Document:

EX-10.1

 Exhibit 10.1 

TRANSITION SERVICES AGREEMENT 
 by
and between 
 XEROX CORPORATION 

and 
 CONDUENT INCORPORATED 

 
  

Dated as of                     , 2016 

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	Definitions	  
	 SECTION 1.01.
	 	 Definitions
	  	 	1	  
	
	ARTICLE II	  
	
	Services	  
			
	 SECTION 2.01.
	 	 Provision of Services
	  	 	4	  
	 SECTION 2.02.
	 	 Service Amendments and Additions
	  	 	8	  
	 SECTION 2.03.
	 	 No Management Authority
	  	 	8	  
	
	ARTICLE III	  
	
	Compensation	  
	 SECTION 3.01.
	 	 Compensation for Services
	  	 	8	  
	 SECTION 3.02.
	 	 Payment Terms
	  	 	9	  
	 SECTION 3.03.
	 	 DISCLAIMER OF WARRANTIES
	  	 	10	  
	 SECTION 3.04.
	 	 Books and Records
	  	 	10	  
	
	ARTICLE IV	  
	
	Term	  
	 SECTION 4.01.
	 	 Commencement
	  	 	10	  
	 SECTION 4.02.
	 	 Service Extension
	  	 	10	  
	 SECTION 4.03.
	 	 Termination
	  	 	11	  
	 SECTION 4.04.
	 	 Return of Books, Records and Files
	  	 	12	  
	
	ARTICLE V	  
	
	Indemnification; Limitation of Liability	  
	 SECTION 5.01.
	 	 Indemnification
	  	 	12	  
	 SECTION 5.02.
	 	 Limitation on Liability
	  	 	13	  
	
	ARTICLE VI	  
	
	Other Covenants	  
	 SECTION 6.01.
	 	 Attorney-in-Fact
	  	 	14	  

  
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	ARTICLE VII	  
	
	Miscellaneous	  
	 SECTION 7.01.
	 	 Title to Data
	  	 	14	  
	 SECTION 7.02.
	 	 Force Majeure
	  	 	14	  
	 SECTION 7.03.
	 	 Separation Agreement
	  	 	15	  
	 SECTION 7.04.
	 	 Relationship of Parties
	  	 	15	  
	 SECTION 7.05.
	 	 Confidentiality
	  	 	15	  
	 SECTION 7.06.
	 	 Counterparts; Entire Agreement
	  	 	15	  
	 SECTION 7.07.
	 	 Governing Law; Jurisdiction
	  	 	16	  
	 SECTION 7.08.
	 	 Assignability
	  	 	16	  
	 SECTION 7.09.
	 	 Third-Party Beneficiaries
	  	 	16	  
	 SECTION 7.10.
	 	 Notices
	  	 	16	  
	 SECTION 7.11.
	 	 Severability
	  	 	16	  
	 SECTION 7.12.
	 	 Headings
	  	 	17	  
	 SECTION 7.13.
	 	 Waivers of Default
	  	 	17	  
	 SECTION 7.14.
	 	 Amendments
	  	 	17	  
	 SECTION 7.15.
	 	 Interpretation
	  	 	17	  

  
 ii 

 TRANSITION SERVICES AGREEMENT (this “Agreement”)
                , dated as of                 , 2016, by and between XEROX CORPORATION, a
New York corporation (“Xerox”), and CONDUENT INCORPORATED, a New York corporation (“Conduent”). 
 RECITALS

 WHEREAS, in connection with the contemplated Spin-Off of Conduent and concurrently with the execution of this Agreement, Xerox and
Conduent are entering into a Separation and Distribution Agreement (the “Separation Agreement”); 
 WHEREAS, each of Xerox
and Conduent may provide to the other certain services, as more particularly described in this Agreement, for a limited period of time following the Spin-Off; and 

WHEREAS, each of Xerox and Conduent desires to reflect the terms of their agreement with respect to such services. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged by this Agreement, Xerox and
Conduent, for themselves, their successors and assigns, agree as follows: 
 ARTICLE I 

Definitions 
 SECTION
1.01. Definitions. As used in this Agreement, the following terms have the following meanings: 
 “Additional
Services” has the meaning ascribed thereto in Section 2.02(a). 
 “Affiliate” has the meaning ascribed thereto
in the Separation Agreement. 
 “Affected Party” has the meaning ascribed thereto in Section 7.02. 

“Agreement” has the meaning ascribed thereto in the preamble. 

“Ancillary Agreements” has the meaning ascribed thereto in the Separation Agreement. 

“Applicable Termination Date” means, with respect to each Service, the date that is 12 months from the Distribution Date, or
such earlier termination date specified with respect to such Service, as applicable, in Schedule A or Schedule B, as applicable. 

“BPO Business” means the BPO Business as defined in the Separation Agreement. 

 “Conduent” has the meaning ascribed thereto in the preamble. 

“Conduent Group” has the meaning ascribed thereto in the Separation Agreement. 

“Conduent Indemnitees” has the meaning ascribed thereto in the Separation Agreement. 

“Consents” has the meaning ascribed thereto in the Separation Agreement. 

“Cost of Services” means, with respect to each Service, the amount specified with respect to such Service in Schedule A or
Schedule B, as applicable, to be paid by a Service Recipient in respect of such Service to the Service Provider of such Service. 

“Designated Work Product” means the work product resulting from the provision of Services hereunder for the Service
Recipient’s exclusive use of the type identified in Schedule C. 
 “Dispute” has the meaning ascribed thereto in
Section 2.01(c). 
 “Dispute Notice” has the meaning ascribed thereto in Section 2.01(c). 

“Distribution” has the meaning ascribed thereto in the Separation Agreement. 

“Distribution Date” has the meaning ascribed thereto in the Separation Agreement. 

“Force Majeure Event” has the meaning ascribed thereto in Section 7.02. 

“Governmental Authority” has the meaning ascribed thereto in the Separation Agreement. 

“Group” means either the Xerox Group or the Conduent Group, as the context requires. 

“Indemnitee” means a Xerox Indemnitee or a Conduent Indemnitee, as the context requires. 

“Information” has the meaning ascribed thereto in the Separation Agreement. 

“Insurance Proceeds” has the meaning ascribed thereto in the Separation Agreement. 

“Law” has the meaning ascribed thereto in the Separation Agreement. 

  
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 “Liabilities” has the meaning ascribed thereto in the Separation Agreement. 

“Omitted Services” has the meaning ascribed thereto in Section 2.02(a). 

“Party” means either party hereto, and “Parties” means both parties hereto. 

“Performing Party” has the meaning ascribed thereto in Section 7.02. 

“Person” has the meaning ascribed thereto in the Separation Agreement. 

“Separation Agreement” has the meaning ascribed thereto in the recitals. 

“Service Extension” has the meaning ascribed thereto in Section 4.02. 

“Service Manager” has the meaning ascribed thereto in Section 2.01(c). 

“Service Provider” means any member of the Conduent Group or the Xerox Group, as applicable, in its capacity as the provider
of any Services to any member of the Xerox Group or the Conduent Group, respectively. 
 “Service Recipient” means any
member of the Conduent Group or the Xerox Group, as applicable, in its capacity as the recipient of any Services from any member of the Xerox Group or the Conduent Group, respectively. 

“Services” means the individual services identified in Schedule A or Schedule B, as applicable. 

“Spin-Off” has the meaning ascribed thereto in the Separation Agreement. 

“Sub-Contractor” has the meaning ascribed thereto in Section 2.01(e). 

“Subsidiary” has the meaning ascribed thereto in the Separation Agreement. 

“Taxes” has the meaning ascribed thereto in Section 3.01(c). 

“Third-Party Claim” has the meaning ascribed thereto in the Separation Agreement. 

“Xerox” has the meaning ascribed thereto in the preamble. 

“Xerox Business” has the meaning ascribed thereto in the Separation Agreement. 

“Xerox Group” has the meaning ascribed thereto in the Separation Agreement. 

  
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 “Xerox Indemnitees” has the meaning ascribed thereto in the Separation
Agreement. 
 ARTICLE II 

Services 
 SECTION 2.01.
Provision of Services. (a) Commencing immediately after the Distribution, Xerox shall, and shall cause the applicable members of the Xerox Group to, (i) provide to Conduent and the applicable members of the Conduent Group the
Services set forth in Schedule A and (ii) pay, perform, discharge and satisfy, as and when due, its and their respective obligations as Service Recipients under this Agreement, in each case in accordance with the terms of this Agreement. 

(b) Commencing immediately after the Distribution, Conduent shall, and shall cause the applicable members of the Conduent Group to,
(i) provide to Xerox and the applicable members of the Xerox Group the Services set forth in Schedule B and (ii) pay, perform, discharge and satisfy, as and when due, its and their respective obligations as Service Recipients under this
Agreement, in each case in accordance with the terms of this Agreement. 
 (c) Each Service Recipient and its respective Service Provider
shall cooperate in good faith with each other in connection with the performance of the Services hereunder. Each of Xerox and Conduent agrees to appoint an employee representative (each such representative, a “Service Manager”) who
will have overall responsibility for implementing, managing and coordinating the Services pursuant to this Agreement on behalf of Xerox and Conduent, respectively. Initially, the Service Managers will be the individuals set forth on Schedule D.
Either Party may change its designated Service Manager at any time upon notice given to the other Party in accordance with Section 7.10. The Service Managers will consult and coordinate with each other on a regular basis, and no less frequently
than monthly, during the term of this Agreement. Except as otherwise provided in this Agreement, the Parties shall resolve all disputes arising under or in connection with this Agreement (each, a “Dispute”) in accordance with the
following procedures (including, for the avoidance of doubt, any Dispute relating to payments with respect to the Services). All Disputes will be first considered in person, by teleconference or by video conference by the Service Managers within
five business days after receipt of notice from either Party specifying the nature of the Dispute (a “Dispute Notice”). If any Dispute is not resolved by the Service Managers within 10 business days after receipt of a Dispute
Notice, then, upon the written request of either Party, each Party shall designate a representative who does not spend a substantial portion of his or her time on activities relating to this Agreement to meet in person, by teleconference or by video
conference with the other Party’s designated representative for the purpose of resolving the Dispute. The designated representatives shall negotiate in good faith to resolve the Dispute. If they do not resolve the Dispute within 10 business
days after the date the Dispute was referred to them, the Parties may pursue any other rights, remedies or actions that may be available to them under this Agreement or at Law. 

  
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 (d) The Service Provider shall determine the personnel who shall perform the Services to be
provided by it. All personnel providing Services will remain at all times, and be deemed to be, employees or representatives solely of the Service Provider responsible to provide such Services (or its Affiliates or Sub-Contractors) for all purposes,
and not to be employees or representatives of the Service Recipient. The Service Provider (or its Affiliates or Sub-Contractors) will be solely responsible for payment of (i) all compensation, (ii) all income, disability, withholding and
other employment taxes and (iii) all medical benefit premiums, vacation pay, sick pay and other employee benefits payable to or with respect to personnel who perform Services on behalf of such Service Provider. All such personnel will be under
the sole direction, control and supervision of the Service Provider and the Service Provider has the sole right to exercise all authority with respect to the employment, substitution, termination, assignment and compensation of such personnel. 

(e) The Service Provider may, at its option, from time to time, delegate any or all of its obligations to perform Services under this Agreement
to any one or more of its Affiliates or engage the services of other professionals, consultants or other third parties (each, a “Sub-Contractor”) in connection with the performance of the Services; provided, however,
that (i) the Service Provider shall remain ultimately responsible for ensuring that its obligations with respect to the nature, scope, quality and other aspects of the Services are satisfied with respect to any Services provided by any such
Affiliate or Sub-Contractor and shall be liable for any failure of a Sub-Contractor to so satisfy such obligations (or otherwise breaches any provision hereof) and (ii) such Sub-Contractor agrees in writing to be bound by confidentiality
provisions at least as restrictive to it as the terms of Section 7.05 of this Agreement. Except as agreed by the Parties in Schedule A or Schedule B or otherwise in writing, any costs associated with engaging the services of an Affiliate of the
Service Provider or a Sub-Contractor shall not affect the Cost of Services payable by the Service Recipient under this Agreement, and the Service Provider shall remain solely responsible with respect to payment for such Affiliate’s or
Sub-Contractor’s costs, fees and expenses. 
 (f) The Services shall be performed in substantially the same manner, scope, time frame,
nature and quality, with the same care, and to the same extent and service level as such Services (or substantially similar services) were provided to the BPO Business or the Xerox Business, as applicable, immediately prior to the Distribution Date,
unless the Services are being provided by a Sub-Contractor who is also providing the same services to the Service Provider or a member of such Service Provider’s Group, in which case the Services shall be performed for the Service Recipient in
the same manner, scope, time frame, nature and quality, with the same care, and to the same extent and service level as they are being performed for the Service Provider or such member of such Service Provider’s Group, as applicable. If the
Service Provider has not provided such Services (or substantially similar services) immediately prior to the Distribution Date, then the Services shall be performed in a competent and professional manner consistent with industry standards. The
Services shall be used solely for the operation of the BPO Business or the Xerox Business, as applicable, for substantially the same purpose as used by the applicable Service Recipient on the date of this Agreement. 

