Document:

Registrant's 1991 Long-Term Incentive Plan, as amended December 4, 2007.

 Exhibit 10(b)(1) 
 XEROX CORPORATION 
 1991 LONG-TERM INCENTIVE PLAN 
 2007 AMENDMENT AND RESTATEMENT 
  

	1.	Purpose 

 The purpose of the Xerox Corporation 1991 Long-Term
Incentive Plan (the “Plan”) is to advance the interests of Xerox Corporation (the “Company”) and to increase shareholder value by providing officers and employees with a proprietary interest in the growth and performance of the
Company and with incentives for continued service with the Company, its subsidiaries and affiliates. 
  

	2.	Term 

 The Plan shall be effective as of May 16, 1991
and shall remain in effect until May 20, 2004 unless sooner terminated by the Company’s Board of Directors (the “Board”). After termination of the Plan, no future awards may be granted but previously made awards shall remain
outstanding in accordance with their applicable terms and conditions and the terms and conditions of the Plan. This Amendment and Restatement is effective as of the date hereof and dates set forth herein. 
  

	3.	Plan Administration 

 The Executive Compensation and Benefits
Committee of the Board, or such other committee as the Board shall determine, comprised of not less than three members shall be responsible for administering the Plan (the “Compensation Committee”). To the extent specified by the
Compensation Committee it may delegate its administrative responsibilities to a subcommittee of the Compensation Committee comprised of not less than three members (the Compensation Committee and such subcommittee being hereinafter referred to as
the “Committee”). The Compensation Committee or such subcommittee members, as appropriate, shall be qualified to administer this Plan as contemplated by (a) Rule 16b-3 under the Securities and Exchange Act of 1934 (the “1934
Act”) or any successor rule and (b) Section 162(m) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (“Section 162(m)”). The Committee, and such subcommittee to the extent provided by the
Committee, shall have full and exclusive power to interpret, construe and implement the Plan and any rules, regulations, guidelines or agreements adopted hereunder and to adopt such rules, regulations and guidelines for carrying out the Plan as it
may deem necessary or proper. These powers shall include, but not be limited to, (i) determination of the type or types of awards to be granted under the Plan; (ii) determination of the terms and conditions of any awards under the Plan;
(iii) determination of whether, to what extent and under what circumstances awards may be settled, paid or exercised in cash, shares, other securities, or other awards, or other property, or canceled, forfeited or suspended; (iv) adoption
of such modifications, amendments, procedures, subplans and the like as are necessary to comply with provisions of the laws of other countries in which the Company may operate in order to assure the viability of awards granted under the Plan and to
enable participants employed in such other countries to receive advantages and benefits under the Plan and such laws; (v) subject to the rights of participants, modification, change, amendment or cancellation of any award to correct an
administrative error and (vi) taking any other action the Committee deems necessary or desirable for the administration of the Plan. All determinations, interpretations, and other decisions under or with respect to the Plan or any award by the
Committee shall be final, conclusive and binding upon the Company, any participant, any holder or beneficiary of any award under the Plan and any employee of the Company. Except for the power to amend this Plan as provided in Section 13 and
except for determinations regarding employees who are subject to Section 16 of the 1934 Act or certain key employees who are or may become, as determined by the Committee, subject to the Section 162(m) compensation deductibility limit (the
“Covered Employees”), the Committee may delegate any or all of its duties, powers and authority under the Plan 

 
pursuant to such conditions or limitations as the Committee may establish to any officer or officers of the Company. 
  

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	4.	Eligibility 

 Any employee of the Company shall be eligible
to receive an award under the Plan. “Employee” shall also include any former employee of the Company eligible to receive a replacement award as contemplated in Sections 5 and 7, and “Company” shall include any entity that is
directly or indirectly controlled by the Company or any entity in which the Company has a significant equity interest, as determined by the Committee. 
  

