Document:

First Amendment to the ADTRAN, Inc. 2005 Directors Stock Option Plan

 Exhibit 10.3(l) 
 FIRST AMENDMENT 
 TO THE ADTRAN, INC. 
 2005 DIRECTORS STOCK OPTION PLAN 
 This First Amendment to the ADTRAN, Inc. 2005
Directors Stock Option Plan (the “Plan”) is made and entered into effective as of the 16th day of July, 2007, by ADTRAN, Inc. (the “Company”). 
 W I T N E S S E T H : 
 WHEREAS, the Company maintains the Plan, which is administered by the Compensation Committee (the “Committee”) appointed by the Board of Directors of the Company (the “Board”), to provide for grants of options to
non-employee directors of the Company; and 
 WHEREAS, the Company wishes to amend the Plan to permit exercise of an option through a
broker-assisted cashless exercise transaction, or any other method permitted by the Committee; 
 WHEREAS, Article 10 of the Plan
permits the Board to amend the Plan at any time, subject to certain restrictions that do not apply hereto; and 
 NOW, THEREFORE, the
Company hereby amends the Plan as follows: 
 1. 
 Section 6.8(a) of the Plan shall be amended to read as follows: 
  

	 	“(a)	The Option Price shall be payable upon the exercise of the Option in an amount equal to the number of shares then being purchased times the per share Option Price. Payment, at the
election of the Optionee (or his Beneficiary as provided in subsection (c) of Section 6.9), shall be (A) in cash; (B) by delivery to the Company of shares of the Common Stock that have been owned by the Optionee for at least six
months, guaranteed or notarized, with such documentation as the Committee may require, or in such other manner as the Committee may require; (C) if permitted by all applicable laws and regulations, by broker-assisted cashless exercises executed
through a same day sale on the public market; or (D) any combination of the above forms or any other form of payment permitted by the Committee.” 

 2. 
 The exercise notice in Appendix A of the Plan shall be amended to read as follows: 

 EXHIBIT A 
 ADTRAN, INC. 
 2005 DIRECTORS STOCK OPTION PLAN 
 NOTICE OF INTENT TO EXERCISE FOR NONQUALIFIED STOCK OPTION AGREEMENT 
 This
Notice of Intent to Exercise is given pursuant to the terms of the Nonqualified Stock Option Agreement, dated                 ,
        , between ADTRAN, Inc. (the “Company”) and the undersigned Optionee (the “Agreement”), which Agreement represents Nonqualified Stock Option No.
             and which is made a part hereof and incorporated herein by reference. 
 EXERCISE OF OPTION. Optionee hereby declares his or her intent to exercise his or her option to purchase              shares of the Option
through the following method of exercise: 
  

					
	  ̈
	 	1.	 	Broker-Assisted Cashless Exercise: Optionee hereby elects to exercise through a broker-assisted cashless exercise executed through a same day sale on the public market. Optionee
understands that he or she will be considered to have exercised on the same day as the broker’s sale of the stock if and only if the exercise is completed in accordance with the applicable rules for a same day sale, including delivery to the
Company of cash in the total amount of $             within three trading days after the date of sale.
			
		 		 	NOTE: If the cash is not delivered to the Company within three trading days after the date of sale, the date of exercise will be deemed to occur on the trading day that the cash actually is
delivered to the Company.
			
	 ̈	 	2.	 	Exercise for Cash: Optionee hereby delivers, together with this Notice of Intent to Exercise, the full Exercise Price with respect to the exercised Option, which consists of cash in the
total amount of $            .
			
	  ̈
	 	3.	 	Stock Swap: Optionee hereby delivers, together with this Notice of Intent to Exercise, the full Exercise Price with respect to the exercised Option, which consists of
             unrestricted shares of the Company’s Common Stock which have been owned by Optionee for at least 6 months and cash in the total amount of
$            .

