Exhibit 10.12
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| Internal Memo | ||||||||
| To: | J. Michael Peffer | From: | Ursula M. Burns | Xerox Corporation | ||||
| Chairman and Chief | 45 Glover Avenue | |||||||
| Executive Officer | Norwalk, CT 06856-4505 | |||||||
| C: | D. Ford, S. Morno-Wade, | Date: | July 22, 2016 | |||||
| C. Diamond | ||||||||
New Role and Election to Corporate Officer
Mike, I am pleased to offer you the position of Vice President, General Counsel and Secretary of the current Xerox Corporation, effective August 5, 2016. This is a Corporate Officer position, reporting to me and based in Norwalk, Connecticut.
In assuming this role, your base salary will increase to $500,000 (from $316,207) effective August 1, 2016. Your 2016 annual bonus target will increase from 50% to 75% of your new base salary, also effective August 1. In addition, you will receive an RSU award of $300,000 on August 1, bringing your 2016 Executive Long-Term Incentive Program (E-LTIP) award value to $550,000.
In conjunction with your new role, your stock ownership level will increase from 1X to 2X your annual base salary.
I look forward to your acceptance of this offer and your continued contributions. If you have any questions, please call Darrell Ford at XXX-XXX-XXXX.
Sincerely,
/s/ Ursula M. Burns
UMB:cd
I ☒ Accept ☐ Decline this offer:
| /s/ J. Michael Peffer | 7/22/16 | |||||
| Signature | Date |
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