Document:

Confirmation dated July 22, 2005

 ISSUER CALL SPREAD 
  
 Exhibit 10.1 
  
 July 22, 2005 
  
 Cheniere Energy, Inc. 
 717 Texas Avenue, Suite 3100 
 Houston, Texas 77002 
  
 Attention: Don A. Turkleson, Chief Financial Officer

  
 Credit Suisse First Boston International

 One Cabot Square 
 London E 14 4QJ 
 England 
  

  
 Dear Sirs: 
  
 The purpose of this letter
agreement (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between Party A and Party B through the Agent on the Trade Date specified below (the
“Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the Agreement specified below. 
  

	1.	The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”) and in the 2000 ISDA Definitions (the
“Swap Definitions” and, together with the Equity Definitions, the “Definitions”) (in each case as published by the International Swaps and Derivatives Association, Inc.) are incorporated into this
Confirmation. In the event of any inconsistency between the Equity Definitions and the Swap Definitions, the Equity Definitions will govern, and between the Definitions and this Confirmation, this Confirmation will govern. References herein to a
“Transaction” shall be deemed to be references to a “Share Option Transaction” for purposes of the Equity Definitions and a “Swap Transaction” for the purposes of the Swap Definitions. 

  
 This Confirmation shall supplement, form a part of, and be subject to an
ISDA 1992 Master Agreement (Multicurrency – Cross Border) (the “Agreement”), as if, on the Trade Date, the parties hereto had executed that Agreement (without any Schedule thereto) and specified that (1) the Automatic Early
Termination provisions contained in Section 6(a) of such Agreement would apply, (2) Second Method and Loss would apply, (3) US Dollars (“$”) were the Termination Currency, and (4) Section 5(a)(v) of the Agreement
would not apply to either party. 
  
 The Agreement and each
Confirmation thereunder will be governed by and construed in accordance with New York law and each party hereby submits to the jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of
Manhattan in New York City. 
  
 In this Confirmation,
“Party A” means Credit Suisse First Boston International, “Party B” means Cheniere Energy, Inc., and “Agent” means Credit Suisse First Boston, acting through its New York branch and solely in its capacity as
agent for Party A and Party B. 

 ISSUER CALL SPREAD 
  

	2.	The particular terms relating to the option with the Strike Price set forth below (the “Lower Strike Option”) are as follows: 

  

			
	 Lower Strike Option Style:
	  	American
		
	 Lower Strike Option Seller:
	  	Party A
		
	 Lower Strike Option Buyer:
	  	Party B
		
	 Lower Strike Option Multiple Exercise:
	  	Applicable; Minimum Number of Options equals zero and Maximum Number of Options equals the Number of Options.
		
	 Lower Strike Option Strike Price:
	  	$35.42

  
 The particular terms
relating to the option with the Strike Price set forth below (the “Upper Strike Option”) are as follows: 
  

			
	 Upper Strike Option Style:
	  	European
		
	 Upper Strike Option Seller:
	  	Party B
		
	 Upper Strike Option Buyer:
	  	Party A
		
	 Upper Strike Option Multiple Exercise:
	  	Inapplicable
		
	 Upper Strike Option Strike Price:
	  	$70.00

  
 The general terms
relating to both the Lower Strike Option and Upper Strike Option are as follows: 
  

			
	 Trade Date:
	  	July 22, 2005
		
	 Option Type:
	  	Call
		
	 Issuer:
	  	Cheniere Energy, Inc.
		
	 Shares:
	  	The shares of common stock of the Issuer, par value $0.003 per Share (Bloomberg ticker LNG, ISIN US16411R2085)
		
	 Number of Options:
	  	8,469,780; subject to adjustment pursuant to the Notice of Adjustment set forth on Annex II hereto.

  

 2 

 ISSUER CALL SPREAD 
  

			
	 Option Entitlement:
	  	One Share per Option
		
	 Market Disruption Event:
	  	Section 6.3(a) of the Equity Definitions is hereby amended by replacing clause (ii) thereof in its entirety with the following: “(ii) an Exchange Disruption, or” and inserting
immediately following clause (iii) thereof the following: “; in each case that the Calculation Agent determines is material.”
		
	 Averaging:
	  	Applicable.
		
	 Averaging Dates:
	  	30 Exchange Business Days beginning on June 11, 2007; provided, however, in the case of an exercise prior to the Expiration Date of the Lower Strike Option, beginning on the Exercise Date of
such Option.
		
	 Averaging Date Disruption:
	  	Modified Postponement; provided that notwithstanding anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Averaging Date, the Calculation Agent may
determine that such Averaging Date is a Disrupted Day only in part, in which case the Calculation Agent shall make adjustments to the number of Shares for which such day shall be the Averaging Date and shall designate the Scheduled Trading Day
determined in the manner described in Section 6.7(c)(iii) of the Equity Definitions as the Averaging Date for the remaining Shares, and shall determine any Settlement Price based on an appropriately weighted average instead of the arithmetic average
described under “Settlement Terms – Settlement Price” below. Such determination and adjustments will be based on, among other factors, the duration of any Market Disruption Event and the volume, historical trading patterns and price
of the Shares.
		
	 Relevant Price:
	  	VWAP Price
		
	 VWAP Price:
	  	On any Averaging Date, the “Volume Weighted Average Price” per Share on such day, as displayed on Bloomberg Page “AQR” (or any successor thereto) for the Issuer with respect
to the period from 9:30 a.m. to 4:00 p.m. (New York City time) on such day, as determined by the Calculation Agent.
		
	 Net Premium (which for
 purposes of the Definitions will
 be the Premium):
	  	$69,880,000; subject to adjustment pursuant to the Notice of Adjustment set forth on Annex II hereto.

  

 3 

 ISSUER CALL SPREAD 
  

			
	 Premium Payment Date:
	  	July 27, 2005
		
	 Exchange:
	  	American Stock Exchange
		
	 Clearance System:
	  	DTC
		
	 Calculation Agent:
	  	Party A. Upon becoming or being made aware of an error, the Calculation Agent shall promptly correct such error (but the Calculation Agent shall not be liable for any amounts other than the
actual costs of such error).
		
	 Procedure for Exercise:
	  	 
		
	 Expiration Time:
	  	The close of trading on the Exchange
		
	 Expiration Date:
	  	July 23, 2007
		
	 Automatic Exercise:
	  	Applicable
		
	 Settlement Terms:
	  	 
		
	 Cash Settlement:
	  	Applicable, provided that Party B may elect, by notice in writing to Party A (given through the Agent) at least three (3) Exchange Business Days prior to first Averaging
Date, that either or both of the Lower Strike Option and the Upper Strike Option shall be settled via (x) Physical Settlement or (y) Net Share Settlement.
		
	 Net Share Settlement:
	  	Party A shall deliver to Party B, with respect to the Lower Strike Option, and Party B shall deliver to Party A, with respect to the Upper Strike Option, on the Cash Settlement
Payment Date (through the Agent) a number of Shares, as determined by the Calculation Agent, having a value equal to the Option Cash Settlement Amount.
		
