Ceragon director reports initial share holdings

Ceragon Networks Ltd director Efrat Makov filed an initial ownership report showing direct holdings of Ordinary Shares and multiple stock option awards.

Rhea-AI Filing Summary

Ceragon Networks Ltd director Efrat Makov filed an initial ownership report showing direct holdings of Ordinary Shares and multiple stock option awards. The filing lists 37,680 Ordinary Shares held directly, some of which were issued upon vesting of previously granted RSUs. It also details several fully vested, immediately exercisable stock options over Ordinary Shares with exercise prices between $1.9160 and $3.0800 per share and expiration dates ranging from 2028 to 2031. This Form 3 is a snapshot of Makov’s existing equity position rather than new market transactions.

Insider Trade Summary

7 transactions reported

Mixed 7 txns

Insider Makov Efrat

Role Director

Type	Security	Shares	Price	Value
holding	Stock Option (Right to Buy)	--	--	--
holding	Stock Option (Right to Buy)	--	--	--
holding	Stock Option (Right to Buy)	--	--	--
holding	Stock Option (Right to Buy)	--	--	--
holding	Stock Option (Right to Buy)	--	--	--
holding	Stock Option (Right to Buy)	--	--	--
holding	Ordinary Shares	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 115,339 contracts (Direct); Ordinary Shares — 37,680 shares (Direct)

Footnotes (2)

1. F1. These shares were issued upon vesting of previously granted RSU's
2. F2. The Stock Options are Fully vested and immediately exercisable

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Ceragon Networks (CRNT) director Efrat Makov report in this Form 3?

Director Efrat Makov reports her initial equity position in Ceragon Networks, including 37,680 Ordinary Shares held directly and several stock option grants. These options are already fully vested and immediately exercisable, providing the right to buy additional Ordinary Shares at preset exercise prices.

How many Ceragon Networks Ordinary Shares does Efrat Makov hold directly?

Efrat Makov reports direct ownership of 37,680 Ceragon Networks Ordinary Shares. The filing notes that these include shares issued upon vesting of previously granted restricted stock units, reflecting equity compensation that has already converted into regular, tradeable shares in her name.

What stock options does Efrat Makov hold in Ceragon Networks according to the Form 3?

The Form 3 lists several stock option awards over Ordinary Shares, all fully vested and immediately exercisable. Exercise prices range from $1.9160 to $3.0800 per share, with expiration dates between 2028 and 2031, giving long-dated rights to purchase Ceragon shares.

Are Efrat Makov’s Ceragon Networks options vested and exercisable?

Yes. A footnote states that the stock options reported for Efrat Makov are fully vested and immediately exercisable. This means she can choose to convert these options into Ordinary Shares at their specified exercise prices any time before the listed expiration dates.

Did Efrat Makov buy or sell Ceragon Networks shares in this Form 3 filing?

No new purchases or sales are reported in this Form 3. The entry classifies all rows as holdings, with no buy or sell transaction codes and a neutral net buy/sell direction, indicating this is purely an initial ownership disclosure rather than a trading report.

What is the significance of the RSU vesting note in Efrat Makov’s Ceragon filing?

A footnote explains that certain Ordinary Shares were issued upon vesting of previously granted RSUs. This indicates part of Makov’s share position came from earlier restricted stock unit awards that have now fully vested and converted into regular Ceragon Networks Ordinary Shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/18/2026 - 01:18 PM Learn about SEC filing dates

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
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hours per response:			0.5

1. Name and Address of Reporting Person^*

Makov Efrat

(Last) (First) (Middle)

118 DERECH HATAMAR STREET

(Street)

MOSHAV BEN SHEMEN

(City) (State) (Zip)

ISRAEL

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
CERAGON NETWORKS LTD [ CRNT ]

3a. Foreign Trading Symbol

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

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

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

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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares	37,680(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	10/03/2022(2)	10/03/2028	Ordinary Shares	6,667	$2.108	D
Stock Option (Right to Buy)	09/08/2023(2)	09/07/2029	Ordinary Shares	16,666	$1.99	D
Stock Option (Right to Buy)	10/04/2023(2)	10/03/2029	Ordinary Shares	16,666	$1.916	D
Stock Option (Right to Buy)	05/23/2024(2)	05/23/2030	Ordinary Shares	26,790	$3.08	D
Stock Option (Right to Buy)	05/22/2025(2)	05/22/2031	Ordinary Shares	14,850	$2.45	D
Stock Option (Right to Buy)	05/23/2025(2)	05/23/2031	Ordinary Shares	33,700	$2.45	D

Explanation of Responses:

1. These shares were issued upon vesting of previously granted RSU's

2. The Stock Options are Fully vested and immediately exercisable

Remarks:

This Form 3 is being filed to report the Reporting Person beneficial ownership of securities of the Issuer as of the date the Reporting Person became subject to the reporting requirements of Section 16 of the Securities Exchange Act of 1934.

	Efrat Makov by: Oppenheimer Israel, as Attorney-in-fact	03/18/2026
	** 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 5 (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 3: SEC 1473 (03-26)