Document:

Form of Amended Change of Control Severance Agreement

 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 [NAME] (the “Employee”)
and Polycom, Inc., a Delaware corporation (the “Company”), effective as of [DATE] (the “Effective Date”) and amends and restates the Amended Change of Control Severance Agreement entered into as of [APPLICABLE DATE] 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 twelve (12) 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 100% 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 100% 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). With respect to performance share awards granted prior to [APPLICABLE DATE], 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). 
 (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) twelve (12) 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 twelve (12)–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 twelve (12) 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. 

 (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”; 

	 	•	 	 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.

	 	•	 	 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 
 (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; provided,
however, that a reduction in duties, title, authority or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Senior Vice-President of a business unit of the Company
remains as such following a Change of Control) shall not by itself constitute grounds for a “Voluntary Termination for Good Reason”; (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) 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. 
 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:	 	 
				
		 		 	Title:	 	 
				
	EMPLOYEE	 		 	By:	 	 
				
		 		 	Title:Amended Severance Agreement with Robert C. Hagerty dated December 19, 2008

 Exhibit 10.4 
 POLYCOM, INC. 
 AMENDED SEVERANCE AGREEMENT 
 This Amended Severance Agreement (the “Agreement”) is made and entered into by and between Polycom, Inc., a Delaware Corporation (the
“Company”), and you, Robert Hagerty, effective as of December 19, 2008 (the “Effective Date”) and amends and restates the Severance Agreement entered into as of May 20, 2008 (the “Amended Effective Date”),
which amended and restated the Severance Agreement entered into as of July 31, 2003 (the “Original Effective Date”), by you and the Company. For purposes of this Agreement, the “Company” shall include any parent or
subsidiary of the Company, unless the context clearly requires otherwise. 
 This Agreement is intended to strongly encourage you to remain
with the Company by providing you with certain severance benefits in the event that your employment with the Company terminates under certain circumstances. This Agreement also is intended to provide you with enhanced financial security in
recognition of your past and future service to the Company. 
 1. Eligibility for Severance Benefits. You will be entitled to the
payments and benefits described in Section 2 only if both: (a) either (1) the Company terminates your employment for a reason other than Cause, death or Disability, or (2) you voluntarily terminate your employment with the
Company for Good Reason, and (b) you (1) sign and deliver to the Company a Release of Claims satisfactory to the Company within the period required by the Release of Claims and in no event later than sixty (60) days following your
termination, inclusive of any revocation period set forth in the Release of Claims, (2) do not subsequently revoke your signature on the Release of Claims, and (3) comply with all of the terms of this Agreement, including (but not limited
to) Section 7 regarding Non-Solicitation of Employees and Section 8 regarding Non-Competition. Notwithstanding the preceding, if your termination of employment would qualify you for payments and benefits under your Amended Change of
Control Severance Agreement with the Company dated December 19, 2008, you will receive none of the payments and benefits described in Section 2. Instead, you will receive the payments and benefits to which you are entitled under your
Change of Control Severance Agreement. 
 2. Severance Benefits. If you meet the eligibility requirements described in Section 1,
you will receive the following. 
 (a) Severance Payments. You will receive severance pay equal to your annual base
salary and target bonus in effect immediately prior to the date of your termination of employment (the “Termination Date”) for a period of two years following the Termination Date. The severance pay with respect to your annual base salary
will be paid in accordance with the Company’s standard payroll practices and the severance pay with respect to your target bonus will be paid at the same time as bonuses are scheduled to be paid to the Company’s other senior executives.
Subject to Section 2(e) below, if your employment ends on or before October 15 of a calendar year, your severance payments will commence within three (3) days after the Release of Claims becomes effective and no longer is subject to
revocation but on or before December 31 of that calendar year. If your employment ends after October 15 of a calendar year, your severance payments will commence on the later of (1) the first payroll date in the calendar year next
following the calendar year in which your employment has ended or (2) the first payroll date following the date your Release of Claims becomes effective, subject to Section 2(e) below. 
 (b) Option Exercisability. You will have one year following the Termination Date to exercise your Company stock option grant nos.
00000822 (dated July 23, 1999), NQ000822 (dated July 23, 1999), 00002008 (dated May 17, 2001), NQ002008 (dated May 17, 2001) and any Company stock options granted to you after the Original Effective Date, but in each case only to
the extent that such option is vested and unexpired on the Termination Date. Moreover, in no event may any such option be exercised after the original maximum term of the option. Any options that are unvested on the Termination Date will be
forfeited on that date. 
 (c) Other Benefits. You may continue your health, dental and vision benefits coverage under
the Company’s group health plans for up to one year following the Termination Date or until you (and your eligible dependents) become eligible for group insurance benefits from another employer or are no longer eligible to receive continuation
coverage pursuant to COBRA, whichever comes first, but only if you elect continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), within the time period prescribed pursuant to COBRA. For
the duration of the one-year coverage period, the Company will reimburse you for the COBRA premiums paid by you (for coverage for yourself and your eligible dependents). COBRA reimbursements will be made by the Company to you consistent with the
Company’s normal expense reimbursement policy, provided that you submit documentation to the Company substantiating your payments for COBRA coverage. After the one-year coverage period, Company reimbursements will cease and you will be
responsible for the payment of any COBRA premiums. The Company will not reimburse you for any taxable income imputed to you because the Company has reimbursed you for your COBRA premiums (or those of your eligible dependents). 

