Form 4: Ciena SVP Dino DiPerna Disposes of Shares to Cover Tax Obligations
SEC Form 4 Filing
Dino DiPerna, SVP of Global R&D at Ciena, disposed of shares to cover tax liabilities related to restricted stock unit (RSU) awards.
Summary
- On September 20, 2024, Dino DiPerna, SVP of Global R&D at Ciena, disposed of a total of 2,168 shares of common stock to cover tax liabilities.
- The shares were withheld at a price of $58.73 per share.
- These disposals were related to restricted stock unit (RSU) awards granted on various dates: December 16, 2020 (368 shares), October 27, 2023 (204 shares), December 13, 2022 (444 shares), December 12, 2023 (730 shares), and December 14, 2021 (319 shares).
- Following these transactions, DiPerna beneficially owns 38,760 shares of Ciena common stock, which includes unvested Restricted Stock Units (RSUs).
Sentiment
Score: 5
Explanation: Neutral sentiment as the filing reflects a routine transaction for tax purposes and doesn't indicate a significant change in the executive's holdings or outlook.
Industry Context
This is a routine transaction; executives often sell shares to cover tax obligations when RSUs vest. It doesn't necessarily reflect a change in the executive's confidence in the company.
Comparison to Industry Standards
- Similar transactions are common among executives at publicly traded companies like Ciena, such as Cisco, Juniper Networks, and Nokia, as part of their compensation packages.
- These companies often grant RSUs that vest over time, leading to taxable events when the shares are released to the executive.
- The practice of selling shares to cover taxes is a standard financial planning strategy for executives receiving equity compensation.
Key Dates
| Date | Description |
|---|---|
| 12/16/2020 | Date of RSU award agreement related to the disposal of 368 shares. |
| 12/14/2021 | Date of RSU award agreement related to the disposal of 319 shares. |
| 12/13/2022 | Date of RSU award agreement related to the disposal of 444 shares. |
| 10/27/2023 | Date of RSU award agreement related to the disposal of 204 shares. |
| 10/31/2023 | Date of previous Form 3 and Form 4 filings referencing the RSU acquisitions. |
| 12/12/2023 | Date of RSU award agreement related to the disposal of 730 shares. |
| 12/14/2023 | Date of previous Form 4 filing referencing the RSU acquisition related to the disposal of 730 shares. |
| 09/20/2024 | Date of the stock disposal transaction. |
| 09/24/2024 | Date of the Form 4 filing. |
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