cien-20250618

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):

June 18, 2025

Ciena Corporation

(Exact name of registrant as specified in its charter)

Commission File Number: 001-36250

Delaware

(State or other jurisdiction of incorporation)

7035 Ridge Road, Hanover, MD

(Address of principal executive offices)

23-2725311

(IRS Employer Identification No.)

21076

(Zip Code)

Registrant's telephone number, including area code: (410) 694-5700

Not Applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	CIEN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 5.02 - DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On June 18, 2025, Ciena Corporation (the “Company”) announced the appointment of Marc D. Graff as Senior Vice President and Chief Financial Officer and that the Board of Directors of the Company (the “Board”) has designated Mr. Graff as the Company’s principal financial officer and principal accounting officer, effective, in each case, as of August 1, 2025 (the “Effective Date”).

Since January 2024, Mr. Graff, age 57, previously served as Senior Vice President and Chief Financial Officer at Altera Corporation, a leading provider of programmable hardware, software, and development tools, and an independent subsidiary being spun out of Intel Corporation, where he served in various executive and finance roles for over two decades. From May 2021 to December 2024, Mr. Graff was a Corporate Vice President at Intel Corporation, where he served as Chief Financial Officer and Chief Operating Officer for the Data Center and Artificial Intelligence Group. From September 2019 to May 2021, Mr. Graff served as Vice President, Finance and Head of Corporate Financial Planning and Analysis at Intel Corporation. Prior to that, he held several finance positions at Intel Corporation, including as Chief Financial Officer for the Sales and Marketing Group and Director of Finance & Administration for Asia-Pacific and Japan. Mr. Graff holds a Bachelor of Science in finance and economics from the University of Colorado and a Master of Business Administration from the University of Michigan.

In connection with his appointment, Mr. Graff and the Company executed an offer letter dated June 13, 2025 (the “Offer Letter”). Pursuant to the Offer Letter, Mr. Graff will receive an initial annual base salary of $650,000 and be eligible to receive an annual cash incentive bonus at target of 100% of his base salary, based on the Company’s achievement of certain Board-approved financial and corporate performance goals for the fiscal year. Mr. Graff’s annual cash incentive bonus will be prorated for the Company’s fiscal year 2025.

Mr. Graff will receive a one-time cash sign-on bonus of $1,950,000 and a one-time, sign-on replacement equity grant of restricted stock units (“RSUs”) with a target delivered value of $10,486,000 (the “Replacement Equity Grant”). The sign-on bonus and the Replacement Equity Grant are intended to partially compensate Mr. Graff for the value of certain near-term cash and equity incentives and certain long term equity incentive compensation that he forfeited upon resignation from his prior employer. This sign-on bonus is subject to repayment in the event of Mr. Graff’s voluntary resignation or termination for cause (as such term is defined in the Company’s U.S. Executive Severance Plan) prior to the first anniversary of the Effective Date. The RSUs comprising the Replacement Equity Grant will vest as to one-quarter (1/4) of the total grant amount on the first anniversary of the Effective Date and thereafter will vest in equal increments over a three-year period with one-twelfth (1/12) of the remaining grant amount vesting at each three-month interval following the one-year anniversary the Effective Date.

Pursuant to the terms of the Offer Letter, at such time as the Compensation Committee awards annual executive equity compensation for fiscal 2026, Mr. Graff will be granted equity awards consisting of a mix of RSUs, performance stock units, and market stock units with a target delivered value of $3,900,000. The mix of equity awards comprising such target delivered value will be proportionately allocated in the same manner as that to be received by the Company’s other executive officers (excluding its Chief Executive Officer).

Mr. Graff is expected to participate in the Company’s U.S. Executive Severance Plan and enter into the Company’s standard form of Change in Control Severance Agreement (the “Severance Plans”) providing for certain benefits upon a qualifying separation from employment, in each case on the same terms as the

Company’s other executive officers (excluding its Chief Executive Officer). In connection with his relocation to the Company’s headquarters in Maryland, Mr. Graff will also be entitled to certain relocation allowances and benefits as set forth in the Offer Letter. Mr. Graff will also be subject to the certain standard employment arrangements, which include certain restrictions relating to non-competition, non-solicitation, and protection of confidential and proprietary information.

