CALIX (CALX) Form 144 Discloses Option Exercise and Insider Sales

Rhea-AI Filing Summary

Form 144 filed for CALIX, INC. (CALX) discloses a proposed sale of 157,990 common shares to be executed through Morgan Stanley Smith Barney on the NYSE on 09/10/2025, with an aggregate market value of $9,803,370. The filer acquired these shares the same day by exercising stock options and paid cash. The filing also reports insider sales by Michael Weening totaling 424,000 shares in the prior three months for total gross proceeds of $24,342,000. The shares to be sold represent about 0.24% of the 65,303,995 shares outstanding.

Positive

• Transaction disclosed through Form 144, indicating regulatory compliance and transparency
• Sale to be executed via Morgan Stanley Smith Barney, a major registered broker-dealer
• Acquisition funded in cash via stock option exercise, indicating no unusual payment arrangements

Negative

• Significant insider selling activity: 424,000 shares sold in the past three months generating $24,342,000 in gross proceeds
• Concentration of sales by a single insider (Michael Weening) over a short period may raise investor concern about timing and supply pressure

Insights

Financial Analyst

TL;DR: Insider exercised options and is selling a small percentage of outstanding stock after multiple recent sales.

The filing shows a routine, disclosed transaction: a stock option exercise and planned sale of 157,990 shares for $9.8 million via a major broker. While the single proposed sale equals roughly 0.24% of outstanding shares, recent aggregated insider sales of 424,000 shares produced $24.34 million in proceeds over three months, which may warrant attention for volume and timing but is not by itself an overwhelmingly large dilution event. The transaction appears compliant with Rule 144 procedures.

Corporate Governance Expert

TL;DR: Proper Form 144 disclosure and brokered sale indicate procedural compliance; concentration of recent insider sales is notable.

The filer represented no undisclosed material adverse information and identified the broker and sale date, satisfying disclosure norms. The concentration of multiple sales by the named insider within a short period is material from a governance perspective because it increases share supply and may prompt investor questions about insider confidence, although the sold amounts are small relative to total shares outstanding.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	157990	9803370.00	65303995	09/10/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/10/2025	Stock Option Exercise	ISSUER			157990	09/10/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
MICHAEL WEENING 3155 Olsen Drive, Suite 450 SAN JOSE CA 95117	Common	09/04/2025	24000	1440000.00
MICHAEL WEENING 3155 Olsen Drive, Suite 450 SAN JOSE CA 95117	Common	08/28/2025	126000	7560000.00
MICHAEL WEENING 3155 Olsen Drive, Suite 450 SAN JOSE CA 95117	Common	08/04/2025	74000	4218000.00
MICHAEL WEENING 3155 Olsen Drive, Suite 450 SAN JOSE CA 95117	Common	07/23/2025	108000	6064000.00
MICHAEL WEENING 3155 Olsen Drive, Suite 450 SAN JOSE CA 95117	Common	07/22/2025	92000	5060000.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What amount of CALX stock is the filer proposing to sell?

The filer proposes to sell 157,990 common shares on 09/10/2025 with an aggregate market value of $9,803,370.

How were the 157,990 shares acquired?

They were acquired on 09/10/2025 through a stock option exercise and paid for in cash.

What recent insider sales are disclosed in the filing?

Michael Weening sold 24000 (09/04/2025), 126000 (08/28/2025), 74000 (08/04/2025), 108000 (07/23/2025), and 92000 (07/22/2025) totaling 424,000 shares for $24,342,000 gross proceeds.

Through which broker will the proposed sale be executed?

The proposed sale will be executed through Morgan Stanley Smith Barney LLC Executive Financial Services on the NYSE.

What percent of CALX outstanding shares does the proposed sale represent?

The proposed 157,990-share sale represents approximately 0.24% of the 65,303,995 shares outstanding.