Calix (CALX) insider exercises 10,000 stock options at $12.63

Calix, Inc. director and 10% owner Carl Russo reported exercising a stock option for 10,000 shares of common stock on 11/17/2025 at an exercise price of $12.63 per share.

Rhea-AI Filing Summary

Calix, Inc. director and 10% owner Carl Russo reported exercising a stock option for 10,000 shares of common stock on 11/17/2025 at an exercise price of $12.63 per share. After this transaction, he directly owns 3,963,070 shares of Calix common stock. He also reports indirect holdings of 1,694,188 shares held by The Crescentico Trust, for which he is trustee, and 13,782 shares held by Equanimous Investments, where he and another individual may share voting and investment power. Following the option exercise, Russo still holds 590,000 stock options exercisable for Calix common stock, with an expiration date of 05/22/2030, and the shares subject to this option were fully vested and exercisable as of 05/22/2024.

Insider Trade Summary

10,000 shares exercised/converted

Exercise 4 txns

Insider Russo Carl

Role Director, 10% Owner

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	10,000	$0.00	$0.00
Exercise	Common Stock	10,000	$12.63	$126K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option (right to buy) — 590,000 contracts (Direct); Common Stock — 3,963,070 shares (Direct); Common Stock — 1,707,970 shares (Indirect, See Footnote)

Footnotes (3)

1. F1. Shares held by The Crescentico Trust, Carl Russo, Trustee.
2. F2. Shares held by Equanimous Investments. The managing members of Equanimous Investments are Carl Russo and Tim Pasquinelli. These individuals may be deemed to have shared voting and investment power over the shares held by Equanimous Investments. Each of these individuals disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.
3. F3. 100% of the shares subject to the option were fully vested and exercisable on May 22, 2024.

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Accepted by SEC EDGAR 11/18/2025 - 04:08 PM EST Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Russo Carl

(Last) (First) (Middle)

C/O CALIX, INC.

3155 OLSEN DRIVE, SUITE 450

(Street)

SAN JOSE CA 95117

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CALIX, INC [ (CALX) ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/17/2025		M		10,000	A	$12.63	3,963,070	D
Common Stock								1,694,188	I	See Footnote(1)
Common Stock								13,782	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$12.63	11/17/2025		M			10,000	(3)	05/22/2030	Common Stock	10,000	$0	590,000	D

Explanation of Responses:

1. Shares held by The Crescentico Trust, Carl Russo, Trustee.

2. Shares held by Equanimous Investments. The managing members of Equanimous Investments are Carl Russo and Tim Pasquinelli. These individuals may be deemed to have shared voting and investment power over the shares held by Equanimous Investments. Each of these individuals disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

3. 100% of the shares subject to the option were fully vested and exercisable on May 22, 2024.

Remarks:

	/s/ Tom Gemetti as Attorney-in-Fact for Carl Russo	11/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.