Document:

Exhibit

EXECUTION COPY

NCR CORPORATION
864 SPRING STREET NW
ATLANTA, GA 30308

April 30, 2018

Personal & Confidential

Mr. William R. Nuti
c/o NCR Corporation
864 Spring Street NW
Atlanta, GA 30308

Dear Bill,

		
	(1)
	This letter agreement (“4/30/18 Letter Agreement”) confirms that your employment with NCR Corporation (“NCR”) will end effective as of 4/30/18 (the “Separation Date”) and your departure will constitute a termination due to disability.  In connection with your termination due to disability, you hereby resign, effective as of the Separation Date, from all positions you hold with NCR, including each of its subsidiaries and affiliates, and the Board of Directors of NCR, and agree to execute such documents as NCR shall reasonably request to evidence the same.  At the next regular payroll date following your Separation Date, NCR will pay you for any earned but unpaid base salary.  NCR will pay you accrued vacation and unreimbursed expenses in accordance with NCR policies.

		
	(2)
	Subject to you (x) signing this 4/30/18 Letter Agreement, (y) executing the release attached hereto as Exhibit A (the “Release”) following, but not later than the sixtieth day following, the Separation Date, and (z) not revoking such Release in accordance with its terms following its execution and delivery, (a) your outstanding, unvested equity awards granted prior to calendar year 2018 and set forth on Exhibit B hereto shall vest and be settled in accordance with their terms, and (b) your outstanding balance under the NCR Corporation 2011 Economic Profit Plan shall vest and shall be paid out in accordance with its terms as a Disability termination. Except as otherwise provided in this Section 2 and Section 3 of this 4/30/18 Letter Agreement, upon the termination of your employment, you shall forfeit all unvested NCR equity awards and you shall not be entitled to any other severance.  Your vested options shall continue to be exercisable in accordance with their terms as provided for in the case of a disability termination.  You shall retain your rights in all vested welfare (including long term disability) and pension plans and your rights to indemnification and director and officers liability insurance coverage.

		
	(3)
	NCR confirms its commitments to you pursuant to the Letter Agreement between you and NCR dated March 11, 2015 (the “3/11/15 Letter Agreement”) and further confirms that, should you 

W/3098924v9

predecease your spouse, your spouse shall have the right to the coverages described in the 3/11/15 Letter Agreement on substantially the same basis (at single coverage rates) as though you did not predecease your spouse. 

		
	(4)
	You acknowledge and agree that, except as provided in the immediately succeeding sentence, the following sections of the 7/29/05 Letter Agreement shall remain in effect in accordance with their terms:  “Non-Competition,” “Non-Solicitation/Non-Hire,” and “Confidentiality and Non-Disclosure,” (collectively, the “Restrictive Covenants”) and “Breach of Restrictive Covenants.” Notwithstanding anything to the contrary contained in the 7/29/05 Letter Agreement, for purposes of the “Non-Competition” section of the 7/29/05 Letter Agreement, “Competing Organization” means any organization listed on Exhibit C hereto, as well as any subsidiaries of such companies that become stand-alone companies as a result of a spin-off, IPO or similar restructuring transaction.

		
	(5)
	You shall be promptly appointed as Chairman Emeritus of NCR Corporation and you may thereafter serve as such at your election.

		
	(6)
	Following the Separation Date, you agree to provide consulting services to NCR on the following terms:

		
	(a)
	Term.  You shall render the Consulting Services (as defined below) to NCR, on the terms and conditions set forth in this Section 6, during the period beginning on the Separation Date and ending on the two-year anniversary of the Separation Date (the “Term”); provided, that the Term and the Consulting Services shall terminate prior to the two-year anniversary of the Separation Date (i) upon your death or physical or mental incapacity rendering you incapable of providing the Consulting Services; (ii) at the election of NCR, upon your  material breach of your obligations under this Consulting Agreement; or (iii) by mutual consent of both parties.  

