Document:

Annual Performance Incentive Plan for 2008

 Exhibit 10(e)(16) 
 Annual Performance Incentive Plan for 2008 (“2008 APIP”) 
 Under the 2008 APIP, executive
officers of the Company are eligible to receive performance related cash payments. Payments are, in general, only made if annual performance objectives established by the Compensation Committee of the Board of Directors (the “Committee”)
are met. 
 The Committee approved annual incentive opportunities for 2008, expressed as a percentage of base salary for each participating
officer. Certain additional goals were established for some officers based on business unit goals. The Committee also established overall threshold, target and maximum measures of performance for the 2008 APIP. The performance measures and
weightings for 2008 are constant currency revenue growth (30%), earnings per share (40%) and core cash flow from operations (30%). 
 Individual payments will be subject to the review and approval of the Committee following the completion of the 2008 fiscal year.Performance Elements for 2008 Executive Long-Term Incentive Program

 Exhibit 10(e)(17) 
 2008 Executive Long-Term Incentive Program (“2008 E-LTIP”) 
 Under the 2008 E-LTIP, executive officers of
the Company are eligible to receive performance shares based on certain performance measures established by the Compensation Committee of the Board of Directors (the “Committee”). 
 The performance elements and corresponding weights for the 2008 E-LTIP are: (i) (60%) Earnings Per Share: Diluted Earnings Per Share from Continuing Operations
as reported in the Company’s audited financial statements, as adjusted on an after-tax basis for the following discretely disclosed (in either Management’s Discussion and Analysis/MD&A or the footnotes to the financial statements)
items (if equal to or greater than $50 million pre-tax on an individual basis, or in the aggregate per item): gains/(losses) from litigation, regulatory matters or any changes in enacted law (including tax law); gains/(losses) from asset sales or
business divestitures; restructuring and asset impairment charges; gains/(losses) resulting from acts of war, terrorism or natural disasters; the initial effect of changes in accounting principles that are included within Income from Continuing
Operations; impairment of goodwill and other intangibles; gains/(losses) from the settlement of tax audits; gains/(losses) on early extinguishment of debt; non-restructuring related impairments of long-lived assets; acquisition related expenses
including, but not limited to, acquired in-process research and development and integration costs; and (ii) (40%) Core Cash Flow from Operations: Net Cash provided by (used for) Operating Activities as reported in the Company’s
audited financial statements, as adjusted for the following items: exclusion of net changes in finance receivables and on-lease equipment; cash flow impacts (inflows and outflows) resulting from the EPS adjustments as identified above, with the
exception of cash payments for restructurings; cash payments for restructurings in excess of the amount reported as current restructuring reserves in the preceding years Annual Report; special discretionary pension fundings in excess of $50 million
to prior year shall be excluded. Any other items approved by the Committee for adjustment of EPS or Core Cash Flow from Operations will be considered a modification of the award.Form of Executive Long-Term Incentive Program Award Summary under 2008 ELTIP.

 

 
 Exhibit 10(e)(18) 
  

					
		 		 	 Award Summary
 Executive
Long-Term Incentive
 Program Grant (Officers)

 «First Name» «Last Name» 
 Date of Agreement and Award: «Grant Date» 
  
  
  

					
	Approved Value:	 		  	«Approved Value»

  
  
  

					
	Performance Shares	 		 	
	Number of Performance Shares:	 		 	«# Performance Shares»

 Vesting Date of All Performance Shares Earned: 
 - on «3 yrs. from grant date» 
 Performance
Shares Earned if Annual Target Performance is Achieved: 
 - 1/3 of grant on: «one, two and three yrs. from grant date»

 Performance Shares Earned if Three-Year Cumulative Performance between 
 Threshold and Maximum is Achieved: 
 - 25% - 150% of grant (net of shares earned for Annual
Achievement) on «3 yrs. from grant date» 
 Automatic Deferral: If the deduction for delivery of shares would be limited by section 162(m) of the
Internal Revenue Code (“Code”), shares will automatically be deferred until the Committee reasonably believes that the deduction will no longer be limited by section 162(m), unless otherwise required or permitted under Code section 409A.
Notwithstanding the above, in no event shall shares of Common Stock be delivered prior to the Vesting Date set forth above. 
  