	 Cash Settlement Payment Date:
	  	The third (3) Exchange Business Day following the last Averaging Date
		
	 Settlement Currency:
	  	USD
		
	 Settlement Price:
	  	If Cash Settlement or Net Share Settlement applies, then the arithmetic mean of the Relevant Prices on each Averaging Date.
		
	 Failure to Deliver:
	  	Applicable

  

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 ISSUER CALL SPREAD 
  

			
	 Adjustments:
	  	 
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment
		
	 Extraordinary Events:
	  	 
		
	 Consequences of Merger Events and Tender Offers:
	  	 
		
	 (a) Share-for-Share:
	  	Alternative Obligation; provided that notwithstanding the above, the Calculation Agent will determine in good faith if such Merger Event or Tender Offer adjustment, as applicable, affects the
theoretical value of this Transaction and, if so, may in its reasonable discretion make the adjustments set forth in paragraph (A) under the definition of “Modified Calculation Agent Adjustment” in Section 12.2(e) (with respect to a Merger
Event) or Section 12.3(d) of the Equity Definitions (with respect to a Tender Offer) to the terms of this Transaction to reflect the characteristics (including without limitation the volatility and liquidity) of the New Shares.
		
	 (b) Share-for-Other:
	  	Cancellation and Payment (Calculation Agent Determination)
		
	 (c) Share-for-Combined:
	  	Component Adjustment; provided that Cancellation and Payment (Calculation Agent Determination) shall apply in the event that the Calculation Agent determines that no adjustments that it could
make with respect to the Transaction to account for the Merger Event or Tender Offer, as applicable, would produce a commercially reasonable result.
		
	 Tender Offer:
	  	Applicable
		
	 Delisting, Nationalization or Insolvency:
	  	Cancellation and Payment (Calculation Agent Determination)

  

	3.	If the transactions contemplated by the Purchase Agreement among Party B and Party A, dated as of July 22, 2005 (the “Purchase Agreement”)
relating to the purchase of 2.25% Convertible Senior Notes due August 1, 2012 (the “Notes”) of Party B shall fail to close as a result of any breach by Party B of its obligations thereunder or as a result of
any action, or failure to act, by Party B thereunder, in which case the entirety of this Transaction shall terminate automatically and Party B shall be the sole Affected Party and this Transaction shall be the sole Affected Transaction. If
the transactions contemplated by the Purchase Agreement shall fail to close for any reason other than those set forth in the previous sentence, then the entirety of this Transaction shall terminate automatically and no payments shall be required
hereunder. For purposes of determining Loss in relation to a termination under the first sentence of this Section 3, it shall be assumed that all conditions to the exercise of these Options have occurred. 

  

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 ISSUER CALL SPREAD 
  

	4.	Additional Agreements, Representations and Covenants: 

  

	 	(a)	Party B hereby represents and warrants to Party A, on each day from the Trade Date to and including the business day following the date on which Party A is able to
initially complete a hedge of its position created by this Transaction, that Party B has publicly disclosed all material information necessary for Party B to be able to purchase or sell Shares in compliance with applicable federal
securities laws and that it has publicly disclosed all material information with respect to its condition (financial or otherwise). 

  

	 	(b)	Party A hereby agrees that from the Trade Date through the termination of the Averaging Period, it will: 

  

	 	(1)	use its reasonable efforts to not become an “affiliate” of Party B as such term is defined in Regulation 144(a)(1) under the Securities Act;

  

	 	(2)	not vote any Shares, as to which it has the right to exercise a vote; and 

  

	 	(3)	not permit any director, officer, employee, agent or affiliate to serve as a member of the board of directors of Party B. 

  

	 	(c)	If Party B would be obligated to receive cash from Party A pursuant to the terms of this Agreement for any reason without having had the right (other than pursuant to this
paragraph (d)) to elect to receive Shares in satisfaction of such payment obligation, then Party B may elect that Party A deliver to Party B a number of Shares having a cash value equal to the amount of such payment obligation
(such number of Shares to be delivered to be determined by the Calculation Agent acting in a commercially reasonable manner to determine the number of Shares that could be purchased over a reasonable period of time with the cash equivalent of such
payment obligation). Settlement relating to any delivery of Shares pursuant to this paragraph (d) shall occur within a reasonable period of time. 

  

	 	(d)	Each party shall deliver to the other party an opinion or opinions of counsel with respect to the matters set forth on Annex 1 hereto. 

  

	 	(e)	The parties hereby agree that all documentation with respect to this Transaction is intended to qualify this Transaction as an equity instrument for purposes of EITF 00-19.

  

	 	(f)	Party A agrees that in the event of the Bankruptcy of Party B, Party A shall not have rights or assert a claim that is senior in priority to the rights and claims available to the
shareholders of the common stock of Party B. 

  

	 	(g)	Optional Early Termination: At any time upon 10 Business Days’ notice, Party B may declare an Early Termination Date in respect of this Transaction with Party B being
the sole Affected Party. 

  

	 	(h)	The parties hereby acknowledge that CSFB may hedge this Transaction from time to time through purchases and sales of shares and other hedging transactions. Any such hedging
transactions shall be undertaken at CSFB’s sole discretion or expense (except in so far as is necessary to calculate Loss under the Agreement) and shall be for CSFB’s proprietary account. Amounts payable or receivable by Cheniere Energy,
Inc. hereunder shall reflect the terms as set out in this Confirmation and the Agreement, and shall not necessarily reflect or be contingent upon the actual executions effected by CSFB. 

  

 6 

 ISSUER CALL SPREAD 
  

	 	(i)	Party A makes the following Payee Tax Representations. 

  
 (i) Party A is entering into each Transaction in the ordinary course of its trade as, and is, a recognized U.K. bank as defined in Section 840A of
the U.K. Income and Corporation Taxes Act of 1988. 
  
 (ii) Party
A has been approved as a Withholding Foreign Partnership by the U.S. Internal Revenue Service. 
  
 (iii) Party A’s Withholding Foreign Partnership Employer Identification Number is 98-0330001. 
  
 (iv) Party A is a partnership that agrees to comply with any withholding
obligation under Section 1446 of the Internal Revenue Code. 
  