  
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 (g) The Parties acknowledge that the Service Provider may make changes from time to time in the
manner of performing Services if the Service Provider is making similar changes in performing the same or substantially similar Services for itself or other members of its Group; provided, however, that, unless expressly contemplated
in Schedule A or Schedule B, such changes shall not affect the Cost of Services for such Service payable by the Service Recipient under this Agreement or decrease the manner, scope, time frame, nature, quality or level of the Services provided to
the Service Recipient, except upon prior written approval of the Service Recipient. Service Recipients shall cooperate with the Service Providers to the extent necessary or appropriate to facilitate the performance of the Services in accordance with
the terms of this Agreement. Without limiting the generality of the foregoing, (i) each Party shall make available on a timely basis to the other Party all information and materials requested by such Party to the extent reasonably necessary for
the performance or receipt of the Services, (ii) each Party shall, and shall cause the members of its Group to, upon reasonable notice, give or cause to be given to the other Party and its Affiliates and Sub-Contractors reasonable access,
during regular business hours and at such other times as are reasonably required, to the relevant premises and personnel to the extent reasonably necessary for the performance or receipt of the Services and (iii) each Party shall, and shall
cause the members of its Group to, give the other Party and its Affiliates and Sub-Contractors reasonable access to, and all necessary rights to utilize, such Party’s, and its Group’s, information, facilities, personnel, assets, systems
and technologies to the extent reasonably necessary for the performance or receipt of the Services. Each Party shall (and shall cause the members of its Group and its personnel and the personnel of its Affiliates and Sub-Contractors providing or
receiving Services to): (A) not attempt to obtain access to, use or interfere with any information technology systems of the other Party or any member of its Group, or any confidential or competitively sensitive information owned, used or
processed by the other Party, except to the extent reasonably necessary to do so to provide or receive Services; (B) maintain reasonable security measures to protect the systems of the other Party and the members of its Group to which it has
access pursuant to this Agreement from access by unauthorized third parties; (C) not disable, damage or erase or disrupt or impair the normal operation of the information technology systems of the other Party or any member of its Group;
(D) Service Provider shall immediately notify Service Recipient of any confirmed misuse, disclosure or loss of, or inability to account for, any confidential or competitively sensitive information, and any confirmed unauthorized access to
Service Provider’s facilities, systems or network; and Service Provider will investigate such confirmed security incidents and reasonably cooperate with Service Recipient’s incident response team, supplying logs and other necessary
information to mitigate and limit the damages resulting from such a security incident, provided that the Service Recipient agrees to reimburse Service Provider for time spent and actual travel expenses incurred in connection with any such
investigation; and (E) subject to applicable Law, the Service Provider shall use reasonable efforts to comply with any commercially reasonable requests to assist Service Recipient with its electronic discovery obligations related to Services
provided to the Service Recipient, provided that the Service Recipient agrees to reimburse Service Provider for time spent and actual travel expenses incurred for such response. 

  
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 (h) Nothing in this Agreement shall be deemed to require the provision of any Service by any
Service Provider (or any Affiliate or Sub-Contractor of a Service Provider) to any Service Recipient if the provision of such Service requires the Consent of any Person (including any Governmental Authority), whether under applicable Law, by the
terms of any contract to which such Service Provider or any other member of its Group is a party or otherwise, unless and until, subject to the third-to-last sentence of this Section 2.01(h), such Consent has been obtained. The Service Provider
shall use commercially reasonable efforts to obtain as promptly as possible any Consent of any Person that may be necessary for the performance of the Service Provider’s obligations pursuant to this Agreement. Any fees, expenses or extra costs
incurred in connection with obtaining any such Consents shall be paid by the Service Recipient, and the Service Recipient shall use commercially reasonable efforts to provide assistance as necessary in obtaining such Consents. In the event that the
Consent of any Person, if required in order for the Service Provider to provide Services, is not obtained reasonably promptly after the Distribution, the Service Provider shall notify the Service Recipient and the Parties shall cooperate in devising
an alternative manner for the provision of the Services affected by such failure to obtain such Consent and the Cost of Services associated therewith, such alternative manner and Cost of Services to be reasonably satisfactory to both Parties and
agreed to in writing. If the Parties elect such an alternative plan, the Service Provider shall provide the Services in such alternative manner and the Service Recipient shall pay for such Services based on the alternative Cost of Services. The
Services shall not include, and no Service Provider (or any Affiliate or Sub-Contractor of a Service Provider) shall be obligated to provide, any service the provision of which to a Service Recipient following the Distribution would constitute a
violation of any Law. In addition, notwithstanding anything to the contrary herein, the Service Provider (and the Affiliates and Sub-Contractors of the Service Provider) will not be required to perform or to cause to be performed any of the Services
for the benefit of any third party or any other Person other than the applicable Service Recipient. 
 (i) Each Party, on behalf of itself
and its Affiliates, hereby grants to the other Party and to its Affiliates and Sub-Contractors providing Services under this Agreement a nonexclusive, nontransferable, world-wide, royalty-free, sublicensable license, for the term of this Agreement,
to use the intellectual property owned by such Party and the members of its Group solely to the extent necessary for the other Party and the members of its Group to perform their obligations hereunder. Subject to the terms of the Separation
Agreement, each Service Provider acknowledges and agrees that it will acquire no right, title or interest (including any license rights or rights of use) to the Designated Work Product and such Designated Work Product shall remain the exclusive
property of the Service Recipient. To the extent title to any Designated Work Product vests in the Service Provider by operation of Law, each Party hereby assigns (and shall cause any such other Service Provider, and any Affiliate or Sub-Contractor
of such Service Provider, to assign) to the relevant Service Recipient all right, title and interest in and to such Designated Work Product, and the Service Provider shall (and shall cause any Affiliate or Sub-Contractor of such Service Provider to)
provide such assistance and execute such documents as the Service Recipient may reasonably request to assign to the relevant Service Recipient all right, title and interest in and to such work product. Each Service Recipient acknowledges and agrees
that it will acquire no right, title or interest 

  
 7 

 
(other than a non-exclusive, perpetual, royalty-free worldwide right of use) to any work product resulting from the provision of Services hereunder that is not for the Service Recipient’s
exclusive use and such work product shall remain the exclusive property of the Service Provider. 
 (j) Subject to Section 2.02, the
Parties agree that the Services set forth in Schedule A and Schedule B constitute all of the Services to be provided by members of the Xerox Group and members of the Conduent Group, respectively, as of the Distribution Date. 

SECTION 2.02. Service Amendments and Additions. (a) From time to time during the term, each of Xerox and Conduent may request the
other Party to provide services that (i) were provided by the Xerox Business or the BPO Business, as applicable, within the 12 months prior to the Distribution Date and (ii) are reasonably necessary for the operation of the Xerox Business
or the BPO Business, as applicable, as conducted as of the Distribution Date (“Omitted Services”). In the event that a Party desires to have the other Party provide Omitted Services or additional services that are not Omitted
Services (“Additional Services”), such other Party, in its discretion, may agree to provide such Omitted Services or Additional Services. Any request for an Omitted Service or Additional Service shall be in writing and shall
specify, as applicable (A) the type and the scope of the requested service, (B) who shall perform the requested service, (C) where and to whom the requested service is to be provided and (D) the proposed term for the requested
service. 
 (b) If a Party agrees to provide Omitted Services or Additional Services pursuant to Section 2.02(a), then the Parties shall
in good faith negotiate an amendment to Schedule A or Schedule B, as applicable, which will describe in detail the service, project scope, term, price and payment terms to be charged for such Omitted or Additional Services. Once agreed to in
writing, the amendment to Schedule A or Schedule B, as applicable, shall be deemed part of this Agreement as of such date and the Omitted Services or Additional Services, as applicable, shall be deemed “Services”, provided hereunder, in
each case subject to the terms and conditions of this Agreement. 
 SECTION 2.03. No Management Authority. No Service Provider (or
any Affiliate or Sub-Contractor of a Service Provider) shall be authorized by, or shall have any responsibility under, this Agreement to manage the affairs of the business of any Service Recipient. 

ARTICLE III 
 Compensation

 SECTION 3.01. Compensation for Services. (a) As compensation for each Service rendered pursuant to this Agreement, the
Service Recipient shall be required to pay to the Service Provider the Cost of Services specified for such Service in Schedule A or Schedule B, as applicable. 

  
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 (b) During the term of this Agreement, the amount of a Cost of Service for a Service may increase
to the extent of any increase in the applicable Cost of Services during a Service Extension, in accordance with Section 4.02. 
 (c) The
amount of any actual and documented sales tax, value-added tax, goods and services tax or similar tax that is required to be assessed and remitted by the Service Provider in connection with the Services provided hereunder (“Taxes”)
will be promptly paid to the Service Provider by the Service Recipient in accordance with Section 3.02. Such payment shall be in addition to the Cost of Services set forth in Schedule A or Schedule B, as applicable (unless such Tax is expressly
already accounted for in the applicable Cost of Services). 
 (d) Either Party shall have the right to withhold or deduct from any payments
made under this Agreement as required by applicable Law. For all purposes of this Agreement, any such deducted or withheld amounts shall be treated as paid to the other Party for purposes of this Agreement. The Party making such deduction or
withholding shall promptly provide to the other Party tax receipts or other documents evidencing the payment of any such deducted or withheld amount to the applicable Governmental Authority. 

SECTION 3.02. Payment Terms. (a) The Service Provider shall bill the Service Recipient monthly, within 30 business days after the
end of each month, or at such other interval specified with respect to a particular Service in Schedule A or Schedule B, as applicable, an amount equal to the aggregate Cost of Services due for all Services provided in such month or other specified
interval, as applicable, plus any Taxes. Invoices shall be directed to the Service Manager appointed by Xerox or Conduent, as applicable, or to such other Person designated in writing from time to time by such Service Manager. The Service Recipient
shall pay such amount in full within 60 days after receipt of each invoice by wire transfer of immediately available funds to the account designated by the Service Provider for this purpose. If the 60th day falls on a weekend or a holiday, the
Service Recipient shall pay such amount on or before the following business day. Each invoice shall set forth in reasonable detail the calculation of the charges and amounts and applicable Taxes, for each Service during the month or other specified
interval to which such invoice relates. In addition to any other remedies for non-payment, if any payment is not received by the Service Provider on or before the date such amount is due, then a late payment interest charge, calculated at
2.0% per annum rate, shall immediately begin to accrue and any such late payment interest charges shall become immediately due and payable in addition to the amount otherwise owed under this Agreement. The Parties shall cooperate to achieve an
invoicing structure that minimizes taxes for both Parties, including by implementing a local to local invoicing structure where applicable. 

(b) Any objection to the amount of any invoice shall be deemed to be a Dispute hereunder subject to the provisions applicable to Disputes set
forth in Section 2.01(c). 

  
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 SECTION 3.03. DISCLAIMER OF WARRANTIES. WITHOUT LIMITATION TO THE COVENANTS RELATING TO
THE PROVISION OF SERVICES SET FORTH IN SECTION 2.01(f), THE SERVICES TO BE PROVIDED UNDER THIS AGREEMENT ARE FURNISHED WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR
ANY PARTICULAR PURPOSE. NO MEMBER OF THE XEROX GROUP OR OF THE CONDUENT GROUP, AS SERVICE PROVIDER, MAKES ANY REPRESENTATION OR WARRANTY THAT ANY SERVICE COMPLIES WITH ANY LAW, DOMESTIC OR FOREIGN. 

