Document:

Form of 7.75% Senior Note

 EXHIBIT 4.1 
 [Form of 7.75% Senior Notes due September 23, 2014] 
 THIS SECURITY IS AN UNSECURED SENIOR DEBT OBLIGATION OF ZIONS BANCORPORATION. THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR
INSTRUMENTALITY. THIS SECURITY IS NOT GUARANTEED UNDER THE FEDERAL DEPOSIT INSURANCE CORPORATION’S TEMPORARY LIQUIDITY GUARANTEE PROGRAM. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO ZIONS BANCORPORATION, OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 ZIONS BANCORPORATION 
 7.75% Senior Notes due September 23, 2014 
  

					
	No.                            
	 		    	$                            
	 CUSIP No. 989701AX5
	 		    	
	 ISIN No. US989701AX56
	 		    	

 ZIONS BANCORPORATION, a corporation duly organized and existing under the laws of the
State of Utah (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of                      Dollars
($                    ) on September 23, 2014, and to pay interest thereon from September 23, 2009 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually on March 23 and September 23 in each year, commencing March 23, 2010, at the rate of 7.75% per annum, until the principal hereof is paid or made
available for payment (each such date, an “Interest Payment Date”). Any premium and any such installment of interest that is overdue at any time shall also bear interest (to the extent that the payment of such interest shall be legally
enforceable), at the rate per annum at which the principal then bears interest, from the date any such overdue amount first becomes due until it is paid or made available for payment. Notwithstanding the foregoing, interest on any principal, premium
or installment of interest that is overdue shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 8 or September 8 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less
than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. 
 Interest on this Security shall be calculated on a
pro rata basis using a 30-day month and a 360-day year. 
 In the event that an Interest Payment Date is not a Business Day,
interest will be paid on the next day that is a Business Day, with the same force and effect as if made on the Interest Payment Date, and without any interest or other payment with respect to the delay. If the date of Stated Maturity for the
principal falls on a day that is not a Business Day, the payment of the principal amount of this Security will be made on the next succeeding Business Day and no interest will accrue for the period from and after such date of Stated Maturity.
“Business Day,” with respect to this Security, is a day other than a Saturday, a Sunday or any other day on which banking institutions in Salt Lake City, Utah or New York City generally are authorized or required by law or executive order
to close. 
 Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office
or agency of the Company maintained for that purpose in Salt Lake City, Utah in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
  

 -2- 

 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  

 -3- 

 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed under its corporate seal. 
  

											
	 Dated:
                    
	 		 	 ZIONS BANCORPORATION

					
		 		 		 	By	 	  

		 		 		 		 	 Name: 
	 	
		 		 		 		 	 Title: 
	 	

  

							
	 Attest:
	 		 	
			
	  
	 		 	
		 		 		 	

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

											
	 Dated:
                    
	 		 	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N. A.
 As Trustee

					
		 		 		 	By:	 	 ZIONS FIRST NATIONAL BANK
 As Authenticating Agent

					
		 		 		 		 	
					
		 		 		 	By	 	  
 Authorized Officer

  

 -4- 

 (Reverse of Security) 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of September 10, 2002 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon
Trust Company, N.A., as successor trustee to J.P. Morgan Trust Company, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. This Security is one of the series designated on the face hereof. 
 The Securities of this series may not be
redeemed prior to the Stated Maturity. 
 There is no sinking fund for the Securities of this series. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants
and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of 66 2/3% in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
  

 -5- 

 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security
shall be governed by and construed in accordance with the laws of the State of New York, but without regard to principles of conflict of laws. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  

 -6- 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this Security, shall be construed as though they were written out in full according to applicable laws or regulations. 

TEN COM – as tenants in common 
 TEN ENT – as tenants by the entireties 
 JT TEN – as joint tenants with the right of survivorship and not as tenants in common 
 UNIF GIFT MIN
ACT                    
Custodian                     – under Uniform Gifts to Minors Act 

									
	 	 	    (Cust)
	 	        (Minor)	 	 	  	 
	 	 	 	 	 	 	  
         (State)
	  	 

 Additional abbreviations may also be used though not in the above
list. 
  

 -7- 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE
                                         
                                         
                                         
                  
  
  
  
  
  
  
 (Please Print or Typewrite Name and Address Including Postal Zip Code of Assignee) 
 the attached Security and all rights thereunder, and hereby irrevocably constitutes and appoints 
  
  
  
 to transfer said Security on the books of the Company, with full power of substitution in the premises. 
  

