Exhibit 10.5
* CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND IS THE TYPE OF INFORMATION THE REGISTRANT CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL. REDACTED INFORMATION IS INDICATED BY [***].
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.
1.Satisfaction of Vesting Conditions:
a.General. Each RSU shall represent the right to receive one share of Common Stock of the Company, subject to the terms and conditions set forth in this Agreement and the Plan. 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: |
One-year anniversary |
25% |
Two-year anniversary |
25% |
Three-year anniversary |
25% |
Four-year anniversary |
25% |
Under the above schedule, before the one-year anniversary, no part of the Award is vested or nonforteitable.
b.Separation from Service. The Participant is a party to that certain Employment Agreement, dated July 13, 2022, by and between Thomas R. Stanton, ADTRAN, Inc., and the Company, 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 practicable following such Separation from Service.
c.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.
2.Settlement of the RSUs: 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