The description of the Offer Letter and the Severance Plans do not purport to be complete and are qualified in their entirety by reference to the full text of each of the Offer Letter, a copy of which is attached hereto as Exhibit 10.1, and the Severance Plans, copies of which are attached as Exhibit 10.28 and Exhibit 10.31 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2024 and each of which is incorporated herein by reference.

There are no arrangements or understandings between Mr. Graff and any other person pursuant to which he was appointed as Chief Financial Officer and designated as principal financial officer and principal accounting officer. Mr. Graff does not have any family relationship with any director or other executive officer of the Company, or any person nominated or chosen by the Company to become a director or executive officer, and there are no transactions in which Mr. Graff or his immediate family has an interest requiring disclosure under Item 404(a) of Regulation S-K currently contemplated or since the beginning of the last fiscal year.

On September 4, 2024, the Company previously announced that James E. Moylan, Jr., Senior Vice President and Chief Financial Officer, had notified the Company of his decision to retire effective August 28, 2025, following more than 16 years of dedicated and distinguished service in such role.

ITEM 7.01 – REGULATION FD DISCLOSURE

On June 18, 2025, the Company issued a press release announcing the appointment of Mr. Graff as the Company’s Senior Vice President and Chief Financial Officer. The full text of the press release, a copy of which is attached hereto as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01 - FINANCIAL STATEMENTS AND EXHIBITS

(d) The following exhibit is being filed herewith:


Exhibit Number			Description of Document
Exhibit 10.1			Employment Offer Letter between Ciena Corporation and Marc D. Graff, dated June 13, 2025.
Exhibit 99.1			Text of Press Release dated June 18, 2025, issued by Ciena Corporation, announcing the appointment of its Chief Financial Officer.
Exhibit 104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Ciena Corporation

Date: June 18, 2025	By:	/s/ Sheela Kosaraju
		Sheela Kosaraju
		Senor Vice President, General Counsel and Assistant Secretary

Document

Ciena Corporation

7035 Ridge Road

Hanover, Maryland 21076

www.ciena.com

June 6, 2025

Marc D. Graff

17980 SW Snowberry Court

Sherwood, Oregon 97140

Dear Marc,

On behalf of the entire leadership team and the Board of Directors, it is with great enthusiasm that we extend this offer to you to join Ciena as our next Chief Financial Officer. It is our people that help make Ciena a great place to work and set us apart from our competition. We believe your proven track record and strategic vision will be instrumental in guiding our financial future and achieving our ambitious growth objectives.

Below is a summary of the key elements of your employment, followed by a detailed explanation of certain elements:

Position: Senior Vice President and Chief Financial Officer

Manager: Gary B. Smith, President and Chief Executive Officer

Work Location: Ciena Headquarters, Maryland, U.S.A.

Date of Hire: August 1, 2025

Annual Base Salary $650,000 USD

Annual Cash Incentive Bonus: 100% of Annual Base Salary

One-Time Sign-on Bonus: $1,950,000 USD

One-Time Sign-on Replacement Equity: Grant of restricted stock units representing Ciena common stock with a delivered value of $10,486,000 USD with the effective date of grant being your actual Date of Hire

FY26 Equity Awards Delivered Value: Grant of equity awards in December 2025 representing Ciena common stock with a delivered value of $3,900,000 USD, such awards to be granted on the same date and with the same mix of time-based and performance-based equity awards as awarded to the other non-CEO executive officers

Benefits: Ciena’s Benefits Programs as amended from time to time, including benefits

generally made available to all U,S.-based executive officers

This offer is contingent upon successful completion of a background investigation. If the information obtained as part of the investigation is not deemed to be satisfactory by Ciena in its sole discretion, this offer may be withdrawn.

