[Form 4] CALIX, INC Insider Trading Activity

Rhea-AI Filing Summary

Carl Russo, a director and reported 10% owner of Calix, Inc. (CALX), received an award of stock options on 09/29/2025. The option grants the right to buy 10,329 shares of Calix common stock at an exercise price of $61.38 per share. The option becomes exercisable in stages with 25% vesting on each anniversary of the grant date, and the first vesting date is September 29, 2025, with the stated exercisable date for the option portion shown as September 29, 2026 and an expiration of September 29, 2035.

The filing reports the options as directly owned following the transaction, with 10,329 shares underlying the option recorded as beneficially owned. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Russo on 10/01/2025. All details above are taken directly from the Form 4 disclosure.

Positive

• Equity alignment: Director awarded stock options, which can align management and shareholder interests through equity-based compensation
• Clear vesting schedule: Award vests 25% on each anniversary, providing transparency on when shares become exercisable

Negative

• None.

Insights

Financial Analyst

TL;DR: Director awarded 10,329 options at $61.38, vesting 25% annually, expiring 2035 — a routine equity-based compensation event.

This Form 4 shows a standard director option grant to Carl Russo totaling 10,329 stock options with an exercise price of $61.38 and scheduled vesting of 25% per year. The options are reported as directly beneficially owned following the grant. From a financial perspective, the disclosure is a routine corporate governance and compensation item rather than an operational or earnings-related development; it affects potential future dilution if exercised but contains no immediate cash or revenue impact.

Corporate Governance Expert

TL;DR: The filing documents a standard equity award to align a director’s interests with shareholders; timing and vesting are explicitly stated.

The Form 4 identifies Mr. Russo as a director and 10% owner receiving a stock option award with explicit vesting (25% per anniversary) and a ten-year-plus term to expiration. The filing properly reports the transaction date and beneficial ownership post-grant. This is a routine governance disclosure that increases transparency about insider compensation and ownership structure.

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

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

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)
09/29/2025

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

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 Options (right to buy)	$61.38	09/29/2025		A		10,329		09/29/2026(1)	09/29/2035	Common Stock	10,329	$0	10,329	D

Explanation of Responses:

1. The automatically awarded option vests and becomes exercisable with respect to 25% of the shares of common stock underlying the option on each anniversary of the date of grant (September 29, 2025).

Remarks:

	/s/ Tom Gemetti as Attorney-in-Fact for Carl Russo	10/01/2025
	** 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.

FAQ

What did Carl Russo report on the Form 4 for CALX?

The Form 4 reports an option award to buy 10,329 shares of Calix common stock with an exercise price of $61.38 per share.

When was the transaction dated and when was the Form 4 signed?

The transaction date is 09/29/2025 and the Form 4 was signed by an attorney-in-fact on 10/01/2025.

What are the vesting and expiration terms of the option?

The option vests with 25% of shares each anniversary of the grant date; the table lists exercisable date as 09/29/2026 and expiration 09/29/2035.

How many shares are reported as beneficially owned after the transaction?

The Form 4 reports 10,329 shares (underlying the option) as beneficially owned following the reported transaction.