Document:

Amended Change of Control Severance Agreement - Andrew M. Miller and the Company

 Exhibit 10.3 

POLYCOM, INC. 

AMENDED CHANGE OF CONTROL SEVERANCE AGREEMENT 

This Amended Change of Control Severance Agreement (the “Agreement”) is made and entered into by and between Andrew M. Miller
(the “Employee”) and Polycom, Inc., a Delaware corporation (the “Company”), effective as of May 10, 2010 (the “Effective Date”), and amends and restates the Change of Control Severance Agreement entered into
effective as of July 1, 2009 by the Employee and the Company. 
 RECITALS  

1. It is expected that the Company from time to time will consider the possibility of an acquisition by another company or other
change of control transaction. The Board of Directors of the Company (the “Board”) recognizes that such consideration can be a distraction to the Employee and can cause the Employee to consider alternative employment
opportunities. The Board has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of the Employee, notwithstanding the possibility, threat
or occurrence of a “Change of Control” (as defined herein) of the Company. 
 2. The Board believes that it is in
the best interests of the Company and its stockholders to provide the Employee with an incentive to continue his or her employment and to motivate the Employee to maximize the value of the Company upon a Change of Control for the benefit of its
stockholders. 
 3. The Board believes that it is imperative to provide the Employee with certain severance benefits upon
the Employee’s termination of employment following a Change of Control. These benefits will provide the Employee with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of
a Change of Control. 
 4. Certain capitalized terms used in the Agreement are defined in Section 7 below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 

1. Term of Agreement. This Agreement shall terminate upon the date that all of the obligations of the parties hereto
with respect to this Agreement have been satisfied. 
 2. At-Will Employment. The Company and the Employee
acknowledge that the Employee’s employment is and shall continue to be at-will, as defined under applicable law, except as may otherwise be specifically provided under the terms of any written formal employment agreement between the Company and
the Employee (an “Employment Agreement”). If the Employee’s employment terminates for any reason, including (without limitation) any termination prior to a Change of Control, the Employee shall not be entitled to any payments,
benefits, damages, awards or compensation other than as provided by this Agreement or under his or her Employment Agreement. 

3. Agreement to Remain with the Company for 6 Months Following a Change of Control. Employee agrees to remain employed
with the Company (or its successor corporation) for a period of six (6) months following a Change of Control unless his or her employment terminates due to Employee’s death, “Disability” (as defined herein), for “Good
Reason” (as defined herein), or is terminated involuntarily by the Company during such six (6) month period. 
 4.
Termination of Employment. In the event Employee’s employment with the Company terminates for any reason governed by this Agreement, Employee will be entitled to any: (a) unpaid base salary accrued up to the effective date of
termination, (b) unpaid, but earned and accrued annual incentive for any completed fiscal year as of his or her termination of employment, (c) pay for accrued but unused vacation, (d) benefits or compensation as provided under the
terms of any employee benefit and compensation agreements or plans applicable to Employee, (e) unreimbursed business expenses required to be reimbursed to Employee, and (f) rights to indemnification

 
Employee may have under the Company’s Articles of Incorporation, Bylaws, or separate indemnification agreement, as applicable. In addition, if the termination is by the Company other than
for “Cause” (as defined herein), Employee terminates his or her employment with the Company (or any parent or subsidiary of the Company) for Good Reason or Employee dies or terminates employment due to Disability, Employee may be entitled
to the amounts and benefits specified in Section 5. 
 5. Severance Benefits. 

(a) Involuntary Termination Other than for Cause or Voluntary Termination for Good Reason Following a Change of
Control. If within twenty-four (24) months following a Change of Control (i) the Employee terminates his or her employment with the Company (or any parent or subsidiary of the Company) for Good Reason or (ii) the Company (or
any parent or subsidiary of the Company) terminates the Employee’s employment for other than Cause, or (iii) the Employee dies or terminates employment due to Disability and the Employee, except in the case of death, signs and does not
revoke a standard release of claims with the Company in a form reasonably acceptable to the Company within the period required by the release and in no event later than sixty (60) days following the Employee’s termination of employment,
inclusive of any revocation period set forth in the release of claims, then the Employee shall receive the following severance from the Company: 

(i) Severance Payment. The Employee shall be entitled to receive a lump-sum severance payment (less
applicable withholding taxes) equal to 200% of the Employee’s annual base salary (as in effect immediately prior to (A) the Change of Control, or (B) the Employee’s termination, whichever is greater) plus 200% of the
Employee’s target bonus for the fiscal year in which the Change of Control or the Employee’s termination occurs, whichever is greater. 

(ii) Options; Restricted Stock. All of the Employee’s then outstanding options to purchase shares of
the Company’s Common Stock (the “Options”) shall immediately vest and became exercisable. Additionally, all of the shares of the Company’s Common Stock then held by the Employee subject to a Company repurchase right (the
“Restricted Stock”) shall immediately vest and the Company’s right of repurchase with respect to such shares of Restricted Stock shall lapse. The Options shall remain exercisable following the termination for the period
prescribed in the respective option agreements. 
 (iii) Performance Shares. The Employee will vest in one
hundred percent (100%) of the performance shares subject to his or her performance share awards, if any, and the payment of such vested performance shares shall be made as soon as practicable following the date of termination in accordance with
the provisions of the applicable performance share award, except as otherwise provided herein. For this purpose, if the Change of Control occurs during the performance period applicable to a performance share award, the “performance shares
subject to his or her performance share awards” shall be deemed to be one hundred percent (100%) of the Target Number of Performance Shares (as set forth in the applicable performance share award). Notwithstanding any provision in this
Agreement or the applicable performance share award to the contrary and to the extent required to avoid imposition of any additional tax or income recognition under Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), prior to actual payment to the Employee, the performance shares for which the vesting would not have otherwise been accelerated under the terms of the applicable performance share award shall be paid at the same time or times as
if such performance shares had vested in accordance with the vesting schedule and provisions set forth in the applicable performance share award. 