SECTION 3.04. Books and Records. Xerox and Conduent shall each, and shall each cause the members of their Group to, maintain complete
and accurate books of account as necessary to support calculations of the Cost of Services for Services rendered by it or the other members of its Group as Service Providers and shall make such books available to the other, upon reasonable notice,
during normal business hours; provided, however, that to the extent Xerox’s or Conduent’s books, or the books of the members of their Group, contain Information relating to any other aspect of the Xerox Business or the BPO
Business, as applicable, Xerox and Conduent shall negotiate a procedure to provide the other Party with necessary access while preserving the confidentiality of such other records. 

ARTICLE IV 
 Term 

SECTION 4.01. Commencement. This Agreement is effective as of the date hereof and shall remain in effect with respect to a particular
Service until the occurrence of the Applicable Termination Date applicable to such Service (or, subject to the terms of Section 4.02, the expiration of any Service Extension applicable to such Service), unless earlier terminated (i) in its
entirety or with respect to a particular Service, in each case in accordance with Section 4.03, or (ii) by mutual consent of the Parties. Notwithstanding anything to the contrary contained herein, if the Separation Agreement shall be
terminated in accordance with its terms, this Agreement shall be automatically terminated and void ab initio with no further action by the Parties and shall be of no force and effect. 

SECTION 4.02. Service Extension. If the Service Recipient reasonably determines that it will require a Service to continue beyond the
Applicable Termination Date or the end of a subsequent extension period, the Service Recipient may request the Service Provider to extend the term of such Service for the desired renewal period(s) (each, a “Service Extension”) by
written notice to the Service Provider no less than 45 days prior to end of the then-current Service term. The Service Provider shall respond to any such request for a Service Extension within 15 days of receipt and shall use reasonable best efforts
to comply with such Service Extension request; provided, however, that (i) the Service Extensions with respect to each Service shall not extend the term of such Service more than 12 months beyond the Applicable Termination Date

  
 10 

 
applicable to such Service, (ii) the Service Provider will not be in breach of its obligations under this Section 4.02 if it is unable to comply with a Service Extension request through
the use of reasonable best efforts such as where a Consent that is required in order for the Service Provider to continue to provide the applicable Service during the requested Service Extension cannot be obtained by the Service Provider through the
use of reasonable best efforts, (iii) the Service Provider shall not be required to contribute capital, pay or grant any consideration or concession in any form (including providing any letter of credit, guaranty or other financial
accommodation) to any Person in order to obtain or make any Consent that is required in order for the Service Provider to continue to provide the applicable Service during the requested Service Extension (other than reasonable out-of-pocket
expenses, attorneys’ fees and recording or similar fees, all of which shall be reimbursed by the Service Recipient, as promptly as reasonably practicable), and (iv) each Service Extension is permissible under applicable Law. With respect
to Schedule A or Schedule B, as applicable, the the Cost of Services specified for such Service in Schedule A or Schedule B, as applicable, shall be amended to include an incremental surcharge of 10% for each Service Extension. The Parties shall
amend the terms of Schedule A or Schedule B, as applicable, to reflect the new Service term and Cost of Services, within 5 days following the Service Provider’s agreement to a Service Extension, subject to the conditions set forth in this
Section 4.02. Each such amended Schedule A or Schedule B, as applicable, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement. Additionally, if the Service Provider deems that an
extension of a Service requires any other Service to be extended due to their related nature, the Service Provider will provide notice to the Service Recipient that it must request in writing an extension of that affected Service before it accepts
the extension request. 
 SECTION 4.03. Termination. (a) If a Service Provider or Service Recipient materially breaches any of
its respective obligations under this Agreement (and the period for resolution of the Dispute relating to such breach set forth in Section 2.01(c) has expired), the non-breaching Service Recipient or Service Provider, as applicable, may
terminate this Agreement with respect to the Service to which such obligations apply, effective upon not less than 30 days’ written notice of termination to the breaching Party, if the breaching Party does not cure such default within 30 days
after receiving written notice thereof from the non-breaching Party. The termination of this Agreement with respect to any Service pursuant to this Section 4.03 shall not affect the Parties’ rights or obligations under this Agreement with
respect to any other Service. 
 (b) Except as otherwise provided in this Agreement or Schedule A or Schedule B, upon not less than 60
days’ prior written notice a Service Recipient shall be entitled to terminate one or more Services being provided by any Service Provider for any reason or no reason at all. 

(c) In the event of any termination of this Agreement in its entirety or with respect to any Service, each Party, Service Provider and Service
Recipient shall remain liable for all of their respective obligations that accrued hereunder prior to the date of such termination, including all obligations of each Service Recipient to pay any amounts due to any Service Provider hereunder. 

  
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 SECTION 4.04. Return of Books, Records and Files. Upon the request of the Service
Recipient after the termination of a Service with respect to which the Service Provider holds books, records or files, including current and archived copies of computer files, (i) owned solely by the Service Recipient or its Affiliates and used
by the Service Provider in connection with the provision of a Service pursuant to this Agreement or (ii) created by the Service Provider and in the Service Provider’s possession as a function of and relating solely to the provision of
Services pursuant to this Agreement, such books, records and files shall either be returned to the Service Recipient or destroyed by the Service Provider, with certification of such destruction provided to the Service Recipient, other than, in each
case, such books, records and files electronically preserved or recorded within any computerized data storage device or component (including any hard-drive or database) pursuant to automatic or routine backup procedures generally accessible only by
legal, IT or compliance personnel, which such books, records and files will not be used by the Service Provider for any other purpose. The Service Recipient shall bear the Service Provider’s reasonable, necessary and actual out-of-pocket costs
and expenses associated with the return or destruction of such books, records or files. At its expense, the Service Provider may make one copy of such books, records or files for its legal files. 

ARTICLE V 
 Indemnification;
Limitation of Liability 
 SECTION 5.01. Indemnification. (a) Conduent in its capacity as a Service Recipient and on behalf
of each member of its Group in its capacity as a Service Recipient, shall indemnify, defend and hold harmless Xerox and the other Xerox Indemnitees from and against any and all Liabilities incurred by such Xerox Indemnitee and arising out of, in
connection with or by reason of this Agreement or any Services provided by any member of the Xerox Group hereunder, except to the extent such Liabilities arise out of a Xerox Group member’s (i) breach of this Agreement, (ii) violation
of Laws in providing the Services, (iii) violation of third-party rights (including such third-party rights embodied in patents, trademarks, copyrights and trade secrets) in providing the Services or (iv) gross negligence or wilful
misconduct in providing the Services. 
 (b) Xerox in its capacity as a Service Recipient and on behalf of each member of its Group in its
capacity as a Service Recipient, shall indemnify, defend and hold harmless Conduent and the other Conduent Indemnitees from and against any and all Liabilities incurred by such Conduent Indemnitee and arising out of, in connection with or by reason
of this Agreement or any Services provided by any member of the Conduent Group hereunder, except to the extent such Liabilities arise out of a Conduent Group member’s (i) breach of this Agreement, (ii) violation of Laws in providing
the Services, (iii) violation of third-party rights (including such third-party rights embodied in patents, trademarks, copyrights and trade secrets) in providing the Services or (iv) gross negligence or wilful misconduct in providing the
Services. 

  
 12 

 SECTION 5.02. Limitation on Liability. (a) No Service Provider, in its capacity as
such, nor any member of its Group acting in the capacity of a Service Provider, nor any Indemnitee thereof, shall be liable (whether such liability is direct or indirect, in contract or tort or otherwise) to the other Party (or any of such other
Party’s Indemnitees) for any Liabilities arising out of, related to or in connection with the Services or this Agreement, except to the extent that such Liabilities arise out of such Service Provider’s (or a member of its Group’s)
(i) breach of this Agreement, (ii) violation of Laws in providing the Services, (iii) violation of third-party rights (including such third-party rights embodied in patents, trademarks, copyrights and trade secrets) in providing the
Services or (iv) gross negligence or wilful misconduct in providing the Services; provided that nothing in this Section 5.02(a) shall be deemed to limit a Service Recipient’s rights under Section 5.02(d) regarding
Insurance Proceeds in respect of Third-Party Claims. 
 (b) IN NO EVENT SHALL ANY SERVICE PROVIDER, IN ITS CAPACITY AS SUCH, NOR ANY MEMBER
OF ITS GROUP ACTING IN THE CAPACITY OF A SERVICE PROVIDER, NOR ANY INDEMNITEE THEREOF, BE LIABLE, WHETHER IN CONTRACT, IN TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY) OR OTHERWISE TO THE SERVICE RECIPIENT (OR ANY OF ITS INDEMNITEES) FOR ANY
INDIRECT, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES (INCLUDING LOSS OF PROFITS) AS A RESULT OF ANY BREACH, PERFORMANCE OR NON-PERFORMANCE BY SUCH SERVICE PROVIDER UNDER THIS AGREEMENT, EXCEPT AS MAY BE PAYABLE TO A CLAIMANT IN A THIRD-PARTY CLAIM.

 (c) EACH GROUP’S TOTAL LIABILITY, IN ITS CAPACITY AS A SERVICE PROVIDER, TO THE OTHER GROUP ARISING OUT OF, RELATED TO OR IN
CONNECTION WITH THE SERVICES OR THIS AGREEMENT FOR ANY CLAIM SHALL NOT EXCEED IN THE AGGREGATE AN AMOUNT EQUAL TO THE TOTAL AMOUNT PAID TO IT FOR SERVICES UNDER THIS AGREEMENT; PROVIDED, HOWEVER, THAT, NOTWITHSTANDING THE FOREGOING, IN
THE CASE OF ANY LIABILITY TO THE OTHER PARTY ARISING OUT OF A THIRD-PARTY CLAIM, EACH GROUP’S TOTAL LIABILITY IN ITS CAPACITY AS A SERVICE PROVIDER TO THE OTHER GROUP SHALL BE INCREASED BY AN AMOUNT EQUAL TO THE AMOUNT, IF ANY, OF ANY INSURANCE
PROCEEDS THAT ARE ACTUALLY RECEIVED BY SUCH SERVICE PROVIDER IN ACCORDANCE WITH SECTION 5.02(d). 
 (d) If a Service Provider, in its
capacity as such, or any member of its Group acting in the capacity of a Service Provider, or any Indemnitee thereof, shall be liable to the other Party for any Liability arising out of a Third-Party Claim, such Service Provider, at the request of
the Indemnitee, shall use commercially reasonable efforts to pursue and recover any available Insurance Proceeds under applicable insurance policies. Promptly upon the actual receipt of any such Insurance Proceeds, such Service Provider shall pay
such Insurance Proceeds to the applicable Indemnitee to the extent of the Liability arising out of the applicable Third-Party Claim. The Indemnitee shall, upon the request of such Service Provider and to the extent permitted under such Service

  
 13 

 
Provider’s applicable insurance policies, promptly pay directly to such Service Provider or to such Service Provider’s insurer any reasonable costs or expenses incurred in the
collection of such Indemnitee’s portion of such Insurance Proceeds (including such Indemnitee’s portion of applicable retentions or deductibles); provided, however, that in no event shall an Indemnitee’s portion of such
collection costs and expenses, applicable retentions and deductibles exceed the amount of Insurance Proceeds actually received by such Indemnitee. 

