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 March 20, 2024, Gary B Smith, the President and CEO of Ciena Corporation, disposed of shares of common stock to cover tax liabilities.
- These dispositions were related to restricted stock unit (RSU) award agreements from December 2020, December 2021, December 2022 and December 2023.
- The price per share for these transactions was $50.22.
- A total of 9,733 shares were disposed of to cover these tax obligations.
- Following these transactions, Smith directly owns 393,441 shares of Ciena common stock, which includes unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).
Sentiment
Score: 5
Explanation: This is a routine transaction related to tax obligations, so the sentiment is neutral.
Industry Context
Executive stock transactions are a normal part of corporate governance. It is common for executives to sell shares to cover tax obligations related to vesting equity awards.
Stakeholder Impact
- The disposal of shares by the CEO could have a minor, temporary impact on the stock price, but is unlikely to have a significant long-term effect.
Key Dates
| Date | Description |
|---|---|
| 12/16/2020 | Date of RSU award agreement related to the disposal of 2,125 shares. |
| 12/18/2020 | Date of Form 4 filing reporting acquisition of RSU award agreement dated 12/16/2020. |
| 12/14/2021 | Date of RSU award agreement related to the disposal of 1,629 shares. |
| 12/16/2021 | Date of Form 4 filing reporting acquisition of RSU award agreement dated 12/14/2021. |
| 12/13/2022 | Date of RSU award agreement related to the disposal of 2,933 shares. |
| 12/15/2022 | Date of Form 4 filing reporting acquisition of RSU award agreement dated 12/13/2022. |
| 12/12/2023 | Date of RSU award agreement related to the disposal of 3,048 shares. |
| 12/14/2023 | Date of Form 4 filing reporting acquisition of RSU award agreement dated 12/12/2023. |
| 03/20/2024 | Date of stock disposal to cover tax liabilities. |
| 03/21/2024 | Date of signature on the Form 4. |
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