Document:

Amendment No. 2 dated as of April 23, 2009 to Credit Agreement

 Exhibit 4(g)(3) 
 EXECUTION COPY 
 AMENDMENT NO. 2 TO THE 
 CREDIT AGREEMENT 
 Dated as of April 23, 2009 
 AMENDMENT NO. 2 TO THE CREDIT AGREEMENT among XEROX CORPORATION, a New York corporation (the “Borrower”), the banks, financial
institutions and other institutional lenders parties to the Credit Agreement referred to below (collectively, the “Lenders”) and Citibank, N.A., as agent (the “Agent”) for the Lenders. 
 PRELIMINARY STATEMENTS: 
 (1) The
Borrower, the Lenders and the Agent have entered into an Amended and Restated Credit Agreement dated as of April 30, 2007, as amended by Amendment No. 1 dated as of October 27, 2008 (the “Credit Agreement”).
Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement. 
 (2) The Borrower
and the Required Lenders have agreed to amend the Credit Agreement as hereinafter set forth. 
 SECTION 1. Amendments to Credit
Agreement. The Credit Agreement is, effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 2, hereby amended as follows: 
 (a) The definitions of “Applicable Margin” and “Applicable Percentage” in Section 1.01 are amended
in full to read as follows: 
 “Applicable Margin” means, as of any date, a percentage per annum determined
by reference to the Public Debt Rating in effect on such date as set forth below: 
  

							
	 Public Debt Rating S&P/Moody’s/Fitch
	  	Applicable Margin for
Eurocurrency Rate
Advances	 	 	Applicable Margin for
Base Rate Advances	 
	 Level 1
 A-/A3/A- or better
	  	2.250	%	 	1.250	%
	 Level 2
 BBB+/Baa1/BBB+
	  	2.625	%	 	1.625	%
	 Level 3
 BBB/Baa2/BBB
	  	3.000	%	 	2.000	%
	 Level 4
 BBB-/Baa3/BBB-
	  	3.375	%	 	2.375	%
	 Level 5
 BB+/Ba1/BB+ or below
	  	3.625	%	 	2.625	%

 “Applicable Percentage” means, as of any date, a percentage per annum
determined by reference to the Public Debt Rating in effect on such date as set forth below: 
  

				
	 Public Debt Rating S&P/Moody’s/Fitch
	  	Applicable Percentage	 
	 Level 1
 A-/A3/A- or better
	  	0.250	%
	 Level 2
 BBB+/Baa1/BBB+
	  	0.375	%
	 Level 3
 BBB/Baa2/BBB
	  	0.500	%
	 Level 4
 BBB-/Baa3/BBB-
	  	0.625	%
	 Level 5
 BB+/Ba1/BB+ or below
	  	0.875	%

 (b) Section 1.01 is amended by deleting the definitions of “Applicable
Utilization Fee” and “Usage” in full. 
 (c) Section 1.01 is amended by inserting the following new
defined term in the appropriate alphabetical order therein: 
 “Second Amendment Effective Date” means
April 23, 2009. 
 (d) Section 1.03 is amended by adding to the end thereof a new sentence to read as follows:

 Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 133 and 159 (or any other Financial Accounting Standard having a similar
result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein. 
 (e) Section 2.04(b) is amended by deleting the phrase “plus (y) the Applicable Utilization Fee, if applicable” and substituting therefor “plus (y) [reserved]”. 
 (f) Section 2.07(a)(i) is amended by deleting the phrase “plus (y) the Applicable Utilization Fee, if applicable” and
substituting therefor “plus (y) the Applicable Margin in effect from time to time”. 
 (g)
Section 2.07(a)(ii) is amended by deleting the phrase “plus (z) the Applicable Utilization Fee, if applicable”. 
  

