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| PLCM > SEC Filings for PLCM > Form 8-K on 3-Apr-2009 | All Recent SEC Filings |
3-Apr-2009
Change in Directors or Principal Officers, Financial Statements and Exhibits
On March 30, 2009, Polycom, Inc. ("Polycom" or the "Company") entered into a
Transition Agreement with David R. Phillips, the Company's former head of
Worldwide Sales (the "Transition Agreement.") Pursuant to the terms of the
Transition Agreement, Mr. Phillips' employment with Polycom terminated on
March 31, 2009. Mr. Phillips has agreed to non-competition and non-solicitation
provisions for a period of one year following the termination of his employment.
As consideration for Mr. Phillips' execution and non-revocation of the legal
release of claims set forth in the Transition Agreement and for the
non-competition and non-solicitation provisions described above, Mr. Phillips
will receive the following from Polycom: (1) a severance payment in the amount
of $427,500, less applicable withholdings, payable in two installments of
$320,625 on October 15, 2009 and $106,875 on April 1, 2010, upon the expiration
of Mr. Phillips' non-competition and non-solicitation obligations;
(2) outplacement services for a period of six months, which are valued at
approximately $6,000; (3) Company-paid COBRA insurance premiums for a period of
twelve months, provided that Mr. Phillips timely elects such continuation
coverage, which are valued at approximately $19,400; and (4) retention of
Mr. Phillips' Polycom-issued mobile phone, assigned telephone number, PDA and
laptop computer. In addition, Polycom has agreed to reimburse Mr. Phillips for
legal fees of up to $10,000. Pursuant to the terms of the Transition Agreement,
in order to assist with transitioning the Company's worldwide sales operations,
Mr. Phillips worked on a part-time basis for the Company from February 17, 2009
to March 31, 2009.
A copy of the Transition Agreement is filed herewith as Exhibit 10.1.
(d) Exhibits
10.1 Transition Agreement, effective as of March 30, 2009, by and between Polycom, Inc. and David R. Phillips
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