CALIX, INC. (NYSE:CALX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
CALIX, INC. (NYSE:CALX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b), (e) Mr. Gregory Billings resigned as Senior Vice President, Services of Calix, Inc. (the “Company”) effective September 6, 2019 (the “Separation Date”).
In connection with Mr. Billings’ resignation, the Company will enter into a separation and general release agreement (the “Agreement”) with Mr. Billings to which the Company will provide severance benefits consisting of: (i) a lump-sum cash payment of $95,000, less applicable taxes and other withholdings, and (ii) an extension of the post-termination exercise period for stock options previously awarded and that are vested and outstanding as of the Separation Date to allow Mr. Billings a period of twelve (12) months from the Separation Date to exercise such stock option awards. to the Agreement, Mr. Billings will agree to a general release and other customary covenants in favor of the Company.
The foregoing description of the Agreement is included to provide information regarding its terms. It does not purport to be a complete description and it is qualified in its entirety by reference to the full text of the Agreement which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2019.
About CALIX, INC. (NYSE:CALX)
Calix, Inc. is a provider of broadband communications access systems and software for fiber- and copper-based network architectures that enable communications service providers (CSPs), to transform their networks and connect to their residential and business subscribers. The Company enables CSPs to provide a range of revenue-generating services, from basic voice and data to advanced broadband services, over legacy and next-generation access networks. The Company develops and sells carrier-class hardware and software products, which it refers to as the Unified Access portfolio. The Company’s Unified Access portfolio consists of four core systems and nodes, the E-Series access systems and nodes (E-Series systems and nodes), the B6 access nodes (B-Series nodes), the C7 multiservice, multiprotocol access system (C-Series system), and the BLM1500 gigabit passive optical network (GPON) access terminal.