CIENA (CIEN) SVP Jason Phipps sells 22,014 shares under 10b5-1 plan

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

CIENA CORP senior vice president Jason Phipps reported selling 22,014 shares of Common Stock in open-market transactions. The sales occurred on April 1, 2026 at prices between about $400.83 and $417.22, according to weighted-average price footnotes.

All transactions were executed under a pre-arranged Rule 10b5-1 trading plan dated October 9, 2024 and modified on October 6, 2025. Following these sales, Phipps directly holds 67,377 shares of CIENA Common Stock, a position that includes unvested RSUs and PSUs.

Insights

Pre-planned insider sale of 22,014 CIENA shares, sizable but with substantial holdings retained.

Jason Phipps, SVP Global Sales and Marketing at CIENA CORP, sold 22,014 shares of Common Stock across 15 open-market trades on April 1, 2026. Sale prices ranged from roughly $400.83 to $417.22, based on the weighted-average ranges disclosed in the footnotes.

The filing states these sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted in October 2024 and modified in October 2025, indicating they were scheduled in advance rather than opportunistic. This reduces the informational value of the timing for assessing management’s current outlook.

After the transactions, Phipps directly owns 67,377 shares, which the filing notes include unvested RSUs and PSUs. With no derivative positions listed in the derivative summary, this appears to be a straightforward partial reduction of an equity stake while maintaining a meaningful ongoing ownership position. Overall, this looks like a routine, pre-planned liquidity event.

Insider Trade Summary 10b5-1

Net Seller: 22,014 shares ($9,021,272)

Net Sell 15 txns

Insider Phipps Jason

Role SVP Global Sales and Marketing

Sold 22,014 shs ($9.02M)

Type	Security	Shares	Price	Value
Sale	Common Stock	1,735	$401.5801	$697K
Sale	Common Stock	500	$402.825	$201K
Sale	Common Stock	750	$403.8987	$303K
Sale	Common Stock	2,100	$405.0723	$851K
Sale	Common Stock	600	$406.4533	$244K
Sale	Common Stock	460	$407.4848	$187K
Sale	Common Stock	3,250	$408.7497	$1.33M
Sale	Common Stock	500	$409.494	$205K
Sale	Common Stock	3,100	$411.2303	$1.27M
Sale	Common Stock	3,441	$412.2414	$1.42M
Sale	Common Stock	2,279	$413.3549	$942K
Sale	Common Stock	1,708	$414.1579	$707K
Sale	Common Stock	400	$415.2025	$166K
Sale	Common Stock	1,029	$416.5632	$429K
Sale	Common Stock	162	$417.0678	$68K

Holdings After Transaction: Common Stock — 87,656 shares (Direct)

Footnotes (1)

Sales were effected pursuant to Rule 10b5-1 trading plan dated 10/09/2024, as modified on 10/06/2025. Reflects the weighted average sales price with transactions in a range of sales from $400.83 to $401.825. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $402.48 to $403.10. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $403.65 to $404.30. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $404.91 to $405.75. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $405.96 to $406.80. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $407.00 to $407.87. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $408.41 to $409.27. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $409.49 to $409.50. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $410.805 to $411.55. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $411.84 to $412.77. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $412.84 to $413.81. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $414.00 to $414.635. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $415.00 to $415.27. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $416.10 to $416.99. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Reflects the weighted average sales price with transactions in a range of sales from $417.00 to $417.22. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided. Shares reported include unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).

Key Figures

Shares sold: 22,014 shares Transactions count: 15 sales Post-sale holdings: 67,377 shares +4 more

7 metrics

Shares sold 22,014 shares Total CIENA Common Stock sold on April 1, 2026

Transactions count 15 sales Number of open-market sale transactions reported

Post-sale holdings 67,377 shares Common Stock directly owned after April 1, 2026 trades

Lowest price range $400.83–$401.825 Weighted-average price range for one sale group (F2)

Highest price range $417.00–$417.22 Weighted-average price range for one sale group (F16)

Rule 10b5-1 plan date October 9, 2024 Adoption date of the pre-arranged trading plan

10b5-1 plan modification October 6, 2025 Modification date for Phipps’ trading plan

Key Terms

Rule 10b5-1 trading plan, Restricted Stock Units (RSUs), Performance Stock Units (PSUs), open-market sale, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"Sales were effected pursuant to Rule 10b5-1 trading plan dated 10/09/2024, as modified on 10/06/2025."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Restricted Stock Units (RSUs) financial

"Shares reported include unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs)."

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

Performance Stock Units (PSUs) financial

"Shares reported include unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs)."

Performance stock units (PSUs) are a form of executive or employee pay that promise company shares only if pre-set performance goals are met over a defined period; think of them as a bonus paid in stock that arrives only when the company hits agreed targets. Investors watch PSUs because they affect the number of shares outstanding (dilution) and reveal how management’s pay is tied to financial or operational results, aligning incentives with shareholder outcomes.

open-market sale financial

"transaction_action: "open-market sale" with transaction code "S" for Common Stock."

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average sales price financial

"Reflects the weighted average sales price with transactions in a range of sales from $400.83 to $401.825."