It is a condition of your employment that you will provide us with the necessary information to prove that you are legally authorized to work in the United States. If you do not have a valid work authorization to work in the United States on your Date of Hire, your employment with Ciena will not begin until you obtain valid work authorization in the United States. You are required to keep us updated of any changes in your residential address, home telephone number, mobile telephone number, and any other changes to your personal circumstances that may affect your right to work in the United States, including any change in immigration status, if applicable, in order for us to meet statutory and regulatory obligations of the United States immigration system. You undertake that you will notify Ciena of any such changes without delay

and in any event within five (5) working days of the change occurring. You understand and agree that your continued employment is contingent on your ability to maintain valid work authorization in the U.S.

Annual Base Salary and FY26 Adjustment Eligibility

Your initial annual base salary will be $650,000. You will thereafter be eligible for a FY26 merit adjustment to your base salary on the same basis as other Ciena executive officers. Annually, the Board of Directors conducts a holistic evaluation of a range of relevant factors in making adjustments to base salaries for Ciena’s executive officers. Executive officer salary changes, if any, for fiscal 2026 are anticipated to be approved by the Board in late December 2025 and would typically become effective in late January to early February of 2026. A similar process is generally followed each year.

Annual Cash Incentive Bonus

You will be eligible to receive an annualized target bonus of 100% of your Annual Base Salary based on achievement of certain Board approved financial and/or corporate performance goals, subject to and in accordance with the terms and conditions of Ciena’s Incentive Bonus Plan (the “Plan”). Actual payment under the Plan may vary above or below target based on Ciena’s actual performance against the relevant goals for any such period and as such the annual bonus payment may be zero. For your first partial fiscal year of employment with Ciena during FY25, you will be eligible to participate in the Plan on a pro-rata basis. This means that your target bonus for FY25 will be equal to 100% of your base salary actually earned during the relevant portion of the fiscal year, which will vary based on your Date of Hire. The Plan is discretionary, and Ciena reserves the right in its sole discretion to modify, suspend or cancel the Plan at any time without prior notice. You must be employed and not have given or received notice of an intent to separate from employment through the last day of a fiscal year in order to be eligible for a bonus for that year, unless otherwise stated in the Plan. The annualized target bonus does not constitute part of your usual compensation package and will not be taken into account in determining any benefits under any severance, retirement, welfare or other benefit plan of Ciena, except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder. Any grant of an annualized target bonus for a certain period does not entitle you to a similar grant for succeeding periods.

One-Time Sign-on Bonus

You will receive a one-time sign-on bonus of $1,950,000 subject to applicable statutory deductions and withholdings. The full amount will be paid in your first regularly scheduled paycheck following your Date of Hire.

If, before completing 12 months of employment from your Date of Hire, you (i) voluntarily resign, or (ii) are terminated for Cause (as such term is defined in Ciena’s U.S. Executive Severance Benefit Plan), you will be required to repay the full amount.

If repayment is required, you hereby expressly authorize Ciena to deduct the owed repayment amount from your final paycheck. If your final paycheck is insufficient to cover the full repayment amount, you agree to reimburse the remaining balance within 30 days of your termination date by check or other instrument acceptable to Ciena.

This one-time sign-on bonus does not constitute part of your usual compensation package and is a partial make- whole payment in consideration of and intended to compensate you for:

(a)the pro-rata portion of your annual cash bonus for FY25 that you will forfeit upon resignation from your current employer, and

(b)the long-term incentive compensation you will forfeit upon resignation from your current employer.

The sign-on bonus is also intended to reduce cash flow timing differences between your current employer and Ciena.