					
	 Party required to deliver document

	 	 Form/Document/Certificate

	 	 Date by which to be delivered

	Party A	 	 Internal Revenue Service
 Form W-8IMY
	 	Upon reasonable request

  

	5.	Staggered Settlement: 

  
 If Party A determines reasonably and in good faith that the number of Shares required to be delivered to Party B hereunder on any Cash
Settlement Payment Date would exceed 9.9% of all outstanding Shares, then Party A may, by notice to Party B on or prior to such Cash Settlement Payment Date (a “Nominal Settlement Date”), elect to deliver the Shares
comprising the related Cash Settlement Amount (in the case of Net Share Settlement) on two or more dates (each, a “Staggered Settlement Date”) as follows: 
  

	 	(a)	in such notice, Party A will specify to Party B the related Staggered Settlement Dates (the first of which will be such Nominal Settlement Date and the last of which will
be no later than the twentieth (20th) Exchange Business Day following such Nominal Settlement Date) and the
number of Shares that it will deliver on each Staggered Settlement Date; 

  

	 	(b)	the aggregate number of Shares that Party A will deliver to Party B hereunder on all such Staggered Settlement Dates will equal the number of Shares that Party A
would otherwise be required to deliver on such Nominal Settlement Date; and 

  

	 	(c)	if the Net Share Settlement terms set forth above were to apply on the Nominal Settlement Date, then the Net Share Settlement terms will apply on each Staggered Settlement Date,
except that the Shares comprising the Cash Settlement Amount will be allocated among such Staggered Settlement Dates as specified by Party A in the notice referred to in clause (a) above. 

  
 Notwithstanding anything herein to the contrary, Party A shall be entitled to deliver
Shares to Party B from time to time prior to the date on which Party A would be obligated to deliver them to Party B pursuant to the Net Share Settlement terms set forth above, and Party B agrees to credit all such early
deliveries against Party A’s obligations hereunder in the direct order in which such obligations arise. No 

  

 7 

 ISSUER CALL SPREAD 
  
 
such early delivery of Shares will accelerate or otherwise affect any of Party B’s obligations to Party A hereunder. To the extent
Party A receives or is entitled to receive any distribution or payment in respect of Shares by reason of Party A’s being a holder of record of such Shares on any date after the Nominal Settlement Date which Party A would have
delivered to Party B on such Nominal Settlement Date but for the provisions of this Section 5, Party A shall deliver such distribution or payment to Party B at the time Party A delivers the related Shares to Party B in
accordance with this Section 5, if such distribution or payment has already been received by Party A at such time, or within a reasonable period of time following Party A’s receipt of the distribution or payment, if such
distribution or payment has not already been received by Party A at the time Party A delivers the related Shares to Party B in accordance with this Section 5. 
  

	6.	Excess Share Ownership Provisions. 

  
 Notwithstanding any other provision hereof, Party A may not exercise the Upper Strike Option, and Automatic Exercise shall not apply with respect thereto,
if the exercise of the Upper Strike Option would cause Party A to become, directly or indirectly, the beneficial owner of more than 9.9 percent of the class of the Issuer’s equity securities that is comprised of the Shares for purposes of
Section 13 of the Securities Exchange Act of 1934, as amended (in such case, an “Excess Share Owner”). 
  
 Party A shall provide prior notice to Party B, through the Agent, if the exercise of the Upper Strike Option would cause Party A to become directly or
indirectly, an Excess Share Owner; provided that the failure of Party A to provide such notice shall not alter the effectiveness of the provisions set forth in the preceding sentence and any purported exercise in violation of such provisions
shall be void and have no effect. 
  
 If Party A is not permitted to exercise the
Upper Strike Option because such exercise would cause Party A to become, directly or indirectly, an Excess Share Owner and Party A thereafter disposes of Shares owned by it or any action is taken that would then permit Party A to exercise the
Upper Strike Option without such exercise causing it to become, directly or indirectly, an Excess Share Owner, then Party A shall provide notice of the taking of such action to Party B, through the Agent, and the Upper Strike Option shall then
become exercisable by Party A to the extent the Upper Strike Option is otherwise exercisable hereunder. In such event, the Expiration Date with respect to the Upper Strike Option shall be the date on which Party B receives such notice from Party A,
and the related Settlement Date shall be as soon as reasonably practicable after receipt of such notice but no more than three (3) Business Days thereafter (but in no event shall the Settlement Date occur prior to the date on which it would
have otherwise occurred but for the provisions of this Section 6; provided that the aggregate amounts of cash or Shares paid or delivered with respect to this Transaction shall not be affected by the provisions of this Section 6.

  

	7.	Matters relating to the Agent: 

  

	 	(a)	Credit Suisse First Boston, New York branch, in its capacity as Agent will be responsible for (i) effecting this Transaction, (ii) issuing all required confirmations and
statements to Party A and Party B, (iii) maintaining books and records relating to this Transaction in accordance with its standard practices and procedures and in accordance with applicable law and (iv) unless otherwise
requested by Party B, receiving, delivering, and safeguarding Party B’s funds and any securities in connection with this Transaction, in accordance with its standard practices and procedures and in accordance with applicable law.

  

 8 

 ISSUER CALL SPREAD 
  

	 	(b)	Agent is acting in connection with this Transaction solely in its capacity as Agent for Party A and Party B pursuant to instructions from Party A and Party B.
Agent shall have no responsibility or personal liability to Party A or Party B arising from any failure by Party A or Party B to pay or perform any obligations hereunder, or to monitor or enforce compliance by Party A or
Party B with any obligation hereunder, including, without limitation, any obligations to maintain collateral. Each of Party A and Party B agrees to proceed solely against the other to collect or recover any securities or monies owing
to it by the other in connection with or as a result of this Transaction. Agent shall otherwise have no liability in respect of this Transaction, except for any breach by it hereunder, its gross negligence or willful misconduct in performing its
duties as Agent. 

  

	 	(c)	Any and all notices, demands, or communications of any kind relating to this Transaction between Party A and Party B shall be transmitted exclusively through Agent at the
following address: 

  
 Credit Suisse First Boston,
New York branch 
 Eleven Madison Avenue 
 New York, NY 10010-3629 
  
 For payments and deliveries:

 Facsimile No.: (212) 325-8175 
 Telephone No.: (212) 325-8678 / (212) 325-3213 
  
 For all other communications: 
 Facsimile No.: (212) 325-8173 
 Telephone No.: (212) 325-8676 / (212) 538-5306 / 
 (212) 538-1193 /
(212) 538-6886 
  

	 	(d)	The date and time of the Transaction evidenced hereby will be furnished by the Agent to Party A and Party B upon written request. 

  

	 	(e)	The Agent will furnish to Party B upon written request a statement as to the source and amount of any remuneration received or to be received by the Agent in connection with
the Transaction evidenced hereby. 

  

	 	(f)	Party A and Party B each represents and agrees (i) that this Transaction is not unsuitable for it in the light of such party’s financial situation, investment
objectives and needs and (ii) that it is entering into this Transaction in reliance upon such tax, accounting, regulatory, legal and financial advice as it deems necessary and not upon any view expressed by the other or the Agent.

  

	8.	Transfer: 

  

	 	(a)	Notwithstanding Section 7 of the Agreement, Party A may transfer its rights and obligations under this Transaction with the consent of Party B (such consent not to be
unreasonably withheld). 