Form 4 Insider Transactions: What Each Field Means →

04/03/2026 - 07:46 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Phipps Jason

(Last)

(First)

(Middle)

C/O CIENA CORPORATION

7035 RIDGE RD.

(Street)

HANOVER

MARYLAND

21076-1426

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CIENA CORP [ CIEN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP Global Sales and Marketing

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/01/2026		S		1,735⁽¹⁾	D	$401.5801⁽²⁾	87,656⁽¹⁷⁾	D
Common Stock	04/01/2026		S		500⁽¹⁾	D	$402.825⁽³⁾	87,156⁽¹⁷⁾	D
Common Stock	04/01/2026		S		750⁽¹⁾	D	$403.8987⁽⁴⁾	86,406⁽¹⁷⁾	D
Common Stock	04/01/2026		S		2,100⁽¹⁾	D	$405.0723⁽⁵⁾	84,306⁽¹⁷⁾	D
Common Stock	04/01/2026		S		600⁽¹⁾	D	$406.4533⁽⁶⁾	83,706⁽¹⁷⁾	D
Common Stock	04/01/2026		S		460⁽¹⁾	D	$407.4848⁽⁷⁾	83,246⁽¹⁷⁾	D
Common Stock	04/01/2026		S		3,250⁽¹⁾	D	$408.7497⁽⁸⁾	79,996⁽¹⁷⁾	D
Common Stock	04/01/2026		S		500⁽¹⁾	D	$409.494⁽⁹⁾	79,496⁽¹⁷⁾	D
Common Stock	04/01/2026		S		3,100⁽¹⁾	D	$411.2303⁽¹⁰⁾	76,396⁽¹⁷⁾	D
Common Stock	04/01/2026		S		3,441⁽¹⁾	D	$412.2414⁽¹¹⁾	72.955⁽¹⁷⁾	D
Common Stock	04/01/2026		S		2,279⁽¹⁾	D	$413.3549⁽¹²⁾	70,676⁽¹⁷⁾	D
Common Stock	04/01/2026		S		1,708⁽¹⁾	D	$414.1579⁽¹³⁾	68,968⁽¹⁷⁾	D
Common Stock	04/01/2026		S		400⁽¹⁾	D	$415.2025⁽¹⁴⁾	68,568⁽¹⁷⁾	D
Common Stock	04/01/2026		S		1,029⁽¹⁾	D	$416.5632⁽¹⁵⁾	67.539⁽¹⁷⁾	D
Common Stock	04/01/2026		S		162⁽¹⁾	D	$417.0678⁽¹⁶⁾	67,377⁽¹⁷⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Sales were effected pursuant to Rule 10b5-1 trading plan dated 10/09/2024, as modified on 10/06/2025.

2. Reflects the weighted average sales price with transactions in a range of sales from $400.83 to $401.825. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

3. Reflects the weighted average sales price with transactions in a range of sales from $402.48 to $403.10. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

4. Reflects the weighted average sales price with transactions in a range of sales from $403.65 to $404.30. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

5. Reflects the weighted average sales price with transactions in a range of sales from $404.91 to $405.75. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

6. Reflects the weighted average sales price with transactions in a range of sales from $405.96 to $406.80. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

7. Reflects the weighted average sales price with transactions in a range of sales from $407.00 to $407.87. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

8. Reflects the weighted average sales price with transactions in a range of sales from $408.41 to $409.27. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

9. Reflects the weighted average sales price with transactions in a range of sales from $409.49 to $409.50. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

10. Reflects the weighted average sales price with transactions in a range of sales from $410.805 to $411.55. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

11. Reflects the weighted average sales price with transactions in a range of sales from $411.84 to $412.77. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

12. Reflects the weighted average sales price with transactions in a range of sales from $412.84 to $413.81. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

13. Reflects the weighted average sales price with transactions in a range of sales from $414.00 to $414.635. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

14. Reflects the weighted average sales price with transactions in a range of sales from $415.00 to $415.27. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

15. Reflects the weighted average sales price with transactions in a range of sales from $416.10 to $416.99. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

16. Reflects the weighted average sales price with transactions in a range of sales from $417.00 to $417.22. Upon request by the SEC, full information regarding the number of shares sold at each separate sales price will be provided.

17. Shares reported include unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).

	By: Michelle Rankin For: Jason Phipps	04/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did CIENA (CIEN) executive Jason Phipps report in this Form 4 filing?

Jason Phipps reported selling 22,014 shares of CIENA Common Stock. The SVP of Global Sales and Marketing executed 15 open-market sales on April 1, 2026, under a Rule 10b5-1 trading plan, and continues to hold 67,377 CIENA shares directly after the transactions.

How many CIENA (CIEN) shares did Jason Phipps sell and at what prices?

Phipps sold 22,014 CIENA Common Stock shares in multiple trades. The Form 4 shows transaction prices from about $400.83 to $417.22 per share, using weighted-average prices within detailed price ranges disclosed in the footnotes for each sales group.

Is Jason Phipps’ CIENA (CIEN) stock sale part of a Rule 10b5-1 plan?

Yes. All reported CIENA share sales were made under a Rule 10b5-1 plan. The plan was adopted on October 9, 2024 and modified on October 6, 2025, indicating the April 1, 2026 transactions were pre-arranged rather than discretionary trades based on short-term market conditions.

How many CIENA (CIEN) shares does Jason Phipps still own after these sales?

Phipps directly owns 67,377 CIENA shares after the reported sales. The filing notes that this balance includes unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs), showing he maintains a significant ongoing equity interest in CIENA following the April 1, 2026 transactions.

What type of transactions were reported in Jason Phipps’ CIENA (CIEN) Form 4?

The Form 4 reports open-market sales of non-derivative Common Stock. All 15 transactions are coded “S” for sale, involve CIENA Common Stock directly, and do not include any option exercises or derivative conversions, according to the transaction and derivative summaries.

Do Jason Phipps’ remaining CIENA (CIEN) holdings include unvested equity awards?

Yes. The remaining share balance includes unvested RSUs and PSUs. A footnote explains that the 67,377 shares reported after the trades reflect both outright share ownership and unvested Restricted Stock Units and Performance Stock Units tied to CIENA equity compensation programs.