 (d) Accrued Wages and Paid-Time Off; Expenses. The Company will pay you:
(1) any unpaid base salary due for periods prior to the Termination Date, (2) all of your accrued and unused paid-time off (“PTO”) through the Termination Date, (3) following your submission of proper expense reports, the
total unreimbursed amount of all expenses incurred by you in your duties of employment with the Company that are reimbursable in accordance with the Company’s then-existing policies, and (4) any other benefits due to you through the
Termination Date under the Company’s formal employee benefit plans (for example, the Company’s “401(k)” plan). These payments will be made promptly upon your employment termination and within the period of time mandated by law or
as provided in the applicable plan document. 
 (e) 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 you have 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 you are a “specified employee” within the meaning of Section 409A at the time of your separation from service (other than due to
death), then the severance benefits payable to you 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 you on or within the six (6) month period following your separation from service will accrue during such six (6) month period and will become payable in a lump sum payment (less applicable
withholding taxes) on the date six (6) months and one (1) day following the date of your 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 you die following your separation from service but prior to the six (6) month anniversary of your date of separation, then any payments delayed in accordance with this paragraph will
be payable in a lump sum (less applicable withholding taxes) to your estate as soon as administratively practicable after the date of your 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 you 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 you under Section 409A. 
 3. Other Terminations of Employment.
If your employment with the Company is terminated by the Company for Cause, death or Disability, or if you voluntarily terminate your employment other than for Good Reason, you will not be entitled to receive any of the payments or benefits
described in Section 2 of this Agreement. However, you may be eligible for benefits under the Company’s severance and benefit plans and policies on the Termination Date. In addition, the Company will pay you: (1) any unpaid base
salary due for periods prior to the Termination Date, (2) all of your accrued and unused PTO through the Termination Date, (3) following your submission of proper expense reports, the total unreimbursed amount of all expenses incurred by
you in your duties of employment with the Company that are reimbursable in accordance with the Company’s then-existing policies, and (4) any other benefits due to you through the Termination Date under the Company’s formal employee
benefit plans (for example, the Company’s “401(k)” plan). These payments will be made promptly upon your employment termination and within the period of time mandated by law or as provided in the applicable plan document. 

4. Definition of Terms. The following terms used to in this Agreement shall have the following meanings: 
 (a) Cause. “Cause” means (1) an act of personal dishonesty taken by you in connection with your responsibilities as an
employee and intended to result in your substantial personal enrichment, (2) your being convicted of a crime recognized as a felony in the United States, (3) a willful act by you which constitutes gross misconduct and which is injurious to
the Company, (4) following delivery to you of a written demand for performance from the Company which describes the basis for the Company’s reasonable belief that the you have not substantially performed your duties, continued violations
by you of your obligations to the Company which are demonstrably willful and deliberate on your part. 
 (b)
Disability. “Disability” means your being unable to perform the principal functions of your duties due to a physical or mental impairment, but only if such inability has lasted or is reasonably expected to last for at least six
months. The Company will determine whether a Disability exists based on evidence provided by one or more physicians selected by the Company and reasonably acceptable to you. 
  

