Document:

Form of Long Term Incentive Plan Award under the 2004 PIP.

 

 
  
 Exhibit 10(*e)(3) 

 
 Award Summary 
  
 Executive Long-Term Incentive Program Grant (Officers) 
  
 «First_Name» «Last_Name» 
 Date of Agreement and Award: January 1, 2005 
  

			
	Value on Date of Grant:	 	«Approved_Value_»

  
 Performance Shares 
  

			
	 Number of Performance Shares:
	 	«Performance_Shares_»

  
 Vesting Date of All Performance
Shares Earned: 
  

	 	-	on or after Compensation Committee approval following the first earnings release after 1/1/08 

  
 Performance Shares Earned if Annual Target Performance is Achieved: 
  

	 	-	1/3 of grant on or after Compensation Committee approval following the first earnings release after each of the following dates: 1/1/06, 1/1/07 and 1/1/08 

 
 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 or after Compensation Committee approval following the first earnings release after 1/1/08

  
 An example of performance share vesting can be found in the
2005 E-LTIP communication materials. 
  

  

	*	Notwithstanding the above at the Company’s discretion, Employee may irrevocably elect, on or before June 30, 2005, 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 CONFIDENTIALAnnual Performance Incentive Plan for 2004

 Exhibit 10(e)(4) 
  
 Annual Performance Incentive Plan for 2004 (“2004 APIP”) 
  
 Under the 2004 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 an annual incentive target and maximum opportunity for
2004, expressed as a percentage of base salary for each participating officer. Certain additional goals were established for some officers based on business unit goals and/or individual performance goals and objectives. The Committee also
established overall threshold, target and maximum measures of performance for the 2004 APIP. The performance measures and weightings for 2004 were total revenue (30%), earnings per share (40%), cash flow from operations (15%) and accounts receivable
(15%). 
  
 For 2004, the performance against the 2004 APIP goals
for all factors except total revenue exceeded target. Accordingly, the Committee approved an average payout for officers of 120% of target, in light of the overall results delivered by the Company in 2004.Annual Performance Incentive Plan for 2005

 Exhibit 10(e)(5) 
  
 Annual Performance Incentive Plan for 2005 (“2005 APIP”) 
  
 Under the 2005 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 an annual incentive target and maximum opportunity for
2005, expressed as a percentage of base salary for each participating officer. Certain additional goals were established for some officers based on business unit goals and/or individual performance goals and objectives. The Committee also
established overall threshold, target and maximum measures of performance for the 2005 APIP. The performance measures and weightings for 2005 are total revenue (30%), earnings per share (40%) and cash flow from operations (30%). 
  
 Individual payments will be subject to the review and approval of the
Committee following the completion of the 2005 fiscal year.2005 Executive Long-Term Incentive Program

 Exhibit 10(e)(6) 
  
 2005 Executive Long-Term Incentive Program (“2005 E-LTIP”) 
  
 Under the 2005 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 2005 E-LTIP are: (i) (60%) Diluted Earnings Per Share (EPS) 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 in excess of $50 million pre-tax on an individual basis): legal and regulatory matters; loss (gain) on early extinguishment of debt; business divestitures and asset sale losses (gains); impairment of long-lived
assets; impairment of goodwill and other intangibles; restructuring charges resulting from a strategically-named corporate initiative and/or annual cumulative restructuring charges in excess of $50 million, exclusive of previously identified
initiatives. In addition, any adjustment greater than $50 million of the annual tax provision resulting from a change in tax law shall be excluded from the compilation of EPS; and (ii) (40%) Net Cash provided by (used for) Operating Activities as
reported in the Company’s audited financial statements, as adjusted for the cash flow impacts (inflows and outflows) resulting from those items as identified within the definition of Diluted EPS. In addition, any individual special
discretionary pension funding greater than $50 million shall be excluded. 
  
 Earning of the shares will be based on achievement of the performance targets as defined above, subject to the review and certification of the Committee following the completion of each of the next three fiscal years.2004 Restatement of Unfunded RIGP

 Exhibit 10(f) 
 As Amended Through December 7, 2004 
  
 2004 Restatement 
  
 of

  
 XEROX CORPORATION 
  
 UNFUNDED RETIREMENT INCOME GUARANTEE PLAN 
  
 XEROX CORPORATION, a New York corporation having its principal executive office in the City
of Stamford, County of Fairfield and State of Connecticut, hereby adopts the XEROX CORPORATION UNFUNDED RETIREMENT INCOME GUARANTEE PLAN effective on the Effective Date as follows: 
  
 Restatement Effective April 2, 2004 

 INDEX 
  

					
	 	    	 	  	Page No.