	5.	Shares of Stock Subject to the Plan 

 For each calendar year
from and including 1991 to but excluding 1999, a number of shares of Common Stock, par value $1.00 per share, of the Company (“Common Stock”) equal in an amount of up to one percent (1%) of the adjusted average shares of Common Stock
outstanding used to calculate diluted earnings per share (previously known as fully diluted earnings per share) as reported in the annual report to shareholders for the preceding year shall become available for issuance under the Plan; and for the
calendar year 1999, and for each calendar year thereafter, a number of shares of Common Stock equal in an amount to two percent (2%) of the adjusted average shares of Common Stock outstanding used to calculate diluted earnings per share
(previously known as fully diluted earnings per share) as reported in the annual report to shareholders for the preceding year shall become available for issuance under the Plan. 
 For purposes of the preceding paragraph, the following shall not be counted against shares available for issuance under the Plan: (i) settlement of stock appreciation rights (“SAR”) in cash or any form
other than shares and (ii) payment in shares of dividends and dividend equivalents in conjunction with outstanding awards. Any shares that are issued by the Company, and any awards that are granted by, or become obligations of, the Company,
through the assumption by the Company or an affiliate of, or in substitution for, outstanding awards previously granted by an acquired company shall not be counted against the shares available for issuance under the Plan. 
 In no event, however, except as subject to adjustment as provided in Section 6 shall more than
(a) fifteen million (15,000,000) shares of Common Stock be available for issuance pursuant to the exercise of incentive stock options (“ISOs”) awarded under the Plan(1); 1(b) thirteen million seven hundred
ninety six thousand one hundred eighty-one (13,796,181) shares of Common Stock shall be available for issuance pursuant to stock awards granted under Section 7(c) of the Plan(1) 2; and (c) five million
(5,000,000) shares of Common Stock shall be made the subject of awards under any combination of awards under Sections 7(a), 7(b) or 7(c) of the Plan to any single individual(2). 3SARs whether settled in cash or shares of
Common Stock shall be counted against the limit set forth in (c). 
 Any shares issued under the Plan may consist in whole or in part, of authorized and
unissued shares or of treasury shares, and no fractional shares shall be issued under the Plan. Cash may be paid in lieu of any fractional shares in settlements of awards under the Plan. 
  

	6.	Adjustments and Reorganizations 

  

	 	(a)	If the Company shall at any time change the number of issued shares without new consideration to the Company (such as by stock dividend, stock split, recapitalization,
reorganization, exchange of shares, liquidation, combination or other change in corporate structure affecting the shares) or make a distribution of cash or property which has a substantial impact on the value of issued shares (other than by normal
cash dividends), such change shall be made with respect to (i) the aggregate number of shares that may be issued under the Plan; (ii) the number of shares 

  
  

	 1(1)
	 Effective May 23, 1996 

	 2(1)
	 Effective May 23, 1996 

	 3(2)
	 Effective May 15, 1997 

  

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	 	    	subject to awards of a specified type or to any individual under the Plan; and/or (iii) the price per share for any outstanding stock options, SARs and other awards under the
Plan. 

  

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	 	(b)	Except as otherwise provided in subsection 6(a) above, notwithstanding any other provision of the Plan, and without affecting the number of shares reserved or available hereunder,
the Committee shall authorize the issuance, continuation or assumption of outstanding stock options, SARs and other awards under the Plan or provide for other equitable adjustments after changes in the shares resulting from any merger,
consolidation, sale of all or substantially all assets, acquisition of property or stock, recapitalization, reorganization or similar occurrence in which the Company is the continuing or surviving corporation, upon such terms and conditions as it
may deem necessary to preserve the rights of the holders of awards under the Plan. 

  

	 	(c)	In the case of any sale of all or substantially all assets, merger, consolidation or combination of the Company with or into another corporation other than a transaction in which
the Company is the continuing or surviving corporation and which does not result in the outstanding shares being converted into or exchanged for different securities, cash or other property, or any combination thereof (an “Acquisition”),
any individual holding an outstanding award under the Plan, including any Optionee who holds an outstanding Option, shall have the right (subject to the provisions of the Plan and any limitation applicable to the award) thereafter, and for Optionees
during the term of the Option upon the exercise thereof, to receive the Acquisition Consideration (as defined below) receivable upon the Acquisition by a holder of the number of applicable shares which would have been obtained upon exercise of the
Option or portion thereof or obtained pursuant to the terms of the applicable award, as the case may be, immediately prior to the Acquisition. The term “Acquisition Consideration” shall mean the kind and amount of shares of the surviving
or new corporation, cash, securities, evidence of indebtedness, other property or any combination thereof receivable in respect of one share of the Company upon consummation of an Acquisition.” 

  

	 	(d)	No adjustment or modification to any outstanding award pursuant to this Section 6 shall cause such award to be treated as the grant of a new stock right or a change in the form
of payment of the existing stock right for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), as set forth in Treasury guidance. 

  

	7.	Awards 

 The Committee shall determine the type or types of
award(s) to be made to each participant under the Plan and shall approve the terms and conditions governing such awards in accordance with Section 12. Awards may include but are not limited to those listed in this Section 7. Awards may be
granted singly, in combination or in tandem so that the settlement or payment of one automatically reduces or cancels the other. Awards may also be made in combination or in tandem with, in replacement of, as alternatives to, or as the payment form
for, grants or rights under any other employee or compensation plan of the Company, including the plan of any acquired entity. However, under no circumstances may stock option awards be made which provide by their terms for the automatic award of
additional stock options upon the exercise of such awards. 
  