(iv) Other Awards. With respect to outstanding awards issued under the Company’s stock plans other than award
types addressed in Sections 5(a)(ii) and (iii) above, the Employee will immediately vest in and have the right to exercise such awards, all restrictions will lapse, and all performance goals or other vesting criteria will be deemed achieved at
target levels and all other terms and conditions met. Such awards will be paid or otherwise settled as soon as administratively practicable following the date of termination or, if later, the date of exercise. Notwithstanding the foregoing, to the
extent required to avoid imposition of any additional tax or income recognition under Section 409A of the Code, such awards shall be paid or settled at the same time or times that the awards otherwise would have been paid or settled in the
absence of this Section 5(a)(iv). 
  

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 (v) Continued Employee Benefits. Company-paid health, dental,
vision, long-term disability and life insurance coverage at the same level of coverage as was provided to such Employee immediately prior to the Change of Control and at the same ratio of Company premium payment to Employee premium payment as was in
effect immediately prior to the Change of Control (the “Company-Paid Coverage”). If such coverage included the Employee’s dependents immediately prior to the Change of Control, such dependents shall also be covered at Company
expense. Company-Paid Coverage shall continue until the earlier of (i) twenty-four (24) months from the date of termination, or (ii) the date upon which the Employee and his or her dependents become covered under another
employer’s group health, dental, vision, long-term disability or life insurance plans that provide Employee and his or her dependents with comparable benefits and levels of coverage. Company-Paid Coverage shall be paid directly by the Company
to the applicable insurer and/or administrator when premiums for such coverage are due in accordance with the terms and conditions of the applicable insurance policy or administrative services agreement. Notwithstanding the foregoing, if the
Employee is a “specified employee” (as described in Section 5(f) below) on the date of the Employee’s “separation from service” (as described in Section 5(f) below), continued coverage under the long-term
disability and life insurance plans shall be solely at the expense of the Employee for the period beginning on the date of the Employee’s separation and ending six (6) months thereafter. On the date six (6) months and one (1) day
following his or her separation (or, in the event of his or her death, at such earlier time as provided in Section 5(f) below), the Company shall reimburse the Employee for the Company-Paid Coverage portion of such expense in a lump sum cash
payment. Thereafter, Company-Paid Coverage under the long-term disability and life insurance plans shall be paid directly by the Company to the applicable insurer and/or administrator when premiums for such coverage are due in accordance with the
terms and conditions of the applicable insurance policy or administrative services agreement. For purposes of Title X of the Consolidated Budget Reconciliation Act of 1985 (“COBRA”), the date of the “qualifying event” for
Employee and his or her dependents shall be the date upon which the Company-Paid Coverage terminates. 

(b) Timing of Severance Payments. Subject to Section 5(f) below, if Employee’s employment ends
on or before October 15 of a calendar year, the severance payment to which Employee is entitled pursuant to Section 5(a)(i) shall be paid by the Company to Employee in cash and in full, within ten (10) calendar days after the date of
the termination of Employee’s employment as provided in Section 5(a) or, if later, on the date the release of claims required pursuant to Section 5(a) of this Agreement becomes effective but in no event shall payment be made later
than December 31 of that calendar year. If the Employee’s employment ends after October 15 of a calendar year, the severance payment to which Employee is entitled pursuant to Section 5(a)(i) shall be paid by the Company to
Employee in cash and in full, on the later of (i) the first payroll date in the calendar year next following the calendar year in which the Employee’s employment has ended or (ii) the first payroll date following the date the
Employee’s release of claims becomes effective, subject to Section 5(f) below. If the Employee should die before all amounts have been paid, such unpaid amounts shall be paid in a lump-sum payment (less any applicable withholding taxes) to
the Employee’s designated beneficiary, if living, or otherwise to the personal representative of the Employee’s estate, as described in Section 5(f) below. 

(c) Voluntary Resignation; Termination for Cause. If the Employee’s employment with the Company
terminates (i) voluntarily by the Employee other than for Good Reason or due to Disability or (ii) for Cause by the Company, then the Employee shall not be entitled to receive severance or other benefits except for those (if any) as may
then be established under the Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the Company, including, without limitation, any Employment Agreement. 

(d) Termination Apart from Change of Control. In the event the Employee’s employment is terminated
for any reason, either prior to the occurrence of a Change of Control or after the twenty-four (24)–month period following a Change of Control, then the Employee shall be entitled to receive severance and any other benefits only as may then be
established under the Company’s existing written severance and benefits plans and practices or pursuant to other written agreements with the Company, including, without limitation, any Employment Agreement. 

(e) Exclusive Remedy. In the event of a termination of Employee’s employment within twenty-four
(24) months following a Change of Control, the provisions of this Section 5 are intended to be and are exclusive and in lieu of any other rights or remedies to which the Employee or the Company may otherwise be entitled, whether at law,
tort or contract, in equity, or under this Agreement. The Employee shall be entitled to no benefits, compensation or other payments or rights upon termination of employment following a Change in Control other than those benefits expressly set
forth in this Section 5. 
  

