CALIX, INC — Director's Dealing 2011

Mar 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CALIX, INC (calx)
CIK: 0001406666
Period of Report: 2011-02-24

Reporting Person: Russo Carl (Director, President and CEO, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-24	Stock Options (right to buy)	$19.75	A	100000	Acquired	2021-02-24	Common Stock (100000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2239188	Indirect
Common Stock	275633	Indirect
Common Stock	73758	Indirect
Common Stock	3822320	Direct

Footnotes

F1: Includes 1,169,066 restricted stock units.

F2: Shares held by The Crescentico Trust, Carl Russo, Trustee.

F3: Shares held by Equanimous Investments. The managing members of Equanimous Investments are Carl Russo and Tim Pasquinelli. These individuals may be deemed to have shared voting and investment power over the shares held by Equanimous Investments. Each of these individuals disclaims beneficial ownership of such shares, except to the extent of his pecuniary interst therein.

F4: Shares held by Calgrant Partners, L.P. The managing partners of Calgrant Partners, L.P. is Tim Pasquinelli, Carl Russo, and Tim Pasquinelli may be deemed to have shared voting and investment power over the shares held by Calgrant Partners, L.P. Each of these individuals disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

F5: Non Qualified Stock Options ("NQs"). The Shares underlying this Option shall vest in accordance to the following schedule: 1/48th of the total number of shares subject to the Option shall vest on the Vesting Commencement Date of each month. Full vesting shall occur on 02/24/2015.