	 ARTICLE 1
	    	 Definitions
	  	3
			
	 ARTICLE 2
	    	 Purpose of Plan
	  	3
			
	 ARTICLE 3
	    	 Eligibility
	  	3
			
	 ARTICLE 4
	    	 Benefits
	  	4
			
	 ARTICLE 5
	    	 Change in Control
	  	5
			
	 ARTICLE 6
	    	 Plan Administration
	  	6
			
	 ARTICLE 7
	    	 Amendment and Termination
	  	6
			
	 ARTICLE 8
	    	 Miscellaneous
	  	7

  

 2 

 2004 RESTATEMENT 
 OF 
 XEROX CORPORATION 
  
 UNFUNDED RETIREMENT INCOME GUARANTEE PLAN 
  
 ARTICLE 1 
  
 Definitions 
  
 When used herein, the words and phrases defined hereinafter shall have the following meaning unless a different meaning is clearly required by the context
of the Plan. Terms used herein which are defined in Article 1 of the Funded Plan shall have the meanings assigned to them in the Funded Plan. 
  
 Section 1.1. Administrator. The Administrator appointed by the Vice President, Human Resources of the Company 
  
 Section 1.2. Average Monthly Compensation shall be determined
under Article 1 of the Funded Plan, without regard to the dollar limitation contained therein, and, notwithstanding the above, shall also include any compensation provided under the Xerox Corporation CEO Challenge Bonus Program. 
  
 Section 1.3. Board. The Board of Directors of the Company.

  
 Section 1.4. Code. The Internal Revenue Code of
1986 as amended, or as it may be amended from time to time. 
  
 Section 1.5. Company. Xerox Corporation. 
  
 Section 1.6. Effective Date. The original effective date of the Plan was July 1, 1977. This Restatement is effective as of April 2, 2004. 
  

Section 1.7. Employee. A Member in the Funded Plan. 
  
 Section 1.8. Funded Plan. The Xerox Corporation Retirement Income Guarantee Plan. 
  
 Section 1.9. Plan. The “Xerox Corporation Unfunded
Retirement Income Guarantee Plan”, as set forth herein or in any amendment hereto. 
  
 ARTICLE 2 
  
 Purpose of
Plan 
  
 Section 2.1. Purpose. The Plan is
designed to provide retirement benefits payable out of the general assets of the Company as provided in Section 4.1. 
  
 ARTICLE 3 
  
 Eligibility 
  
 Section 3.1.
Eligibility. All Employees and beneficiaries of Employees eligible to receive benefits from the Funded Plan shall be eligible to receive benefits under this Plan in accordance with Section 4.1 regardless of when the Employees may have
retired. 
  

 3 

 ARTICLE 4 
  

Benefits 
  
 Section 4.1. Amount of Benefits. The amount of the benefit payable under the Plan shall be equal to the monthly benefit which would be
payable to or on behalf of an Employee under the Funded Plan as a Life Annuity if Section 9.5 of the Funded Plan were inapplicable and if the amount of any compensation deferred by the Employee was included in the calculation of Average Monthly
Compensation (except the increase in compensation which became payable under the Company’s policy of increasing compensation by the amount which cannot be added to an Employee’s accounts under the Profit Sharing Plan by reason of the
limitation contained in Section 415 of the Code), less the following: 
  
 (a) The monthly benefit actually payable as a Life Annuity to or on behalf of the Employee under the Funded Plan other than the RIGP Plus Benefit payable under Article 17 thereof. 
  
 (b) The monthly benefit which could be purchased as a Life Annuity with the
balance, if any, in the Employee’s deferred compensation account under the Xerox Corporation Deferred Compensation Plan For Executives arising from the Retirement Account portion of the Profit Sharing Adjustment under Section 4 thereof.

  
 (c) Any amount paid to the Employee from which FICA taxes are
withheld related to nonqualified retirement benefits from a plan sponsored by the Company which have not been previously withheld (or deemed to be withheld because the maximum tax had already been paid) and are payable upon retirement but cannot be
withheld from any single sum payment of compensation or other nonqualified plan benefits translated to an annuity (single life or joint and survivor as appropriate) payable commencing on the date of retirement. 
  
 (d) The amount of that certain provisional supplement provided to certain
high-paid Employees in RIGP effective in 1989 when the RIGP benefit was modified payable to Employees in a lump sum translated to an annuity (single life or joint and survivor as appropriate) payable commencing on the date of retirement. 