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 (f) Section 409A. 

(i) Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no Deferred Compensation
Separation Benefits (as defined below) payable under this Agreement will be considered due or payable until the Employee has incurred a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986,
as amended and the final regulations and any guidance promulgated thereunder (together, “Section 409A”). In addition, if the Employee is a “specified employee” within the meaning of Section 409A at the time of the
Employee’s separation from service (other than due to death), then the severance benefits payable to the Employee under this Agreement, if any, and any other severance payments or separation benefits that may be considered deferred compensation
under Section 409A (together, the “Deferred Compensation Separation Benefits”) otherwise due to the Employee on or within the six (6) month period following the Employee’s separation from service will accrue during such six
(6) month period and will become payable in a lump sum payment (less any applicable withholding taxes) on the date six (6) months and one (1) day following the date of the Employee’s separation from service. All subsequent
payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if the Employee dies following his or her separation from service but prior to the six
(6) month anniversary of his or her date of separation, then any payments delayed in accordance with this paragraph will be payable in a lump sum (less any applicable withholding taxes) to the Employee’s estate as soon as administratively
practicable after the date of the Employee’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. 

(ii) Amendments to this Agreement to Comply with Section 409A. This provision is intended to comply with the
requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The
Company and the Employee agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions, which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition
prior to actual payment to the Employee under Section 409A. 
 6. Limitation on Payments. In the event
that the severance and other benefits provided for in this Agreement or otherwise payable to the Employee (a) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended
(the “Code”) and (b) but for this Section 6, would be subject to the excise tax imposed by Section 4999 of the Code, then the Employee’s severance benefits under Section 5(a) shall be either: 

(i) delivered in full, or 

(ii) delivered as to such lesser extent which would result in no portion of such severance benefits being subject to
excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by the Employee on
an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be taxable under Section 4999 of the Code.

In the event of a reduction in accordance with Section 6(ii), the reduction will occur, with respect to such severance and other benefits considered
“parachute payments” within the meaning of Section 280G of the Code, in the following order: 
  

	 	•	 	 First, stock options or stock appreciation rights that meet all of the following: (i) the grant of which is treated as “contingent”
under Section 280G of the Code, (ii) are assumed or substituted by the surviving corporation or its parent, and (iii) are “underwater” or “at-the-money”; 

 

	 	•	 	 Second, stock options or stock appreciation rights that meet all of the following: (i) the grant of which is not treated as “contingent”
under Section 280G of the Code, (ii) accelerate vesting under Section 5(a) above or otherwise, (iii) are assumed or substituted by the surviving corporation or its parent, and (iv) are “underwater” or
“at-the-money”; 

  

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	 	•	 	 Third, stock options or stock appreciation rights that meet all of the following: (i) the grant of which is treated as “contingent”
under Section 280G of the Code, (ii) are assumed or substituted by the surviving corporation or its parent, and (iii) are “in-the-money”; 

 

	 	•	 	 Fourth, restricted stock, restricted stock units, performance shares or other outstanding equity awards (other than stock options or stock appreciation
rights) that meet all of the following: (i) the grant of which is treated as “contingent” under Section 280G of the Code and (ii) either are assumed or substituted by the surviving corporation or its parent or
“cashed-out” in connection with the Change of Control; 

  

	 	•	 	 Fifth, stock options or stock appreciation rights that meet all of the following: (i) the grant of which is treated as “contingent”
under Section 280G of the Code and (ii) are “cashed-out” in connection with the Change of Control; 

  

	 	•	 	 Sixth, cash severance, bonus, retention and other similar pay (including such cash severance pay provided pursuant to Section 5(a)(i) above) that
are treated as “contingent” under Section 280G of the Code; 

  

	 	•	 	 Seventh, stock options or stock appreciation rights that meet all of the following: (i) the grant of which is not treated as
“contingent” under Section 280G of the Code, (ii) accelerate vesting under Section 5(a) above or otherwise, (iii) are assumed or substituted by the surviving corporation or its parent, and (iv) are
“in-the-money”; 

  

	 	•	 	 Eighth, stock options or stock appreciation rights that meet all of the following: (i) the grant of which is not treated as “contingent”
under Section 280G of the Code, (ii) accelerate vesting under Section 5(a) above or otherwise, (iii) are “cashed-out” in connection with the Change of Control, and (iv) are “in-the-money”;

  

	 	•	 	 Ninth, restricted stock, restricted stock units, performance shares or other outstanding equity awards (other than stock options or stock appreciation
rights) that meet all of the following: (i) the grant of which is not treated as “contingent” under Section 280G of the Code, (ii) accelerate vesting under Section 5(a) above or otherwise, and (iii) either are
assumed or substituted by the surviving corporation or its parent or “cashed-out” in connection with the Change of Control; 

  

	 	•	 	 Tenth, the acceleration in the timing of any “vested” payment in cash or in kind. For this purpose, a payment will be considered
“vested” if the payment is vested at the time the payment acceleration occurs and any vesting of the payment that has occurred is not considered “contingent” under Section 280G of the Code; 

 

	 	•	 	 Eleventh, Company-Paid Coverage under the long-term disability and life insurance plans provided pursuant to Section 5(a) and any other taxable
benefits provided or paid for by the Company; and 

  

	 	•	 	 Twelfth, Company-Paid Coverage under the health, dental, and vision plans provided pursuant to Section 5(a) and any other tax-free benefits
provided or paid for by the Company. 

