170. Compensation Actually Paid vs. GAAP Net Income

    | 88 | |

  171. Compensation Actually Paid vs. Adjusted Consolidated Operating Income

    Compensation Actually Paid vs. Adjusted Consolidated Operating Income Listed below are the financial and non-financial performance measures which in our assessment represent the most important financial performance measures we used to link compensation actually paid to our named executive officers, for fiscal 2025, to company performance. Adjusted consolidated operating income; Adjusted EPS; CapEx/Revenue; Relative TSR; and ROIC. See “Executive Compensation — Compensation Discussion and Analysis — Compensation Elements” for a discussion of each measure and how it is used to determine compensation actually paid to FedEx’s named executive officers.

  172. Compensation Actually Paid vs. Adjusted Consolidated Operating Income

    | 2025 Proxy Statement | 89 |

  173. Executive Compensation – CEO Pay Ratio

    Executive Compensation – CEO Pay Ratio

  174. CEO Pay Ratio

    CEO Pay Ratio In accordance with Item 402(u) of Regulation S-K (the “pay ratio rule”), we are providing the ratio of the annual total compensation of our CEO to the annual total compensation of our median employee (excluding the CEO). This ratio is a reasonable estimate calculated in a manner consistent with the pay ratio rule and is based on our employee and payroll records and the methodology described below. The pay ratio rule allows companies to adopt a variety of methodologies, apply certain exclusions, and make reasonable estimates and assumptions reflecting their unique employee populations when calculating the ratio. Our reported ratio may not be comparable to those reported by other companies due to differences in industry, business models, scope of international operations, and scale, as well as the different estimates, assumptions, and methodologies applied by other companies in calculating their ratios. As permitted by the pay ratio rule, we used the same median employee to calculate our fiscal 2025 pay ratio as we used to calculate our fiscal 2024 pay ratio because we believe there has been no change in our employee population or employee compensation arrangements that would result in a significant change to our pay ratio disclosures. Based upon the estimates, assumptions, and methodology described herein, the fiscal 2025 annual total compensation of our CEO was $12,897,466 (including $23,775 in employer-provided health benefits not included in the Summary Compensation Table), the fiscal 2025 annual total compensation of our median employee was $50,791 (including $8,250 in employer-provided health benefits), and the ratio of these amounts was 254:1. Considered Population We determined our median employee as of March 1, 2024, which was within the last three months of our fiscal 2024 year as required by the pay ratio rule. As of that date, we employed 506,897 employees worldwide (other than our CEO), including full-time, part-time, seasonal, and temporary employees. As permitted by the pay ratio rule, in determining our median employee, we excluded approximately 3.5% of our total employee population as of March 1, 2024, or 17,574 employees outside of the U.S., from the following countries and territories: Antilles Francaises (10); Argentina (235); Aruba (15); Austria (386); Bahamas (29); Bahrain (98); Barbados (35); Bermuda (25); Botswana (19); British Virgin Islands (7); Bulgaria (186); Cambodia (11); Cayman Islands (24); Colombia (320); Costa Rica (91); Curacao (14); Cyprus (70); Czech Republic (644); Denmark (420); Dominican Republic (146); Ecuador (1); Egypt (206); Estonia (71); Fiji (36); Finland (192); Greece (274); Grenada (7); Guadeloupe (10); Guam (14); Guatemala (48); Honduras (1); Hungary (366); Indonesia (791); Ireland (275); Israel (563); Jamaica (71); Jordan (12); Kenya (70); Kuwait (129); Latvia (102); Lithuania (124); Luxembourg (53); Macau (9); Malawi (15); Namibia (24); New Zealand (269); Nigeria (20); Norway (174); Oman (14); Panama (71); Peru (1); Philippines (1,243); Portugal (872); Puerto Rico (579); Romania (429); Russia (23); Saint Kitts (8); Saint Lucia (9); Saint Maarten (9); Saint Vincent (6); Saudi Arabia (91); Singapore (1,172); Slovakia (182); Slovenia (102); South Africa (770); South Korea (1,137); Swaziland (11); Sweden (766); Switzerland (1,038); Trinidad and Tobago (46); Turks and Caicos Islands (6); Turkey (799); Ukraine (167); United Arab Emirates (995); United States Virgin Islands (18); Uruguay (37); Venezuela (14); Vietnam (169); and Zambia (78). As a result, an aggregate employee population of 489,323 was considered (the “considered population”) in determining our median employee in fiscal 2024. Identifying our Median Employee We selected annual taxable wages as the consistently applied compensation measure used to identify our median employee, which is a permissible approach even though this definition is defined differently across jurisdictions. For employees outside the U.S., we applied a reasonable estimate to determine taxable wages by consistently adjusting each non-U.S. employee’s annual pay rate upward to include additional elements of taxable compensation. From the considered population, we used statistical sampling to collect additional data for a group of employees (the “median population”) who were paid within a range of 10% above or below what we estimated to be our median taxable wage amount. We reviewed recent historical taxable wage data of the median population and selected employees within the median population with consistent taxable wages over the three previous years. We calculated fiscal 2024 total compensation for each of the selected employees using the methodology for calculating our CEO’s fiscal 2024 total compensation as set forth in the Summary Compensation Table of our 2024 proxy statement. We then identified an employee from this group, who was reasonably representative of our workforce and whose wage was a reasonable estimate of the median wage at our organization as the median employee.

