Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
 XEROX
CORPORATION 
 May 14, 2018 
 John Visentin 

Dear John, 
 Xerox Corporation (the
“Company”) is pleased to extend to you an offer of employment as Vice Chairman of the Company’s Board of Directors (the “Board”) and Chief Executive Officer. This letter outlines the key terms of the Company’s offer of
employment and supersedes any previous communications or representations made by or on behalf of the Company regarding the terms and conditions of your employment. 
  

			
	Start Date:	  	May 15, 2018
		
	Place of Employment:	  	Your primary place of employment will be at the Company’s headquarters in Norwalk, CT. You will not be required to relocate your home residence.
		
	Base Salary:	  	You will be paid an annualized base salary of $1,200,000, less applicable withholdings and deductions. Your Base Salary will be subject to annual increases (but not decreases) at the discretion of the Compensation Committee of
the Board (the “Compensation Committee”) based on market trends, internal considerations and performance.
		
	Annual Bonus:	  	You are eligible for an annual bonus (each an “Annual Bonus”) based on a target award equal to 150% of your base salary (“Target Bonus”). Your actual Annual Bonus payout will depend on performance against
goals to be approved annually by the Compensation Committee, with a maximum award equal to 200% of target (“Maximum Bonus”), and will be paid in accordance with the terms of the Company’s annual bonus program. For clarification, for
2018, you are eligible for a full year Annual Bonus based on a Target Bonus equal to $1,800,000, with a Maximum Bonus equal to $2,400,000.

			
	Sign-On Bonus:	  	The Company will pay you a lump sum cash bonus of $1,500,000, less applicable withholdings and deductions within 10 days following your Start Date.
		
	Initial Equity Award:	  	On May 15, 2018, the Company will grant you an award of a number of restricted shares of the Company’s common stock, $1.00 par value (“Common Stock”) with a grant date value equal to $10,000,000 based on the
closing price of the Common Stock on May 15, 2018, which will become 100% vested upon the earliest of (1) May 15, 2019, subject to your continuous employment through such date, (2) your voluntary termination for Good Reason or termination by the
Company without Cause, (3) your termination due to death or Disability or (4) a Change in Control.
		
	 Long-Term
 Incentive:
	  	 You will be eligible to receive an annual long-term incentive award (each a “Long-Term Incentive Award”) with a value to be
determined by the Compensation Committee annually under the Company’s standard policy based on market practice, affordability, performance and other factors determined to be relevant, but in no event shall the grant date value of any Long-Term
Incentive Award be less than $10,000,000. For the avoidance of doubt, your Long-Term Incentive Award for 2018 will be granted to you on May 15, 2018 and will have a grant date value of $10,000,000, consisting of the following awards which will be
made in the same form and have the same terms and conditions as those awards granted by the Company to its other executives under its 2018 long-term incentive program:
  

•   restricted stock units for a number of shares of Common Stock with a grant date value of
$2,500,000;
  

•   performance shares for a target number of shares of Common Stock with a grant date value of
$5,000,000; and
  

•   stock options to purchase a number of shares of Common Stock with a grant date value of
$2,500,000, at an exercise price per share equal to the closing price of the Common Stock on May 15, 2018.
  

In the event of a Change in Control (and you are employed by the Company on the date of such Change in Control), any Long-Term incentive awards that are then
outstanding will become fully vested, with performance shares vesting at target.

			
	Benefits:	  	You will be eligible to participate in all retirement, health and welfare, vacation and other benefit plans and arrangements generally available to other senior executives of the Company in accordance with the terms and
provisions of such plans. In addition, you will be entitled to all perquisites provided to the prior Company chief executive officer and to other senior executives, including use of a private aircraft, home security and financial planning.
		
	Severance:	  	 In the event of your voluntary termination for Good Reason or your termination without Cause prior to a Change in Control, or your
voluntary termination without Good Reason within 90 days following a Change in Control, you will be entitled to:
  

•   Cash payments in the aggregate equal to 2.0x the sum of your base salary and Target Bonus,
paid in installments accordance with the Company’s regular payroll practices for a period of 24 months (the “Severance Period”)
  

•   Pro rata Annual Bonus for year of termination based on actual results

 
 •   Accelerated vesting of
any outstanding Long-Term Incentive Awards that would have otherwise become vested during the Severance Period, including performance shares at target
  

•   Continuation of welfare benefits at active employee rates during the Severance Period.

