CIEN » Topics » Change in Control Severance Agreement with Mr. Smith

This excerpt taken from the CIEN DEF 14A filed Jan 26, 2007.
Change in Control Severance Agreement with Mr. Smith
 
Ciena’s agreement with Mr. Smith is substantially upon the same terms as the severance agreements with other executive officers described above; however, upon a covered termination Ciena will make a lump sum payment to Mr. Smith of the greater of $2 million or the sum of his base salary and annual bonus. Base salary and bonus will be determined as set forth for the other executive officers above. Mr. Smith’s agreement also provides that all of his unvested options and restricted stock units, to the extent unvested, will become immediately vested and exercisable upon a covered termination.
 
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