Exelixis (NASDAQ: EXEL) EVP reports PSU vesting, tax share withholding
Rhea-AI Filing Summary
Exelixis, Inc. EVP, Commercial Haley J. Patrick reported equity award activity tied to performance-based restricted stock units. On January 15, 2026, 139,508 shares of common stock were acquired at $0 per share upon vesting of a performance-based restricted stock unit award originally granted on April 3, 2023, following the Compensation Committee’s certification that certain performance criteria had been achieved.
On the same date, 32,332 shares were withheld at a price of $45.23 per share to cover taxes related to this PSU vesting. After these transactions, Patrick directly beneficially owned 481,205 shares of Exelixis common stock, which includes 443,784 shares that will be issued upon future vesting of previously granted RSUs and one-time performance stock units awarded on March 31, 2025.
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Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Stock | 139,508 | $0.00 | -- |
| Tax Withholding | Common Stock | 32,332 | $45.23 | $1.46M |
Footnotes (1)
- On April 3, 2023, the Reporting Person was granted a performance-based restricted stock unit award ("PSU") under the Exelixis, Inc. 2017 Equity Incentive Plan covering 79,719 shares of common stock (such shares, the "Target Shares"). The PSU generally vests as follows: (i) 50% of the eligible Target Shares vest upon the Compensation Committee's (the "Committee") certification of achievement of certain performance criteria; and (ii) 50% of the eligible Target Shares vest on the first quarterly PSU vesting date (i.e. February 15th, May 15th, August 15th and November 15th) following the one-year anniversary of the Committee's certification. In addition, the PSU provides for vesting of up to a maximum of 175% of the Target Shares depending on the timing and level of achievement of the performance criteria provided for under the PSU. On January 15, 2026, the Committee determined that certain performance criteria had been achieved, resulting in the Reporting Person's eligibility to vest up to 175% of the Target Shares subject to the PSU (such shares, the "Achieved Shares"). Accordingly, the Committee's certification on January 15, 2026 resulted in the immediate vesting of 50% of the Achieved Shares, and the remaining 50% of the Achieved Shares will vest on February 15, 2027, subject to the Reporting Person's continuous service through that date. Includes 443,784 shares of Exelixis, Inc. common stock ("Common Stock") that will be issued to the Reporting Person upon vesting of restricted stock units ("RSUs") and PSUs granted to the Reporting Person on March 31, 2025 ("One-Time Award PSUs"). Each RSU is the economic equivalent of one share of Common Stock and each One-Time Award PSU represents a contingent right to receive one share of Common Stock. Shares withheld by Exelixis, Inc. to satisfy taxes payable in connection with the vesting of the PSUs awarded on April 3, 2023, for which the Committee certified that Exelixis, Inc. had achieved certain performance criteria on January 15, 2026.
FAQ
What insider activity did Exelixis (EXEL) report for Haley J. Patrick?
Exelixis reported that Haley J. Patrick, EVP, Commercial, acquired 139,508 shares of common stock on January 15, 2026 through the vesting of performance-based restricted stock units, with a concurrent tax-related share withholding transaction.
What is the performance-based PSU award described in the Exelixis Form 4?
The Form 4 explains that on April 3, 2023, Patrick received a performance-based restricted stock unit award covering 79,719 Target Shares. Up to 175% of these Target Shares can vest based on performance, with 50% of the achieved shares vesting upon the Compensation Committee’s certification and the remaining 50% vesting on the first quarterly PSU vesting date after one year.