Form 4: Ciena CEO Gary B. Smith Disposes of Shares to Cover Tax Obligations
SEC Form 4
Ciena's CEO, Gary B. Smith, disposed of shares to cover tax liabilities related to previously reported restricted stock unit (RSU) awards.
Summary
- On June 20, 2024, Gary B. Smith, the President and CEO of Ciena Corporation, 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 $46.96 per share.
- Following these transactions, Smith beneficially owns 362,876 shares of Ciena common stock, which includes unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).
Sentiment
Score: 5
Explanation: This is a neutral event; it's a routine transaction related to tax obligations and doesn't indicate a change in the company's fundamentals or management's outlook.
Industry Context
This is a routine transaction; executives often sell shares to cover tax obligations when RSUs vest. It doesn't necessarily reflect a change in the executive's confidence in the company.
Key Dates
| Date | Description |
|---|---|
| 12/16/2020 | Date of restricted stock unit (RSU) award agreement related to the disposal of 2,125 shares. |
| 12/18/2020 | Date of Form 4 filing reporting the acquisition of the RSU award agreement dated 12/16/2020. |
| 12/14/2021 | Date of restricted stock unit (RSU) award agreement related to the disposal of 1,629 shares. |
| 12/16/2021 | Date of Form 4 filing reporting the acquisition of the RSU award agreement dated 12/14/2021. |
| 12/13/2022 | Date of restricted stock unit (RSU) award agreement related to the disposal of 2,933 shares. |
| 12/15/2022 | Date of Form 4 filing reporting the acquisition of the RSU award agreement dated 12/13/2022. |
| 12/12/2023 | Date of restricted stock unit (RSU) award agreement related to the disposal of 3,048 shares. |
| 12/14/2023 | Date of Form 4 filing reporting the acquisition of the RSU award agreement dated 12/12/2023. |
| 06/20/2024 | Date of transaction where shares were disposed of to cover tax liabilities. |
| 06/21/2024 | Date of signature for the Form 4 filing. |
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