Form 4: Calix Director Carl Russo Sells Shares, Exercises Options

Calix, Inc. Director and 10% Owner Carl Russo reported the sale of 419,990 shares and the exercise of 200,000 stock options, resulting in a net reduction of his total beneficial ownership.

Summary

• Carl Russo, a Director and 10% Owner of Calix, Inc. (CALX), reported multiple transactions.
• On November 4, 2025, Russo sold a total of 419,990 shares of Common Stock indirectly held by The Crescentico Trust.
• The sales were executed at weighted average prices ranging from $64.00 to $66.47 per share.
• These sales were made pursuant to a Rule 10b5-1 trading plan adopted on April 25, 2025.
• On November 6, 2025, Russo acquired 200,000 shares of Common Stock by exercising stock options at a price of $12.63 per share.
• The options exercised were fully vested and exercisable on May 22, 2024.
• Following these transactions, Russo's direct beneficial ownership increased to 3,953,070 shares, while his indirect beneficial ownership through The Crescentico Trust decreased to 1,694,188 shares.
• Russo continues to indirectly own 13,782 shares through Equanimous Investments and holds 600,000 derivative stock options.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to a net reduction in the insider's total beneficial ownership, despite the sales being pre-planned under a 10b5-1 plan. The exercise of options is a positive for the insider, but the overall decrease in holdings by a Director and 10% Owner can be viewed with slight caution by the market.

Positives

• Carl Russo exercised 200,000 stock options at a strike price of $12.63, indicating a positive financial outcome for the insider by converting options into shares at a significantly lower price than current market value.
• The exercise of options demonstrates the insider's continued engagement with the company's equity structure.

Negatives

• Carl Russo sold a total of 419,990 shares of Common Stock, resulting in a net reduction of 219,990 shares in his total beneficial ownership (419,990 sold 200,000 acquired).
• While the sales were pre-planned under a Rule 10b5-1 plan, a net reduction in insider holdings can sometimes be perceived as a slight negative signal by investors.

Future Outlook

NA

Industry Context

This filing reports routine insider transactions and does not provide information directly related to broader industry trends or competitive landscape. It reflects an individual's portfolio management decisions within the context of their role at Calix, Inc.

Stakeholder Impact

• Shareholders: May interpret the net reduction in insider holdings as a slight negative signal, although the pre-planned nature of the sales mitigates this concern. The exercise of options demonstrates continued insider engagement.
• Employees, Customers, Suppliers, Creditors: No direct impact from these insider trading activities.

Key Dates

Recommendation

While the net reduction in shares by a Director and 10% Owner could be a minor concern, the sales were pre-planned under a 10b5-1 plan, suggesting they are not based on new, adverse information. The exercise of options indicates the insider's belief in the long-term value of the stock. Without additional company-specific news or broader market context, these transactions alone do not warrant a strong buy or sell recommendation, thus a 'hold' is appropriate.

Keywords

Calix, CALX, Carl Russo, Insider Trading, Form 4, Stock Sales, Option Exercise, 10b5-1 Plan, Beneficial Ownership, Director Transactions