		
	(b)
	Consulting Services.  You agree that during the Term you shall assist with the transition of your duties as Chief Executive Officer of NCR to your successor, including with respect to customer and employee relations, and in all events  as reasonably requested by NCR (together, the “Consulting  Services”). During the Term, you will be reasonably available for the purpose of rendering (and to the extent requested shall provide), for up to fifteen hours per calendar quarter during the first year of the Term and up to ten hours per calendar quarter during the second year of the Term.  The parties recognize that your expected services after the Separation Date will be less than twenty percent (20%) of your average 36-month prior month service to NCR and you will, therefor, have a separation from service (within the meaning of Internal Revenue Code Section 409A) on the Separation Date.

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	(c)
	Consulting Fees.  The Company shall pay you at the rate of $150,000 per year during the first year of the Term and at a rate of $100,000 per year during the second year of the term, in monthly installments, payable on the first business day of each month during the Term.  In addition, you will be entitled to reimbursement for all reasonable, documented expenses associated with the Consulting Services requested by NCR. The Company will have no obligation to pay the consulting fee following any termination of the Consulting Services.

		
	(d)
	Independent Contractor.  You understand that your relationship with NCR during the Term shall be that of an independent contractor and during the Term you shall not be considered an employee of NCR for tax purposes or for any other purposes whatsoever.  You specifically understand and agree that during the Term you will not be entitled to, nor be eligible to participate in, any benefits or privileges offered or given by NCR or any of its affiliates to their respective employees as a result of the relationship established by this Section 6. You agree that during the Term you will not be an agent of NCR or any of its affiliates, and that you will have no authority, implied or actual, to act on behalf of NCR or any of its affiliates or to enter into any agreement that would bind either NCR or any of its affiliates.  

		
	(e)
	Federal, State, and Local Taxes.  During the Term, federal, state, and local income tax and payroll tax of any kind in respect of the consulting fees contemplated by Section 6(c) shall not be withheld or paid by NCR on your behalf.  You understand that you are responsible to pay income taxes in respect of the consulting fees according to law.  If you are not a corporation, you further understand that you may be liable for self-employment (social security) tax to be paid by you according to law.

		
	(f)
	Non-Assignability.  You may not assign this consulting agreement without the prior written permission of NCR.  Any attempt to assign any rights, duties, or obligations that arise under this consulting agreement without such permission shall be void.

		
	(g)
	Office.  You shall be entitled to office space and an administrative assistant at the Company’s executive offices in New York, New York through the end of April 2019 so as to assist in your transition of your responsibilities and the providing of the Consulting Service.

		
	(7)
	Any controversy or claim arising out of or related to this 4/30/18 Letter Agreement shall be resolved by binding arbitration. The arbitration shall be pursuant to the then current rules of the American Arbitration Association and shall be held in New York City. The arbitration shall be held before a single arbitrator who is an attorney. The arbitrator’s decision and award shall be final and binding and may be entered in any court having jurisdiction. Issues of arbitrability shall be determined in accordance with the U.S. federal substantive and procedural laws relating 

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to arbitration; in all other respects, this 4/30/18 Letter Agreement shall be governed by the laws of the State of Georgia in the United States, without regard to its conflict-of-laws principles. Each party shall bear its own attorney fees associated with the arbitration; other costs, and the expenses of the arbitration, shall be borne as provided by the rules of the American Arbitration Association.

		
	(8)
	Notwithstanding the preceding paragraph (7), in the event that you breach the Restrictive Covenants or Section (4) of this 4/30/18 Letter Agreement, you acknowledge that NCR will sustain irreparable injury and will not have an adequate remedy at law. As a result, in the event of such a breach NCR may, in addition to any other remedies available to it, bring an action in a court of competent jurisdiction for equitable relief pending appointment of an arbitrator and completion of an arbitration, and in such instance shall not be required to post a bond.

