Amended Summary and Rescission of Compensation Arrangement Between Polycom, Inc. and Robert C. Hagerty
Polycom, Inc. and its Chief Executive Officer, Robert C. Hagerty, entered into a compensation arrangement in 2001 that included a $2,000,000 loan and a retention bonus. The arrangement was approved by the Compensation Committee and ratified by the Board of Directors, with Mr. Hagerty abstaining from the vote. However, in August 2002, the Board rescinded the arrangement before it was implemented, so it never took effect.
AMENDED SUMMARY AND RESCISSION OF ARRANGEMENT BETWEEN THE COMPANY
AND ROBERT C. HAGERTY
In fiscal 2001, the Compensation Committee of the Board of Directors of Polycom, Inc. (the “Company”) approved a loan of $2,000,000 to Robert C. Hagerty, the Chief Executive Officer of the Company, and a retention bonus agreement with Mr. Hagerty. This compensation arrangement was subsequently ratified by a unanimous vote of the Company’s Board of Directors, except for Mr. Hagerty, who abstained from voting. This arrangement was rescinded by the Board in August 2002, without ever having gone into effect.