(e) The provisions of this Article V shall survive indefinitely, notwithstanding any termination of all or any portion of this
Agreement. 
 ARTICLE VI 

Other Covenants 
 SECTION
6.01. Attorney-in-Fact. On a case-by-case basis, the Service Recipient shall execute documents necessary to appoint the Service Provider as its attorney-in-fact for the sole purpose of executing any and all documents and instruments
reasonably required to be executed in connection with the performance by the Service Provider of any Service under this Agreement. 
 ARTICLE
VII 
 Miscellaneous 

SECTION 7.01. Title to Data. Each of Conduent and Xerox acknowledges that it will acquire no right, title or interest (including any
license rights or rights of use) in any firmware or software, or the licenses therefor that are owned by the other Party or its Affiliates, Subsidiaries or divisions, by reason of the provision of the Services hereunder, except as expressly provided
in Section 2.01(i) and Section 4.04. 
 SECTION 7.02. Force Majeure. In case performance of any terms or provisions hereof
shall be delayed or prevented, in whole or in part, because of or related to compliance with any Law or requirement of any national securities exchange, or because of riot, war, public disturbance, strike, labor dispute, fire, explosion, storm,
flood, act of God or act of terrorism that is not within the control of the Party, Service Provider or Service Recipient whose performance is interfered with (each, a “Performing Party”) and which by the exercise of reasonable
diligence such Performing Party is unable to prevent, or for any other reason which is not within the control of such Performing Party whose performance is interfered with and which by the exercise of reasonable diligence such Performing Party is
unable to prevent (each, a “Force Majeure Event”), then upon prompt written notice stating the date and extent of such interference and the cause thereof by the Performing Party to the other Party, Service Recipient or Service
Provider (each, an “Affected Party”), as applicable, the Performing Party shall be excused from its obligations hereunder during the period such Force Majeure Event or its effects continue, and no liability shall attach against
either the Performing Party or the Affected Party on account thereof; provided, however, that the Performing Party 

  
 14 

 
promptly resumes the required performance upon the cessation of the Force Majeure Event or its effects. No Performing Party shall be excused from performance if such Performing Party fails to use
commercially reasonable efforts to remedy the situation and remove the cause and effects of the Force Majeure Event. 
 SECTION 7.03.
Separation Agreement. The Parties agree that, in the event of a conflict between the terms of this Agreement and the Separation Agreement with respect to the subject matter hereof, the terms of this Agreement shall govern. 

SECTION 7.04. Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the Parties or any third party as
creating a relationship of principal and agent, partnership or joint venture between the Parties, between Service Providers and Service Recipients or with any individual providing Services, it being understood and agreed that no provision contained
herein, and no act of any Party or members of their respective Groups, shall be deemed to create any relationship between the Parties or members of their respective Groups other than the relationship set forth herein. Each Party and each Service
Provider shall act under this Agreement solely as an independent contractor and not as an agent or employee of any other Party or any of such Party’s Affiliates. 

SECTION 7.05. Confidentiality. Each Party hereby acknowledges that confidential Information of such Party or members of its Group may
be exposed to employees and agents of the other Party or its Group as a result of the activities contemplated by this Agreement. Each Party agrees, on behalf of itself and its Affiliates, that such Party’s obligation (and the obligation of
members of its Group) to use and keep confidential such Information of the other Party or its Group shall be governed by Sections 7.01(c) and 7.09 of the Separation Agreement. 

SECTION 7.06. Counterparts; Entire Agreement. (a) This Agreement may be executed in one or more counterparts, all of which
counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This Agreement may be executed by facsimile or PDF signature and
scanned and exchanged by electronic mail, and such facsimile or PDF signature or scanned and exchanged copies shall constitute an original for all purposes. 

(b) This Agreement, the Separation Agreement, the other Ancillary Agreements and the Exhibits and Schedules hereto and thereto contain the
entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there
are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or referred to herein or therein. 

  
 15 

 SECTION 7.07. Governing Law; Jurisdiction. This Agreement shall be governed by, and
construed in accordance with, the Laws of the State of New York, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws thereof. Each Party irrevocably consents to the exclusive jurisdiction, forum and
venue of the Commercial Division of the Supreme Court of the State of New York, New York County and the United States District Court for the Southern District of New York over any and all claims, disputes, controversies or disagreements between the
Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby. 

SECTION 7.08. Assignability. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be
assigned, in whole or in part, by operation of Law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment without such consent shall be void. Subject to the preceding sentences, this Agreement
will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the foregoing, either Party may assign this Agreement without consent in connection with (a) a merger
transaction in which such Party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such Party’s assets or (b) the sale of all or substantially all of such Party’s assets;
provided, however, that the assignee expressly assumes in writing all of the obligations of the assigning Party under this Agreement, and the assigning Party provides written notice and evidence of such assignment and assumption to the
non-assigning Party. Nothing in this Section 7.08 shall affect or impair a Service Provider’s ability to delegate any or all of its obligations under this Agreement to one or more Affiliates or Sub-Contractors pursuant to
Section 2.01(e). 
 SECTION 7.09. Third-Party Beneficiaries. Except for the
indemnification rights under this Agreement of any Xerox Indemnitee or Conduent Indemnitee in their respective capacities as such, (a) the provisions of this Agreement are solely for the benefit of the Parties hereto and are not intended to
confer upon any Person except the Parties hereto any rights or remedies hereunder and (b) there are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third person
with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 

SECTION 7.10. Notices. All notices or other communications under this Agreement shall be in writing and shall be provided in the manner
set forth in the Separation Agreement. 
 SECTION 7.11. Severability. If any provision of this Agreement or the application thereof
to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than
those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is
valid and enforceable and that comes closest to expressing the intention of the invalid, void or unenforceable provision. 

  
 16 

 SECTION 7.12. Headings. The article, section and paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 SECTION 7.13.
Waivers of Default. No failure or delay of any Party (or the applicable member of its Group) in exercising any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right
or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. Waiver by any Party of any default by the
other Party of any provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default. 

SECTION 7.14. Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by any Party,
unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each Party. 

SECTION 7.15. Interpretation. The rules of interpretation set forth in Section 11.14 of the Separation Agreement are
incorporated by reference into this Agreement, mutatis mutandis. 

  
 17 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

  

			
	XEROX CORPORATION
		
	    by	 	 
		 	Name:
		 	Title:

  

			
	CONDUENT INCORPORATED
		
	    By	 	 
		 	Name:
		 	Title:EX-10.2

 Exhibit 10.2 

TAX MATTERS AGREEMENT 
 by and
between 
 XEROX CORPORATION 

and 
 CONDUENT INCORPORATED 

 
  

As of                     , 2016 

 
  

 This TAX MATTERS AGREEMENT (this “Agreement”) is entered into
as of                 , 2016, by and between XEROX CORPORATION, a New York corporation (“Parent”), and CONDUENT INCORPORATED, a New York corporation and
a wholly owned subsidiary of Parent (“Spinco” and, together with Parent, the “Parties”). 
 W I T N E S S E
T H: 
 WHEREAS Spinco is a wholly owned subsidiary of Parent and a member of its consolidated group; 

WHEREAS, pursuant to an agreement dated as of the date of this Agreement (the “Separation Agreement”), Parent and Spinco have
effected or agreed to effect the Separation and the Distribution (together, the “Spin-Off”); 
 WHEREAS the Parties intend
that each step of the Internal Transactions, the Contribution and the Distribution qualify for its Intended Tax Treatment; and 
 WHEREAS
the Parties desire to provide for and agree upon the allocation of liability for Taxes arising prior to, as a result of, and subsequent to the Spin-Off, and to provide for and agree upon certain other matters relating to Taxes. 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and intending to be legally bound, the parties hereto
agree as follows: 
 ARTICLE I 

Certain Definitions and Other Matters 

For purposes of this Agreement (including the recitals hereof), the following terms have the following meanings. Capitalized terms used but
not defined in this Agreement have the meanings ascribed to them in the Separation Agreement. 
 “10% Acquisition
Transaction” has the meaning set forth in Section 4.07(b). 
 “Active Trade or Business” means the active
conduct (determined in accordance with Section 355(b) of the Code) of the trade or business described in the Tax Opinion Representations for purposes of satisfying the requirements of Section 355(b) of the Code as it applies to the
Distribution with respect to Spinco. 
 “Adjustment Request” means any formal or informal claim or request made or filed
with any Tax Authority for the adjustment, refund, credit or offset of Taxes, including any amended Tax Return claiming adjustment to the Taxes as reported on that Tax Return or, if applicable, to such Taxes as previously adjusted. 

 “Agreement” has the meaning ascribed to such term in the preamble. 

“CFC” means a “controlled foreign corporation” (within the meaning of Section 957(a) of the Code or any
comparable state, local or foreign Law). 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Contribution” means the transfer or deemed transfer of Conduent Assets by Parent to Spinco (in one or more steps) in exchange
for Conduent stock (and, if applicable, securities), the assumption of the Conduent Liabilities and cash as part of the Reorganization. 

“Cravath” means Cravath, Swaine & Moore LLP. 

“Cravath Tax Opinion” means the written opinion of Cravath issued to Parent and dated as of the Distribution Date to the
effect that each step of the Internal Transactions, the Contribution and the Distribution should qualify for its Intended Tax Treatment for U.S. Federal income Tax purposes. 

“Final Determination” means (i) any final determination of liability in respect of a Tax that, under applicable Law, is
not subject to further appeal, review or modification through proceedings or otherwise (including the expiration of a statute of limitations or period for the filing of claims for refunds, amended Tax Returns or appeals from adverse determinations),
including a “determination” as defined in Section 1313(a) of the Code or execution of an IRS Form 870AD or other similar form, or (ii) the payment of Tax by a Party (or its Subsidiary) that is responsible for payment of that Tax
under applicable Law, or the execution of an IRS Form 870 or other similar form, with respect to any item disallowed or adjusted by a Tax Authority, as long as the responsible Party determines that no action should be taken to recoup that payment or
file a claim for refund with respect to that item, and the other Party agrees. 
 “Foreign Reorganization” means the steps
of the Spin-Off set forth on Appendix B. 
 “Indemnifying Party” means a Party from which indemnification is or may be
sought under this Agreement. 
 “Indemnitee” means any Person entitled to indemnification pursuant to this Agreement. 

“Indemnity Payment” means an indemnity payment contemplated by any Transaction Agreement. 

“Intended Tax Treatment” means, with respect to each step of the Internal Transactions, the Contribution and the Distribution,
the Tax consequences set forth for such step on Appendix A. 
 “IRS” means the U.S. Internal Revenue Service. 

  
 2 

 “Non-US Spinco Member” means (i) any member of the Spinco Tax Group other
than a member that is incorporated, organized or otherwise formed under the laws of the United States or any state thereof or the District of Columbia and (ii) any member of the Spinco Tax Group formed under the laws of the United States or any
state thereof or the District of Columbia that is owned, in whole or in part, directly or indirectly, by any member of the Spinco Tax Group described in clause (i). 

“Ordinary Course of Business” means an action taken by a Person if that action is taken in the ordinary course of the normal
day-to-day operations of that Person. 
 “Ordinary Taxes” means Taxes other than (i) Transfer Taxes,
(ii) Transaction Taxes and (iii) Reorganization Taxes. 
 “Parent” has the meaning ascribed to such term in the
preamble. 
 “Parent Consolidated Group” means any consolidated, combined, unitary or similar group of which (i) any
member of the Parent Tax Group is or was a member and (ii) any member of the Spinco Tax Group is or was a member. 
 “Parent Tax
Group” means (i) Parent, (ii) any Person that is or was a Subsidiary of Parent at any time prior to the Distribution, excluding each member of the Spinco Tax Group, and (iii) any Person that becomes a Subsidiary of Parent at
any time after the Distribution. 
 “Parties” has the meaning ascribed to such term in the preamble. 

“Post-Distribution Period” means any taxable period (or portion thereof) beginning after the Distribution Date. 

“Pre-Distribution Period” means any taxable period (or portion thereof) ending on or before the Distribution Date. 

“Proposed Acquisition Transaction” has the meaning ascribed to such term in Section 4.04(b). 

“Protective Section 336(e) Election” means the election to be made pursuant to Section 4.11 of this Agreement. 

“Records” has the meaning ascribed to such term in Section 5.01. 

“Regulations” means the Treasury Regulations promulgated under the Code. 

“Reorganization Tax” means, with respect to each step of the Foreign Reorganization, the aggregate Tax liability (other than
liability for Transfer Taxes), as determined by Parent, of the Parent Tax Group and the Spinco Tax Group for such step. 

“Restricted Period” has the meaning ascribed to such term in Section 4.04. 

  
 3 

 “Ruling” means a private letter ruling (including any supplemental ruling)
issued by the IRS in connection with the Spin-Off, whether granted prior to, on or after the date hereof. 
 “Satisfactory
Guidance” has the meaning ascribed to such term in Section 4.05(b). 
 “Section 336(e) Tax Basis” has the
meaning ascribed to such term in Section 2.04(d). 
 “Separation Agreement” has the meaning ascribed to such term in
the recitals. 
 “Spin-Off” has the meaning ascribed to such term in the recitals. 

