Document:

Exhibit
10.2

 

WIRELESS
TELECOM GROUP, INC.

RESTRICTED
STOCK AWARD AGREEMENT

 

This
RESTRICTED STOCK AWARD GRANT AGREEMENT (the “Agreement”), is made effective as of the ___ day of _____________
20__ (the “Date of Grant”), and is delivered by Wireless Telecom Group, Inc., a New Jersey corporation (the “Company”),
to _____________ (the “Grantee”).

 

RECITALS

 

A.
The Wireless Telecom Group, Inc. 2021 Long-Term Incentive Plan (the “Plan”) provides for the grant of restricted
stock and other securities in accordance with the terms and conditions of the Plan. The Company has decided to make a stock grant to
the Grantee to promote the best interests of the Company and its stockholders.

 

B.
The Plan is presently administered by the Compensation Committee of the Board of Directors (the
“Committee”).

 

NOW,
THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows:

 

1. Restricted
Stock Grant. Subject to the terms and conditions set forth in this Agreement and the Plan, the Company hereby grants to the
Grantee ________ shares of Stock of the Company, subject to the restrictions set forth below and in the Plan (“Restricted
Stock”).

 

2. Vesting
and Nonassignability of Restricted Stock.

 

The
shares of Restricted Stock shall become vested, and the restrictions described in this Section 2 shall lapse, in the manner provided
below, if the Grantee continues to provide service to the Company and/or its Affiliates (collectively, the “Employer”)
as an employee from the Date of Grant until the applicable vesting date. For this purpose, the term “Shares” refers to the
number of shares of Restricted Stock underlying that portion of the Award that vests in the manner described below. Except as provided
in Section 4 below shares of Restricted Stock shall vest as follows:

 

	(i)	________
    Shares in the aggregate will vest on _________,
	(ii)	________
    Shares in the aggregate will vest on _________,
	(iii)	________
    Shares in the aggregate will vest on _________,
	(iv)	________
    Shares in the aggregate will vest on _________

 

There
is no pro rata vesting for service prior to or between the applicable calendar dates.

 

(a)
If the Grantee’s service with the Employer as an employee terminates for any reason before the Restricted Stock is fully
vested, the shares of Restricted Stock that are not then vested shall be forfeited and must be immediately returned to the
Company.

 

    	 

     

    

 

(b)
During the period before the shares of Restricted Stock vest (the “Restriction Period”), the non-vested Restricted Stock
may not be assigned, transferred, pledged or otherwise disposed of by the Grantee. Any attempt to assign, transfer, pledge or
otherwise dispose of the shares contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon
the shares, shall be null, void and without effect.

 

(c)
Except as otherwise provided in this Agreement, the Grantee shall have, with respect to all of the shares of Restricted Stock,
whether vested or unvested, all of the rights of a holder of shares of Stock of the Company, including without limitation (i) the
right to vote such Restricted Stock, (ii) the right to receive dividends, if any, as may be declared on the Restricted Stock from
time to time, and (iii) the rights available to all holders of shares of Stock of the Company upon any merger, consolidation,
reorganization, liquidation or dissolution, stock split-up, stock dividend or recapitalization undertaken by the Company; provided,
however, that all of such rights shall be subject to the terms, provisions, conditions and restrictions set forth in this Agreement
(including without limitation conditions under which all such rights shall be forfeited). With respect to the right to dividends,
the Grantee shall be entitled to dividends or other distributions paid or made on Stock but only as and when the shares of
Restricted Stock to which the dividends or other distributions are attributable become vested Shares. Dividends paid on unvested
shares of Restricted Stock will be held by the Company and transferred to the Grantee, without interest, on such date as the shares
of Restricted Stock become vested Shares. Dividends or other distributions paid on unvested shares Restricted Stock that are
forfeited shall be retained by the Company.