	 	(a)	Stock Option—is a grant of a right to purchase a specified number of shares of Common Stock during a specified period. The purchase price of each option shall be not less than
100% of Fair Market Value (as defined in Section 10) on the effective date of grant, except that, in the case of a stock option granted retroactively in tandem with or as a substitution for another award, the exercise or designated price may be
no lower than the Fair Market Value of a share on the date such other award was granted. A stock option may be exercised in whole or in installments, which may be cumulative. A stock option may be in the form of an ISO which complies with
Section 422 of the Code and the regulations thereunder at the time of grant. The price at which shares of Common Stock may be purchased under a stock option shall be paid in full at the time of the exercise in cash or such other method as
provided by the Committee at the time of grant or as provided in the form of agreement approved in accordance herewith, including tendering (either actually or by attestation) Common Stock, surrendering a stock award valued at Fair Market Value on
the date of surrender, surrendering a cash award, or any combination thereof. 

  

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	 	(b)	Stock Appreciation Right—is a right to receive a payment, in cash and/or Common Stock, as determined by the Committee, equal to the excess of the Fair Market Value of a
specified number of shares of Common Stock on the date the SAR is exercised over the Fair Market Value on the date of grant of the SAR as set forth in the applicable award agreement, except that, in the case of a SAR granted retroactively in tandem
with or as a substitution for another award, the exercise or designated price may be no lower than the Fair Market Value of a share on the date such other award was granted 

  

	 	(c)	Stock Award—is an award made in stock or denominated in units of stock. All or part of any stock award may be subject to conditions established by the Committee, and set forth
in the award agreement, 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.

  

	 	(d)	Cash Award—is an award denominated in cash with the eventual payment amount subject to future service and such other restrictions and conditions as may be established by the
Committee, and as set forth in the award agreement, including, but not limited to, continuous service with the Company, achievement of specific business objectives, and other measurement of individual, business unit or Company performance. Cash
Awards 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 $5,000,000 for each performance period established
by the Committee under Section 23 of the Plan. 

  

	8.	Dividends and Dividend Equivalents 

 The Committee may
provide that awards denominated in stock earn dividends or dividend equivalents. Such dividend equivalents may be paid currently in cash or shares of Common Stock or may be credited to an account established by the Committee under the Plan in the
name of the participant. In addition, dividends or dividend equivalents paid on outstanding awards or issued shares may be credited to such account rather than paid currently. Any crediting of dividends or dividend equivalents may be subject to such
restrictions and conditions as the Committee may establish, including reinvestment in additional shares or share equivalents. 
  

	9.	Deferrals and Settlements 

 Payment of awards may be in the
form of cash, stock, other awards, or in such combinations thereof as the Committee shall determine at the time of grant, and with such restrictions as it may impose. The Committee may also require or permit participants to elect to defer the
issuance of shares or the settlement of awards in cash under such rules and procedures as it may establish under the Plan. It may also provide that deferred settlements include the payment or crediting of interest on the deferral amounts or the
payment or crediting of dividend equivalents on deferred settlements denominated in shares. 
  

	10.	Fair Market Value 

 Fair Market Value for all purposes under
the Plan shall mean the average of the high and low prices of Common Stock as reported in The Wall Street Journal in the New York Stock Exchange composite transactions or similar successor consolidated transactions reports for the relevant date, or
if no sales of Common Stock were made on said exchange on that date, the average of the high and low prices of Common Stock as reported in said composite transaction report for the preceding day on which sales of Common Stock were made on said
Exchange. Under no circumstances shall Fair Market Value be less than the par value of the Common Stock. 
  

	11.	Transferability and Exercisability 

  

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 All awards under the Plan will be nontransferable and shall not be assignable, alienable, saleable or otherwise
transferable by the participant other than by will or the laws of descent and distribution except pursuant to a domestic relations order entered by a court of competent jurisdiction or as otherwise determined by the Committee. In the event that a
participant terminates employment with the Company to assume a position with a governmental, charitable, educational or similar non-profit institution, the Committee may authorize a third party, including but not limited to a “blind”
trust, to act on behalf of and for the benefit of the respective participant with respect to any outstanding awards. Except as otherwise provided in this Section 11, during the life of the participant, awards under the Plan shall be exercisable
only by him or her except as otherwise determined by the Committee. In addition, if so permitted by the Committee, a participant may designate a beneficiary or beneficiaries to exercise the rights of the participant and receive any distributions
under this Plan upon the death of the participant. 
  

