Document:

Polycom, Inc. Management Bonus Plan

 Exhibit 10.21 
  
 POLYCOM, INC. 
  
 MANAGEMENT BONUS PLAN 
  
 SECTION 1 
 BACKGROUND AND PURPOSE

  
 1.1 Effective Date. This amendment and
restatement of this Plan is effective as of November 6, 2007. 
  
 1.2 Purpose of the Plan. The Plan is intended to motivate Participants to achieve excellent short and long term financial performance for the Company and its business units. The Plan’s goals are to be achieved by providing
Participants with the opportunity to earn incentive awards for the achievement of goals relating to the performance of the Company. 
  
 SECTION 2 
 DEFINITIONS

  
 The following words and phrases shall have the following
meanings unless a different meaning is plainly required by the context: 
  
 2.1 “Actual Award” means as to any Performance Period, the actual award (if any) payable to a Participant for the Performance Period. Each Actual Award is determined by the Payout Formula for the Performance Period, subject
to the Committee’s authority under Section 3.6 to increase, eliminate or reduce the award otherwise indicated by the Payout Formula. 
  
 2.2 “Affiliate” means any corporation or other entity (including, but not limited to, partnerships and joint ventures) controlled by the
Company. 
  
 2.3 “Base Salary” means as to any
Performance Period, the Participant’s earned salary during the Performance Period. Such Base Salary shall be before both (a) deductions for taxes or benefits, and (b) deferrals of compensation pursuant to Company-sponsored plans and
Affiliate-sponsored plans. 
  
 2.4 “Board” means
the Board of Directors of the Company. 
  
 2.5
“Committee” means the committee appointed by the Board (pursuant to Section 5.1) to administer the Plan. 
  
 2.6 “Company” means Polycom, Inc., a Delaware corporation, or any successor thereto. 
  
 2.7 “Disability” means a permanent disability in accordance
with a policy or policies established by the Committee (in its discretion) from time to time. 

 2.8 “Employee” means any employee of the Company or of an Affiliate, whether such
employee is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan. 
 2.9 “Fiscal
Quarter” means a fiscal quarter within a Fiscal Year of the Company. 
 2.10 “Fiscal Year” means the fiscal year of
the Company. 
 2.11 “Participant” means as to any Performance Period, an Employee who has been selected by the Committee
for participation in the Plan for that Performance Period. 
 2.12 “Payout Formula” means as to any Performance Period, the
formula or payout matrix established by the Committee pursuant to Section 3.4 in order to determine the Actual Awards (if any) to be paid to Participants. The formula or matrix may differ from Participant to Participant. 
 2.13 “Performance Period” means any Fiscal Year or such other period longer or shorter than a Fiscal Year but not shorter than a Fiscal
Quarter or longer than three Fiscal Years, as determined by the Committee in its sole discretion. 
 2.14 “Performance
Goals” means the goal(s) (or combined goal(s)) determined by the Committee (in its discretion) to be applicable to a Participant for a Target Award for a Performance Period. As determined by the Committee, the Performance Goal(s) may
provide for a targeted level or levels of achievement using the performance criteria specified by the Committee. Any criteria used may be measured, as applicable, (i) in absolute terms, (ii) in relative terms (including, but not limited,
the passage of time and/or against other companies or metrics), (iii) on a per share and/or share per capita basis, (iv) against the performance of the Company as a whole or against particular segments or products of the Company, and/or
(v) on a pre-tax or after-tax basis. The Committee (in its discretion) shall determine whether any element(s) (for example, but not by way of limitation, the effect of mergers or acquisitions) shall be included in or excluded from the
calculation of any Performance Goal with respect to any Participants (whether or not such determinations result in any Performance Goal being measured on a basis other than generally accepted accounting principles). 
 2.15 “Plan” means the Polycom, Inc. Management Bonus Plan, as set forth in this instrument and as hereafter amended from time to time.