		
	(9)
	The validity, interpretation, construction and performance of this 4/30/18 Letter Agreement shall in all respects be governed by the laws of Georgia, without reference to principles of conflict of law.

		
	(10)
	Except as provided in Section 6, the Company may withhold from any amount payable or benefit provided under this 4/30/18 Letter Agreement such Federal, state, local, foreign and other taxes as are required to be withheld pursuant to any applicable law or regulation.

		
	(11)
	This 4/30/18 Letter Agreement, the 3/11/15 Letter Agreement, the portions of the 7/29/05 Letter Agreement identified in Section 4 of this 4/30/18 Letter Agreement and the Release represent the entire agreement between the parties as to the subject matters herein and supersede all prior and contemporaneous understandings and agreements with respect thereto.

  
		
	(12)
	This 4/30/18 Letter Agreement may not be amended except by a writing signed by both parties.  Waiver by a party of any breach of any provision of this 4/30/18 Letter Agreement by the other party shall not operate nor be construed as a waiver of any subsequent or other breach.  No provision or breach of this 4/30/18 Letter Agreement may be waived except by a written instrument signed by the party waiving such provision or breach, which states that such party is waiving such provision or breach.

[Remainder of Page Intentionally Left Blank.]

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IN WITNESS WHEREOF, the undersigned parties have executed this 4/30/18 Letter Agreement, which includes a release. 
 
	
			
	 
	 
	 

	NCR CORPORATION

	 
	 

	By:
	 
	/s/Edward Gallagher

	Name:
	 
	Edward Gallagher

	Title:
	 
	SVP, General Counsel and  
  Secretary

	 

	William R. Nuti

	 

	Voluntarily Agreed to and Accepted this 30th day of April 2018

	 

	/s/ William R. Nuti

	 

W/3098924v9
[Signature Page to 4/30/18 Letter Agreement]

Exhibit A
Form of 
GENERAL RELEASE 
 
	
		
	1.
	In consideration of the payments and benefits to which William R. Nuti (the “Executive”) is entitled from NCR Corporation pursuant to that certain letter agreement dated April 30, 2018 (the “Letter Agreement”), the Executive for himself, his heirs, administrators, representatives, executors, successors and assigns (collectively “Releasors”) does hereby irrevocably and unconditionally release, acquit and forever discharge NCR Corporation (the “Company”) and its subsidiaries, affiliates and divisions (the “Affiliated Entities”) and their respective predecessors and successors and their respective, current and former, trustees, officers, directors, partners, shareholders, agents, employees, consultants, independent contractors and representatives, including without limitation all persons acting by, through, under or in concert with any of them (collectively, “Releasees”), and each of them from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, remedies, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys’ fees and costs) of any nature whatsoever, known or unknown, whether in law or equity and whether arising under federal, state or local law and in particular including any claim for discrimination based upon race, color, ethnicity, sex, age, national origin, religion, disability, or any other unlawful criterion or circumstance, relating to the Executive’s employment or termination thereof, which the Executive and Releasors had, now have, or may have in the future against each or any of the Releasees, including but not limited to claims based on express or implied contract or corporate policies, covenants of good faith and fair dealing, wrongful discharge, claims under any federal, state, and local laws, regulations and ordinances, including but not limited to Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act and the Age Discrimination in Employment Act, the Employee Retirement Income Security Act (“ERISA”), the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, including all amendments to the foregoing statutes, claims for violation of public policy, damages in tort, or claims under the common law; and claims for any other compensation or damages or attorneys’ fees, from the beginning of the world until the date hereof (the “Execution Date”).