 

3. Issuance
of Certificates.

 

(a)
One or more stock certificates representing the Restricted Stock shall be issued in the name of the Grantee but shall be held and
retained in escrow by the Secretary until the Restricted Stock vests, or the Company may hold non-certificated shares in escrow
until the Restricted Stock vests. All such stock certificates shall bear such legends that the Board of Directors or the Committee
shall deem necessary and appropriate or which are otherwise required or indicated pursuant to any applicable stockholders or similar
agreement. In the event of a dividend or distribution payable in stock or other property or a reclassification, split up or similar
event during the Restriction Period, the shares or other property issued or declared with respect to the non-vested shares of
Restricted Stock shall be subject to the same terms and conditions relating to vesting as the shares to which they
relate.

 

(b)
When the Grantee obtains a vested right to shares of Restricted Stock, a certificate representing the vested Shares may be issued to
the Grantee, free of the restrictions under Paragraph 2 of this Agreement.

 

(c)
The obligation of the Company to deliver shares upon the vesting of any Shares of the Restricted Stock shall be subject to all
applicable laws, rules, and regulations and such approvals by governmental agencies as may be deemed appropriate to comply with
relevant securities laws and regulations.

 

4. Change
in Control. Restricted Stock that has not vested at the time of a Change in Control shall immediately vest and the
restrictions shall lapse as of the date of the Change in Control.

 

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5. Grant
Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by
reference, and in all respects shall be interpreted in accordance with the Plan. The grant is subject to interpretations,
regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the provisions
of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes,
(ii) the registration, qualification or listing of the shares, (iii) changes in capitalization of the Company, and (iv) other
requirements of applicable law. The Committee shall have the authority to interpret and construe the grant pursuant to the terms of
the Plan, and its decisions shall be conclusive as to any questions arising hereunder. Capitalized terms not otherwise defined in
the Agreement shall have the meanings ascribed to them by the Plan.

 

6. Assignment
by Company; Beneficiary Designation. The rights and protections of the Company hereunder shall extend to any successors or
assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement may be assigned by the
Company without the Grantee’s consent. The Grantee shall have the right to designate, on a beneficiary designation form
satisfactory to the Board of Directors or the Committee, if so designated by the Board of Directors, which shall be filed with the
Company, a beneficiary or beneficiaries to receive any vested Shares under this Agreement held in escrow in the event of the death
of the Grantee. In the event that the Grantee shall not file a beneficiary designation form with the Company, or if none of the
designated beneficiaries survive the Grantee, then any unpaid vested Shares under this Agreement shall be paid to the estate of the
Grantee.

 

7. Tax
Matters; Withholding; Section 83(b) Election.

 

(a)
If the Grantee properly elects, within thirty (30) days of the Date of Grant, to include in gross income for federal income tax
purposes an amount equal to the fair market value (as of the Date of Grant) of the Restricted Stock pursuant to Section 83(b) of the
Internal Revenue Code of 1986, as amended, the Grantee shall make arrangements satisfactory to the Company to pay to the Company any
federal, state or local income taxes required to be withheld with respect to the Restricted Stock. If the Grantee shall fail to make
such tax payments as are required, the Company shall, to the extent permitted by law, have the right to deduct from any payment of
any kind otherwise due to the Grantee any federal, state or local taxes of any kind required by law to be withheld with respect to
the Restricted Stock. The Grantee may elect to satisfy any tax withholding obligation of the Company with respect to the Restricted
Stock by having vested Shares withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal,
state, local, and other tax liabilities; provided, however, that this opportunity is not available if the Grantee makes an election
under Section 83(b). .

 

(b)
If the Grantee does not properly make, or is unable to make, the election described in Section 7(a) above, the Grantee shall, no
later than the date or dates as of which the restrictions referred to in this Agreement hereof shall lapse, pay to the Company, or
make arrangements satisfactory to the Board of Directors or the Committee, if so designated by the Board of Directors, for payment
of any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock (including
without limitation the vesting thereof), and the Company shall, to the extent permitted by law, have the right to deduct from any
payment of any kind otherwise due to Grantee any federal, state, or local taxes of any kind required by law to be withheld with
respect to the Restricted Stock.

