Document:

Annual Performance Incentive Plan for 2006

 Exhibit 10(e)(5) 
  
 Annual Performance Incentive Plan for 2006 (“2006 APIP”) 
  
 Under the 2006 APIP, executive officers of the Company are eligible to receive performance
related cash payments. Payments are, in general, only made if annual performance objectives established by the Compensation Committee of the Board of Directors (the “Committee”) are met. 
  
 The Committee approved annual incentive opportunities for 2006, expressed as a percentage of
base salary for each participating officer. Certain additional goals were established for some officers based on business unit goals and/or individual performance goals and objectives. The Committee also established overall threshold, target and
maximum measures of performance for the 2006 APIP. The performance measures and weightings for 2006 are total revenue (30%), operational earnings per share (40%) and core cash flow from operations (30%). 
  
 Individual payments will be subject to the review and approval of the Committee following the
completion of the 2006 fiscal year.2006 Executive Long-Term Incentive Program

 Exhibit 10(e)(6) 
  
 2006 Executive Long-Term Incentive Program (“2006 E-LTIP”) 
  
 Under the 2006 E-LTIP, executive officers of the Company are eligible to receive performance
shares based on certain performance measures established by the Compensation Committee of the Board of Directors (the “Committee”). 
  
 The performance elements and corresponding weights for the 2006 E-LTIP are: (i) (60%) Earnings Per Share: Diluted Earnings Per Share from Continuing Operations
as reported in the Company’s audited financial statements, as adjusted on an after-tax basis for the following discretely disclosed (in either Management’s Discussion and Analysis/MD&A or the footnotes to the financial statements)
items (if equal to or greater than $50 million pre-tax on an individual basis, or in the aggregate): gains/(losses) from litigation, regulatory matters or any changes in enacted law (including tax law); gains/(losses) from asset sales or business
divestitures; restructuring and asset impairment charges; gains/(losses) resulting from acts of war, terrorism or natural disasters; the initial effect of changes in accounting principles that are included within Income from Continuing Operations;
impairment of goodwill and other intangibles; gains/(losses) from the settlement of tax audits; gains/(losses) on early extinguishment of debt; non-restructuring related impairments of long-lived assets; and (ii) (40%) Core Cash Flow from
Operations: Net Cash provided by (used for) Operating Activities as reported in the Company’s audited financial statements, as adjusted for the following items: exclusion of net changes in finance receivables and on-lease equipment; cash flow
impacts (inflows and outflows) resulting from those items as identified above; any special discretionary pension fundings in excess of $250 million shall be excluded. Any other items approved by the Committee for adjustment of EPS or Core Cash Flow
from Operations will be considered a modification of the award.Form of Long-Term Incentive Plan Award Summary under 2006 ELTIP

 Exhibit 10(e)(8) 

					
	

	 	 	 	 Award Summary

	 	 	 	 Executive Long-Term Incentive
 Program Grant
(Officers)

  
  
 «First_Name» «Last_Name» 
  
 Date of Agreement and Award: April 1, 2006 
  

  

					
	Value on February 16, 2006:	 	 	  	«Approved_Value_»

  

  
 Performance Shares 

					
	Number of Performance Shares:	 	 	  	 «Performance_Shares_»

  
 Vesting Date of All Performance
Shares Earned: 

	 	–	on 04/01/09 

  
 Performance Shares Earned if Annual Target Performance is Achieved: 

	 	–	1/3 of grant on: 4/1/07, 4/1/08 and 4/1/09 

  
 Performance Shares Earned if Three-Year Cumulative Performance between 

	Threshold	and Maximum is Achieved: 

	 	–	25% - 150% of grant (net of shares earned for Annual Achievement) on 04/01/09 

  

Automatic Deferral: If the deduction for delivery of shares would be limited by section 162(m) of the Internal Revenue Code (“Code”), shares will
automatically be deferred until the Committee reasonably believes that the deduction will no longer be limited by section 162(m), unless otherwise required under Code section 409A. Notwithstanding the above, in no event shall shares of Common Stock
be delivered prior to the Vesting Date set forth above. 
  

  
 *Notwithstanding the above, at the Company’s discretion, Employee may irrevocably elect, on or before June 30, 2006, to defer
receipt of Common Stock in connection with Performance Shares in the manner described to the Employee in writing in the Deferral Form. 
  
