Document:

Exhibit 10.2

 

Atlantic Tele-Network, Inc.

 

Form of

Notice of Grant of Restricted Stock
and

Restricted Stock Agreement

 

(Non-Employee
Directors)

 

	
  Administrator

  	
   

  	
  Participant Name:  

  
	
  10 Derby Square

  	
   

  	
  ID:

  
	
  Salem, MA 01970 

  	
   

  	
   

  
	
  (978) 619-1300

  	
   

  	
   

  

 

Atlantic
Tele-Network, Inc., a Delaware corporation (the “Company”), hereby grants
to the Participant named above (“you”) the number of shares of Common Stock,
par value $0.01 per share (the “Shares”) of the Company set forth below on the
terms of this Notice of Grant of Restricted Stock and Restricted Stock
Agreement (this “Agreement”), subject to your acceptance of this Agreement and
the provisions of the Atlantic Tele-Network, Inc. 2008 Equity Incentive
Plan, as amended from time to time (the “Plan”).  The Shares are subject to the restrictions set
forth herein and those set forth in the Plan.

 

Date of grant:

 

Number of shares:

 

Vesting:  The Shares will vest and become issuable
according to the following schedule (each date, a “scheduled vesting date”):

 

	
   

  	
  on
                      ,
  20    , as to

  	
  shares,

  
	
   

  	
   

  	
  (representing
  33.333% of the Shares)

  
	
   

  	
   

  	
   

  
	
   

  	
  on
                      ,
  20    , as to ,

  	
  additional shares, and

  
	
   

  	
   

  	
  (representing
  33.333% of the Shares)

  
	
   

  	
   

  	
   

  
	
   

  	
  on
                      ,
  20    , as to

  	
  additional shares.

  
	
   

  	
   

  	
  (representing
  33.334% of the Shares)

  

 

By
your signature below, you agree with the Company to the terms of this
Agreement.

 

	
  Atlantic Tele-Network, Inc. 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:
  

  	
   

  	
   

  	
   

  
	
  Name: 
  

  	
   

  	
   

  	
   

  
	
  Title:  

  	
   

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Participant

  	
   

  	
  Date

  
					

 

1

 

Terms of Restricted Stock

 

1.  Plan
Incorporated by Reference. The provisions of the Plan are incorporated into
and made a part of this Agreement by this reference. Capitalized terms defined
in the Plan and used and not otherwise defined in this Agreement have the
meanings given to them in the Plan. The Committee administers the Plan, and its
determinations regarding the interpretation and operation of the Plan and this
Agreement are final and binding. The Board may in its sole discretion at any
time terminate or from time to time modify and amend the Plan as provided
therein. You may obtain a copy of the Plan without charge upon request to the
Company’s Corporate Secretary.

 

2.  Vesting.
The Shares will vest, while you are a director of the Company, on the scheduled
vesting dates stated in the vesting schedule on the first page of this
Agreement, subject to the other terms hereof. 
Notwithstanding anything to the contrary in the foregoing, all unvested
Shares shall become 100% vested upon your removal from the Board upon a change in
control (as defined by the Committee from time to time).

 

3.  Withholding
Taxes.  You are responsible for any
income or other tax liability attributable to the Shares. It is a condition to
the issuance of Shares under this Agreement that you shall pay to the Company,
or make provision satisfactory to the Committee for payment of, any taxes
required by law to be withheld with respect to the Shares no later than the
date of the event creating the tax liability. The Company and its Affiliates
may, to the extent permitted by law, deduct any such tax obligations from any
payment of any kind for your benefit. In the Committee’s discretion, the
minimum tax obligations required by law to be withheld with respect to the
Shares may be paid in whole or in part in shares of Stock, including Shares
granted under this Agreement, valued at their Fair Market Value on the date of
withholding or delivery.  A holder may
make an election in accordance with Section 83(b) of the Code.  Any  Section 83(b) election
must be filed with the IRS within 30 days of the grant of the Shares and is the
sole responsibility of the holder.

 

4.  Termination;
Forfeiture. You will forfeit all unvested Shares upon the termination of your
service as director for any reason (other than death or disability or upon the
occurrence of a change in control). When you forfeit Shares, all of your
interest in the Shares will be cancelled.

