Form 4: Ciena CFO James E. Moylan Jr. Reports Stock Disposals for Tax Obligations
SEC Form 4
James E. Moylan Jr., CFO of Ciena Corp, reported the disposal of common stock to cover tax liabilities related to restricted stock unit (RSU) awards.
Summary
- On September 20, 2024, James E. Moylan Jr., the SVP Finance and CFO of Ciena Corp, reported the disposal of several blocks of common stock.
- These disposals were executed to cover tax liabilities associated with restricted stock unit (RSU) award agreements.
- The disposals occurred at a price of $58.73 per share.
- Moylan disposed of 554 shares related to a 2020 RSU award, 854 shares related to a 2022 RSU award, 887 shares related to a 2023 RSU award, and 466 shares related to a 2021 RSU award.
- Following these transactions, Moylan directly owns 271,289 shares of Ciena Corp common stock and indirectly owns 108,043 shares through a spousal trust.
Sentiment
Score: 5
Explanation: This is a routine transaction related to executive compensation and does not indicate a positive or negative outlook for the company.
Industry Context
Form 4 filings are a routine part of executive compensation and are common across publicly traded companies. The disposal of shares to cover tax liabilities upon vesting of restricted stock units is a standard practice.
Comparison to Industry Standards
- Executive compensation practices, including the use of RSUs and PSUs, are common across the technology industry.
- Companies like Cisco, Juniper Networks, and Nokia also utilize similar equity-based compensation plans for their executives.
- The proportion of shares withheld for tax obligations is generally consistent with industry norms and applicable tax regulations.
Key Dates
| Date | Description |
|---|---|
| 12/16/2020 | Date of RSU award agreement related to the disposal of 554 shares. |
| 12/18/2020 | Date of Form 4 filing reporting acquisition of RSU award dated 12/16/2020. |
| 12/14/2021 | Date of RSU award agreement related to the disposal of 466 shares. |
| 12/16/2021 | Date of Form 4 filing reporting acquisition of RSU award dated 12/14/2021. |
| 12/13/2022 | Date of RSU award agreement related to the disposal of 854 shares. |
| 12/15/2022 | Date of Form 4 filing reporting acquisition of RSU award dated 12/13/2022. |
| 12/12/2023 | Date of RSU award agreement related to the disposal of 887 shares. |
| 12/14/2023 | Date of Form 4 filing reporting acquisition of RSU award dated 12/12/2023. |
| 09/20/2024 | Date of stock disposal transactions. |
| 09/23/2024 | Date of Form 4 signature. |
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