 For purposes of this Section 6, the following rules will apply: 

 

	 	•	 	 In the first and second categories above, if there are multiple grants of stock options or stock appreciation rights, the most “underwater”
award will be reduced first with each subsequent reduction applying to the next most “underwater” award; 

  

	 	•	 	 In the third and seventh categories above, if there are multiple grants of stock options or stock appreciation rights, the least
“in-the-money” award will be reduced first with each subsequent reduction applying to the next most “in-the-money” award; 

  

	 	•	 	 In the fourth, fifth, eighth, and ninth categories, if there are multiple grants of stock options, stock appreciation rights, restricted stock,
restricted stock units, performance shares or other equity awards, each grant within each category will be reduced on a pro-rata basis; and 

  

	 	•	 	 In the sixth and tenth categories, if there are multiple types of cash or in-kind payments, each payment within each category will be reduced on a
pro-rata basis. 

 For clarification purposes, these rules do not change the order described above but rather provide ordering
rules that apply within each category in the event of multiple equity grants or payments. 
 For purposes of this Section 6, the following
terms used herein will mean: 
  

	 	•	 	 Whether an equity award will be treated as “contingent” will be determined in accordance with Treasury Regulation Section 1.280G-1 A-22.

  

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	 	•	 	 An equity award will be “cashed-out” in connection with a Change of Control if the award is cancelled after payment to the Employee of an
amount in cash or cash equivalents equal to (A) the fair market value of the shares of Company Common Stock subject to the equity award at the time of the Change of Control (as determined in accordance with the applicable equity award
agreement) minus (B) the exercise or purchase price, if any, of the shares of Company Common Stock subject to the equity award at the time of the Change of Control. 

 

	 	•	 	 A stock option or stock appreciation right will be considered “underwater” if: (A) the award accelerates or is valued for purposes of
Section 280G on the date of the Change of Control and the per share exercise price of the award is greater than the per share consideration provided to holders of shares of Company Common Stock pursuant to the Change of Control, or (B) the
award accelerates or is valued for purposes of Section 280G of the Code on any date after the Change of Control and the per share exercise price of the award, as adjusted pursuant to the Change of Control, is greater than the fair market value
of a share of common stock with respect to which the award may be exercised. 

  

	 	•	 	 A stock option or stock appreciation right will be considered “at-the-money” if: (A) the award accelerates or is valued for purposes of
Section 280G on the date of the Change of Control and the per share exercise price of the award is equal to the per share consideration provided to holders of shares of Company Common Stock pursuant to the Change of Control, or (B) the
award accelerates or is valued for purposes of Section 280G of the Code on any date after the Change of Control and the per share exercise price of the award, as adjusted pursuant to the Change of Control, is equal to the fair market value of a
share of common stock with respect to which the award may be exercised. 

 A stock option or
stock appreciation right will be considered “in-the-money” if: (A) the award accelerates or is valued for purposes of Section 280G on the date of the Change of Control and the per share exercise price of the award is less than
the per share consideration provided to holders of shares of Company Common Stock pursuant to the Change of Control, or (B) the award accelerates or is valued for purposes of Section 280G of the Code on any date after the Change of Control
and the per share exercise price of the award, as adjusted pursuant to the Change of Control, is less than the fair market value of a share of common stock with respect to which the award may be exercised. 

Unless the Company and the Employee otherwise agree in writing, any determination required under this Section 6 shall
be made in writing by the Company’s independent public accountants immediately prior to Change of Control (the “Accountants”), whose determination shall be conclusive and binding upon the Employee and the Company for all
purposes. For purposes of making the calculations required by this Section6, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the
application of Sections 280G and 4999 of the Code. The Company and the Employee shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this
Section 6. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 6. 

7. Definition of Terms. The following terms referred to in this Agreement shall have the following meanings: 

(a) Cause. “Cause” shall mean (i) an act of personal dishonesty taken by the Employee in
connection with his or her responsibilities as an employee and intended to result in substantial personal enrichment of the Employee, (ii) Employee being convicted of a felony, (iii) a willful act by the Employee which constitutes gross
misconduct and which is injurious to the Company, or (iv) following delivery to the Employee of a written demand for performance from the Company which describes the basis for the Company’s reasonable belief that the Employee has not
substantially performed his or her duties, continued violations by the Employee of the Employee’s obligations to the Company which are demonstrably willful and deliberate on the Employee’s part. 

(b) Change of Control. “Change of Control” means the occurrence of any of the following:

 (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d–3 under said Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power
represented by the Company’s then outstanding voting securities; or 
  

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 (ii) Any action or event occurring within a two–year period, as a
result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated
for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or
threatened proxy contest relating to the election of directors to the Company); or 
 (iii) The consummation
of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity) at least sixty percent (60%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation; or 
 (iv) The consummation of the sale, lease or other
disposition by the Company of all or substantially all the Company’s assets. 