 
 All severance payments are conditioned upon your execution within 60
days following the date of termination of a release of claims against the Company in a form reasonably acceptable to you and the Company and an agreement providing for two-year noncompete and nonsolicitation covenants that provides for terms
reasonably acceptable to you and the Company.
  
 In the event of your voluntary
termination for Good Reason or your termination without Cause following a Change in Control, you will be entitled to:
  

•   A lump sum cash payment within five days of your termination equal to 2.99x the sum of your
base salary and Target Bonus
  

•   Annual Bonus for year of termination based on actual results

			
		  	 •   Accelerated vesting of all outstanding Long-Term Incentive Awards,
including performance shares at target
  

•   Continuation of welfare benefits at active employee rates for a period of 24 months

 
 •   Legal fees/expenses
incurred from good faith disputes to enforce benefits and rights provided by this offer letter
  

•   To the extent necessary to avoid the golden parachute excise tax under Sections 280G and
4999 of the Internal Revenue Code of 1986, as amended (the “Code”), you and the Company agree that the amounts payable to you will be reduced to the Code Section 280G safe harbor amount if such reduction would result in you receiving a
greater after-tax benefit (i.e., the “best net” approach). All determinations required to be made with respect to any such determination, including the assumptions to be utilized in arriving at such determination, shall be made by a
nationally recognized certified public accounting firm designated by you (the “Accounting Firm”). The Accounting Firm shall provide detailed supporting calculations both to the Company and you within 15 business days of the receipt of
notice from you that there has been a payment that may constitute a parachute payment under Code Section 280G or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the
individual, entity or group effecting the Change in Control, you may appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm
hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company.

		
	 D&O Insurance/
 Indemnification:
	  	You will be provided coverage under the Company’s D&O Insurance Policy and Indemnification Policy on the same terms as other senior executives of the Company while employed and at all times thereafter while potential
liability exists.
		
	Legal Fees:	  	The Company will reimburse or pay for all out-of-pocket, third party, documented fees and expenses of counsel incurred in connection with the negotiation and review of the term sheet, this offer letter and all documents
contemplated hereunder, including all award agreements.

			
	Governing Law	  	This letter agreement shall be governed by the laws of the State of New York.
		
	Construction	  	To the extent terms used in this offer letter are inconsistent with the terms used in any other Company plan or policy, the terms of this offer letter will control.
		
	Section 409A	  	 This offer letter is intended to comply with Section 409A of the Internal Revenue Code (“Section 409A”) or an exemption
thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this offer letter, payments provided under this offer letter may only be made upon an event and in a manner that complies with
Section 409A or an applicable exemption. Any payments under this offer letter that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section
409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this offer letter shall be treated as a separate payment. Any payments to be made under this offer letter upon a termination of employment
shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this offer letter comply with Section 409A and in no
event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of non-compliance with Section 409A.

 
 Notwithstanding any other provision of this offer letter, if any payment or benefit
provided to you in connection with termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and you are determined to be a “specified employee” as defined in
Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid or provided until the first payroll date to occur following the six-month anniversary of your termination date (the “Specified Employee Payment

			
		  	Date”) or, if earlier, on the date of your death. The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to you in a lump sum on the Specified Employee
Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.
		
	Definitions:	  	“Cause” shall mean a termination by the Company of your employment upon: (i) your willful and continued failure to substantially perform your material duties with the Company (other than any such failure resulting from
your incapacity due to physical or mental illness or any such actual or anticipated failure after you issue a notice of voluntary termination for Good Reason), after a written demand for substantial performance is delivered to you by the Board which
specifically identifies the manner in which the Board believes that you have not substantially performed your material duties; (ii) you willfully engage in conduct which is demonstrably and materially injurious to the Company, monetarily or
otherwise; or (iii) your conviction of any crime which constitutes a felony. For purposes hereof, no act or failure to act on your part shall be considered “willful” unless done, or omitted to be done, by you not in good faith and without
reasonable belief that your action or omission was in the best interest of the Company. A termination of your employment is not a termination for Cause until there is delivered to you a copy of a resolution duly adopted by the affirmative vote of
not less than three-quarters of the entire membership of the Board (excluding you) at a meeting of the Board called and held for the purpose (after not less than 5 business days’ notice to you and an opportunity for you, together with your
counsel, to be heard before the Board), finding that in the good faith opinion of the Board you were guilty of conduct set forth herein, and specifying the particulars thereof in detail, which conduct has not been cured by you prior to such
meeting.
		
