Document:

exv10w26

 

Exhibit 10.26

CIENA CORPORATION

2000 Equity Incentive Plan

Non-Qualified Stock Option Agreement

	 	 	 
	Grant Date:

	 	Number of Shares of Common Stock Covered by Option:

	 	 	 
	Exercise Price: $

	 	Last Date to Exercise:1

We are pleased to inform you that the Corporation has granted you an option to
purchase shares of Ciena Corporation common stock (the “Option”). Your grant
has been made under the Ciena Corporation 2000 Equity Incentive Plan (the
“Plan”), which, together with the terms contained in this Agreement, sets forth
the terms and conditions of your grant and is incorporated herein by reference.
A copy of the Plan is on file with Stock Administration. If any provisions of
the Agreement should appear to be inconsistent with the Plan, the Plan will
control.

This Option Agreement has been duly executed and delivered by all parties
hereto, as of the above written Grant Date.

	 	 	 
	

	 	CIENA CORPORATION:
	

	 	Stock Administration
	

	 	ID: 23-2725311
	Option Number:

	 	1201 Winterson Road
	Class:

	 	Linthicum, MD 21090
	Employee ID:

	 	(800) 921-1144 ext. 7377
	

	 	(410) 981-7377

     ACCEPTED AND AGREED TO:

	 	 	 	 	 	 
	 	 	By:  	
 	 
	Employee Signature 	 	 	Title: Senior Vice President, Finance 	 
	 	 	 	Chief Financial Officer 	 

Name

Address 1

Address 2

Address 3

City, State, ZIP

Country

This is not a stock certificate or a negotiable instrument. Non-Transferable.

Page 1 of 2

Vesting:

	1	 	Certain events can cause an earlier termination of the Option. See
“Exercise” on reverse side.

 

 

This Option will become vested as to 25% of the shares purchasable pursuant to
this Option (the “Shares”) on the last day of the month in which occurs the
first anniversary of the Grant Date (the “Initial Vesting Date”), if you have
been providing services to the Corporation or an Affiliate continuously from
the Grant Date to the Initial Vesting Date. Thereafter, this Option will
become vested as to an additional 2.084% of the Shares on the last day of each
month until either you cease to provide services to the Corporation or an
Affiliate or the Option is fully vested.

Exercise:

You may exercise this Option, in whole or in part, to purchase a whole number
of vested Shares at any time of not less than 100 shares, unless the number of
shares purchased is the total number available for purchase under this Option,
by following the exercise procedures as set forth in the Plan. All exercises
must take place before the last Date to Exercise, or such earlier date
following your death, disability or your ceasing to provide services as
described below under “Service Requirements.” The number of shares you may
purchase as of any date cannot exceed the total number of shares vested by that
date, less any shares you have previously acquired by exercising this Option.
Certain corporate transactions involving the Corporation may cause this Option
to terminate prior to the last Date to Exercise. The Plan provides important
information regarding these corporate transactions.

Corporate Transaction:

As set forth in Section 18.1 of the Plan, a “Corporate Transaction” shall be
deemed to have occurred with respect to the Corporation in the event of any of
the following: (a) a dissolution or liquidation of the Corporation; (b) a
merger or consolidation in which the Corporation is not the surviving
corporation (other than a merger or consolidation with a wholly-owned
subsidiary, a reincorporation of the Corporation in a different jurisdiction,
or other transaction in which there is no substantial change in the
stockholders of the Corporation or their relative stock holdings and the
options granted under the Plan are assumed, converted or replaced by the
successor corporation); (c) a merger in which the Corporation is the surviving
corporation but after which the stockholders of the Corporation immediately
prior to such merger (other than any stockholder that merges, or which owns or
controls another corporation that merges, with the Corporation in such merger)
cease to own their shares or other equity interest in the Corporation; (d) the
sale of substantially all of the assets of the Corporation; or (e) the
acquisition, sale, or transfer of more than 50% of the outstanding shares of
the Corporation by tender offer or similar transaction. Each Option holder
shall be credited, as of the proposed effective date of a Corporate
Transaction, and if still employed by the Corporation on the date such
Corporate Transaction is consummated, with twelve (12) full months of
additional vesting of this Option.

Service Requirements:

This Option will cease to vest and all unvested Shares will be immediately
canceled on the date that you cease to provide services to the Corporation or
an Affiliate (the “Termination Date”). You will have ninety (90) days after
your Termination Date to exercise your vested Shares; provided, however, that
if your services are terminated for Cause, this Option will expire on the
Termination Date. In the event that you cease to provide services to the
Corporation or an Affiliate because of your death or Disability, you or your
estate will have 12 months after the Termination Date to exercise any vested
Shares, to the extent such Shares were otherwise exercisable on the Termination
Date.

