Calix (NYSE: CALX) entities linked to director Russo sell 25,000 shares

Rhea-AI Filing Summary

CALIX, INC director and 10% owner Carl Russo reported indirect sales of company stock through affiliated entities. Entities associated with Russo sold a total of 25,000 shares of Calix common stock in open-market transactions on April 27, 2026, at weighted average prices of about $43.17 and $43.75 per share.

The filing attributes holdings to The Crescentico Trust, for which Russo serves as trustee, and to Equanimous Investments, whose managing members include Russo and Tim Pasquinelli. After these transactions, Russo’s direct ownership was reported at 3,953,070 shares, with additional indirect positions of 13,782 shares and separate indirect blocks of 1,644,188 and 1,648,279 shares held through these entities, with beneficial ownership of some interests disclaimed except for any pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 25,000 shares ($1,081,601)

Net Sell 4 txns

Insider Russo Carl

Role null

Sold 25,000 shs ($1.08M)

Type	Security	Shares	Price	Value
Sale	Common Stock	20,909	$43.1689	$903K
Sale	Common Stock	4,091	$43.7502	$179K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,648,279 shares (Indirect, See Footnote); Common Stock — 3,953,070 shares (Direct, null)

Footnotes (1)

1. The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $42.615 to $43.59, inclusive. Full information on the number of shares sold at each sale price is available upon request. Shares held by The Crescentico Trust, Carl Russo, Trustee. The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $43.72 to $43.76, inclusive. Full information on the number of shares sold at each sale price is available upon request. 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.

Key Figures

Total shares sold: 25,000 shares Sale block 1: 4,091 shares at $43.7502 Sale block 2: 20,909 shares at $43.1689 +4 more

7 metrics

Total shares sold 25,000 shares Open-market sales on April 27, 2026 by affiliated entities

Sale block 1 4,091 shares at $43.7502 Indirect open-market sale, weighted average price

Sale block 2 20,909 shares at $43.1689 Indirect open-market sale, weighted average price

Direct holdings after 3,953,070 shares Direct Calix common stock owned by Carl Russo after transactions

Indirect holdings after (trust) 13,782 shares Indirect Calix shares held via The Crescentico Trust

Indirect holdings after (entity 1) 1,644,188 shares Indirect Calix position reported as of April 27, 2026

Indirect holdings after (entity 2) 1,648,279 shares Additional indirect Calix position reported as of April 27, 2026

Key Terms

open-market sale, weighted average sale price, beneficial ownership, pecuniary interest, +2 more

6 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average sale price financial

"The price reported in Column 4 is a weighted average sale price."

beneficial ownership financial

"disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his pecuniary interest therein."

indirect financial

""direct_or_indirect": "I", "ownership_type": "indirect""

voting and investment power financial

"may be deemed to have shared voting and investment power over the shares"

Form 4 Insider Transactions: What Each Field Means →

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).

X

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 CALIFORNIA 95117

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/27/2026

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

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

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

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	04/27/2026		S		20,909	D	$43.1689(1)	1,648,279	I	See Footnote(2)
Common Stock	04/27/2026		S		4,091	D	$43.7502(3)	1,644,188	I	See Footnote(2)
Common Stock								13,782	I	See Footnote(4)
Common Stock								3,953,070	D

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $42.615 to $43.59, inclusive. Full information on the number of shares sold at each sale price is available upon request.

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

3. The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $43.72 to $43.76, inclusive. Full information on the number of shares sold at each sale price is available upon request.

4. 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.

Remarks:

Sales reported on the Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 25, 2025.

	/s/ Tom Gemetti as Attorney-in-Fact for Carl Russo	04/28/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider activity did Carl Russo report for CALIX, INC (CALX)?

Carl Russo reported indirect open-market sales totaling 25,000 Calix common shares. These sales were executed on April 27, 2026 through affiliated entities, not from his directly held stake, and were disclosed with weighted average sale prices in the mid-$43 per share range.

At what prices were the CALIX, INC (CALX) shares sold in this Form 4?

The reported 25,000 Calix shares were sold at weighted average prices of $43.1689 and $43.7502 per share. Footnotes state each sale consisted of multiple trades within narrow price ranges around these averages, with full breakdowns available upon request.

How many CALIX, INC (CALX) shares does Carl Russo hold directly after the transactions?

After the reported transactions, Carl Russo’s direct ownership was 3,953,070 Calix common shares. This direct position is separate from his indirect interests held through The Crescentico Trust and Equanimous Investments, which are reported in addition to his direct stake.

Were the CALIX, INC (CALX) sales made by Carl Russo personally or by related entities?

The sales were executed by related entities, not from Russo’s personal trading account. Shares are reported as held by The Crescentico Trust and by Equanimous Investments, where Russo is a managing member, with certain beneficial ownership disclaimed except for his pecuniary interest.

What indirect CALIX, INC (CALX) holdings tied to Carl Russo are shown in the filing?

Indirect holdings include 13,782 Calix shares, as well as separate positions of 1,644,188 and 1,648,279 shares. These are held through The Crescentico Trust and Equanimous Investments, entities associated with Russo, with shared voting and investment power and limited beneficial ownership claims.

How large is the reported CALIX, INC (CALX) share sale relative to Carl Russo’s disclosed holdings?

The 25,000-share sale is small compared with Russo’s reported direct holding of 3,953,070 shares and substantial additional indirect stakes. The filing shows he continues to hold several large positions even after these indirect open-market sales by affiliated entities.