Document:

Registrant's Universal Life Plan effective July 1, 2003.

 Exhibit 10(j) 
  
 XEROX UNIVERSAL LIFE PLAN 
  
 Effective July 1, 2003 
  
 Article I 
 Definitions

  
 For the purposes hereof, unless otherwise required by the
context, the following phrases or terms shall have the following meanings: 
  
 1.1 “Actively at Work” shall mean a Participant’s employment at a scheduled or actual rate of 30 hours or more per week with the Company. 
  
 1.2 “Administrator” shall mean the Vice President of the Company having responsibility for human resource matters,
or his or her designee. The Administrator will manage and administer the Plan in accordance with the provisions of Article VII of this Plan. 
  
 1.3 “Beneficiary” shall mean the person(s), trust(s), or the estate of a Participant, entitled to receive any benefits under this Plan upon the
death of a Participant. 
  
 1.4 “Beneficiary
Designation” shall mean the designation of a Beneficiary by the Participant on a form and in the manner acceptable to the Insurer and Administrator. A Beneficiary under the Plan shall be the Beneficiary named on the last valid designation on
file with the Company or Insurer. 
  
 1.5 “Cash Surrender
Value” shall be credited each year in accordance with the amount allocated under the contract as provided under the Insurance Policy with interest, appreciation and loss, as applicable, in connection with the funds selected and made available
under the Insurance Policy. 
  
 1.6 “Change of
Beneficiary” shall mean the act of changing a Beneficiary on a Change of Beneficiary Designation form to another individual, trust or estate of the Participant using a form acceptable to the Insurer and Administrator. The consent of a
Beneficiary to change a Beneficiary shall not be required. The proper designation of a Beneficiary shall be the Beneficiary as designated on the last Change of Beneficiary Designation form on file with the Insurer or the Company. 
  
 1.7 “CLIP” shall mean the Xerox Corporation Contributory Life
Insurance Program. 
  
 1.8 “Company” shall mean Xerox
Corporation. 
  
 1.9 “Death Benefit” shall mean the Face
Amount of life insurance provided by the Plan on the life of each Participant and any accumulated Cash Surrender Value less any outstanding loan balance. 
  
 1.10 “Disabled” or “Disability” shall mean those Employees who have been determined under procedures established under the Xerox
Corporation Long-Term Disability Income Plan and the HR Policy defining Short-Term Disability to be disabled as that term is defined in such Plan or HR Policy, respectively. 
  
 1.11 “Effective Date of Coverage” shall mean the date, determined under Article II, that a Participant becomes
covered under an Insurance Policy. 
  
 1.12 “Eligible
Employee” shall mean each Employee who was an active Participant of the CLIP and who was Actively at Work on July 1, 2003, and each additional classification of Eligible Employees that are designated by the Administrator as participants under
the Plan and are listed as Participants in Schedule A. 

 1.13 “Employee” shall mean any person who is an employee of the Company, as determined by the
personnel policies of the Company, and is designated as such in the books and records of the Company. Any individual who was excluded under the Plan because the Company or its personnel policies classified such individual as an independent
contractor, leased employee, temporary employee, supplemental contract worker, consultant, agent or self-employed shall remain excluded even if such individual is later determined to be a common law employee (unless the Plan is amended to provide
coverage for such individual). Only individuals who are United States citizens may participate in this Plan. Ex-patriates and foreign nationals may participate subject to the approval of the Insurer. 
  
 1.14 “Face Amount” shall mean the total amount of life insurance
protection provided by the Plan on the life of each Participant. 
  
 1.15 “Guaranteed Issue Amount” shall mean the maximum Face Amount of coverage provided under the Insurance Policy before the Insurer would require a Participant to complete a health questionnaire with respect to the
Participant’s current health condition. 
  
 1.16
“Insurer” shall mean the insurance company selected by the Administrator to provide the Insurance Policy under the Plan. 
  
 1.17 “Insurance Policy” shall mean the Group Variable Universal Life insurance policy that shall be automatically renewable at the beginning of
each Plan Year and that provides the insured benefit under this Plan. 
  
 1.18 “Participant” shall mean an Employee who is eligible to participate in this Plan as provided in Article II. 
  
 1.19 “Participation Agreement” shall mean the agreement(s) attached hereto as Schedule B between the Eligible Employee and the Company setting
forth the particular terms, rights and obligations that apply only to the Eligible Employee with whom the Participation Agreement is made. 
  
