WALSH PAUL S 4

What Happened
Paul S. Walsh, a FedEx director, exercised 5,042 stock options on June 30, 2026 at $137.85 per share (total exercise cost $695,040) and immediately sold those 5,042 shares in an open-market transaction at $324.56 per share for proceeds of $1,636,432. The transactions produced gross proceeds minus exercise cost of about $941,392 (before fees and taxes). The filing also records the related derivative conversion/settlement.

Key Details

• Transaction date: 2026-06-30 (reported on Form 4 filed 2026-07-02). Filing appears timely (within two business days).
• Exercise: 5,042 shares @ $137.85 — $695,040 paid (code M).
• Sale: 5,042 shares @ $324.56 — $1,636,432 proceeds (code S).
• Derivative entry: 5,042 shares shown as converted/disposed at $0 (reflects option settlement).
• Shares owned after transaction: filing was adjusted to reflect 11 shares acquired via dividend reinvestment; the filing does not list a total post-transaction share count. (Footnote F1)
• Footnotes: F2 notes option terms were adjusted after the June 1, 2026 spin-off of FedEx Freight Holding Company to preserve award value; F3 notes these options are first exercisable one year from grant.

Context

• This is a same-day exercise-and-sell (cashless) type transaction: the director exercised options and sold the resulting shares immediately, which is commonly done to realize option value and cover exercise costs/taxes.
• The disclosure is routine insider activity and factual; it does not by itself indicate the director’s future view of the company.