 2.16 “Progress Payment” means a portion of the Target Award or Actual Award for which the Committee has determined in
accordance with Section 3.6 has been earned by the Participant as of the end of the Progress Period based on achievement of the applicable Performance Goals and thereby that may be paid to the Participant during the Performance Period.

 2.17 “Progress Period” means a period shorter than and within the Performance Period for which a Progress Payment may be
made. 
 2.18 “Retirement” means with respect to any Participant, a Termination of Employment occurring in accordance with a
policy or policies established by the Committee (in its discretion) from time to time. 
  

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 2.19 “Target Award” means the target award payable under the Plan to a Participant for
the Performance Period, expressed as a percentage of his or her Base Salary or a specific dollar amount, as determined by the Committee in accordance with Section 3.3. 
 2.20 “Termination of Employment” means a cessation of the employee-employer relationship between an Employee and the Company or an
Affiliate for any reason, including, but not by way of limitation, a termination by resignation, discharge, death, Disability, Retirement, or the disaffiliation of an Affiliate, but excluding any such termination where there is a simultaneous
reemployment by the Company or an Affiliate. 
 SECTION 3 
 SELECTION OF PARTICIPANTS AND DETERMINATION OF AWARDS 
 3.1 Selection of
Participants. The Committee, in its sole discretion, shall select the Employees who shall be Participants for any Performance Period. The Committee, in its sole discretion, also may designate as Participants one or more individuals (by name
or position) who are expected to become Employees during a Performance Period. Participation in the Plan is in the sole discretion of the Committee, and shall be determined on a Performance Period by Performance Period basis. Accordingly, an
Employee who is a Participant for a given Performance Period in no way is guaranteed or assured of being selected for participation in any subsequent Performance Period. 
 3.2 Determination of Performance Goals. The Committee, in its sole discretion, shall establish the Performance Goals for each Participant for the Performance Period. Such Performance Goals shall be set
forth in writing. 
 3.3 Determination of Target Awards. The Committee, in its sole discretion, shall establish a Target Award
for each Participant. Each Participant’s Target Award shall be determined by the Committee in its sole discretion, and each Target Award shall be set forth in writing. 
 3.4 Determination of Payout Formula or Formulae. The Committee, in its sole discretion, shall establish a Payout Formula or Formulae for
purposes of determining the Actual Award (if any) payable to each Participant. Each Payout Formula shall (a) be in writing, (b) be based on a comparison of actual performance to the Performance Goals, (c) provide for the payment of a
Participant’s Target Award if the Performance Goals for the Performance Period are achieved at the predetermined level, and (d) provide for the payment of an Actual Award greater than or less than the Participant’s Target Award,
depending upon the extent to which actual performance exceeds or falls below the Performance Goals. 
 3.5 Determination of Actual
Awards. After the end of each Performance Period or, to the extent Progress Payments will be made, after the end of the Progress Period, the Committee shall certify the extent to which the Performance Goals applicable to each Participant
for the Performance Period or Progress Period, as applicable, were achieved or exceeded, as determined by the Committee. The Actual Award for each Participant shall be determined by applying the Payout Formula to the level of actual performance that
has been certified by the Committee. Notwithstanding any contrary provision of the Plan, the Committee, in its sole discretion, may 

  

