Document:

Prepared by R.R. Donnelley Financial -- SUPPLEMENTAL INDENTURE DATED 07/30/2002

  
 EXHIBIT (4)(h)(8) 
  
 XEROX CORPORATION, 
 As Issuer, 
  
 THE GUARANTORS NAMED HEREIN, 
  
 and 
  
 WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, 
 As Trustee 
  
 
 
 SECOND SUPPLEMENTAL INDENTURE 
  
 Dated as of July 30, 2002

  
 
 
 To 
  
 The Indenture, Dated as of January 17, 2002, 
 Between Xerox Corporation, as Issuer, and 
 Wells Fargo Bank Minnesota, National Association, as Trustee, 
 as supplemented by the First Supplemental Indenture, dated as of 
 June 21, 2002,
between the Issuer, the Guarantors named therein 
 and the Trustee, relating to Xerox Corporation’s 
 9 3/4% Senior Notes due 2009 
 (Denominated in Euro) 

 SECOND SUPPLEMENTAL INDENTURE 
  
 THIS SECOND SUPPLEMENTAL INDENTURE (the “Second Supplemental Indenture”) is made as of the 30th day of July, 2002, between Xerox Corporation, a New York corporation (the “Issuer”),
the persons named as Guarantors on the signature pages hereto (collectively, the “Guarantors”), and Wells Fargo Bank Minnesota, National Association, as trustee (the “Trustee”). 
  
 WHEREAS, the Issuer and the Trustee heretofore executed and delivered an Indenture, dated as of January 17, 2002, that was supplemented by
the First Supplemental Indenture, dated as of June 21, 2002, among the Issuer, the Guarantors and the Trustee (as supplemented, the “Indenture”); and 
  
 WHEREAS, pursuant to the Indenture, the Issuer issued and the Trustee authenticated and delivered EUR 225 million aggregate principal amount of the Issuer’s 9 3/4% Senior Notes due 2009 (the “Senior Notes”); and 
  
 WHEREAS, the Indenture contains the following two defects (together, the “Defects”): (i) the definition of “Domestic
Insignificant Subsidiary” in Section 101 of the Indenture contains an incorrect cross-reference to Section 1013(b) of the Indenture and the correct cross-reference is to Section 1013(a)(2) of the Indenture, and (ii) the proviso in the
definition of “Specified Subsidiary” in Section 101 contains a defect in that it uses the term “corporation” instead of “Subsidiary”; and 
  
 WHEREAS, the Issuer wishes to reform the Indenture to cure the Defects, without the consent of the Holders of the Senior Notes, pursuant to Section 901(5) of the Indenture;
and 
  
 WHEREAS, the Issuer is delivering contemporaneously herewith to the Trustee (i) a copy of the resolutions of
the Board of Directors of the Issuer and the Board of Directors/Managers of each of the Guarantors authorizing the execution, delivery and performance of this Second Supplemental Indenture, and (ii) an Opinion of Counsel in compliance with and to
the effect set forth in Sections 103 and 903 of the Indenture; and 
  
 WHEREAS, the Second Supplemental Indenture
complies with and is authorized by the applicable provisions of the Indenture, including the conditions precedent set forth in the Indenture to be performed or complied with by the Issuer relating to the execution and delivery of this Second
Supplemental Indenture. 
  
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Issuer, the Guarantors and the Trustee mutually covenant and agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.01.    General.     For all purposes of the Indenture and this Second Supplemental Indenture, except as otherwise
expressly provided or unless the context otherwise requires: 
 

 2 

  
 (a)  the words “herein”, “hereof”
and “hereunder” and other words of similar import refer to the Indenture and this Second Supplemental Indenture as a whole and not to any particular Article, Section or subdivision; and 
  

(b)  capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture. 
  
 ARTICLE II 
  
 REFORMATIONS 
  
 SECTION 2.01.    The defective cross-reference to
“Section 1013 (b)” in the definition of “Domestic Insignificant Subsidiary” in Section 101 of the Indenture is hereby cured and reformed to “Section 1013(a)(2)” so that such definition reads in its entirety as follows:

  
 “Domestic Insignificant Subsidiary” means any Domestic Wholly Owned Restricted
Subsidiary that is not a Guarantor other than a Person that is described in Section 1013(a)(2) hereof.” 
  
