2015 Annual Performance Incentive Plan (APIP) for Executive Officers

Summary

This agreement outlines the 2015 Annual Performance Incentive Plan (APIP) for executive officers of the company. Under this plan, executives are eligible for cash bonuses based on meeting specific performance goals set by the Compensation Committee. The plan sets targets for earnings per share, operating cash flow, and revenue growth, with payments only made if these objectives are met. The Committee can adjust awards based on individual performance, within certain tax law limits. For 2015, some goals were met at threshold or below, affecting the payout amounts.

EX-10.(E)(15) 3 xrx-123115xex10e15.htm EXHIBIT 10.(E)(15) Exhibit

EXHIBIT 10(e)(15)

Annual Performance Incentive Plan for 2015 (“2015 APIP”)

Under the 2015 APIP, executive officers of the Company are eligible to receive performance related cash payments. Payments are, in general, only made if performance objectives established by the Compensation Committee of the Board of Directors (the “Committee”) are met.

The Committee previously approved an incentive target opportunity for 2015, expressed as a percentage of base salary, for each participating officer. The Committee also established overall threshold, target and maximum performance metrics for the 2015 APIP. Certain additional goals were established for some officers based on business unit measures. Additionally, the Committee had established an opportunity for an individual performance component whereby the Committee has the authority to increase or decrease the award, subject to the limitations of Section 162(m) of the Internal Revenue Code. The performance measures and weightings were adjusted earnings per share (weighted at 50%), operating cash flow (weighted at 20%) and constant currency revenue growth (adjusted to exclude the impact of changes in the translation of foreign currencies into U.S. dollars) (weighted at 30%).

The performance against the 2015 APIP goals was as follows: adjusted earnings per share was at threshold, operating cash flow was below target, and constant currency revenue growth was below threshold.