  175. CEO Pay Ratio

    | 90 | |

  176. Directors and Executive Officers

    Directors and Executive Officers The following table sets forth the amount of FedEx’s common stock beneficially owned by each director and director nominee, each named executive officer included in the Summary Compensation Table, and all directors, director nominees, and executive officers as a group, as of August 4, 2025 (unless otherwise noted below). The table also includes information about stock options, restricted stock, and RSUs granted to our directors and executive officers. Unless otherwise indicated, beneficial ownership is direct and the person shown has sole voting and investment power.

  177. Directors and Executive Officers

    | | COMMON STOCK BENEFICIALLY OWNED | | | | | NAME OF BENEFICIAL OWNER | SHARES | RSUs(1) | OPTION SHARES(2) | PERCENT OF CLASS(3) | | Silvia Davila | 1,082 | 767 | — | * | | Marvin R. Ellison | 6,965 | 767 | 25,267 | * | | Stephen E. Gorman | 2,016 | 767 | 4,727 | * | | Susan Patricia Griffith | 5,861(4) | 767 | 19,615 | * | | Amy B. Lane | 3,650(5) | 767 | 5,567 | * | | R. Brad Martin | 75,535(6) | 767 | 25,267 | * | | Nancy A. Norton | 758 | 767 | 4,727 | * | | Frederick P. Perpall | 2,203 | 767 | 6,719 | * | | Joshua Cooper Ramo | 6,325 | 767 | 25,267 | * | | Susan C. Schwab | 8,149 | 767 | 21,287 | * | | Richard W. Smith | 178,151(7) | — | 79,270 | * | | Rajesh Subramaniam | 123,908(8) | — | 248,559 | * | | Paul S. Walsh | 14,758 | 767 | 25,267 | * | | Sriram Krishnasamy | 18,571 | — | 29,245 | * | | John A. Smith | 33,035(9) | — | 78,061 | * | | Brie A. Carere | 26,262 | — | 67,068 | * | | John W. Dietrich | 15,662 | — | 11,827 | * | | All directors, director nominees, and executive officers as a group (18 persons) | 506,834 | 8,445 | 737,835 | * |

  178. Directors and Executive Officers

    * Less than 1% of FedEx’s outstanding common stock. (1) Numbers shown are rounded to the nearest whole share. Includes 12 RSUs accrued as dividend equivalent rights for each of Messrs. Ellison, Gorman, Martin, Perpall, Ramo, and Walsh; Mses. Davila, Griffith and Lane; Vice Admiral Norton; and Ambassador Schwab. (2) Reflects the number of shares that can be acquired at August 4, 2025, or within 60 days thereafter through the exercise of stock options. These shares are excluded from the column headed “Shares,” but included in the ownership percentages reported in the column headed “Percent of Class.” (3) Based on 235,948,121 shares outstanding on August 4, 2025. (4) Includes 1,000 shares owned by Susan P. Griffith Living Trust. (5) Includes 333 shares owned by trusts. (6) Includes 7,250 shares owned by R. Brad Martin Family Foundation, 55,000 shares held through grantor retained annuity trusts, 2,250 shares in children’s trusts, and 2,100 shares owned by Mr. Martin’s spouse. (7) Includes 80,200 shares owned by family trusts. (8) Includes 42,032 shares owned by a family trust. Includes 3,363 shares owned by The Smith Living Trust.

  179. Directors and Executive Officers

    | 96 | |

  180. Limit on Non-Employee Director Compensation

    Limit on Non-Employee Director Compensation The maximum aggregate amount that may be paid to any one non-employee director in a single fiscal year, in cash, awards (valued on the grant date), or otherwise, is $1,000,000.

  181. COMPANIES IN DIRECTOR COMPENSATION COMPARISON SURVEY GROUP

    COMPANIES IN DIRECTOR COMPENSATION COMPARISON SURVEY GROUP

  182. COMPANIES IN DIRECTOR COMPENSATION COMPARISON SURVEY GROUP

    | Albertsons Companies, Inc. | Lowe’s Companies, Inc. | The Boeing Company | | Archer-Daniels-Midland Company | MetLife, Inc. | The Procter & Gamble Company | | AT&T Inc. | Pfizer, Inc. | The Walt Disney Company | | Comcast Corporation | PepsiCo, Inc. | United Parcel Service, Inc. | | General Electric Company | RTX Corporation | Verizon Communications Inc. | | Humana Inc. | Sysco Corporation | Walgreens Boots Alliance, Inc. | | Johnson & Johnson | Target Corporation | |

  183. COMPANIES IN DIRECTOR COMPENSATION COMPARISON SURVEY GROUP

    | 2025 Proxy Statement | A-1 |