Document:

Amendments to Employment Agreements

 Exhibit 10.7 
 Attached is the Amendment, dated February 15, 2007, to the Mayflower Co-operative Bank Employment Agreement with Edward M. Pratt originally effective as of July 14, 1994 and amended as of February 13, 2003. Such agreement is
substantially identical in all material respects to the amendments, each dated February 15, 2007, to the employment agreements between Mayflower Co-Operative Bank and John J. Biggio, Maria Vafiades and Stergios Kostas, which are not being filed
as separate exhibits to this Report. 

 AMENDMENT TO THE 
 MAYFLOWER CO-OPERATIVE BANK 
 EMPLOYMENT AGREEMENT 
 WITH EDWARD M. PRATT 
 WHEREAS,
Edward M. Pratt (the “Executive”) previously entered into an employment agreement with Mayflower Co-operative Bank (the “Bank”), originally effective as of July 14, 1994 and amended as of February 13, 2003 (the
“Agreement”); and 
 WHEREAS, in connection with the reorganization of the Bank into a holding company structure (the
“Reorganization”), the Bank and the Executive desire to amend the Agreement to clarify the definition of change in control under the Agreement and to include Mayflower Bancorp, Inc. (the “Company”) as a guarantor of any payments
to be made under the Agreement; and 
 WHEREAS, Section 13 of the Agreement provides for its amendment by means of a written
instrument signed by the parties. 
 NOW, THEREFORE, the Bank and the Executive hereby agree to amend the Agreement as follows,
effective as of the close of the Reorganization: 
 FIRST CHANGE 
 The first paragraph of the preamble to the Agreement shall be amended to add the following sentence at the end of the paragraph: 
 “Mayflower Bancorp, Inc., the holding company of the Bank (the “Company”), will serve as guarantor under this Agreement,” as the same
may be amended by the Bank from time to time or extended pursuant to Section 5. 
 SECOND CHANGE 
 Section 11(a) of the Agreement shall be amended to delete the second paragraph in its entirety and replace it with the following: 
 “The term change in control shall mean the first to occur of any of the following: 
 (1) Merger: The Company or the Bank merges into or consolidates with another corporation, or merges another corporation into the Company or the
Bank, and as a result less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held 

 
by persons who were stockholders of the Company immediately before the merger or consolidation. 
 (2) Acquisition of Significant Share Ownership: There is filed or required to be filed a report on Schedule 13D or another form or schedule (other
than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the
Company’s voting securities, but this clause (2) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its
outstanding voting securities. 
 (3) Change in Board Composition: During any period of two consecutive years, individuals who
constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however, that
for purposes of this clause (3), each director who is first elected by the board (or first nominated by the board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of
the two-year period shall be deemed to have also been a director at the beginning of such period; or 
 (4) Sale of Assets: The Company
or the Bank sells to a third party all or substantially all of its assets. 
 Notwithstanding anything in this Section 11 to the
contrary, a “Change in Control” for purposes of this Agreement shall not include any corporate restructuring transaction by the Bank, including, but not limited to, reorganization into a holding company structure, provided that the Board
of Directors of the Bank immediately preceding such transaction constitutes at least a majority of the Board of Directors of the Bank after such transaction.” 
 THIRD CHANGE 
 The following Section 17 shall be added to the Agreement: 
 17. Source of Payments. All payments provided for under this Agreement shall be timely paid from the general funds of the Bank. The Company,
however, unconditionally guarantees 

 
payment and provision of all amounts and benefits due hereunder to Executive and, if such amounts and benefits due from the Bank are not timely paid or
provided by the Bank, such amounts and benefits shall be paid or provided by the Company. Notwithstanding anything in this Agreement to the contrary, no provision of this Agreement shall be construed so as to result in the duplication of any payment
or benefit. 
 IN WITNESS WHEREOF, the Bank and the Company (as guarantor) have caused this Amendment to the Agreement to be executed
by their duly authorized officers, and Executive has signed this Amendment, on the 15th day of January, 2007. 
  