 SECTION 2.02.    The defective term “corporation” in the proviso of the definition of “Specified Subsidiary” in Section 101 of the Indenture is hereby cured and reformed to
“Subsidiary” so that such definition reads in its entirety as follows: 
  
 “Specified
Subsidiary” means any Subsidiary of the Company from time to time having a Consolidated Net Worth Amount of at least $100.0 million; provided, however, that each of Xerox Financial Services, Inc., Xerox Credit Corporation and any other
Subsidiary principally engaged in any business or businesses other than development, manufacture and/or marketing of (x) business equipment (including, without limitation, reprographic, computer (including software) and facsimile equipment), (y)
merchandise or (z) services (other than financial services) shall be excluded as a “Specified Subsidiary” of the Company. 
  
 ARTICLE III 
  
 MISCELLANEOUS 
  
 SECTION 3.01.    Binding Effect.    Upon the execution and delivery of this Second Supplemental Indenture by the Issuer, the
Guarantors and the Trustee, the Indenture shall be reformed and supplemented in accordance herewith effective as of January 17, 2002 which is the date of the original Indentures, and this Second Supplemental Indenture shall form a part of the
Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound thereby. 
  
 SECTION 3.02.    Indenture Remains in Full Force and Effect.    Except as reformed and supplemented hereby, all provisions in the Indenture shall remain
in full force and effect. 
  
 SECTION 3.03.    Indenture and Supplemental Indenture Construed
Together.    This Second Supplemental Indenture is an indenture supplemental to and in implementation of the Indenture, and the Indenture and this Second Supplemental Indenture shall henceforth be read and construed together.

  
 SECTION 3.04.    Confirmation and Preservation of
Indenture.    The Indenture as reformed and supplemented by this Supplemental Indenture is in all respects confirmed and preserved. 
 

 3 

  
 SECTION 3.05.    Conflict with Trust Indenture
Act.    If any provision of this Second Supplemental Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), that is required under the
Trust Indenture Act to be part of and govern any provision of this Second Supplemental Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Second Supplemental Indenture modifies or excludes any provision of
the Trust Indenture Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to the Indenture as so modified or to be excluded by this Second Supplemental Indenture, as the case may be. 

 
 SECTION 3.06.    Severability.    In case any provision in this Second
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 SECTION 3.07.    Headings.    The Article and Section headings of this Second Supplemental Indenture have been inserted for
convenience of reference only, are not to be considered a part of this Second Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
  
 SECTION 3.08.    Successors.    All agreements of the Issuer and Guarantors in this Second Supplemental Indenture shall bind
their respective successors. All agreements of the Trustee in this Second Supplemental Indenture shall bind its successors. 
  
 SECTION 3.09.    Governing Law.    THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  
 SECTION 3.10.    Counterpart Originals.    The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
  
 IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed, and attested, as of the date first above written. 
  
 
	  	 	 XEROX CORPORATION
 
	 
	  	 	  	 	 By:
 	 	     /s/    GREGORY B. TAYLER        

	  	 	  	 	  	 	     Name: Gregory B. Tayler
     Titles: Vice President & Treasurer
 
	 
	 THE GUARANTORS:
 	 	 VRN INC.
 
	 
	  	 	  	 	 By:
 	 	     /s/    GREGORY B. TAYLER        

	  	 	  	 	  	 	     Name: Gregory B. Tayler
     Titles: Vice President & Treasurer
 

 
 

 4 

  
 
	 XEROX FINANCE, INC. 
 
	 
	 By:
 	 	 /s/    GREGORY B. TAYLER
 

	  	 	 Name: Gregory B. Tayler
 Title: President
 

 
  
 
	 XEROX FINANCIAL SERVICES, INC.
 
