SEC Contract Filing

Filing Date: 2023-12-05

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d551892dex103.htm
<DESCRIPTION>EX-10.3
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<TITLE>EX-10.3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADTRAN HOLDINGS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2020 EMPLOYEE STOCK INCENTIVE PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYEE NONQUALIFIED STOCK OPTION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NONQUALIFIED STOCK OPTION</B>&nbsp;(the &#147;Option&#148;) granted on
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (the &#147;Date of Grant&#148;), by ADTRAN Holdings, Inc., a Delaware corporation (the &#147;Corporation&#148;),
to&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<B></B>&nbsp;(the &#147;Grantee&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.<B>&nbsp;GRANT OF OPTION</B>. The Corporation hereby grants to the Grantee the irrevocable Option to purchase, on the terms and subject to
the conditions set forth in this agreement (this &#147;Stock Option Agreement&#148;) and in the Plan (as defined below), up to&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;fully paid
and nonassessable shares of the Corporation&#146;s Common Stock at the option price of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] per share, being the Fair Market Value of a share of Common
Stock on the Date of Grant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Option is granted pursuant to the Corporation&#146;s Amended and Restated 2020 Employee Stock Incentive
Plan (the &#147;Plan&#148;), a copy of which is attached hereto. The Option is subject in its entirety to all the applicable provisions of the Plan as in effect on the Date of Grant, which are hereby incorporated herein by reference. Capitalized
terms used but not defined herein will have the meaning ascribed to them in the Plan. The Option is intended to be a Nonqualified Stock Option and not an Incentive Stock Option within the meaning of Section&nbsp;422 of the Internal Revenue Code.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.<B>&nbsp;CONSIDERATION.</B>&nbsp;The grant of the Option is made in consideration of the services to be rendered by the Grantee to the
Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.<B>&nbsp;VESTING SCHEDULE; EXPIRATION.</B>&nbsp;Subject to Sections 5.3, 5.4, 5.5 and 6.4(b) of the Plan, the Option will
vest and become cumulatively exercisable in installments in accordance with the following schedule: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Anniversary of the Date of Grant:</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Vested&nbsp;Percentage:</B></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any portion or portions of the Option that have vested pursuant to the terms of this Option Agreement are collectively
referred to as &#147;Vested Options.&#148; Vested Options may be exercised from time to time following vesting and prior to the Expiration Date (as defined below) as to the total number of shares allowable under this Section&nbsp;3, or any lesser
amount thereof, subject to Section&nbsp;6 of this Option Agreement. Notwithstanding anything contained herein to the contrary, the Option will expire and no longer be exercisable on the tenth (10th) anniversary of the Date of Grant, or earlier as
provided in the Plan (the &#147;Expiration Date&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <B>BENEFICIARY</B>. The Grantee has designated any Beneficiaries and/or
contingent Beneficiaries of the Option in accordance with Section&nbsp;10.1 the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.<B>&nbsp;METHOD OF EXERCISE OF OPTION; PAYMENT OF
EXERCISE PRICE; TAX WITHHOLDING</B>. The Vested Options shall be exercised through a notice submitted via Morgan Stanley&#146;s StockPlan C