 1.20 “Plan” shall mean this Xerox Universal Life Plan, which shall be evidenced by this instrument and by each Participation Agreement.

  
 1.21 “Salary” shall mean the annual rate of pay as
of July 1 paid to the Participant for services to the Company and shall include any voluntary pre-tax deferrals under a plan sponsored by the Company including amounts under Internal Revenue Code Sections 125, 132(f), and 4.02(g)(3). 
  
 Article II 
  
 Eligibility and Effective Date of Coverage 
  
 2.1 Each Eligible Employee shall become covered under an Insurance Policy on
an Effective Date of Coverage as determined below:  
  
 (a) Each Eligible Employee, who was a participant in the CLIP and who was Actively at Work on July 1, 2003, shall become covered under an Insurance Policy on August 1, provided the premium and a properly completed application are received
by the Insurer in connection with the Insurance Policy no later than August 1, 2003. In the event of the Employee’s death during the month of July 2003, such Employee shall receive a benefit equal to his or her current level of CLIP coverage.

  
 (b) For each Employee who becomes an Eligible Employee,
coverage under an Insurance Policy shall begin on the first day of the month following the date such individual is designated as an Eligible Employee once the premium and a properly completed application are received by the Insurer in connection
with the Insurance Policy (provided such application is received within the 60-day period following the date an Employee was initially eligible for the Plan). 
  

 2 

 (c) For each Eligible Employee who is hired as an Eligible Employee, coverage under an Insurance Policy
shall begin on the first of the month coincident with or next following such Eligible Employee’s date of hire once the premium and a properly completed application are received by the Insurer (provided such application is received within the
60-day period following the date an Employee was initially eligible for the Plan). 
  
 2.2 Each Eligible Employee must be Actively at Work on the date an application is signed by the Participant. If an Eligible Employee is not Actively at Work on the date an application is signed, then the Effective
Date of Coverage (as determined under Section 2.1) may not begin until the Eligible Employee is Actively at Work. 
  
 2.3 If a Participant has met the requirements for eligibility under the Plan and thereafter becomes ineligible under the terms of the Plan and Insurance
Policy, then such Participant will no longer be covered by the Plan or Insurance Policy subject to the discretion of the Plan Administrator. Nothing in the Plan shall be interpreted to limit, in any way, the right of the Participant to continue
coverage if such continuation is provided for under the Insurance Policy where such continuation is unrelated to the individual’s employment or eligibility with the Company. 
  
 2.4 As a condition of participation, each eligible individual shall complete, execute, and return to the Administrator a
signed and executed Participation Agreement in the form approved by the Administrator and will comply with such further conditions as may be established by and in the sole discretion of the Administrator. A copy of the Agreement for each Participant
under the Plan shall be attached to and become a part of this Plan. 
  
 2.5 In the event the Insurer or Administrator classifies, in error, an individual as being eligible for the Plan, or in the event an individual has not been approved for coverage under the Plan, or in the event coverage is extended to an
individual based on incorrect information, premiums which have been paid on behalf of such individual shall be refunded and coverage will not have been nor will be effective and in force. 
  
 2.6 An Eligible Employee shall only be provided with an application to participate in the Plan at the time of initial
eligibility. If the Employee declines coverage or does not complete an application within the time required by Section 2.1, such Employee shall be deemed to have irrevocably elected not to participate in the Plan and shall have no further
opportunity to do so. 
  
 2.7 In the event that coverage will be
delayed because the Insurer has not approved the coverage under the Insurance Policy in excess of the Guaranteed Issue Amount, an amount of coverage up to the Guaranteed Issue Amount will be effective for such Eligible Employee provided the Insurer
is in receipt of the application. 
  
 2.8 In the event an Eligible
Employee who was an active Participant in the CLIP is Disabled on July 1, 2003, and such Employee has not completed an application for coverage under the Plan, the Guaranteed Issue Amount shall be equal to the value of the Employee’s coverage
under the CLIP. In the event an Eligible Employee who was an active Participant in the CLIP has become disabled during the application period (the 60-day period beginning on the Employee’s initial date of eligibility) after signing the
application, the Guaranteed Issue Amount shall be equal to the coverage as provided in 3.1(a).  
  
 Article III 
  
 Procurement of Insurance Policy 
  
 3.1 The
Company, on behalf of the Participant, shall provide the Participant with the opportunity to apply to the Insurer for an Insurance Policy, in which the Participant shall have ownership rights and with the following provisions: 
  
 (a) Pre-retirement Coverage shall be the greater of (i) or
(ii). 
  