	12.	Award Agreements 

 Awards under the Plan shall be evidenced
by one or more agreements approved by the Committee that set forth the terms and conditions of and limitations on an award, except that in no event shall the term of any ISO exceed a period of ten years from the date of its grant. The Committee need
not require the execution of any such agreement by a participant in which case acceptance of the award by the respective participant will constitute agreement to the terms of the award. 
  

	13.	Plan Amendment 

 The Compensation Committee may amend the
Plan as it deems necessary or appropriate, except that no such amendment which would cause the Plan not to comply with the requirements of (i) Section 162(m) with respect to performance-based compensation, (ii) the Code with respect
to ISOs or (iii) the New York Business Corporation Law as in effect at the time of such amendment shall be made without the approval of the Company’s shareholders. No such amendment shall adversely affect any outstanding awards under the
Plan without the consent of all of the holders thereof. 
  

	14.	Tax Withholding 

 The Company shall have the right to deduct
from any settlement of an award made under the Plan, including the delivery or vesting of shares, an amount sufficient to cover withholding required by law for any federal, state or local taxes or to take such other action as may be necessary to
satisfy any such withholding obligations. The Committee may permit shares to be used to satisfy required tax withholding and such shares shall be valued at the Fair Market Value as of the settlement date of the applicable award. 
  

	15.	Other Company Benefit and Compensation Programs 

 Unless
otherwise determined by the Committee, settlements of awards received by participants under the Plan shall not be deemed a part of a participant’s regular, recurring compensation for purposes of calculating payments or benefits from any Company
benefit plan, severance program or severance pay law of any country. 
  

	16.	Unfunded Plan 

 Unless otherwise determined by the Committee,
the Plan shall be unfunded and shall not create (or be construed to create) a trust or a separate fund or funds. The Plan shall not establish any fiduciary relationship between the Company and any participant or other person. To the extent any
person holds any rights by virtue of a grant awarded under the Plan, such right (unless otherwise determined by the Committee) shall be no greater than the right of an unsecured general creditor of the Company. 
  

	17.	Future Rights 

  

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 No person shall have any claim or right to be granted an award under the Plan, and no participant shall have any right by
reason of the grant of any award under the Plan to continued employment by the Company or any subsidiary of the Company. 
  

	18.	General Restriction 

 Each award shall be subject to the
requirement that, if at any time the Committee shall determine, in its sole discretion, that the listing, registration or qualification of any award under the Plan 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 granting of such award or the exercise settlement thereof, such award may not be granted, exercised or settled 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. 
  

	19.	Governing Law 

 The validity, construction and effect of the
Plan and any actions taken or relating to the Plan shall be determined in accordance with the laws of the state of New York and applicable Federal law. 
  

	20.	Successors and Assigns 

 The Plan shall be binding on all
successors and permitted assigns of a participant, including, without limitation, the estate of such participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of such
participant’s creditors. 
  

	21.	Rights as a Shareholder 

 A participant shall have no rights
as a shareholder until he or she becomes the holder of record of Common Stock. 
  

	22.	Change in Control 

 Notwithstanding anything to the contrary
in the Plan, the following shall apply to all awards granted and outstanding under the Plan: 
 (a) Definitions. The following definitions
shall apply to this Section 22: 
 A “Change in Control,” unless otherwise defined by the Compensation Committee, shall be
deemed to have occurred if: 
 (i) Any “Person” is or becomes a “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates) representing 20% or more of
the combined voting power of the Company’s then outstanding securities; 
 (ii) The following individuals (referred to
herein as the “Incumbent Board”) cease for any reason to constitute a majority of the directors then serving: (A) individuals who, on October 9, 2000, constitute the Board, and (B) any new director (other than a director
whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board
or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds of the directors then still in office who were directors on the date hereof or whose appointment, election or nomination for
election was previously so approved or recommended; 
  