“Spinco” has the meaning ascribed to such term in the preamble. 

“Spinco Capital Stock” means (i) all classes or series of stock or other equity interests in Spinco and (ii) all
instruments properly treated as stock in Spinco for U.S. Federal income Tax purposes. 
 “Spinco Tax Group” means
(i) Spinco, (ii) any Person that is or was a Subsidiary of Spinco as of the Distribution or at any time prior to the Distribution, (iii) any Person that was a Subsidiary of one or more Persons described in clause (ii) at any time
prior to the Distribution and (iv) any Person that becomes a Subsidiary of Spinco at any time after the Distribution but excluding, in the case of clause (ii) or (iii), any Person that is a Subsidiary of Parent immediately after the
Distribution. 
 “Straddle Period” means any taxable period that includes (but does not end on) the Distribution Date. 

“Tax” means all forms of taxation or duties imposed by a Governmental Authority, in each case in the nature of a tax, together
with any related interest, penalties or other additions to tax. 
 “Tax Advisor” means a Tax counsel or accountant of
recognized national standing in the relevant jurisdiction. 
 “Tax Asset Value” has the meaning ascribed to such term in
Section 2.04(d)(i). 
 “Tax Authority” means any Governmental Authority charged with the determination, collection or
imposition of Taxes. 
 “Tax Benefit” means any Tax refund or other reduction of Taxes paid or currently payable as a result
of a credit or offset or the Tax effect of any item of loss, deduction or credit or any other item (including increases in Tax basis). 

  
 4 

 “Tax Contest” means an audit, review, examination or other administrative or
judicial proceeding, in each case by any Tax Authority. 
 “Tax Dispute” has the meaning ascribed to such term in
Section 5.03. 
 “Tax Opinions/Rulings” means (i) any Ruling and (ii) any opinion of a Tax Advisor relating
to the Spin-Off, including the Cravath Tax Opinion and any opinion issued to allow a party to take actions otherwise prohibited under Section 4.04(a) of this Agreement. 

“Tax Opinion Representations” means the representations regarding certain facts in existence at the applicable time made by
Parent and Spinco that serve as a basis for the Cravath Tax Opinion. 
 “Tax Return” means any report of Taxes due, any
claims for a refund, credit or offset of Taxes paid, any information return with respect to Taxes, or any other similar report, statement, declaration, or document required or permitted to be filed under applicable Tax Law, including any
attachments, exhibits, or other materials submitted with any of the foregoing, and any amendments or supplements to any of the foregoing. 

“Tax Return Preparer” means, with respect to any Tax Return that Parent is responsible for filing under Section 3.01,
Parent and, with respect to any Tax Return that Spinco is responsible for filing under Section 3.02, Spinco. 
 “Transaction
Agreements” means this Agreement, the Separation Agreement and any Ancillary Agreement. 
 “Transaction Tax Allocation
Percentage” means, with respect to a Party, the quotient, expressed as a percentage and rounded to two (2) decimal points, of the market capitalization of the Party divided by the sum of the market capitalizations of each Party. The
market capitalization of a Party means the product of: (i) the volume-weighted average trading price per share of the common stock of that Party for the twenty (20) consecutive trading days beginning on and following the first trading day
following the Distribution Date, as quoted by Bloomberg Financial Services through its “Volume at Price” function, rounded to the nearest whole cent, multiplied by (ii) the arithmetic average of the number of shares of that
Party’s common stock outstanding, on a fully diluted basis, on each of such twenty (20) trading days, rounded to two (2) decimal points. 

“Transaction Tax Contest” means a Tax Contest with the purpose or effect of determining or redetermining Transaction Taxes.

 “Transaction Taxes” means all (i) Taxes imposed on Parent, Spinco or any of their respective Subsidiaries resulting
from the failure of any step of the Internal Transactions, the Contribution or the Distribution to qualify for its Intended Tax Treatment, (ii) Taxes imposed on any third party resulting from the failure of any step of the Internal
Transactions, the Contribution or the Distribution to qualify for its Intended Tax Treatment for which Parent, Spinco or any of their respective Subsidiaries is or becomes liable for any reason and (iii) reasonable, out-of-pocket legal,
accounting and other advisory or court fees incurred in connection with liability for Taxes described in clause (i) or (ii). 

  
 5 

 “Transfer Taxes” means any sales, use, stamp, duty or other transfer Taxes. 

“Treasury Regulations” means the Treasury regulations promulgated under the Code. 

“Unqualified Tax Opinion” has the meaning ascribed to such term in Section 4.05(c). 

ARTICLE II 
 Allocation of Tax
Liabilities and Benefits 
 SECTION 2.01. Indemnity by Parent. From and after the Distribution, Parent shall be liable for, and
shall indemnify, save and hold harmless Spinco from, the following Taxes, whether incurred directly by Spinco or indirectly through a member of the Spinco Tax Group, without duplication: 

(a) Ordinary Taxes allocated to Parent under Section 2.03; 

(b) Transaction Taxes allocated to Parent under Section 2.04; 

(c) Reorganization Taxes allocated to Parent under Section 2.05; and 

(d) Transfer Taxes allocated to Parent under Section 2.06. 

SECTION 2.02. Indemnity by Spinco. From and after the Distribution, Spinco shall be liable for, and shall indemnify, save and hold
harmless Parent from, the following Taxes, whether incurred directly by Parent or indirectly through a member of the Parent Tax Group, without duplication: 

(a) Ordinary Taxes allocated to Spinco under Section 2.03; 

(b) Transaction Taxes allocated to Spinco under Section 2.04; 

(c) Reorganization Taxes allocated to Spinco under Section 2.05; and 

(d) Transfer Taxes allocated to Spinco under Section 2.06. 

SECTION 2.03. Allocation of Ordinary Taxes. (a) For any Pre-Distribution Period: 

(i) Ordinary Taxes of Parent and its Subsidiaries that are attributable to the BPO Business shall be allocated to Spinco; and

  
 6 

 (ii) all other Ordinary Taxes of Parent and its Subsidiaries shall be allocated
to Parent. 
 The determination of whether Ordinary Taxes of Parent and its Subsidiaries are attributable to the Spinco Business shall be made according to
the methodology set forth in Appendix C. 
 (b) For any Post-Distribution Period: 

(i) Ordinary Taxes of Parent and its Subsidiaries shall be allocated to Parent; and 

(ii) Ordinary Taxes of Spinco and its Subsidiaries shall be allocated to Spinco. 

(c) In the case of any Straddle Period, Taxes shall be allocated between the Pre-Distribution Period and the Post-Distribution Period, in the
case of: (i) real, personal and intangible property Taxes, on a daily pro rata basis; and (ii) other Taxes, as if the relevant taxable period ended as of the close of business on the Distribution Date. In the case of any such other Taxes
attributable to the ownership of any equity interest in any partnership, other “flowthrough” entity or CFC, such Taxes shall be allocated between the Pre-Distribution Period and the Post-Distribution Period as if the taxable period of such
partnership, other “flowthrough” entity or CFC ended as of the close of business on the Distribution Date (whether or not such Taxes arise in a Straddle Period of the applicable owner). 

(d) Notwithstanding the foregoing, (i) to the extent Ordinary Taxes of Parent, Spinco or their respective Subsidiaries consist of
interest, penalties or other additions to tax that result from any member of the Parent Tax Group’s action or omission in breach of Section 3.05 of this Agreement (except for an action or omission resulting from any member of the Spinco
Tax Group’s action or omission in breach of Section 3.04 of this Agreement), such Ordinary Taxes shall be allocated to Parent to such extent and (ii) to the extent any such Ordinary Taxes consist of interest, penalties or other
additions to tax that result from any member of the Spinco Tax Group’s action or omission in breach of Section 3.05 of this Agreement (except for an action or omission resulting from any member of the Parent Tax Group’s action or
omission in breach of Section 3.04 of this Agreement), such Ordinary Taxes shall be allocated to Spinco to such extent. 
 SECTION
2.04. Allocation of Transaction Taxes. (a) Transaction Taxes shall be allocated to Spinco to the extent such Transaction Taxes result from: 

(i) the failure to be true and correct of any Tax Opinion Representation made by Spinco; 

(ii) any action or omission by any member of the Spinco Tax Group in breach of any covenant or agreement contained in any
Transaction Agreement; 

  
 7 

 (iii) any action by Spinco or any of its Affiliates described in
Section 4.04, without regard to Section 4.05; 
 (iv) the direct or indirect acquisition after the Distribution by
one or more Persons of stock in Spinco that results in Transaction Taxes as a result of the application of Section 355(a)(1)(B) or Section 355(e) of the Code; or 

(v) any other action or omission by any member of the Spinco Tax Group that Spinco knows or reasonably should expect could give
rise to Transaction Taxes. 
 (b) Transaction Taxes shall be allocated to Parent to the extent such Transaction Taxes result from: 

(i) the failure to be true and correct of any Tax Opinion Representation made by Parent; 

(ii) any action or omission by any member of the Parent Tax Group in breach of any covenant or agreement contained in any
Transaction Agreement; 
 (iii) the direct or indirect acquisition after the Distribution by one or more Persons of stock in
Parent that results in Transaction Taxes as a result of the application of Section 355(a)(1)(B) or Section 355(e) of the Code; or 

(iv) any other action or omission by any member of the Parent Tax Group that Parent knows or reasonably should expect could
give rise to Transaction Taxes. 
 (c) Notwithstanding clause (a) or (b) of this Section, if a Transaction Tax would be allocated
under neither clause (a) nor (b) of this Section or would be allocated under both clauses (a) and (b) of this Section, the Transaction Tax shall be allocated between the Parties in accordance with each Party’s relative
Transaction Tax Allocation Percentage. 
 (d) Notwithstanding any other provision of this Agreement, if the Contribution or Distribution
fails to qualify (in whole or in part) for its Intended Tax Treatment and, as a result of such failure, either alone or together with the Protective Section 336(e) Election, Spinco or any member of the Spinco Tax Group realizes an increase in
Tax basis (the “Section 336(e) Tax Basis”), Spinco shall make annual payments to Parent in an amount equal to the product of (i) the Tax Asset Value for the applicable taxable year multiplied by (ii) one hundred percent
minus the percentage of the Transaction Taxes that resulted from such failure that Spinco paid (either to Parent or directly to the applicable Tax Authority). 

(i) For purposes of this Agreement, “Tax Asset Value” for a taxable year means the product of (A)(1) the total
depreciation and amortization claimed on any member of the Spinco Tax Group’s U.S. Federal income Tax Return for such taxable year to the extent arising out of the Section 336(e) Tax Basis plus

  
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(2) any portion of the Section 336(e) Tax Basis that is taken into account in determining gain or loss in a taxable transaction and (B) the combined U.S. Federal and state income
Tax rate used by Spinco for financial accounting purposes for such taxable year, as adjusted under Section 2.04(d)(ii). 

(ii) If any deferred tax asset resulting from any depreciation or amortization described in Section 2.04(d)(i)(A)(1)
claimed for the applicable tax year is properly reduced or offset by a valuation allowance in Spinco’s consolidated U.S. financial statements prepared in accordance with GAAP for such taxable year, the Tax Asset Value for such taxable year will
be reduced, but not below zero, by the amount of such valuation allowance. If any valuation allowance previously taken into account in the determination of the Tax Asset Value under the previous sentence is released or reduced in Spinco’s
consolidated U.S. financial statements prepared in accordance with GAAP for a taxable year, the Tax Asset Value for such taxable year will be increased by an amount equal to the amount of such release or reduction. 

