[Form 4] FEDEX CORP Insider Trading Activity

Rhea-AI Filing Summary

Marvin R. Ellison, a director of FedEx Corporation (FDX), reported two transactions on 09/29/2025. He was granted 823 restricted stock units (RSUs) that vest at the next FedEx annual stockholders' meeting and accrue dividend equivalents, and he received 295 shares of common stock issued in lieu of a $70,000 annual retainer at an implied price of $236.885 per share.

Following these transactions and an adjustment reflecting 12 shares from dividend reinvestment, Ellison beneficially owns 8,850 shares of FedEx common stock (8,555 shares reflected after the RSU grant, per the Form). The Form 4 was signed on 10/01/2025.

Positive

• Clear disclosure of director compensation transactions (RSUs and shares issued in lieu of cash).
• RSUs accrue dividend equivalents, preserving economic parity with shareholders until vesting.
• Small dividend reinvestment adjustment (12 shares) is transparently reported.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine director compensation transactions; no dilution from option exercises and no disposition of shares reported.

The filing documents standard non-management director compensation: an award of 823 RSUs that vest at the next annual meeting and issuance of 295 shares in lieu of a $70,000 retainer at $236.885 per share. The disclosure also notes a small 12-share dividend reinvestment adjustment. These are non-cash or equity-based compensation items and do not represent open-market purchases or sales by the director. For investors, this is a routine governance/compensation disclosure with limited direct impact on share count or liquidity today.

Corporate Governance Expert

TL;DR: Standard disclosure consistent with director compensation practices; RSUs vest at next shareholder meeting.

The Form 4 clearly states the RSUs accrue dividend equivalents and vest at the upcoming annual meeting, aligning with typical non-management director arrangements. Issuance of shares in lieu of cash retainer is explicitly disclosed with the per-share conversion price. The filing provides required transparency about beneficial ownership changes and shows no indications of unusual related-party transactions or departures from typical compensation protocols.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Ellison Marvin R

(Last) (First) (Middle)

1000 LOWES BOULEVARD

(Street)

MOORESVILLE NC 28117

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FEDEX CORP [ FDX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/29/2025		A		823(1)	A	$0	8,555(2)	D
Common Stock	09/29/2025		A		295	A	$236.885(3)	8,850	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares are subject to restricted stock units ("RSUs"). The RSUs vest on the date of the next FedEx Corporation annual stockholders' meeting and shall accrue dividend equivalents when a dividend is paid on shares of FedEx common stock, as set forth in the form of Restricted Stock Unit Agreement for Non-Management Directors.

2. Ownership has been adjusted to reflect 12 shares that were acquired via dividend reinvestment as a result of dividends paid to all shareholders.

3. This common stock was issued in lieu of annual retainer fees of $70,000 (rounded down to the nearest whole share).

	/s/ Marvin R. Ellison	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Marvin R. Ellison report on the FDX Form 4?

He reported the grant of 823 RSUs that vest at the next annual meeting and the issuance of 295 shares in lieu of a $70,000 retainer at $236.885 per share on 09/29/2025.

How many FedEx shares does Marvin R. Ellison beneficially own after the reported transactions?

The Form 4 shows beneficial ownership of 8,850 shares following the reported transactions, with an intermediate figure of 8,555 noted in the RSU line.

When do the RSUs granted to Marvin R. Ellison vest?

The RSUs vest on the date of the next FedEx Corporation annual stockholders' meeting, per the Restricted Stock Unit Agreement disclosed in the filing.

Do the RSUs include dividend rights?

Yes. The RSUs shall accrue dividend equivalents when dividends are paid on FedEx common stock, as stated in the Form 4 explanation.

When was the Form 4 signed by Marvin R. Ellison?

The Form 4 bears the signature date of 10/01/2025.