Last updateWed, 18 Jul 2018 4pm

Xerox Settlement Agreement with Carl Icahn and Darwin Deason Has Expired

Xerox Board to Consider Options to Achieve Optimal Outcome for Company and its Shareholders

Xerox (NYSE: XRX) today announced that the settlement agreement it had reached with Carl Icahn and Darwin Deason on May 1, 2018 has expired in accordance with its terms. As previously stated, the agreement would have become effective upon execution of stipulations discontinuing the Deason litigation with respect to the Xerox defendants. In the absence of such stipulations, the agreement expired at 8:00 p.m. ET on May 3, 2018.

As a result, the current Board of Directors and management team will remain in place.

Xerox and its Board of Directors recognize the uncertainty caused by the developments of the past several days among the company’s investors and other stakeholders.

The Xerox Board and management team remain focused on driving continued improvement in financial and operational performance, and will consider all options to create value for the company and its shareholders.

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