									
	ATTEST:	 		 	MAYFLOWER CO-OPERATIVE BANK
			
	/s/ Jean M. Michael	 		 	/s/ Diane A. Maddigan
		 		 		 	For the Entire Board of Directors
			
		 		 	MAYFLOWER BANCORP, INC.
		 		 	(as Guarantor)
				
		 		 		 	/s/ Diane A. Maddigan
		 		 		 	For the Entire Board of Directors
			
	WITNESS:	 		 	EXECUTIVE
			
	/s/ Jean M. Michael	 		 	/s/ Edward M. Pratt
		 		 		 	Edward M. PrattAnnual Performance Incentive Plan 2006

 Exhibit 10(e)(5) 
 Annual Performance Incentive Plan for 2006 (“2006 APIP”) 
 Under the 2006 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 2006, 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 2006 APIP. The performance measures and weightings for 2006 were total revenue (30%), earnings per share (40%) and core cash flow from operations (30%). 
 For 2006, the performance against the 2006 APIP goals was as follows: Total revenue was below threshold, earnings per share was at maximum and core cash
flow from operations exceeded maximum.Registrant's 2004 Performance Incentive Plan, as amended as  of 2/15/2007

 Exhibit 10(e)(10) 
 AS AMENDED AND RESTATED FEBRUARY 15, 2007 
 2007 AMENDMENT AND RESTATEMENT 
 OF 
 XEROX CORPORATION 

2004 PERFORMANCE INCENTIVE PLAN 
 1.
Purpose  
 The purpose of the Xerox Corporation 2004 Performance Incentive Plan as set forth herein or in any
amendments hereto (the “2004 Plan” or the “Plan”) is to advance the interests of Xerox Corporation (the “Company”) and to increase shareholder value by providing officers and employees of the Company, its subsidiaries
and its Affiliates (as hereinafter defined) with a proprietary interest in the growth and performance of the Company and with incentives for current or future service with the Company, its subsidiaries and Affiliates. The Plan is a successor plan to
(i) the Xerox Corporation 1991 Long-Term Incentive Plan, (ii) the Xerox Corporation 1998 Employee Stock Option Plan, (iii) the Xerox Executive Performance Incentive Insurance Plan, (iv) the Xerox Mexicana, S.A. de C.V. Executive
Rights Plan and (v) the Xerox Canada Inc. Executive Rights Plan, any or all of which may be referred to as a “Predecessor Plan”. 
 2.
Effective Date and Term  
 The Plan shall be effective as of May 20, 2004, subject to the approval of the
Company’s shareholders at the 2004 annual meeting. No awards or grants can be made after January 1, 2008 unless terminated sooner pursuant to Section 13 by the Company’s Board of Directors (the “Board”). Effective
May 20, 2004, no further awards shall be made under a Predecessor Plan, but outstanding awards under any Predecessor Plan shall remain outstanding in accordance with their applicable terms and conditions. 
 3. Plan Administration 
 (a) The
independent Compensation Committee of the Board, or such other independent 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, such subcommittee, and any
individual to whom powers are delegated pursuant to subsection (c), being hereinafter referred to as the “Committee”). The Committee shall be qualified to administer the Plan as contemplated by (i) Rule 16b-3 under the Securities
Exchange Act of 1934 (the “1934 Act”) or any successor rule, (ii) Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder, and (c) any rules and regulations of a
stock exchange on which Common Stock (as defined in Section 5) of the Company is listed. 
 (b) 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 cancelled, forfeited or suspended; (iv) adoption of such modifications,
amendments, procedures, subplans and the like as are necessary to enable participants employed in other countries in which the Company may operate to receive advantages and benefits under the Plan consistent with the laws of such countries, and
consistent with the rules of the Plan; (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 

  

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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. 
 (c) Except for the power to amend the 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 Code Section 162(m) compensation deductibility limit (the “Covered Employees”), and except as may
otherwise be required under applicable New York Stock Exchange rules, 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. The term “Committee” herein shall include any individual exercising powers to the extent delegated pursuant to the preceding sentence. 
 4. Eligibility  
 Any employee of the Company shall be eligible to receive an
award under the Plan. For purposes of this Section 4, “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 (“Affiliate”). If a participant who is an employee or former employee of the Company is determined, such determination made prior to a Change in Control, not to have satisfied any of the conditions set forth in the Award
Agreement the awards granted shall be cancelled as set forth in the Award Agreement. If a participant who is an employee or former employee of the Company is deemed by the Committee, in the Committee’s sole discretion exercised prior to a
Change in Control, to have engaged in detrimental activity against the Company, any awards granted to such employee or former employee on or after January 1, 2006, whether or not Nonforfeitable as hereinafter defined, 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 participant 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. 
 5. Shares of Stock Subject to the Plan 
 (a)
A total number of 10.0 million (10,000,000) shares of common stock1, par value $1.00 per share, of the
Company (“Common Stock”) shall become available for issuance under the Plan, provided that any shares issued in connection with options or SARs shall be counted against this limit as 0.6 shares for each one (1) share issued. Any
shares available for grant under any Predecessor Plan on the Effective Date not subject to outstanding awards shall become available for issuance under the Plan. (As of May 20, 2004, approximately 15.7 million shares2 are expected to be available for issuance under Predecessor Plans.) Thus, the total number available for grant under the 2004
Plan is expected to be 25.7 million (25,700,000)3. In addition, any shares underlying awards outstanding on May 20, 2004 under any Predecessor Plan that are cancelled, are forfeited, or lapse shall become
available for issuance under the Plan. 
  