	 
	 By:
 	 	 /s/    GREGORY B. TAYLER
 

	  	 	 Name: Gregory B. Tayler
 Titles: Chairman & President
 

 
  
 
	 XEROX CAPITAL MANAGEMENT LLC
     By: Xerox Corporation, as sole member
 
	 
	 By:
 	 	 /s/    GREGORY B. TAYLER
 

	  	 	 Name: Gregory B. Tayler
 Titles: Vice President & Treasurer
 

 
  
  
 
	 XEROX INVESTMENT MANAGEMENT LLC
 By: Xerox Capital Management LLC, as sole     member
 By: Xerox Corporation, as sole
member
 
	 
	 By:
 	 	 /s/    GREGORY B. TAYLER
 

	  	 	 Name: Gregory B. Tayler
 Titles: Vice President & Treasurer
 

 
  
  
 
	 XEROX EXPORT, LLC
     By: Xerox Corporation, as sole member
 
	 
	 By:
 	 	 /s/    GREGORY B. TAYLER
 

	  	 	 Name: Gregory B. Tayler
 Titles: Vice President & Treasurer
 

 
  
 
	 AMTX, INC.
 
	 
	 By:
 	 	 /s/    URSULA M. BURNS
 

	  	 	 Name: Ursula M. Burns
 Titles: Chairman & President
 

 
  
 
	 XDI, INC.
 
	 
	 By:
 	 	 /s/    URSULA M. BURNS
 

	  	 	 Name: Ursula M. Burns
 Title: Chairman
 

 
  
 

 5 

 
	 BRADLEY COMPANY
 
	 
	 By:
 	 	 /s/    STEVEN BARRETT
 

	  	 	 Name: Steven Barrett
 Title: Treasurer
 

 
  
 
	 CARMEL VALLEY, INC.
 
	 
	 By:
 	 	 /s/    THOMAS C. LITTLE
 

	  	 	 Name: Thomas C. Little
 Titles: Chairman, President & Treasurer
 

 
  
 
	 INCONCERT, INC.
 
	 
	 By:
 	 	 /s/    THOMAS C. LITTLE
 

	  	 	 Name: Thomas C. Little
 Titles: President & Treasurer
 

 
  
 
	 LIVEWORKS, INC.
 
	 
	 By:
 	 	 /s/    THOMAS C. LITTLE
 

	  	 	 Name: Thomas C. Little
 Titles: President & Treasurer
 

 
  
 
	 UPPERCASE, INC.
 
	 
	 By:
 	 	 /s/    THOMAS C. LITTLE
 

	  	 	 Name: Thomas C. Little
 Titles: President & Treasurer
 

 
  
 
	 TERABANK SYSTEMS, INC.
 
	 
	 By:
 	 	 /s/    THOMAS C. LITTLE
 

	  	 	 Name: Thomas C. Little
 Titles: President
 

 
  
 
	 PIXELCRAFT, INC.
 
	 
	 By:
 	 	 /s/    HERVE GALLAIRE
 

	  	 	 Name: Herve Gallaire 
 Titles: Chairman, President & Treasurer
 

 
  
 
	 INTELLIGENT ELECTRONICS, INC.
 
	 
	 By:
 	 	 /s/    JAMES JOYCE
 

	  	 	 Name: James Joyce
 Title: Chairman & President
 

 
  
 

 6 

  
 
	 INTELLINET, LTD.
 
	 
	 By:
 	 	 /s/    JAMES JOYCE
 

	  	 	 Name: James Joyce
 Title: Chairman & President
 

 
  
 
	 RNTS, INC.
 
	 
	 By:
 	 	 /s/    JAMES JOYCE
 

	  	 	 Name: James Joyce
 Title: Chairman & President
 

 
  
 
	 XEROX CONNECT, INC.
 
	 
	 By:
 	 	 /s/    JAMES JOYCE
 

	  	 	 Name: James Joyce
 Title: Chairman & President
 

 
  
 
	 JEREMIAD CO.
 
	 
	 By:
 	 	 /s/    TIMOTHY J. MACCARRICK
 

	  	 	 Name: Timothy J. MacCarrick 
 Title: President
 

 
  
 
	 SECURITIES INFORMATION CENTER, INC.
 