 In the event a Participant dies
while in active service of the Company, and prior to the date of retirement within the meaning provided under the Xerox Corporation Retirement Income Guarantee Plan, the amount of 

  

 3 

 
Pre-retirement Coverage under the Insurance Policy and payable to a Beneficiary shall equal the greater of (i) the Death Benefit payable to the
Employee’s Beneficiary under the CLIP as of July 1, 2003 or (ii) Salary multiplied by 3 plus the amount of Cash Surrender Value under the Insurance Policy. 
  
 (b) Post-retirement Target Coverage 
  
 Participants will have the option to continue coverage after termination of
employment as provided in the Insurance Policy by paying premiums or using the Cash Surrender Value to cover the cost of insurance. For Participants who were in the CLIP, the Company will make additional investment contributions as provided in the
Participation Agreement. The additional investment contributions will provide sufficient Cash Surrender Value at retirement age 65 or 10 years from the Xerox Universal Life Plan issue date, which ever is later, based on stated assumptions, to
continue the Participant’s share of the CLIP death benefit after retirement. The length of time the actual Face Amount can be supported will depend on the performance of the underlying investment vehicle(s). 
  
 (c) Increasing Coverage Amounts; Maximum Amount of Plan
Coverage 
  
 The Amounts described in
(a) above are the amounts of coverage provided by the Company subject to the Insurer’s coverage limits and underwriting requirements. In addition, if the Salary of any Participant increases, the coverage under the Plan shall increase on July 1
subject to the Insurer’s coverage limits and underwriting requirements. The Insurer may require that the Participant answer medical inquiries about his current health condition. The Plan shall not provide for an increase in coverage due to
increases in Salary if the Participant fails to cooperate with the Insurer or the Insurer does not approve the increase. 
  
 (d) Cessation of Company Contributions 
  
 The Company shall make premium contributions to cover the premium on behalf of each Participant as may be required in the Insurance Policy to provide the
amount of coverage described in this Article. Contributions will be made until the earlier of termination of employment or retirement under the Xerox Corporation Retirement Income Guarantee Plan. For Participants who were in the CLIP and are
retirement eligible upon termination, premium investment contributions will continue until retirement age 65 or 10 years from the Xerox Universal Life Plan issue date, whichever is later. 
  
 3.2 If a Participant does not cooperate in the securing of such insurance, or if he or she is for any reason unable to
obtain insurance in the specified amount on his or her life, the Company shall have no further obligation to Participant under the Plan and such Participant’s Participation Agreement shall terminate. 
  
 3.3 The Participant shall have full ownership rights in any Insurance Policy
acquired on Participant’s life. 
  
 Article IV

  
 Beneficiary 
  
 4.1 The Participant shall designate his or her Beneficiary to receive
benefits under the Plan on a Beneficiary Designation form approved by the Insurer. If more than one Beneficiary is named, the shares and the preference of each shall be distributed as indicated or on a pro rata basis if not otherwise instructed.

  
 4.2 The Participant may terminate, alter or amend the
Beneficiary Designation form as provided in the Insurance Policy. No change in Beneficiary shall be effective until received and acknowledged in writing by the Insurer. 
  
 4.3 Any payment made by the Insurer in accordance with the most recent Beneficiary Designation form filed with the Company
and the Insurer shall fully discharge the Insurer from all further obligations with respect to such payment. 
  

 4 

 4.4 The Beneficiary may elect any settlement option that is offered under the Insurance Policies with
respect to his or her portion of the Death Benefit proceeds. 
  
 Article V 
  
 Other Policy Provisions

  
 5.1 To the extent provided in the Insurance Policy, a
Participant may elect a loan or withdrawal of amounts under the Insurance Policy that is subject to a loan or withdrawal. The Insurer shall be obligated to provide sufficient communication regarding these rights to Participants. 
  
 5.2 A Participant may decline coverage under this Plan by filing a written
notice to the Company and Insurer at any time declining such coverage. Such notice shall be irrevocable. 
  
 5.3 Nothing contained in this Plan or the Participation Agreement or Insurance Policy shall be construed as a contract of employment between the Company
and a Participant, or as a right of any Participant 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. 
  