 2 

	 1
	 10.0 million reflects the
number of shares if all grants were made in “whole value” shares (e.g., restricted stock or performance shares). If all grants were made in the form of options or SARs, the number available is 16.7 million. 

  

	 2
	 15.7 million reflects the number of shares if all grants were made in “whole value”
shares (e.g., restricted stock or performance shares). If all grants were made in the form of options or SARs, the number available is 26.1 million. 

  

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	 25.7 million reflects the number of shares if all grants were made in “whole value”
shares (e.g., restricted stock or performance shares). If all grants were made in the form of options or SARs, the number available is 42.8 million. 

 (b) For purposes of the preceding paragraph, the following shall not be counted against shares available
for issuance under the Plan: (i) payment 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. 
  
 (c) In determining shares available for issuance under the Plan, any awards granted under the Plan that are cancelled, are forfeited, or lapse shall become eligible again for issuance under the Plan. In addition,
shares withheld to pay taxes pursuant to Section 14, and shares tendered to exercise stock options, shall be treated as shares again eligible for issuance under the Plan. 
 (d) In no event, however, except as subject to adjustment as provided in Section 6, shall more than (i) 10.0 million
(10,000,000) shares of Common Stock be available for issuance pursuant to the exercise of incentive stock options (“ISOs”) awarded under the Plan; and (ii) 15.0 million (15,000,000) shares of Common Stock be made the
subject of awards under any combination of awards under Sections 7(b), 7(c) or 7(d) of the Plan to any single individual, of which no more than 10.0 million (10,000,000) may be shares of restricted stock. SARs whether paid in cash or
shares of Common Stock shall be counted against the limit set forth in (ii). 
 (e) 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 payment 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 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. 
 (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 

  

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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. 
 7. Awards  
 (a) 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, including, without limitation,
“reload options”. 
 (b) 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. 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 Internal Revenue Code of 1986, as amended, 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 constructively or by attestation) Common Stock, surrendering a stock award valued at market value at the time of surrender, surrendering a cash award, or any combination thereof. Notwithstanding any provision of the Plan, a
repricing of a Stock Option shall be allowed by the Committee only with the approval of the Company’s shareholders to the extent required under the rules of the New York Stock Exchange. For this purpose, a “repricing” shall be defined
as described in the New York Stock Exchange rules. 
 (c) A Stock Appreciation Right (“SAR”) is a right to receive a payment, in
cash and/or Common Stock, as determined by the Committee, equal to the excess of the market value of a specified number of shares of Common Stock at the time the SAR is exercised over the Fair Market Value on the effective date of grant of the SAR
as set forth in the applicable award agreement. 
 (d) 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. A restricted stock award made pursuant to this Section 7(d) shall be subject to a vesting schedule of no less than three (3) years unless such award is performance based, in
which case vesting shall be no less than one (1) year. 
 (e) Cash Award may be any of the following: 
 (i) an annual incentive award in connection with which the Committee will establish specific performance periods (not to exceed twelve
months) to provide cash awards for the purpose of motivating participants to achieve goals for the performance period. An annual incentive award shall specify the minimum, target and maximum amounts of awards for a performance period for a
participant or any groups of participants, and, to the extent applicable to Covered Employees, comply with the requirements of Section 23; or 
 (ii) a long-term 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; or 
  