(c) Disability. “Disability” shall mean that the Employee has been unable to perform his or her
Company duties as the result of his or her incapacity due to physical or mental illness, and such inability, at least twenty-six (26) weeks after its commencement, is determined to be total and permanent by a physician selected by the Company
or its insurers and acceptable to the Employee or the Employee’s legal representative (such determination as to acceptability not to be unreasonably withheld). Termination resulting from Disability may only be effected after at least
thirty (30) days’ written notice by the Company of its intention to terminate the Employee’s employment. In the event that the Employee resumes the performance of substantially all of his or her duties hereunder before the
termination of his or her employment becomes effective, the notice of intent to terminate shall automatically be deemed to have been revoked. 

(d) Good Reason. “Good Reason” means without the Employee’s express written consent
(i) a material reduction of the Employee’s duties, title, authority or responsibilities, relative to the Employee’s duties, title, authority or responsibilities as in effect immediately prior to such reduction, or the assignment to
Employee of such reduced duties, title, authority or responsibilities; (ii) a substantial reduction of the facilities and perquisites (including office space and location) available to the Employee immediately prior to such reduction;
(iii) a reduction by the Company in the base compensation or target annual bonus opportunity of the Employee as in effect immediately prior to such reduction; (iv) a material reduction by the Company in the kind or level of benefits to
which the Employee was entitled immediately prior to such reduction with the result that such Employee’s overall benefits package is significantly reduced; or (v) the relocation of the Employee to a facility or a location more than
thirty-five (35) miles from such Employee’s then present location. 
 8. Successors. 

(a) The Company’s Successors. Any successor to the Company (whether direct or indirect and whether
by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this
Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to
the Company’s business and/or assets which executes and delivers an agreement pursuant to a purchase, merger, consolidation, liquidation or otherwise as described in this Section 8(a) or which becomes bound by the terms of this Agreement
by operation of law. 
 (b) The Employee’s Successors. The terms of this Agreement and all
rights of the Employee hereunder shall inure to the benefit of, and be enforceable by, the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

9. Notice. 

(a) General. All notices and other communications required or permitted hereunder shall be in writing, shall
be effective when given, and shall in any event be deemed to be given upon receipt or, if earlier, (i) five (5) days after deposit with the U.S. Postal Service or other applicable postal service, if delivered by first class mail, postage
prepaid, (ii) upon delivery, if delivered by hand, (iii) one (1) business day after the business day of deposit with Federal Express or similar overnight courier, freight prepaid or (iv) one (1)

  

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business day after the business day of facsimile transmission, if delivered by facsimile transmission with copy by first class mail, postage prepaid, and shall be addressed (A) if to
Employee, at his or her last known residential address and (B) if to the Company, at the address of its principal corporate offices (attention: Secretary), or in any such case at such other address as a party may designate by ten (10)
days’ advance written notice to the other party pursuant to the provisions above. 
 (b) Notice of
Termination. Any termination by the Company for Cause or by the Employee for Good Reason or due to Disability or as a result of any voluntary resignation shall be communicated by a notice of termination to the other party hereto given in
accordance with this Section 9(b) of this Agreement. Such notice shall indicate the specific termination provision in this Agreement relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination under the provision so indicated, and shall specify the termination date (which shall be not more than thirty (30) days after the giving of such notice). The failure by the Employee to include in the notice any fact or
circumstance which contributes to a showing of Good Reason or Disability shall not waive any right of the Employee hereunder or preclude the Employee from asserting such fact or circumstance in enforcing his or her rights hereunder. 

10. Miscellaneous Provisions. 

(a) No Duty to Mitigate. The Employee shall not be required to mitigate the amount of any payment
contemplated by this Agreement, nor shall any such payment be reduced by any earnings that the Employee may receive from any other source. 

(b) Waiver. No provision of this Agreement shall be modified, waived or discharged unless the
modification, waiver or discharge is agreed to in writing and signed by the Employee and by an authorized officer of the Company (other than the Employee). No waiver by either party of any breach of, or of compliance with, any condition or
provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c) Headings. All captions and section headings used in this Agreement are for convenient reference only
and do not form a part of this Agreement. 
 (d) Entire Agreement. This Agreement, together with
any equity award agreement, constitutes the entire agreement of the parties hereto and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of
the parties with respect to the subject matter hereof. With respect to equity awards granted on or after the date hereof, the acceleration of vesting provided herein will apply to such awards except to the extent otherwise explicitly provided in the
applicable equity award agreement. 
 (e) Choice of Law. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the State of California. The Superior Court of Santa Clara County and/or the United States District Court for the Northern District of California shall have exclusive
jurisdiction and venue over all controversies in connection with this Agreement. 

(f) Severability. The invalidity or unenforceability of any provision or provisions of this Agreement
shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 

(g) Withholding. All payments made pursuant to this Agreement will be subject to withholding of
applicable income and employment taxes. 
 (h) Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 
  

 8 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year set forth below. 
  

							
	COMPANY	 		 	POLYCOM, INC.
				
		 		 	By:	 	 /s/ Sayed M. Darwish

		 		 		 	Sayed M. Darwish
				
		 		 	Title:	 	 SVP, CAO and General Counsel

		 		 	Date:	 	 5/20/10

				
	EMPLOYEE	 		 	By:	 	 /s/ Andrew M. Miller

		 		 		 	Andrew M. Miller
				
		 		 	Title:	 	 President and Chief Executive Officer

		 		 	Date:	 	 5/20/10

 

 9Consulting Agreement - Robert C. Hagerty and the Company

 Exhibit 10.4 

POLYCOM, INC. 