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 (iii) There is consummated a merger or consolidation of the Company or any direct or
indirect subsidiary of the Company with any other corporation, other than (A) a merger or consolidation which results in the directors of the Company who were members of the Incumbent Board immediately before such merger or consolidation
continuing to constitute at least a majority of the board of directors of the Company, the surviving entity or any parent thereof, or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction)
in which no Person is or becomes the beneficial owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates)
representing 20% or more of the combined voting power of the Company’s then outstanding voting securities; or 
 (iv) The
shareholders of the Company approve a plan of complete liquidation or dissolution of the Company, or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a
sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same
proportions as their ownership of the Company immediately before such sale. For purposes of this definition of Change in Control, Person shall have the meaning given in Section 3(a)(9) of the 1934 Act, as modified and used in Section 13(d)
and 14(d) of the 1934 Act, except that such term shall not include Excluded Persons. “Excluded Persons” shall mean (1) the Company and its subsidiaries, (2) any trustee or other fiduciary holding securities under an employee
benefit plan of the Company or any subsidiary of the Company, (3) any company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company, (4) any
person who becomes a beneficial owner in connection with a transaction described in sub clause (A) of clause (iii) above, (5) an underwriter temporarily holding securities of the Company pursuant to an offering of such securities, or
(6) an individual, entity or group who is permitted to, and actually does, report its beneficial ownership on Schedule 13G (or any successor Schedule), provided that if any Excluded Person described in clause (6) subsequently becomes
required to or does report its beneficial ownership on Schedule 13D (or any successor Schedule), then, for purposes of this definition, such individual, entity or group shall no longer be considered an Excluded Person and shall be deemed to have
first acquired beneficial ownership of securities of the Company on the first date on which such individual, entity or group becomes required to or does so report on such Schedule. 
 “CIC Price” shall mean the higher of (a) the highest price paid for a share of the Company’s Common Stock in the
transaction or series of transactions pursuant to which a Change in Control of the Company shall have occurred, or (b) the highest price paid for a share of the Company’s Common Stock during the 60 day period immediately preceding the date
upon which the event constituting a Change in Control shall have occurred as reported in The Wall Street Journal in the New York Stock Exchange Composite Transactions or similar successor consolidated transactions reports. 
 (b) Acceleration of Vesting and Payment of SARs, Stock Awards, Cash Awards, and Dividends and Dividend Equivalents. 
  

	 	(1)	Upon the occurrence of an event constituting a Change in Control, all SARs, stock awards, cash awards, dividends and dividend equivalents outstanding on such date shall become 100%
vested and shall be paid in cash as soon as may be practicable. Upon such payment, such awards and any related stock options shall be cancelled. 

  

	 	(2)	 The amount of cash to be paid shall be determined by multiplying the number of such awards, as the case may be, by: (i) in the case of stock awards, the CIC
Price; (ii) in the case of SARs, the difference between the exercise price of the related option per share and the CIC Price; (iii) in the case of cash awards where the award period, if any, has not been completed upon the occurrence of a
Change in Control, the maximum value of such awards as determined by the Committee at the time of grant, without regard to the performance criteria, if any, applicable to such award; and (iv) in the case of cash awards where the award period,
if any, has been completed on or prior to the occurrence of a Change in Control: (aa) 

  

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where the cash award is payable in cash, the value of such award as determined in accordance with the award agreement, and (bb) where the cash award is
payable in shares of Common Stock, the CIC Price. 

  

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 (c) Option Surrender Rights. 
  

	 	(1)	All stock options granted under the Plan shall be accompanied by option surrender rights (“OSRs”). OSRs shall be evidenced by OSR agreements in such form and not
inconsistent with the Plan as the Committee shall approve from time to time. Upon the occurrence of an event constituting a Change in Control, all OSRs, to the extent that the CIC Price exceeds the exercise price of the related stock options, shall
be paid in cash as soon as may be practicable. Upon such payment, such rights and any related stock options shall be cancelled. 

  

	 	(2)	The amount of cash payable in respect of an OSR shall be determined by multiplying the number of unexercised shares as to which the right then relates by the difference between the
option price of such shares and the CIC Price. 

  

	 	(3)	Upon the grant of SARs, with respect to the same shares covered by then outstanding OSRs the OSRs relating to such shares shall be automatically cancelled. 

(d) Notwithstanding the foregoing subsections (a), (b) and (c), SARs, OSRs and any stock-based award held by an officer or director subject to
Section 16 of the 1934 Act which have been outstanding less than six months (or such other period as may be required by the 1934 Act) upon the occurrence of an event constituting a Change in Control shall not be paid in cash until the
expiration of such period, if any, as shall be required pursuant to such Section, and the amount to be paid shall be determined by multiplying the number of SARs, OSRs or stock awards by the CIC Price determined as though the event constituting the
Change in Control had occurred on the first day following the end of such period. 
  

	23.	Certain Provisions Applicable to Awards to Covered Employees 

 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 (which shall be not less than one year), the performance criteria and the performance targets. The performance criteria shall be any one or more of the following as determined by the Committee and may differ as to type of
award and from one performance period to another: earnings per share, total shareholder return, return on shareholders’ equity, economic value added measures, return on assets, revenue, profit before tax, profit after tax, stock price and
return on sales. Payment or vesting of awards to Covered Employees shall be contingent upon satisfaction of the performance criteria and targets as certified by the Committee by resolution of the Committee. To the extent provided at the time of an
award, the Committee may in its sole discretion reduce any award to any Covered Employee to any amount, including zero. 
 IN WITNESS
WHEREOF, the Company has caused this Amendment and Restatement to be signed as of the 4th day of December, 2007, effective as of the date hereof and dates set forth herein. 
  