		  	“Good Reason” shall mean a termination by you of your employment within two years of the initial occurrence of any of the following circumstances, provided that (a) such circumstance occurs without your express
written consent, and (b) you properly notify the Company within 90 days of the initial occurrence of such circumstance and the Company does not remedy the circumstance within 30 days of such notice: (i) the material diminution of your title,
authority, duties, or responsibilities; (ii) a change in your reporting relationship

			
		  	 following which you do not report to the Board; (iii) a reduction in your annual base salary, annual target or maximum bonus, and/or
annual long term incentive opportunity; (iv) a change in your principal place of employment of more than 25 miles (including, without limitation, the Company requiring you to relocate outside of Norfolk, Connecticut metropolitan area; (v) the
failure by the Company to continue in effect any material compensation or benefit plan, vacation policy or any material perquisites in which you participate, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has
been made with respect to such plan, or the failure by the Company to continue your participation therein (or in such substitute or alternative plan) on a basis not materially less favorable to you, both in terms of the amount of benefits provided
and the level of your participation; or (vi) the Company’s failure to comply with its obligations under this offer letter.
  

“Change in Control” shall be deemed to have occurred if:
  

(i) any “Person” (as the term “person” is used for purposes of Section 13(d) or 14(d) of the Exchange Act) is or
becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from
the Company or its affiliates) representing at least 20% of the combined voting power of the Company’s then outstanding securities;
  

(ii) the following individuals (referred to herein as the “Incumbent Board”) cease for any reason to constitute a majority of the
directors then serving: (A) individuals who, at the time of execution of this offer letter, constitute the board of directors of the Company (the “Board”), and (B) any new director (other than a director whose initial assumption of office
following the date hereof 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 at the time of execution of this offer letter, or whose appointment,
election or nomination for election was previously so approved or recommended;

			
		  	 (iii) there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the
Company with any other corporation, other than (1) a merger or consolidation which results in the directors of the Company who were members of the 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 at least 20% of the combined voting
power of the Company’s then outstanding voting securities; or
  

(iv) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company, or there is consummated an
agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the
combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately before such sale.

 
 Notwithstanding any other provision of this offer letter, a
“Change in Control” shall not include a Non-Control Acquisition.
  

For purposes of this definition of Change in Control, the following terms shall have the meanings indicated:

 
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of management and policies of a Person, whether through the ownership of stock, by agreement or otherwise and “Controlled” has a corresponding meaning.

 
 “Non-Control Acquisition” means the acquisition of voting
securities of the Company (i) from the Company by an employee benefit plan (or a trust forming a part thereof) maintained by (A) the Company or (B) any corporation or other Person the majority of the voting power, voting equity securities or equity
interest of which is owned, directly or indirectly, by the Company (for purposes of this definition, a “Subsidiary”), or (ii) by the Company, any Principal Stockholder or any Subsidiary.

			
		  	 “Principal Stockholder” means any of Icahn Enterprises L.P, any affiliate of Icahn Enterprises L.P, Carl
Icahn and any Related Party.
  
 “Related Party” means (1)
Carl Icahn and his siblings, his and their respective spouses and descendants (including stepchildren and adopted children) and the spouses of such descendants (including stepchildren and adopted children) (collectively, the “Family
Group”); (2) any trust, estate, partnership, corporation, company, limited liability company or unincorporated association or organization (each, an “Entity” and collectively “Entities”) Controlled by one or more members of
the Family Group; (3) any Entity over which one or more members of the Family Group, directly or indirectly, have rights that, either legally or in practical effect, enable them to make or veto significant management decisions with respect to such
Entity, whether pursuant to the constituent documents of such Entity, by contract, through representation on a board of directors or other governing body of such Entity, through a management position with such Entity or in any other manner (such
rights, hereinafter referred to as “Veto Power”); (4) the estate of any member of the Family Group; (5) any trust created (in whole or in part) by any one or more members of the Family Group; (6) any individual or Entity who receives an
interest in any estate or trust listed in clauses (4) or (5), to the extent of such interest; (7) any trust or estate, substantially all the beneficiaries of which (other than charitable organizations or foundations) consist of one or more members
of the Family Group; (8) any organization described in Section 501(c) of the Internal Revenue Code, over which any one or more members of the Family Group and the trusts and estates listed in clauses (4), (5) and (7) have direct or indirect Veto
Power, or to which they are substantial contributors (as such term is defined in Section 507 of the Internal Revenue Code); (9) any organization described in Section 501(c) of the Internal Revenue Code of which a member of the Family Group is an
officer, director or trustee; or (10) any Entity, directly or indirectly (a) owned or Controlled by or (b) a majority of the economic interests in which are owned by, or are for or accrue to the benefit of, in either case, any Person or Persons
identified in clauses (1) through (9) above.
  