  
 *Notwithstanding the above, at the Company’s discretion,
Employee may irrevocably elect, on or before June 30, 2008, to defer receipt of Common Stock in connection with Performance Shares in the manner described to the Employee in writing in the Deferral Form. 
 *Performance measures which may include, but are not limited to, continuous service with the Company, achievement of specific business objectives, and other measurements
of individual, business unit or Company performance shall be determined by the Committee in its sole discretion. 
 XEROX CONFIDENTIAL2008 Form of Executive Long-Term Incentive Program Award Agreement

 Exhibit 10(e)(19) 
 Omnibus Agreement – 2008: PIP;ELTIP;PSs 
 AGREEMENT PURSUANT TO 
 XEROX CORPORATION 
 2007 AMENDMENT AND
RESTATEMENT OF THE 2004 PERFORMANCE INCENTIVE PLAN 
 AGREEMENT, by Xerox Corporation, a New York corporation (the “Company”), dated as of the
date which appears as the “Date of Agreement and Award” in the Award Summary attached hereto (the “Award Summary”) in favor of the individual whose name appears on the Award Summary, an employee of the Company, one of the
Company’s subsidiaries or one of its affiliates (the “Employee”). 
 In accordance with the provisions of the ”2004 Performance Incentive
Plan” and any amendments and/or restatements thereto (the “Plan”), the Compensation Committee of the Board of Directors of the Company (the “Committee”) or the Chief Executive Officer of the Company (the “CEO”) has
authorized the execution and delivery of this Agreement. 
 Terms used herein that are defined in the Plan or in this Agreement shall have the meanings
assigned to them in the Plan or this Agreement, respectively. 
 The Award Summary contains the details of the awards covered by this Agreement and is
incorporated herein in its entirety. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration the Company agrees as
follows: 
 AWARDS 
 1. Award of
Performance Shares. Subject to all terms and conditions of the Plan and this Agreement, the Company has awarded to the Employee on the date indicated on the Award Summary the number of Performance Shares (individually, the “PS”) as
shown on the Award Summary. Notwithstanding anything herein to the contrary, only active Employees and those Employees on Short Term Disability Leave, Social Service Leave, Family Medical Leave or Paid Uniform Services Leave (pursuant to the
Company’s Human Resources Policies) on the effective date of the award as shown on the Award Summary shall be eligible to receive the award. 
 TERMS OF THE PERFORMANCE SHARES 
 2. Entitlement to Shares. As soon as practicable on or after the Vesting Date indicated on the
Award Summary in connection with the PSs (the "Vesting Date"), the Company shall, without transfer or issue tax to the person entitled to receive the shares, deliver to such person a certificate or certificates for a number of shares of Common Stock
equal to the number of vested PSs (subject to reduction for payment of withholding taxes as described below). The number of shares to be issued to Employee shall be reduced by the amount of withholding taxes which must be paid under U.S. Federal
and, where applicable, state and local law at the time of each distribution. No fractional shares shall be issued. Instead, the Company shall apply the equivalent of any fractional share amount to Federal, and where applicable, state and local,
withholding taxes. 
 The award of PSs covered hereby shall be earned based on achieving one hundred percent (100%) of a target on an annual basis based
on certain performance measures as shall be determined from time to time by the Committee. To the extent that performance measures are achieved at or between threshold and maximum levels (as shall be determined by the Committee) on a three-year
cumulative basis, an additional award of PSs will be earned, net of shares previously earned for annual achievement. The Vesting Date for earned PS awards granted shall be set forth in the Award Summary. 
 Upon the occurrence of an event constituting a Change in Control, all PSs and dividend equivalents outstanding on such date shall be treated pursuant to the terms set
forth in the Plan. Upon payment pursuant to the terms of the Plan, such awards shall be cancelled. 
 3. Dividend Equivalents. The Employee shall
become entitled to receive from the Company on the Vesting Date or deferral date, a cash payment equaling the same amount(s) that the holder of record of a number of shares of Common Stock equal to the number of PSs covered by this Agreement
(relating exclusively to PSs earned if annual target performance is achieved) that are held by the Employee on the close of business on the business day immediately preceding the Vesting Date, or deferral date, if any, would have been entitled to
receive as dividends on such Common Stock during the period commencing on the date hereof and ending on the Vesting Date or deferral date, as provided under Paragraph 2. Payments under this Paragraph shall be net of any required U.S. Federal, state
or local withholding taxes. 
 4. Ownership Guidelines. Guidelines pertaining to the Employee’s required ownership of Common Stock shall be
determined by the Committee in its sole discretion at or before the making of the Award as communicated to Employee in writing at the time this Agreement is delivered to Employee. 
 5. Holding Requirements. The Employee must retain fifty percent (50%) of the net shares of Common Stock acquired in connection with the PSs (net of withholding tax and exercise fees) until ownership
guidelines are met under Paragraph 4 hereof. Such shares shall be held in the Employee’s Smith Barney account or at another account acceptable to the Company. 
 If employment terminates due to the death of the Employee, such holding requirements shall cease at the date of death. If the Employee terminates for any other reason, the holding requirement will be applicable for up to a one year period
following termination. 
 OTHER TERMS 
 6.
Rights of a Shareholder. Employee shall have no rights as a shareholder with respect to any shares covered by this Agreement until the date of issuance of a stock certificate to him for such shares. Except as otherwise provided herein, no
adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued. 
 7.
Non-Assignability. This Agreement shall not be assignable or transferable by Employee except by will or by the laws of descent and distribution. 
 8.
Effect of Termination of Employment or Death. 
 (a) Effect on PSs. In the event the Employee 
  

