ADTRAN Holdings, Inc. — Director's Dealing 2017

May 22, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ADTRAN INC (ADTN)
CIK: 0000926282
Period of Report: 2017-05-18

Reporting Person: Foliano Michael (Sr VP, Global Operations)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-18	Phantom Stock	$	A	53.587	Acquired		Common stock (53.587)	Direct

Footnotes

F1: Each share of phantom stock represents a right to receive one share of common stock or the cash value thereof.

F2: The phantom stock becomes payable 6 months after the reporting person's separation of service with the Company. The reporting person may transfer his phantom stock account into an alternative investment at any time.