(iii) Any payment made pursuant to this paragraph (d) shall be made on or before the date on which Spinco files its U.S.
Federal income Tax Return for the applicable taxable year. 
 (e) Notwithstanding any other provision of this Agreement, if Transaction Taxes
are incurred other than as a result of the Contribution or the Distribution failing to qualify (in whole or in part) for its Intended Tax Treatment or Reorganization Taxes are incurred in excess of the amount allocated to Parent under the first
sentence of Section 2.05 and, as a result of such Transaction Taxes or Reorganization Taxes, any member of the Parent Tax Group or the Spinco Tax Group actually realizes a Tax Benefit, then the Parties shall make appropriate payments to share
the Tax Benefit in the same manner as the Taxes were allocated pursuant to this Agreement (provided that no Tax shall be considered to be allocated to a Party for purposes of computing a payment under this Section 2.04(e) to the extent such
other Party owes but has not yet paid any amount in respect of such Tax). 
 SECTION 2.05. Allocation of Reorganization Taxes.
Reorganization Taxes for each step of the Foreign Reorganization shall be allocated to Parent up to the amount set forth for such step on Appendix B. Any excess shall be allocated to Spinco to the extent such excess results from an action or
omission by any member of the Spinco Tax Group in breach of Section 4.10 and otherwise shall be allocated between the Parties in accordance with each Party’s relative Transaction Tax Allocation Percentage. 

SECTION 2.06. Allocation of Transfer Taxes. (a) All Transfer Taxes incurred as a result of the Spin-Off for which any member of
the Parent Tax Group is primarily or in the first instance responsible under applicable Law shall be allocated to Parent and all such Transfer Taxes for which any member of the Spinco Tax Group is primarily or in the first instance responsible under
applicable Law shall be allocated to Spinco. 

  
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 (b) Notwithstanding clause (a) of this Section, if a Transfer Tax would be allocated under
clause (a) of this Section to neither Parent nor Spinco or to both Parent and Spinco, then 50% of such Transfer Tax shall be allocated to Parent and 50% of such Transfer Tax shall be allocated to Spinco. 

SECTION 2.07. Refunds and Credits. Except to the extent provided in Appendix D, if Parent, Spinco or any of their respective
Subsidiaries receives a refund of a Tax for which the other Party is liable (in whole or in part) under this Agreement (a “Refund Recipient”), such Refund Recipient shall pay to the other Party, within 30 days of receipt of such
refund, an amount equal to the product of (i) such refund, net of any Taxes and reasonable out-of-pocket expenses incurred in connection with the receipt of such refund, multiplied by (ii) the percentage of such Tax for which the other
Party is liable under this Agreement (reduced to the extent such other Party owes but has not yet paid any amount in respect of such Tax under this Agreement). If a Party would be a Refund Recipient but for the fact it elected to apply a refund to
which it would otherwise have been entitled against a Tax liability arising in a subsequent taxable period, then for purposes of the immediately preceding sentence, such Party shall be treated as a Refund Recipient with respect to such refund, and
shall be treated as receiving such refund on the due date of the Tax Return to which such refund is applied to reduce the subsequent Tax liability. 

SECTION 2.08. No Duplicative Payment. (a) Notwithstanding anything to the contrary in this Agreement, it is intended that the
provisions of this Agreement will not result in a duplicative payment of any amount required to be paid under the Transaction Agreements, and this Agreement will be construed accordingly. 

(b) Spinco shall be treated as having paid Taxes for which it is liable under this Agreement to the extent any amounts in respect of such Taxes
were either paid by any member of the Spinco Tax Group to Parent or to the applicable Tax Authority or were taken into account in determining the amount of any Intercompany Account settled as part of the Spin-Off, in each case as determined by
Parent. 
 SECTION 2.09. Amount of Indemnity Payments. The amount of any Indemnity Payment shall be (i) reduced to take into
account any Tax Benefit actually realized by the indemnitee resulting from the incurrence of the liability in respect of which the Indemnity Payment is made and (ii) increased to take into account any Tax cost actually realized by the
indemnitee resulting from the receipt of the Indemnity Payment (including any Tax cost arising from such Indemnity Payment having resulted in income or gain to either Party, for example, under Section 1.1502-19 of the Regulations, and any Taxes
imposed on additional amounts payable pursuant to this clause). 
 SECTION 2.10. Treatment of Indemnity Payments. Any Indemnity
Payment (other than any portion of a payment that represents interest) shall be treated by Parent and Spinco for all Tax purposes as a distribution from Spinco to Parent immediately prior to the Distribution (if made by Spinco to Parent) or as a
contribution from Parent to Spinco immediately prior to the Distribution (if made by Parent to Spinco), except as otherwise required by applicable Law or a Final Determination. 

  
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 ARTICLE III 

Preparation and Filing of Tax Returns, Payment of Taxes and Tax Contests 

SECTION 3.01. Parent Responsibility for Preparing Tax Returns. Parent shall timely prepare, or cause to be prepared, all Tax Returns of
the Parent Tax Group and the Spinco Tax Group for any taxable period beginning before the Distribution Date other than Tax Returns described in Section 3.02. If Spinco is responsible for filing any such Tax Return under Section 3.05(a),
Parent shall, subject to Section 3.03, promptly deliver such prepared Tax Return to Spinco reasonably in advance of the applicable filing deadline. 

SECTION 3.02. Spinco Responsibility for Preparing Tax Returns. Spinco shall timely prepare, or cause to be prepared, all Tax Returns
for the Spinco Tax Group for any taxable period beginning before the Distribution Date if such Tax Returns are of a type that a member of the Spinco Tax Group has historically been responsible for preparing. If Parent is responsible for filing any
such Tax Return under Section 3.05(a), Spinco shall, subject to Section 3.03, promptly deliver such prepared Tax Return to Parent reasonably in advance of the applicable filing deadline. 

SECTION 3.03. Method of Preparing Tax Returns. Any Tax Return described in Section 3.01 or Section 3.02 shall be correct and
complete in all material respects. To the extent that any such Tax Return directly relates to matters for which the other Party is reasonably expected to have an indemnification obligation to the Tax Return Preparer, or that may give rise to a
refund to which that other Party would be entitled, under this Agreement, the Tax Return Preparer shall (i) prepare the relevant portions of the Tax Return on a basis consistent with past practice, except (w) as necessary to reflect the
Spin-Off, (x) as required by applicable Law or to correct any clear error, (y) as a result of changes or elections made on any Tax Return of a Parent Consolidated Group that do not relate primarily to Spinco or (z) as mutually agreed
by the Parties; (ii) notify the other Party of any such portions not prepared on a basis consistent with past practice; (iii) provide the other Party a commercially reasonable opportunity to review the relevant portions of the Tax Return;
(iv) consider in good faith any reasonable comments made by the other Party; and (v) use commercially reasonable efforts to incorporate, in the portion of such Tax Return related to the other Party’s potential indemnification
obligation (or refund entitlement), any reasonable comments made by the other Party relating to the Tax Return Preparer’s compliance with clause (i). 

SECTION 3.04. Information Packages. Each Party (i) shall provide to the other Party (in the format reasonably determined by the
other Party) all information and assistance requested by the other Party as reasonably necessary to prepare any Tax Return described in Section 3.01 or 3.02 on a timely basis consistent with the current practices of Parent and its Subsidiaries
in preparing Tax Returns and (ii) in so providing such information and assistance, shall use any systems and third-party service providers as are consistent with the current practices of Parent and its Subsidiaries in preparing Tax Returns.

  
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 SECTION 3.05. Filing of Tax Returns and Payment of Taxes. (a) Each Party shall
execute and timely file, or cause to be executed and timely filed, each Tax Return that it (or one of its Subsidiaries) is responsible for filing under applicable Law and shall timely pay, or cause to be paid, to the relevant Tax Authority any
amount shown as due on each such Tax Return. The obligation to make payments pursuant to this Section 3.05(a) shall not affect a Party’s right, if any, to receive payments under Section 3.05(b) or otherwise be indemnified with respect
to the applicable Tax liability. 
 (b) In addition to its obligations under Section 3.03, the relevant Tax Return Preparer shall, no
later than fifteen business days before the due date (including extensions) of any Tax Return described in Section 3.01 or 3.02, notify the other Party of any amount (or any portion of any such amount) shown as due on that Tax Return for which
the other Party must indemnify the Tax Return Preparer under this Agreement. The other Party shall pay such amount to the Tax Return Preparer no later than the due date (including extensions) of the relevant Tax Return. A failure by an Indemnitee to
give notice as provided in this Section 3.05(b) shall not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except to the extent that the Indemnifying Party shall have been actually prejudiced by such
failure. 
 (c) Any notice provided pursuant to Section 3.05(b) shall include a written statement setting forth (i) the aggregate
amount of Tax shown as due on the applicable Tax Return and (ii) back-up calculations showing the amount for which the other Party must indemnify the Tax Return Preparer under this Agreement. In the case where any portion of such amount
represents income attributable to the ownership of any equity interest in any partnership, other “flowthrough” entity or CFC, the taxable period of which was a Straddle Period, such back-up calculations shall set forth the hypothetical
“closing of the books” of such partnership, other “flowthrough” entity or CFC pursuant to Section 2.03(c). 
 (d) In
the case of any Tax Return that is required to be prepared by one Party under this Agreement and that is required by Law to be filed by another Party (or by its authorized representative), the latter Party will not be required to file such Tax
Return under this Agreement if there is no substantial authority for the Tax treatment of any material Tax items reported on the Tax Return. 

SECTION 3.06. Adjustment Requests (Including Amended Tax Returns). (a) Spinco will not file any Adjustment Request with respect to
any Tax for which Parent has an indemnification obligation under this Agreement or that would otherwise reasonably be expected to give rise to a Tax liability for which Parent would be responsible (and for which Parent may not seek indemnification
under this Agreement) and Parent will not file any Adjustment Request with respect to any Tax for which Spinco has an indemnification obligation under this Agreement or that would otherwise reasonably be expected to give rise to a Tax liability for
which Spinco would be responsible (and for which Spinco may not seek indemnification under this Agreement), in each case without the consent of the other Party (not to be unreasonably withheld, conditioned or delayed). Any Adjustment Request that
the Parties consent to make under this Section 3.06 will be prepared by the Tax Return Preparer for the Tax Return to be adjusted. 

  
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 (b) Spinco and its Affiliates will make any available elections to waive the right to carry back
any Tax attributes of any member of the Spinco Tax Group from any Post-Distribution Period to any Pre-Distribution Period of such member and will not make any affirmative election to claim any such carryback. 

SECTION 3.07. Tax Contests. (a) Parent or Spinco, as applicable, shall, within 30 days of becoming aware of any Tax Contest
(including a Transaction Tax Contest) that could reasonably be expected to cause the other Party to have an indemnification obligation (or refund entitlement) under this Agreement, notify the other Party of such Tax Contest and thereafter promptly
forward or make available to the Indemnifying Party copies of notices and communications relating to the relevant portions of such Tax Contest. A failure by an Indemnitee to give notice as provided in this Section 3.07(a) (or to promptly
forward any such notices or communications) shall not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except to the extent that the Indemnifying Party shall have been actually prejudiced by such failure. 

(b) Parent and Spinco each shall have the exclusive right to control the conduct and settlement of any Tax Contest, other than a Transaction
Tax Contest, relating to any Tax Return that it is responsible for preparing pursuant to Section 3.01 or 3.02, as applicable. Notwithstanding the foregoing, if the conduct or settlement of any portion or aspect of any such Tax Contest could
reasonably be expected to cause a Party to have an indemnification obligation (or refund entitlement) under this Agreement, then (i) the Indemnifying Party shall have the right to share joint control over the conduct and settlement of that
portion or aspect and (ii) whether or not the Indemnifying Party exercises that right, the Indemnitee shall not accept or enter into any settlement without the consent of the Indemnifying Party (not to be unreasonably withheld, conditioned or
delayed). 
 (c) Parent and Spinco shall have the right to control jointly the conduct and settlement of any Transaction Tax Contest.
Notwithstanding the foregoing, Parent shall be entitled to control exclusively the conduct and settlement of any Transaction Tax Contest if Parent notifies Spinco that (notwithstanding the rights and obligations of the Parties under this Agreement)
Parent agrees to pay (and indemnify Spinco against) any Transaction Taxes resulting from such Transaction Tax Contest. 
 (d) In any case
where the Parties control jointly the conduct and settlement of any Tax Contest (or portion or aspect thereof): (i) neither Party shall accept or enter into any settlement of such Tax Contest (or the relevant portion or aspect thereof) without
the consent of the other Party (not to be unreasonably withheld, conditioned or delayed), (ii) both Parties shall have a right to review and consent (not to be unreasonably withheld, conditioned or delayed) to any correspondence or filings to
be submitted to any Tax Authority with respect to such Tax Contest (or the relevant portion or aspect thereof) and (iii) both Parties shall have the right to attend any formally scheduled meetings with any Tax Authority or hearings or
proceedings before any judicial authority, in each case with respect to such Tax Contest (or the relevant portion or aspect thereof). 