 ACKNOWLEDGMENT. Optionee hereby acknowledges that, if Optionee is an “affiliate”
of the Company (as that term is defined in Rule 144 promulgated under the Securities Act of 1933, as amended) or if the shares subject to the Option have not been registered under the Securities Act, or applicable state securities laws, any shares
of the Company’s Common Stock acquired by Optionee as a result of exercise of the Option pursuant to this Notice are subject to, and the certificates representing such shares shall be legended to reflect, certain trading restrictions under
applicable securities laws (including particularly the Securities and Exchange Commission’s Rule 144), and Optionee hereby agrees to comply with all such restrictions and execute such documents or take such other actions as the Company may
require in connection with such restrictions. Optionee represents that he or she has consulted with any tax consultants Optionee deems advisable in connection with the purchase or disposition of the Option and that Optionee is not relying on the
Company for any tax advice. This Notice, the Plan and the Agreement constitute the entire agreement of the parties with respect to the subject matter hereof. This Notice is governed by the substantive laws (but not the choice of laws rules) of the
State of Alabama. 

 Executed this      day of
                , 20    . 
  

			
	OPTIONEE:
		
	Signature:	 	  

	
	Print or Type Name:

 FOR INTERNAL USE ONLY: 
 Date Notice of Intent to Exercise received: 
 Date of exercise: 
 Date payment of exercise price received: 
 ADTRAN, Inc. hereby acknowledges receipt of this Notice of Intent
to Exercise and payment of the exercise price on the dates set forth above. 
  

					
	ADTRAN, INC.
			
	By:	 		 	
	Name:	 		 	
	Title:	 	  
	 	”

 3. 
 The exercise notice in Appendix B of the Plan shall be amended to read as follows: 
 EXHIBIT A 
 ADTRAN, INC. 2005 
 DIRECTORS STOCK OPTION PLAN

 NOTICE OF INTENT TO EXERCISE FOR NONQUALIFIED STOCK OPTION AGREEMENT 
 This Notice of Intent to Exercise is given pursuant to the terms of the Nonqualified Stock Option Agreement, dated
                ,         , between ADTRAN, Inc. (the “Company”) and the undersigned Optionee (the
“Agreement”), which Agreement represents Nonqualified Stock Option No.              and which is made a part hereof and incorporated herein by reference. 
 EXERCISE OF OPTION. Optionee hereby declares his or her intent to exercise his or her option to purchase
             shares of the Option through the following method of exercise: 
  

					
	  ̈
	 	1.	 	Broker-Assisted Cashless Exercise: Optionee hereby elects to exercise through a broker-assisted cashless exercise executed through a same day sale on the public market. Optionee
understands that he or she will be considered to have exercised on the same day as the broker’s sale of the stock if and only if the exercise is completed in accordance with the applicable rules for a same day sale, including delivery to the
Company of cash in the total amount of $             within three trading days after the date of sale.

					
			
		 		 	NOTE: If the cash is not delivered to the Company within three trading days after the date of sale, the date of exercise will be deemed to occur on the trading day that the cash actually is
delivered to the Company.
			
	  ̈
	 	2.	 	Exercise for Cash: Optionee hereby delivers, together with this Notice of Intent to Exercise, the full Exercise Price with respect to the exercised Option, which consists of cash in the
total amount of $            .
			
	  ̈
	 	3.	 	Stock Swap: Optionee hereby delivers, together with this Notice of Intent to Exercise, the full Exercise Price with respect to the exercised Option, which consists of
             unrestricted shares of the Company’s Common Stock which have been owned by Optionee for at least 6 months and cash in the total amount of
$            .

 ACKNOWLEDGMENT. Optionee hereby acknowledges that, if Optionee is an “affiliate”
of the Company (as that term is defined in Rule 144 promulgated under the Securities Act of 1933, as amended) or if the shares subject to the Option have not been registered under the Securities Act, or applicable state securities laws, any shares
of the Company’s Common Stock acquired by Optionee as a result of exercise of the Option pursuant to this Notice are subject to, and the certificates representing such shares shall be legended to reflect, certain trading restrictions under
applicable securities laws (including particularly the Securities and Exchange Commission’s Rule 144), and Optionee hereby agrees to comply with all such restrictions and execute such documents or take such other actions as the Company may
require in connection with such restrictions. Optionee represents that he or she has consulted with any tax consultants Optionee deems advisable in connection with the purchase or disposition of the Option and that Optionee is not relying on the
Company for any tax advice. This Notice, the Plan and the Agreement constitute the entire agreement of the parties with respect to the subject matter hereof. This Notice is governed by the substantive laws (but not the choice of laws rules) of the
State of Alabama. 
 Executed this      day of
            , 20    . 
  

