Form 4: Ciena Corp VP, Controller Andrew Petrik Reports Stock Disposals for Tax Obligations
SEC Form 4
Andrew Petrik, VP, Controller of Ciena Corp, reported the disposal of common stock to cover tax liabilities related to restricted stock unit (RSU) awards.
Summary
- On June 20, 2024, Andrew Petrik, VP, Controller of Ciena Corp, disposed of shares of common stock to cover tax liabilities.
- The disposals were related to restricted stock unit (RSU) award agreements dated December 16, 2020, December 13, 2022, December 12, 2023, and December 14, 2021.
- A total of 362 shares were disposed of at a price of $46.96 per share.
- Following the transactions, Petrik beneficially owns 30,672 shares of Ciena Corp common stock, including unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).
Sentiment
Score: 5
Explanation: Neutral sentiment as it reflects a routine transaction related to tax obligations.
Industry Context
This is a routine transaction related to executive compensation and tax obligations, common in publicly traded companies.
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 practice of withholding shares to cover tax liabilities is a standard procedure in these plans.
Key Dates
| Date | Description |
|---|---|
| 12/16/2020 | Date of restricted stock unit (RSU) award agreement. |
| 12/18/2020 | Date of Form 4 filing reporting acquisition of RSU. |
| 12/14/2021 | Date of restricted stock unit (RSU) award agreement. |
| 12/16/2021 | Date of Form 4 filing reporting acquisition of RSU. |
| 12/13/2022 | Date of restricted stock unit (RSU) award agreement. |
| 12/15/2022 | Date of Form 4 filing reporting acquisition of RSU. |
| 12/12/2023 | Date of restricted stock unit (RSU) award agreement. |
| 12/14/2023 | Date of Form 4 filing reporting acquisition of RSU. |
| 06/20/2024 | Date of stock disposal. |
| 06/21/2024 | Date of Form 4 signature. |
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