 5.4 The Insurer shall be responsible for adjudicating all claims under the
Plan arising out of the Insurance Policy. The Company shall not administer or review any claim that is the jurisdiction of the Insurer. 
  
 Article VI 
  
 Termination Amendment Modification or Supplement of Plan 
  
 6.1 The Company reserves the right to totally or partially amend, modify or supplement this Plan or any Participation Agreement at any time and for any
reason. Any amendment, modification or supplement shall be in writing and signed by the Vice President of the Company having responsibility for Human Resources. Changes to the Insurance Policy shall be subject to the terms of the Policy and no such
amendment or change may occur to the Policy unless the amendment, modification or change is written and signed by the Insurer 30 days prior to the effective date of said change. 
  
 6.2 The Company reserves the right to terminate the Plan and any Participation Agreement in whole or in part, provided,
however, and subject to the terms of the Insurance Policy no such termination shall adversely impact a Participant’s right to continue insurance coverage at the Participant’s own expense in accordance with the terms of the Insurance
Policy. 
  
 6.3 If a termination of the Plan occurs, the
obligation of the Company or a Participant to make any premium payments shall, subject to the Insurance Policy, cease and the rights of the Company and the Participant shall be controlled by this Article VI and the Insurance Policy. Participant
rights under the Insurance Policy shall be determined with reference to such Policy and may include notice and contract rights. 
  
 Article VII 
  
 Administration of the Plan 
  
 7.1 The sole right of construction, interpretation and general administration of the Plan shall be vested in the Administrator. The sole right of construction, interpretation, and general administration of the
Insurance Policy shall be vested in the Insurer. 
  

 5 

 7.2 The Insurer shall establish rules, forms and procedures for the administration of the Policy from
time to time, and the Administrator shall establish rules, forms and procedures for the administration of the Plan from time to time. The Administrator may employ agents to carry out non-fiduciary as well as fiduciary responsibilities with respect
to the Plan. The Administrator shall have the exclusive right to interpret the Plan, determine all questions of fact and determine eligibility under the Plan, and to decide any and all matters arising there under or in connection with the
administration of the Plan. The Insurer shall be responsible for establishing a claims procedure for claims under the Insurance Policy. The Insurer shall be solely responsible for interpreting the Insurance Policy and administering such Policy under
applicable law. 
  
 Article VIII 
  
 Indemnification 
  
 To the extent permitted by law, the Company shall indemnify and hold harmless
the Administrator and any designee of the Administrator but only if employed by the Company, against any and all claims, losses, damages, expenses and liabilities arising from any act or failure to act that constitutes or is alleged to constitute a
breach of such person’s responsibilities in connection with the Plan under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or any other law, unless the same is determined to be due to gross negligence,
willful misconduct, or willful failure to act. 
  
 Article IX

  
 Miscellaneous 
  
 9.1 Any notice which shall or may be given under this Plan or an assignment
shall be in writing and shall be mailed by United States Mail, postage prepaid. If notice is to be given to the Company, such notice shall be addressed to the Company at its general offices: 
  
 Xerox Corporation 
 800 Long Ridge Road 
 Stamford CT 06904-1600

  
 marked for the attention of the Administrator, Xerox Universal Life Plan; or
if notice to a Participant, addressed to the most recent address shown on the Company’s personnel records. 
  
 9.2 Any party may change the address to which notices shall be mailed from time to time by giving written notice of such new address. 
  
 9.3 The Plan shall be binding upon the Company and its successors and
assigns, and upon a Participant, his or her beneficiary, heirs, executors and administrators. 
  
 9.4 This Plan shall be construed and governed in all respects under and by the laws of the State of Connecticut, except to the extent preempted by federal law. If any provision of this Plan shall be held by a court of
competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective. 
  
 9.5 Headings and subheadings in this Plan are inserted for convenience and reference only and do not constitute any part of this Plan. 
  
 9.6 Neither the Plan, the Insurer, the Administrator nor the Company is
responsible for any tax that may become due and payable with respect to any benefit provided under the Plan. The sole responsibility for paying a tax on benefits provided herein belongs to the Participant regardless of whether tax was withheld on
income or reported as taxable to the Participant. 
  