					
			
	Dated:                     	 		 	  

		 		 	NOTICE: The signature to this assignment must be guaranteed and correspond with the name of the Holder as written upon the face of the attached Security in every particular, without
alteration or enlargement or any change whatsoever.

  

 -8-Severance Agreement

 Exhibit 10.1 
 SEVERANCE AGREEMENT AND RELEASE 
 This Severance
Agreement and Release (“Agreement”) is made by and between Sunil K. Bhalla (“Executive”) and Polycom, Inc. (the “Company”) (collectively referred to as the “Parties” or individually referred to as a
“Party”). 
 RECITALS 
 WHEREAS, Executive was employed by the Company; 
 WHEREAS, Executive signed an
Indemnification Agreement with the Company that was effective on March 25, 2008; (the “Indemnification Agreement”); 
 WHEREAS, Executive signed a Proprietary Information and Invention Agreement (the “Proprietary Information Agreement”); 
 WHEREAS, the Company and Executive have entered into certain stock option agreements granting Executive the option to purchase shares of the Company’s common stock subject to the terms and conditions
of the Company’s equity incentive plan and the applicable stock option agreements; 
 WHEREAS, the Company and Executive
have entered into certain restricted stock unit agreements granting Executive awards of restricted stock units payable in the Company’s common stock subject to the terms and conditions of the Company’s equity incentive plan and the
applicable restricted stock unit agreement; 
 WHEREAS, the Company and Executive have entered into certain performance share
agreements granting Executive the option to receive shares of the Company’s common stock upon the achievement of certain targets subject to the terms and conditions of the Company’s equity incentive plan and the applicable performance
share agreements; 
 WHEREAS, Executive has elected to resign his employment with the Company; 
 WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the
Executive may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Executive’s employment with or separation from the Company; 

 

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 NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and
Executive hereby agree as follows: 
 COVENANTS 
 1. Resignation. Executive resigns his employment with the Company effective the earlier of a) February 28, 2010 or b) the date
on which Executive commences a job for another employer prior to February 28, 2010 (the “Resignation Date”). Executive acknowledges and agrees, however, that effective immediately, Executive shall no longer be an executive officer of
the Company, and the Company will no longer identify Executive as an executive officer of Company, including, but not limited to, in any reports filed with the Securities and Exchange Commission under the Exchange Act or on the Company’s
website. Executive agrees to execute any documentation deemed reasonably necessary by the Company to confirm Executive’s resignation. Executive will remain an employee and will be required to make himself available to the CEO as reasonably
necessary to provide transition advice through the Resignation Date. 
 2. Consideration. 
 a. Severance Payments. The Company agrees to pay Executive a total of Three Hundred Twenty-Six Thousand, Six Hundred and Sixty-Seven
Dollars ($326,667.00), less applicable withholdings, representing a total of ten (10) months of Executive’s annual base salary (the “Severance Payments”); provided however, as the Executive is a specified employee under
Section 409A, the Company’s payment of the Severance Payments will be delayed until not earlier than August 31, 2010, and will become payable as follows: the Company will pay a lump sum amount of One Hundred Ninety-Six Thousand
Dollars ($196,000.00), less applicable withholdings, which is equal to six (6) months of the Severance Payments to Executive on August 31, 2010. Thereafter, on the date that is one (1) year following Executive’s Resignation Date,
the Company agrees to pay Executive the remaining four (4) months of Severance Payments in a lump sum amount of One Hundred Thirty Thousand, Six Hundred and Sixty-Seven Thousand Dollars ($130,667.00), less applicable withholdings. No interest
will be accrued or paid on the delayed Severance Payments. The obligation to pay Executive the Severance Payments provided for herein shall be binding upon the successor in interest to all or substantially all of the business and assets of the
Company, whether by merger, consolidation or otherwise. 
 b. Outplacement Services. Executive will be eligible for
twelve (12) months of reasonable executive outplacement services provided by Right Management, as determined by the Company, provided such participation is completed prior to February 28, 2011. 
 c. Travel Expenses. The Company shall reimburse Executive for certain cancellation fees and price difference amounts incurred in
connection with the rescheduling of the following three airline tickets (the “Three Tickets”): Ticket # 0167429944998/99 (02JUN09 837.20 BHALLA/S*PRSNL); Ticket # 0167432693750/51 (02JUN09 837.20 BHALLA/N*PRSNL); and Ticket #
0167432693752/53 (02JUN09 837.20 KAWATRA/I*PRSL). The Company will make said reimbursement payments to Executive for the Three Tickets consistent with the Company’s normal expense reimbursement policy, provided that Executive submits
documentation to the Company substantiating his payments for the Three Tickets. In addition, the Company will provide Executive with information and assistance through the Company’s travel services to enable him to reschedule the flights
associated with the Three Tickets. 
  