CONSULTING AGREEMENT 

This Consulting Agreement (this “Agreement”) is made and entered into as of May 10, 2010 (the
“Effective Date”) by and between Polycom, Inc., a Delaware corporation (the “Company”), and Robert C. Hagerty (“Consultant”) (each herein sometimes referred to individually as a
“Party,” or collectively as the “Parties”). 
 Whereas, Consultant has
served as the President and Chief Executive Officer of the Company since 1998 and Chairman of the Board of Directors since 2000, and accordingly Consultant has deep domain knowledge and understanding of the Company, and its business and market; and

 Whereas, effective May 10, 2010, Consultant ceased serving as an employee of the Company and as the Company’
President and Chief Executive Officer, and resigned his position as Chairman and a member of the Board of Directors of the Company; and 

Whereas, effective May 10, 2010, the Parties intend that Consultant incurred a “separation from service” within the
meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the final regulations and any guidance promulgated thereunder and any applicable state law equivalents (as each may be amended or promulgated from time to time)
(“Section 409A”); and 
 Whereas, the Company desires to retain Consultant as an independent contractor to
advise the Board of Directors and the Chief Executive Officer on such strategic and other matters as the Board of Directors or Chief Executive Officer may request, and Consultant is willing to perform such advisory services on the terms described in
this Agreement; 
 Now, therefore, in consideration of these premises and the mutual promises made herein, the Company
and Consultant hereby agree as follows: 
 1. Services and Compensation 

Consultant shall perform the services described in Exhibit A (the “Services”) for the Company, and the
Company agrees to pay Consultant the compensation described in Exhibit A for Consultant’s performance of the Services. 

2. Confidential Information and Ownership of Inventions 

Consultant reaffirms and agrees to execute, observe and abide by the terms of his Proprietary Information and Invention Agreement dated
January 14, 2007 (the “Proprietary Information Agreement”), specifically including the provisions therein regarding nondisclosure of the Company’s trade secrets and confidential and proprietary information. 

3. Conflicting Obligations 

A. Consultant represents and warrants that Consultant has no agreements, relationships, or commitments to any other person or entity that
conflict with the provisions of this Agreement, Consultant’s obligations to the Company under this Agreement, or Consultant’s ability to perform the Services. Consultant will not enter into any such conflicting agreement during the term of
this Agreement. Consultant’s violation of this Section 3 will be considered a material breach under Section 5.B. 

 B. Consultant explicitly agrees that while he is a consultant he shall not, other than on
behalf of the Company or with the prior written consent of the Company, (i) serve as a partner, employee, independent contractor, consultant, advisor, officer, director, proprietor, manager, agent, associate, or (ii) directly or indirectly
own (except for passive ownership of one percent (1%) or less of any entity whose securities have been registered under the Securities Act of 1933 or Section 12 of the Securities Exchange Act of 1934), purchase, invest in, organize, or
take preparatory steps for the organization of, or (iii) directly or indirectly build, design, finance, acquire, lease, control, operate, manage, invest in, work, consult for, or otherwise affiliate with the following companies and any
successor in interest to the business and assets of such companies whether by merger, purchase of assets, purchase of stock, or otherwise: Konftel, Huawei’s video unit, Plantronics, Cisco, Logitech, Radvision, Teleris, Vidyo, ClearOne
Communications, Ascom, Mitel, Yamaha, Aastra, LG Nortel, Snom, Thomson, Siemens, Hitachi Cable, Ericsson, Motorola, Samsung, Vocera, Alcatel-Lucent, Avaya and Aethra. Consultant represents that he (i) is familiar with the foregoing covenant not
to compete, (ii) is fully aware of his obligations hereunder, and (iii) acknowledges the reasonableness and necessity of this covenant, including the reasonableness in duration and scope, as necessary for the Company to avoid the actual or
threatened misappropriation of the Company’s trade secrets and confidential information. 
 4. Return of Company
Materials 
 Upon the termination of this Agreement, Consultant will immediately deliver to the Company, and will not keep in
Consultant’s possession, recreate, or deliver to anyone else, any and all Company property, including, but not limited to, Confidential Information (as defined in the Proprietary Information Agreement), tangible embodiments of the Inventions
(as defined in the Proprietary Information Agreement), all devices and equipment belonging to the Company, all electronically-stored information and passwords to access such property, and any reproductions of any of the foregoing items that
Consultant may have in Consultant’s possession or control. 
 5. Term and Termination 

A. Term. The term of this Agreement will begin on the Effective Date of this Agreement and will continue until the
earlier of (i) one (1) year after the Effective Date, or (ii) Employee becoming employed as an employee or otherwise performing services for another entity in excess of twenty four (24) hours per week, or (iii) termination
as provided in Section 5.B. Upon mutual written agreement, the parties may elect to renew this Agreement for an additional one-year term. 

B. Termination. The Company may terminate this Agreement immediately and without prior notice if Consultant is
unable or refuses to perform the Services, and either Party may terminate this Agreement immediately and without prior notice if the other Party is in breach of any material provision of this Agreement. 