 4 

 (iii) Cash Awards under this Section 7(e) to any single Covered Employee, including
dividend equivalents in cash or shares of Common Stock payable based upon attainment of specific performance goals, may not exceed in the aggregate $10,000,000 in the case of the Chief Executive Officer and $5,000,000 in the case of any other
participant, such limits being applicable to each twelve-month performance period established by the Committee under this Section 7(e) or under Section 23. 
 (f) The Committee shall have the discretion with respect to any award granted under the Plan to establish upon its grant conditions under which (i) the award may be later forfeited, cancelled, rescinded,
suspended, withheld or otherwise limited or restricted; or (ii) gains realized by the grantee in connection with an award or an award’s exercise may be recovered; provided that such conditions and their consequences are clearly set forth
in the grant agreement or other grant document and fully comply with applicable laws. These conditions may include, without limitation, actions by the participant which constitute a conflict of interest with the Company, are prejudicial to the
Company’s interests, or are in violation of any non-compete agreement or obligation, any confidentiality agreement or obligation, the Company’s applicable policies, its Code of Business Conduct and Ethics, or the participant’s terms
and conditions of employment. 
 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. Except as provided in Section 24
herein, the Committee may also require or permit participants to elect to defer the issuance of shares or the payment of awards in cash under such rules and procedures as it may establish under the Plan. It may also provide that deferred payments
include the payment or crediting of interest on the deferral amounts or the payment or crediting of dividend equivalents on deferred payments denominated in shares. 
 10. Fair Market Value  
 Fair Market Value for all purposes under the Plan shall
mean, effective February 15, 2007, the closing price 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 closing price 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

 Except as otherwise provided in this Section 11, all awards under the Plan shall 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. Notwithstanding the preceding
sentence, the Committee may provide that any award of non-qualified Stock Options may be transferable by the recipient to family members or family trusts established by the recipient. The Committee may also provide that, in the event that a
participant terminates employment with the Company to assume a position with a governmental, charitable, educational or similar non-profit 

  

 5 

 
institution, a third party, including but not limited to a “blind” trust, may be authorized by the Committee 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 the Plan upon the death of the
participant. 
 12. Award Agreements; Notification of Award 
 Awards under the Plan (other than annual incentive awards described in Section 7(e)(i)) 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 Stock Option 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. In the case of an annual incentive cash award, the participant shall receive notification of
such award in such form as the Committee may determine. 
 13. Plan Amendment and Termination 
 (a) 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) Code 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. 
 (b) Notwithstanding the foregoing, an amendment that constitutes a “material revision”, as defined by the rules of the New York Stock Exchange,
shall be submitted to the Company’s shareholders for approval. In addition, any revision that deletes or limits the scope of the provision in Section 7 prohibiting repricing of options without shareholder approval will be considered a
material revision. 
 (c) The Board may terminate the Plan at any time. Upon 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 of the Plan. 
 14. Tax
Withholding 
 The Company shall have the right to deduct from any payment 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 payment date of the applicable award. 
 15. Other Company Benefit and Compensation Programs 
 Unless otherwise determined by the Committee,
payments 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 

  

 6 

 
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 
 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 payment thereof, such award may not be granted, exercised or paid 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. Unless otherwise defined by the Compensation Committee and set forth in the award agreement at the time of the grant, the following definitions shall apply to this Section 22: 

(i) A “Change in Control” shall be deemed to have occurred if (aa) any “Person” is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the 1934 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 percent or more of the combined voting power of the Company’s then outstanding voting securities; (bb) the following individuals (referred to herein as the “Incumbent Board”) cease for any reason to constitute a
majority of the directors then serving; individuals who on May 24, 2007 constitute the Board and 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 

  

 7 

 
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 May 24, 2007, or whose appointment, election or nomination for election was previously so approved or recommended; (cc) 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 (1) 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 (2) 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 percent or more of the combined voting power of the Company’s then outstanding voting securities; or (dd) 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 prior to such sale. For purposes of the 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 (1) of
clause (cc) 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. 
 (ii) “CIC Price” (aa) in the case of an award
granted before February 15, 2007, shall mean the higher of (1) 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 (2) 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; and (bb) in the case of an award granted on or after February 15, 2007, shall mean either (1) 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 (2) if the Change in Control occurs without such a transaction
or series of transactions, the closing price for a share of the Company’s Common Stock on the date 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. 
 (iii) An
award is “Nonforfeitable” in whole or in part to the extent that, under the terms of the Plan or the award agreement or summary under the Plan, (aa) the award is vested in whole or part, or (bb) an entitlement to present or future payment
of such award in whole or part has otherwise arisen. 
 (iv) A “Key Employee” is identified in the following manner:
There shall be identified every employee who, at any time during a 12-month period ending December 31, is one of the 50 highest paid officers of the 

  

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Company (or any member of its controlled group, as defined by Code Section 414(b)) having compensation in excess of the amount specified in Code
Section 416(i)(1)(A) as indexed by Treasury guidance. Every individual so identified for any period ending December 31 is a Key Employee for the 12-month period beginning on the first April 1 following such December 31, and
ending on the next March 31. 
 (v) A “Section 409A-Conforming Change in Control” is a Change in Control that
conforms to the definition under Code Section 409A of a change in ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, as such definition is set forth in Treasury guidance.