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 (h) Section 3.03(a)(iii) is amended in full to read as follows: 
 (iii) the Company’s ratio of Debt for Borrowed Money, after giving effect to such Borrowing or issuance, to Consolidated EBITDA for
the period of four Fiscal Quarters most recently ended for which final financial statements are available (x) for any date before and including the date on which the Company’s financial statements for the fiscal quarter ending
June 30, 2010 are available shall not be greater than 4.25:1 and (y) for any date thereafter shall not be greater than 3.75:1. 
 (i) A new Section 5.01 (k) is added to read as follows: 
 (k) Covenant to
Maintain Receivables Unencumbered. Maintain an aggregate amount of Receivables of the Company and/or its Domestic Subsidiaries that are not encumbered by Liens (other than Permitted Liens) that is equal to at least 150% of the sum of
(i) aggregate principal amount of the Advances outstanding on a given date plus (ii) the Available Amount of Letters of Credit Outstanding on such date minus the amount on deposit in the L/C Cash Deposit Account on such date, the aggregate
amount of such unencumbered Receivables to be determined by reference to the financial statements most recently delivered by the Company pursuant to Section 5.01(i). 
 (j) A new Section 5.02(h) is added to read as follows: 
 (h) Negative Pledge. Enter into or suffer to exist, or permit any of its Subsidiaries to enter into or suffer to exist, any
agreement prohibiting or conditioning the creation or assumption of any Lien upon any Receivables of the Company or any of its Domestic Subsidiaries except (a) agreements in favor of the Agent and the Lenders; (b) prohibitions or
conditions under (i) the Amended and Restated Program Agreement dated as of October 27, 2005 (the “Program Agreement”) among General Electric Capital Corporation (“GECC”), the Company, Xerox Lease Funding
LLC (“XLF”) and Xerox Lease Equipment LLC, (ii) the Amended and Restated Loan Agreement dated as of October 21, 2002 (the “Loan Agreement”) between XLF and GECC, in each case as from time to time amended,
and other agreements related to the Program Agreement and/or Loan Agreement, and (iii) other agreements in existence as of the Second Amendment Effective Date governing any Debt (the “Existing Agreements”), or any future
agreement, or any amendment, amendment and restatement, modification or other supplement of any Existing Agreement so long as such prohibition or condition is no more restrictive in any material respect than the most restrictive prohibition or
condition of any Existing Agreement entered into after June 1, 2003; and (c) prohibitions or conditions under other agreements so long as such other agreements permit an amount of Receivables at least equal to the aggregate amount of
unencumbered Receivables required to be maintained pursuant to Section 5.01(k) to be granted as security for the obligations under this Agreement. 
  

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 (k) Section 5.03(a) is amended in full to read as follows: 
 (a) Leverage Ratio. Maintain a ratio of Debt for Borrowed Money as of the end of such Fiscal Quarter to Consolidated EBITDA
(i) for each period of four Fiscal Quarters ending on or before June 30, 2010 of not greater than 4.25:1 and (ii) for each period of four Fiscal Quarters ending thereafter of not greater than 3.75:1. 
 (l) Section 6.01(c)(i) is amended by inserting the phrase “(except for with respect to Section 5.02(h))” immediately
after the phrase “5.02” contained therein. 
 (m) Section 6.01(c) is amended by deleting the “or
(iii)” after the phrase “any Lender” and substituting in lieu thereof a “(iii) the Company shall fail to perform or observe any term, covenant or agreement contained in Section 5.01(k) or 5.02(h) if such failure shall remain
unremedied for 15 days after written notice thereof shall have been given to the Company by the Agent at the request of any Lender, or (iv)”. 
 SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of the date first above written when, and only when, the Agent shall have received counterparts of this Amendment executed by the Borrower and the
Required Lenders and the Agent shall have additionally received all of the following documents, each such document (unless otherwise specified) dated the date of receipt thereof by the Agent (unless otherwise specified) and in sufficient copies for
each Lender, in form and substance satisfactory to the Agent: 
 (a) Certified copies of (i) the resolutions of the Board
of Directors of the Company approving this Amendment and the matters contemplated hereby and (ii) all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Amendment and the matters
contemplated hereby and thereby. 
 (b) A certificate of the Secretary or an Assistant Secretary of the Company certifying the
names and true signatures of the officers of the Company authorized to sign this Amendment and the other documents to be delivered hereunder. 
 (c) Favorable opinions of (A) Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Initial Borrower, and (B) Don H. Liu, General Counsel of the Company, substantially in the form of
Exhibits D-1 and D-2 to the Credit Agreement, respectively. 
 (d) A certificate signed by a duly authorized officer of
the Company stating that: 
 (i) The representations and warranties contained in Section 3 of this Amendment and in
Section 4.01 of the Credit Agreement are correct on and as of the date of such certificate as though made on and as of such date (except to the extent such representations and warranties specifically relate to an earlier date, in which case
such representations and warranties shall have been true on and as of such earlier date), before and after giving effect to this Amendment, as though made on and as of such date; and 
  

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 (ii) No event has occurred and is continuing that constitutes a Default. 
 SECTION 3. Representations and Warranties of the Company The Company represents and warrants as follows: 
 (a) The execution, delivery and performance by the Company of this Amendment and the Credit Agreement and the Notes, as amended hereby,
are within the Company’s corporate or similar powers, have been duly authorized by all necessary corporate or similar action, and do not contravene (i) the Company’s organizational documents or by-laws, (ii) any law applicable to
the Company or (iii) any indenture or other agreement governing Debt or other material agreement or other instrument binding upon the Company, any of its Subsidiaries or any of their properties, or give rise to a right thereunder to require the
Company or any of its Subsidiaries to make any payment thereunder. 
 (b) No authorization or approval or other action by, and
no notice to or filing with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery or performance by the Company of this Amendment or the Credit Agreement and the Notes, as amended hereby,
except as have been obtained or made and are in full force and effect or where the failure to obtain the same would not have a Material Adverse Effect. 
 (c) This Amendment has been duly executed and delivered by the Company. This Amendment and each of the Credit Agreement and the Notes, as amended hereby, are legal, valid and binding obligations of the Company,
enforceable against the Company in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law. 
 (d) There is no action, suit, investigation,
litigation or proceeding affecting the Company or any of its Subsidiaries pending or threatened before any court, governmental agency or arbitrator that purports to affect the legality, validity or enforceability of this Amendment or the Credit
Agreement and the Notes, as amended hereby. 
  

