To summarize:
1) You have to be signed up for My Verizon. Easy enough... and free!
2) You have to have a calling plan of $50 or higher. Which means, not the cheapest one!
3) You have to be the primary line. The renew in 12 months deal is not for other lines on your account.
4) You have to sign another 2-year contract.
Not a bad deal if you are the primary and already have a plan of $50 or more. On the other hand, 10 months is still better than 12 months.
And if you sign a 1-year, you can change carriers f you choose. The phone itself is $70 more, of course ($200 vs $270) but for frequent upgraders or those who aren't loyal to any particular carrier, a 1-year contract still makes more sense.