 

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(c)
Unless and until the Grantee provides for the payment of the tax withholding obligations in accordance with the provisions of this
Paragraph 7, the Company shall have no obligation to deliver any of the vested Shares. A failure on the part of the Grantee to
provide for the satisfaction of the tax withholding obligations shall result in a forfeiture of the Restricted Stock that would have
become vested Shares but for the failure to satisfy applicable tax withholding obligations.

 

(d)
Tax consequences on the Grantee (including without limitation federal, state, local and foreign income tax consequences) with
respect to the Restricted Stock (including without limitation the grant, vesting and/or forfeiture thereof) are the sole
responsibility of the Grantee. The Grantee shall consult with his or her own personal accountant(s) and/or tax advisor(s) regarding
these matters, the making of a Section 83(b) election, and the Grantee’s filing, withholding and payment (or tax liability)
obligations.

 

8. Other
Restrictions on Sale or Transfer of Shares.

 

(a) The
Grantee is acquiring the Restricted Stock solely for investment purposes, with no present intention of distributing or reselling any
of the Restricted Stock or any interest therein. The Grantee acknowledges that the shares of Restricted Stock have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”).

 

(b) The
Grantee is aware of the applicable limitations under the Securities Act and under the Plan relating to a subsequent sale, transfer, pledge
or other assignment or encumbrance of the Restricted Stock. The Grantee further acknowledges that the shares of Restricted Stock must
be held indefinitely unless they are subsequently registered under the Securities Act and applicable state securities laws or an exemption
from such registration is available.

 

9. Applicable
Law. The validity, construction, interpretation and effect of this Agreement shall be governed by and construed in accordance
with the laws of the State of New Jersey, without giving effect to the conflicts of laws provisions thereof.

 

10. Notice.
Any notice to the Company provided for in this Agreement shall be addressed to the Company in care of the Committee at the Company’s
headquarters and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the records of the Company,
or to such other address as the Grantee may designate to the Company in writing. Any notice shall be delivered by hand, sent by facsimile
or enclosed in a properly sealed envelope addressed as stated above deposited, postage prepaid, in a post office regularly maintained
by the United States Postal Service.

 

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IN
WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this Agreement, and the Grantee has placed his
or her signature hereon, effective as of the Date of Grant.

 

	 	WIRELESS TELECOM GROUP, INC.
	 	 	
	 	By:	        
	 	Name:
    	 
	 	Title:
     	 

 

I
hereby accept the grant of Restricted Stock described in this Agreement, and I agree to be bound by the terms of the Plan and this Agreement.
I hereby further agree that all the decisions and determinations of the Committee shall be final and binding.

 

	 	 
	 	Grantee
	 	 
	 	Date

 

    	5Exhibit
10.3

 

WIRELESS
TELECOM GROUP, INC.

STOCK
OPTION AGREEMENT

 

THIS
STOCK OPTION AGREEMENT (this “Agreement”) is made effective this ___ day of ___________________ 20__ (the “Date
of Grant”) by and between Wireless Telecom Group, Inc., a New Jersey corporation (the “Company” or “Employer”),
and _____________ (the “Grantee”).

 

WHEREAS,
in contemplation of the Grantee’s service to the Company, the Company desires to grant to the Grantee an option to purchase ______________
shares of common stock of the Company (the “Common Stock”).

 

NOW,
THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows:

 

1.
Grant of Option. Subject to the terms and conditions set forth in this Agreement, the Company hereby grants to the Grantee
a stock option (the “Option”) to purchase shares of Common Stock at an exercise price of $____ per share (the
“Exercise Price”) in accordance with, and subject to, the 2021 Plan (as defined in Paragraph 9). As used herein, the
term “Shares” refers to the number of shares of Common Stock underlying the Option, The Option shall become exercisable
according to Paragraph 2 below. The Option hereby granted is an incentive stock option within the meaning of Section 422 of the Code.
To the extent the Option fails to qualify as an incentive stock option because it exceeds the $100,000 limit of Section 422 of the Code
it shall be a non-qualified stock option as provided in applicable Treasury regulations.