			
	XEROX CORPORATION
		
	By:	 	/s/ P. M. Nazemetz
		 	Vice President

  

 11Form of Agreements under 1991 LTIP, as amended through July 12, 2007.

 Exhibit 10(b)(2) 
 As Amended by Amendment No. 1 dated July 12, 2007 
 2004 E-LTIP—Option, Restricted Stock
Units & OSRs 
 EXECUTIVE LONG-TERM INCENTIVE PROGRAM AGREEMENT 
 PURSUANT TO 
 THE XEROX CORPORATION 
 1991 LONG-TERM INCENTIVE PLAN 
 AGREEMENT, of Xerox
Corporation, a New York corporation (hereinafter referred to as the “Company”) in favor of the employee of the Company or one of its Subsidiaries (as hereinafter defined) whose name is set forth on the Award Summary (“Award
Summary”) attached hereto (hereinafter referred to as the “Employee”) selected by the Compensation Committee (hereinafter the “Committee”) in accordance with the Company’s 1991 Long-Term Incentive Plan as amended
(hereinafter referred to as the “Plan”). 
 The Award Summary contains the details of awards covered by this Agreement and is incorporated herein
in its entirety. 
 Terms used herein which are defined in the Plan or this Agreement shall have the meanings assigned to them in the Plan or this Agreement,
respectively. 
 In accordance with the provisions of the Plan, the Committee has authorized the execution and delivery of this Agreement. 
 NOW THEREFORE, in consideration of the premises and for other good and valuable consideration the Company hereby agrees as follows: 
 1. Award of Option and Restricted Stock Units. Subject to the terms and conditions of the Plan and this Agreement, the Company has awarded to the Employee as of
the date indicated in the Award Summary on the terms and conditions herein set forth (the “Award”): 
 (a) options to purchase the
number of shares shown on the Award Summary (such number being subject to adjustment, as provided in the Plan) of the Common Stock, par value $1.00 per share, of the Company (the “Common Stock”) (the “Option”); 
 (b) the number of Restricted Stock Units shown on the Award Summary (“RSUs”); and 
 (c) option surrender rights (the “Option Surrender Rights”) as shown on the Award Summary. 
 TERMS OF THE OPTIONS 
 2. Option Purchase
Price. The purchase price of the shares of Common Stock covered by the Option shall be as set forth on the Award Summary, which is not less than 100% of the Fair Market Value on the effective date of the Award. The Option is a non-statutory
option not intended to qualify as an incentive stock option. 
  

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 3. Waiting Period and Exercise Dates of Option. Except as provided in Paragraph 14 hereof the Option may not be
exercised at any time unless the Employee shall then be an Employee of the Company or a Subsidiary thereof. After the expiration of the Waiting Period indicated on the Award Summary (“Waiting Period”) the shares optioned to Employee may be
purchased as indicated on the Exercise Dates set forth on the Award Summary. 
 To the extent the Option is not exercised by Employee when it becomes
initially exercisable, it shall not expire but shall be carried forward and shall be exercisable at any time thereafter; provided, however, that the Option is not exercisable after the period expiring on the date indicated on the Award Summary,
which period is referred to herein as the “Exercise Period”. Partial exercise of the Option will be permitted from time to time provided that no partial exercise may be for less than 20 full shares of Common Stock or its equivalent or the
total number of shares remaining unexercised hereunder, whichever is less. 
 Upon the occurrence of an event constituting a Change in Control (as that term
is defined in the Plan) pursuant to which Option Surrender Rights become payable, the Option outstanding hereunder to the extent shares under such Option are used in calculating a payment in connection with the related Option Surrender Rights (as
provided herein under “Terms of the Option Surrender Rights”) shall be cancelled. 
 4. Method of Exercising Option. The Option may be
exercised from time to time through a website provided for such purpose or a voice response unit so provided by the Company or its duly authorized agent in the manner herein described or as otherwise determined to be acceptable by the Company The
person exercising the Option shall state the election to exercise and the number of shares with respect to which the Option is being exercised. The person exercising the Option must issue a check payable to the authorized agent for payment of the
full purchase price. The authorized agent shall advise the person exercising the Option of the amount of withholding tax (including FICA) which must be paid under U.S. Federal and where applicable, state and local law resulting from such exercise.
Upon receipt of payment of the purchase price and the withholding tax the authorized agent shall, without transfer or issue tax to the person exercising the Option, issue a certificate or certificates for the number of shares covered by such notice
of exercise. 
 In the event that the Option is being exercised through the Company’s cashless exercise program, if applicable, there shall be no
requirement for the Employee to deliver a check in payment of the purchase price or for the withholding tax, all of which shall be effectuated between the Company and its then acting agent appointed to administer the cashless exercise program.