 
	
		
	2.
	The Executive acknowledges that: (a) this entire agreement is written in a manner calculated to be understood by him and that he does understand it, that it contains a waiver of claims under the Age Discrimination in Employment Act and that it does not waive claims that may arise in the future; (b) he has been advised to consult with an attorney before executing this agreement; (c)  he is entering into it knowingly, voluntarily and with full knowledge of its significance; (d) he was given a period of twenty-one days within which to consider this agreement; and (e) to the extent he executes this agreement before the expiration of the twenty one-day period, he does so knowingly and voluntarily and only after consulting his attorney. The Executive shall have the right to cancel and revoke this agreement during a period of seven days following the Execution Date, and this agreement shall not become effective, and no money shall be paid hereunder, until after the expiration of such seven-day period. The seven-day period of revocation shall commence upon the Execution Date. In order to revoke this agreement, the Executive shall deliver to NCR, prior to the expiration of said seven-day period, a written notice of revocation, addressed to NCR’s General Counsel at 864 Spring Street NW, Atlanta GA 30308, with an electronic mail copy to edward.gallagher@ncr.com. Upon such revocation, this agreement shall be null and void and of no further force or effect. 

 

W/3098924v9

	
		
	3.
	Notwithstanding anything else herein to the contrary, this Release shall not affect: the obligations of NCR set forth in the Letter Agreement or other obligations that, in each case, by their terms, are to be performed after the date hereof (including, without limitation, obligations to Executive under any stock option, stock award or agreements or obligations under any pension plan or other benefit or deferred compensation plan, all of which shall remain in effect in accordance with their terms); obligations to indemnify the Executive respecting acts or omissions in connection with the Executive’s service as a

	 
	director, officer or employee of the Affiliated Entities; obligations with respect to insurance coverage under any of the Affiliated Entities’ (or any of their respective successors) directors’ and officers’ liability insurance policies; or any right Executive may have to obtain contribution in the event of the entry of judgment against Executive as a result of any act or failure to act for which both Executive and any of the Affiliated Entities are jointly responsible.

 
	
		
	4.
	This Agreement shall be construed, enforced and interpreted in accordance with and governed by the laws of the State of Georgia, without reference to its principles of conflict of laws.

 
	
		
	5.
	It is the intention of the parties hereto that the provisions of this Agreement shall be enforced to the fullest extent permissible under all applicable laws and public policies, but that the unenforceability or the modification to conform with such laws or public policies of any provision hereof shall not render unenforceable or impair the remainder of the Agreement. Accordingly, if any provision shall be determined to be invalid or unenforceable either in whole or in part, this Agreement shall be deemed amended to delete or modify as necessary the invalid or unenforceable provisions to alter the balance of this Agreement in order to render the same valid and enforceable.

	
		
	6.
	This Agreement may not be orally canceled, changed, modified or amended, and no cancellation, change, modification or amendment shall be effective or binding, unless in writing and signed by both parties to the Agreement.

 
	
		
	

	[Remainder of Page Intentionally Left Blank]

 

A-2

IN WITNESS WHEREOF, the undersigned parties have executed this Agreement, which includes a release. 
 
	
			
	 
	 
	 

	NCR CORPORATION

	 
	 

	By:
	 
	 

	Name:
	 
	Edward Gallagher

	Title:
	 
	SVP, General Counsel and  
  Secretary

	 

	William R. Nuti

	 

	Voluntarily Agreed to and Accepted this      day of          2018

	 

	 

	 

W/3098924v9
[Signature Page to Release]

Exhibit B
Vesting of Outstanding Equity Awards

	
		
	Award
	Number of Shares Vesting

	2016 RSU
	17,822

	2017 PVRSU
	33,917

	2015 PBRSU
	229,766

	2016 PBRSU
	237,702

	Vision 2020 RSU
	669,792

W/3098924v9Exhibit

May 2, 2018

Personal & Confidential

Mr. Paul E. Langenbahn 
1705 Rock Dove Circle 
Colleyville, TX 76034

Dear Paul,

On behalf of NCR and our Board of Directors, I am very pleased to communicate your promotion to Executive Vice President and Chief Operating Officer (COO) at a very exciting time for NCR as we continue to strengthen and evolve our position as the Global Leader in Omni-Channel and Consumer Transaction Technology.