“Disability” shall mean a physical or mental incapacity which would allow you to receive benefits under the Company’s
Long-Term Disability Income Plan.

			
	Notices	  	 Any notice or other communication required or which may be given hereunder shall be in writing and shall be delivered personally, sent by
facsimile transmission or sent by certified, registered or express mail, postage prepaid or overnight mail and shall be deemed given when so delivered personally, or sent by facsimile transmission or, if mailed, four business days after the date of
mailing or one business day after overnight mail, as follows:
  
 (a)
        If the Company, to:
  
 Xerox
Corporation
 P.O. Box 4505
 201 Merritt 7

Norwalk, Connecticut 06851-1056
 Attention: General Counsel

 
 (b)         If the Executive, to the
Executive’s home address
 reflected in the Company’s records
  

With a copy to:
  

Schulte Roth & Zabel LLP
 919 Third Avenue

New York, NY 10022
 Attention: Ronald E. Richman

Telephone: (212) 756-2000

 You understand and agree that your employment with the Company will be at will. This means that the Company
has the right to terminate your employment at any time, with or without Cause, and you have the right to terminate your employment at any time, with or without Good Reason. Nothing in this letter, nor any oral representation by the Company or any of
its officers, directors, employees or other agents shall be construed as a contract of employment for a fixed term. 
 If you wish to accept
this offer, please sign and date the enclosed duplicate original of this letter and return it to us. By signing this letter, you confirm that you are under no contractual or other legal obligations with any other person or entity (such as a present
or former employer) that would prohibit or limit you from performing your duties with the Company, and you agree that you will not do anything in the performance of services for the Company that would violate any such duty. If you are subject to any
such contractual or legal obligations, you must advise the Company before taking any action on this job offer. 

 We are looking forward to your joining the Company and anticipate a mutually rewarding
relationship. If I can clarify any aspects of this offer, or your new position responsibilities, please don’t hesitate to contact me. 
  

			
	Very truly yours,
	
	XEROX CORPORATION
		
	By:	 	 /s/ Keith Cozza

	Name:	 	Keith Cozza
	Title:	 	Chairman of the Board

  

	
	ACCEPTED AND AGREED:
	
	Giovanni Visentin
	
	 /s/ Giovanni Visentin

	
	Date: 5/14/18EX-10.5

 Exhibit 10.5 

CONFIDENTIALITY AGREEMENT 

XEROX CORPORATION 
 May 15, 2018 

 

	To:	Each of the persons or entities listed on Schedule A (the “Icahn Group” or “you”) 

