Xerox Holdings Corporation and Xerox Corporation — Form 8-K Summary
Business context and reporting period
This Form 8-K reports an event dated May 28, 2020, for Xerox Holdings Corporation and Xerox Corporation. The filing concerns the approval and effectiveness of the Xerox Holdings Corporation Performance Incentive Plan; it does not report quarterly or annual operating results.
Key financial metrics
The filing provides no revenue, profit, cash flow, margin, debt, liquidity, or other financial performance metrics.
Material changes and corporate actions
- The Xerox Holdings Corporation Board approved the Performance Incentive Plan on March 30, 2020, subject to shareholder approval.
- Shareholders approved the plan at the 2020 Annual Meeting held May 21, 2020.
- The plan was executed on behalf of Xerox Holdings Corporation and became effective May 28, 2020.
- Named executive officers and other eligible employees of Holdings and entities in which Holdings has a significant equity interest may receive awards under the plan, as determined by the Board’s Compensation Committee.
Outlook, risks, contingencies, and unusual items
The filing does not provide financial guidance, an operating outlook, risk updates, or material contingencies. The principal disclosure is the implementation of a shareholder-approved performance-based compensation plan. The plan’s detailed terms are incorporated from Proposal 4 of Xerox Holdings Corporation’s 2020 definitive proxy statement and filed as Exhibit 10.1.
Investor verification items
- Review Exhibit 10.1 for performance metrics, award limits, eligibility, vesting, and other plan terms.
- Review Proposal 4 of the 2020 definitive proxy statement for the plan’s stated rationale and design.
- Confirm future executive compensation disclosures and awards made under the plan in subsequent proxy statements and filings.
- Note that the filing contains no current-period financial results or updated balance-sheet information.