Xerox Settlement Agreement With Icahn And Darwin Deason Expired

(RTTNews) - Xerox (XRX) said Thursday 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 indicated, 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.

Xerox said its 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.

On Tuesday, Xerox said that it reached an agreement with Carl Icahn and Darwin Deason that will resolve the pending proxy contest in connection with the company's 2018 Annual Meeting of Shareholders, as well as the ongoing litigation against Xerox and its directors related to the company's proposed combination with Fuji Xerox. Jeff Jacobson would resign as Chief Executive Officer of Xerox and as a member of its Board of Directors.

Keith Cozza, the Chief Executive Officer of Icahn Enterprises L.P., was expected to be elected Chairman of the Board of Directors of Xerox and John Visentin was expected to be appointed as the new Vice Chairman and Chief Executive Officer of Xerox.

Xerox noted that the agreement would become effective upon execution by the court of stipulations discontinuing the Deason litigations as to the Xerox defendants. The agreement would automatically terminate if the court does not act before 8:00 p.m. ET on May 3, 2018.