 *Performance measures which may include, but are not limited to, continuous service with the Company, achievement of specific business objectives, and other measurements
of individual, business unit or Company performance shall be determined by the Committee in its sole discretion. 
  
  
 XEROX CONFIDENTIAL2006 Form of Officer Award Agreement under the 2004 PIP

 Exhibit 10(e)(9) 
  
 Omnibus Agreement – 2006: PIP;ELTIP;PSs 
  
 AGREEMENT PURSUANT TO 
 XEROX
CORPORATION 
 2004 PERFORMANCE INCENTIVE PLAN 
  
 AGREEMENT, by Xerox Corporation, a New York corporation (the “Company”), dated as of the date which appears as the “Date of
Agreement and Award” in the Award Summary attached hereto (the “Award Summary”) in favor of the individual whose name appears on the Award Summary, an employee of the Company, one of the Company’s subsidiaries or one of its
affiliates (the “Employee”). 
  
 In accordance with the provisions of
the “2004 Performance Incentive Plan” (the “Plan”), the Compensation Committee of the Board of Directors of the Company (the “Committee”) or the Chief Executive Officer of the Company (the “CEO”) has
authorized the execution and delivery of this Agreement. 
  
 Terms used herein
that are defined in the Plan or in this Agreement shall have the meanings assigned to them in the Plan or this Agreement, respectively. 
  
 The Award Summary contains the details of the awards covered by this Agreement and is incorporated herein in its entirety. 
  
 NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration the Company agrees as follows: 
  
 AWARDS

  
 1.    Award of Performance
Shares.    Subject to all terms and conditions of the Plan and this Agreement, the Company has awarded to the Employee on the date indicated on the Award Summary the number of Performance Shares (individually, the
“PS”) as shown on the Award Summary. 
  
 TERMS OF THE
PERFORMANCE SHARES 
  
 2.    Entitlement to
Shares.    As soon as practicable on or after the Vesting Date indicated on the Award Summary in connection with the PSs (the “Vesting Date”), the Company shall, without transfer or issue tax to the person entitled
to receive the shares, deliver to such person a certificate or certificates for a number of shares of Common Stock equal to the number of vested PSs (subject to reduction for payment of withholding taxes as described below). The number of shares to
be issued to Employee shall be reduced by the amount of withholding taxes which must be paid under U.S. Federal and, where applicable, state and local law at the time of each distribution. No fractional shares shall be issued. Instead, the Company
shall apply the equivalent of any fractional share amount to Federal, and where applicable, state and local, withholding taxes. 
  
 The award of PSs covered hereby shall be earned based on achieving one hundred percent (100%) of a target on an annual basis based on certain performance measures as
shall be determined from time to time by the Committee. To the extent that performance measures are achieved at or between threshold and maximum levels (as shall be determined by the Committee) on a three-year cumulative basis, an additional award
of PSs will be earned, net of shares previously earned for annual achievement. The Vesting Date for earned PS awards granted shall be set forth in the Award Summary. 
  
 Upon the occurrence of an event constituting a Change in Control, all PSs and dividend equivalents outstanding on such date shall be treated
pursuant to the terms set forth in the Plan. Upon payment pursuant to the terms of the Plan, such awards shall be cancelled. 
  
 3.    Dividend Equivalents.    The Employee shall be entitled to receive from the Company cash payments at the same time
and in the same amounts that the holder of record of a number of shares of Common Stock equal to the number of PSs covered by this Agreement would be entitled to receive as dividends on such Common Stock. Such right to cash payment on a PS covered
hereby shall apply to all dividends the record date for which occurs at any time during the period commencing on the date hereof and ending on the date that the Employee becomes a shareholder of record with respect to such share as a result of
(i) the entitlement to shares on or after the Vesting Date as provided under Paragraph 2, or (ii) the date this PS otherwise terminates, whichever occurs first. Payments under this Paragraph shall be net of any required U.S. Federal, state
or local withholding taxes. 
  
 4.    Ownership
Guidelines.    Guidelines pertaining to the Employee’s required ownership of Common Stock shall be determined by the Committee in its sole discretion at or before the making of the Award as communicated to Employee in
writing at the time this Agreement is delivered to Employee. 
  
 5.    Holding Requirements.    The Employee must retain fifty percent (50%) of the net shares of Common Stock acquired in connection with the PSs (net of withholding tax and exercise fees)
until ownership guidelines are met under Paragraph 4 hereof. Such shares shall be held in the Employee’s Smith Barney account or at another account acceptable to the Company. 
  