This Letter Agreement outlines the various compensation, benefits and other actions related to your promotion.

Employer (Legal Entity):

NCR Corporation (the “Company”)

Position:

Executive Vice President and Chief Operating Officer, effective as of March 22, 2018.

Job Grade:

This position is a Grade 24

Reporting To:

Chief Executive Officer (CEO)

Business Unit:

NCR Chief Operating Officer (COO) Organization

Office Location:

Fort Worth, Texas (Trinity) Office.  NCR will pay all expenses and costs associated with your travel to and from Texas to NCR’s offices in accordance with the Company’s then current expense reimbursement policy, which may change from time to time.  To the extent that some or all of such reimbursements are deemed to be compensatory under IRS rules, you will be responsible for any taxes or other withholding associated with such compensation.  NCR reserves the right to change the office location associated with this position.
Effective Date:

Your promotion and all related actions are effective as of March 22, 2018, unless noted otherwise.

Base Salary:

Your annual base salary will increase to US $700,000 effective as of March 26, 2018.

Management Incentive Plan:

You will continue to participate in NCR's Management Incentive Plan (“MIP”) subject to the terms of the Plan. The Plan is an annual bonus program with a payout that varies based on NCR's results, your organization's results, and your individual performance; it is payable in the first calendar quarter following the plan year.

Effective March 22, 2018, your MIP target incentive opportunity will increase to 115% of your annual base salary (with a maximum potential payout equal to 3 times your target incentive opportunity), where the payout will be based on your COO organization’s achievement of its annual “Core Financial Measures” and certain MBOs that will be established for you each year.

You will also continue to participate in the Customer Success component of the MIP, representing a target incentive opportunity equal to 10% of your annual base salary (with a maximum potential payout equal to 10% of your annual base salary, which thus operates as a “make or miss” opportunity), where the payout will be linked to NCR’s overall achievement of our annual Customer Loyalty goals.

Please note that the MIP and its guidelines are subject to change from time to time, which will be determined at the discretion of the Compensation and Human Resource Committee of the NCR Board of Directors (hereinafter, the “Committee”). You must be employed by NCR at the time of payment in order to be eligible to receive any bonus or incentive payout from NCR.

Long Term Incentive (LTI) Equity Awards:

Subject to your acceptance of this Letter Agreement and approval by the Committee, in connection with this promotion you will receive a Promotional LTI Equity Award with a total value equal to US $1,500,000, to be delivered in the form of NCR’s Performance-Vesting Restricted Stock Units (or PV-RSUs), where the payout will be determined based on a “make- or-miss” performance goal for the 2018 performance year as established by the Committee.

The effective date of your Promotional LTI Equity Award will be May 1, 2018 (the “Grant Date”) and it will vest evenly over three (3) years, provided that the performance goal is achieved, such that one-third (1/3) of your earned Promotional LTI Equity Award will vest on each anniversary of the Grant Date. You 

must electronically accept the award agreement associated with the award to receive its benefits.  The equity award agreement contains terms and conditions with respect to vesting and other matters, and you should consult it to understand those terms; additional provisions that relate to your equity awards, and potential prorated vesting of them, are contained in the below section of this Letter Agreement entitled “Special CEO Succession Transition Provision.”
Beyond 2018 you will also be eligible to participate in NCR’s Annual LTI Equity Award Program that typically occurs in February each year, subject to Committee approval.

Executive Severance Plan Benefits:

As EVP & COO you will continue to participate in NCR’s Executive Severance Plan (“ESP”), as may be amended from time to time. The severance plan provides certain benefits in the event your employment is involuntarily terminated by NCR other than for “Cause” (as defined in the ESP).  