 6 

 Schedule A 
  
 XEROX UNIVERSAL LIFE PLAN 
  
 Plan Participants 
  

	 	•	 	Active CLIP Participants as of July 1, 2003 

  

	 	•	 	Other active Band X and Band A U.S. employees as of July 1, 2003 and thereafter 

  

	 	•	 	Any other employee designated as a Participant by the Administrator and approved by the Insurer 

  

 7 

 Schedule B 
  
 XEROX UNIVERSAL LIFE PLAN 
 PARTICIPATION AGREEMENT 
 (for Participants in CLIP) 
  
 Section
I                Personal Information 

																																																															
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Please type or print clearly.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	First Name, M.I., Last Name	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
																										
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Business Telephone	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Street Address (Including Apt., Suite, etc.)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	City, State, Zip	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
																									
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Social Security Number

  
  
 Section II                Acknowledgement & Agreement 

  
 Complete this Section II only if you were a
participant in the Xerox Corporation Contributory Life Insurance Program. 
  

	        	Yes, I acknowledge that I have received and reviewed a copy of the Xerox Universal Life Plan as may be amended from time to time, and I hereby agree to participate
under the terms thereof. I also elect to receive the “additional contributions” referenced in Section 3.1(b) of the Xerox Universal Life Plan. I understand that the additional contribution will be an annual premium (payable monthly) in the
amount of $             payable until the later of age 65 or 10 years from the Xerox Universal Life Plan issue date, provided that no premiums will be paid after my termination of
employment unless I am retirement eligible as defined in the Xerox Corporation Retirement Income Guarantee Plan. I understand that the “additional contributions” are targeted to provide the post-retirement coverage to which I was entitled
under the CLIP based on a 5.6% interest credit rate, the Insurer’s current cost of insurance rates and policy expense charges but that the length of time before the policy lapses will vary based on the policy performance. By electing coverage
under this Plan, I am also waiving Company-paid coverage under the Xerox Corporation Life Insurance Plan. 

  

	        	Yes, I acknowledge that I have received and reviewed a copy of the Xerox Universal Life Plan, and I hereby agree to participate under the terms thereof. By electing coverage under
this Plan, I am also waiving Company-paid coverage under the Xerox Corporation Life Insurance Plan. I elect, however, not to receive the additional contributions referenced in Section 3.1(b) of the Xerox Universal Life Plan

  

	        	No, I elect not to participate in the Xerox Universal Life Plan. 

  

 8 

 Section III                Employee
Signature 

  
 I understand
that my election to decline coverage under the Xerox Universal Life Plan shall be irrevocable. I also understand that coverage under this Plan is subject to the Insurer’s coverage limits and underwriting requirements and that the Insurer may
require me to answer medical inquiries to receive coverage or increases in coverage. I understand that if I do not cooperate or am otherwise unable to obtain insurance in the specified amount from the Insurer that Xerox shall have no further
obligation under the Plan. 
  
 I understand that any premiums paid by Xerox will
be added to my taxable income and that it is my sole responsibility to pay the taxes on such amounts. 
  
 I understand that Xerox intends this Plan to be permanent but can and does reserve the right to amend or terminate the Plan at any time and for any reason. 
  

			
	  

	 	  

	 Signature of Employee
	 	 Month / Day / Year

  

 9 

 Schedule B 
  
 XEROX UNIVERSAL LIFE PLAN 
 PARTICIPATION AGREEMENT 
 (for non-CLIP Participants) 
  
 Section
I                Personal Information 

																																																															
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Please type or print clearly.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	First Name, M.I., Last Name	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
																										
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Business Telephone	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Street Address (Including Apt., Suite, etc.)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	City, State, Zip	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
																									
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Social Security Number

  
 Section
II                Acknowledgement & Agreement 

  

	        	Yes, I acknowledge that I have received and reviewed a copy of the Xerox Universal Life Plan as may be amended from time to time, and I hereby agree to participate under the terms
thereof. By electing coverage under this Plan, I am also waiving Company-paid coverage under the Xerox Corporation Life Insurance Plan. 

  

	        	No, I elect not to participate in the Xerox Universal Life Plan. 

  

 10 

 Section III                Employee
Signature 

  
 I understand
that my election to decline coverage under the Xerox Universal Life Plan shall be irrevocable. I also understand that coverage under this Plan is subject to the Insurer’s coverage limits and underwriting requirements and that the Insurer may
require me to answer medical inquiries to receive coverage or increases in coverage. I understand that if I do not cooperate or am otherwise unable to obtain insurance in the specified amount from the Insurer that Xerox shall have no further
obligation under the Plan. 
  
 I understand that any premiums paid by Xerox will
be added to my taxable income and that it is my sole responsibility to pay the taxes on such amounts. 
  