C. Survival. Upon any termination, all rights and duties of the Company and Consultant toward each other shall cease
except: 
 (1) The Company will pay, within thirty (30) days after the effective date of termination, all amounts owing to
Consultant for Services completed and accepted by the Company prior to the termination date and related reimbursable expenses, if any, submitted in accordance with the Company’s policies; and 

 

 -2- 

 (2) Section 2 (Confidentiality), Section 3 (Conflicting Obligations),
Section 4 (Return of Company Materials), Section 5 (Term and Termination), Section 6 (Independent Contractor), Section 7 (Noninterference), Section 8 (Arbitration and Equitable Relief), and Section 9 (Miscellaneous)
will survive termination or expiration of this Agreement in accordance with their terms. 
 6. Independent Contractor; Tax
Consequences 
 A. It is the express intention of the Company and Consultant that Consultant perform the Services as an
independent contractor to the Company. Nothing in this Agreement shall in any way be construed to constitute Consultant as an agent or employee of the Company. Without limiting the generality of the foregoing, Consultant is not authorized to bind
the Company to any liability or obligation or to represent that Consultant has any such authority. Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to this
Agreement. Consultant agrees to and acknowledges the obligation to pay all self-employment and other taxes on such income. The Company and Consultant agree that Consultant will receive no Company-sponsored benefits from the Company. 

B. The Company makes no representations or warranties with respect to the tax consequences of the payments and any other consideration
provided to Consultant under the terms of this Agreement. Consultant agrees and understands that he is responsible for payment, if any, of local, state, and/or federal taxes on the payments and any other consideration provided hereunder by the
Company and any penalties or assessments thereon. Consultant agrees to indemnify and hold harmless the Company and its affiliates and their directors, officers and employees from and against all taxes, losses, damages, liabilities, costs and
expenses, including attorneys’ fees and other legal expenses, arising from or in connection with (i) any obligation imposed on the Company to pay withholding taxes or similar items, (ii) any determination by a court or agency that the
Consultant is not an independent contractor. 
 C. The provisions of this Agreement and all compensation
provided for under this Agreement are intended to comply with or be exempt from the requirements of Section 409A so that none of the payments to be provided hereunder will be subject to the additional tax imposed under Section 409A, and
any ambiguities or ambiguous terms herein will be interpreted to be exempt or to so comply. It is the intent of the parties that all payments under this Agreement qualify for an exemption from Section 409A or meet the Section 409A
requirements regarding time and form of payment. Each installment or payment payable under this Agreement is intended to constitute a separate payment for purposes of Section409A. Any such amount that is paid on or before
March 15th of the calendar year following the
calendar year in which it ceases to be subject to a substantial risk of forfeiture (within the meaning of Section 409A) is intended to qualify as a “short term deferral” under Treasury Regulation Section 1.409A-1(b)(4).

 7. Noninterference 

To the fullest extent permitted under applicable law, from the date of this Agreement until twelve (12) months after the termination
of this Agreement for any reason (the “Restricted Period”), Consultant will not, without the Company’s prior written consent, either directly or indirectly solicit, induce, recruit or encourage any of the Company’s
employees with whom he has worked and/or about whom he has received material, confidential information during his engagement hereunder, to leave their employment, or take away such employees, or attempt to solicit, induce, recruit, encourage or take
away employees of 
  

 -3- 

 
the Company, either for himself or any other person or entity. During the period of time he is a Consultant, Consultant will not, whether for Consultant’s own account or for the account of
any other person, firm, corporation or other business organization, intentionally interfere with any person who is or during the period of Consultant’s engagement by the Company was a partner, supplier, customer or client of the Company or its
affiliates. 
 8. Arbitration and Equitable Relief 

A. Arbitration. In consideration of Consultant’s consulting relationship with Company, its promise to arbitrate
all disputes related to Consultant’s consulting relationship with the Company and Consultant’s receipt of the compensation paid to Consultant by Company, Consultant agrees that any and all controversies, claims, or disputes with anyone
(including Company and any employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or otherwise), arising out of, relating to, or resulting from Consultant’s consulting relationship with the Company or
the termination of Consultant’s consulting relationship with the Company, including any breach of this Agreement, shall be subject to binding arbitration under the arbitration rules set forth in California Code of Civil Procedure
Section 1280 through 1294.2, including Section 1281.8 (the “Act”) and pursuant to California Law. Consultant further understands that this Agreement to arbitrate also applies to any disputes that the Company may
have with Consultant. Except as provided by the Act and this Agreement, arbitration shall be the sole, exclusive, and final remedy for any dispute between Consultant and the Company, and neither Consultant nor the Company will be permitted to pursue
court action regarding claims that are subject to arbitration. This agreement to arbitrate shall apply to disputes regarding Consultant’s consulting relationship, and shall not otherwise supersede Consultant’s prior agreement to arbitrate
employment-related disputes in his Amended Severance Agreement dated February 8, 2010. 
 B. Procedure.
Consultant agrees that any arbitration will be administered by Judicial Arbitration & Mediation Services, Inc. (“Jams”) pursuant to its employment arbitration rules & procedures (the “Jams
Rules”). Consultant agrees that the arbitrator shall have the power to decide any motions brought by any party to the arbitration, and that the arbitrator shall issue a written decision on the merits. Consultant also agrees that the
arbitrator have the power to award any remedies available under applicable law, and that the arbitrator may award attorneys’ fees and costs to the prevailing party, except as prohibited by law. Consultant agrees that the decree or award
rendered by the arbitrator may be entered as a final and binding judgment in any court having jurisdiction thereof. To the extent that the Jams Rules conflict with California law, California law shall take precedence. Consultant further agrees that
any arbitration under this Agreement shall be conducted in Santa Barbara County, California. 
 C. Availability of
Injunctive Relief. In accordance with Rule 1281.8 of the California Code of Civil Procedure, the Parties agree that any Party may also petition the court for injunctive relief where either Party alleges or claims a violation of any
agreement regarding intellectual property, confidential information or noninterference. In the event either Party seeks injunctive relief, the prevailing Party shall be entitled to recover reasonable costs and attorneys’ fees. 