One-Time Sign-on Replacement Equity Grant

You will be granted restricted stock units (RSUs) under the applicable Ciena Omnibus Incentive Plan, as amended, and subject to the terms and conditions of the applicable Restricted Stock Unit Agreement to be provided separately, representing Ciena common stock with a delivered a target value of $10,486,000 USD. The number of shares covered by this award will be calculated based on Ciena’s closing stock price on the date the RSU grant becomes effective, which shall be your Date of Hire. The RSUs will vest as to one-quarter (1/4) of the total grant amount on the first anniversary of the grant date, and thereafter will vest in equal increments over a three-year period with one-twelfth (1/12) of the remaining grant amount vesting at each 3 month interval following the one-year anniversary of your Date of Hire until either (i) the award is fully vested, or (ii) you cease to be employed by Ciena.

These one-time sign-on RSUs are intended as a partial make-whole payment to compensate you for a portion of the long-term incentive compensation you will forfeit upon resignation from your current employer.

FY26 Equity Awards Delivered Value

On or about December 16, 2025, you will be granted FY26 annual equity awards consisting of a mix of restricted stock units (RSUs), performance stock units (PSUs), and market stock units (MSUs) with a target delivered value of $3,900,000. The mix of RSUs, MSUs and PSUs comprising such target delivered value shall be proportionately allocated in the same manner as that to be received by other non-CEO executive officers. The number of shares to be granted shall be calculated by first multiplying $3,900,000 by the percentage of grant to be delivered in RSU, PSUs and MSUs. The dollar value of RSUs, PSUs and MSUs shall then be divided by the closing stock price on date of grant to arrive at the number of shares of Ciena common stock underlying such RSUs, PSUs (at target) and MSUs (at target) to be granted. The vesting structure of your RSUs, PSUs and MSUs, as well as the performance conditions for PSUs and MSUs, shall match those of other executive officers.

Equity awards do not constitute part of your usual compensation package and will not be taken into account in determining any benefits under any severance, retirement, welfare or other benefit plan of Ciena, except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

Relocation Benefits – See Assignment Benefits Addendum

Ciena will assist with the expenses associated with your move to within a commutable distance of our corporate headquarters in Maryland, U.S.A by offering you the relocation benefits listed in Annex A and subject to the repayment agreement set forth thereon.

Employee Benefits

You will be entitled to participate in Ciena’s U.S. Executive Severance Benefit Plan, and will be provided with Ciena’s standard form of Change in Control Severance Agreement, each as may be amended or renewed from time to time following periodic review by the Board or committee thereof in accordance with its terms. You will also be entitled to participate in such other employee and executive benefit plans and programs as Ciena may from time to time offer to provide to its U.S.-based executives, subject to the terms and conditions of such plans. Notwithstanding the foregoing, nothing herein is intended, or shall be construed, to require Ciena to institute or continue any particular plan or benefit except to the extent expressly set forth therein.

Employment Conditions

You agree that, as a condition of your employment, you will sign a Proprietary Information, Inventions and Non- Solicitation Agreement, a copy of which is attached.

You agree to comply with Ciena's data privacy policies, including but not limited to Ciena´s policies regarding the processing of personal data and the use of equipment provided to you for use in the normal course of your employment including, without limitation, any method of electronic communication. You agree to keep Ciena up to date in relation to any changes to the personal data that we may process in relation to you. You also agree to provide accurate personal data to Ciena.

Your employment with Ciena will be “at-will,” as defined under applicable law. Accordingly, either you or Ciena may terminate the employment relationship at any time, with or without cause, and with or without notice.

Each paragraph and exhibit of this offer letter shall be and remain separate from, independent of, and severable from all and any other paragraphs herein, except where otherwise indicated by the context of the letter. If any provision or part of this letter is found to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability will attach only to such provision or part of such provision, and the remaining part of such provision and all other provisions in this letter will continue in full force and effect.

This offer letter is the complete agreement regarding your employment status and will remain valid if signed and returned to Ciena by June 16, 2025. It supersedes any other statements or representations, and it can only be changed by a written modification signed by Ciena’s General Counsel/Chief People Officer.

Upon acceptance of this offer letter you will receive email notifications with detailed instructions to assist you through the on- boarding process.