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 (i) voluntarily ceases to be an Employee of the Company or any subsidiary or affiliate for any reason
other than retirement, and the PSs have not vested in accordance with Paragraph 2, the PSs shall be cancelled on the date of such voluntary termination of employment. 
 (ii) involuntarily ceases to be an Employee of the Company or any subsidiary or affiliate for any reason (including Disability), other than death or for Cause, or voluntarily ceases to be an Employee of the Company or
any subsidiary or affiliate due to a reduction in workforce, contingent upon Employee executing a general release, which may include an agreement with respect to engagement in detrimental activity, in a form acceptable to the Company, shares will
vest on a pro-rata basis for annual and three-year cumulative performance if achieved in accordance with Paragraph 2, based on the Employee’s actual months of service. For the year in which termination occurs, shares earned for that year will
be calculated as follows: multiply the total award earned for that year by a fraction, the numerator of which will be the number of months of full service for that year and the denominator will be 12. Any shares earned for annual performance
pursuant to this grant for years prior to such involuntary termination of employment and shares earned on a pro-rata basis for annual performance as described herein will be paid out as soon as practicable following the Vesting Date noted in the
Award Summary. For three-year cumulative performance, vesting will be calculated as follows: multiply the total three-year cumulative award earned by a fraction, the numerator of which will be the number of months of full service during the three
years and the denominator will be 36, and subtract from the sum the number of shares previously earned for annual performance pursuant to this grant. Payout shall occur as soon as practicable following the Vesting Date noted in the Award Summary.

 (iii) ceases to be an Employee of the Company or any subsidiary or affiliate by reason of death, 100% of the PSs pursuant to this grant
shall vest on the date of death and the certificates for shares shall be delivered in accordance with Paragraph 7 to the personal representatives, heirs or legatees of the deceased Employee. 
 (iv) ceases to be an Employee of the Company or any subsidiary or affiliate by reason of retirement, contingent upon Employee executing a general
release, which may include an agreement with respect to engagement in detrimental activity, in a form acceptable to the Company, shares will vest on a pro-rata basis for annual and three-year cumulative performance, if achieved in accordance with
Paragraph 2, based on the Employee’s actual months of service. For the year in which retirement occurs, shares earned for that year will be calculated as follows: multiply the total award earned for that year by a fraction, the numerator of
which will be the number of months of full service for that year and the denominator will be 12. Any shares earned for annual performance pursuant to this grant for years prior to retirement and shares earned on a pro-rata basis for annual
performance as described herein will be paid out as soon as practicable following the Vesting Date noted in the Award Summary. For three-year cumulative performance, vesting will be calculated as follows: multiply the total three-year cumulative
award earned by a fraction, the numerator of which will be the number of months of full service during the three years and the denominator will be 36, and subtract from the sum the number of shares previously earned for annual performance pursuant
to this grant. Payout shall occur as soon as practicable following the Vesting Date noted in the Award Summary; and 
 (v) ceases to be an
Employee of the Company or any subsidiary or affiliate due to termination for Cause, the PSs shall be cancelled as provided under the Plan. 
 (b) Disability. Cessation of active employment due to commencement of long-term disability under the Company’s long-term disability plan shall not be deemed to constitute a termination of employment for purposes of this
Paragraph 8 and during the continuance of such Xerox-sponsored long-term disability plan benefits the Employee shall be deemed to continue active employment with the Company. If the Employee is terminated because the Employee has received the
maximum coverage under the Xerox long-term disability plan, the vesting of PSs shall be provided pursuant to Paragraph 8 (a)(ii) above. 
 (c) Cause. “Cause” means (i) a violation of any of the rules, policies, procedures or guidelines of the Company, including but not limited to the Company’s Business Ethics Policy and the Proprietary Information
and Conflict of Interest Agreement (ii) any conduct which qualifies for “immediate discharge” under the Company’s Human Resource Policies as in effect from time to time (iii) rendering services to a firm which engages, or
engaging directly or indirectly, in any business that is competitive with the Company or represents a conflict of interest with the interests of the Company; (iv) conviction of, or entering a guilty plea with respect to, a crime whether or not
connected with the Company; or (v) any other conduct determined to be injurious, detrimental or prejudicial to any interest of the Company. 
 9.
General Restrictions. If at any time the Committee or CEO, as applicable, shall determine, in its or her discretion, that the listing, registration or qualification of any shares subject to this Agreement upon any securities exchange or under
any state or Federal law, or the consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection with, the awarding of the PSs or the issue or purchase of shares hereunder, the certificates for
shares may not be issued in respect of PSs in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee or CEO, as applicable,
and any delay caused thereby shall in no way affect the date of termination of the PSs. 
 10. Amendment of This Agreement. With the consent of the
Employee, the Committee or CEO, as applicable, may amend this Agreement in a manner not inconsistent with the Plan. 
 11. Subsidiary. As used herein
the term ”subsidiary” shall mean any present or future corporation which would be a ”subsidiary corporation” of the Company as the term is defined in Section 425 of the Internal Revenue Code of 1986 on the date of award.

