Xerox 2013 Annual Performance Incentive Plan for Executive Officers

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Xerox's 2013 Annual Performance Incentive Plan (APIP) allows executive officers to earn cash bonuses based on company and individual performance. The Compensation Committee sets performance goals related to earnings per share, operating cash flow, and revenue growth, each with specific weightings. Awards are determined after the 2013 fiscal year and paid within the first four months of 2014. The Committee can adjust awards by up to 20% for individual performance, within tax law limits.

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EX-10.E23 4 xrx-123112xex10e23.htm EXHIBIT XRX-12.31.12-Ex10(e)(23)
        

EXHIBIT 10(e)(23)


Annual Performance Incentive Plan for 2013 (“2013 APIP”)

Under the 2013 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 approved incentive opportunities for 2013, expressed as a percentage of base salary for each participating officer. The Committee also established overall threshold, target and maximum measures of performance for the 2013 APIP. Additionally, the Committee established an opportunity for an individual performance component whereby the Committee has the authority to increase or decrease the award up to 20%, subject to the limitations of Section 162(m) of the Internal Revenue Code. The performance measures and weightings are adjusted earnings per share (weighted at 40%), operating cash flow (weighted at 40%) and revenue growth (adjusted to exclude the impact of changes in the translation of foreign currencies into U.S. dollars) (weighted at 20%).

Individual awards will be subject to the review and approval of the Committee following the completion of the 2013 fiscal year, with payment to be made within the first four months of 2014.