Ceragon Networks (NASDAQ: CRNT) director reports RSU grants, options and small share sale

Rhea-AI Filing Summary

Ceragon Networks director Efrat Makov reported a mix of equity grants, option exercises and a small sale of ordinary shares. On May 22, 2026, she exercised 6,667 stock options at $2.108 per share and sold 6,667 ordinary shares at $2.65 per share on the same date. She also received 6,520 fully vested RSU-settled shares and a new option grant for 13,030 shares with a $2.79 exercise price.

On May 23, 2026, Makov was granted another 14,750 RSU-settled shares and stock options for 29,500 shares with a $2.80 exercise price, all fully vested and immediately exercisable. Following these transactions, she directly holds 58,950 ordinary shares, so the 6,667-share sale represents a relatively small portion of her overall equity position alongside sizeable new option awards.

Insights

Equity compensation analyst

Routine mix of equity grants, option exercise and a modest sale.

Ceragon Networks director Efrat Makov reported compensation-related RSU and option grants plus an exercise-and-sell transaction. She exercised 6,667 options at an implied strike of $2.108 and sold the resulting 6,667 shares at $2.65 on May 22, 2026.

Alongside this, she received fully vested RSUs settling into 6,520 and 14,750 shares on two consecutive days, and new options over 13,030 and 29,500 shares with exercise prices of $2.79 and $2.80 expiring in 2032. These are classic director compensation awards rather than open-market purchases.

After all transactions, Makov directly holds 58,950 shares, while also holding sizeable option positions. The net sale of 6,667 shares is small relative to her disclosed ownership, so the overall pattern looks like routine portfolio management tied to equity compensation rather than a significant change in insider exposure.

Insider Trade Summary

Net Seller: 6,667 shares ($17,668)

Net Sell 7 txns

Insider Makov Efrat

Role null

Sold 6,667 shs ($18K)

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	29,500	$0.00	--
Grant/Award	Ordinary Shares	14,750	$0.00	--
Grant/Award	Stock Option (Right to Buy)	13,030	$0.00	--
Exercise	Stock Option (Right to Buy)	6,667	$0.00	--
Grant/Award	Ordinary Shares	6,520	$0.00	--
Exercise	Ordinary Shares	6,667	$2.108	$14K
Sale	Ordinary Shares	6,667	$2.65	$18K

Holdings After Transaction: Stock Option (Right to Buy) — 29,500 shares (Direct, null); Ordinary Shares — 58,950 shares (Direct, null)

Footnotes (1)

1. The Reporting Person was granted restricted stock units ("RSUs"), which each represent a contingent right to receive one share of ordinary stock of Ceragon Networks Ltd. (the "Company"). The RSUs were fully vested upon grant and were automatically settled in ordinary shares on the grant date 05/22/2026. The shares were acquired upon the exercise of stock options The shares sold were acquired upon the exercise of stock options on the same date The Reporting Person was granted restricted stock units ("RSUs"), which each represent a contingent right to receive one share of ordinary stock of Ceragon Networks Ltd. (the "Company"). The RSUs were fully vested upon grant and were automatically settled in ordinary shares on the grant date 05/23/2026. The Reporting Person was granted stock options to purchase ordinary shares of Ceragon Networks Ltd. (the "Company"). The options were fully vested and immediately exercisable on the grant date 05/22/2026 The options reported herein were exercised and the underlying shares were sold on the same date as reported in Table I. The Reporting Person was granted stock options to purchase ordinary shares of Ceragon Networks Ltd. (the "Company"). The options were fully vested and immediately exercisable on the grant date 05/23/2026

Key Figures

Shares sold: 6,667 shares at $2.65 Options exercised: 6,667 shares at $2.108 RSU shares May 22: 6,520 shares +4 more

7 metrics

Shares sold 6,667 shares at $2.65 Ordinary shares sold on May 22, 2026

Options exercised 6,667 shares at $2.108 Options converted to ordinary shares on May 22, 2026

RSU shares May 22 6,520 shares RSUs fully vested and settled into shares on May 22, 2026

RSU shares May 23 14,750 shares RSUs fully vested and settled into shares on May 23, 2026

New options May 22 13,030 shares at $2.79 Stock options granted, expiring May 22, 2032

New options May 23 29,500 shares at $2.80 Stock options granted, expiring May 23, 2032

Shares held after 58,950 shares Direct ordinary share holdings after transactions

Key Terms

restricted stock units ("RSUs"), stock options, exercise or conversion of derivative security, open-market sale, +1 more

5 terms

restricted stock units ("RSUs") financial

"The Reporting Person was granted restricted stock units ("RSUs"), which each represent a contingent right to receive one share"

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

stock options financial

"The Reporting Person was granted stock options to purchase ordinary shares of Ceragon Networks Ltd."