 I understand that Xerox intends this Plan to be permanent but can and does reserve the right to amend or terminate the Plan at any time and for any reason.  
  

			
	  

	  	  

	 Signature of Employee
	  	 Month / Day / Year

  

 11Registrant's Deferred Compensation Plan for Directors

 Exhibit 10(k) 
 As Amended through December 7, 2004 
  
 XEROX CORPORATION 
  
 DEFERRED COMPENSATION PLAN FOR DIRECTORS 
 (Formerly 1989 Deferred Compensation Plan For Directors) 
  
 1997 AMENDMENT AND RESTATEMENT 
  
 Preamble. This Plan is a private unfunded nonqualified deferred compensation
arrangement for Directors and all rights shall be governed by and construed in accordance with the laws of New York, except where preempted by federal law. It is intended to provide a vehicle for setting aside funds for retirement. 
  
 Section 1. Effective Date. The original effective date of the
Plan is January 1, 1989. The effective date of this amendment and restatement is October 9, 2000. 
  
 Section 2. Eligibility. Any Director of Xerox Corporation (the “Company”) who is not an officer or employee of the Company or a
subsidiary of the Company is eligible to participate in the Plan (a Director who has so elected to participate is hereinafter referred to as a “Participant”). A Participant who terminates an election to defer receipt of compensation is not
eligible to participate again in the Plan until twelve months after the effective date of such termination. 
  
 Section 3. Deferred Compensation Accounts. There shall be established for each Participant one or more deferred compensation Accounts (as
hereinafter defined). 
  
 Section 4. Amount of Deferral.

  
 (a) A Participant may elect to defer receipt of all or a
specified part, expressed as a percentage of the cash compensation otherwise payable to the Participant for serving on the Company’s Board of Directors or committees of the Board of Directors. Any amount deferred is credited to the
Participant’s Accounts on the date such amount is otherwise payable. 
  
 (b) In addition to the foregoing, there shall be credited to the deferred compensation accounts of each person who is serving as a Director on May 17, 1996 a sum computed by the Company as the present value of his or
her accrued benefit under the Company’s Retirement Income Plan For Directors, if any, as of such date and each such Director shall be given notice of such amount. The amount so computed shall be final and binding on the Company and each such
Director. Within 30 days of the giving of such notice, each such Director shall make an election on a form provided by the Company as to the hypothetical investment of such amount and the payment methods as permitted under Sections 6 and 8 hereof as
in effect on such date under the administrative rules adopted by the Administrator. 
  
 Section 5. Time of Election to Defer. The election to defer will be made prior to the individual’s commencement of services as a Director for amounts to be earned for the remainder of the calendar
year. In the case of an individual currently serving as a Director, the election to defer must be made prior to December 31, of any year for amounts to be earned in a subsequent calendar year or years. An election to totally terminate deferrals may
be made at any time prior to the relevant payment date. 
  
 Section 6. Hypothetical Investment. Deferred compensation is assumed to be invested, without charge, in the (a) Balanced Fund, Income Fund, U.S. Stock Fund, International Stock Fund, Small Company Stock Fund or Xerox Stock
Fund (or the successors thereto) (the “Funds”) established from time to time under the Xerox Corporation Profit Sharing and Savings Plan (the “Profit Sharing Plan”) (b) a fund with a variable fixed rate of return based upon the
prime or base rate charged by one or more banks (“Prime Rate Investment”) and (c) such other fixed income return investments (“Fixed Return Investment”), all as shall be made available from time to time by the Administrator in
his or her administrative discretion (“Investments”) as elected by the participant 

 It is anticipated that the Administrator will substitute the Prime Rate Investment for the Income Fund
effective January 1, 1998. Amounts deferred prior to January 1, 1998 shall have a rate of return at the Income Fund or the Prime Rate Investment as elected by Participants on forms provided by the Administrator in connection with the implementation
of the Prime Investment Rate. 
  
 Elections to make hypothetical
investments in any one or more of the Investments shall be subject to administrative rules adopted by the Administrator from time to time. 
  
 No shares of Xerox stock will ever actually be issued to a Participant under the Plan. 
  
