CALIX (CALX) CEO Exercises Options and Sells 176K Shares Under 10b5-1

Rhea-AI Filing Summary

CALIX, INC. Form 4 summary Michael Weening, President & CEO and a director, reported multiple option exercises and share sales on September 10-11, 2025. He exercised stock options with a $7.84 strike to acquire 176,000 shares in aggregate and reported underlying option holdings totaling 300,000, 292,010, and 274,000 shares after each exercise line. Concurrently he sold 176,000 shares at prices of $62 and $63 per share. The filing states 100% of the exercised options were vested and exercisable as of November 27, 2023, and the sales were effected under a Rule 10b5-1 trading plan adopted February 28, 2025. The report was signed by an attorney-in-fact on behalf of Mr. Weening on September 11, 2025.

Insights

Securities Analyst

TL;DR: Insider exercised vested options and sold shares under a 10b5-1 plan, a routine liquidity event with no new compensation disclosed.

The transactions reflect option exercises at a $7.84 strike and near-immediate sales at $62-$63, generating cash proceeds while retaining a meaningful residual ownership stake per the reported option balances. The use of a Rule 10b5-1 plan clarifies timing and provides affirmative defense against insider trading claims. From a market-impact perspective, these are sizeable share sales by the CEO but are pre-planned and disclosed promptly.

Corporate Governance Expert

TL;DR: Transactions appear procedurally compliant: vested option exercise, sales under an established 10b5-1 plan, and prompt Form 4 disclosure.

The filing explicitly notes full vesting as of November 27, 2023, and adoption of a 10b5-1 trading plan on February 28, 2025, which supports procedural governance standards for insider transactions. The signature by an attorney-in-fact is disclosed. No other governance actions or departures are indicated in the form.

Insider Trade Summary

Exercise and Sale: 176,000 shares ($9.56M approx. pre-tax spread)

Exercise and Sale 9 txns

Insider Weening Michael

Role President & CEO

Sold 176,000 shs ($10.94M)

Approx. gross sale proceeds $10.94M

Approx. exercise cost $1.38M

Approx. pre-tax spread $9.56M

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	18,010	$0.00	$0.00
Exercise	Common Stock	18,010	$7.84	$141K
Sale	Common Stock	18,010	$63.00	$1.13M
Exercise	Stock Option (right to buy)	150,000	$0.00	$0.00
Exercise	Stock Option (right to buy)	7,990	$0.00	$0.00
Exercise	Common Stock	150,000	$7.84	$1.18M
Sale	Common Stock	150,000	$62.00	$9.30M
Exercise	Common Stock	7,990	$7.84	$63K
Sale	Common Stock	7,990	$63.00	$503K

Holdings After Transaction: Stock Option (right to buy) — 274,000 contracts (Direct); Common Stock — 16,117 shares (Direct)

Footnotes (1)

1. F1. 100% of the shares subject to the option were fully vested and exercisable on November 27, 2023.

FAQ

What transactions did CALX insider Michael Weening report on Form 4?

The Form 4 reports Mr. Weening exercised options at a $7.84 strike to acquire 176,000 shares and sold 176,000 shares on September 10-11, 2025.

Were the exercised options vested for Michael Weening (CALX)?

Yes. The filing states 100% of the shares subject to the option were fully vested and exercisable on November 27, 2023.

Were the sales by the CALX CEO part of a 10b5-1 trading plan?

Yes. The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted on February 28, 2025.

At what prices were the CALX shares sold by Michael Weening?

Sales were reported at $62 and $63 per share for transactions on September 10-11, 2025.

Who signed the Form 4 for Michael Weening (CALX)?

The Form 4 was signed by Tom Gemetti as Attorney-in-Fact for Michael Weening on September 11, 2025.

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Accepted by SEC EDGAR 09/11/2025 - 06:33 PM 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).

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^*

Weening Michael

(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		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

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	09/10/2025		M		150,000	A	$7.84	166,117	D
Common Stock	09/10/2025		S		150,000	D	$62	16,117	D
Common Stock	09/10/2025		M		7,990	A	$7.84	24,107	D
Common Stock	09/10/2025		S		7,990	D	$63	16,117	D
Common Stock	09/11/2025		M		18,010	A	$7.84	34,127	D
Common Stock	09/11/2025		S		18,010	D	$63	16,117	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
Stock Option (right to buy)	$7.84	09/10/2025		M			150,000	(1)	11/27/2029	Common Stock	150,000	$0	300,000	D
Stock Option (right to buy)	$7.84	09/10/2025		M			7,990	(1)	11/27/2029	Common Stock	7,990	$0	292,010	D
Stock Option (right to buy)	$7.84	09/11/2025		M			18,010	(1)	11/27/2029	Common Stock	18,010	$0	274,000	D

Explanation of Responses:

1. 100% of the shares subject to the option were fully vested and exercisable on November 27, 2023.

Remarks:

Sales reported on the Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on February 28, 2025.

	/s/ Tom Gemetti as Attorney-in-Fact for Michael Weening	09/11/2025
	** 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.
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