Ladies and Gentlemen: 
 This letter agreement shall become
effective upon the appointment of any Icahn Designee to the Board of Directors (the “Board”) of Xerox Corporation (the “Company”). Capitalized terms used but not otherwise defined herein shall have the
meanings given to such terms in the Director Appointment, Nomination and Settlement Agreement (the “Settlement Agreement”), dated as of May 13, 2018, as amended, by and among the Company, Darwin Deason, the Icahn
Group and the Existing Directors. The Company understands and agrees that, subject to the terms of, and in accordance with, this letter agreement, an Icahn Designee may, if and to the extent he or she desires to do so, disclose information he or she
obtains while serving as a member of the Board to you and your Representatives (as hereinafter defined), and may discuss such information with any and all such persons, subject to the terms and conditions of this Agreement. As a result, you may
receive certain non-public information regarding the Company. You acknowledge that this information is proprietary to the Company and may include trade secrets or other business information the disclosure of
which could harm the Company. In consideration for, and as a condition of, the information being furnished to you and your agents, representatives, attorneys, advisors, directors, officers or employees, subject to the restrictions in paragraph 2
(collectively, the “Representatives”), you agree to treat any and all information concerning or relating to the Company or any of its subsidiaries or current or former affiliates that is furnished to you or your Representatives
(regardless of the manner in which it is furnished, including in written or electronic format or orally, gathered by visual inspection or otherwise) by any Icahn Designee, or by or on behalf of the Company, together with any notes, analyses,
reports, models, compilations, studies, interpretations, documents, records or extracts thereof containing, referring, relating to, based upon or derived from such information, in whole or in part (collectively, “Evaluation
Material”), in accordance with the provisions of this letter agreement, and to take or abstain from taking the other actions hereinafter set forth. For the avoidance of doubt, you also agree that this Agreement shall supersede in all
respects the Confidentiality Agreement (the “Prior Confidentiality Agreement”) entered into by and among us, certain of the persons and entities listed on Schedule A and Jonathan Christodoro on May 12, 2016,
which such Prior Confidentiality Agreement shall hereafter be terminated and of no force and effect. 
  

	1.	 The term “Evaluation Material” does not include information that (a) is or has become generally
available to the public other than as a result of a direct or indirect disclosure by you or your Representatives in violation of this letter agreement or any other obligation of confidentiality, (b) was within your or any of your
Representatives’ possession on a non-confidential basis prior to its being furnished to you by any Icahn Designee, or by or on behalf of the Company or its agents, representatives, attorneys, advisors,
directors, officers or employees (collectively, the “Company Representatives”), or (c) is received 

	 	
from a source other than any Icahn Designee, the Company or any of the Company Representatives; provided, that in the case of (b) or (c) above, the source of such information was not
believed by you, after reasonable inquiry, to be bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Company or any other person with respect to such information at the time the
information was disclosed to you. 

  

	2.	You and your Representatives will, and you will cause your Representatives to, (a) keep the Evaluation Material strictly confidential and (b) not disclose any of the Evaluation Material in any manner
whatsoever without the prior written consent of the Company; provided, however, that you may privately disclose any of such information: (i) to your Representatives (A) who need to know such information for the purpose of advising you on
your investment in the Company and (B) who are informed by you of the confidential nature of such information and agree to be bound by the terms of this Agreement as if they were a party hereto; provided, further, that you will be responsible
for any violation of this letter agreement by your Representatives as if they were parties to this letter agreement; and (ii) to the Company and the Company Representatives. It is understood and agreed that no Icahn Designee shall disclose to
you or your Representatives any Legal Advice (as defined below) that may be included in the Evaluation Material with respect to which such disclosure would constitute waiver of the Company’s attorney client privilege or attorney work product
privilege. Notwithstanding the foregoing, upon your request, the Company will enter into an agreement or other document with you that provide for such disclosure of Legal Advice to you in a manner as to preserve attorney client privilege and
attorney work product, provided that no Icahn Designee shall not have taken any action, or failed to take any action, that has the purpose or effect of waiving attorney-client privilege or attorney work product privilege with respect to any portion
of such Legal Advice and a reputable outside legal counsel of national standing shall have provided the Company with a written opinion that such disclosure will not waive the Company’s attorney client privilege or attorney work product
privilege with respect to such Legal Advice. “Legal Advice” as used in this letter agreement shall be solely and exclusively limited to the advice provided by legal counsel and shall not include factual information or the
formulation or analysis of business strategy that is not protected by the attorney-client or attorney work product privilege. 

  

	3.	 In the event that you or any of your Representatives are required by applicable subpoena, legal process or other
legal requirement to disclose any of the Evaluation Material, you will promptly notify (except where such notice would be legally prohibited) the Company in writing by email, facsimile and certified mail so that the Company may seek a protective
order or other appropriate remedy (and if the Company seeks such an order, you will provide such cooperation as the Company shall reasonably request), at its cost and expense. Nothing herein shall be deemed to prevent you or your Representatives, as
the case may be, from honoring a subpoena, legal process or other legal requirement that requires discovery, disclosure or production of the Evaluation Material if: (a) you produce or disclose only that portion of the Evaluation Material which
your outside legal counsel of national standing advises you in writing is legally required to be so produced or disclosed and you inform the recipient of such Evaluation Material of the existence of this letter agreement and the confidential nature
of such Evaluation Material; or (b) the 

