Company: CALX
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001406666-25-000011
Chunk: 51

Company: CALIX, INC
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 51
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 Analysis—2022 Stock Option Awards” and “Compensation Discussion and Analysis—Letter Agreements for Cory Sindelar and Michael Weening.”

(2) Represents the number of shares underlying 2020, 2021, 2022, 2023 and 2024 performance-based equity awards granted to Messrs. Collins and Eleniak and the number of shares underlying time-based option grants awarded to Messrs. Collins and Eleniak in February 2022 in connection with their promotion to Executive Officers. The February 2022 promotion stock options were granted at an exercise price of $55.96 per share, equal to the closing trading price of the Company’s common stock on the date of grant. The stock option will vest and become exercisable over four years, with 25% of the shares underlying each option vesting on the first anniversary of the grant date of such option, and the remainder vesting in equal quarterly installments over the next three years. For a further discussion on these option grants, see “Compensation Discussion and Analysis— Stock Option Awards” and “Compensation Discussion and Analysis—Equity Grants for Mr. Collins and Mr. Eleniak.”

(3) Represents the number of shares underlying a time-based option grant awarded to Mr. Russo in May 2020 and April 2021 and the performance-based stock options granted in February 2022. The May 2020 and April 2021 stock options were granted at an exercise price of $12.63 and $41.94 per share, respectively, equal to the closing trading price of the Company’s common stock on the date of grant. The stock options will vest and become exercisable over four years, with 25% of the shares underlying the option vesting on the first anniversary of the grant date, and the remainder vesting in equal quarterly installments over the next three years.

To be approved, this proposal must receive a “For” vote from the holders of a majority in voting power of the shares of common stock which are present or represented by proxy and entitled to vote on the proposal. Abstentions will have the same effect as an “Against” vote for purposes of determining whether this matter has been approved. Broker non-votes will not be counted for any purpose in determining whether this matter has been approved.

<div align='center'>THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” APPROVAL OF THE CALIX, INC. FOURTH AMENDED AND RESTATED