Please be prepared to validate original documentation as defined below:

In accordance with the requirements of the Immigration Reform and Control Act of 1986, you are required to provide verification of your identity and legal right to work in the United States using the Form I-9. The appropriate documents and completed form must be presented for Ciena's review no later than your 3rd day of employment, failure to do so will result in immediate removal from payroll until this is completed.

We are very excited that you will be joining Ciena.

Please contact Sheela Kosaraju if you have any additional questions.

Sincerely yours,


/s/ Sheela Kosaraju
Sheela Kosaraju
Senor Vice President and General Counsel, Interim Chief People Officer Ciena Corporation

AGREED AND ACCEPTED

/S/ Marc D. Graff

Marc D. Graff

Date: June 13, 2025

Annex A

Overview of Applicable Relocation Benefits


Relocation Allowance			5,000 USD One-time payment, paid in the first payroll, grossed up.
Relocation Travel			Airfare (premium economy class for West Coast to East Coast for executive and spouse) and rental car up to 30 days if required.
Destination Services (general settling-in assistance)			Reasonable services up to 7 days based on individual needs and local requirements provided through an external vendor.
Temporary Storage of Household Goods			Maximum of 60 days combined in the Departure & Destination Locations.
Pet Shipment			Shipping arrangement, insurance, kenneling, etc., for up to two pets, cat or dog only.
Temporary Living and Expenses			Maximum of 90 days combined in the Departure & Destination Locations, not to exceed $10,000 per month.
Home Purchase Assistance (for principal residence only)			Reimbursement for reasonable, non-recurring closing costs on your home purchase at the destination location up to 75,000 USD, to be used by the 1st anniversary of your Date of Hire. Common examples of closing costs include: loan origination fee, underwriting fee, appraisal, inspection, title service fees, title insurance, notary, recording & closing fees, escrow fee, transfer tax, and buyer’s agent commission. Excluded costs include, but are not limited to: pre-paid escrow, buy-down points, property tax, homeowner's insurance, private insurance, mortgage interest, or assessments/levies by the tax authorities. After the home purchase has closed, the Employee should submit the final closing statement to the Relocation Management Company. Specific costs can be reviewed with Ciena to determine eligibility for reimbursement.
Household Goods Shipment			Initial shipment: 20-foot container and 2 personal vehicles Final Shipment: 20-foot container This benefit must be used by the 2nd anniversary of your Date of Hire.


Home Sale Assistance (for principal residence only)			Reimbursement is provided under the Relocation Management Company's (RMC's) Buyer Value Option (BVO) program for reasonable and customary closing costs directly associated with the sale of your home at the departure location. Reimbursement of 75,000 USD, to be used by the 2nd anniversary of your Date of Hire. Unused benefit amount from the Home Purchase Assistance can be applied to the Home Sale Assistance benefit (resulting in reimbursement of greater than $75,000) to cover eligible home sale costs in excess of $75,000. Common examples of closing costs include: real estate commission, advertising expenses, legal fees, title service fee, title insurance, notary, recording & closing fees, escrow fee, transfer tax, mortgage discharge fees, mortgage prepayment penalties, and loan origination fee. Excluded costs include, but are not limited to: property tax, homeowner's insurance, private insurance, mortgage interest, or assessments/levies by the tax authorities. Specific costs can be reviewed with Ciena to determine eligibility for reimbursement.
Tax Gross-up			Taxable benefits are grossed up for taxes.

*Please note if the actual incurred cost is lower than the item limit, there will be no cash reimbursements in lieu of benefits.

You may not use your corporate credit card for any relocation expenses incurred. Our relocation vendor will reach out to start the relocation process and provide instructions for booking and billing. All expense vouchers for reimbursement of valid relocation costs must be submitted within 90 days of being incurred. Any expenses not submitted within 90 days of being incurred may not be reimbursed. You confirm that you will schedule your home and host tax orientations prior to the start of your assignment and understand and accept responsibility for the personal tax implications arising from your move even if such orientations are not scheduled.

