01—Abstract
Summary
Summary of the 8-K filed November 4, 2005. Cited figures are marked; the original filing is the authoritative source.
Ciena Corporation (CIEN) filed an 8-K on November 4, 2005, primarily reporting on two key events.
First, the company disclosed material definitive agreements related to the issuance of equity compensation awards, including stock options, restricted stock units, and performance stock units, to its "named executive officers" and other executive officers. These awards were authorized by the Compensation Committee of the Board of Directors on November 1, 2005. Second, Ciena announced the appointment of Arthur Smith, Ph.D. as Chief Operating Officer, effective November 4, 2005.
Dr. Smith has a long tenure with Ciena, having joined in 1997 and most recently serving as Senior Vice President of Global Operations. The filing also details prospective annual equity awards for non-employee Board members.
02—Key points
Key Highlights
- Ciena Corporation granted equity awards (stock options, restricted stock units, performance stock units) to its named executive officers and other executives on November 1, 2005.
- The Compensation Committee of the Board of Directors authorized these equity grants.
- Arthur Smith, Ph.D. was appointed Chief Operating Officer effective November 4, 2005.
- Dr. Smith has been with Ciena since 1997, most recently as Senior Vice President of Global Operations.
- The company also outlined prospective annual equity awards for its non-employee directors.
- Equity awards for executives include varying amounts of stock options, restricted stock units, and performance share units.
- Non-employee directors are set to receive annual grants of restricted stock units and stock options.
03—Questions
Frequently Asked Questions
What types of equity compensation were awarded to Ciena's executives?
Ciena's executives received stock options, restricted stock units, and performance stock units. The specific number of awards varied per executive, with grants authorized on November 1, 2005.
Who is the new Chief Operating Officer and what is their background?
Arthur Smith, Ph.D., has been appointed as the new Chief Operating Officer. He is 39 years old and has a significant history with Ciena, having joined in 1997. His most recent role was Senior Vice President of Global Operations, and he has held various other senior positions within the company.
Will non-employee directors also receive equity awards?
Yes, Ciena's Board of Directors approved prospective annual equity awards for non-employee directors. These awards, granted on the date of the annual stockholder meeting, will include restricted stock units and stock options.
When were these executive equity awards formally approved and granted?
The equity compensation awards to executives were authorized by the Compensation Committee of the Board of Directors on November 1, 2005, and the report indicates these awards were issued on that date.
04—Continue