 

2.
Exercisability of Option.

 

(a)
General. The Option shall become exercisable with respect to that number of Shares determined below, provided the Grantee
continues to be Employed by the Employer (as defined in Paragraph 9) through the applicable date. The Option may be exercised as to the
number of Shares indicated after the time or times set forth below, and shall remain exercisable until the expiration time provided for
in Paragraph 3, when the right to exercise shall terminate absolutely:

 

(i)
____% of the Shares in the aggregate subject to the Option may be purchased on or after _______;

 

(ii)
____% of the Shares in the aggregate subject to the Option may be purchased on or after _______;

 

(iii)
____% of the Shares in the aggregate subject to the Option may be purchased on or after _______; and

 

(iv)
____% of the Shares in the aggregate subject to the Option may be purchased on or after ________.

 

There
is no pro rata vesting of Shares for service prior to or between the applicable calendar dates. The Option may be exercised only for
whole Shares (i.e., not any fractional Shares).

 

    	 

    	 

    

 

(b)
Changes in Capitalizations. The number of Shares, the Exercise Price and/or the kind of Company capital stock subject to the
Option shall be proportionately adjusted for any nonreciprocal transactions between the Company and the holders of capital stock of the
Company that cause the per share value of the shares of Company capital stock underlying the Option to change, such as a stock dividend,
stock split, spinoff, rights offering, or recapitalization through a large, nonrecurring cash dividend in such manner as the Committee
(as defined in Paragraph 9) may determine in its sole discretion. Any adjustment pursuant to this provision may provide, in the Committee’s
discretion, for the elimination without payment therefor of any fractional share(s) that might otherwise become subject to the Option,
but except as set forth in this provision may not otherwise diminish the then value of the Option.

 

3.
Term of Option.

 

(a)
The Option shall have a term of ten (10) years from the Date of Grant and shall terminate at the expiration of that period, unless
it is terminated at an earlier date pursuant to the provisions of this Agreement.

 

(b)
The Option shall automatically terminate upon the happening of the first of the following events:

 

(i)
The expiration of the three (3) months after the Grantee ceases to be Employed by the Employer, if the Termination of Employment
(as defined in Paragraph 9) is for any reason other than Disability (as defined in Paragraph 9), death or Cause (as defined in Paragraph
9).

 

(ii)
The expiration of the one (1) year period after the Grantee ceases to be Employed by the Employer on account of the Grantee’s
Disability.

 

(iii)
The expiration of the one (1) year period after the Grantee ceases to be Employed by the Employer, if the Grantee dies while Employed
by the Employer.

 

(iv)
The date on which the Grantee ceases to be Employed by the Employer on account of a Termination of Employment by the Employer for
Cause. In addition, notwithstanding the prior provisions of this Paragraph 3, if the Company determines that the Grantee has engaged
in misconduct that constitutes Cause at any time while the Grantee is Employed by the Employer or after the Grantee’s Termination
of Employment, the Option shall terminate as of the date on which such misconduct constituting Cause first occurred.

 

Notwithstanding
the foregoing, in no event may the Option be exercised after the date that is immediately following the 10th anniversary of the Date
of Grant. If the Option, or any portion thereof, is not exercisable at the time the Grantee ceases to be Employed by the Employer it
shall immediately terminate.

 

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4.
Exercise Procedures.

 

(a)
Subject to the provisions of Paragraphs 2 and 3 above, the Grantee may exercise part or all of the exercisable Option by giving the
Company written notice of intent to exercise in the manner provided in this Agreement, specifying the number of Shares as to which the
Option is to be exercised. At such time as the Committee shall determine, the Grantee shall pay the exercise price (i) in cash, (ii)
by payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board, or (iii) by such other
method as the Company may approve. The Company may impose from time to time such limitations as it deems appropriate on the use of Shares
of the Company to exercise the Option.

 

(b)
The obligation of the Company to deliver Shares upon exercise of the Option shall be subject to all applicable laws, rules, and regulations
and such approvals by governmental agencies as may be deemed appropriate by the Company, including such actions as Company counsel shall
deem necessary or appropriate to comply with relevant securities laws and regulations. The Company may require that the Grantee (or other
person exercising the Option after the Grantee’s death) represent that the Grantee is purchasing Shares for the Grantee’s
own account and not with a view to or for sale in connection with any distribution of the Shares, or such other representation as the
Company deems appropriate.

