Form 4: Ciena SVP Joseph Cumello Reports Tax Liability Share Withholding
SEC Form 4
Joseph Cumello, SVP and General Manager of Blue Planet at Ciena, reports the withholding of shares to cover tax liabilities related to restricted stock unit (RSU) award agreements.
Summary
- On March 20, 2024, Joseph Cumello, SVP, General Manager of Blue Planet at Ciena Corporation, had shares withheld to cover tax liabilities related to RSU award agreements.
- A total of 1,421 shares of common stock were withheld at a price of $50.22 per share.
- These shares were withheld to cover tax liabilities related to RSU awards granted on various dates: October 1, 2020, December 16, 2020, December 14, 2021, December 13, 2022, February 1, 2023 and December 12, 2023.
- Following these transactions, Cumello directly owns 54,327 shares of Ciena common stock, which includes unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing and has a neutral sentiment. It reflects routine transactions related to executive compensation.
Industry Context
This is a routine Form 4 filing 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.
- Share withholding for tax liabilities is a standard procedure.
- Companies like Cisco, Juniper Networks, and Nokia also utilize similar equity-based compensation plans for their executives.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, as it involves the withholding of shares already allocated to an executive.
- Employees may be interested in the details of executive compensation, but this filing is unlikely to have a significant impact on employee morale or operations.
Key Dates
| Date | Description |
|---|---|
| 10/1/2020 | Date of a restricted stock unit (RSU) award agreement. |
| 12/16/2020 | Date of a restricted stock unit (RSU) award agreement. |
| 12/14/2021 | Date of a restricted stock unit (RSU) award agreement. |
| 12/13/2022 | Date of a restricted stock unit (RSU) award agreement. |
| 2/1/2023 | Date of a restricted stock unit (RSU) award agreement. |
| 2/3/2023 | Date of reporting person's Form 3 filing. |
| 12/12/2023 | Date of a restricted stock unit (RSU) award agreement. |
| 12/14/2023 | Date of reporting person's Form 4 filing. |
| 03/20/2024 | Date of the reported transactions (share withholding). |
| 03/21/2024 | Date of signature on the Form 4. |
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