  
 2 

	 	
Company consents in writing to having the Evaluation Material produced or disclosed pursuant to the subpoena, legal process or other legal requirement. In no event will you or any of your
Representatives oppose action by the Company to obtain a protective order or other relief to prevent the disclosure of the Evaluation Material or to obtain reliable assurance that confidential treatment will be afforded the Evaluation Material. For
the avoidance of doubt, it is understood that there shall be no “legal requirement” requiring you to disclose any Evaluation Material solely by virtue of the fact that, absent such disclosure, you would be prohibited from purchasing,
selling, or engaging in derivative or other voluntary transactions with respect to the Common Shares of the Company or otherwise proposing or making an offer to do any of the foregoing, or you would be unable to file any proxy or other solicitation
materials in compliance with Section 14(a) of the Exchange Act or the rules promulgated thereunder. 

  

	4.	You acknowledge that (a) none of the Company or any of the Company Representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any Evaluation Material, and
(b) none of the Company or any of the Company Representatives shall have any liability to you or to any of your Representatives relating to or resulting from the use of the Evaluation Material or any errors therein or omissions therefrom. You
and your Representatives (or anyone acting on your or their behalf) shall not directly or indirectly initiate contact or communication with any executive or employee of the Company other than the Chief Executive Officer, Executive Vice President and
Chief Financial Officer, Executive Vice President and General Counsel and Corporate Secretary and/or such other persons approved in writing by the foregoing or the Board concerning Evaluation Material, or to seek any information in connection
therewith from any such person other than the foregoing, without the prior consent of the Company; provided, however, the restriction in this sentence shall not in any way apply to any Icahn Designee acting in his or her capacity as a Board member
(nor shall it apply to any other Board members). 

  

	5.	All Evaluation Material shall remain the property of the Company. Neither you nor any of your Representatives shall by virtue of any disclosure of and/or your use of any Evaluation Material acquire any rights with
respect thereto, all of which rights (including all intellectual property rights) shall remain exclusively with the Company. At any time after the date on which no Icahn Designee is a director of the Company, upon the request of the Company for any
reason, you will promptly return to the Company or destroy all hard copies of the Evaluation Material and use commercially reasonable efforts to permanently erase or delete all electronic copies of the Evaluation Material in your or any of your
Representatives’ possession or control (and, upon the request of the Company, shall promptly certify to the Company that such Evaluation Material has been erased or deleted, as the case may be). Notwithstanding the return or erasure or deletion
of Evaluation Material, you and your Representatives will continue to be bound by the obligations contained herein for as long as any Evaluation Material is retained by you or your Representatives. 

  
 3 

	6.	You acknowledge, and will advise your Representatives, that the Evaluation Material may constitute material non-public information under applicable federal and state securities
laws, and that you shall not, and you shall use your commercially reasonable efforts to ensure that neither you nor your Representatives, do not, trade or engage in any derivative or other transaction, on the basis of such information in violation
of such laws. You further acknowledge and agree that the responsibility to comply with such laws is yours and your Representatives, and not the Company’s, and that the Company has no duty or obligation herein or otherwise to police, inquire,
respond or facilitate any such trade or compliance. 

  

	7.	You hereby represent and warrant to the Company that (a) you have all requisite power and authority to execute and deliver this letter agreement and to perform your obligations hereunder, (b) this letter
agreement has been duly authorized, executed and delivered by you, and is a valid and binding obligation, enforceable against you in accordance with its terms, (c) this letter agreement will not result in a violation of any terms or conditions
of any agreements to which you are a party or by which you may otherwise be bound or of any law, rule, license, regulation, judgment, order or decree governing or affecting you, and (d) your entry into this letter agreement does not require
approval by any owners or holders of any equity or other interest in you (except as has already been obtained). 

  

	8.	Any waiver by the Company of a breach of any provision of this letter agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this
letter agreement. The failure of the Company to insist upon strict adherence to any term of this letter agreement on one or more occasions shall not be considered a waiver or deprive the Company of the right thereafter to insist upon strict
adherence to that term or any other term of this letter agreement. 

