Russo Carl 4

What Happened

• Carl Russo, a reported 10% owner of Calix, Inc. (CALX), exercised options on Feb 25, 2026. He acquired 10,000 common shares at an exercise price of $12.63 per share, for a total cash cost of $126,300. The filing also reports the conversion/disposition of 10,000 derivative option units (reported at $0.00), which reflects the option instrument being exercised/terminated.

Key Details

• Transaction date: 2026-02-25; Filing date: 2026-02-26 (filed one day after the transaction — appears timely).
• Acquired: 10,000 shares at $12.63 each — total $126,300.
• Disposed (derivative): 10,000 option units at $0.00 (represents the exercised/converted option instrument).
• Shares owned after the transaction: not specified in the details provided here (check the full Form 4 for post-transaction holdings).
• Footnotes from the filing:
  • F1: Some shares are held by Equanimous Investments; Russo and Tim Pasquinelli are managing members and may share voting/investment power but disclaim beneficial ownership except for pecuniary interest.
  • F2: Some shares held by The Crescentico Trust, Carl Russo, Trustee.
  • F3: 100% of the option shares exercised were fully vested and exercisable as of May 22, 2024.

Context

• This was an exercise of options (derivative conversion) rather than a market purchase or sale of shares; no sale of the acquired shares is reported here. Exercises can be routine (vesting-driven) and do not necessarily signal a change in opinion about the company. As a 10% owner, Russo is an insider with substantial interest but is not necessarily an executive trading in the course of employment.