 If employment terminates due to the death of the Employee, such holding requirements shall cease at the date of death. If the Employee
terminates for any other reason, the holding requirement will be applicable for up to a one year period following termination. 
  
 OTHER TERMS 
  
 6.    Rights of a Shareholder.    Employee shall have no rights as a shareholder with respect to any shares covered by this
Agreement until the date of issuance of a stock certificate to him for such shares. Except as otherwise provided herein, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate
is issued. 

 7.    Non-Assignability.    This Agreement shall not be assignable or
transferable by Employee except by will or by the laws of descent and distribution. 
  

	8.    Effect	of Termination of Employment or Death. 

  

	 	(a)	Effect on PSs. In the event the Employee 

  

	 	(i)	voluntarily ceases to be an Employee of the Company or any subsidiary or affiliate for any reason other than retirement, and the PSs have not vested in accordance with Paragraph 2,
the PSs shall be cancelled on the date of such voluntary termination of employment. 

  

	 	(ii)	involuntarily ceases to be an Employee of the Company or any subsidiary or affiliate for any reason (including Disability), other than death or for Cause, or voluntarily ceases to
be an Employee of the Company or any subsidiary or affiliate due to a reduction in workforce, contingent upon Employee executing a general release, which may include an agreement with respect to engagement in detrimental activity, in a form
acceptable to the Company, shares will vest on a pro-rata basis for annual and three-year cumulative performance if achieved in accordance with Paragraph 2, based on the Employee’s actual months of service. For the year in which termination
occurs, shares earned for that year will be calculated as follows: multiply the total award earned for that year by a fraction, the numerator of which will be the number of months of full service for that year and the denominator will be 12. Any
shares earned for annual performance pursuant to this grant for years prior to such involuntary termination of employment and shares earned on a pro-rata basis for annual performance as described herein will be paid out as soon as practicable
following the Vesting Date noted in the Award Summary. For three-year cumulative performance, vesting will be calculated as follows: multiply the total three-year cumulative award earned by a fraction, the numerator of which will be the number of
months of full service during the three years and the denominator will be 36, and subtract from the sum the number of shares previously earned for annual performance pursuant to this grant. Payout shall occur as soon as practicable following the
Vesting Date noted in the Award Summary. 

  

	 	(iii)	ceases to be an Employee of the Company or any subsidiary or affiliate by reason of death, 100% of the PSs pursuant to this grant shall vest on the date of death and the
certificates for shares shall be delivered in accordance with Paragraph 7 to the personal representatives, heirs or legatees of the deceased Employee. 

  

	 	(iv)	ceases to be an Employee of the Company or any subsidiary or affiliate by reason of retirement, contingent upon Employee executing a general release, which may include an agreement
with respect to engagement in detrimental activity, in a form acceptable to the Company, shares will vest on a pro-rata basis for annual and three-year cumulative performance, if achieved in accordance with Paragraph 2, based on the Employee’s
actual months of service. For the year in which retirement occurs, shares earned for that year will be calculated as follows: multiply the total award earned for that year by a fraction, the numerator of which will be the number of months of full
service for that year and the denominator will be 12. Any shares earned for annual performance pursuant to this grant for years prior to retirement and shares earned on a pro-rata basis for annual performance as described herein will be paid out as
soon as practicable following the Vesting Date noted in the Award Summary. For three-year cumulative performance, vesting will be calculated as follows: multiply the total three-year cumulative award earned by a fraction, the numerator of which will
be the number of months of full service during the three years and the denominator will be 36, and subtract from the sum the number of shares previously earned for annual performance pursuant to this grant. Payout shall occur as soon as practicable
following the Vesting Date noted in the Award Summary; and 

  

	 	(v)	ceases to be an Employee of the Company or any subsidiary or affiliate due to termination for Cause, the PSs shall be cancelled. 

  
 (b)    Disability.    Cessation of active employment due to commencement of long-term disability under the Company’s long-term disability plan shall not be deemed to constitute a
termination of employment for purposes of this Paragraph 8 and during the continuance of such Xerox-sponsored long-term disability plan benefits the Employee shall be deemed to continue active employment with the Company. If the Employee is
terminated because the Employee has received the maximum coverage under the Xerox long-term disability plan, the vesting of PSs shall be provided pursuant to Paragraph 8 (a)(ii) above. 
  
