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2020 Proxy Statement Have Been Distributed to Shareholders (Unless You Have Received a Copy of the Notice Or Have Consented to Electronic Delivery) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material Pursuant to §240.14a-12 Conduent Incorporated (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): ☒ No fee required. ☐ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): 4) Proposed maximum aggregate value of transaction: 5) Total fee paid: ☐ Fee paid previously with preliminary materials. ☐ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: 2) Form, Schedule or Registration Statement No.: 3) Filing Party: 4) Date Filed: Table of Contents April 6, 2020 Dear Shareholders: You are cordially invited to attend the 2020 Annual Meeting of Shareholders of Conduent Incorporated on Tuesday, May 19, 2020 at 9:00 a.m., Eastern Time. We intend to hold our Annual Meeting in person. However, we are actively monitoring the novel coronavirus (COVID-19) and we are sensitive to the public health and travel concerns our shareholders may have and the protocols that federal, state and local governments may impose. In the event it is not possible or advisable to hold our Annual Meeting in person, we will announce alternative arrangements for the meeting as promptly as practicable, which may include holding the meeting in person and by means of remote communication or solely by means or remote communication. Please monitor our Investor website at https://investor.conduent.com and our Securities and Exchange Commission filings for updated information. As always, we encourage you to vote your shares prior to the Annual Meeting. Our Annual Meeting, if held in-person, will be held at Conduent Corporate Headquarters, 100 Campus Drive, Suite 200, Florham Park, New Jersey 07932. The attached notice of the 2020 Annual Meeting of Shareholders and proxy statement provide important information about the meeting and will serve as your guide to the business to be conducted at the meeting. We urge you to carefully read the accompanying materials regarding the matters to be voted on at the meeting. At the Annual Meeting of Shareholders, you will be asked to vote upon: • A proposal to elect seven directors; • A proposal to ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2020; and • A proposal to approve, on an advisory basis, the 2019 compensation of our named executive officers. The Board of Directors unanimously recommends that you vote in favor of these proposals. It is important that your shares be represented and voted at the Annual Meeting of Shareholders, regardless of whether or not you plan to attend in person. Therefore, you are urged to vote your shares using one of the methods described on page 1 under “How do I vote?”. Thank you for your continued support of, and ongoing interest in, Conduent Incorporated. For the Board of Directors, Courtney Mather Chairman of the Board Table of Contents Notice of 2020 Annual Meeting of Shareholders Date and Time: Tuesday, May 19, 2020, at 9:00 a.m., Eastern Time Location: Conduent Corporate Headquarters 100 Campus Drive, Suite 200 Florham Park, New Jersey 07932 Purpose: Our shareholders will be asked to consider and vote on the following matters: (1) Election of seven director nominees; (2) Ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2020; (3) Approval, on an advisory basis, of the 2019 compensation of our named executive officers; and (4) Consider such other business as may properly come before the meeting. Record Date: March 25, 2020 — You are eligible to vote if you were a shareholder of record as of the close of business on this date. Proxy Voting: (1) Telephone; (2) Internet; or (3) Proxy Card. For voting instructions, please review the Notice of Internet Availability of Proxy Materials or, if you requested and received a printed copy of the proxy materials, accompanying proxy card. Importance of Vote: Whether or not you plan to attend the Annual Meeting, please submit your proxy as soon as possible to ensure that your shares are represented. Voting now will not limit your right to change your vote or to attend the Annual Meeting. Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be Held on May 19, 2020. The Proxy Statement and 2019 Annual Report are available at www.envisionreports.com/CNDT or https://investor.conduent.com. By order of the Board of Directors, Michael Krawitz Executive Vice President, General Counsel and Secretary April 6, 2020 Table of Contents TABLE OF CONTENTS GENERAL INFORMATION ABOUT THE ANNUAL MEETING 1 The Annual Meeting 1 What is the purpose of the Annual Meeting? 1 Who is entitled to vote? 1 How do I vote? 1 How does the Board recommend that I vote? 2 How can I attend the Annual Meeting? 2 How many shares are required to be present to hold the Annual Meeting? 3 How many votes are required to approve each proposal? 3 What is a broker non-vote and how will it affect the voting? 3 May I change my vote? 4 Who will count the vote? Is my vote confidential? 4 How are proxies solicited? 4 Why did I receive a Notice of Internet Availability of Proxy Materials in the mail instead of a full set of printed proxy materials? 4 How can I electronically access the proxy materials? 4 What are the deadlines and requirements for shareholder submission of proposals, director nominations and other business for the 2021 Annual Meeting? 4 How can I contact the Board? 5 What if multiple shareholders have the same address? 5 How may I get additional copies of the Annual Report and Proxy Statement? 5 Is there a list of shareholders entitled to vote at the Annual Meeting? 5 PROPOSAL 1 — ELECTION OF DIRECTORS 6 Biographies 7 Corporate Governance 11 Director Nomination Process 11 Board Leadership Structure 11 Risk Oversight 12 Director Independence 12 Certain Relationships and Related Person Transactions 13 BOARD OF DIRECTORS AND BOARD COMMITTEES 13 Committee Functions, Membership and Meetings 13 Board and Committee Meetings; Annual Meeting Attendance 16 Annual Director Compensation 16 SECURITIES OWNERSHIP 19 Securities Ownership of Certain Beneficial Owners 19 Delinquent Section 16(a) Reports 21 COMPENSATION DISCUSSION AND ANALYSIS 21 Compensation Committee Report 39 Summary Compensation Table 40 i Table of Contents Grants of Plan-Based Awards in 2019 42 Outstanding Equity Awards at 2019 Fiscal Year-End 44 Option Exercises and Stock Vested in 2019 45 Potential Payments upon Termination or Change in Control 46 Equity Compensation Plan Information 49 OTHER INFORMATION 50 Indemnification Actions 50 Directors and Officers Liability Insurance and Indemnity 50 PROPOSAL 2 — RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 55 Principal Auditor Fees and Services 55 Audit Committee Report 56 PROPOSAL 3 — PROPOSAL TO APPROVE, ON AN ADVISORY BASIS, THE 2019 COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS 57 ii Table of Contents PROXY STATEMENT GENERAL INFORMATION ABOUT THE ANNUAL MEETING The Annual Meeting The 2020 Annual Meeting of Shareholders (the “Annual Meeting”) of Conduent Incorporated (“Conduent,” the “Company,” “we,” “us,” or “our”) will be held on Tuesday, May 19, 2020, at 9:00 a.m., Eastern Time, at Conduent Corporate Headquarters, 100 Campus Drive, Suite 200, Florham Park, New Jersey 07932. We intend to hold our Annual Meeting in person. However, we are actively monitoring the novel coronavirus (COVID-19) and we are sensitive to the public health and travel concerns our shareholders may have and the protocols that federal, state and local governments may impose. In the event it is not possible or advisable to hold our Annual Meeting in person, we will announce alternative arrangements for the meeting as promptly as practicable, which may include holding the meeting in person and by means of remote communication or solely by means or remote communication. Please monitor our Investor website at https://investor.conduent.com and our Securities and Exchange Commission (“SEC”) filings for updated information. We intend, in future years, to resume holding in person or hybrid meetings under normal circumstances. What is the purpose of the Annual Meeting? At the Annual Meeting, shareholders will consider and vote on the following matters: 1. Election of the seven nominees named in this Proxy Statement to our Board of Directors (the “Board”), each for a term of one year. 2. Ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020. 3. Approval, on an advisory basis, of the 2019 compensation of our named executive officers. Shareholders will also act on any other business that may properly come before the Annual Meeting.
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