 2 

 (c) Good Reason. “Good Reason” means, without your written consent
(1) a material reduction of your duties, authority or responsibilities, relative to your duties, authority or responsibilities as in effect immediately prior to such reduction, or the assignment to you of such reduced duties, authority or
responsibilities; (2) a substantial reduction of the facilities and perquisites (including office space and location) available to you immediately prior to such reduction; (3) a reduction by the Company of your base compensation or target
annual bonus opportunity as in effect immediately prior to such reduction; (4) a material reduction by the Company in the kind or level of benefits to which you were entitled immediately prior to such reduction with the result that your overall
benefits are significantly reduced (unless similar reductions apply to substantially all of the Company’s other senior executives); (5) your relocation to a facility or a location more than thirty-five (35) miles from your then
present location. 
 (d) Release of Claims. “Release of Claims” means a written waiver by you (in a form
specified by the Company) of all employment-related obligations of the Company and all claims and causes of action against the Company. 
 5.
Term of Agreement. If you have a termination of employment that entitles you to receive the payments and benefits described in Section 2, this Agreement will terminate when all of your and the Company’s obligations under the
Agreement have been satisfied. If you have a termination of employment that does not entitle you to receive the payments and benefits descried in Section 2, this Agreement will terminate on the Termination Date. 
 6. At-Will Employment. The Company and you acknowledge that your employment is and will continue to be at-will, as defined under applicable law.

 7. Non-Solicitation of Employees. You agree that for a period of one year following the Termination Date, you will not either
directly or indirectly solicit, induce, recruit or encourage any of the Company’s employees to leave their employment, or take away such employees, or attempt to solicit, induce, recruit, encourage or take away employees of the Company, either
for yourself or any other person or entity. 
 8. Non-Competition. With respect to the businesses of the Company or any of its
subsidiaries on either the Original Effective Date, the Amended Effective Date, the Effective Date or the date of your termination of employment from the Company and all of it subsidiaries (collectively, the “Businesses”), you agree that
during period beginning on the Original Effective Date and ending two years after the date on which you terminate employment, you, directly or indirectly, whether as employee, owner, sole proprietor, partner, director, member, consultant, agent,
founder, co-venturer or otherwise, will: (i) not engage, participate or invest in any business activity anywhere in the world that is directly competitive with the principal products or services of the Businesses (except that it will not be a
violation of this Section 11 for you to own as a passive investment not more than one percent of any class of publicly traded securities of any entity); nor (ii) directly or indirectly solicit business from any of the Businesses’
customers and users on behalf of any business that directly competes with the Businesses. 
 9. Assignment. This Agreement will be
binding upon and become of advantage to (a) your heirs, executors and legal representatives upon your death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms
of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or
substantially all of the assets or business of the Company. None of your rights to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other
attempted assignment, transfer, conveyance or other disposition of your right to compensation or other benefits will be null and void. 
 10.
Notices. 
 (a) General. All notices, requests, demands and other communications called for by this Agreement
will be in writing and will be deemed given (1) on the date of delivery if delivered personally, (2) one day after being sent by a well established commercial overnight service, or (3) four days after being mailed by registered or
certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing: 
 If to the Company: 
 Polycom, Inc. 

4750 Willow Road 
 Pleasanton, CA 94588

 Attn: General Counsel 
  

 3 

 If to you: 
 at your last residential address known by the Company. 
 (b) Notice of Termination.
Any termination by the Company for Cause or by you for Good Reason must be communicated by a notice of termination to the other party. The notice will indicate the specific termination provision in this Agreement relied upon, will set forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the date of your employment termination (which will not be more than 30 days after the giving of such
notice). Any failure on your part to include in the notice any fact or circumstance that contributes to a showing of Good Reason will not waive any of your rights under this Agreement or prevent you from asserting that fact or circumstance in
enforcing this Agreement. 
 11. Severability. In the event that any provision hereof becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 
 12.
Entire Agreement. This Agreement, your Change of Control Severance Agreement and the agreements evidencing any Company stock options and other equity compensation awards (if any) granted to you represent the entire agreement and understanding
between the Company and you concerning your severance arrangements with the Company or any of its subsidiaries, and supersedes and replaces any and all prior agreements and understandings concerning your severance arrangements with the Company. With
respect to equity compensation 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 