  

	 	(b)	 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS 

  

 9 

 ISSUER CALL SPREAD 
  

	 	 
PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR AN EXEMPTION THEREFROM. IN CONNECTION WITH ANY SUCH
OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION, PARTY B MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO PARTY B THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. 

  

	9.	Registration. Upon (i) the exercise of the Lower Strike Option prior to the Expiration Date and the reasonable determination of Party A after consulting with counsel
that a Registration Statement is advisable in connection with this Transaction, or (ii) the exercise of the Upper Strike Option and the delivery of Shares by Party B to Party A: 

  
 (A) Party B will make available to Party A an effective registration
statement (the “Registration Statement”) filed pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), and such prospectuses as Party A may reasonably request to
comply with the applicable prospectus delivery requirements (the “Prospectus”) for the resale by Party A of such number of Shares as Party A shall reasonably specify, such Registration Statement to be effective and Prospectus
to be current until the date specified by Party A (the “Registration Period”); and 
  
 (B) Party B will make the following representation on each day during the Registration Period: 
  
 “Party B represents that the Registration Statement, at the time the
same became effective, did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; Party B represents the Prospectus (as the same
may be supplemented from time to time) does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading.”; 
  
 (C) Party B will enter into a Registration
Rights Agreement with Party A in form and substance reasonably acceptable to Party A, which agreement will contain among other things, customary representations and warranties and indemnification and other rights relating to the registration of a
number of Shares. 
  
 (D)Party B shall promptly pay to Party A a
$0.05 per Share fee with all Shares delivered in connection with subparagraph (ii) above. 
  
 In the event that Party B fails to comply with any of the conditions set forth above, Party B shall promptly pay in cash or Shares an additional amount to
Party A equal to an amount reasonably determined by Party A to cover its costs and losses in connection with such failure. 
  

 10 

 ISSUER CALL SPREAD 
  

	10.	Account Details: 

  

			
	 Payments to Agent:
	 	 The Bank of New York
 Swift:  
IRVTUS3N
 A/C:    Credit Suisse First Boston
 A/C#:  8900374179

		
	 Payments to Party A:
	 	To be advised
		
	 Payments to Party B:
	 	To be advised
		
	 Deliveries to Party B:
	 	To be advised

  
 Credit Suisse First Boston
International is regulated by The Financial Services Authority and has entered into this transaction as principal. The time at which the above transaction was executed will be notified to Party B (through the Agent) on request. 
  

 11 

 ISSUER CALL SPREAD 
  
 Please confirm that the foregoing correctly sets forth the terms of your agreement by signing and returning this Confirmation. 

 

	
	 Yours faithfully,
  
 CREDIT SUISSE FIRST BOSTON, acting through its New York branch and solely in its capacity as Agent

			
		
	By:	 	/s/    Sean T. Brady        
	Name:	 	Sean T. Brady
	Title:	 	Managing Director
		
	By:	 	/s/    S.D. Winnery        
	Name:	 	Steven Winnery
	Title:	 	Managing Director

 Confirmed as of the date first written above: 
  
 CHENIERE ENERGY, INC. (Party B) 
  

			
	 By:
	 	/s/    Don A. Turkleson
	 Name:
	 	Don A. Turkleson
	 Title:
	 	Senior Vice President, Chief Financial Officer
	 	 	& Secretary

  
 CREDIT SUISSE FIRST BOSTON INTERNATIONAL (Party A) 
  

			
	 By:
	 	 /s/    Thomas Decker

	 Name:
	 	 Thomas Decker

	 Title:
	 	 Vice President—Operations

  

			
	 By:
	 	 /s/    Ricardo Harewood

	 Name:
	 	 Ricardo Harewood

	 Title:
	 	 Vice President—Operations

  

 12 

 ISSUER CALL SPREAD 
  
 ANNEX I 
  
 Matters to be covered in Opinion of Counsel to the Issuer (the “Counterparty”) 
  
 1. The Counterparty is validly existing as a corporation in good standing
under the laws of the State of Delaware. 
  
 2. The Counterparty
has the requisite corporate power and authority to enter into the Issuer Call Spread (for purposes of this Annex 1, the “Agreement”) and to carry out the Transactions contemplated thereby. 
  
 3. The execution and delivery by the Counterparty of the Agreement, and the
performance by the Counterparty of its obligations under the Agreement, have been duly authorized by all necessary corporate action on the part of the Counterparty. 
  
 4. The Agreement have been duly authorized, executed and delivered by the Counterparty and constitute the legal, valid and
binding obligations of the Counterparty, enforceable against the Counterparty in accordance with their respective terms. 
  
 5. Other than as set forth in, or incorporated by reference into, the Final Offering Circular of the Counterparty relating to the offering of the
Reference Notes, in the United States, there is not pending of threatened any action, suit, proceeding, inquiry or investigation, to which the Counterparty or any subsidiary is a party, or to which the property of the Counterparty or any subsidiary
is subject, before or brought by any U.S. court or governmental agency or body, which could reasonably be expected to materially and adversely affect the properties or assets thereof or the consummation of the Transactions or the performance by the
Counterparty of its obligations thereunder. 
  
 6. No consent,
approval or authorization of, or registration, filing or declaration with, any governmental or public body or authority is required in connection with the execution, delivery or performance by the Counterparty of the Agreement. 
  
 7. The execution, delivery and performance by the Counterparty of the
Agreement and compliance by the Counterparty with the terms and provisions thereof will not, whether with or without the giving of notice or lapse of time or both, result in a breach or violation of any of the terms and provisions of, or constitute
a default under, (A) any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other agreement or instrument to which the Counterparty or any subsidiary is bound or by which the
Counterparty or any subsidiary or any of their respective properties may be bound or affected, or (B) any Delaware or federal law, statute, rule, regulation or order or any judgment, order, writ or decree of any governmental agency or body or
any court having jurisdiction over the Counterparty or any of its properties. 
  
 8. Neither the Counterparty nor any subsidiary is an “investment company” or a company “controlled” by an “investment company”, in each case within the meanings ascribed to such terms in
the Investment Company Act of 1940, as amended, nor is the Counterparty or any subsidiary subject to regulation under said Act. 
  

 13 

 ISSUER CALL SPREAD 
  
 Annex II 
  
 Notice of Adjustment 
  
 This Notice of Adjustment (“Notice of Adjustment”) dated as of
[                    ], 2005 is entered into pursuant to the terms of the Confirmation entered into between Credit Suisse First Boston
International (“Party A”) and Cheniere Energy, Inc. (“Party B”), through Credit Suisse First Boston, acting through its New York branch and solely in its capacity as agent for Party A and Party B (the
“Agent”) on July 22, 2005. Capitalized terms used herein without definition shall have the same meanings given to such terms in the Confirmation. 
  

The terms of the Transaction to which this Notice of Adjustment relates are as follows: 
  

	 	1)	The Number of Options shall be increased from 8,469,780 to
[                    ], proportional to the exercise of the overallottment option. 