Forfeiture:

The Corporation shall have the right to cause a forfeiture of your rights under
this Agreement, including, but not limited to, the right to cause you to
forfeit any outstanding Option in the event that the Company finds that you
have: (i) violated the terms of any confidentiality agreement or obligation
between you and the Corporation or an Affiliate; (ii) accepted employment with
an entity which the Corporation determines is in a business that could result
in comprising any confidentiality agreement or obligation between you and the
Corporation; (iii) willfully failed or refused to perform material assigned
duties; or (iv) engaged in willful, deliberate or gross misconduct toward the
Corporation or an Affiliate.

Taxes and Withholding:

This Option shall not constitute an incentive stock option within the meaning
of Section 422 of the Internal Revenue Code of 1986, as amended. In the event
that the Corporation determines that any federal, state, local or foreign tax
or withholding payment is required relating to the exercise or sale of Shares
arising from this grant, the Corporation shall have the right to require such
payments from you, or withhold such amounts from other payments due to you from
the Corporation or an Affiliate.

* * * *

Page 2 of 2exv10w27

 

Exhibit 10.27

CIENA CORPORATION

2000 EQUITY INCENTIVE PLAN

STOCK UNIT AGREEMENT

     Ciena Corporation, a Delaware corporation (the “Company”), hereby grants
stock units relating to shares of its common stock, $.01 par value (the
“Stock”), to the individual named below as the Holder, subject to the vesting
conditions set forth in the attachment. Additional terms and conditions of the
grant are set forth in this cover sheet, in the attachment and in the Ciena
Corporation 2000 Equity Incentive Plan (the “Plan”).

Grant Date:

Name of Holder:

Holder’s Social Security Number:

Number of Stock Units Covered by Grant:

     By signing this cover sheet, you agree to all of the terms and conditions
described in this Agreement and in the Plan, a copy of which is attached. You
acknowledge that you have carefully reviewed the Plan and agree that the Plan
will control in the event any provision of this Agreement should appear to be
inconsistent with the terms of the Plan.

	 	 	 
	Holder:

	 	

	

	 	(Signature)
	 
	 	 
	Ciena Corporation:

	 	

	

	 	By: Russell B. Stevenson, Jr.
	

	 	Senior Vice President and Secretary

Attachment

This is not a stock certificate or a negotiable instrument.

1

 

CIENA CORPORATION

2000 EQUITY INCENTIVE PLAN

STOCK UNIT AGREEMENT

	 	 	 
	Stock Unit Transferability

	 	This grant is an award of stock
units in the number of units set
forth on the cover sheet,
subject to the vesting
conditions described below
(“Stock Units”). Your Stock
Units may not be transferred,
assigned, pledged or
hypothecated, whether by
operation of law or otherwise,
nor may the Stock Units be made
subject to execution, attachment
or similar process.
	 
	 	 
	Definitions

	 	Capitalized terms not defined in
this Agreement are defined in
the Plan, and have the meaning
set forth in the Plan. The
following additional terms have
the meanings provided below:
	 
	 	 
	

	 	“Service” means service by you
as an employee, officer,
director or consultant to the
Company or an Affiliate. A
change in your position or
duties will not result in
interrupted or terminated
Service so long as you continue
to be an employee, officer,
director or consultant of the
Company or an Affiliate.
	 
	 	 
	

	 	“Cause” means, as determined by
the Board and unless otherwise
provided in an applicable
employment agreement between you
and the Company or an Affiliate,
(i) your gross negligence or
willful misconduct in connection
with the performance of your
duties, (ii) your conviction of
a criminal offense (other than
minor traffic offenses) or (iii)
your material breach of any term
of any employment, consulting or
other services, confidentiality,
intellectual property or
non-competition agreement
between you and the Company or
an Affiliate.
	 
	 	 
	Vesting

	 	Your grant vests on the second
anniversary of the Grant Date as
to one third of the total number
of Stock Units shown on the
cover sheet. An additional one
third of the Stock Units vest
on each of the third and fourth
anniversaries of the Grant Date,
provided you remain in Service.
All of the unvested Stock Units
under this grant vest upon the
termination of your Service due
to death or Disability.
	 
	 	 
	

	 	The number of Stock Units that
vest on any date, and the
resulting aggregate number of
vested Stock Units, will be
rounded down to the nearest
whole number of Stock Units.
You may not vest in more than
the number of Stock Units
covered by this grant.

2

 

	 	 	 
	

	 	Except as may be provided in an
applicable employment agreement
between you and the Company or
an Affiliate, or as may be
approved by the Board of
Directors, no additional Stock
Units will vest after your
Service has terminated for any
reason.
	 
