ADTRAN, Inc. Variable Incentive Compensation Plan Participation Letter
ADTRAN, Inc. offers the recipient a one-time bonus under its Variable Incentive Compensation Plan for a specified year. The bonus amount and its calculation are detailed in the attached program documents, with portions based on both company performance and personal goals. To receive the bonus, the participant must sign and return an Employee Clawback Agreement by a set date and remain employed at the time of payment. Payment will be made in a specified quarter. The letter is signed by the company's CEO.
Exhibit 10.3(b)
[Insert Date]
Dear [Insert Name of Participant]:
I am pleased to inform you that you have been selected to participate in the ADTRAN, Inc. Variable Incentive Compensation Plan for [Insert Year]. Your 100% target bonus amount is [Insert Dollar Amount]. This one-time bonus payment will be calculated as described in the ADTRAN, Inc. Variable Incentive Compensation Program (Exhibit A) attached on the following page of this document, with [Insert Percentage] based on corporate results and [Insert Percentage] based on your personal goals. The personal goal elements described in the plan will be defined on Exhibit B.
Enclosed with this letter is an Employee Clawback Agreement that must be signed and returned to Joia Thompson by [Insert Date].
Any bonus amount that is achieved will be paid in [Insert Quarter] of [Insert Year]. You must be employed by ADTRAN at the time of payment. Please contact Joia Thompson if you have questions regarding this information, and thank you again for your continued contributions to ADTRAN’s ongoing success.
Sincerely,
/s/Thomas R. Stanton
Thomas R. Stanton
Chairman and Chief Executive Officer
ADTRAN, INC.
