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PLCM > SEC Filings for PLCM > Form 8-K on 28-May-2014All Recent SEC Filings

Show all filings for POLYCOM INC

Form 8-K for POLYCOM INC


Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Chief Financial Officer

On May 28, 2014, Polycom, Inc. ("Polycom") announced that its Board of Directors had appointed Laura J. Durr, 53, as Polycom's Chief Financial Officer and Executive Vice President, effective immediately. Ms. Durr will continue to serve as Polycom's principal financial officer and principal accounting officer. Ms. Durr has served as Polycom's Interim Chief Financial Officer and principal financial officer since March 2014, Polycom's Senior Vice President, Worldwide Finance since September 2013, Polycom's principal accounting officer since March 2005, and in other financial management positions since joining Polycom in March 2004.

In connection with her appointment as Chief Financial Officer, Ms. Durr will receive the following:

A base annual salary of $440,000 per year;

Participation in Polycom's bonus plan at a target of 80% of base salary;

An equity award of 17,500 restricted stock units, vesting annually over three years, effective as of May 28, 2014;

An equity award of 17,500 target performance shares, measuring Total Shareholder Return in three distinct 12-month measurement periods of June 1, 2014 to May 31, 2015, January 1, 2015 to December 31, 2015, and January 1, 2016 to December 31, 2016, effective as of May 28, 2014;

A change of control severance package pursuant to the Polycom Change of Control Severance Agreement for executives other than the Chief Executive Officer;

No change to her existing severance package pursuant to the Polycom Executive Severance Plan; and

Continued eligibility to participate in all compensation, retirement, and welfare benefit programs available to Polycom executive officers.

Ms. Durr has no family relationships with any of Polycom's directors or executive officers, and she has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

A copy of the press release relating to this announcement is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release dated May 28, 2014, entitled "Laura Durr Named Chief Financial Officer of Polycom."

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