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(a) increase, eliminate or reduce the Actual Award that otherwise would be payable under the Payout Formula, and (b) determine whether or not any
Participant will receive an Actual Award in the event the Participant incurs a Termination of Employment prior to the date the Actual Award is to be paid pursuant Section 4.2 below. 
 SECTION 4 
 PAYMENT OF AWARDS 
 4.1 Right to Receive Payment. Each Actual Award that may become payable under the Plan shall be paid solely from the general assets of the
Company or the Affiliate that employs the Participant (as the case may be), as determined by the Committee. Nothing in this Plan shall be construed to create a trust or to establish or evidence any Participant’s claim of any right to payment of
an Actual Award other than as an unsecured general creditor with respect to any payment to which he or she may be entitled. 
 4.2 Timing
of Payment. Subject to Section 3.6, payment of each Actual Award shall be made as soon as administratively practicable, but in no event later than two and one-half months after the end of the applicable Performance Period or Progress
Period. 
 4.3 Form of Payment. Each Actual Award shall be paid in cash (or its equivalent) in a single lump sum. 
 4.4 Payment in the Event of Death. If a Participant dies prior to the payment of an Actual Award (determined under Section 3.6) that was
scheduled to be paid to him or her prior to death for a prior Performance Period, the Award shall be paid to his or her designated beneficiary or, if no beneficiary has been designated, to the administrator or representative of his or her estate.

 SECTION 5 
 ADMINISTRATION 
 5.1 Committee is the Administrator. The Plan shall be administered by the Committee. The
Committee shall consist of not less than two (2) members of the Board. Any member of the Committee may resign at any time by notice in writing mailed or delivered to the Secretary of the Company. As of the Effective Date of the Plan, the Plan
shall be administered by the Compensation Committee of the Board. 
 5.2 Committee Authority. It shall be the duty of the
Committee to administer the Plan in accordance with the Plan’s provisions. The Committee shall have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power
to (a) determine which Employees shall be granted awards, (b) prescribe the terms and conditions of awards, (c) interpret the Plan and the awards, (d) adopt such procedures and subplans as are necessary or appropriate to permit
participation in the Plan by Employees who are foreign nationals or employed outside of the United States, (e) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (f) interpret,
amend or revoke any such rules. 
  

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 5.3 Decisions Binding. All determinations and decisions made by the Committee, the Board, and
any delegate of the Committee pursuant to the provisions of the Plan shall be final, conclusive, and binding on all persons, and shall be given the maximum deference permitted by law. 
 5.4 Delegation by the Committee. The Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all
or part of its authority and powers under the Plan to one or more directors and/or employees of the Company. 
 SECTION 6 

GENERAL PROVISIONS 
 6.1 Tax
Withholding. The Company or an Affiliate, as determined by the Committee, shall withhold all applicable taxes from any Actual Award, including any federal, state, local and other taxes. 
 6.2 No Effect on Employment. Nothing in the Plan shall interfere with or limit in any way the right of the Company or an Affiliate, as
applicable, to terminate any Participant’s employment or service at any time, with or without cause. For purposes of the Plan, transfer of employment of a Participant between the Company and any one of its Affiliates (or between Affiliates)
shall not be deemed a Termination of Employment. Employment with the Company and its Affiliates is on an at-will basis only. The Company expressly reserves the right, which may be exercised at any time and without regard to when during or after a
Performance Period such exercise occurs, to terminate any individual’s employment with or without cause, and to treat him or her without regard to the effect which such treatment might have upon him or her as a Participant. 
 6.3 Participation. No Employee shall have the right to be selected to receive an award under this Plan, or, having been so selected, to be
selected to receive a future award. 
 6.4 Indemnification. Each person who is or shall have been a member of the Committee, or
of the Board, shall be indemnified and held harmless by the Company against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action,
suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (b) from any and all amounts paid by him or her in settlement thereof,
with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and
defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the
Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 
 6.5 Successors. All obligations of the Company and any Affiliate under the Plan, with respect to awards granted hereunder, shall be binding
on any successor to the Company and/or such Affiliate, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company
or such Affiliate. 
  