 Section 7. Value of Deferred Compensation Accounts and Installment Payments. The value of each
Participant’s Accounts shall reflect all amounts deferred, gains, losses and rates of return from the Investments, and shall be determined at the close of business on each day on which securities are traded on the New York Stock Exchange.
Hypothetical investments in the Profit Sharing Plan shall be valued on each business day based upon the value of such hypothetical investment as determined under such Plan on the valuation date under such Plan coincident with or last preceding such
business day. The value of Investments not made under the Profit Sharing Plan shall be determined from such available source or sources as the Administrator in his or her sole discretion shall from time to time determine. The date as of which
investments are valued pursuant to the foregoing sentences are referred to herein as a Valuation Date. 
  
 Section 8. Manner of Electing Deferral. A Participant may elect to defer compensation by giving written notice to the Administrator on a
form provided by the Company, which notice shall include (1) the percentage to be deferred; (2) if more than one is offered under the Plan, the hypothetical investment applicable to the amount deferred; and (3) the payment method that will apply to
the deferred compensation. A Participant may elect to a maximum of four separate payment methods during his or her participation in the Plan (“Accounts”). Such payment methods once made may never be changed. Each election to defer
compensation under the Plan shall specify an Account from which payment will be made. The Accounts available under the Plan shall be: 
  
 Account 1 which shall be payable beginning the July 15 of a calendar year that follows the calendar year of retirement by the number of years
elected by the Participant (0, 1, 2, 3, 4, or 5 years). The last payment shall be on the July 15 of the year in which the Participant attains a certain age elected by the Participant. 
  
 Account 2 which shall be payable beginning the July 15 of a calendar year that follows the calendar year of
retirement by the number of years elected by the Participant (0, 1, 2, 3, 4, or 5 years) and is payable on each subsequent July 15 until the number of payments elected by the Participant have been made. 
  
 Account 3 which shall be payable on the July 15 of a calendar year
that follows the calendar year of retirement by the number of years elected by the Participant (0, 1, 2, 3, 4, or 5 years) and is payable as a single sum. 
  
 Account 4 shall be available with respect to amounts deferred during 1998 and later years. This account is payable beginning on the July 15 of a
specified year whether before or after retirement. In addition to this payment date, the Participant must elect the number of payments that are to commence on this date. The payment(s) from this account can be as a single sum or payable in up to
four annual installments. Once Account 4 is established (an election is made to defer and the payment date is defined), deferrals to Account 4 shall cease for any calendar year in which a payment is scheduled to be made from this Account. The full
account balance shall be distributed by the end of the installment period. Once the final payment is made from this Account, the Participant may elect to create a new Account 4. The initial election or any subsequent election to use this Account
must be made by December 31 of the year preceding the calendar year in which deferrals will be allocated to this Account. The first payment date that can be elected is the July 15 of the calendar year that follows the calendar year of election
(calendar year containing the December 31 due date for election) by three years. 
  

 2 

 Not later than December 31, 1997, Participants who are currently serving as Directors of the Company may
change their payment elections previously made under the Plan which specified payment dates relating to termination, retirement, death, or disability, by selecting payments pursuant to the methods described in Accounts 1 through 3 above. Such change
shall be effected by the Participant filing with the Administrator a change of election on a form or forms established by the Administrator for such purpose. Such change shall be effective only with respect to payments in 1999 or later for
Participants who are serving on the Company’s Board of Directors as of December 31, 1998. 
  
 The Administrator may adopt rules of general applicability for administration of payments under the Plan which may be elected by Participants, including without limitation, fixing the maximum age selected for payments
to terminate and the maximum number of payments. 
  
 Section 9.
Payment of Deferred Compensation. 
  
 (a) No withdrawal may
be made from the Participant’s Account, except as provided under this Section and Sections 10 and 11. 
  
 (b) Payments from a Participant’s Account are made in cash in accordance with the elections made under Section 8 of the Plan based on the value of
the Participant’s deferred compensation Accounts as of the Valuation Date immediately preceding the date of payment. 
  
 (c) Unless otherwise elected by a Participant with the written approval of the Administrator, payments of deferred compensation shall be made pursuant to
the following formula: the amount of the first payment shall be a fraction of the value of the Participant’s deferred compensation account on the preceding Valuation Date, the numerator of which is one and the denominator of which is the total
number of installments elected, and the amount of each subsequent payment shall be a fraction of the value on the Valuation Date preceding each subsequent payment date, the numerator of which is one and the denominator of which is the total number
of installments elected minus the number of installments previously paid. Any other payment method selected with the written approval of the Administrator must in all events provide for payments in substantially equal installments. 
  
