SEC Contract Filing

Filing Date: 2024-01-05

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Steven J. Bandrowczak</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Executive
Officer</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Xerox Corporation</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">201 Merritt 7</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Norwalk, CT 06851</P></TD></TR>
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<TD VALIGN="top">December&nbsp;29, 2023</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Steven.bandrowczak@xerox.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">tel
203.849.5545</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Louis Pastor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">141 Milbank Avenue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Greenwich, CT 06830 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Xerox Corporation, I am
pleased to offer you the position of Executive Vice President, Chief Transformation&nbsp;&amp; Administrative Officer. This role will report to me at the Norwalk, CT Headquarters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Your starting salary for this position will be paid monthly at the annualized rate of $625,000 and will remain in effect through December&nbsp;31, 2024. With
an anticipated start date of January&nbsp;1, 2024, the Terms of our Separation and Consulting Services Agreement entered into on April&nbsp;18, 2023 (&#145;the Consulting Agreement&#146;) will be terminated effective December&nbsp;31, 2023. The
Monthly Fee (as defined in Exhibit B to the Consulting Agreement) paid to you in December 2023 will be the final Monthly Fee paid to you under the Consulting Agreement; provided however, that you shall still be entitled to receive, and you shall
receive, the Performance Fee (as defined in Exhibit B of the Consulting Agreement) in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This employment offer is conditioned upon your execution of
the Termination of Consulting Agreement, a copy of which is attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will be eligible to participate in the Management Incentive Plan (MIP)
for the 2024 performance year at the target level of 100% of salary with a payout opportunity aligned to the 2024 MIP. This plan pays annually based upon Board of Directors approval and results of both Xerox and your own individual results, and the
target award calculation is based on the individual&#146;s actual base salary earnings during the plan period when the employee was a <FONT STYLE="white-space:nowrap">MIP-eligible</FONT> participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will be granted a new hire <FONT STYLE="white-space:nowrap">two-year</FONT> ratable vested award of Restricted Stock Units (RSUs) with a value of
$2,700,000 based on the closing price of Xerox common stock on the grant date. The award will be granted in the first week of January 2024. The terms and conditions of this award will be provided to you upon grant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will be entitled to an annual LTI equity grant with a target grant date value of $2,300,000 (the &#147;2024 LTI Award&#148;). You will be considered for
an annual LTI grant in future calendar years; any such grants are subject to approval of the Compensation Committee of the Board of Directors as part of its annual review process. The 2024 LTI Award and any future LTI awards granted at the
discretion of the Compensation Committee will be delivered during the annual cycle at the same time as all other plan participants. Details of the terms and conditions of any future LTI award will be provided to you upon grant. </P>
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