 Page 2 of 9 

 d. American Express Expenses. The Company shall reimburse Executive for all of his
business-related travel and expenses incurred on his Company-issued American Express Card. The Company will make reimbursement payments to Executive for his business expenses consistent with the Company’s normal expense reimbursement policy.

 3. Equity. The Parties agree that Executive will continue to vest his shares of the Company’s common stock
pursuant to Executive’s stock option agreements, restricted stock unit agreements, performance share agreements and the Company’s equity incentive plan through and including the Resignation Date. Executive agrees to immediately notify the
Company in the event that Executive commences employment with another employer prior to February 28, 2010. The Parties agree that the terms and conditions of the Company’s equity incentive plan and the applicable stock option agreements,
restricted stock unit agreements and performance share agreements govern the Executive’s stock option, restricted stock units and performance shares. 
 4. Benefits. Executive’s health insurance benefits shall cease on the last day of calendar month in which Executive resigns, subject to Executive’s right to continue his health insurance
under COBRA. Executive’s participation in all benefits and incidents of employment, including, but not limited to, the accrual of bonuses, vacation, and paid time off, shall cease as of the Resignation Date. 
 5. Payment of Salary and Receipt of All Benefits. Executive acknowledges and represents that, other than the consideration set forth
in this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, reimbursable expenses, bonuses, stock, stock options, vesting, and any and all other benefits and compensation due to
Executive. Executive specifically acknowledges and agrees that he shall not be entitled to any compensation or benefits pursuant to any change of control agreement, or other compensation or severance agreement, if any. 
 6. Personal Documents and Material. 
 a. Personnel File. The Company shall provide Executive’s counsel a copy of Executive’s personnel file within ten (10) business days following the Effective Date of this Agreement.

 b. Return of Executive’s Property. At the Company’s expense, and within twenty business (20) days
following the Effective Date of this Agreement, the Company will return to Executive his personal effects located at his office, including, but not limited to, Executive’s personal art work. 
 c. Access to Personal Material. The Company shall provide Executive with an opportunity to review his personal emails and documents
stored on his laptop computer at a reasonable and mutually agreeable time that Executive and the Company’s outside counsel can schedule within thirty (30) business days following the Effective Date of this Agreement. 
 d. Transfer of Phone Number. The Company shall make good faith efforts to assist Executive in transferring his work-issued mobile
phone number to Executive’s personal mobile phone number. 
  

 Page 3 of 9 

 7. Release of Claims. Executive agrees that the foregoing consideration represents
settlement in full of all outstanding obligations owed to Executive by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators,
insurers, trustees, divisions, subsidiaries, and predecessor and successor corporations and assigns (collectively, the “Releasees”). Executive, on his own behalf and on behalf of his respective heirs, family members, executors, agents, and
assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any
kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up to and including the Effective Date of this
Agreement, including, without limitation: 
 a. any and all claims relating to or arising from Executive’s employment
relationship with the Company and the termination of that relationship; 
 b. any and all claims relating to, or arising from,
Executive’s right to purchase, actual purchase, or receipt of shares of stock or equity interests of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable
state corporate law, and securities fraud under any state or federal law; 
 c. any and all claims for wrongful discharge of
employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent
or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander;
negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; 
 d. any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with
Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Executive Retirement Income Security Act of
1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the California Family Rights Act; the California Labor Code; the California Workers’ Compensation Act; and the
California Fair Employment and Housing Act; 
 e. any and all claims for violation of the federal or any state constitution;

 f. any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;

  

