SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Lesko James H (Last) (First) (Middle) C/O XEROX CORPORATION P.O. BOX 1600 / 800 LONG RIDGE ROAD (Street) STAMFORD CT 06904-1600 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol XEROX CORP [ XRX ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Vice President
	3. Date of Earliest Transaction (Month/Day/Year) 01/03/2005
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Incentive Stock Rights	01/03/2005		J(1)	V	9,333	D	$0(4)	18,667	D
Common Stock								5,447.37	I	Employee Stock Ownership Plan
Common Stock	01/03/2005		J(1)	V	9,333	A	$0(4)	11,276	D
Common Stock	01/03/2005		F(1)	V	3,256	D	$0(4)	8,020	D
Common Stock	02/02/2005		M		5,800	A	$0(4)	13,820	D
Common Stock	02/02/2005		S		5,100	D	$15.65	8,720	D
Common Stock	02/02/2005		S		300	D	$15.66	8,420	D
Common Stock	02/02/2005		S		400	D	$15.67	8,020	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$36.7032							01/01/1999(2)	12/31/2005	Commom Stock	52,066		52,066	D
Stock Option	$46.875							01/01/1999(3)	12/31/2008	Commom Stock	22,314		22,314	D
Stock Option	$59.4375							01/01/2000(3)	12/31/2006	Commom Stock	1,104		1,104	D
Stock Option	$47.5							03/01/2003	12/31/2009	Commom Stock	7,032		7,032	D
Stock Option	$21.7812							01/01/2005	12/31/2009	Commom Stock	30,000		30,000	D
Stock Option	$4.75	02/02/2005		M			5,800	01/01/2002(3)	12/31/2010	Commom Stock	5,800	$0(4)	5,000	D
Stock Option	$10.365							01/01/2003(3)	12/31/2011	Commom Stock	93,500		93,500	D
Stock Option	$7.885							01/01/2004(3)	12/31/2012	Commom Stock	93,500		93,500	D
Stock Option	$13.685							01/01/2005(3)	12/31/2011	Commom Stock	46,000		46,000	D

Explanation of Responses:

1. Vesting of Incentive Stock Rights.

2. Options vest over three years, 33%, 33%, 34%, beginning in year shown.

3. Options vest over three years, 33.3% per year beginning in year shown.

4. Not Applicable

	K. W. Fizer, Attorney-in-Fact	02/03/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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