 (vi) A “Termination for Good Reason” by a participant shall mean the termination of employment of a participant
upon any of the following circumstances, if such circumstance occurs without the participant’s express written consent after a Change in Control: 
 (aa) The assignment of any participant’s duties inconsistent with the participant’s job status or a substantial adverse alteration in the nature or status of a participant’s responsibilities from those
in effect immediately prior to a Change in Control of the Company (including, in the case of awards granted before February 15, 2007, without limitation, if the participant is an executive officer of the Company prior to a Change in Control,
ceasing to be an executive officer of a public company); 
 (bb) Any of the following: (1) A reduction in a
participant’s annual base salary and/or annual target bonus, (2) a failure by the Company to increase a participant’s annual base salary following a Change in Control at such periodic intervals consistent with the Company’s
practice prior thereto by at least a percentage equal to the average of the percentage increases in a participant’s base salary for the three merit pay periods immediately preceding such Change in Control, or (3) the failure to increase a
participant’s salary as the same may be increased from time to time for similarly situated individuals, except that this clause (bb) shall not apply to across-the-board salary reductions similarly affecting all similarly situated employees of
the Company and all similarly situated employees of any person in control of the Company; 
 (cc) The Company’s requiring
a participant to be based anywhere other than in the metropolitan area in which a participant was based immediately before the Change in Control, except for required travel on the Company’s business to an extent substantially consistent with a
participant’s present business travel obligations; 
 (dd) The failure by the Company to continue in effect any
compensation or benefit plan, vacation policy or any material perquisites in which a participant participates immediately before the Change in Control, (except to the extent such plan terminates in accordance with its terms), unless an equitable
arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan in connection with the Change in Control, or the failure by the Company to continue a participant’s participation therein (or in such
substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits provided and the level of a participant’s participation relative to other participants, than existed at the time of the Change in
Control; or 
 (ee) The failure of the Company to obtain a satisfactory agreement from any successor to assume responsibility
to perform under this Plan. 
 (ff) A termination by a participant of employment shall not fail to be a Termination For Good
Reason by participant merely because of a participant’s incapacity due to physical or mental illness, or because a participant’s employment continued after the occurrence of any of the events listed in this subsection. 
 (b) Acceleration of Nonforfeitability of SARs, Stock Awards, Cash Awards, and Dividends and Dividend Equivalents. 
 (i) In the case of an award granted on or after February 15, 2007, all SARs, stock awards, stock options (to the extent the CIC Price
exceeds the exercise price), cash awards, dividends and dividend equivalents 

  

 9 

 
outstanding shall become 100% Nonforfeitable with respect to a participant upon a Termination for Good Reason or an involuntary termination of employment
(other than a termination For Cause, as defined in the award agreement, according to a determination made before the Change in Control) that occurs after a Change in Control. 
 (ii) In the case of an award granted before February 15, 2007, upon the occurrence of a Change in Control , all SARs, stock awards,
stock options (to the extent the CIC Price exceeds the exercise price), cash awards, dividends and dividend equivalents outstanding on such date shall become 100% Nonforfeitable. 
 (c) Payment Schedule. In accordance with the uniform payment rule set forth in subsection (c) of Section 24 hereof, 
 (i) Following a Change In Control that is not a Section 409A-Conforming Change in Control, awards (to the extent Nonforfeitable)
shall be paid on the Vesting Date specified in the award summary, and 
 (ii) Following a Section 409A-Conforming Change
in Control, awards to the extent Nonforfeitable) shall be paid on the earlier of (aa) termination of employment (in the case of a Key Employee, to the extent required by Section 409A, the date that is 6 months after termination of employment)
or (bb) the Vesting Date specified in the award summary. 
 (iii) If a participant has made a valid election under Code
Section 409A to defer payment beyond the Vesting Date specified in the award summary, such award shall be paid pursuant to clauses (i) and (ii) by substituting the date so elected for the Vesting Date specified in the award summary.