 5. 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. 
 6.
Holding Requirements. The Employee must retain fifty percent (50%) of the shares of Common Stock acquired from the exercise of an Option (net of purchase price, withholding tax and exercise fees) until ownership guidelines are met under
Paragraph 5 hereof. Such shares shall be held in the Employee’s Salomon Smith Barney account or at another account acceptable to the Company. 
 Once
such ownership guidelines are met, Employee (including terminated and retired) must retain fifty percent (50%) of the shares so acquired for one year following the exercise of the Option. 
 If employment terminates due to the death of the Employee, such holding requirements shall 

  

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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. 
 TERMS OF THE RESTRICTED STOCK UNITS 
 7. Waiting Period and Entitlement to Shares. Upon the lapse of the Waiting Period indicated on the Award Summary in connection with the RSUs, on the Vesting Date set forth in the Award Summary (“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 RSUs as to which a Waiting
Period has lapsed (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. 
 Notwithstanding anything herein to the contrary, an Employee may irrevocably elect, on or before the last business day in June following the date
of the grant, to defer receipt of Common Stock, in such manner as 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. If such deferral is elected, the right to receive the Common Stock pursuant to the grant shall be one year following the date of termination of employment or retirement, the date of death, or any other deferral date that may be elected
under the terms communicated to the Employee in writing in the manner described above (the “Deferral Date”), provided that such Deferral Date does not occur prior to the Vesting Date (except in the case of Employee’s death in which
case, on the date of death, regardless of the Vesting Date, the Common Stock pursuant to the grant shall be delivered to the Employee’s personal representatives, heirs or legatees). If any taxes must be withheld at the Vesting Date, the payment
of such withholding taxes will be settled in a manner acceptable to the Company. 
 8. Dividend Equivalents. The Employee shall be entitled to receive
from the Company cash payments at the same time and in the same amounts, that the holder of record of a number of shares of Common Stock equal to the number of RSUs covered by this Agreement would be entitled to receive as dividends on such Common
Stock. Such right to cash payment on an RSU covered hereby shall apply to all dividends the record date for which occurs at any time during the period commencing on the date hereof and ending on the date that the Employee becomes a shareholder of
record with respect to such unit as a result of (i) the lapse of a Waiting Period or on the Deferral Date as provided under Paragraph 7, or (ii) the date this RSU otherwise terminates, whichever occurs first. Payments under this Paragraph
shall be net of any required U.S. Federal, state or local withholding taxes. 
 9. 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. 
 10. Holding Requirements. The Employee must retain fifty percent (50%) of the net shares of Common Stock acquired in connection with the RSUs (net of
withholding tax and exercise fees) until ownership guidelines are met under Paragraph 9 hereof. Such shares shall be held in the Employee’s Salomon Smith Barney account or at another account acceptable to the Company. 
 Once such ownership guidelines are met, Employee must retain fifty percent (50%) of the 

  

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shares so acquired for one year following the receipt of Common Stock in connection with the RSUs. 
 If employment terminates due to the death of the Employee, such holding requirements shall cease at the date of death. 
 TERMS OF THE OPTION SURRENDER RIGHTS 
 11. Value of
Option Surrender Rights. In the event of the occurrence of an event constituting a Change in Control (as defined in the Plan), to the extent that the CIC Price (as defined in the Plan) exceeds the exercise price of the related Option, the
Employee shall receive cash, in lieu of exercise of the Option, determined by multiplying the excess of the CIC Price over the option price of each unexercised share under the Option and aggregating the results. Upon such payment, such rights and
the number of shares under the Option to the extent used in calculating such payment shall be canceled. 
 Each share subject to the Option shall be used
only once to calculate the amount to be received pursuant to a payment of the Option Surrender Rights. 
 Upon the grant of stock appreciation rights to the
Employee with respect to the same shares subject to the Option, the Option Surrender Rights shall be cancelled automatically. 
 12. Rights of a
Shareholder. The Employee shall have no rights as a shareholder with respect to any shares of Common Stock covered by the Option awarded pursuant to this Agreement until the date of issuance of a stock certificate registered in the name of the
Employee for such shares. 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. 
 13. Non-Assignability. This Agreement and any rights hereunder shall not be assignable or transferable by Employee except by will or by the laws of descent and distribution except pursuant to a domestic
relations order entered by a court of competent jurisdiction. During the lifetime of the Employee the Option and the Option Surrender Rights may be exercised only by him. 
  