 (c)    Cause.    “Cause” means (i) a violation of any of the
rules, policies, procedures or guidelines of the Company, including but not limited to the Company’s Business Ethics Policy and the Proprietary Information and Conflict of Interest Agreement (ii) any conduct which qualifies for
“immediate discharge” under the Company’s Human Resource Policies as in effect from time to time (iii) rendering services to a firm which engages, or engaging directly or indirectly, in any business that is competitive with the
Company or represents a conflict of interest with the interests of the Company; (iv) conviction of, or entering a guilty plea with respect to, a crime whether or not connected with the Company; or (v) any other conduct determined to be
injurious, detrimental or prejudicial to any interest of the Company. 
  
 9.    General Restrictions.    If at any time the Committee or CEO, as applicable, shall determine, in its or her discretion, that the listing, registration or qualification of any shares
subject to this Agreement upon any securities exchange or under any state or Federal law, or the consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection with, the awarding of the PSs or
the issue or purchase of shares hereunder, the certificates for shares may not be issued in respect of PSs in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any
conditions not acceptable to the Committee or CEO, as applicable, and any delay caused thereby shall in no way affect the date of termination of the PSs. 
  
 10.    Amendment of This Agreement.    With the consent of the Employee, the Committee or CEO, as applicable, may amend
this Agreement in a manner not inconsistent with the Plan. 
  
 11.    Subsidiary.    As used herein the term “subsidiary” shall mean any present or future corporation which would be a “subsidiary corporation” of the Company as the term
is defined in Section 425 of the Internal Revenue Code of 1986 on the date of award. 

 12.    Affiliate.    As used herein the term “affiliate” shall
mean any entity in which the Company has a significant equity interest, as determined by the Committee. 
  
 13.    Non-engagement in Detrimental Activity Against the Company.    If an Employee or former Employee of the Company is deemed by the Committee or its authorized
delegate, as applicable, in the Committee’s or such delegate’s sole reasonable discretion, to have engaged in detrimental activity against the Company, any awards granted to such Employee or former Employee on or after January 1, 2006
shall be canceled and be of no further force or effect and any payment or delivery of an award within six months prior to such detrimental activity may be rescinded. In the event of any such rescission, the Employee shall pay to the Company the
amount of any gain realized or payment received as a result of the rescinded exercise, payment or delivery, in such manner and on such terms and conditions as may be required by the Committee or its delegate, as applicable. 
  
 14.    Notices.    Notices hereunder shall be
in writing and if to the Company shall be mailed to the Company at P.O. Box 1600, 22B, Stamford, Connecticut 06904, addressed to the attention of Stock Plan Administrator, and if to the Employee shall be delivered personally or mailed to the
Employee at his address as the same appears on the records of the Company. 
  
 15.    Interpretation of This Agreement.    The Committee or the CEO, as applicable, shall have the authority to interpret the Plan and this Agreement and to take whatever administrative
actions, including correction of administrative errors in the awards subject to this Agreement and in this Agreement, as the Committee or the CEO in its or her sole good faith judgment shall be determined to be advisable. All decisions,
interpretations and administrative actions made by the Committee or the CEO hereunder or under the Plan shall be binding and conclusive on the Company and the Employee. In the event there is inconsistency between the provisions of this Agreement and
of the Plan, the provisions of the Plan shall govern. 
  
 16.    Successors and Assigns.    This Agreement shall be binding and inure to the benefit of the parties hereto and the successors and assigns of the Company and to the extent provided in
Paragraph 8 to the personal representatives, legatees and heirs of the Employee. 
  
 17.    Governing Law.    The validity, construction and effect of the Agreement and any actions taken under or relating to this Agreement shall be determined in accordance with the laws of the
state of New York and applicable Federal law. 
  
 18.    Separability.    In case any provision in the Agreement, or in any other instrument referred to herein, shall become invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions in the Agreement, or in any other instrument referred to herein, shall not in any way be affected or impaired thereby. 
  
 19.    Integration of Terms.    Except as otherwise provided in this Agreement, this
Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes any and all oral statements and prior writings with respect thereto. 
  
 IN WITNESS WHEREOF, the Company has executed this Agreement as of the day and year set forth on the Award Summary. 
  

			
	XEROX CORPORATION
		
	By:	 	 
	 	 	Signature

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