 

5.  Compliance
with Law; Lock-Up Agreement. The Company shall not be obligated to issue or
deliver any Shares if it determines that the delivery or issuance would violate
the terms of the Company’s policy regarding insider trading (including as a
result of your need to engage in a sale of those shares in order to pay
applicable withholding taxes).  The
Company shall also not be obligated to issue or deliver any shares of Common Stock
unless the Company is satisfied that all requirements of law or any applicable
stock exchange in connection therewith (including without limitation the
effective registration or exemption of the issuance of such shares under the
Securities Act of 1933, as amended, and applicable state securities laws) have
been or will be complied with, and the Committee may impose any restrictions on
your rights as it shall deem necessary or advisable to comply with any such
requirements; provided that the Company will issue such shares on the earliest
date at which it reasonably anticipates that such issuance will not cause such
violation.  You further agree hereby
that, as a condition to the issuance of shares of Common Stock covered by the
Shares, you will enter into and perform any underwriter’s lock-up agreement
requested by the Company from time to time in connection with public offerings
of the Company’s securities.

 

6.  Rights
as Stockholder; Dividends. Subject to the provisions of this Agreement, you
shall have all rights and privileges as a stockholder (including, but not
limited to, voting rights) with respect to the Shares, whether or not the
Shares have vested, prior to any forfeiture. 
Any cash dividends or distributions declared and paid with respect to
Shares that are, as of the record date for such dividend, allocated to you
pursuant to this Agreement, but not issued prior to the applicable dividend record
date will be subject to the same vesting and other restrictions as are
applicable to the Shares to which the Award relates.  All calculations made in connection with this
grant shall be computed to three decimal places.  No fractional shares shall be issued under
this grant.  Cash will be paid in lieu of
any fractional share that otherwise would become due and payable.

 

7.  No
Right to Continued Service. Neither the adoption, maintenance or operation
of the Plan nor the award of the Shares confers upon you any right to continued
service as director or nomination for reelection as director.

 

2

 

8. Nontransferability.  Subject to the provisions of the Plan, you may
not sell, assign, transfer, pledge, hypothecate or otherwise dispose of or
encumber the Shares until they have vested in accordance with the scheduled
vesting dates set forth in this Agreement. 
You may not assign or transfer any rights with respect to the Shares except
by will or by the laws of descent and distribution or to the extent expressly
permitted in writing by the Committee.

 

9. Corporate Events. The terms of the Shares
may be changed without your consent as provided in the Plan upon a change in
control of, or certain other corporate events affecting, the Company.   Without limiting the foregoing, the vesting
schedule may be accelerated as the Committee may consider equitable to the
participants in the Plan and in the best interests of the Company.

 

10. Governing Law. This Agreement shall be
governed by and construed and enforced in accordance with the applicable laws
of the United States of America and the law (other than the law governing
conflict of law questions) of the State of Delaware except to the extent the
laws of any other jurisdiction are mandatorily applicable.

 

11. Amendment and Termination of the Shares.
The Shares may be amended or terminated by the Company with or without your
consent, as permitted by the Plan.

 

*
* * *

 

3Exhibit 10.3

 

Atlantic Tele-Network, Inc.

 

Form of

Notice of Grant of Restricted Stock
and

Restricted Stock Agreement

 

	
  Administrator

  	
   

  	
  Participant Name:  

  
	
  10 Derby Square

  	
   

  	
  ID:

  
	
  Salem, MA 01970 

  	
   

  	
   

  
	
  (978) 619-1300

  	
   

  	
   

  

 

Atlantic
Tele-Network, Inc., a Delaware corporation (the “Company”), hereby grants
to the Participant named above (“you”) the number of shares of Common Stock,
par value $0.01 per share (the “Shares”) of the Company set forth below on the
terms of this Notice of Grant of Restricted Stock and Restricted Stock
Agreement (this “Agreement”), subject to your acceptance of this Agreement and
the provisions of the Atlantic Tele-Network, Inc. 2008 Equity Incentive
Plan, as amended from time to time (the “Plan”).  The Shares are subject to the restrictions set
forth herein and those set forth in the Plan.

 

Date of grant:

 

Number of shares:

 

Vesting:  The Shares will vest and become issuable
according to the following schedule (each date, a “scheduled vesting date”):

 

	
   

  	
  on
                      ,
  20    , as to

  	
  shares,

  
	
   

  	
   

  	
  (representing
  25% of the Shares)

  
	
   

  	
   

  	
   

  
	
   

  	
  on
                      ,
  20    , as to ,

  	
  additional shares, 

  
	
   

  	
   

  	
  (representing
  25% of the Shares)

  
	
   

  	
   

  	
   

  
	
   

  	
  on
                      ,
  20    , as to

  	
  additional shares, and

  
	
   

  	
   

  	
  (representing
  25% of the Shares)

  
	
   

  	
   

  	
   

  
	
   

  	
  on
                      ,
  20    , as to

  	
  additional shares.

