Form 4: Ciena CEO Gary B. Smith Disposes of Shares to Cover Tax Obligations
SEC Form 4
Gary B. Smith, CEO of Ciena Corp, disposed of shares to cover tax liabilities related to restricted stock unit (RSU) award agreements.
Summary
- On September 20, 2024, Gary B. Smith, the President and CEO of Ciena Corp, disposed of shares of common stock to cover tax liabilities.
- The transactions involved the withholding of shares related to RSU award agreements dated December 16, 2020, December 13, 2022, December 12, 2023, and December 14, 2021.
- A total of 9,735 shares were disposed of at a price of $58.73 per share.
- Following these transactions, Smith beneficially owns 353,141 shares of Ciena Corp.
- The reported shares include unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).
Sentiment
Score: 5
Explanation: Neutral sentiment as the filing reflects a routine transaction to cover tax obligations, which is a normal part of executive compensation.
Industry Context
Executive stock transactions are a normal part of corporate governance, especially concerning equity-based compensation. The sale of shares to cover tax obligations is a common practice.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine disposal of shares to cover tax liabilities.
Key Dates
| Date | Description |
|---|---|
| 12/16/2020 | Date of restricted stock unit (RSU) award agreement related to the disposal of 2,125 shares. |
| 12/14/2021 | Date of restricted stock unit (RSU) award agreement related to the disposal of 1,629 shares. |
| 12/13/2022 | Date of restricted stock unit (RSU) award agreement related to the disposal of 2,933 shares. |
| 12/12/2023 | Date of restricted stock unit (RSU) award agreement related to the disposal of 3,048 shares. |
| 09/20/2024 | Date of transaction: Disposal of shares to cover tax liabilities. |
| 09/23/2024 | Date of Form 4 filing. |
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