	 	 
	Deferral Election

	 	You may elect to defer receipt
of shares of common stock of the
Company (“Receipt”) up to the
number of Stock Units that have
vested by giving written notice
to the Company, at such time and
in such form as approved by the
Company, specifying the number
of Stock Units you elect to
defer. You must make an
election to defer not later than
the earlier of (i) six months
prior to the date Stock Units
would vest, or (ii) the last day
of the preceding calendar year.
You may elect to defer Receipt
as to up to 100% of the Stock
Units that vest on any date. Any
deferral must be for at least 24
months after the date of
vesting, but may not be longer
than 10 years after the date of
grant of the Stock Units.
Receipt will be accelerated to
the time of your termination of
Service if your Service
terminates prior to the end of
the deferral period that you
have elected.
	 
	 	 
	Delivery of Stock Pursuant to Vested
Units

	 	Unless you make a deferral
election, a certificate for all
of the vested shares of Stock
represented by vested Stock
Units shall be delivered to you
on the date of vesting;
provided, that, if any Stock
Units vest during a period in
which you are (i) subject to a
lock-up agreement restricting
your ability to sell Stock in
the open market or (ii) are
restricted from selling Stock in
the open market because a
trading window is not available,
delivery of such vested shares
will be delayed until the date
immediately following the
expiration of the lock-up
agreement or the opening of a
trading window.

In the event that your Service
terminates for any reason other
than for Cause prior to the
fourth anniversary of the Grant
Date, shares of Stock
corresponding to the vested
portion of your Stock Units will
be delivered to you immediately
following your termination of
Service.
	 
	 	 
	Forfeiture of Unvested Units

	 	In the event that your Service
terminates for any reason other
than because of your death or
Disability, unless otherwise
provided in an applicable
employment agreement between you
and the Company or an Affiliate,
you will forfeit all of the
Stock Units that have not yet
vested.
	 
	 	 
	Termination for Cause

	 	If your Service is terminated
for Cause, you shall forfeit all
Stock Units, whether or not
vested.

3

 

	 	 	 
	Withholding Taxes

	 	You agree, as a condition of
this grant, that you will make
acceptable arrangements to pay
any withholding or other taxes
that may be due as a result of
vesting in Stock Units or your
acquisition of Stock under this
grant. In the event that the
Company determines that any
federal, state, local or foreign
tax or withholding payment is
required relating to this grant,
the Company will have the right
to: (i) require that you arrange
such payments to the Company,
(ii) withhold such amounts from
other payments due to you from
the Company or any Affiliate, or
(iii) cause an immediate
forfeiture of shares of Stock
subject to the Stock Units
granted pursuant to this
Agreement in an amount equal to
the withholding or other taxes
due.
	 
	 	 
	Retention Rights

	 	This Agreement does not give you
the right to be retained by the
Company (or any Affiliates) in
any capacity. The Company (and
any Affiliate) reserve the right
to terminate your Service at any
time and for any reason.
	 
	 	 
	Shareholder Rights

	 	You do not have any of the
rights of a shareholder with
respect to the Stock Units
unless and until the Stock
relating to the Stock Units has
been delivered to you. If the
Company pays a dividend on its
Stock, you will, however, be
entitled to receive a cash
payment equal to the per-share
dividend paid on the Stock times
the number of vested Stock Units
that you hold as of the record
date for the dividend.
	 
	 	 
	Adjustments

	 	In the event of a stock split, a
stock dividend or a similar
change in the Company stock, the
number of Stock Units covered by
this grant will be adjusted (and
rounded down to the nearest
whole number) in accordance with
the terms of the Plan.
	 
	 	 
	Applicable Law

	 	This Agreement will be
interpreted and enforced under
the laws of the State of
Delaware, other than any
conflicts or choice of law rule
or principle that might
otherwise refer construction or
interpretation of this Agreement
to the substantive law of
another jurisdiction.
	 
	 	 
	Consent to Electronic Delivery

	 	The Company may choose to
deliver certain statutory
materials relating to the Plan
in electronic form. By
accepting this grant you agree
that the Company may deliver the
Plan prospectus and the
Company’s annual report to you
in an electronic format. If at
any time you would prefer to
receive paper copies of these
documents, as you are entitled
to receive, the Company would be
pleased to provide copies.
Please contact
Stock Administration to request paper
copies of these documents.

4

 

	 	 	 
	The Plan

	 	The text of the Plan is
incorporated in this Agreement
by reference. This Agreement
and the Plan constitute the
entire understanding between you
and the Company regarding this
grant of Stock Units. Any prior
agreements, commitments or
negotiations concerning this
grant are superseded.

By signing the cover sheet of this Agreement, you agree to all of the terms and
conditions described above and in the Plan.

5

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