 
 Section 4.1A Additional Benefit. In addition to the benefit
provided by the foregoing provisions of Section 4.1, there shall be an additional benefit equal to the excess of (a) over (b) where (a) is the RIGP Plus Benefit which would be payable under Article 17 of the Funded Plan as if “Annual Pay”,
as defined in Article 17 of the Funded Plan, had been calculated without regard to the applicable limitations of the “Code” as defined in the Funded Plan and to include deferred compensation to the extent not already included and (b) is
the RIGP Plus Benefit calculated under Article 17 of the Funded Plan subject to such Code limitations. Notwithstanding any provision of this Plan to the contrary, the benefit under this Section 4.1A shall be payable in cash in a lump sum. Such
benefit shall be paid at the time specified in Section 4.4. If payment is not made at or about termination of employment, the Administrator may, in his or her discretion, determine to increase the amount of the additional benefit at the CBRA
interest rate (within the meaning of the Funded Plan) for the period between termination and payout hereunder. 
  
 Section 4.2. Form of Benefit Payments. The forms of benefit available under the Plan shall be for single Employees a 10-Year certain and
life annuity or a life annuity and for married Employees a 50% or 100% joint and survivor annuity option, all as shall have been elected by Employee on forms provided by the Administrator. The benefit payable to a single Employee who has failed to
make such an election shall be a life annuity and for any such married Employee a 50% joint and survivor annuity. The 10-year certain and life annuity is the actuarial equivalent of the life annuity and the 100% joint and survivor annuity is the
actuarial equivalent of the 50% joint and survivor annuity. Except as otherwise provided in Section 5.1 in no event is the benefit payable in a lump sum. 
  
 Notwithstanding the above, the lump sum actuarial equivalent of any benefit otherwise payable as a monthly amount of one hundred dollars ($100.00) or
less, shall be distributed in accordance with Section 4.3. The interest rate used in computing the lump sum actuarial equivalent amount shall be the interest rate described in the section entitled “Optional Forms of Benefit Payment” of the
Funded Plan. 
  

 4 

 Section 4.3. Death Prior to Benefit Commencement. The spouse of a Participant who dies
before commencement of benefits under the Plan shall be entitled to a survivor benefit calculated in accordance with Article 7 of the Funded Plan in an amount equal to the amount determined under (a) or (b) below. 
  
 (a) In the case of a Participant who is eligible to retire under the Funded
Plan on the date of his or her death, one-half of the retirement benefit to which the Participant would have been entitled under the Plan if he or she had retired on the last day of the month coincident with or next following the date of the
Participant’s death; or 
  
 (b) In the case of a Participant
who is not eligible to retire under the Funded Plan on the date of his or her death, one-half of the retirement benefit to which the Participant would have been entitled under the Plan if he or she had terminated on his or her date of death and
survived to the date of payment of benefits as determined under Section 4.4 below. 
  
 Section 4.4. Time of Benefit Payments. Benefits due under the Plan shall be paid coincident with the payment date of benefits under the Funded Plan or at such other time or times as the Administrator in
his discretion determines. 
  
 Section 4.5.
Employee’s Rights Unsecured. The benefits payable under this Plan shall be unfunded. Consequently, no assets shall be segregated for purposes of this Plan and placed beyond the reach of the Company’s general creditors. The right of
any Employee to receive benefits under the provisions of the Plan shall be an unsecured claim against the general assets of the Company. 
  
 ARTICLE 5 
  
 Change in Control 
  
 Section 5.1 Change In Control. Notwithstanding anything to the contrary in this Plan, in the event of a change in control of the Company, as hereinafter defined, each Employee, including retired
Employees, shall be entitled to a benefit hereunder without regard to his or her age or Years of Service at the time of such change in control. Upon the occurrence of a change in control of the Company, the benefit of each Employee shall be payable
in a lump sum within 30 days of such change in control equal in amount to the then present value of a benefit expressed in the form provided in Section 4.1 hereof, commencing on the later of (i) the date of such change in control and (ii) the date
the Employee would be eligible for a benefit under the Funded Plan, and based upon such Employee’s Average Monthly Compensation and Years of Participation as of the date of such change in control. A “change in control of the Company”
shall have the meaning set forth in the Xerox Corporation Retirement Income Guarantee Plan, as may be amended or restated from time to time. 
  
 Section 5.2. Termination of Employment Following Change in Control. Upon the termination of employment of a Employee following a change in
control of the Company, such Employee, if he or she has otherwise satisfied the requirements of the Funded Plan for a benefit, shall be entitled to a benefit equal to the benefit to which he or she would have been entitled without application of
Section 5.1, reduced (but not below zero) to reflect the value of the benefit he or she received pursuant to Section 5.1. 
  