 Page 4 of 9 

 g. any claim for any loss, cost, damage, or expense arising out of any dispute over the
nonwithholding or other tax treatment of any of the proceeds received by Executive as a result of this Agreement; and 
 h. any
and all claims for attorneys’ fees and costs. 
 Executive agrees that the release set forth in this section shall be and remain in effect
in all respects as a complete and general release as to the matters released. This release does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot be released as a matter of law, including,
but not limited to, Executive’s right to file a charge with, or participate in a charge by, the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to
enforce or administer laws related to employment, against the Company (with the understanding that any such filing or participation does not give Executive the right to recover any monetary damages against the Company; Executive’s release of
claims herein bars Executive from recovering such monetary relief from the Company). In addition, this Agreement shall not be construed in any way to limit Executive’s rights, if any, to seek indemnification of attorneys’ fees and costs
provided under his Indemnification Agreement, the Company’s by-laws, or applicable law, including California Labor Code Section 2802. 
 8. Acknowledgment of Waiver of Claims under ADEA. Executive acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967
(“ADEA”), and that this waiver and release is knowing and voluntary. Executive agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Executive
acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that he has been advised by this writing that: (a) he should
consult with an attorney prior to executing this Agreement; (b) he has twenty-one (21) days within which to consider this Agreement; (c) he has seven (7) days following his execution of this Agreement to revoke this
Agreement; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity
of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this Agreement and returns it to the Company in less than the
21-day period identified above, Executive hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. 
 9. California Civil Code Section 1542. Executive acknowledges that he has been advised to consult with legal counsel and is familiar with the provisions of California Civil Code
Section 1542, a statute that otherwise prohibits the release of unknown claims, which provides as follows: 
 A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

  

 Page 5 of 9 

 Executive, being aware of said code section, agrees to expressly waive any rights he may
have thereunder, as well as under any other statute or common law principles of similar effect. 
 10. No Pending or Future
Lawsuits. Except for any claims for indemnification, Executive represents that he has no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Subject to
any claims he may assert for indemnification, Executive also represents that he does not intend to bring any claims on his own behalf or on behalf of any other person or entity against the Company or any of the other Releasees. 
 11. Application for Employment. Executive understands and agrees that, as a condition of this Agreement, after the Resignation Date,
Executive shall not be entitled to any employment with the Company, and Executive hereby waives any right, or alleged right, of employment or re-employment with the Company. Executive further agrees not to apply for employment with the Company and
not otherwise pursue an independent contractor or vendor relationship with the Company. Nothing in this paragraph shall be construed to limit Executive’s right to seek employment with a successor in interest to all or substantially all of the
business and assets of the Company or with any third-party vendor, supplier or strategic partner of the Company. 
 12. Trade
Secrets and Confidential Information/Company Property. Executive reaffirms and agrees to observe and abide by the terms of the Proprietary Information Agreement, specifically including the provisions therein regarding nondisclosure of the
Company’s trade secrets and confidential and proprietary information, and nonsolicitation of Company employees. Executive’s signature below constitutes his certification under penalty of perjury that he has returned all documents and other
items provided to Executive by the Company, developed or obtained by Executive in connection with his employment with the Company, or otherwise belonging to the Company. 
 13. No Cooperation. Executive agrees that he will not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences,
grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so or as related directly to the ADEA waiver in this Agreement. Executive agrees both to immediately
notify the Company upon receipt of any such subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order. If approached by anyone for counsel or assistance in the
presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against any of the Releasees, Executive shall state no more than that he cannot provide counsel or assistance. Notwithstanding the foregoing or any
other provision of this Agreement, Executive shall be free to cooperate fully with the Securities and Exchange Commission, the Department of Justice, or any other governmental entity or agency, with respect to any inquiry or investigation it
undertakes in connection with Executive’s employment with the Company. 
  

 Page 6 of 9 

 14. Nondisparagement. Executive agrees to refrain from any disparagement, defamation,
libel, or slander of any of the Releasees, and agrees to refrain from any tortious interference with the contracts and relationships of any of the Releasees. 
 15. Breach. In addition to the rights provided in the “Attorneys’ Fees” section below, Executive acknowledges and agrees that any material breach of this Agreement, unless such
breach constitutes a legal action by Executive challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, or of any provision of the Confidentiality Agreement shall entitle the Company immediately to
recover and/or cease providing the consideration provided to Executive under this Agreement and to obtain damages, except as provided by law. 
 16. No Admission of Liability. Executive understands and acknowledges that this Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Executive. No
action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission
by the Company of any fault or liability whatsoever to Executive or to any third party. 
 17. Nonsolicitation of
Employees. During Executive’s employment with the Company, Executive came into contact and became familiar with the Company’s employees, and may have learned about their knowledge, skills, abilities, salaries, commissions, benefits,
and other matters with respect to such employees, all of which information is not generally known to the public but has been developed, acquired or compiled by the Company at its great effort and expense. As a result, Executive agrees that for a
period of one (1) year (i.e., 365 calendar days) following his Resignation Date, Executive shall not, on his own behalf or on behalf of any other person, partnership, association, corporation, or other entity, solicit, directly or indirectly,
any employee of the Company to leave his or her employment with the Company. 
 18. Costs. The Parties shall each bear
their own costs, attorneys’ fees, and other fees incurred in connection with the preparation of this Agreement. Notwithstanding, the Company agrees to pay any attorneys’ fees and costs incurred by Executive in connection with the
preparation of this Agreement in an amount not to exceed $7,500. Said payment shall be made within thirty (30) business days of Executive’s attorneys providing the Company an invoice setting forth the fees and costs incurred, and a
statement that the fees and costs were reasonably incurred. Executives’ attorneys’ must submit such invoice within thirty (30) days of the date in which the costs, expenses and fees were incurred. Executive understands that the
Company shall issue to Executive and his attorneys a Form 1099 in connection with said payment 
 19. Section 409A.