In the event of a qualified termination of employment entitling you to benefits under the ESP, pursuant to the ESP as it is in force today you will receive a cash severance payment equal to one (1.0) times the sum of your annual base salary and target bonus (as defined in the ESP), payment of COBRA premiums for up to eighteen (18) months after the termination date, and Executive Outplacement Services for a period of one year after the termination date. Pro-rated vesting of outstanding unvested equity awards, if and as applicable, will be subject to the terms of the associated grant agreements and plans in connection with such a termination.  These severance benefits will be provided to you under the terms of the ESP, which is subject to amendment or termination by NCR in accordance with the ESP terms.

Change-In-Control Severance Plan:

As EVP & COO you will also continue to participate in NCR’s Change in Control Severance Plan (the “CIC Plan”), as may be amended from time to time, and you are assigned a “Tier I” benefit level under the terms of the CIC Plan.  See the CIC Plan for a description of its terms.
Special CEO Succession Transition Provision:

As Bill Nuti has retired and the NCR Board of Directors announced on April 30, 2018 the hiring of a new CEO, NCR will provide you the following special provisions related to your appointment as EVP & COO that will afford you certain additional protection in connection with the CEO transition.

Effective as of the date of this Letter Agreement, you have the right to resign from NCR voluntarily for “Succession Good Reason” (as defined below), to be exercised within ninety (90) days following an event giving rise to Succession Good Reason as set out below, at any time until April 30, 2020.  In connection with a Succession Good Reason resignation,  under this Letter Agreement you will be entitled to receive all of the benefits that would be provided under the ESP as if your employment had been involuntarily terminated by NCR other than for “Cause” (as defined in the ESP).  

For avoidance of doubt, you will not be entitled to duplicate severance benefits in the event you are eligible for either or both (I) (a) the ESP benefits and/or (b) CIC Plan benefits on its or their own terms, and (II) the  Succession Good Reason resignation benefits created under this Letter Agreement; in such instance you will be limited to the greater or greatest of the benefits provided by any of the two or, as applicable, three plans.

In the event of a resignation by you for Succession Good Reason, you will also be entitled to receive “prorated vesting” (as such provision is defined in each corresponding NCR LTI Equity Award Agreement) in any unvested and outstanding NCR LTI Equity Awards you may have at the time and in the same manner as if your employment had been involuntarily terminated by NCR other than for “Cause.”  

“Succession Good Reason” for purposes of this Letter Agreement shall be defined as:  (i) any diminishment in your title where you are no longer serving as Chief Operating Officer of NCR or, (ii) material diminishment of your authority or responsibilities, (iii) any reduction in your then current annual base salary or annual bonus target (except for any reduction in bonus targets applied generally to NCR executives), or (iv) any material breach of this Letter Agreement by the Company, which remains uncured, if curable, after more than thirty (30) days after your providing written notice of such breach to the Company to the attention of the CEO and General Counsel.

Release:

To receive any severance benefits from NCR, whether under this Letter Agreement in connection with Succession Good Reason or otherwise, you must execute a general release of all claims in a form acceptable to NCR, which shall be no less favorable to you than the form attached as Exhibit B to the CIC Severance Plan.

Executive Medical and Financial Planning Programs:

As EVP & COO you will also continue to be eligible to participate in NCR’s annual Executive Medical Exam Program and annual Executive Financial Planning Program.

The Executive Medical Exam Program currently provides up to US $5,000 on an annual basis for progressive, diagnostic analysis by NCR’s provider of choice. The Executive Financial Planning Program currently provides for a reimbursement of up to US $12,000 of expenses incurred annually for an executive’s individual financial planning needs. Each of these programs is subject to amendment or termination by the Committee.

Vacation/Holidays:

Under NCR's vacation policy you will continue to be entitled to receive paid vacation days and holidays. Eligible vacation is based on grade level or years of NCR service, whichever provides the greater benefit.  You understand that unused vacation days are forfeited in accordance with NCR policy.