	 
	 By:
 	 	 /s/    MARTIN S. WAGNER
 

	  	 	 Name: Martin S. Wagner 
 Title: President
 

 
  
 
	 XTENDED MEMORY SYSTEMS
 
	 
	 By:
 	 	 /s/    MARTIN S. WAGNER
 

	  	 	 Name: Martin S. Wagner
 Title: President
 

 
  
 
	 XEROX INTERNATIONAL REALTY CORPORATION
 
	 
	 By:
 	 	 /s/    DAVID R. MCLELLAN
 

	  	 	 Name: David R. McLellan
 Title: President 
 

 
  
 
	 XEROX REALTY CORP. (CALIFORNIA)
 
	 
	 By:
 	 	 /s/    DAVID R. MCLELLAN
 

	  	 	 Name: David R. McLellan
 Title: President
 

 
  
  
 

 7 

  
 
	 LANSDOWNE RESIDENTIAL LLC
By: Xerox Realty Corporation, as sole member
 
	 
	 By:
 	 	 /s/    DAVID R. MCLELLAN
 

	  	 	 Name: David R. McLellan
 Titles: Chairman & President
 

 
  
 
	 XRC REALTY CORP. WEST
 
	 
	 By:
 	 	 /s/    DAVID R. MCLELLAN
 

	  	 	 Name: David R. McLellan
 Title: President
 

 
  
 
	 XEROX REALTY CORPORATION
 
	 
	 By:
 	 	 /s/    DAVID R. MCLELLAN
 

	  	 	 Name: David R. McLellan
 Titles: Chairman & President
 

 
  
 
	 LOW-COMPLEXITY MANUFACTURING GROUP, INC.
 
	 
	 By:
 	 	 /s/    JAMES J. COSTELLO
 

	  	 	 Name: James J. Costello
 Title: Vice President
 

 
  
 
	 PALO ALTO RESEARCH CENTER INCORPORATED
 
	 
	 By:
 	 	 /s/    JAMES J. COSTELLO
 

	  	 	 Name: James J. Costello
 Title: Vice President
 

 
  
 
	 PAGECAM, INC.
 
	 
	 By:
 	 	 /s/    HERVE GALLAIRE
 

	  	 	 Name: Herve Gallaire
 Titles: Vice President & Treasurer
 

 
  
 
	 XEROX COLORGRAFX SYSTEMS, INC.
 
	 
	 By:
 	 	 /s/    JAMES J. COSTELLO
 

	  	 	 Name: James J. Costello
 Titles: Chairman, President & Treasurer
 

 
  
 
	 XEROX IMAGING SYSTEMS, INC.
 
	 
	 By:
 	 	 /s/    JAMES J. COSTELLO
 

	  	 	 Name: James J. Costello
 Titles: Chairman, President & Treasurer
 

 
 

 8 

 
	 PACIFIC SERVICES AND DEVELOPMENT CORPORATION 
 
	 
	 By:
 	 	 /s/    J. TERRANCE DALY
 
	  	 	 
Name: J. Terrance Daly
 Titles: President & Treasurer 
 

 
  
 
	 TALEGEN HOLDINGS, INC. 
 
	 
	 By:
 	 	 /s/    GEORGE J. RACHMIEL
 
	  	 	 
Name: George J. Rachmiel
 Titles: Chairman, President & Treasurer
 

 
  
 
	 TALEGEN PROPERTIES, INC.
 
	 
	 By:
 	 	 /s/    GEORGE J. RACHMIEL
 
	  	 	 
Name: George J. Rachmiel
 Titles: Chairman, President & Treasurer
 

 
  
 
	 VIA XEROX RELOCATION COMPANY, INC.
 
	 
	 By:
 	 	 /s/    D. E. OWENS
 
	  	 	 
Name: D. E. Owens
 Titles: President
 

 
  
 
	 XE HOLDINGS, INC.
 
	 
	 By:
 	 	 /s/    JOHN DUERDEN
 
	  	 	 
Name: John Duerden
 Titles: Chairman, President & Treasurer
 

 
  
 
	 XEROX COLOR PRINTING, INC. 
 
	 
	 By:
 	 	 /s/    JOHN W. VESTER
 
	  	 	 
Name: John W. Vester
 Titles: Vice President
 

 
  
 
	 XEROX CREDIT CORPORATION 
 
	 
	 By:
 	 	 /s/    JOHN F. RIVERA
 
	  	 	 
Name: John F. Rivera
 Titles: Vice President & Treasurer
 

 
  
 
	 XEROX INTERNATIONAL JOINT MARKETING, INC.
 
	 
	 By:
 	 	 /s/    JAMES A. FIRESTONE
 
	  	 	 
Name: James A. Firestone
 Titles: President
 

 
 

 9 

  
 
	 XEROX LATINAMERICAN HOLDINGS, INC.
 
