SEC Form 4 · accession 0000899243-15-002396
CYAN INC · CYNI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Paul Ferris
Director
Period of report
Aug 3, 2015
Accepted (ET)
Aug 5, 2015 · 3:53 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001391636
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2,F3,F4 | Aug 3, 2015 | S$0 | 17,000 | — | D | 0 | I | See Footnotes |
| Common StockF1,F5 | Aug 3, 2015 | S$0 | 5,324,789 | — | D | 0 | I | See Footnotes |
| Common StockF1,F6 | Aug 3, 2015 | S$0 | 682,912 | — | D | 0 | I | See Footnotes |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Pursuant to the Agreement and Plan of Merger among the Issuer, Neptune Acquisition Subsidiary, Inc. 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's common stock at the Effective Time (as defined in the Merger Agreement) by virtue of the merger.
- F2Of 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's 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.
- F3These securities are held directly by Mr. Ferris and were issued to Mr. Ferris in connection with his services to the Issuer as a director. Pursuant to an arrangement with Azure Capital Partners VC Administrators II, L. P. ("Azure GP"), Mr. Ferris will assign to Azure Capital Partners, L.P. ("Azure Manager") any remuneration received for service as a director of the Issuer. Such remuneration will then offset the management fees payable to Azure Manager. (Continued in footnote 4)
- F4Azure GP is the sole general partner of each of Azure Capital Partners II, L.P. ("ACP II") and Azure Entrepreneurs II, L.P. ("AE II"). The sole general partner of Azure GP is Azure Parent, L.L.C. ("Azure Parent"), which is wholly-owned by Azure Capital Partners, Inc. ("Azure Capital" and together with ACP II, AE II, Azure GP, Azure Manager and Azure Capital, the "Azure Entities"). Mr. Ferris, a manager of Azure Parent, serves as the Azure Entities' representative on the Issuer's board of directors. Mr. Ferris disclaims beneficial ownership in such securities, except to the extent, if any, of his pecuniary interest therein by virtue of his interests in Azure Capital.
- F5These shares are held directly by ACP II. Mr. Ferris disclaims beneficial ownership in such securities, except to the extent, if any, of his pecuniary interest therein by virtue of his interests in Azure Capital.
- F6These shares are held directly by AE II. Mr. Ferris disclaims beneficial ownership in such securities, except to the extent, if any, of his pecuniary interest therein by virtue of his interests in Azure Capital.