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 SECTION 4. Reference to and Effect on the Credit Agreement and the Notes. (a) On and after
the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes to
“the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment. 
 (b) The Credit Agreement and the Notes, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby
in all respects ratified and confirmed. 
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement. 
 SECTION 5. Costs and Expenses The Company agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Agent in connection with
the preparation, execution, delivery and administration, modification and amendment of this Amendment (including, without limitation, the reasonable fees and expenses of counsel for the Agent) in accordance with the terms of Section 9.04 of the
Credit Agreement. 
 SECTION 6. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature
page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION 7.
Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  

			
	XEROX CORPORATION
		
	By	 	  

	Title:	 	
	
	 CITIBANK, N.A.,
as Agent and as Lender

		
	By	 	  

	Title:	 	
	
	JPMORGAN CHASE BANK, N.A.
		
	By	 	  

	Title:	 	
	
	BANK OF AMERICA, N.A.
		
	By	 	  

	Title:	 	
	
	BARCLAYS BANK PLC
		
	By	 	  

	Title:	 	
	
	BNP PARIBAS
		
	By	 	  

	Title:	 	
		
	By	 	  

	Title:	 	
	
	DEUTSCHE BANK AG NEW YORK BRANCH
		
	By	 	  

	Title:	 	
		
	By	 	  

	Title:	 	

  

 7 

			
	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By	 	  

	Title:	 	
	
	MERRILL LYNCH BANK USA
		
	By	 	  

	Title:	 	
	
	UBS LOAN FINANCE LLC
		
	By	 	  

	Title:	 	
	
	WILLIAM STREET COMMITMENT CORPORATION
		
	By	 	  

	Title:	 	
	
	LEHMAN COMMERCIAL PAPER INC.
		
	By	 	  

	Title:	 	
	
	MIZUHO CORPORATE BANK, LTD.
		
	By	 	  

	Title:	 	
	
	THE NORTHERN TRUST COMPANY
		
	By	 	  

	Title:	 	
	
	THE BANK OF NEW YORK MELLON
		
	By	 	  

	Title:	 	
	
	DANSKE BANK A/S
		
	By	 	  

	Title:	 	

  

 8 

			
	PNC BANK, NATIONAL ASSOCIATION
		
	By	 	  

	Title:	 	
	
	STATE STREET BANK AND TRUST COMPANY
		
	By	 	  

	Title:	 	
	
	U.S. BANK, N.A.
		
	By	 	  

	Title:	 	
	
	INTESA SANPAOLA S.P.A.
		
	By	 	  

	Title:	 	

  

 9Amendment No. 2 dated February 16, 2009 to the Xerox Corp. 2004 PIP

 Exhibit 10(e)(23) 
 AMENDMENT NO. 2 
 TO THE 
 XEROX CORPORATION 
 2004 PERFORMANCE INCENTIVE PLAN 
 DECEMBER 2007 AMENDMENT AND RESTATEMENT 
 WITNESSETH: 
 WHEREAS, Xerox Corporation (the “Company”) has established the Xerox Corporation 2004 Performance Incentive Plan, December
2007 Amendment and Restatement (the “Plan”), and 
 WHEREAS the Company desires to amend the Plan, 
 NOW, THEREFORE, the Plan is amended as follows: 
 (1) The first sentence of
Section 23 (relating to “Certain Provisions Applicable to Awards to Covered Employees”) is amended to read in its entirety as follows: 
 “Performance-based awards made to Covered Employees shall be made by the Committee within the time period required under Section 162(m) for the establishment of performance goals and shall specify, among
other things, the performance period(s) for such award, the performance criteria and the performance targets.” 
 (2) Section 7(e)(iii) is amended
to read in its entirety as follows: 
 “(iii) Cash Awards under this Section 7(e) to any single Covered Employee, including dividend
equivalents in cash or shares of Common Stock payable based upon attainment of specific performance goals, may not exceed in the aggregate $10,000,000 in the case of the Chief Executive Officer and $5,000,000 in the case of any other participant,
with respect to any calendar year. 
 This Amendment is effective for awards granted on or after January 1, 2009. In all other respects, the Plan shall
remain unchanged. 
 IN WITNESS WHEREOF, the Company has caused this Amendment to be signed as of this 16th day of February, 2009. 
  

			
	XEROX CORPORATION
		
	By	 	 /s/ Patricia M. Nazemetz

		 	Vice President

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