 

(c)
All obligations of the Company under this Agreement shall be subject to the rights of the Company to withhold amounts required to
be withheld for any taxes, if applicable. Subject to Committee approval, the Grantee may elect, in a form and manner prescribed by the
Company, to satisfy any tax withholding obligations of the Employer with respect to the Option by having Shares withheld up to an amount
sufficient to satisfy the applicable withholding tax obligations, but not in excess of the maximum statutory tax rates in the applicable
jurisdiction(s).

 

5.
Restrictions on Exercise. Except as the Company may otherwise permit, only the Grantee may exercise the Option during the
Grantee’s lifetime and, after the Grantee’s death, the Option shall be exercisable solely by the legal representatives of
the Grantee, or by the person who acquires the right to exercise the Option by will or by the laws of descent and distribution, to the
extent that the Option is exercisable pursuant to this Agreement.

 

6.
Termination of Employment, Disability, or Death.

 

(a)
Except as provided below, the Option may only be exercised while the Grantee is Employed by the Employer. In the event that the Grantee
ceases to be Employed by the Employer for any reason other than Disability, death, Termination of Employment for Cause, or as set forth
in subparagraph (e) below, that portion of the Option which is otherwise exercisable by the Grantee shall terminate unless exercised
within three (3) months after the date on which the Grantee ceases to be Employed by the Employer, but in any event no later than the
date of expiration of the Option term. Except as otherwise provided, any portion of the Grantee’s Option that is not otherwise
exercisable as of the date on which the Grantee ceases to be Employed by the Employer shall terminate as of such date.

 

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(b)
In the event the Grantee ceases to be Employed by the Employer on account of a Termination of Employment by the Employer for Cause,
the Option shall terminate as of the date on which the Grantee ceases to be Employed by the Employer or the date on which the Option
would otherwise expire, if earlier. In addition, notwithstanding any other provisions of this Paragraph 6, if the Company determines
that the Grantee has engaged in misconduct that constitutes Cause at any time while the Grantee is Employed by the Employer or after
the Grantee’s Termination of Employment, the Option shall terminate as of the date on which such misconduct constituting Cause
first occurred, or the date on which the Option would otherwise expire, if earlier. Upon any exercise of the Option, the Company may
withhold delivery of share certificates pending resolution of an inquiry that could lead to a finding resulting in a forfeiture.

 

(c)
In the event the Grantee ceases to be Employed by the Employer because the Grantee is subject to a Disability, the Option which is
otherwise exercisable by the Grantee shall terminate unless exercised within one (1) year after the date on which the Grantee ceases
to be Employed by the Employer, but in any event no later than the date of expiration of the Option term. Except as otherwise provided,
any portion of the Grantee’s Option that is not otherwise exercisable as of the date on which the Grantee ceases to be Employed
by the Employer shall terminate as of such date.

 

(d)
If the Grantee dies while Employed by the Employer, the Option shall become immediately exercisable in full and remain exercisable
for a period of one (1) year from his date of death, but in no event later than the date of expiration of the Option term. If the Grantee
dies within three (3) months after the date on which the Grantee ceases to be Employed by the Employer on account of a Termination of
Employment specified in subparagraph (a) above, the portion of the Option that is otherwise exercisable by the Grantee shall terminate
unless exercised within one (1) year after the date on which the Grantee ceases to be Employed by the Employer, but in any event no later
than the date of expiration of the Option term. Except as otherwise provided, any portion of the Grantee’s Option that is not otherwise
exercisable as of the date on which the Grantee ceases to be Employed by the Employer shall terminate as of such date.

 

7.
Consequences of a Change in Control.

 

(a)
Notice and Acceleration. Upon a Change in Control (as defined in Paragraph 9), if any portion of the Option is outstanding,
the Company shall provide the Grantee written notice of such Change in Control. Upon a Change in Control, the exercisability of the Option
shall automatically accelerate and become fully exercisable as permitted by Section 6.2(b) of the 2021 Plan.