 Section 5.3. Calculation of Present Value. For purposes of Section 5.1 hereof, the present value of a benefit shall be calculated based upon
the interest rate which would be used by the Pension Benefit Guaranty Corporation for purposes of determining lump sums for benefits payable as immediate annuities with respect to plans terminating on the date on which the change in control of the
Company occurs and the 1983 GAM mortality table, provided, however, that effective upon the date that the applicable interest rate as specified in Section 417(e)(3)(A) of the Code is adopted for use in the Funded Plan, the present value
hereunder shall thereafter be determined under such applicable interest rate and the applicable mortality table as defined in Section 417(e)(3)(A)(ii)(l) of the Code. For purposes of the Funded Plan, each Employee shall be treated as if they
terminated employment upon the change in control and had their benefits determined as if they were to begin receiving benefits on the commencement date used in developing the present value of the benefit in Section 5.1. 
  

 5 

 ARTICLE 6 
  

Plan Administration 
  
 Section 6.1. Duties of the Administrator. The Plan shall be administered by the Administrator in accordance with its terms and purposes. The
Administrator shall determine the amount and manner of payment of the benefits due to or on behalf of each Participant from the Plan and shall cause them to be paid by the Company accordingly. 
  
 Section 6.2. Authority of the Administrator. The Administrator
may 
  
 (i) Construe and interpret the provisions
of the Plan, determine all questions of fact, and make rules and regulations under the Plan to the extent deemed advisable or helpful by the Administrator; 
  
 (ii) Should any defect, omission, ambiguity or inconsistency in the Plan be discovered at any time, the Administrator shall be empowered
to take such action as may be necessary to correct such defect, rectify such omission, resolve such ambiguity or reconcile such inconsistency. 
  
 Section 6.3. Claims and Appeals. Claims and appeals regarding benefits under the Plan shall be determined pursuant to section 503 of ERISA.

  
 Section 6.4. Finality of Decisions. The
decisions made by and the actions taken by the Administrator in the administration of the Plan shall be final and conclusive on all persons, and the Administrator shall not be subject to individual liability with respect to the Plan. 
  
 Section 6.5. Limitations of Actions. Any action brought in state or
federal court for the alleged wrongful denial of Plan benefits or for the alleged intentional interference with any Plan rights to which a person is or may become entitled under ERISA must be commenced within one year after the cause of action
accrued. 
  
 ARTICLE 7 
  
 Amendment and Termination 
  
 Section 7.1. Amendment and Termination. It is the intention of
the Company to continue the Plan indefinitely. The Company expressly reserves the right to amend the Plan at any time and in any particular manner, provided that any such amendment shall be made in accordance with ERISA. Such amendments, other than
amendments relating to termination of the Plan or relating to benefit levels under Section 4.1 of the Plan, may be effected by (i) the Board of Directors, (ii) a duly constituted committee of the Board of Directors, or (iii) the Vice President
of the Company responsible for human resources or a representative thereof. In the event such office is vacant at the time the amendment is to be made, the Chief Executive Officer of the Company shall approve such amendment or appoint a
representative. Amendments relating to termination of the Plan or relating to benefit levels under Section 4.1 of the Plan shall be effected pursuant to a resolution duly adopted by the Board of Directors of the Company, or a duly constituted
committee of the Board of Directors of the Company, in accordance with the Business Corporation Law of the State of New York. 
  
 Any amendment, alteration, modification or suspension under subsection (iii) of the preceding paragraph shall be set forth in a written instrument
executed by any Vice President of the Company and by the Secretary or an Assistant Secretary of the Company. 
  
 Section 7.2. Contractual Obligation. Notwithstanding Section 7.1, the Company hereby makes a contractual commitment to pay the benefits
accrued under the Plan to the extent it is financially capable of meeting such obligations. 
  

 6 

 ARTICLE 8 
  

Miscellaneous 
  
 Section 8.1. No Employment Rights. Nothing contained in the Plan shall be construed as a contract of employment between the Company and an
Employee, or as a right of any Employee to be continued in the employment of the Company, or as a limitation of the right of the Company to discharge any of its Employees, with or without cause. 
  
 Section 8.2. Assignment. The benefits payable under this Plan
may not be assigned or alienated except as may otherwise be required by law or pursuant to the terms of a domestic relations order that has been approved by the Plan Administrator. 
  
 Section 8.3. Law Applicable. This Plan shall be governed by the laws of the State of New York. 
  
 Section 8.4. Section 409A of the Internal Revenue Code.
Notwithstanding any other provision of the Plan, no election by any participant or beneficiary, and no payment to any individual, shall be permitted under the Plan if such election or payment would cause any amount to be taxable under section 409A
of the Internal Revenue Code with respect to any individual. 
  

 7

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