Exhibit 10.2
ADTRAN HOLDINGS, INC.
T. STANTON RESTRICTED STOCK UNIT AGREEMENT
This Restricted Stock Unit Agreement (this “Agreement”) sets forth the specified terms of ADTRAN Holdings, Inc.’s grant of the number of Restricted Stock Units (“RSU”) as is set forth in the Morgan Stanley StockPlan Connect (the “Portal”) to the applicable grantee named in the Portal (the “Participant”) pursuant to the ADTRAN Holdings, Inc. 2024 Employee Stock Incentive Plan (the “Plan”) as of the date of grant set forth in the Portal. Unless otherwise specified, all capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Plan.
Vesting and Delivery of Common Stock: Subject to the terms of this Agreement, the RSUs shall become vested and nonforfeitable according to the following schedule, measured from the date of grant, assuming the Participant remains in continuous employment with the Company on the applicable date:
Anniversary of the date of grant: |
Vested percentage: |
__-year anniversary |
__% |
__-year anniversary |
__% |
__-year anniversary |
__% |
__-year anniversary |
__% |
Under the above schedule, before the one-year anniversary, no part of the Award is vested or nonforteitable.
One share of the Company’s Common Stock shall be issued to the Participant for every RSU that becomes vested pursuant to the schedule above. The Company will issue shares of Common Stock to the Participant as soon as administratively practicable following the date the applicable portion of the RSUs have become vested; provided, however, if any law or regulation requires the Company to take any action (including, but not limited to, the filing of a registration statement under the Securities Act and causing such registration statement to become effective) with respect to such shares of Common Stock before the issuance thereof, then the date of delivery of the shares shall be extended for the period necessary to take such action, to the maximum extent permitted by Section 409A of the Code. Except as specifically set forth herein, as specified by the terms of a written employment agreement between the Company and the Participant, or as otherwise approved by the Committee, the unvested portion of the RSUs shall be forfeited in the event the Participant incurs a Separation from Service for any reason.
The Participant is a party to that certain Employment Agreement, dated July 13, 2022, by and between Thomas R. Stanton and ADTRAN Holdings, Inc., as amended (the “Employment Agreement”). In the event that the Participant incurs a Separation from Service, the treatment of any unvested RSUs shall be governed by the Employment Agreement. In the event that the vesting of any RSUs is accelerated upon the Participant’s Separation from Service, one share of the Company’s Common Stock shall be issued to the Participant for every vested RSU as soon as administratively possible following such Separation from Service.
Change of Control: In the event of a Separation from Service following a Change of Control, the treatment of the RSUs shall be governed by the Employment Agreement. The RSUs granted herein shall not vest upon a Change of Control in the absence of a Separation from Service except as may be approved by the Committee.