  
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 SECTION 3.08. Expenses and Applicability. (a) Each Party shall bear its own expenses
in the course of any Tax Contest, other than expenses included in the definition of Transaction Taxes, which shall be governed by Article II. 

(b) This Article III shall not apply before the Distribution. 

ARTICLE IV 
 Tax Matters
Relating to the Spin-Off 
 SECTION 4.01. Mutual Representations. Each Party represents that it knows of no fact, and has no plan
or intention to take any action, that it knows or reasonably should expect, after consultation with a Tax Advisor, (i) is inconsistent with the qualification of any step of the Internal Transactions, the Contribution or the Distribution for its
Intended Tax Treatment or (ii) would adversely affect the effectiveness or validity any Ruling that has been requested or received from the IRS. 

SECTION 4.02. Mutual Covenants. (a) Each Party shall use its reasonable best efforts to cause the Cravath Tax Opinion to be
issued, including by executing the Tax Opinion Representations requested by Cravath that are true and correct. 
 (b) Except as otherwise
expressly required or permitted by the Transaction Agreements, after the Distribution neither Party shall take or fail to take, or cause or permit its respective Subsidiaries to take or fail to take, any action, if such action or omission would be
inconsistent with its Tax Opinion Representations or the Intended Tax Treatment. 
 SECTION 4.03. Termination of Tax Sharing
Agreements. Prior to the Distribution, the Parties shall terminate all Tax allocation or sharing agreements that are exclusively between one or more members of the Spinco Tax Group, on the one hand, and one or more members of the Parent Tax
Group, on the other hand (other than this Agreement). Upon withdrawal, all rights and obligations under such agreements shall cease. 

SECTION 4.04. Restricted Actions. (a) Subject to Section 4.05, during the period that begins on the Distribution and ends on
the second anniversary of the Distribution Date (the “Restricted Period”), Spinco will not (and will not cause or permit its Subsidiaries to), in any transaction or series of transactions: 

(i) liquidate or partially liquidate Spinco or any other member of the Spinco Tax Group, whether by merger, consolidation,
conversion or otherwise; 

  
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 (ii) enter into or cause or permit any Proposed Acquisition Transaction; 

(iii) redeem or otherwise repurchase (directly or indirectly) any Spinco Capital Stock, except to the extent such redemptions
or repurchases meet the following requirements: (w) there is a good business purpose for the stock purchases, (x) the stock to be purchased is widely held, (y) the stock purchases will be made on the open market and (z) the
aggregate amount of stock purchases will be less than 20% of the total value of the outstanding stock of Spinco (determined on the Distribution Date); 

(iv) sell or transfer 50% or more of the gross assets of the Active Trade or Business or 50% or more of the consolidated gross
assets that Spinco and its Subsidiaries held immediately before the Distribution (provided, however, that the foregoing shall not apply to (w) sales, transfers or dispositions of assets in the Ordinary Course of Business,
(x) payments of cash to acquire assets from an unrelated Person in an arm’s length transaction, (y) sales, transfers or dispositions of assets to a Person that is disregarded as an entity separate from the transferor for U.S. Federal
income Tax purposes or (z) any mandatory or optional repayments (or prepayments) of any indebtedness of Spinco or any of its Subsidiaries); or 

(v) cause or permit Spinco and its Subsidiaries to cease to operate the Active Trade or Business in a manner substantially
consistent with the operation of the Active Trade or Business immediately before the Distribution. 
 (b) (i) For purposes of this Agreement,
“Proposed Acquisition Transaction” means any transaction or series of transactions (or any agreement, understanding or arrangement to enter into a transaction or series of transactions) as determined for purposes of
Section 355(e) of the Code, in connection with which one or more Persons would (directly or indirectly) acquire, or have the right to acquire (including pursuant to an option, warrant or other conversion right), from any other Person or
Persons, Spinco Capital Stock that, when combined with any other acquisitions of Spinco Capital Stock that occur after the Distribution (but excluding any other acquisition described in clause (ii)) comprises 20% or more of the value or the
total combined voting power of all interests that are treated as outstanding equity in Spinco for U.S. Federal income Tax purposes immediately after such transaction or, in the case of a series of related transactions, immediately after any
transaction in such series. For this purpose, any recapitalization, repurchase or redemption of Spinco Capital Stock and any amendment to the certificate of incorporation (or other organizational documents) of Spinco shall be treated as an indirect
acquisition of Spinco Capital Stock by any shareholder to the extent such shareholder’s percentage interest in interests that are treated as outstanding equity in Spinco for U.S. Federal income Tax purposes increases by vote or value. 

  
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 (ii) Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not
include (y) transfers on an established market of Spinco Capital Stock that are described in Safe Harbor VII of Section 1.355-7(d) of the Regulations or (z) issuances of Spinco Capital Stock that satisfy Safe Harbor VIII (relating to
acquisitions in connection with a Person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Section 1.355-7(d) of the Regulations; provided, that such transaction or series
of transactions shall constitute a Proposed Acquisition Transaction if meaningful factual diligence is necessary to establish that Section 4.04(b)(ii)(y) or (z) applies. 

(c) If Spinco merges or consolidates with another Person to form a new Person, references in this Agreement to Spinco shall be to that new
Person and Spinco Capital Stock shall refer to the capital stock or other relevant instruments or rights of that new Person. 
 (d) The
provisions of this Section 4.04, including the definition of “Proposed Acquisition Transaction”, are intended to monitor compliance with Section 355 of the Code and shall be interpreted accordingly. Any clarification of, or
change in, Section 355 of the Code or the Regulations thereunder shall be incorporated into this Section 4.04 and its interpretation. 

SECTION 4.05. Consent To Take Certain Restricted Actions. (a) Spinco may (and may cause or permit its Subsidiaries to) take an
action otherwise prohibited under Section 4.04(a) if, prior to taking such action, Parent provides consent. Parent may not withhold its consent if Spinco has provided it with Satisfactory Guidance. 

(b) For purposes of this Agreement, “Satisfactory Guidance” means either a Ruling or an Unqualified Tax Opinion, at the
election of Spinco, in either case satisfactory to Parent in both form and substance, including with respect to any underlying assumptions or representations and any legal analysis contained therein, and concluding that the proposed action will not
cause any step of the Internal Transactions, the Contribution or the Distribution to fail to qualify for its Intended Tax Treatment for U.S. Federal income Tax purposes. 

(c) For purposes of this Agreement, “Unqualified Tax Opinion” means an unqualified “will” opinion of a Tax Advisor
that permits reliance by Parent. The Tax Advisor, in issuing its opinion, shall be permitted to rely on the validity and correctness, as of the date given, of any previously issued Tax Opinions/Rulings, unless such reliance would be unreasonable
under the circumstances, and shall assume that each step of the Internal Transactions, the Contribution and the Distribution would have qualified for its Intended Tax Treatment for U.S. Federal income Tax purposes if the action in question did not
occur. 
 SECTION 4.06. Procedures Regarding Opinions and Rulings. (a) If Spinco notifies Parent that it desires to take a
restricted action described in Section 4.04(a) and seeks Satisfactory Guidance for purposes of Section 4.05, Parent, at the request of Spinco, shall use commercially reasonable efforts to expeditiously obtain, or assist Spinco in
obtaining, such Satisfactory Guidance. Notwithstanding the foregoing, Parent shall not be required to take any action pursuant to this Section 4.06(a) if, upon request, Spinco fails to certify that all information and representations relating
to Spinco or any Subsidiary of Spinco in the relevant documents are true, correct and 

  
 16 

 
complete or fails to obtain certification from any counterparty to any Proposed Acquisition Transaction that all information and representations relating to such counterparty in the relevant
documents are true, correct and complete. Spinco shall reimburse Parent for all reasonable out-of-pocket costs and expenses incurred by Parent or any Subsidiary of Parent in obtaining Satisfactory Guidance within 30 days after receiving an invoice
from Parent therefor. 
 (b) Parent shall have the right to obtain a Ruling, any other guidance from any Tax Authority or an opinion of Tax
counsel or an accounting firm relating to the Spin-Off at any time in Parent’s sole discretion. Spinco, at the request of Parent, shall use commercially reasonable efforts to expeditiously obtain, or assist Parent in obtaining, any such Ruling,
other guidance or opinion; provided, however, that Spinco shall not be required to make any representation or covenant that it does not reasonably believe is (and will continue to be) true, accurate and consistent with historical
facts. Parent shall reimburse Spinco for all reasonable out-of-pocket costs and expenses incurred by Spinco or any Subsidiary of Spinco in obtaining a Ruling, other guidance or opinion requested by Parent within 30 days after receiving an invoice
from Spinco therefor. 
 (c) Parent shall have exclusive control over the process of obtaining any Ruling or other guidance from any Tax
Authority concerning the Spin-Off, and Spinco shall not independently seek any Ruling or other guidance concerning the Spin-Off at any time. In connection with any Ruling requested by Spinco pursuant to Section 4.06(a) or that can reasonably be
expected to affect Spinco’s liabilities under this Agreement, Parent shall (i) keep Spinco informed of all material actions taken or proposed to be taken by Parent, (ii) reasonably in advance of the submission of any ruling request
provide Spinco with a draft thereof, consider Spinco’s comments on such draft and provide Spinco with a final copy thereof and (iii) provide Spinco with notice reasonably in advance of, and (subject to the approval of the IRS) permit
Spinco to attend, any formally scheduled meetings with the IRS that relate to such Ruling. 
 (d) Notwithstanding anything herein to the
contrary, Spinco shall not seek a ruling with respect to a Pre-Distribution Period (whether or not relating to the Spin-Off) if Parent determines that there is a reasonable possibility that such action could have a material adverse impact on Parent
or any Subsidiary of Parent. 
 SECTION 4.07. Notification and Certification Regarding Certain Acquisition Transactions. (a) If
Spinco proposes to enter into any 10% Acquisition Transaction or take any affirmative action to permit any 10% Acquisition Transaction to occur at any time during the 30-month period following the Distribution Date, Spinco shall undertake in good
faith to provide Parent, no later than 30 days following the signing of any written agreement with respect to such 10% Acquisition Transaction or obtaining knowledge of the occurrence of any such 10% Acquisition Transaction that takes place without
written agreement, with a written description of such transaction (including the type and amount of Spinco Capital Stock to be acquired) and a brief explanation as to why Spinco believes that such transaction does not result in the application of
Section 355(a)(1)(B) or 355(e) of the Code to the Spin-Off. 

  
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 (b) For purposes of this Agreement, “10% Acquisition Transaction” means any
transaction or series of transactions that would be a Proposed Acquisition Transaction if the percentage specified in the definition of Proposed Acquisition Transaction were 10% instead of 20%. 

SECTION 4.08. Tax Reporting of the Spin-Off. The Tax Returns of Parent, Spinco and their respective Affiliates will report the Tax
items relating to the Spin-Off consistent with the Intended Tax Treatment and this Agreement, unless otherwise required by applicable Law or a Final Determination. 

SECTION 4.09. Actions after the Distribution on the Distribution Date. Spinco will not take any action on the Distribution Date after
the Distribution that is outside the ordinary course of business of Spinco. 
 SECTION 4.10. Actions after the Distribution Date for
Remainder of Calendar Year. (a) From and after the Distribution Date, Spinco and its Subsidiaries shall not, without the prior consent of Parent, engage in, enter into, undertake or cause or permit any Non-US Spinco Member to engage in,
enter into, or undertake any of the following actions or series of actions having an effective date on or before January 1 of the calendar year immediately following the calendar year in which the Distribution Date occurs: 

(i) A distribution, whether in the form of a dividend, return of capital or otherwise; 

(ii) A redemption or other repurchase (directly or indirectly) of any shares of capital stock of any Non-US Spinco Member; 

(iii) Any loan or series of loans that would reasonably be expected to result in an inclusion under Section 956 of the
Code; 
 (iv) Any merger, consolidation, amalgamation, combination, demerger, liquidation, conversion or other corporate
restructuring having similar effect; 
 (v) A sale of assets to any Subsidiary of Spinco or to any unrelated party; 

(vi) A sale of any shares of any Subsidiary of Spinco to any other Subsidiary of Spinco or to any unrelated party; 

(vii) The filing of a U.S. Internal Revenue Service Form 8832 with respect to any Non-US Spinco Member or any other action that
would reasonably be expected to change the U.S. entity classification of any Non-US Spinco Member; or 
 (viii) Any similar
actions or transactions outside of the Ordinary Course of Business of any Non-US Spinco Member that would reasonably be expected to impact the earnings and profits as determined for U.S. Federal income Tax purposes of any Non-US Spinco Member.