 

(b)
Adjustments in Case of Certain Transactions. In the event of a merger, consolidation, reorganization, extraordinary dividend,
sale of substantially all of the Company’s assets, other change in capital structure of the Company, tender offer for shares of
Common Stock, or a Change in Control, that in each case does not constitute an event described in Paragraph 2(b), the Committee may make
such adjustments with respect to the Option and take such other action as it deems necessary or appropriate, including, without limitation,
the substitution of a new award by the Company or by a third party, the settlement of the Option in cash or cash equivalents, the removal
of restrictions on the Option, other adjustments to the Option or the termination of the Option in exchange for the cash value, if any,
determined in good faith by the Committee of the vested and/or unvested portion of the Option, as the Committee may determine in its
sole discretion. Any adjustment pursuant to this provision may provide, in the Committee’s discretion, for the elimination without
payment therefor of any fractional share(s) that might otherwise become subject to the Option, but may not otherwise diminish the then
value of the Option.

 

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8.
Requirements for Issuance or Transfer of Shares.

 

(a)
Limitations on Issuance or Transfer of Shares. No Company capital stock shall be issued or transferred in connection with
the Option under this Agreement unless and until all legal requirements applicable to the issuance or transfer of such Company capital
stock have been complied with. This Grant made shall be conditioned on the Grantee’s undertaking in writing to comply with such
restrictions on his or her subsequent disposition of such shares of Company capital stock, and certificates representing such shares
may include a legend to reflect any such restrictions. Certificates representing shares of Company capital stock issued or transferred
under this Agreement will be subject to such stop-transfer orders and other restrictions as may be required by or appropriate under,
applicable laws, regulations and interpretations, including any requirement that a legend be placed thereon.

 

(b)
Lock-Up Period. If so requested by the Company or any representative of the underwriters (the “Managing Underwriter”)
in connection with any underwritten offering of securities of the Company under the Securities Act of 1933, as amended (the “Securities
Act”), the Grantee (including any successor or assigns) shall not sell or otherwise transfer any shares or other securities
of the Company during the 30-day period preceding and the 180-day period following the effective date of a registration statement of
the Company filed under the Securities Act for such underwriting (or such shorter period as may be requested by the Managing Underwriter
and agreed to by the Company) (the “Market Standoff Period”). The Company may impose stop-transfer instructions with
respect to securities subject to the foregoing restrictions until the end of such Market Standoff Period.

 

9.
Definitions.

 

(a)
“Cause” shall have the equivalent meaning or the same meaning as “cause” or “for cause”
set forth in any employment, consulting, or other agreement for the performance of services between the Grantee and the Company or an
affiliate or, in the absence of any such agreement or any such definition in such agreement, such term shall mean (i) the failure by
the Grantee to perform, in a reasonable manner, his or her duties as assigned by the Company or an affiliate, (ii) any violation or breach
by the Grantee of his or her employment, consulting or other similar agreement with the Company or an affiliate, if any, (iii) any violation
or breach by the Grantee of any non-competition, non-solicitation, non-disclosure and/or other similar agreement with the Company or
an affiliate, (iv) any act by the Grantee of dishonesty or bad faith with respect to the Company or an affiliate, (v) use of alcohol,
drugs or other similar substances in a manner that adversely affects the Grantee’s work performance, or (vi) the commission by
the Grantee of any act, misdemeanor, or crime reflecting unfavorably upon the Grantee or the Company or any affiliate. The good faith
determination by the Committee of whether the Grantee’s employment was terminated by the Company for “Cause” shall
be final and binding for all purposes hereunder.

 

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(b)
“Change in Control” shall have the meaning set forth in Section 2.8 of the 2021 Plan.

 

(c)
“Code” shall have the meaning set forth in Section 2.9 of the 2021 Plan.

 

(d)
“Disability” shall have the meaning set forth in Section 2.12 of the 2021 Plan.

 

(e)
“Employed by the Employer” shall mean employment as an employee of the Employer, such that, for purposes of exercising
Options, the Grantee shall not be considered to have terminated employment until the Grantee ceases to be an employee of the Employer
as a result of a Termination of Employment.