	14.	Effect of Termination of Employment or Death 

 (a)
Effect on Option. In the event that the Employee 
 (i) ceases to be an employee of the Company or of any Subsidiary of the
Company for any reason, other than death or retirement under applicable Company policies (“Retirement”) or terminated for Cause (as hereinafter defined), the Option or unexercised portion thereof which was otherwise exercisable on the date
of termination of employment shall expire unless exercised within a period of three months from the date on which Employee ceased to be an employee. To the extent that the Option is not exercisable as of the date on which Employee ceases to be an
employee, the Option shall terminate and be null and void; 
 (ii) dies during such three-month period, the Option shall be
exercisable by his or her personal representatives, heirs or legatees to the same extent and during the same period that Employee could have exercised the Option if he or she had not died; 
 (iii) dies while an employee of the Company or any Subsidiary of the Company, the Option (which if not otherwise exercisable shall
become exercisable), awarded to the deceased Employee shall be exercisable by his or her personal representatives, heirs or 

  

 4 

 
legatees, at any time prior to the expiration of 12 months from the date of the death of the Employee; 
 (iv) retires from the Company or any Subsidiary of the Company, the Option to the extent otherwise exercisable on the date of Retirement
shall continue to be exercisable following the commencement of Retirement to the same extent as though such retiree had continued in the employ of the Company or any Subsidiary of the Company and the Option to the extent not exercisable on the date
of Retirement shall be cancelled; 
 (v) dies after Retirement, the Option shall continue be exercisable by his or her
personal representatives, heirs or legatees at any time prior to the expiration of twelve months from the date of the death of the Employee to the same extent as such retiree could have exercised the Option pursuant to the foregoing subparagraph
(iv) if he or she had not died; 
 (vi) ceases to be an employee of the Company or of any Subsidiary of the Company for
any reason, other than death or Retirement, prior to the lapse of the Waiting Period his or her Option shall terminate and be null and void. 
 (vii) ceases to be an employee of the Company or of any Subsidiary of the Company due to termination for Cause, the Option, whether vested or not, shall terminate and be null and void. 
 Under no circumstances may the Option be exercised after the expiration of the Exercise Period. 
 (b) Effect on RSUs. In the event that the Employee 
 (i) ceases to be an Employee of the Company for any reason other than death (including Retirement), and the RSUs have not vested in accordance with Paragraph 7, the RSUs shall be cancelled on the date of termination
of employment. In the event of any such cessation of employment after the RSUs have become vested in accordance with Paragraph 7, the full number of the certificates for shares to the extent not already delivered shall be delivered as soon as
practicable following the later of the date of termination of employment or the Deferral Date if an election to defer has been timely made in accordance with Paragraph 7; 
 (ii) ceases to be an employee of the Company or any Subsidiary of the Company by reason of death, the RSUs 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; and 
 (iii) ceases to be an employee of the Company or any Subsidiary due to termination for Cause, the RSUs shall be cancelled. 
 (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. 
  

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 (d) 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 Agreement and during the continuance of such long-term disability the Employee shall be deemed to continue active employment with the
Company. 
 15. Interpretation of the Agreement. The Committee 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 in its sole good faith judgment shall be determined to be advisable. All decisions, interpretations
and administrative actions made by the Committee 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. 
 16. Governing Law. The validity, construction and effect of this 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. 
 17. Successor and
Assigns. This Agreement shall bind and inure to the benefit of the Company and the Employee and the successors and assigns of the Company and to the extent provided in Paragraph 14 to the personal representatives, legatees and heirs of the
Employee. 
 18. Amendment of This Agreement. With the consent of the Employee, the Committee may amend this Agreement in a manner not inconsistent
with the Plan. 
 19. 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 424 of the Internal Revenue Code of 1986 on the date of the Award. 
 20. Separability. In case any provision in this Agreement, or in any other instrument referred to herein, shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions in this
Agreement, or in any other instrument referred to herein, shall not in any way be affected or impaired thereby. 
 21. Notices. Notices hereunder
shall be in writing and, if to the Company shall be mailed to the Company at P.O. Box 1600, MS 22B, Stamford, Connecticut 06904, addressed to the attention of Executive Compensation Administrator; and, if to the Employee, shall be delivered
personally or mailed to the Employee at his or her address as the same appears on the records of the Company. 
 22. 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. 
 23. General Restrictions. If at any time the Committee in its sole discretion, shall determine 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 Option or
RSUs or the issue or purchase of shares hereunder, the Option may not be exercised or certificates for shares issued in respect of RSUs 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 as the case may be and any delay caused thereby shall in no way affect the date of termination of the Option or RSUs. 
  

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