13. Arbitration. 
 (a) General. In consideration of your service to the Company, its promise to arbitrate all employment related disputes and your receipt of the compensation, pay raises and other benefits paid to you by the Company, at present and in
the future, you agree that any and all controversies, claims, or disputes with anyone (including the 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 your service to the Company under this Agreement or otherwise or the termination of your service 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 1283.05 (the “Rules”) and pursuant to California law. Disputes which you agree to arbitrate, and thereby agree to waive any
right to a trial by jury, include any statutory claims under state or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in
Employment Act of 1967, the Older Workers Benefit Protection Act, the California Fair Employment and Housing Act, the California Labor Code, claims of harassment, discrimination or wrongful termination and any statutory claims. You further
understand that this Agreement to arbitrate also applies to any disputes that the Company may have with you. 
 (b)
Procedure. You agree that any arbitration will be administered by the American Arbitration Association (“AAA”) and that a neutral arbitrator will be selected in a manner consistent with its National Rules for the Resolution of
Employment Disputes. The arbitration proceedings will allow for discovery according to the rules set forth in the National Rules for the Resolution of Employment Disputes or California Code of Civil Procedure. You agree that the arbitrator
shall have the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and demurrers, prior to any arbitration hearing. You agree that the arbitrator
shall issue a written decision on the merits. You also agree that the arbitrator shall have the power to award any remedies, including attorneys’ fees and costs, available under applicable law. You understand the Company will pay for any
administrative or hearing fees charged by the arbitrator or AAA except that you shall pay the first $200.00 of any filing fees associated with any arbitration you initiate. You agree that the arbitrator shall administer and conduct any arbitration
in a manner consistent with the Rules and that to the extent that the AAA’s National Rules for the Resolution of Employment Disputes conflict with the Rules, the Rules shall take precedence. 
 (c) Remedy. Except as provided by the Rules, arbitration shall be the sole, exclusive and final remedy for any dispute between you
and the Company. Accordingly, except as provided for by the Rules, neither you nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the authority to
disregard or refuse to enforce any lawful Company policy, and the arbitrator shall not order or require the Company to adopt a policy not otherwise required by law which the Company has not adopted. 
 (d) Availability of Injunctive Relief. In addition to the right under the Rules to petition the court for provisional relief, you
agree that any party may also petition the court for injunctive relief where either party alleges or claims a violation of this Agreement or any other agreement regarding trade secrets, confidential information, nonsolicitation or Labor Code
§2870. In the event either party seeks injunctive relief, the prevailing party shall be entitled to recover reasonable costs and attorneys’ fees. 
  

 4 

 (e) Administrative Relief. You understand that this Agreement does not prohibit
you from pursuing an administrative claim with a local, state or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission or the workers’ compensation board. This Agreement
does, however, preclude you from pursuing court action regarding any such claim. 
 (f) Voluntary Nature of Agreement.
You acknowledge and agree that you are executing this Agreement voluntarily and without any duress or undue influence by the Company or anyone else. You further acknowledge and agree that you have carefully read this Agreement and that you have
asked any questions needed for you to understand the terms, consequences and binding effect of this Agreement and fully understand it, including that you are waiving your right to a jury trial. Finally, you agree that you have been provided an
opportunity to seek the advice of an attorney of your choice before signing this Agreement. 
 14. No Oral Modification, Cancellation or
Discharge. This Agreement may be changed or terminated only in writing (signed by you and an authorized officer of the Company). 
 15.
Withholding. The Company is authorized to withhold, or cause to be withheld, from any payment or benefit under this Agreement the full amount of any applicable withholding taxes. 
 16. Governing Law. This Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions).

 17. Acknowledgment. You acknowledge that you have had the opportunity to discuss this matter with and obtain advice from your
private attorney, have had sufficient time to, and have carefully read and fully understand all the provisions of this Agreement, and are knowingly and voluntarily entering into this Agreement. 
 18. Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this
Agreement. 
 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the respective dates set forth below: 
  

									
	ROBERT HAGERTY	 		 		 	
				
	/s/ Robert Hagerty	 		 		 	Date: December 19, 2008
				
	POLYCOM, INC.	 		 		 	
				
	/s/ Sayed M. Darwish	 		 		 	Date: December 19, 2008
	Name: Sayed M. Darwish	 		 		 	
	Title:   SVP, CAO and General Counsel	 		 		 	

  

 5

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