  

	9.	You acknowledge and agree that the value of the Evaluation Material to the Company is unique and substantial, but may be impractical or difficult to assess in monetary terms. You further acknowledge and agree that in
the event of an actual or threatened violation of this letter agreement, immediate and irreparable harm or injury would be caused for which money damages would not be an adequate remedy. Accordingly, you acknowledge and agree that, in addition to
any and all other remedies which may be available to the Company at law or equity, the Company shall be entitled to an injunction or injunctions to prevent breaches of this letter agreement and to enforce specifically the terms and provisions of
this letter agreement exclusively in the federal or state courts of the State of New York. In the event that any action shall be brought in equity to enforce the provisions of this letter agreement, you shall not allege, and you hereby waive the
defense, that there is an adequate remedy at law. 

  

	10.	 Each of the parties (a) consents to submit itself to the personal jurisdiction of the federal or state
courts of the State of New York in the event any dispute arises out of this letter agreement or the transactions contemplated by this letter agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion
or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this letter agreement or the transactions contemplated by this letter agreement in any court other than the federal or state courts of the
State of New York, and each of the parties irrevocably waives the right to trial by jury, (d) agrees to waive any bonding requirement under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief,
and (e) irrevocably consents to service of process by a reputable 

  
 4 

	 	
overnight delivery service, signature requested, to the address of such party’s principal place of business or as otherwise provided by applicable law. THIS LETTER AGREEMENT SHALL BE
GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH
STATE. 

  

	11.	This letter agreement and the Settlement Agreement contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersedes all prior or contemporaneous agreements or
understandings, whether written or oral. This letter agreement may be amended only by an agreement in writing executed by the parties hereto. 

  

	12.	All notices, consents, requests, instructions, approvals and other communications provided for in this letter agreement and all legal process in regard to this letter agreement shall be in writing and shall be deemed
validly given, made or served, if (a) given by email, when such email is sent to the email address set forth below and the appropriate confirmation is received or (b) if given by any other means, when actually received during normal
business hours at the address specified in this subsection: 

 if to the Company: 

Xerox Corporation 
 P.O. Box 4505

 201 Merritt 7 
 Norwalk,
Connecticut 06851 

	 	Attention:	           General Counsel 

 Email:
                 sarah.hlavinka@xerox.com 
 if to the
Icahn Group: 
 Icahn Associates Corp. 

767 Fifth Avenue, 47th Floor 
 New
York, New York 10153 
 Attention:            Keith Cozza 

Email:                  KCozza@sfire.com 

with a copy to (which shall not constitute notice): 

Icahn Associates Corp. 
 767 Fifth
Avenue, 47th Floor 
 New York, New York 10153 

Attention:             Louie Pastor 

Email:                  LPastor@sfire.com 

  
 5 

	13.	If at any time subsequent to the date hereof, any provision of this letter agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and
effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this letter agreement. 

 

	14.	This letter agreement may be executed (including by facsimile or PDF) in two or more counterparts which together shall constitute a single agreement. 

 

	15.	This letter agreement and the rights and obligations herein may not be assigned or otherwise transferred, in whole or in part, by you without the express written consent of the Company. This letter agreement, however,
shall be binding on successors of the parties to this letter agreement. 

  

	16.	The Icahn Group shall cause any Replacement for a Icahn Designee appointed to the Board pursuant to the Settlement Agreement to execute a copy of this letter agreement. 

 

	17.	This letter agreement shall expire two years from the date on which no Icahn Designee remains a director of the Company; except that you shall maintain in accordance with the confidentiality obligations set forth herein
any Evaluation Material (a) constituting trade secrets for such longer time as such information constitutes a trade secret of the Company as defined under 18 U.S.C. § 1839(3) and (b) retained pursuant to Section 5.

  

	18.	No licenses or rights under any patent, copyright, trademark, or trade secret are granted or are to be implied by this letter agreement. 

 

	19.	Each of the parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this letter agreement, and that it has executed the same with the
advice of said counsel. Each party and its counsel cooperated and participated in the drafting and preparation of this agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be
deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this
agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties, and any controversy over interpretations of this agreement shall be decided without regards to events of drafting or
preparation. The term “including” shall in all instances be deemed to mean “including without limitation.” 