  

	 	2)	The Net Premium shall be increased from USD 69,880,000 to
[                    ], proportional to the exercise of the overallottment option. 

  

	 	3)	The Confirmation, as modified herein, shall continue in full force and effect, and nothing herein contained shall be construed as a waiver or modification of existing rights under
the Confirmation, except as such rights are expressly modified hereby. 

  

	 	4)	This Notice of Adjustment will be governed by and construed in accordance with New York law. 

  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 14 

 ISSUER CALL SPREAD 
  
 Please confirm that the foregoing correctly sets forth the terms of your agreement by signing and returning this Notice of Adjustment.

  

	
	 Yours faithfully,
  
 CREDIT SUISSE FIRST BOSTON, acting through its New York branch and solely in its capacity as Agent

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 Confirmed as of the date first written above: 
  
 CHENIERE ENERGY, INC. (Party B) 
  

			
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 CREDIT SUISSE FIRST BOSTON INTERNATIONAL (Party A) 
  

			
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 15Polycom, Inc. Employee Stock Purchase Plan (Amended and Restated June 9, 2005)

 Exhibit 10.1 
 POLYCOM, INC. 
  
 EMPLOYEE STOCK PURCHASE PLAN 
  
 (Amended and
Restated June 9, 2005) 

 POLYCOM, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 
  
 (June 9, 2005 Amendment and Restatement) 
  
 SECTION 1

 PURPOSE 
  
 Polycom, Inc. having established the Polycom, Inc. Employee Stock Purchase Plan, effective as of May 25, 2005, in order to provide eligible employees of
the Company and its participating Affiliates with the opportunity to purchase Common Stock through payroll deductions or, if payroll deductions are not permitted under local laws, through other means as specified by the Committee, hereby amends and
restates the Plan effective as of June 9, 2005. The Plan is intended to qualify as an employee stock purchase plan under Section 423(b) of the Code, although the Company makes no undertaking nor representation to maintain such qualification. In
addition, this Plan document authorizes the grant of options under a Non-423(b) Plan which do not qualify under Section 423(b) of the Code pursuant to rules, procedures or sub-plans adopted by the Board (or its designate) designed to achieve desired
tax or other objectives. 
  
 SECTION 2 
 DEFINITIONS 
  
 2.1 “1934 Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific Section of the 1934 Act or
regulation thereunder shall include such Section or regulation, any valid regulation promulgated under such Section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such Section or
regulation. 
  
 2.2 “Affiliate” means any (i)
Subsidiary, and (ii) any other entity other than the Company in an unbroken chain of entities beginning with the Company if, at the time of the granting of the option, each of the entities, other than the last entity in the unbroken chain, owns or
controls 50 percent or more of the total ownership interest in one of the other entities in such chain. For purposes of the Code Section 423(b) Plan, an Affiliate solely means a Subsidiary. 
  
 2.3 “Board” means the Board of Directors of
the Company. 
  
 2.4 “Change in
Control” means the occurrence of any of the following events: (a) any “person” (as such term is used in Sections 13(d) and 14(d) of the 1934 Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the
1934 Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities; (b) the consummation of the sale or disposition
by the Company of all or substantially all of the Company’s assets; (c) a change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority of the directors are Incumbent Directors; or (d) 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 or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity
or its parent outstanding immediately after such merger or consolidation. “Incumbent Directors” means directors who either (A) are Directors as of the effective date of the Plan, or (B) are elected, or nominated for election, to the Board
with the affirmative votes of at least a majority of the Directors at the time of such election or nomination (but will 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). 
  

 1 

 2.5 “Code” means the Internal Revenue Code of 1986, as amended. Reference
to a specific Section of the Code or regulation thereunder shall include such Section or regulation, any valid regulation promulgated under such Section, and any comparable provision of any future legislation or regulation amending, supplementing or
superseding such Section or regulation. 
  
 2.6 “Code
Section 423(b) Plan” means an employee stock purchase plan that is designed to meet the requirements set forth in Section 423(b) of the Code, as amended. Any provision of the Code Section 423(b) Plan that is inconsistent with Section 423(b)
of the Code shall, without further act or amendment by the Company or the Committee, be reformed to comply with the requirements of Section 423(b). Furthermore, the provisions of the Code Section 423(b) Plan shall be construed, administered and
enforced in accordance with Section 423(b). 
  
 2.7
“Committee” shall mean the committee appointed by the Board to administer the Plan. Any member of the Committee may resign at any time by notice in writing mailed or delivered to the Secretary of the Company. As of the
effective date of the Plan, the Plan shall be administered by the Compensation Committee of the Board. 
  
 2.8 “Common Stock” means the common stock (0.0005 per value per share) of the Company. 
  
 2.9 “Company” means Polycom, Inc., a Delaware
corporation. 
  
 2.10
“Compensation” means the sum of a Participant’s (a) base salary or regular wages (including sick pay and vacation pay) and (b) overtime payments, bonuses, commissions, profit-sharing distributions and other
incentive-type payments (in each case, to the extent paid in cash). Compensation shall exclude any contributions (other than under code Section 125 or 401(k) arrangements) made by Employers on the Participant’s behalf to any deferred
compensation plan or welfare benefit program that may exist from time to time. The Committee may establish, in its discretion and on a uniform and nondiscriminatory basis, a different definition of Compensation prior to an Enrollment Date for all
options to be granted on such Enrollment Date, which definition may vary among Participants who are employed by the Company or different Affiliates and/or who are outside the United States. 
  
 2.11 “Eligible Employee” means every Employee
of an Employer, except (a) any Employee who immediately after the grant of an option under the Plan, would own stock and/or hold outstanding options to purchase stock possessing five percent (5%) or more of the total combined voting power or value
of all classes of stock of the Company or of any Affiliate of the Company (including stock attributed to such Employee pursuant to Section 424(d) of the Code), or (b) as provided in this Section 2.9. Prior to an Enrollment Date for all options to be
granted on such Enrollment Date, the Committee may determine from time to time, in its discretion and on a uniform and nondiscriminatory basis, that an Employee shall not be an Eligible Employee if he or she: (1) has not completed at least two years
of service since his or her last hire date (or such lesser period of time as may be determined by the Committee in its discretion), (2) customarily works not more than 20 hours per week (or such lesser period of time as may be determined by the
Committee in its discretion), (3) customarily works not more than 5 months per calendar year (or such lesser period of time as may be determined by the Committee in its discretion), (4) is an officer or other manager, or (5) is a highly compensated
employee under Section 414(q) of the Code, provided the exclusion of Employees in such categories is not prohibited under applicable local law. An Employee who otherwise is an Eligible Employee 
  

 2 

 shall be treated as continuing to be such while the Employee is on sick leave or other leave of absence approved by the
Employer, except that if the period of leave exceeds ninety days and the Employee’s right to reemployment is not guaranteed by statute or contract, he or she shall cease to be an Eligible Employee on the 91st day of such leave. 
  