			
	OPTIONEE:
		
	Signature:	 	  

		
	Print or Type Name:	 	  

 FOR INTERNAL USE ONLY: 
 Date Notice of Intent to Exercise received: 
 Date of exercise: 
 Date payment of exercise price received: 
 ADTRAN, Inc. hereby acknowledges receipt of this Notice of Intent
to Exercise and payment of the exercise price on the dates set forth above. 
  

					
	ADTRAN, INC.
			
	By:	 	  
	 	
	Name:	 	  
	 	
	Title:	 	  
	 	”

 4. 
 Except as specifically amended hereby, the Plan shall remain in full force and effect. 
 IN WITNESS WHEREOF, the Company has
caused its duly authorized officer to execute this First Amendment. 
  

			
	ADTRAN, INC.
		
	By:	 	 /s/ James E. Matthews

		 	James E. Matthews
		 	 Senior Vice President – Finance and
 Administration and Chief Financial OfficerU.S. Employees Stock Option Terms and Conditions for Grants

 Exhibit 10.2(b) 
 U.S. EMPLOYEES 
 STOCK OPTION TERMS AND CONDITIONS 
 FOR GRANTS ON OR AFTER DECEMBER 15, 2005 
 Congratulations on being granted stock options under
Spansion’s 2005 Equity Incentive Plan. The number of shares of your grant, the exercise price and the vesting schedule are in your stock option Grant Notice. Your grant is subject to the provisions of your Grant Notice, these Terms and
Conditions, and the Plan document (collectively, the “Terms”). Your options are non-qualified options and are not intended to qualify as “incentive stock options” under Section 422 of the U.S. Internal Revenue Code. Your
options have been granted to you in addition to, and not instead of, any other form of compensation. 
 In addition to these Terms and Conditions, you should
carefully read your Grant Notice and the other Plan documents, which are available on the E*Trade web site. 
 Vesting of Your Stock Options 
 Except as stated below, your options that have not expired or terminated vest according to the schedule in your Grant Notice if you are an active employee of Spansion or
its subsidiary (“Spansion”) through the entire vesting period. You may exercise the options (i.e, purchase shares) only after they have vested. Once options vest, you have the right to exercise them until they expire or terminate.

 If Spansion Experiences Certain Corporate Events 
  

	 	•	 	 If Spansion experiences a “Change in Control” as described in the Plan, your outstanding unvested stock options may become 100% vested and exercisable, at
Spansion’s discretion. 

  

	 	•	 	 If Spansion undergoes certain other corporate events described in the Plan where it does not survive, or does not survive as a public company, outstanding
unexercised options will become 100% vested. 

 If You Die or Become Totally Disabled 
  

	 	•	 	 If you have at least 15 years of Spansion service and your Spansion employment is terminated due to your death or total disability, you become immediately vested as
of the employment termination date in options that would have vested in the calendar year in which the employment terminated. 

  

	 	•	 	 There is no such accelerated vesting of options if your Spansion employment is terminated because of your death or disability and you have less than 15 years of
Spansion service. 

 See the section “Termination of Employment” for information on length of time to exercise after employment
termination. 
 Exercising Your Vested Stock Options 
 Once your
options vest, they are available for you to exercise (purchase Spansion common stock at the exercise price) until they expire or terminate, whichever is earlier. Your final opportunity to exercise your vested options is the earlier of the last
regular trading day of Spansion before the Expiration Date of the options, or the last regular trading day of Spansion before the options terminate in the case of an earlier termination of the options. (If you wait until the last possible day to
exercise your options, please remember that a limit order — a request to sell shares at a certain dollar amount — may not take place on the same day, and you risk the possibility of your options expiring.) 
 To exercise vested options, you must: provide E*Trade with notice of the number of shares you wish to purchase and pay the total exercise price, and any required tax
withholdings. For more information on how to exercise vested options, see <<name document and/or link>> 
 You may not exercise an option for a
fractional share of stock. 
 Other Requirements to Receive Shares 
 You must (i) open and maintain an E*Trade brokerage account and (ii) accept your grant on the E*Trade site. You agree that Spansion may refuse to deliver shares to you if you fail to comply with your obligations under the Terms.

 Tax Payments 
 You agree to
be responsible for any and all required taxes that may result from your exercise of options, and you agree that Spansion may deduct from your pay funds to cover any applicable withholding taxes. 
 Early Termination of Your Stock Options 
 Your Grant Notice discloses the
Expiration Date for your options. However, there are situations where your options may terminate before the Expiration Date. For example: 
  

	 	•	 	 If your Spansion employment terminates before the Expiration Date, your unvested options terminate immediately and your vested options will terminate within a
certain period of time after the employment termination date. For details on these time periods, see the Termination of Employment section, below. 