  
	
   

  	
   

  	
  (representing
  25% of the Shares)

  

 

By
your signature below, you agree with the Company to the terms of this
Agreement.

 

	
  Atlantic Tele-Network, Inc. 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:
  

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Participant

  	
   

  	
  Date

  
					

 

1

 

Terms of Restricted Stock

 

1.  Plan
Incorporated by Reference. The provisions of the Plan are incorporated into
and made a part of this Agreement by this reference. Capitalized terms defined
in the Plan and used and not otherwise defined in this Agreement have the
meanings given to them in the Plan. The Committee administers the Plan, and its
determinations regarding the interpretation and operation of the Plan and this
Agreement are final and binding. The Board may in its sole discretion at any
time terminate or from time to time modify and amend the Plan as provided
therein. You may obtain a copy of the Plan without charge upon request to the
Company’s Corporate Secretary.

 

2.  Vesting.
The Shares will vest, while you are employed by the Company or one of its
Affiliates, on the scheduled vesting dates stated in the vesting schedule on
the first page of this Agreement, subject to the other terms hereof.  Notwithstanding anything to the contrary in
the foregoing, all unvested Shares shall become 100% vested upon a qualifying
termination of your employment (as determined by the Committee) upon the
occurrence of a change in control (as defined by the Committee from time to
time).

 

3.  Withholding
Taxes.  You are responsible for any
income or other tax liability attributable to the Shares. It is a condition to
the issuance of Shares under this Agreement that you shall pay to the Company,
or make provision satisfactory to the Committee for payment of, any taxes
required by law to be withheld with respect to the Shares no later than the
date of the event creating the tax liability. The Company and its Affiliates
may, to the extent permitted by law, deduct any such tax obligations from any
payment of any kind for your benefit. In the Committee’s discretion, the
minimum tax obligations required by law to be withheld with respect to the
Shares may be paid in whole or in part in shares of Stock, including Shares
granted under this Agreement, valued at their Fair Market Value on the date of
withholding or delivery.  A holder may make
an election in accordance with Section 83(b) of the Code.  Any  Section 83(b) election
must be filed with the IRS within 30 days of the grant of the Shares and is the
sole responsibility of the holder.

 

4.  Termination;
Non-Competition and Non-Solicitation; Forfeiture.

 

4.1  Upon
termination of your employment with the Company and its Affiliates for any
reason (other than death, disability or upon the occurrence of change in
control), any portion of the Shares that is unvested as of the termination date
will be forfeited and revert back to the Company.  Authorized leave of absence or absence on
military or government service shall not constitute termination of your
employment for this purpose so long as either (a) such absence is for a
period of no more than 90 calendar days or (b) your right to re-employment
after such absence is guaranteed either by statute or by contract.

 

4.2  While employed or engaged by the Company and
for a period of one year after the termination or cessation of such employment
or engagement for any reason, you will not, without the Company’s prior written
consent, directly or indirectly: (i) engage in any business or enterprise
(whether as owner, partner, officer, director, employee, consultant, investor,
lender or otherwise, except as the holder of not more than 1% of the
outstanding stock of a publicly-held company) that is competitive with the
Company’s business, including but not limited to any business or enterprise
that develops, manufactures, markets, licenses, sells or provides any product
or service that competes with any product or service developed, manufactured,
marketed, licensed, sold or provided, or planned to be developed, manufactured,
marketed, licensed, sold or provided, by the Company while you are employed or
engaged by the Company;  (ii) either
alone or in association with others, sell or attempt to sell to any person or
entity that was, or to whom the Company had made or received a proposal to
become, a customer or client of the Company at any time during the term of my
employment or engagement with the Company, any products or services that are
competitive with any products or services developed, manufactured, marketed,
sold or provided by the Company; or (iii) either alone or in association
with others, recruit, solicit or hire in any capacity any employee of the
Company, or induce or attempt to induce any employee of the Company to
discontinue his or her employment relationship with the Company.