 2.12 “Employee” means an individual who is a common-law employee of any Employer as reflected on the payroll records of the
Employer on the Enrollment Date, regardless of whether such employee is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan. With respect to a particular Participant, Employer means the Company
or Affiliate (as the case may be) that directly employs the Participant. 
  
 2.13 “Employer” or “Employers” means any one or all of the Company and those Affiliates which, with the consent of the Board or the Committee, have adopted
the Plan. In the event the Employer is not a Subsidiary, its Employees shall participate in the Non-423(b) Plan. 
  
 2.14 “Enrollment Date” means such dates as may be determined by the Committee (in its discretion and on a uniform and
nondiscriminatory basis) from time to time. 
  
 2.15
“Grant Date” means any date on which a Participant is granted an option under the Plan. 
  
 2.16 “Non-423(b) Plan” means an employee stock purchase plan that does not meet the requirements set forth in Section 423(b) of the Code,
as amended. 
  
 2.17 “Participant”
means an Eligible Employee who (a) has become a Participant in the Plan pursuant to Section 4.1 and (b) has not ceased to be a Participant pursuant to Section 7 or Section 8. 
  
 2.18 “Plan” means the Polycom, Inc. Employee Stock Purchase Plan, as set forth in this
instrument and as hereafter amended from time to time, which includes (a) a Code Section 423(b) Plan, and (b) a Non-423(b) Plan. 
  
 2.19 “Purchase Date” means such dates as may be determined by the Committee (in its discretion and on a uniform and
nondiscriminatory basis) from time to time prior to an Enrollment Date for all options to be granted on such Enrollment Date. 
  
 2.20 “Subsidiary” means any corporation in an unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the unbroken chain then owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
  
 SECTION 3 
 SHARES SUBJECT TO THE PLAN 
  
 3.1 Number Available. A maximum of 5,000,000 shares of Common Stock shall be available for issuance pursuant to the Plan. Shares sold under the Plan may be newly issued shares or treasury shares. 
  
 3.2 Adjustments. In the event of any reorganization, recapitalization,
stock split, reverse stock split, stock dividend, spin-off, combination of shares, merger, consolidation, offering of rights or other similar change in the capital structure of the Company, the Committee 
  

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 may make such adjustment, if any, as it deems appropriate in its sole discretion in the number, kind and purchase price
of the shares available for purchase under the Plan and any outstanding option under the Plan. 
 SECTION 4 
 ENROLLMENT 
  
 4.1 Participation. Each Eligible Employee may elect to become a Participant by enrolling or re-enrolling in the Plan effective as of any Enrollment
Date. In order to enroll, an Eligible Employee must complete, sign and submit to the Company an enrollment form in such form, manner and by such deadline as may be specified by the Committee from time to time (in its discretion and on a
nondiscriminatory basis). Any Participant whose option expires and who has not withdrawn from the Plan automatically will be re-enrolled in the Plan on the Enrollment Date immediately following the Purchase Date on which his or her option expires.
Also, even if a Participant’s option has not expired, he or she automatically will be withdrawn from the Plan after a Purchase Date and re-enrolled in the Plan on the immediately following Enrollment Date if the closing price per Share on the
Nasdaq National Market on the new Enrollment Date is lower than such price on the Participant’s previous Enrollment Date. The Committee (in its discretion and on a uniform and nondiscriminatory basis) shall, prior to an Enrollment Date,
determine whether the preceding sentence shall apply to all options to be granted on that Enrollment Date. 
  
 4.2 Payroll Withholding and Contribution. On his or her enrollment form, each Participant must elect to make Plan contributions via payroll
withholding from his or her Compensation or, if payroll withholding is not permitted under local laws, via such other means as specified by the Committee. Pursuant to such procedures as the Committee may specify from time to time, a Participant may
elect to have withholding equal to or otherwise contribute a whole percentage from 1% to 20% (or such lesser percentage that the Committee may establish from time to time, in its discretion and on a uniform and nondiscriminatory basis, for all
options to be granted on any Enrollment Date). If permitted by the Committee, a Participant instead may elect to have a specific amount withheld or to contribute a specific amount, in dollars or in the applicable local currency (subject to such
uniform and nondiscriminatory rules as the Committee in its discretion may specify). A Participant may elect to increase or decrease his or her rate of payroll withholding or contribution by submitting an election in accordance with and to the
extent permitted by procedures established by the Committee from time to time. A Participant may stop his or her payroll withholding or contribution by submitting an election in accordance with and to the extent permitted by procedures as may be
established by the Committee from time to time. In order to be effective as of a specific date, an enrollment election must be received by the Company no later than the deadline specified by the Committee, in its discretion and on a
nondiscriminatory basis, from time to time. Any Participant who is automatically re-enrolled in the Plan will be deemed to have elected to continue his or her payroll withholding or contributions at the percentage last elected by the Participant.

  
 SECTION 5 
 OPTIONS TO PURCHASE COMMON STOCK 
  
 5.1 Grant of Option. On each Enrollment Date on which the Participant enrolls or re-enrolls in the Plan, he or she shall be granted an option to
purchase shares of Common Stock. 
  
 5.2 Duration of
Option. Each option granted under the Plan shall expire on the earliest to occur of (a) the completion of the purchase of shares on the last Purchase Date occurring within 24 months of the Grant Date of such option, (b) such shorter option
period as may be established by the Committee from time to time, in its discretion and on a uniform and 
  

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 nondiscriminatory basis, prior to an Enrollment Date for all options to be granted on such Enrollment Date, or (c) the
date on which the Participant ceases to be such for any reason. Until otherwise determined by the Committee for all options to be granted on an Enrollment Date, the period referred to in clause (b) in the preceding sentence shall mean the period
from the applicable Enrollment Date through the last business day prior to the Enrollment Date that is approximately 6 months later. 
  
 5.3 Number of Shares Subject to Option. The number of shares available for purchase by each Participant under the option will be established by the
Committee from time to time prior to an Enrollment Date for all options to be granted on such Enrollment Date. Until otherwise determined by the Committee for all options to be granted on an Enrollment Date, the number of shares referred to in the
preceding sentence shall be 5,000 shares per Purchase Date. In addition and notwithstanding the preceding, to the extent required under Section 423(b) of the Code, an option (taken together with all other options then outstanding under this Plan and
under all other similar employee stock purchase plans of the Employers) shall not give the Participant the right to purchase shares at a rate which accrues in excess of $25,000 of fair market value at the applicable Grant Dates of such shares in any
calendar year during which such Participant is enrolled in the Plan at any time. 
  