	 
	 By:
 	 	 /s/    ENRIQUE CERVETTI
 

	  	 	 Name: Enrique Cervetti        
 Titles: President & Treasurer
 

 
  
 
	 XEROX REAL ESTATE SERVICES, INC.
 
	 
	 By:
 	 	 /s/    DAVID L. PIERSON
 

	  	 	 Name: David L. Pierson
 Title: President
 

 
  
 
	 IGHI, INC.
 
	 
	 By:
 	 	 /s/    MARK SHEIVACHMAN
 

	  	 	 Name: Mark Sheivachman
 Title: Treasurer
 

 
  
 
	 THE TRUSTEE:
 	 	  	 	 WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION
 
	 
	  	 	  	 	  	 	 By:
 	 	 /s/    JANE Y. SCHWEIGER
 

	  	 	  	 	  	 	  	 	 Name: Jane Y. Schweiger
 Title: Assistant Vice President
 

 
 

 10Prepared by R.R. Donnelley Financial -- LETTER AGREEMENT DATED 05/20/2002

 EXHIBIT 10(u) 
  
 The Document Company 
 XEROX 
  
 Anne M. Mulcahy 
 Chairman and Chief
Executive Officer 
  
 May 20, 2002 
  
 Mr. Lawrence A. Zimmerman 
 6320 Sunshine
Canyon Drive 
 Boulder, CO 80302 
  
 Dear Larry: 
  
 I am pleased to offer you the position of Senior Vice
President and Chief Financial Officer of Xerox Corporation, reporting to me in Stamford, CT. Your starting salary for this position will be paid monthly at the annualized rate of $450,000. 
  
 You will also be eligible to participate in our annual bonus plan at a target level of 70% of salary. We will agree on your personal objectives shortly after you join the
Company. More information on the bonus plan will be provided at the start of your employment. If earned, any 2002 bonus will be paid in February 2003. 
  
 You will participate in the Leveraged Executive Equity Program (LEEP). Your initial LEEP award will be effective on a date to be determined by the Executive Compensation and Benefits Committee of the
Board of Directors (ECBC) within 60 days following the first day of your employment. Your award will consist of 121,500 options with a strike price based on the fair market value of Xerox Corporation common stock on the grant’s effective date.
These options will vest one-third in each of the next three years, commencing with January 1, 2003. In addition to the stock options, you will be granted 32,500 restricted (full value) shares. These restricted shares will vest on January 1, 2003. A
future award with terms similar to this award is planned for January 1, 2003. 
  
 You will also be awarded 150,000
stock options as a signing bonus. These options will vest on January 1, 2005. The exercise price of the options will be the fair market value of Xerox common stock on the effective date of the grant as noted above. 
  
 Xerox Corporation 
 800 Long Ridge Road 
 Stamford, Connecticut 06904 
 Telephone 203.968.3553 
 Facsimile 203.968.3563 
 

 1 

  
 You will participate in the Mid Career Executive Hire program effective with the
commencement of employment. This program provides for special retirement income that recognizes that you are joining Xerox as an experienced executive. Under the Supplemental Executive Retirement Plan (SERP), following five (5) continuous years of
employment and upon retirement from the Company at age 60 or later, a calculation will be made to determine the percent of your five highest years of eligible compensation (five-high) that will be paid to you in monthly SERP benefits based on 2.5%
of five-high per completed years of service with the Company. This plan results in a minimum retirement benefit of 12.5% of the high-five once an employee has completed five years of service and reached age 60. After five years of service, the
retirement benefit increases 2.5% per year, e.g., at ten years of service, the benefit is 25%. The maximum retirement amount is 50% after 20 years of service. You will be granted two years of service credit for each year of actual service with Xerox
Corporation, enabling you to vest in SERP after 2.5 years of service. Eligible compensation includes base salary and annual incentive bonus payments. This benefit is reduced by benefits payable from other Xerox retirement plans, including the Xerox
Retirement Income Guarantee Plan and the Unfunded Retirement Income Guarantee Plan and by a portion of estimated social security benefits. 
  