NCR also provides six (6) Floating Holidays, which can be used at any time during the year while recognizing customer and business needs.
Additionally, NCR recognizes the following six (6) days as paid holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

Other Terms and Conditions of Employment:

This Letter Agreement is contingent upon your agreement to certain restrictive convents concerning non-competition, non-customer-solicitation and non-recruitment/hiring, where such provisions are enforceable 

by law. These restrictive covenants are outlined in your Promotional LTI Equity Award Agreement which will be provided to you on the Fidelity website.  If you fail to accept that award agreement (which is capable of acceptance electronically), within 60 days of the award, the promises NCR has made in this Letter Agreement shall automatically become null and void, without further action or notice by NCR.

All questions concerning the construction, enforceability, or interpretation of this Letter Agreement are governed by and construed in accordance with the laws of the state of Texas, without giving effect to any choice or conflict of law rules that would cause the application of the laws of any other jurisdiction other than the state of Texas; for avoidance of doubt, the governing law of any other agreement between you and NCR or any benefits plan governing benefits or compensation payable to you, including but not limited to your equity agreements (including but not limited to the equity agreement for the promotional award referenced above), the MIP, the ESP, and the CIC Plan, and any agreement containing restrictive covenants such as confidentiality, trade secret protection, non-competition, non-solicitation and non-recruitment, shall not be modified, and the governing law applicable to all of the foregoing agreements or plans shall remain unchanged.  In the event of any disputes arising out of or relating to this Letter Agreement, or any other aspect of your NCR employment, such disputes shall be submitted to binding arbitration, and the provisions of the dispute resolution and arbitration section of the equity award agreement referenced above are incorporated here by reference (or, if you do not accept that agreement’s terms, then the dispute resolution and arbitration section of the most recent equity award agreement the terms of which you did accept electronically). 

This letter supersedes and completely replaces any prior oral or written communication concerning the subject matter addressed in this Letter Agreement.  Except as set out in this Letter Agreement, to the extent there is any conflict between the terms of this Letter Agreement and any other written agreement between NCR and you, the terms of this Letter Agreement shall control. For avoidance of doubt, none of the other agreements or plans referenced in this Letter Agreement (such as the MIP, CIC Plan, ESP, LTI Plan or others) are modified, changed or amended, whether expressly or by implication, but NCR acknowledges that the benefits created by the Special CEO Succession Transition Provision herein create an additional opportunity to receive the equivalent of ESP benefits not otherwise available under the ESP, and that they create additional benefits with respect to prorated vesting of LTI equity awards.  This letter is not an employment contract, and should not be construed or interpreted as containing any guarantee of continued employment or employment for a specific term.

*    *    *    *    *    *

Paul, we are very excited about the contributions, experience and knowledge you can bring to NCR. We have assembled some of the best professionals in the industry and are convinced that your expertise will help us further enhance the Company’s reputation and help NCR complete the transformation needed to deliver on our Vision 2020 strategy.

If you have any questions about this Letter Agreement or wish to discuss the role further, please do not hesitate to contact a senior executive at any time so you can make an informed decision about your exciting new role as EVP and COO for NCR.

Sincerely,

NCR Corporation

By:  /s/ Edward Gallagher______

Name:  Edward Gallagher______

Date:  May 2, 2018___________

		
	Copy to:
	Andrea Ledford, EVP – Chief Administration Office and Chief HR Officer Edward Gallagher, SVP, General Counsel and Secretary

Accepting this Letter Agreement:

By accepting and signing this Letter Agreement you acknowledge that this document is not a contract of employment for any definite duration of time or otherwise. Your employment relationship with NCR is by mutual consent ("Employment at Will"). This means either you or NCR has the right to discontinue the employment relationship with or without cause at any time and for any reason.

I accept the terms and conditions of this Letter Agreement:

/s/ Paul E. Langenbahn___________
Paul E. Langenbahn

May 2, 2018____________________
Date

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