Relocation Expense Arrangement between Polycom, Inc. and David R. Phillips
Polycom, Inc. has agreed to provide up to $300,000 in relocation benefits to David R. Phillips, its Senior Vice President of Worldwide Sales, to support his move from Austin, Texas, to near the company's headquarters in Pleasanton, California. The package includes home sale assistance, compensation for any loss on the sale of his current home, temporary housing, shipment and storage of household goods, and tax gross-up payments. These benefits are intended to cover the costs and facilitate Mr. Phillips's relocation for his new role.
Exhibit 10.2
Summary of Arrangement between Polycom, Inc. and David R. Phillips
with respect to
Relocation Expenses
On February 5, 2008, the Compensation Committee of the Board of Directors of Polycom, Inc. (“Polycom”) approved a relocation package, in an amount of up to $300,000, for David R. Phillips, Polycom’s Senior Vice President of Worldwide Sales, to move his family from their current home in Austin, Texas, to a location near Polycom’s corporate headquarters in Pleasanton, California. Pursuant to the terms of the relocation package, Mr. Phillips will receive the following: (1) home sale assistance from the Company’s third party relocation service; (2) compensation for loss on the sale of Mr. Phillips’ current home; (3) temporary housing accommodations in California for Mr. Phillips and his family; (4) shipment of household goods; (5) storage of household goods; and (6) tax gross up amounts.