 12. Affiliate. As used herein the term “affiliate” shall mean any entity in which the Company has a significant equity interest, as
determined by the Committee. 
 13. Non-engagement in Detrimental Activity Against the Company. If an Employee or former Employee of the Company is
deemed by the Committee or its authorized delegate, as applicable, in the Committee’s or such delegate’s sole reasonable discretion as provided under the Plan, to have engaged in detrimental activity against the Company, any awards granted
to such Employee or former Employee shall be canceled and be of no further force or effect and any payment or delivery of an award within six months prior to such detrimental activity may be rescinded. In the event of any such rescission, the
Employee shall pay to the Company the amount of any gain realized or payment received as a result of the rescinded exercise, payment or delivery, in such manner and on such terms and conditions as may be required by the Committee or its delegate, as
applicable. 
 14. Notices. Notices hereunder shall be in writing and if to the Company shall
be mailed to the Company at P.O. Box 4505, 45 Glover Avenue, 6th Floor, Norwalk, Connecticut 06856-4505, addressed to the attention of Stock Plan Administrator, and if to the Employee shall be delivered personally or mailed to the
Employee at his address as the same appears on the records of the Company. 
 15. Interpretation of This Agreement. The Committee or the CEO, as
applicable, shall have the authority to interpret the Plan and this Agreement and to take whatever administrative actions, including correction of administrative errors in the awards subject to this Agreement and in this Agreement, as the Committee
or the CEO in its or her sole good faith judgment shall be determined to be advisable. All decisions, interpretations and administrative actions made by the Committee or the CEO hereunder or under the Plan shall be binding and conclusive on the
Company and the Employee. In the event there is inconsistency between the provisions of this Agreement and of the Plan, the provisions of the Plan shall govern. 
  

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 16. Successors and Assigns. This Agreement shall be binding and inure to the benefit of the parties hereto and the
successors and assigns of the Company and to the extent provided in Paragraph 8 to the personal representatives, legatees and heirs of the Employee. 
 17.
Governing Law. The validity, construction and effect of the Agreement and any actions taken under or relating to this Agreement shall be determined in accordance with the laws of the state of New York and applicable Federal law. 

18. Separability. In case any provision in the Agreement, or in any other instrument referred to herein, shall become invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions in the Agreement, or in any other instrument referred to herein, shall not in any way be affected or impaired thereby. 
 19. Integration of Terms. Except as otherwise provided in this Agreement, this Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes any and all oral
statements and prior writings with respect thereto. 
 IN WITNESS WHEREOF, the Company has executed this Agreement as of the day and year set forth on the
Award Summary. 
  

			
	XEROX CORPORATION
		
	By:	 	 
		 	 Signature

  

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