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 6.6 Beneficiary Designations.
 (a) Designation. Each Participant may, pursuant to such uniform and nondiscriminatory procedures as the Committee may specify from
time to time, designate one or more Beneficiaries to receive any Actual Award payable to the Participant at the time of his or her death. Notwithstanding any contrary provision of this Section 6.6 shall be operative only after (and for so long
as) the Committee determines (on a uniform and nondiscriminatory basis) to permit the designation of Beneficiaries. 
 (b)
Changes. A Participant may designate different Beneficiaries (or may revoke a prior Beneficiary designation) at any time by delivering a new designation (or revocation of a prior designation) in like manner. Any designation or revocation
shall be effective only if it is received by the Committee. However, when so received, the designation or revocation shall be effective as of the date the designation or revocation is executed (whether or not the Participant still is living), but
without prejudice to the Committee on account of any payment made before the change is recorded. The last effective designation received by the Committee shall supersede all prior designations. 
 (c) Failed Designation. If the Committee (in its discretion) does not make this Section 6.6 operative or if Participant dies
without having effectively designated a Beneficiary, the Participant’s Account shall be payable to the administrator or representative of his or her estate. 
 6.7 Nontransferability of Awards. No award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and
distribution, or to the limited extent provided in Section 6.6. All rights with respect to an award granted to a Participant shall be available during his or her lifetime only to the Participant. 
 6.8 Deferrals. The Committee, in its sole discretion, may permit a Participant to defer receipt of the payment of cash that would otherwise
be delivered to a Participant under the Plan. Any such deferral elections shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion. Unless otherwise expressly determined by the Committee, the rules
and procedures for any deferral elections and deferrals shall be designed to comply with Section 409A of the Code. 
 SECTION 7 

 AMENDMENT, TERMINATION AND DURATION 
 7.1 Amendment, Suspension or Termination. The Board or the Committee, each in its sole discretion, may amend or terminate the Plan, or any part thereof, at any time and for any reason. No award may be
granted during any period of suspension or after termination of the Plan. 
 7.2 Duration of the Plan. The Plan shall commence on
the date specified herein, and subject to Section 7.1 (regarding the Board or the Committee’s right to amend or terminate the Plan), shall remain in effect thereafter. 
  

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 SECTION 8 
 LEGAL CONSTRUCTION 
 8.1 Gender and Number. Except where otherwise indicated by the
context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 
 8.2 Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall
be construed and enforced as if the illegal or invalid provision had not been included. 
 8.3 Requirements of Law. The granting
of awards under the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 8.4 Governing Law. The Plan and all awards shall be construed in accordance with and governed by the laws of the State of California, but
without regard to its conflict of law provisions. 
 8.5 Captions. Captions are provided herein for convenience only, and shall
not serve as a basis for interpretation or construction of the Plan. 
 EXECUTION 
 IN WITNESS WHEREOF, Polycom, Inc., by its duly authorized officer, has executed the amended and restated Plan on the date indicated below. 
  

											
		 		 	POLYCOM, INC.
				
	Dated: November 6, 2007	 		 	By:	 	/s/ Sayed M. Darwish
		 		 		 		 	Name:	 	Sayed M. Darwish
		 		 		 		 	Title:	 	SVP and General Counsel

  

 -7-Form of Amendment to U.S. Forms of Performance Share Agreements

 Exhibit 10.27 
  
 [FORM OF AMENDMENT FOR U.S. FORMS OF PERFORMANCE SHARE AGREEMENTS] 
  
 POLYCOM, INC. 
 2004 EQUITY INCENTIVE PLAN 
 AMENDMENT TO PERFORMANCE SHARE AGREEMENT[S] 

  
 This Amendment (the “Amendment”) has been made this
[INSERT DATE] by Polycom, Inc. (the “Company”). 
  
 RECITALS 
  
 WHEREAS: The Company granted
[INSERT NAME] (the “Employee”) [an award] [awards] of Performance Shares on [INSERT DATE(S)] under the Company’s 2004 Equity Incentive Plan (the “Plan”) and [a performance share agreement] [performance share agreements]
between the Company and the Employee (the “Performance Share Agreement[s]”); 
  
 WHEREAS: The Company desires to amend the Performance Share Agreement[s] to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended; 
  
 NOW, THEREFORE, the Company hereby amends the Employee’s
Performance Share Agreement[s] to provide as follows: 
  
 AGREEMENT 
  
 Unless otherwise defined herein,
initially capitalized terms shall have the same meanings as defined in the Plan. 
  