[Signature Pages Follow] 

  
 6 

 Please confirm your agreement with the foregoing by signing and returning one copy of this letter agreement to
the undersigned, whereupon this letter agreement shall become a binding agreement between you and the Company. 
  

			
	 Very truly yours,
  

XEROX CORPORATION

		
	By:	 	 /s/ Sarah E. Hlavinka

		 	Name: Sarah E. Hlavinka
		 	Title:   EVP

 [Signature Page to Confidentiality Agreement] 

 
			
	CARL C. ICAHN
		
	By:	 	 /s/ Carl C. Icahn

		 	Carl C. Icahn
	
	HIGH RIVER LIMITED PARTNERSHIP
		
	By:	 	Hopper Investments LLC, its general partner
	By:	 	Barberry Corp., its sole member
		
	By:	 	 /s/ Edward E. Mattner

		 	Name: Edward E. Mattner
		 	Title:   Authorized Signatory
	
	HOPPER INVESTMENTS LLC
		
	By:	 	Barberry Corp., its sole member
		
	By:	 	 /s/ Edward E. Mattner

		 	Name: Edward E. Mattner
		 	Title:   Authorized Signatory

 [Signature Page to Confidentiality Agreement] 

 
					
	BARBERRY CORP.
		
	By:	 	 /s/ Edward E. Mattner

		 	Name:	 	Edward E. Mattner
		 	Title:	 	Authorized Signatory
	
	ICAHN PARTNERS LP
		
	By:	 	 /s/ Edward E. Mattner

		 	Name:	 	Edward E. Mattner
		 	Title:	 	Authorized Signatory
	
	ICAHN PARTNERS MASTER FUND LP
		
	By:	 	 /s/ Edward E. Mattner

		 	Name:	 	Edward E. Mattner
		 	Title:	 	Authorized Signatory
	
	ICAHN ENTERPRISES G.P. INC.
		
	By:	 	 /s/ SungHwan Cho

		 	Name:	 	SungHwan Cho
		 	Title:	 	Chief Financial Officer
	
	 ICAHN ENTERPRISES HOLDINGS L.P.
  

	By:	 	Icahn Enterprises G.P. Inc., its general partner
		
	By:	 	 /s/ SungHwan Cho

		 	Name:	 	SungHwan Cho
		 	Title:	 	Chief Financial Officer

 [Signature Page to Confidentiality Agreement] 

 
					
	IPH GP LLC
		
	By:	 	 /s/ Keith Cozza

		 	Name:	 	Keith Cozza
		 	Title:	 	Authorized Signatory
	
	ICAHN CAPITAL LP
		
	By:	 	 /s/ Edward E. Mattner

		 	Name:	 	Edward E. Mattner
		 	Title:	 	Authorized Signatory
	
	ICAHN ONSHORE LP
		
	By:	 	 /s/ Edward E. Mattner

		 	Name:	 	Edward E. Mattner
		 	Title:	 	Authorized Signatory
	
	ICAHN OFFSHORE LP
		
	By:	 	 /s/ Edward E. Mattner

		 	Name:	 	Edward E. Mattner
		 	Title:	 	Authorized Signatory
	
	BECKTON CORP
		
	By:	 	 /s/ Edward E. Mattner

		 	Name:	 	Edward E. Mattner
		 	Title:	 	Authorized Signatory

 [Signature Page to Confidentiality Agreement] 

 
			
	By:	 	 /s/ Louie Pastor

		 	Louie Pastor

 [Signature Page to Confidentiality Agreement] 

 
			
	By:	 	 /s/ Jesse Lynn

		 	 Jesse Lynn

 [Signature Page to Confidentiality Agreement] 

 SCHEDULE A 

CARL C. ICAHN 
 HIGH RIVER LIMITED PARTNERSHIP 

HOPPER INVESTMENTS LLC 
 BARBERRY CORP. 

ICAHN PARTNERS LP 
 ICAHN PARTNERS MASTER FUND LP 

ICAHN ENTERPRISES G.P. INC. 
 ICAHN ENTERPRISES HOLDINGS L.P. 

IPH GP LLC 
 ICAHN CAPITAL LP 

ICAHN ONSHORE LP 
 ICAHN OFFSHORE LP 

BECKTON CORP. 
 JESSE LYNN 

LOUIE PASTOR

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