Form 4: CIENA CEO Gary Smith Reports Routine Share Withholding for Tax Liabilities
Insider Transaction Report
CIENA Corporation's President and CEO, Gary B. Smith, reported the withholding of 9,323 shares of common stock valued at $74.53 per share to cover tax obligations related to the vesting of restricted stock units.
Summary
- Gary B. Smith, President, CEO, and Director of CIENA CORP (CIEN), filed a Form 4 reporting changes in beneficial ownership.
- On June 20, 2025, a total of 9,323 shares of CIEN common stock were disposed of.
- These dispositions were 'F' transactions, indicating shares withheld by the issuer to cover tax liabilities associated with the vesting of Restricted Stock Unit (RSU) awards.
- The shares were withheld at a price of $74.53 per share.
- The dispositions relate to RSU awards granted on December 14, 2021 (1,629 shares), December 13, 2022 (2,933 shares), December 12, 2023 (3,048 shares), and December 17, 2024 (1,713 shares).
- Following these transactions, Gary B. Smith beneficially owns 339,157 shares of CIEN common stock, which includes unvested RSUs and Performance Stock Units (PSUs).
Sentiment
Score: 5
Explanation: Neutral. The filing reports routine, non-discretionary transactions related to tax withholding on vested equity compensation, which is a standard practice and does not indicate any significant positive or negative operational or financial news.
Positives
- The transactions are non-discretionary and relate to the vesting of previously awarded equity, indicating the fulfillment of compensation agreements.
Negatives
- The transactions result in a reduction of direct share ownership by the CEO, although this is a standard practice for tax withholding on vested equity.
Future Outlook
NA
Industry Context
NA
Stakeholder Impact
- Shareholders: Minimal direct impact as it's a routine tax withholding, not a discretionary sale. It slightly reduces the CEO's direct ownership but is part of a standard compensation structure.
Key Dates
| Date | Description |
|---|---|
| 12/14/2021 | Date of RSU award agreement related to 1,629 shares withheld. |
| 12/13/2022 | Date of RSU award agreement related to 2,933 shares withheld. |
| 12/12/2023 | Date of RSU award agreement related to 3,048 shares withheld. |
| 12/17/2024 | Date of RSU award agreement related to 1,713 shares withheld. |
| 06/20/2025 | Transaction Date for shares withheld to cover tax liabilities. |
| 06/23/2025 | Signature Date of Reporting Person. |
Keywords
CIENA Corporation, CIEN, Gary B. Smith, Form 4, SEC filing, insider transaction, beneficial ownership, restricted stock units, RSU, performance stock units, PSU, tax withholding, equity compensation
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