[Form 4] PagerDuty, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ciena Corporation (CIEN) – Form 4 insider transaction

Senior Vice President & General Manager of Blue Planet, Joseph Cumello, disclosed the sale of 2,044 common shares on 06/27/2025 at a weighted-average price of $81.6351, generating roughly $167 thousand in gross proceeds. The disposition was carried out under a pre-arranged Rule 10b5-1 trading plan adopted on 01/14/2025, which limits the potential for information-based trading concerns. Following the transaction, Cumello directly owns 47,198 shares, a total that includes unvested RSUs and PSUs, thus maintaining a sizeable equity stake. No derivative security trades were reported in this filing.

Positive

• Sale executed under a Rule 10b5-1 plan, reducing insider-trading risk and reinforcing governance best practices.
• Executive retains 47,198 shares, indicating continued alignment with shareholder interests.

Negative

• Insider sale of 2,044 shares could be interpreted by some investors as a slight reduction in confidence, despite its modest size.

Insights

Financial Analyst

TL;DR: Small, pre-planned insider sale; neutral signal given limited size versus remaining stake.

The 2,044-share disposal equals less than 5% of Cumello’s reported holdings and was executed under a 10b5-1 plan, reducing informational risk. The transaction value (~$167k) is immaterial to Ciena’s market cap and unlikely to influence valuation or liquidity. Investors typically view such modest, scheduled sales as routine portfolio diversification rather than an indicator of deteriorating fundamentals. Overall, I classify the filing as non-impactful to the equity story.

Corporate Governance Specialist

TL;DR: Governance-friendly sale under 10b5-1; negligible ownership change.

Use of a 10b5-1 plan aligns with best-practice governance, enhancing transparency. Cumello retains over 47k shares, suggesting ongoing alignment with shareholders. The absence of derivative activity or simultaneous sales by other executives lessens concern about broader insider sentiment. From a governance standpoint, the filing is benign and does not raise red flags.

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^*

Solomon Dan Alexandru

(Last) (First) (Middle)

C/O PAGERDUTY, INC.

600 TOWNSEND ST., STE. 200

(Street)

SAN FRANCISCO CA 94103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PagerDuty, Inc. [ PD ]

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/26/2025		A		12,416(1)	A	$0	2,657,726(2)	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents 12,416 Restricted Stock Units acquired pursuant to the Issuer's Non-Employee Director compensation policy. Each Restricted Stock Unit represents a contingent right to receive one share of Common Stock of the Issuer and has no expiration date. The shares underlying the Restricted Stock Unit award shall fully vest on the earlier of the first anniversary of the grant date or immediately prior to the next Annual Meeting of stockholders, subject to Directors' continuous service to the Issuer on such date.

2. A portion of these shares represent restricted stock units.

Remarks:

	/s/ Irving Gomez, as Attorney-in-Fact, for Dan Alexandru Solomon	06/30/2025
	** 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.

FAQ

How many CIEN shares did Joseph Cumello sell on June 27, 2025?

He sold 2,044 common shares.

At what average price were the CIEN shares sold?

The weighted-average sale price was $81.6351 per share, with individual trades ranging from $81.01 to $82.29.

How many CIEN shares does Cumello still own after the transaction?

He now beneficially owns 47,198 shares, including unvested RSUs and PSUs.

Was the sale made under a Rule 10b5-1 trading plan?

Yes. The filing states the sale was effected under a 10b5-1 plan adopted on 01/14/2025.

What is Joseph Cumello’s role at Ciena Corporation?

He is the Senior Vice President and General Manager of Blue Planet.

Did the Form 4 report any derivative security transactions?

No derivative security trades were reported in this filing.