CYAN INC 4
4 · CYAN INC · Filed Aug 3, 2015
Insider Transaction Report
Form 4
CYAN INCCYNI
SWITZ ROBERT E
Director
Transactions
- Disposition to Issuer
Stock Option (right to buy)
2015-08-03−88,685→ 0 totalExercise: $2.35Exp: 2021-03-21→ Common Stock (88,685 underlying) - Disposition to Issuer
Common Stock
2015-08-03−17,000→ 0 total
Footnotes (3)
- [F1]Pursuant to the Merger Agreement between the Issuer and Ciena Corporation ("Ciena") dated May 3, 2015, as amended (the "Merger Agreement"), each share of Issuer common stock will be exchanged for $0.63 in cash and 0.19936 shares of Ciena common stock.
- [F2]Of the reported securities, 8,500 shares are represented by restricted stock units. Pursuant to the Issuer's Non-Employee Director Compensation and Expense Reimbursement Program, all of the restricted stock units vested in full upon the effectiveness of the merger. Each Issuer restricted stock unit that is vested but not yet settled as of the effective time will be deemed paid in shares of Issuer common stock immediately prior to the effective time, and the holder of such restricted stock unit will be entitled to receive $0.63 in cash and 0.19936 shares of Ciena common stock with respect to each such share of Issuer common stock otherwise issuable pursuant to such vested (but not yet settled) restricted stock units.
- [F3]Shares subject to the option are fully vested and immediately exercisable. Pursuant to the Merger Agreement, the option will be assumed by Ciena and converted into an option to purchase 0.224 shares of Ciena common stock for each share of Issuer common stock at an exercise price equal to the current exercise price divided by 0.224 per share.