 1. Change in Control. Subsections (a) and (c) of the definition of “Change in Control” in Section 4(d)(i) of the Performance Share Agreement[s] are hereby amended in their entirety to
read as follows: 
  
 “(a) any
“person” (as such term is used in Sections 13(d) and 14(d) of the 1934 Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the 1934 Act), directly or indirectly, of securities of the Company representing more than
fifty percent (50%) of the total voting power represented by the Company’s then outstanding voting securities;” 
  
 “(c) a change in the composition of the Board occurring within a one-year period, as a result of which fewer than a majority of the
directors are Incumbent Directors;” 
  
 2. Committee
Discretion. Section 5 of the Performance Share Agreement[s] is hereby amended to add the following the language: 
  
 “Notwithstanding the foregoing, if the Committee, in its discretion, accelerates the vesting of the balance, or some lesser portion
of the balance, of the Performance Shares in 

 
connection with the Employee’s Termination of Service (other than due to death) and if the Employee is a “specified employee” within the
meaning of Section 409A at the time of such Termination of Service, then any such accelerated Performance Shares otherwise payable within the six (6) month period following the Employee’s Termination of Service instead will be paid on
the date that is six (6) months and one (1) day following the date of the Employee’s Termination of Service, unless the Employee dies following his or her Termination of Service, in which case, the accelerated Performance Shares will
be paid to the Employee’s estate as soon as practicable following his or her death, subject to paragraph 9. Thereafter, such Performance Shares shall continue to be paid in accordance with the vesting schedule set forth on the first page of
this Agreement. For purposes of this Agreement, “Section 409A” means Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and any final Treasury Regulations and other Internal Revenue Service guidance thereunder, as
each may be amended from time to time (“Section 409A”).” 
 3. Payment After Vesting. Section 6 of the Performance
Share Agreement[s] is hereby amended in its entirety to read as follows: 
 “Any Performance Shares that vest in
accordance with paragraphs 3 through 4 will be paid to the Employee (or in the event of the Employee’s death, to his or her estate) as soon as practicable following the date of vesting, subject to paragraph 9. Notwithstanding the
foregoing, if the Employee is a “specified employee” within the meaning of Section 409A at the time of the Employee’s Termination of Service (other than due to death), any Performance Shares that vest on account of the
Employee’s Termination of Service (other than due to death) in accordance with paragraphs 3 through 4 will be paid to the Employee no earlier than six (6) months and one (1) day following the date of the Employee’s Termination of
Service unless the Employee dies following his or her Termination of Service, in which case, the Performance Shares will be paid to the Employee’s estate as soon as practicable following his or her death, subject to paragraph 9. Any Performance
Shares that vest in accordance with paragraph 5 will be paid to the Employee (or in the event of the Employee’s death, to his or her estate) in accordance with the provisions of such paragraph, subject to paragraph 9. For each Performance
Share that vests, the Employee will receive one Share.” 
 4. Full Force and Effect. To the extent not expressly amended hereby,
the Performance Share Agreement[s] shall remain in full force and effect. 
 5. Entire Agreement. This Amendment and the Performance
Share Agreement[s] between the Employee and the Company, as amended, constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. 
 6. Successors and Assigns. This Amendment and the rights and obligations of the parties hereunder shall inure to the benefit of, and be binding
upon, their respective successors, assigns, and legal representatives. 
  

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 7. Governing Law. This Amendment shall be governed shall be governed by, and construed in
accordance with, the laws of the State of California, without regard to principles of conflict of laws. 
 (Signature page follows)

  

	
	POLYCOM, INC.
	
	  
	Signature
	
	  
	Print Name
	
	  
	Title

  

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