 

(f)
“Employer” shall mean the Company and its parent and subsidiary corporations or other entities, as determined
by the Board of Directors of the Company.

 

(g)
“Fair Market Value” shall have the meaning set forth in Section 2.12 of the 2021 Plan.

 

(h)
“Termination of Employment” shall have the meaning set forth in Section 2.35 of the 2021 Plan.

 

(i)
“2021 Plan” shall mean the Wireless Telecom Group, Inc. 2021 Long-Term Incentive Plan.

 

10.
Administration. The Committee shall have the authority to interpret and construe the Option pursuant to the terms of this
Agreement and the 2021 Plan, and its decisions shall be conclusive as to any questions arising hereunder.

 

11.
Amendment of Agreement. This Agreement may only be modified or amended in a writing signed by both parties.

 

12.
Waiver. Either party’s failure to enforce any provision or provisions of this Agreement shall not in any way be construed
as a waiver of any such provision or provisions, nor prevent that party thereafter from enforcing each and every other provision of this
Agreement. The rights granted both parties herein are cumulative and shall not constitute a waiver of either party’s right to assert
all other legal remedies available to it under the circumstances.

 

13.
Further Assurances. The Grantee agrees upon request to execute any further documents or instruments necessary or desirable
to carry out the purposes or intent of this Agreement.

 

14.
No Employment or Other Rights. The grant of the Option hereunder shall not confer upon the Grantee any right to be retained
by, or to continue in, the employ of the Employer.

 

15.
No Shareholder Rights. Neither the Grantee, nor any person entitled to exercise the Grantee’s rights in the event of
the Grantee’s death, shall have any of the rights and privileges of a shareholder with respect to the Shares subject to the Option,
until certificates for Shares have been issued upon the exercise of the Option.

 

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16.
Assignment and Transfers. Except as the Committee may otherwise permit, the rights and interests of the Grantee under this
Agreement may not be sold, assigned, encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or
by the laws of descent and distribution. In the event of any attempt by the Grantee to alienate, assign, pledge, hypothecate, or otherwise
dispose of the Option or any right hereunder, except as provided for in this Agreement, or in the event of the levy or any attachment,
execution or similar process upon the rights or interests hereby conferred, the Company may terminate the Option by notice to the Grantee,
and the Option and all rights hereunder shall thereupon become null and void. The rights and protections of the Company hereunder shall
extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries and affiliates. This Agreement may
be assigned by the Company without the Grantee’s consent.

 

17.
Compliance with Law. The exercise of Options and the obligations of the Company to issue or transfer shares of Company capital
stock under the Grant shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required.
The Company may revoke the Grant if it is contrary to law or modify the Grant to bring it into compliance with any valid and mandatory
government regulation.

 

18.
Applicable Law. The validity, construction, interpretation and effect of this Agreement shall be governed by, and construed
and enforced in accordance with, the laws of the State of New Jersey, without giving effect to the conflicts of laws provisions thereof.

 

19.
Notice. Any notice to the Company provided for in this Agreement shall be addressed to the Company in care of the Committee
at 25 Eastmans Road, Parsippany, New Jersey 07054, and any notice to the Grantee shall be addressed to such Grantee at the current address
shown on the payroll of the Employer, or to such other address as the Grantee may designate to the Employer in writing. Any notice shall
be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, deposited, postage prepaid,
in a post office regularly maintained by the United States Postal Service.

 

20.
Headings. Paragraph headings are for reference only. In the event of a conflict between a title and the content of a Paragraph,
the content of the Paragraph shall control.

 

21.
Counterparts. This Agreement may be executed, including execution by facsimile signature, in one or more counterparts, each
of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument.

 

    	7

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this Agreement, and the Grantee has executed this
Agreement, effective as of the Date of Grant.

 

	 	WIRELESS
    TELECOM GROUP, INC.
	 	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

I
hereby accept the Option described in this Agreement, and I agree to be bound by the terms of this Agreement. I hereby further agree
that all the decisions and determinations of the Committee shall be final and binding.

 

	 	Grantee:	 
	 	 	 
	 	Date:	
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

    	8

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