Form 4: Ciena Corp VP, Controller Andrew C. Petrik Reports Stock Unit Awards
SEC Form 4
Andrew C. Petrik, VP, Controller of Ciena Corp, reports the acquisition of stock units related to performance and market stock unit awards.
Summary
- Andrew C. Petrik, VP, Controller of Ciena Corp, reported the acquisition of 1,377 common stock units on December 17, 2024, related to a performance stock unit (PSU) award granted on December 12, 2023.
- These shares vest in equal 1/2 amounts on each of December 20, 2024 and 2025.
- He also acquired 1,117 common stock units on December 17, 2024, related to a market stock unit (MSU) award granted on December 14, 2021.
- These shares vest on December 20, 2024.
- Following these transactions, Petrik beneficially owns 32,804 shares of Ciena Corp common stock, including unvested Restricted Stock Units (RSUs), Performance Stock Units (PSUs), and Market Stock Units (MSUs).
Sentiment
Score: 6
Explanation: The sentiment is neutral as it reports routine stock transactions related to executive compensation. It reflects expected vesting of previously granted awards.
Positives
- The acquisition of stock units indicates that performance and market conditions were met, which could be viewed positively.
Future Outlook
The reported transactions reflect the vesting schedule of previously granted stock awards, indicating continued alignment of management incentives with company performance.
Industry Context
Stock awards are a common form of executive compensation in the technology industry, aligning management interests with shareholder value.
Comparison to Industry Standards
- Stock-based compensation is a standard practice among publicly traded companies, particularly in the tech sector, to incentivize executives and align their interests with those of shareholders.
- Companies like Cisco, Juniper Networks, and Nokia also utilize similar equity-based compensation plans.
- The vesting schedules and performance metrics associated with these awards often vary based on company-specific goals and industry benchmarks.
Stakeholder Impact
- The vesting of stock units can have a minor dilutive effect on existing shareholders.
Key Dates
| Date | Description |
|---|---|
| 12/14/2021 | Date of market stock unit (MSU) award grant. |
| 12/12/2023 | Date of performance stock unit (PSU) award grant. |
| 12/17/2024 | Transaction date for acquisition of stock units. |
| 12/18/2024 | Date of signature for the report. |
| 12/20/2024 | Vesting date for MSU shares and first vesting date for PSU shares. |
| 12/20/2025 | Second vesting date for PSU shares. |
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