Relocation Benefits Repayment Agreement:

In the event that you voluntarily terminate your employment or are terminated by Ciena for Cause (as such term is defined in Ciena’s U.S. Executive Severance Benefit Plan) within one year of the effective date of your relocation or the reimbursement of your relocation expense, whichever is later, you will be required to repay to Ciena a pro-rated portion of the Relocation Benefits based on the number of days employed following your relocation, with such payment to be made within 30 days of such termination by check or other instrument acceptable to Ciena. Your entering into this Agreement constitutes your express written consent for Ciena to deduct these amounts from your final paycheck to the extent permitted by applicable law. The terms of this relocation agreement may not be modified, except by both parties in writing.

/s/ Marc D. Graff

Name: Marc D. Graff

Date: June 13, 2025

Attachments:

Proprietary Information, Inventions and Non-Solicitation Agreement

Executive Benefits – Senior Vice President Summary

Document

FOR IMMEDIATE RELEASE

Ciena Appoints Marc D. Graff as Senior Vice President and Chief Financial Officer

HANOVER, Md. – June 18, 2025 – Ciena® Corporation (NYSE: CIEN), the global leader in high-speed connectivity, today announced the appointment of Marc D. Graff as Senior Vice President and Chief Financial Officer (CFO) effective August 1, 2025. Reporting to President and CEO Gary B. Smith as a member of the Executive Leadership Team, he will be based at Ciena’s corporate headquarters in Maryland.

"Marc brings extensive financial expertise and industry knowledge, particularly in data center-related technologies, to Ciena at a pivotal time as AI and cloud computing fuel growing demand for high-speed connectivity," said Gary B. Smith, President and CEO of Ciena. "His leadership of our global financial strategy and operations will be instrumental in driving our continued growth and delivering value for our shareholders."

Mr. Graff has nearly 30 years of global finance experience in financial planning and analysis (FP&A), tax and trade matters, and accounting, including more than nine years in Asia. Before joining Ciena, he served as Senior Vice President and CFO at Altera Corporation, a leading provider of FPGA hardware and software solutions, where he was instrumental in executing the majority sale of Altera from Intel Corporation. Prior to Altera, Mr. Graff served as CFO and Chief Operating Officer for Intel’s Data Center and Artificial Intelligence Group, and previously held other executive finance roles across various manufacturing and business units at Intel. Mr. Graff holds a Bachelor of Science in finance and economics from the University of Colorado and a Master of Business Administration from the University of Michigan.

Regarding his appointment as CFO of Ciena, Mr. Graff said, "I'm excited to join Gary and the rest of the Ciena team to drive shareholder value, particularly through the opportunities presented by AI and data center workloads that require greater high-speed connectivity."

Ciena previously announced the retirement of James E. Moylan, Jr., Senior Vice President and CFO, effective August 28, 2025. Until that time, Mr. Moylan will assist in the transition of his responsibilities to Mr. Graff.

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About Ciena

Ciena is the global leader in high-speed connectivity. We build the world’s most adaptive networks to support exponential growth in bandwidth demand. By harnessing the power of our networking systems, components, automation software, and services, Ciena revolutionizes data transmission and network management. With

unparalleled expertise and innovation, we empower our customers, partners, and communities to thrive in the AI era. For updates on Ciena, follow us on LinkedIn and X, or visit the Ciena Insights webpage and Ciena website.

Note to Ciena Investors You are encouraged to review the Investors section of our website, where we routinely post press releases, SEC filings, recent news, financial results, and other announcements. From time to time, we exclusively post material information to this website along with other disclosure channels that we use. This press release contains certain forward-looking statements that are based on our current expectations, forecasts, information and assumptions. These statements involve inherent risks and uncertainties. Actual results or outcomes may differ materially from those stated or implied, because of risks and uncertainties, including those detailed in our most recent annual and quarterly reports filed with the SEC. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies and can be identified by words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Ciena assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.