  

	 	•	 	 If your employment becomes inactive under an approved separation agreement, unless the separation agreement provides otherwise, your unvested options terminate as
of the date your employment becomes inactive. 

  

	 	•	 	 Upon certain corporate events described in the Plan, options that have been accelerated to vest before the event, but that you have not yet exercised, may terminate
at the time of the event. 

 Termination of Employment 
  

	 	•	 	 All unvested options terminate immediately when your Spansion employment terminates. 

  

	 	•	 	 The table below shows how long you have after your employment termination date to exercise vested options that have not expired. 

  

	 	•	 	 At the close of business on the last day of the applicable time period, the vested options will terminate. 

  

	 	•	 	 Terminated options will not be reinstated, even if you are rehired by Spansion the day after your employment terminated. 

  

							
	Months to Exercise Vested Options After Termination of Employment
	
	If You Are Not a VP or Spansion Officer
			
	 	  	 	  	Months to Exercise
	 	  	 	  	Termination Due to	 	 
				
	 Age at Termination
	  	 Years of Service
	  	Death or Total Disability	 	Other Terminations
	less than 50	  	Any	  	12	 	3
	50 or more	  	less than 15	  	12	 	3
				
	50 or more	  	15 but less than 20	  	24*	 	15*
	50 or more	  	20 or more	  	36*	 	27*
	
	If You Have Been a VP or Spansion Officer For at Least 90 Days
			
	 	  	 	  	Months to Exercise
	 	  	 	  	Termination Due to	 	 
				
	 Age at Termination
	  	 Years of Service
	  	Death or Total Disability	 	Other Terminations
	less than 50	  	Any	  	12
	50 or more	  	less than 15	  	12
			
	50 or more	  	15 but less than 20	  	    24*
	50 or more	  	20 or more	  	    36*

  

	*	If you leave Spansion to work for a competitor of Spansion, this extension does not apply and you have 3 or 12 months to exercise your options, depending on which category above you
fall into. 

	 	•	 	 In no event will an exercise period extend beyond the Expiration Date of an option. 

  

	 	•	 	 If Spansion terminates your employment for what it, in its sole discretion, considers good cause, it has the right to cancel all your options, whether vested or
unvested. 

 Non-Transferability of Stock Options 
 Your stock options and related rights are not transferable except as stated in the Plan. Such transfers include but are not limited to transfers: 
  

	 	•	 	 By a qualified domestic relations order (QDRO); stock options transferred by a QDRO expire twelve months after the date of transfer 

  

	 	•	 	 According to the last valid beneficiary designation you provided Spansion 

  

	 	•	 	 By the laws of descent and distribution if you have no valid beneficiary designation on file with Spansion. 

 Plan Amendment 
 The Plan is discretionary in nature and Spansion has the
right to amend or terminate the Plan, in whole or in part, at any time and for any reason, with or without notice to Plan participants. 
 No Guaranty of
Continued Employment 
 Nothing in the Plan Terms entitles you to employment with Spansion, or if already employed, to continued employment with Spansion or
change the status of your at-will employment. 
 Governing Law 
 Your grant and the Terms shall be governed by the laws of the State of Delaware without regard to any Delaware conflict of law principles. 
 Electronic Delivery 
 Spansion may deliver any documents related to your RSUs by electronic means or request your consent to participate in the Plan
by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by Spansion or another third party designated by
Spansion. 
 Severability 
 If one or more of the provisions of
the Terms and Conditions shall be held unenforceable, the enforceability of the remaining provisions shall not be affected and shall be deemed null and void; however, to the extent permissible by law, any provisions which could be deemed null and
void shall first be revised retroactively to permit these Terms and Conditions to be interpreted to carry out their intent and the intent of the Plan. 
 Entire Agreement 
 The Plan Terms constitute the entire agreement and supersede all prior agreements between you and Spansion regarding the subject
matter of the Terms. Spansion may, however, unilaterally waive any provision in the Terms as long as such waiver does not adversely affect your rights under the Plan; if Spansion does waive a provision, such waiver is not a future waiver of that
provision or a waiver of any other provision.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]