Form 4: Calix Director Carl Russo Exercises Stock Options

Calix Director and 10% Owner Carl Russo exercised options to acquire 10,000 shares of common stock at $12.63 per share, increasing his direct beneficial ownership.

Summary

• Carl Russo, a Director and 10% Owner of Calix, Inc. (CALX), exercised stock options on November 17, 2025.
• He acquired 10,000 shares of Calix common stock at an exercise price of $12.63 per share.
• Following this transaction, Russo directly beneficially owns 3,963,070 shares of common stock.
• He also indirectly beneficially owns 1,694,188 shares through The Crescentico Trust and 13,782 shares through Equanimous Investments.
• The exercised options were fully vested and exercisable as of May 22, 2024, with an expiration date of May 22, 2030.
• After the exercise, Russo directly holds 590,000 unexercised stock options.
• The transaction was made pursuant to a Rule 10b5-1(c) pre-arranged trading plan.

Sentiment

Score: 7

Explanation: The exercise of stock options by a director and significant owner is a routine event, especially when conducted under a 10b5-1 plan. While not a strong indicator, it generally reflects an insider's continued engagement and potential confidence in the company's value, rather than a negative signal.

Positives

• The exercise of stock options by a director and 10% owner can signal confidence in the company's future prospects.
• The transaction was executed under a Rule 10b5-1 plan, indicating a pre-planned and systematic approach to insider trading, which can reduce concerns about opportunistic timing.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the details of the option's expiration date.

Industry Context

This insider transaction is specific to Carl Russo's equity holdings in Calix, Inc. and does not directly provide broader industry trends or competitive insights. It reflects an individual's investment activity within the technology sector, specifically in a company focused on broadband access and cloud solutions.

Comparison to Industry Standards

• This filing reports a standard insider transaction (stock option exercise) and does not contain information that allows for a direct comparison to industry-specific project results or company performance benchmarks. Insider transactions are common across all industries, and the use of a 10b5-1 plan aligns with best practices for managing insider trading compliance.

Corporate Governance

Related Party Transactions

• Carl Russo indirectly owns shares through The Crescentico Trust, where he is the Trustee.
• Carl Russo indirectly owns shares through Equanimous Investments, where he is a managing member along with Tim Pasquinelli. He disclaims beneficial ownership except for his pecuniary interest.

Stakeholder Impact

• Shareholders: The transaction increases the direct holdings of a significant insider, which could be viewed positively as a sign of management's alignment with shareholder interests.

Key Dates

Recommendation

This Form 4 filing reports a routine insider transaction (option exercise) under a pre-arranged 10b5-1 plan. It does not provide new fundamental information about Calix's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. It primarily reflects an insider's compensation and portfolio management activity. Therefore, a 'hold' recommendation is appropriate as this filing alone does not present a compelling reason to buy or sell.

Keywords

Calix Inc, CALX, Carl Russo, stock options, insider trading, Form 4, beneficial ownership, equity acquisition, 10b5-1 plan, director transaction