 5.4 Other Terms and Conditions. Each option shall be subject to the following additional terms and conditions: 
  
 (a) payment for shares purchased under the option shall be made only through payroll withholding under Section 4.2, unless payroll
withholding is not permitted under local laws as determined by the Committee, in which case the Participant may contribute by such other means as specified by the Committee; 
  
 (b) purchase of shares upon exercise of the option will be accomplished only in accordance with Section 6.1;

  
 (c) the price per share under the option will
be determined as provided in Section 6.1; and 
  
 (d) the option in all respects shall be subject to such other terms and conditions (applied on a uniform and nondiscriminatory basis), as the Committee shall determine from time to time in its discretion. 
  
 SECTION 6 
 PURCHASE OF SHARES 
  
 6.1 Exercise of Option. Subject to Section 6.2, on each Purchase Date, the funds then credited to each Participant’s account shall be used to purchase whole shares of Common Stock. Any cash
remaining after whole shares of Common Stock have been purchased (i.e., because fractional shares may not be purchased under the Plan) shall be rolled over and used to purchase shares on the next Purchase Date (unless the individual no longer is a
Participant, in which case the cash shall be refunded to him or her). Any other cash remaining after a Purchase Date (e.g., because a Participant has reached one of the limits on share purchases under the Plan) shall be returned to the Participant.
The price per Share of the Shares purchased under any option granted under the Plan shall be determined by the Committee from time to time, in its discretion and on a uniform and nondiscriminatory basis, for all options to be granted on an
Enrollment Date. However, in no event shall the price be less than eighty-five percent (85%) of the lower of: 
  
 (a) the closing price per Share on the Grant Date for such option on the Nasdaq National Market; or 
  

 5 

 (b) the closing price per Share on the Purchase Date on the Nasdaq National Market.

  
 6.2 Delivery of Shares. As directed by the Committee in
its sole discretion, shares purchased on any Purchase Date shall be delivered directly to the Participant or to a custodian or broker (if any) designated by the Committee to hold shares for the benefit of the Participants. As determined by the
Committee from time to time, such shares shall be delivered as physical certificates or by means of a book entry system. 
  
 6.3 Exhaustion of Shares. If at any time the shares available under the Plan are over-enrolled, enrollments shall be reduced to eliminate the
over-enrollment, as the Committee determines (in a uniform and nondiscriminatory manner). For example, the Committee may determine that such reduction method shall be “bottom up”, with the result that all option exercises for
one share shall be satisfied first, followed by all exercises for two shares, and so on, until all available shares have been exhausted. Any funds that, due to over-enrollment, cannot be applied to the purchase of whole shares shall be refunded to
the Participants (without interest thereon, except as otherwise required under local laws). 
  
 SECTION 7 
 WITHDRAWAL 
  
 7.1 Withdrawal. A Participant may withdraw from the Plan by submitting a withdrawal election to the Company in
accordance with and to the extent permitted by procedures specified by the Committee from time to time. A withdrawal will be effective only if it is received by the Company by the deadline specified by the Committee (in its discretion and on a
uniform and nondiscriminatory basis) from time to time. Unless otherwise determined by the Committee, when a withdrawal becomes effective, the Participant’s payroll withholding or contributions shall cease and all amounts then credited
to the Participant’s account shall be distributed to him or her (without interest thereon, except as otherwise required under local laws). 
  
 SECTION 8 
 CESSATION OF PARTICIPATION

  
 8.1 Termination of Status as Eligible Employee. A
Participant shall cease to be a Participant immediately upon the cessation of his or her status as an Eligible Employee (for example, because of his or her termination of employment from all Employers for any reason), except that the Committee (in
its discretion and on a uniform and nondiscriminatory basis) may permit an individual who has ceased to be an Eligible Employee to exercise his or her option on the next Purchase Date to the extent permitted by Code Section 423. As soon as
practicable after such cessation, the Participant’s payroll contributions shall cease and all amounts then credited to the Participant’s account shall be distributed to him or her (without interest thereon, except as
otherwise required under local laws). 
  
 SECTION 9 
 DESIGNATION OF BENEFICIARY 
  
 9.1 Designation. Each Participant may, pursuant to such uniform and nondiscriminatory procedures as the Committee may specify in its discretion
from time to time, designate one or more Beneficiaries to receive any amounts credited to the Participant’s account at the time of his or her death. Notwithstanding any contrary provision of this Section 9, Sections 9.1 and 9.2 shall be
operative only after (and for so long as) the Committee determines (on a uniform and nondiscriminatory basis) to permit the designation of Beneficiaries. 
  

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 9.2 Changes. A Participant may designate different Beneficiaries (or may revoke a prior
Beneficiary designation) at any time by delivering a new designation (or revocation of a prior designation) in like manner. Any designation or revocation shall be effective only if it is received by the Committee. However, when so received, the
designation or revocation shall be effective as of the date the designation or revocation is executed (whether or not the Participant still is living), but without prejudice to the Committee on account of any payment made before the change is
recorded. The last effective designation received by the Committee shall supersede all prior designations. 
  
 9.3 Failed Designations. If the Committee does not make Sections 9.1 and 9.2 operative or if a Participant dies without having effectively
designated a Beneficiary, the Participant’s Account shall be payable to his or her estate. 
  
 SECTION 10 
 ADMINISTRATION 
  
 10.1 Plan Administrator. The Plan shall be administered by the
Committee. The Committee shall have the authority to control and manage the operation and administration of the Plan. 
  
 10.2 Actions by Committee. Each decision of a majority of the members of the Committee then in office shall constitute the final and binding act of
the Committee. The Committee may act with or without a meeting being called or held and shall keep minutes of all meetings held and a record of all actions taken by written consent. 
  
 10.3 Powers of Committee. The Committee shall have all powers and discretion necessary or appropriate to supervise
the administration of the Plan and to control its operation in accordance with its terms, including, but not by way of limitation, the following discretionary powers: 
  
 (a) To interpret and determine the meaning, validity and parameters of the terms and provisions of the Plan
and the options and to determine any question arising under, or in connection with, the administration, operation or validity of the Plan or the options; 
  
 (b) To determine the form and manner for Participants to make elections under the Plan; 
  
 (c) To determine any and all considerations affecting the
eligibility of any employee to become a Participant or to remain a Participant in the Plan; 
  
 (d) To cause an account or accounts to be maintained for each Participant; 
  
 (e) To determine the time or times when, and the number of shares for which, options shall be granted;

  
 (f) To establish and revise an accounting
method or formula for the Plan; 
  

 7 

 (g) To designate a custodian or broker to receive shares purchased under the Plan and to
determine the manner and form in which shares are to be delivered to the designated custodian or broker; 
  
 (h) To determine the status and rights of Participants and their Beneficiaries or estates; 
  
 (i) To employ such brokers, counsel, agents and advisers,
and to obtain such broker, legal, clerical and other services, as it may deem necessary or appropriate in carrying out the provisions of the Plan; 
  
 (j) To establish, from time to time, rules for the performance of its powers and duties and for the administration of the Plan;

  
 (k) To adopt such procedures and subplans as
are necessary or appropriate to permit participation in the Plan by employees who are foreign nationals or employed outside of the United States or to facilitate legal, tax or regulatory compliance outside the United States; and 
  
 (l) To delegate to any one or more of its members or to any
other person (including, but not limited to, employees of any Employer) severally or jointly, the authority to perform for and on behalf of the Committee one or more of the functions of the Committee under the Plan. 
  