 (d) Cancellation. Upon payment under this Section, such awards and any related stock options shall be cancelled. 
 (e) Discretionary Awards. Upon or in anticipation of the occurrence of a Change in Control, the Committee may grant additional awards (e.g.,
above-target awards for performance-based Stock Awards) at its sole discretion. Any such discretionary grants shall be paid on the date specified by the terms of such grant. 
 (f) 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 per share strike price of the SAR 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 pro-rata target value of such awards or such higher amount as determined by the Committee, without regard to the performance criteria, if any, applicable to such award; (iv) in the case of stock options, the difference
between the exercise price of the option and the CIC Price; and (v) 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) 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. 
 (g) Notwithstanding the foregoing, any SARs 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, stock awards, or unexercised shares under such stock options, as the case may be, 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 

  

 10 

 
share, cash flow, document processing profit, cost reduction, days sales outstanding, cash conversion cycle, cash management (including, without limitation,
inventory and/or capital expenditures), total shareholder return, return on shareholders’ equity, economic value added measures, return on assets, pre-or post-currency revenue, pre-or post-currency performance profit, profit before tax, profit
after tax, revenues, 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. Any performance-based awards made pursuant to this Section 23 may include annual
incentive awards and long-term awards. 
 24. Section 409A Compliance 
 (a) No Taxation Under Code Section 409A. It is intended that no awards under the Plan shall cause any amount to be taxable under Code
Section 409A with respect to any individual. All provisions of this Plan and of any agreement, award or award summary thereunder shall be construed in a manner consistent with this intent. Any provision of and amendment to this Plan, or of any
agreement, award or award summary thereunder, that would cause any amount to be taxable under Section 409A of the Internal Revenue Code with respect to any individual is void and without effect. Any election by any participant, and any
administrative action by the Committee that would cause any amount to be taxable under Section 409A of the Code with respect to any individual is void and without effect under the Plan. 
 (b) Election Rule. A participant may elect to defer awards under the Plan only if the election is made not later than December 31 of the year
preceding the year in which the award is granted, except to the extent otherwise permitted by Section 409A and Treasury guidance thereunder (where such exceptions include but are not limited to initial deferral elections with respect to
Nonforfeitable rights, deferral elections in the first year in which an employee becomes eligible to participate, and deferral elections with respect to performance-based compensation). 
 (c) Uniform Payment Rule 
 (i) All awards shall be paid on the date that is the earlier of (1) or (2) below, where 
 (1) is the later
of (A) a Section 409A-Conforming Change in Control or (B) termination of employment (in the case of a Key Employee, to the extent required by Section 409A, the date that is 6 months after termination of employment); and

 (2) is the Vesting Date specified in the award summary. 
 (ii) If a participant has made a valid election under Code Section 409A to defer payment beyond the Vesting Date specified in the
award summary, such award shall be settled pursuant to clause (i) by substituting the date so elected for the Vesting Date specified in the award summary. 
 (iii) Payment pursuant to the death or disability of a participant is governed by the award agreement. 
 (d) Accelerations. In the case of an award that is deferred compensation for purposes of Code Section 409A, acceleration of payment is not
permitted, except that, if permitted by the Committee, acceleration of payment is permitted in order to (i) allow the participant to comply with a certificate of divestiture (within the meaning of Code Section 1043); (ii) pay payroll
and withholding taxes with respect to amounts deferred, to the extent permitted by Treasury guidance; or (iii) effect any other purpose that is a permitted Code Section 409A acceleration event under Treasury guidance. 
 (e) Permitted Payment Delays. At the Committee’s sole discretion, payment of awards may be delayed beyond the date specified in subsection
(c) under the following circumstance. The Committee reserves the right to amend an award granted on or after January 1, 2006 if the Committee determines that the deduction for such payment would be limited by Code Section 162(m),
except that such payment will be made on the earliest date on which the Committee determines that such limitation no longer exists. 
  

 11 

 IN WITNESS WHEREOF, the Company has caused this Restatement to be
signed as of the 15th day of February, 2007. 
  

			
	XEROX CORPORATION
		
	By:	 	 /S/    PATRICIA M.
NAZEMETZ        

		 	Vice President

  

 12

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