 You will be eligible for modified benefits under the Company’s “Transferred Employee Relocation Program (HR 207.2)”. You will receive a lump sum payment of $90,000, less applicable withholding taxes. The lump
sum payment will be in lieu of a cost of moving allowance, expenses relating to the sale of your current residence and expenses relating to movement of your household effects. The lump sum will also cover any expenses you may incur related to
interim living and/or home finding trips. 
  
 The Company will provide you with a Severance Agreement, in the
Company’s customary form, to become operative in the event that your employment is terminated in connection with a Change in Control, as defined. The agreement provides severance payments of two times cash compensation (base pay plus target
bonus) and welfare benefits continuation for two years should both events occur (i.e. change in control and termination). Payment will include gross-up for excise tax liability. 
  
 Upon termination of your employment by the Company for any reason, other than for cause, during the first 24 months of employment, you will be eligible for 12 months of
salary continuance, a pro-rata bonus for the year in which the termination occurs for the period of time actively employed during such year as well as a continuation of health care benefits. These termination benefits are contingent upon your
signing a release of claims as determined by the Company upon your termination. 
  
 You will also be eligible for the
following programs: 
  

	 	•
	 
	An annual executive expense allowance of $19,000, 
 

  

	 	•
	 
	An annual allowance for financial planning and tax preparation assistance of $12,500, 
 

  

	 	•
	 
	Purchase of additional group term life insurance up to a maximum of $4 million, 
 

 

 2 

  

	 	•
	 
	The annual Executive Physical and Health Program, and 
 

  

	 	•
	 
	Vacation totaling four weeks per year to be earned in accordance with the Xerox vacation policy. 
 

  
 Limousine service and the corporate aircraft will be available to you when traveling on Company business in accordance with Company
policy. The policy relative to “Tax Law Changes Affecting Taxability of Spousal Travel on Corporate Aircraft” will be sent to you. 
  
 As you know, as an “executive officer” as defined, you will be subject to Securities and Exchange Commission (SEC) reporting requirements, and to the SEC’s rules related to the valuation
and disclosure of executive compensation perquisites. You will receive communications on these topics directly from Leslie F. Varon, Vice President and Secretary of the Company. 
  
 The Xerox Total Pay philosophy recognizes pay is more than just your salary. On your start date, you will be eligible to participate in a comprehensive benefits package
that includes medical, dental, vision care, life and accident insurance. In addition, you will be able to purchase subsidized disability income protection prior to meeting the eligibility criteria for regular coverage (12 months of active service).

  
 To help you make your benefits decisions, we offer an online web tool that compares benefit plan offerings and
costs. You can also use this tool to pre-enroll in the various Xerox health and welfare benefit programs and the 401(k) savings plan. Any benefit elections you indicate online will not take effect until a job position has been accepted and all
Company requirements have been met. We encourage you to log on to your benefits resources site at http://resources.hewitt.com/xerox, create your password and enroll in the benefits programs through this online process as soon as the above
requirements have been met. 
  
 This offer will remain in effect through June 1, 2002, and is contingent upon your
election as a Corporate Officer by the Xerox Board of Directors and approval of all of the foregoing compensation arrangements, awards and grants by the ECBC, your signing of a release for pre-employment background checks (criminal, credit, etc.),
your signing of a Proprietary Information and Conflict of Interest Agreement, your successfully passing a pre-employment drug-screening test and the effective completion of appropriate reference checks. Of course, the foregoing description of
awards, plan benefits and Severance Agreement is subject to the terms of the respective awards, plans and Agreement. 
 

 3 

  
 Please notify me of your acceptance and ensure that all requirements in the
Addendum are met before we agree on a mutually acceptable start date. All originals, including those noted on the Addendum, should be returned me. I look forward to your acceptance of the offer. I know you will make significant contributions to
Xerox Corporation and will be a great addition to my senior team. 
  
 If you have any questions, please feel free to
contact me or Hector Motroni at 203-968-4051. 
  
 Sincerely, 
  

/s/    ANNE 
  
 AMM/rls 
  

	cc:
	 
	HJMotroni 
 

 PMNazemetz 
  
 I   X     Accept         Decline this offer:

  
 
	 
	  	 	 /s/    L. A. ZIMMERMAN
 
	 	  	 	  	 	 5/21/02
 

	  	 	 Signature
 	 	  	 	  	 	 Date
 

 
 

 4

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