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

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.

fully vested upon grant financial

"The RSUs were fully vested upon grant and were automatically settled in ordinary 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).

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^*

Makov Efrat

(Last) (First) (Middle)

118 DERECH HATAMAR STREET

(Street)

MOSHAV BEN SHEMEN

(City) (State) (Zip)

ISRAEL

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2026

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
Ordinary Shares	05/22/2026		A(1)		6,520	A	$0	44,200	D
Ordinary Shares	05/22/2026		M		6,667(2)	A	$2.108	50,867	D
Ordinary Shares	05/22/2026		S		6,667(3)	D	$2.65	44,200	D
Ordinary Shares	05/23/2026		A(4)		14,750	A	$0	58,950	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)	$2.79	05/22/2026		A(5)		13,030		05/22/2026	05/22/2032	Ordinary Shares	13,030	$0	13,030	D
Stock Option (Right to Buy)	$2.108	05/22/2026		M(6)			6,667	10/03/2022	10/03/2028	Ordinary Shares	6,777	$0	0	D
Stock Option (Right to Buy)	$2.8	05/23/2026		A(7)		29,500		05/23/2026	05/23/2032	Ordinary Shares	29,500	$0	29,500	D

Explanation of Responses:

1. The Reporting Person was granted restricted stock units ("RSUs"), which each represent a contingent right to receive one share of ordinary stock of Ceragon Networks Ltd. (the "Company"). The RSUs were fully vested upon grant and were automatically settled in ordinary shares on the grant date 05/22/2026.

2. The shares were acquired upon the exercise of stock options

3. The shares sold were acquired upon the exercise of stock options on the same date

4. The Reporting Person was granted restricted stock units ("RSUs"), which each represent a contingent right to receive one share of ordinary stock of Ceragon Networks Ltd. (the "Company"). The RSUs were fully vested upon grant and were automatically settled in ordinary shares on the grant date 05/23/2026.

5. The Reporting Person was granted stock options to purchase ordinary shares of Ceragon Networks Ltd. (the "Company"). The options were fully vested and immediately exercisable on the grant date 05/22/2026

6. The options reported herein were exercised and the underlying shares were sold on the same date as reported in Table I.

7. The Reporting Person was granted stock options to purchase ordinary shares of Ceragon Networks Ltd. (the "Company"). The options were fully vested and immediately exercisable on the grant date 05/23/2026

	/s/ Netta Cohen on behalf of Oppenheimer Israel, as Attorney-in-fact	05/26/2026
	** 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 transactions did Efrat Makov report at Ceragon Networks (CRNT)?

Director Efrat Makov reported a combination of equity compensation grants, option exercises, and a small share sale. She exercised 6,667 options, sold 6,667 shares, and received multiple fully vested RSU and option awards over two days in May 2026.

How many Ceragon Networks (CRNT) shares did Efrat Makov sell and at what price?

Efrat Makov sold 6,667 ordinary shares of Ceragon Networks at $2.65 per share. These shares were acquired the same day through exercising stock options, creating a typical exercise-and-sell event rather than a direct reduction of previously held common shares.

What new equity awards did Efrat Makov receive from Ceragon Networks (CRNT)?

Makov received fully vested RSUs that settled into 6,520 shares on May 22, 2026, and 14,750 shares on May 23, 2026. She was also granted options over 13,030 shares at $2.79 and 29,500 shares at $2.80, both expiring in 2032.

How many Ceragon Networks (CRNT) shares does Efrat Makov hold after these transactions?

Following the reported May 2026 transactions, Efrat Makov directly holds 58,950 ordinary shares of Ceragon Networks. This figure reflects the combination of her RSU settlements, option exercises, and the 6,667-share sale disclosed in the Form 4 filing.

Were Efrat Makov’s Ceragon Networks (CRNT) transactions mainly compensation-related?

Yes. The filing shows grants of fully vested RSUs and stock options, plus an exercise-and-sell of options. These are standard forms of equity compensation for directors, indicating routine award activity rather than large discretionary open-market buying or selling.