UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Phipps, Charles H.
c/o Sevin Rosen Funds
Two Galleria Tower
13455 Noel Road, Suite 1670
Dallas, TX 75240
2. Issuer Name and Ticker or Trading Symbol
CIENA Corporation
("CIEN")
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
May 1997
5. If Amendment, Date of Original (Month/Year)
June 10, 1997
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
( ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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Common Stock |5/27/9|J(1)| |1,108,183 |D | |9,973,647 |I |By Sevin Rosen Fund IV L.P.|
|7 | | | | | | | | (2) |
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Common Stock | | | | | | |42,375 |I |By Sevin Rosen Bayless Mgmt|
| | | | | | | | |. Co. (2) |
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Common Stock |5/27/9|J(3)| |71,429 |D | |642,856 |I |By Sevin Rosen Fund V L.P. |
|7 | | | | | | | |(2) |
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Common Stock |5/27/9|J(4)| |2,096 |A | |2,346 |I |By Trustee (5) |
|7 | | | | | | | | |
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Common Stock |5/27/9|J(6)| |29,451 |A | |29,701 |D | |
|7 | | | | | | | | |
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Common Stock | | | | | | |250 |I |By Wife (7) |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Distribution by Sevin Rosen Fund IV L.P. to its
partners.
(2) Mr. Phipps is a general partner of both SRB Associates IV L.P., the
general partner of Sevin Rosen Fund IV L.P.
and SRB Associates V L.P., the general partner of Sevin Rosen Fund V L.P. and
is a principal of Sevin Rosen
Bayless Management Co. Mr. Phipps disclaims beneficial ownership of the shares
held by such entities except to
the extent of his proportionate partnership interest
therein.
(3) Distribution by Sevin Rosen Fund V L.P. to its
partners.
(4) Acquired pursuant to the distribution by SRB Associates IV
L.P.
(5) The shares are held in a trust for the benefit of the Reporting Person's
child. The Reporting Person's wife is the
trustee.
(6) Acquired by Reporting Person pursuant to distributions by each of SRB
Associates IV L.P. and Sevin Rosen
Fund V
L.P.
(7) The shares are owned by the Reporting Person's
wife.
SIGNATURE OF REPORTING PERSON
/s/ John V. Jaggers, as Attorney-in-Fact
DATE
July 10, 1997