 a. Separation from Service. Notwithstanding anything to the contrary in this Agreement, to the extent that any of the
consideration paid to Executive pursuant to this Agreement, when considered together with any other severance payments or separation benefits, is considered deferred compensation under Section 409A of the Internal Revenue Code of 1986, as
amended and the final regulations and any guidance promulgated thereunder (together, “Section 409A”), and is not otherwise exempt therefrom, the consideration shall not be payable until the Executive has a “separation from
service” within the meaning of Section 409A. Similarly, no severance payable to

  

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Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)(v) shall be payable until Executive
has a separation from service within the meaning of Section 409A. It is intended and expected that Executive will have a separation from service from the Company on the Resignation Date. 
 b. Executive’s Death During Six Month Delay. Notwithstanding anything herein to the contrary, in the event of Executive’s
death following Executive’s Resignation Date, but prior to August 31, 2010, then any payments delayed in accordance with Section 2(a) and this Section 19, shall be payable in a lump sum as soon as administratively practicable
after the date of Executive’s death and thereafter, shall be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under the Agreement is intended to constitute a separate
payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 20. Authority. The Company represents
and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Executive represents and warrants that he has the capacity to
act on his own behalf and on behalf of all who might claim through him to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or
otherwise of or against any of the claims or causes of action released herein. 
 21. No Representations. Executive
represents that he has had an opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Executive has not relied upon any representations or statements made by the
Company that are not specifically set forth in this Agreement. 
 22. Severability. In the event that any provision or
any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect
without said provision or portion of provision. 
 23. Attorneys’ Fees. Except with regard to a legal action
challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to
recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such an action. 
 24. Entire Agreement. This Agreement represents the entire agreement and understanding between the Company and Executive concerning
the subject matter of this Agreement and Executive’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings concerning
the subject matter of this Agreement and Executive’s relationship with the Company, with the exception of the Indemnification Agreement, the Proprietary Information Agreement, and the applicable stock option agreements, restricted stock unit
agreements, and performance share agreements. 
  

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 25. No Oral Modification. This Agreement may only be amended in a writing signed by
Executive and the Company’s Chief Executive Officer. 
 26. Governing Law. This Agreement shall be governed by the
laws of the State of California, without regard for choice-of-law provisions. 
 27. Effective Date. Executive
understands that this Agreement shall be null and void if not executed by him within twenty one (21) days of its receipt. Each Party has seven (7) days after that Party signs this Agreement to revoke it. This Agreement will become
effective on the eighth (8th) day after Executive signed this Agreement, so long as it has been signed by the Parties and has not been revoked by either Party before that date (the “Effective Date”). 
 28. Counterparts. This Agreement may be executed in counterparts and by facsimile, and each counterpart and facsimile shall have the
same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 29. Voluntary Execution of Agreement. Executive understands and agrees that he executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent
of releasing all of his claims against the Company and any of the other Releasees. Executive acknowledges that: (a) he has read this Agreement; (b) he has been represented in the preparation, negotiation, and execution of this Agreement by
legal counsel of his own choice or has elected not to retain legal counsel; (c) he understands the terms and consequences of this Agreement and of the releases it contains; and (d) he is fully aware of the legal and binding effect of this
Agreement. 
 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 

 

							
	Dated: November 24, 2009	 		 	By	 	 /s/ Sunil K. Bhalla

		 		 		 	Sunil K. Bhalla, an individual
				
	Dated: November 25, 2009	 		 	By	 	 /s/ Robert C. Hagerty

		 		 		 	Robert C. Hagerty
		 		 		 	President and Chief Executive Officer Polycom, Inc.

  

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