  
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 (b) During the Restricted Period, no member of the Spinco Tax Group shall engage in, enter into,
undertake or cause or permit any action or series of actions that it knows or reasonably would expect to result in the incurrence of Reorganization Taxes in excess of the amount of Reorganization Taxes allocated to Parent under the first sentence of
Section 2.05. 
 SECTION 4.11. Protective Section 336(e) Election. Parent will make a valid protective election under
Section 336(e) of the Code and Section 1.336-2(j) of the Regulations (and any similar provision of U.S. state or local Law) in connection with the Distribution. Accordingly, the Parties agree that this Agreement constitutes a written,
binding agreement to make a protective election under Section 336(e) of the Code as contemplated by Section 1.336-2(h)(1)(i) of the Regulations. Spinco will cooperate with Parent to facilitate the making of such election. 

ARTICLE V 
 Procedural Matters

 SECTION 5.01. Cooperation. Each Party shall cooperate (and cause their respective Subsidiaries to cooperate) with reasonable
requests from the other Party in matters covered by this Agreement, including in connection with the preparation and filing of Tax Returns, the calculation of Taxes, the determination of the proper financial accounting treatment of Tax items and the
conduct and settlement of Tax Contests. Such cooperation shall include: 
 (i) retaining until the expiration of the relevant
statute of limitations (including extensions) records, documents, accounting data, computer data and other information (“Records”) necessary for the preparation, filing, review, audit or defense of all Tax Returns relevant to an
obligation, right or liability of either Party under this Agreement; 
 (ii) providing the other Party reasonable access to
Records and to its personnel (ensuring their cooperation) and premises during normal business hours to the extent relevant to an obligation, right or liability of the other Party under this Agreement or otherwise reasonably required by the other
Party to complete Tax Returns or to compute the amount of any payment contemplated by this Agreement; and 
 (iii) notifying
the other Party prior to disposing of any relevant Records and affording the other Party the opportunity to take possession or make copies of such Records at its discretion. 

SECTION 5.02. Indemnification Claims and Payments. (a) An Indemnitee shall be entitled to make a claim for payment with respect to
Taxes under this Agreement when the Indemnitee determines that it is entitled to such payment and is able 

  
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to calculate with reasonable accuracy the amount of such payment. Except as otherwise provided in Section 3.05(b), the Indemnitee shall provide to the Indemnifying Party notice of such claim
within 60 business days of the first date on which it so becomes entitled to make such claim. Such notice shall include a description of such claim and a detailed calculation of the amount claimed. 

(b) Except as otherwise provided in Section 3.05(b), the Indemnifying Party shall make the claimed payment to the Indemnitee within 60
days after receiving such notice, unless the Indemnifying Party reasonably disputes its liability for, or the amount of, such payment. 
 (c)
A failure by an Indemnitee to give notice as provided in Section 3.05(b) or 5.02(a) shall not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except to the extent that the Indemnifying Party shall have
been actually prejudiced by such failure. 
 (d) Nothing in this Section 5.02 shall prejudice a Party’s right to receive payments
pursuant to Section 3.05(b). 
 SECTION 5.03. Tax Disputes. Notwithstanding Section 6.02, this Section 5.03 shall
govern the resolution of any dispute arising between the Parties in connection with this Agreement, other than a dispute (i) relating to liability for Transaction Taxes or (ii) in which the amount of liability in dispute exceeds
$5 million (a “Tax Dispute”). The Parties shall negotiate in good faith to resolve any Tax Dispute for 45 days (unless earlier resolved). Upon notice of either Party after 45 days, the matter will be referred to a Tax Advisor
acceptable to both Parties. The Tax Advisor may, in its discretion, obtain the services of any third party necessary to assist it in resolving the Tax Dispute. The Parties shall instruct the Tax Advisor to furnish notice to each Party of its
resolution of the Tax Dispute as soon as practicable, but in any event no later than 60 days after its acceptance of the matter for resolution. Any such resolution by the Tax Advisor will be binding on the Parties and the Parties shall take, or
cause to be taken, any action necessary to implement the resolution. All fees and expenses of the Tax Advisor shall be shared equally by the Parties. If, having determined that a Tax Dispute must be referred to a Tax Advisor, after 45 days the
Parties are unable to find a Tax Advisor willing to adjudicate the Tax Dispute in question and that the Parties in good faith find acceptable, then this Section 5.03 shall cease to apply to that Tax Dispute. 

ARTICLE VI 
 Miscellaneous

 SECTION 6.01. Counterparts; Entire Agreement. (a) This Agreement may be executed in one or more counterparts, all of
which counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This Agreement may be executed by facsimile or PDF signature
and scanned and exchanged by electronic mail, and such facsimile or PDF signature or scanned and exchanged copies shall constitute an original for all purposes. 

  
 20 

 (b) This Agreement and the Appendices, Exhibits and Schedules hereto and thereto contain the
entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there
are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or referred to herein or therein. In the event of any inconsistency between this Agreement and the Separation Agreement or
any other agreements relating to the Spin-Off, the provisions of this Agreement will control. For the avoidance of doubt, any Conduent Liability that is a contractual Liability relating to Taxes relating to, arising out of or resulting from any
terminated, divested or discontinued business or operation of the BPO Business is governed by the Separation Agreement. 
 SECTION 6.02.
Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws
thereof. Each Party irrevocably consents to the exclusive jurisdiction, forum and venue of the Commercial Division of the Supreme Court of the State of New York, New York County and the United States District Court for the Southern District of New
York over any and all claims, disputes, controversies or disagreements between the Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this
Agreement or any of the transactions contemplated hereby or thereby. 
 SECTION 6.03. Assignability. Neither this Agreement nor any
of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of Law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment without such consent
shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the foregoing, either Party may assign
this Agreement without consent in connection with (a) a merger transaction in which such Party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such Party’s Assets, or (b) the sale
of all or substantially all of such Party’s Assets; provided, however, that the assignee expressly assumes in writing all of the obligations of the assigning Party under this Agreement, and the assigning Party provides written
notice and evidence of such assignment and assumption to the non-assigning Party. 
 SECTION 6.04. Third-Party Beneficiaries. The
provisions of this Agreement are solely for the benefit of the Parties hereto and are not intended to confer upon any Person except the Parties hereto any rights or remedies hereunder and there are no third-party beneficiaries of this Agreement and
this Agreement shall not provide any third person with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 

  
 21 

 SECTION 6.05. Notices. All notices or other communications under this Agreement shall be
in writing and shall be deemed to be duly given when (a) delivered in person, (b) on the date received, if sent by a nationally recognized delivery or courier service or (c) upon the earlier of confirmed receipt or the fifth business
day following the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to Parent, to: 

Xerox Corporation 

P.O. Box 4505, 45 Glover Avenue 

Norwalk, CT 06850 

Attn: 

email: 

Facsimile: 
 with
a copy to: 
 Cravath, Swaine & Moore LLP 

Worldwide Plaza 

825 Eighth Avenue 

New York, NY 10019 

	 	Attn:	Robert I. Townsend III 

	 	    	Lauren Angelilli 

	 	    	Eric L. Schiele 

	 	    	O. Keith Hallam III 

	 	email:	rtownsend@cravath.com 

	 	    	langelilli@cravath.com 

	 	    	eschiele@cravath.com 

	 	    	khallam@cravath.com 

 Facsimile: 212-474-3700 

If to Spinco, to: 

Conduent Incorporated 

Attn: 

e-mail: 

Facsimile: 
 with
a copy to: 
 Cravath, Swaine & Moore LLP 

Worldwide Plaza 

825 Eighth Avenue 

New York, NY 10019 

	 	Attn:	Robert I. Townsend III 

	 	    	Lauren Angelilli 

	 	    	Eric L. Schiele 

	 	    	O. Keith Hallam III 

	 	email:	rtownsend@cravath.com 

	 	    	langelilli@cravath.com 

	 	    	eschiele@cravath.com 

	 	    	khallam@cravath.com 

 Facsimile: 212-474-3700 

Either Party may, by notice to the other Party, change the address to which such notices are to be given. 

  
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 SECTION 6.06. Severability. If any provision of this Agreement or the application thereof
to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than
those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is
valid and enforceable and that comes closest to expressing the intention of the invalid, void or unenforceable provision. 
 SECTION 6.07.
Expenses. Regardless of whether the Spin-Off is consummated, except as otherwise expressly provided in the Transaction Agreements, each of the Parties will pay its own expenses incident to this Agreement. 

SECTION 6.08. Headings. The article, section and paragraph headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. 
 SECTION 6.09. Survival of Covenants. Except as
expressly set forth in this Agreement, the covenants in this Agreement and the Liabilities for the breach of any obligations in this Agreement shall survive the Spin-Off and shall remain in full force and effect. 

SECTION 6.10. Waivers of Default. No failure or delay of any Party (or the applicable member of its Group) in exercising any right or
remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any
other or further exercise thereof or the exercise of any other right or power. Waiver by any Party of any default by the other Party of any provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other
default. 

  
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 SECTION 6.11. Specific Performance. Subject to Section 6.16, in the event of any
actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this
Agreement, in addition to any and all other rights and remedies at Law or in equity, and all such rights and remedies shall be cumulative. The other Party shall not oppose the granting of such relief on the basis that money damages are an
adequate remedy. The Parties agree that the remedies at Law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a
remedy at Law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived. 

SECTION 6.12. Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by any Party,
unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each Party. 

SECTION 6.13. Interpretation. The rules of interpretation set forth in Section 11.14 of the Separation Agreement shall be
incorporated by reference to this Agreement, mutatis mutandis. NOTWITHSTANDING THE FOREGOING, THE PURPOSE OF ARTICLE IV IS TO ENSURE THAT EACH STEP OF THE INTERNAL TRANSACTIONS, THE CONTRIBUTION AND THE DISTRIBUTION QUALIFIES FOR ITS
INTENDED TAX TREATMENT FOR U.S. FEDERAL INCOME TAX PURPOSES AND, ACCORDINGLY, THE PARTIES AGREE THAT THE LANGUAGE THEREOF SHALL BE INTERPRETED IN A MANNER THAT SERVES THIS PURPOSE TO THE GREATEST EXTENT POSSIBLE. 

SECTION 6.14. Late Payments. Any amount owed by one Party to another Party under this Agreement that is not paid when due will bear
interest at a rate of 2.0% per annum from the due date of the payment to the date paid. 
 SECTION 6.15. Further Assurances. The
Parties will execute and deliver all documents, provide all information, and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including the execution and delivery to the other Party and
its Subsidiaries and representatives of such powers of attorney or other authorizing documentation as is reasonably necessary or appropriate in connection with Tax Contests (or portions thereof) under the control of the other Party in accordance
with Section 3.07. 
 SECTION 6.16. Termination. This Agreement will be automatically terminated at any time before the
Distribution if the Separation Agreement is terminated. In the event of the termination of this Agreement pursuant to this Section 6.16, this Agreement, except for the provisions of this Section 6.16, will become void and have no effect,
without any liability on the part of any Party or its directors, officers or stockholders. 

  
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 SECTION 6.17. Confidentiality. Each Party hereby acknowledges that confidential
Information of such Party or its Subsidiaries may be exposed to employees and agents of the other Party or its Subsidiaries as a result of the activities contemplated by this Agreement. Each Party agrees, on behalf of itself and its Subsidiaries,
that such Party’s obligations with respect to Information and data of the other Party or its Subsidiaries shall be governed by Section 7.09 of the Separation Agreement. 

  
 25 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	XEROX CORPORATION,
		
	    by	 	 
		 	Name:
		 	Title:

  

			
	CONDUENT INCORPORATED,
		
	    by	 	 
		 	Name:
		 	Title:

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