9. Miscellaneous 

A. Governing Law; Consent to Personal Jurisdiction. This Agreement shall be governed by the laws of the State of
California, without regard to California’s conflicts of law rules. To the extent that any lawsuit is permitted under this Agreement, the Parties hereby expressly consent to the personal and exclusive jurisdiction and venue of the state and
federal courts located in California. 
  

 -4- 

 B. Assignability. This Agreement will be binding upon Consultant’s
heirs, executors, assigns, administrators, and other legal representatives, and will be for the benefit of the Company, its successors, and its assigns. Consultant may not sell, assign or delegate any rights or obligations under this Agreement.
Company may assign this Agreement and its rights and obligations under this Agreement to any successor to all or substantially all of Company’s relevant assets, whether by merger, consolidation, reorganization, reincorporation, sale of assets
or stock. 
 C. Entire Agreement. This Agreement constitutes the entire agreement and understanding between
the Parties with respect to the subject matter herein and supersedes all prior written and oral agreements, discussions, or representations between the Parties. Consultant represents and warrants that he is not relying on any statement or
representation not contained in this Agreement. 
 D. Severability. If a court or other body of competent
jurisdiction determines any provision of this Agreement, or portion thereof, to be invalid or unenforceable, such provision will be enforced to the maximum extent permissible so as to effect the intent of the Parties, and the remainder of this
Agreement will continue in full force and effect. 
 E. Modification, Waiver. No modification of or amendment to
this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in a writing signed by the Parties. Waiver by the Company of a breach of any provision of this Agreement will not operate as a waiver of any other or
subsequent breach. 
 F. Notices. Any notice or other communication required or permitted by this Agreement
to be given to a Party shall be in writing and shall be deemed given (i) if delivered personally or by commercial messenger or courier service, (ii) when sent by electronic mail or by confirmed facsimile, or (iii) if mailed by U.S.
registered or certified mail (return receipt requested), to the Party at the Party’s address written below or at such other address as the Party may have previously specified by like notice. If by mail, delivery shall be deemed effective three
business days after mailing in accordance with this Section 10.F. 
  

	 	(1)	If to the Company, to: 

	 	  	Polycom, Inc. 

	 	  	4750 Willow Road 

	 	  	Pleasanton, CA 94588 

	 	  	Attention: Sayed Darwish 

 (2)
If to Consultant, to the address for notice on the signature page to this Agreement or, if no such address is provided, to the last address of Consultant provided by Consultant to the Company. 

G. Attorneys’ Fees. In any court action at law or equity that is brought by one of the Parties to this
Agreement to enforce or interpret the provisions of this Agreement, the prevailing Party will be entitled to reasonable attorneys’ fees, in addition to any other relief to which that Party may be entitled. 

 

 -5- 

 IN WITNESS WHEREOF, the Parties hereto have executed this Consulting Agreement as of the
date first written above. 
  

							
	CONSULTANT	 		 	POLYCOM, INC.
				
	 /s/ Robert C. Hagerty
	 		 	By:	 	 /s/ Sayed Darwish

	Signature	 		 		 	
				
	 Robert C. Hagerty
	 		 	Name:	 	 Sayed Darwish

	Name	 		 		 	
				
		 		 	Title:	 	 Senior Vice President, CAO and

		 		 		 	 General Counsel

		 		 		 	
	Address for Notice:	 		 		 	
				
	  
	 		 		 	
				
	  
	 		 		 	

  

 -6- 

 EXHIBIT A 

SERVICES AND COMPENSATION 

1. Contact. Consultant’s principal contact information: 

Name: Robert C. Hagerty 

Email: Robert.hagerty@polycom.com 

Phone: 925.963.2692 

2. Services. Consultant agrees to advise the Company’s Board of Directors and Chief Executive Officer, at reasonable
times, in matters related to the Company’s business and market and to make good faith efforts to meet with the Company, as appropriate as reasonably requested. 

3. Compensation and Expenses. 

A. Subject to Section 5 of the Agreement, in consideration for the services to be performed by Consultant under this Agreement, the
Company agrees, to pay Consultant $41,666.66 per month for twelve months, payable monthly on the last business day of each month commencing May 2010 through April 2011. If this Agreement is terminated during a calendar month, Consultant will
receive a pro-rata payment for the Services rendered prior to such termination with respect to such calendar month, and Consultant will be entitled to no further payments pursuant to this Agreement (except to the extent permitted under subsection B
below). 
 B. The Company will reimburse Consultant, in accordance with Company policy, for all reasonable travel and expenses
incurred by Consultant in performing the Services pursuant to this Agreement. 
 This Exhibit A is accepted and agreed
upon as of May 10, 2010. 
  

							
	CONSULTANT	 		 	POLYCOM, INC.
				
	 /s/ Robert C. Hagerty
	 		 	By:	 	 /s/ Sayed Darwish

	Robert C. Hagerty	 		 	Name:	 	Sayed Darwish
				
		 		 	Title:	 	 Senior Vice President, CAO and

		 		 		 	 General Counsel

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