 10.4 Decisions of Committee. All actions, interpretations, and
decisions of the Committee shall be made in the sole discretion of the Committee and shall be conclusive and binding on all persons, and shall be given the maximum deference permitted by law. 
  
 10.5 Administrative Expenses. All expenses incurred in the
administration of the Plan by the Committee, or otherwise, including legal fees and expenses, shall be paid and borne by the Employers, except any stamp duties or transfer taxes applicable to the purchase of shares may be charged to the account of
each Participant. Any brokerage fees for the purchase of shares by a Participant shall be paid by the Company, but fees and taxes (including brokerage fees) for the transfer, sale or resale of shares by a Participant, or the issuance of physical
share certificates, shall be borne solely by the Participant. 
  
 10.6 Eligibility to Participate. No member of the Committee who is also an employee of an Employer shall be excluded from participating in the Plan if otherwise eligible, but he or she shall not be entitled, as a member of the
Committee, to act or pass upon any matters pertaining specifically to his or her own account under the Plan. 
  
 10.7 Indemnification. Each of the Employers shall, and hereby does, indemnify and hold harmless the members of the Committee and the Board, from
and against any and all losses, claims, damages or liabilities (including attorneys’ fees and amounts paid, with the approval of the Board or the Committee, in settlement of any claim) arising out of or resulting from the implementation
of a duty, act or decision with respect to the Plan, so long as such duty, act or decision does not involve gross negligence or willful misconduct on the part of any such individual. 
  
 SECTION 11 
 AMENDMENT, TERMINATION, AND DURATION 
  
 11.1
Amendment, Suspension, or Termination. The Board or the Committee, in its sole discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time 
  

 8 

 and for any reason. If the Plan is terminated, the Board or the Committee, in its discretion, may elect to terminate all
outstanding options either immediately or upon completion of the purchase of shares on the next Purchase Date (which, notwithstanding Section 2.16, may be sooner than originally scheduled, if determined by the Board or the Committee in its
discretion), or may elect to permit options to expire in accordance with their terms (and subject to any adjustment pursuant to Section 3.2). If the options are terminated prior to expiration, all amounts then credited to Participants’
accounts which have not been used to purchase shares shall be returned to the Participants (without interest thereon, except as otherwise required under local laws) as soon as administratively practicable. If the Board or the Committee determines
that a Change of Control will occur, all outstanding options shall terminate on a Purchase Date (prior to the Change of Control), and upon completion of the purchase of shares on such Purchase Date, that is selected by the Board or the Committee
(which Purchase Date, notwithstanding Section 2.19, may be sooner than originally scheduled, if determined by the Board or the Committee in its discretion), unless the Board or the Committee expressly determines that the options in fact will be
assumed by the surviving corporation or its parent (subject to any adjustment pursuant to Section 3.2). 
  
 11.2 Duration of the Plan. The Plan shall commence on the date specified herein, and subject to Section 11.1 (regarding the Board’s and
the Committee’s right to amend or terminate the Plan), shall remain in effect thereafter. 
  
 SECTION 12 
 GENERAL PROVISIONS 
  
 12.1 Participation by Affiliates. One or more Affiliates of the
Company may become participating Employers by adopting the Plan and obtaining approval for such adoption from the Board or the Committee. By adopting the Plan, an Affiliate shall be deemed to agree to all of its terms, including (but not limited to)
the provisions granting exclusive authority (a) to the Board and the Committee to amend the Plan, and (b) to the Committee to administer and interpret the Plan. An Employer may terminate its participation in the Plan at any time. The liabilities
incurred under the Plan to the Participants employed by each Employer shall be solely the liabilities of that Employer, and no other Employer shall be liable for benefits accrued by a Participant during any period when he or she was not employed by
such Employer. 
  
 12.2 Inalienability. In no event may
either a Participant, a former Participant or his or her Beneficiary, spouse or estate sell, transfer, anticipate, assign, hypothecate, or otherwise dispose of any right or interest under the Plan; and such rights and interests shall not at any time
be subject to the claims of creditors nor be liable to attachment, execution or other legal process. Accordingly, for example, a Participant’s interest in the Plan is not transferable pursuant to a domestic relations order. 

 
 12.3 Severability. In the event any provision of the Plan shall be
held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
  
 12.4 Requirements of Law. The granting of options and the issuance of
shares shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or securities exchanges as the Committee may determine are necessary or appropriate. 
  

 9 

 12.5 Compliance with Rule 16b-3. Any transactions under this Plan with respect to officers (as
defined in Rule 16a-1 promulgated under the 1934 Act) are intended to comply with all applicable conditions of Rule 16b-3. To the extent any provision of the Plan or action by the Committee fails to so comply, it shall be deemed null and void, to
the extent permitted by law and deemed advisable by the Committee. Notwithstanding any contrary provision of the Plan, if the Committee specifically determines that compliance with Rule 16b-3 is no longer is required, all references in the Plan to
Rule 16b-3 shall be null and void. 
  
 12.6 No Enlargement of
Employment Rights. Neither the establishment or maintenance of the Plan, the granting of options, the purchase of shares, nor any action of any Employer or the Committee, shall be held or construed to confer upon any individual any right to be
continued as an employee of any Employer nor, upon dismissal, any right or interest in any specific assets of the Employers other than as provided in the Plan. Each Employer expressly reserves the right to discharge any employee at any time, with or
without cause. 
  
 12.7 Apportionment of Costs and Duties.
All acts required of the Employers under the Plan may be performed by the Company for itself and its Affiliates, and the costs of the Plan may be equitably apportioned by the Committee among the Company and the other Employers. Whenever an Employer
is permitted or required under the terms of the Plan to do or perform any act, matter or thing, it shall be done and performed by any officer or employee of the Employers who is thereunto duly authorized by the Employers. 
  
 12.8 Construction and Applicable Law. The provisions of the Plan shall
be construed, administered and enforced in accordance with the laws of the State of California (excluding California’s conflict of laws provisions). 
  

12.9 Captions. The captions contained in and the table of contents prefixed to the Plan are inserted only as a matter of convenience, and in no
way define, limit, enlarge or describe the scope or intent of the Plan nor in any way shall affect the construction of any provision of the Plan. 
  

 10 

 EXECUTION 
  
 IN WITNESS WHEREOF, Polycom, Inc., by its duly authorized officer, has executed this Plan on the date indicated below. 
  

					
	 	 	POLYCOM, INC.
			
	Dated: June 9, 2005	 	By	 	 /s/ Michael R. Kourey

	 	 	Title:	 	Senior Vice President, Finance and
	 	 	 	 	Administration, and Chief Financial Officer

  

 11

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