 (d) Upon termination of service on the Board of Directors, other than
termination resulting from death, prior to retirement, the total value of the Participant’s Accounts under the Plan shall be paid to the Participant as soon as administratively possible after his or her date of termination. 
  
 (e) Upon the death of a Participant either before or after retirement the
total value of the Participant’s Accounts under the Plan shall be paid in accordance with an election made by such Participant in a lump sum or in installments, as appropriate, from the Accounts established under Section 8 to the
beneficiary(ies) designated by the Participant. 
  
 (f) If a
Participant dies either before or after retirement without having made such an election, the total value of his or her Accounts under the Plan shall be paid in a single payment to the Participant’s estate as soon as administratively possible
after notice of his or her date of death has been received by the Administrator. 
  
 Section 10. Acceleration of Payment for Hardship. 
  
 (a) For Hardship. Upon written approval from the Board of Directors (with the Participant requesting the withdrawal not participating) a Participant may be permitted to receive all or part of his accumulated
benefits if, in the discretion of such Board of Directors, it is determined that an emergency event beyond the Participant’s control exists and which would cause such Participant severe financial hardship if the payment of his benefits were not
approved. Any such distribution for hardship shall be limited to the amount needed to meet such emergency. A Participant who makes a hardship withdrawal cannot reenter the Plan for twelve months after the date of withdrawal. 
  

 3 

 (b) Upon a Change in Control. Within 5 days following the occurrence of a change in control of the
Company (as hereinafter defined), each Participant shall receive a lump sum payment equal to the value of his or her Account. For purposes hereof, a “change in control of the Company” shall be deemed to have occurred if (A) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than (1) the Company, (2) any trustee or other fiduciary holding securities under an
employee benefit plan 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, or (4) any person who becomes a
“beneficial owner” (as defined below) in connection with a transaction described in clause (1) of subparagraph (C) below, is or becomes the “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; (B) the following individuals cease for any reason to constitute a majority of the directors then serving: individuals who, on October 9, 2000 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 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 October 9, 2000 or whose appointment, election or
nomination for election was previously so approved or recommended; (C) 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 immediately prior to 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% of more of the combined voting power of the Company’s then outstanding securities; or (D) 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. 
  
 Section 11. Other Penalized Withdrawals. Notwithstanding the provisions of Sections 9 and 10, a Participant may be permitted to receive all or part of his accumulated benefits at any time provided that (A) the Administrator
approves such distribution in his or her sole discretion, and (B) the Participant forfeits a portion of his account balance equal to a percentage of the amount distributed. The percentage reduction shall be the greater of (A) six percent, or (B) a
percentage equal to one-half of the prime interest rate, as determined by the Administrator. 
  
 Section 12. Time Of Investment. Amounts deferred under the Plan shall begin to be credited with gains, losses and rates of return from Investments commencing on the date credited to the
Participant’s Accounts. 
  
 Section 13.
Participant’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 Participant to receive future installments under the provisions of the Plan shall be an unsecured claim against the general assets of the Company. 
  
 Section 14. Statement of Account. Statements will be sent to each Participant by February and August and more frequently if the
Administrator so determines as to the value of their deferred compensation accounts as of the end of December and June, respectively. 
  

 4 

 Section 15. Assignability. No right to receive payments hereunder shall be transferable or
assignable by a Participant, except by will or by the laws of descent and distribution or except as provided under Section 9. 
  
 Section 16. Business Days. In the event any date specified herein falls on a Saturday, Sunday or legal holiday, such date shall be deemed to
refer to the next business day thereafter. 
  
 Section 17.
Administration. The Plan shall be administered by the Vice President of the Company having responsibility for human resources (the “Administrator”). The Administrator shall have the authority to adopt rules and regulations for
carrying out the plan, and interpret, construe and implement the provisions of the Plan. 
  
 Section 18. Amendment. The Company expressly reserves the right to amend the Plan at any time and in any particular manner. Such amendments, other than amendments relating to termination of the Plan or
relating to Investments under Section 6 of the Plan, may be effected by (i) the Board of Directors, (ii) a duly constituted committee of the Board of Directors (“Committee”), 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 Investments under Section 6 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. 
  
 Upon termination the
Administrator in his or her sole discretion may pay out account balances to participants. No amendment, modification or termination shall, without the consent of a Participant, adversely affect such Participant’s accruals in his/her Accounts.

  
 Section 19. 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. 
  

 5

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