[Form 4] CALIX, INC Insider Trading Activity

Rhea-AI Filing Summary

Calix, Inc. insider activity: Director and 10% owner Carl Russo reported exercising a stock option for 10,000 shares of common stock on 11/24/2025 at an exercise price of $12.63 per share. The option was a stock option right to buy Calix common stock and had been fully vested and exercisable since May 22, 2024.

After this transaction, Russo beneficially owns 3,973,070 shares directly. He also reports indirect ownership 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 are managing members and may be deemed to share voting and investment power. Following the exercise, 580,000 stock options remain beneficially owned.

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
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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)
11/24/2025

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	11/24/2025		M		10,000	A	$12.63	3,973,070	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	11/24/2025		M			10,000	(3)	05/22/2030	Common Stock	10,000	$0	580,000	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	11/25/2025
	** 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 insider transaction did CALX director Carl Russo report?

Carl Russo reported exercising a stock option for 10,000 shares of Calix, Inc. common stock on 11/24/2025 at an exercise price of $12.63 per share.

How many CALX shares does Carl Russo own directly after this transaction?

After the reported transaction, Carl Russo directly beneficially owns 3,973,070 shares of Calix, Inc. common stock.

What are Carl Russos indirect holdings of CALX shares?

Russo reports indirect ownership of 1,694,188 shares held by The Crescentico Trust, where he is trustee, and 13,782 shares held by Equanimous Investments, where he and another individual are managing members.

What type of derivative security was involved in the CALX Form 4 filing?

The derivative security was a stock option (right to buy) Calix common stock with an exercise price of $12.63 per share.

How many Calix stock options does Carl Russo still hold after this exercise?

Following the reported transaction, Carl Russo beneficially owns 580,000 Calix stock options.

What was the vesting status of the exercised CALX stock option?

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