Thread regarding Xerox Corp. layoffs

LP's Golden Parachute Expires on 12/31/26

https://investors.xerox.com/static-files/101bb5f2-18b8-4db1-897e-52c1c92a3bc7

So, LP has a golden parachute, that pays out for 24 months, or in one lump sum, at 2x his annual salary. This expires on 12/31/26 if there has not been a "Change in Control" of the company (i.e., CH 11).

CH11 before 12/31/26 = LP get 2x salary lump sum and a yet undetermined bonus.
CH11 after 12/31/26 = LP gets nothing.

Maybe there is a filing where they extended that date? If there is one, please share a link, but as this stands, LP can (will) get a multi-million dollar payout if this all goes bust before 2027.

Bonus: This was filed years ago, so it will probably hold up in court. The one they filed on 7/2/26? Not so much...

#ChangeManagement #Company #GoldenParachute #Layoffs #Legal
by Anonymous
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Post ID: @OP+1kx69y8w1
Comment! It's anonymous!

7 replies (most recent on top)

@aa legit question - is LP the only board member who can trigger CH 11 or does there have to be a unanimous board vote or something?

by Anonymous
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Post ID: @an+1kx69y8w1

@a9 LP laughing all the way to the bank.

by Anonymous
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Post ID: @aa+1kx69y8w1

@a8 that would be hilarious

by Anonymous
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Post ID: @a9+1kx69y8w1

@a7
Look for Chapter 11 in 176 days.
January 2nd, 2027

by Anonymous
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Post ID: @a8+1kx69y8w1

174 days....

by Anonymous
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Post ID: @a7+1kx69y8w1

@a5 OP here. Yup. There could be another filing where they extended the date that I'm missing, but the SEC filing naming him CEO referenced that specific doc, and I'm not seeing another one.

by Anonymous
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Post ID: @a6+1kx69y8w1

@OP So basically 5 months and 21 days.
Who is not going to take option #1?
Exactly.

by Anonymous
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Post ID: @a5+1kx69y8w1

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