 

4.3   Notwithstanding any other provision of this Agreement, (i) the
Shares, whether or not vested in whole or in part, shall be forfeited and (ii) you
shall be obligated to (a) transfer to the Company any Shares and (b) pay
to the Company all gains realized by any person from the disposition of any
such Shares if: (I) your employment with the Company or any Affiliate is
terminated for cause or (II) following termination of employment for any
reason, either (A) the Company determines that you engaged in conduct
while an employee that would have justified termination for cause or (B) you
violate any of the provisions set forth in Section 4.2 of this Agreement
or any confidentiality or 

 

2

 

non-competition agreement
with the Company or any Affiliate. Termination for cause means criminal conduct
involving a felony in the U.S. or the equivalent of a felony under the laws of
other countries, material violations of civil law related to your job
responsibilities, fraud, dishonesty, self-dealing, breach of your obligations
regarding the Company’s intellectual property, or willful misconduct that the
Committee determines to be injurious to the Company.

 

4.4   In addition to the remedies provided herein, the Company shall be
entitled to equitable relief, including specific performance and injunctive
relief, to ensure the your compliance with the provisions set forth in Section 4.2
of this Agreement or any confidentiality or non-competition agreement with the
Company or any Affiliate.

 

5.  Compliance
with Law; Lock-Up Agreement. The Company shall not be obligated to issue or
deliver any Shares if it determines that the delivery or issuance would violate
the terms of the Company’s policy regarding insider trading (including as a
result of your need to engage in a sale of those shares in order to pay
applicable withholding taxes).  The
Company shall also not be obligated to issue or deliver any shares of Common Stock
unless the Company is satisfied that all requirements of law or any applicable
stock exchange in connection therewith (including without limitation the
effective registration or exemption of the issuance of such shares under the
Securities Act of 1933, as amended, and applicable state securities laws) have
been or will be complied with, and the Committee may impose any restrictions on
your rights as it shall deem necessary or advisable to comply with any such
requirements; provided that the Company will issue such shares on the earliest
date at which it reasonably anticipates that such issuance will not cause such
violation.  You further agree hereby
that, as a condition to the issuance of shares of Common Stock covered by the
Shares, you will enter into and perform any underwriter’s lock-up agreement
requested by the Company from time to time in connection with public offerings
of the Company’s securities.

 

6.  Rights
as Stockholder; Dividends. Subject to the provisions of this Agreement, you
shall have all rights and privileges as a stockholder (including, but not
limited to, voting rights) with respect to the Shares, whether or not the
Shares have vested, prior to any forfeiture. 
Any cash dividends or distributions declared and paid with respect to
Shares that are, as of the record date for such dividend, allocated to you
pursuant to this Agreement, but not issued prior to the applicable dividend
record date will be subject to the same vesting and other restrictions as are
applicable to the Shares to which the Award relates.  All calculations made in connection with this
grant shall be computed to three decimal places.  No fractional shares shall be issued under
this grant.  Cash will be paid in lieu of
any fractional share that otherwise would become due and payable.

 

7.  Effect
on Your Employment. Neither the adoption, maintenance, or operation of the
Plan nor the award of the Shares confers upon you any right to continue your
employment with the Company or any Affiliate, nor shall they interfere with the
rights of the Company or any Affiliate to terminate or otherwise change the
terms of such employment or service at any time, including, without limitation,
the right to promote, demote or reassign you from one position to another in
the Company or any Affiliate. Unless the Committee otherwise provides in any
case, your employment with an Affiliate shall be deemed to terminate for
purposes of the Plan when such Affiliate ceases to be an Affiliate of the
Company.

 

8. Nontransferability.  Subject to the provisions of the Plan, you may
not sell, assign, transfer, pledge, hypothecate or otherwise dispose of or
encumber the Shares until they have vested in accordance with the scheduled
vesting dates set forth in this Agreement. 
You may not assign or transfer any rights with respect to the Shares except
by will or by the laws of descent and distribution or to the extent expressly
permitted in writing by the Committee.

 

9. Corporate Events. The terms of the Shares
may be changed without your consent as provided in the Plan upon a change in
control of, or certain other corporate events affecting, the Company.  Without limiting the foregoing, the vesting
schedule may be accelerated as the Committee may consider equitable to the
participants in the Plan and in the best interests of the Company.

 

10. Governing Law. This Agreement shall be
governed by and construed and enforced in accordance with the applicable laws
of the United States of America and the law (other than the law governing
conflict of law questions) of the State of Delaware except to the extent the
laws of any other jurisdiction are mandatorily applicable.

 

3

 

11. Amendment and Termination of the Shares.
The Shares may be amended or terminated by the Company with or without your
consent, as permitted by the Plan.

 

* * * *

 

4

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