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INODInnodata Inc · Insider ownership research

Innodata Inc insiders sold $175M in the past 12 months. How much of their stake is that?

Insiders sold $175M in the past 12 months.0% was sold under disclosed trading plans, 100% with no plan disclosed. The largest seller, Jack Abuhoff (CEO, Director), sold $122M. 98% of these sales were shares from exercising options.Share-of-stake figures for this company are being verified and will be added when that check is finished. Why

Updated Oct 13, 2026 from SEC filings · covers Oct 14, 2025 to Oct 13, 2026
$175M
sold with no plan disclosed, past 12 months
0%
of sales were under disclosed trading plans, past 12 months
5 of 10
officers and directors sold shares, past 12 months
Is this normal? More than usual: about 2.5x the 5-year average. 5 insiders sold; the average is 3 a year. Year by year
Latest filing: Filed Sep 15 for a sale on Sep 14. Louise Forlenza sold 10K shares ($535K) with no plan disclosed. Filing
SEC ownership filings: 40 filed in the 12 months to Oct 13, 2026; 447 on record since Nov 13, 2000 · See the evidence

What stands out

Five insiders sold $175M with no disclosed plan: Jack Abuhoff ($122M), Ashok Mishra ($41.8M) and Louise Forlenza ($7.8M), plus 2 more. The filings don't state a reason.Jack Abuhoff: largest such sale, May 21, 2026 · Ashok Mishra: largest such sale, May 12, 2026 · Louise Forlenza: largest such sale, May 12, 2026

A share of stake is shown for 0 of the 5 officers and directors who sold. 10 are left out

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Left out: Jack Abuhoff, Rahul Singhal, Ashok Mishra, Stewart Massey, Marissa Espineli, Nauman Toor, Louise Forlenza, Don Callahan, Richard Clarke and Jayant Chauhan (share of stake is being verified).
Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Jack Abuhoff
CEO, Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$122MNo plan disclosed
Ashok Mishra
EVP and COO
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$41.8MNo plan disclosed
Louise Forlenza
Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$7.8MNo plan disclosed
Marissa Espineli
Interim CFO
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$2.1MNo plan disclosed
Stewart Massey
Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$1.8MNo plan disclosed
Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

No plan disclosedOne dollar scale for every month; the tallest bar is labeled
OctNov 2025: $14.6M no plan disclosedNovDec 2025: $1.4M no plan disclosedDecJanFebMarAprMay 2026: $122M no plan disclosed$122MMayJun 2026: $36.4M no plan disclosedJunJulAugSep 2026: $1.1M no plan disclosedSepOct

Recent activity

Past 30 days, Sep 14, 2026 to Oct 13, 2026
Sep 14, 2026Louise Forlenza sold 10K shares ($535K) with no plan disclosed. 10K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Louise Forlenza
Director
10,000$53.54n/an/aSep 14, 2026Sep 15, 2026

"% of total stake" is the shares in an event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings are not confirmed, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Common questions

Is the Innodata Inc CEO selling stock?

Yes. Jack Abuhoff sold 1.23M shares ($122M) in the past 12 months, none of it under a trading plan disclosed in the filings.

Why are Innodata Inc insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 100% had no disclosed plan. A trading plan schedules sales in advance.

Are any Innodata Inc insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold5 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Jack Abuhoff
CEO, Director
$122M
1.23M shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Ashok Mishra
EVP and COO
$41.8M
533K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Louise Forlenza
Director
$7.8M
96K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Marissa Espineli
Interim CFO
$2.1M
20K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Stewart Massey
Director
$1.8M
20K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
The full ownership picture0 of 10 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 13, 2025SoldHeld Oct 13, 2026Still held
Jack Abuhoff
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Jack Abuhoff are complete.
CEO, Director
n/a−1.23Mn/an/a
Vesting, gifts, unvested awards and holding lines for Jack Abuhoff

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jack Abuhoff are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−8Kwithheld by the company for taxes

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
265,941$1.24Jul 31, 2029$13.9M
53,334$43.01Dec 19, 2034$562K

Estimate: options held × ($53.54 − strike price), using the most recent insider trade price on Form 4 (Sep 14, 2026), not a market close.

Rahul Singhal
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Rahul Singhal are complete.
President & CRO
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Rahul Singhal

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Rahul Singhal are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−10Kwithheld by the company for taxes

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
26,667$3.41Oct 6, 2032$1.3M
80,000$43.01Dec 19, 2034$842K

Estimate: options held × ($53.54 − strike price), using the most recent insider trade price on Form 4 (Sep 14, 2026), not a market close.

Ashok Mishra
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Ashok Mishra are complete.
EVP and COO
n/a−533Kn/an/a
Vesting, gifts, unvested awards and holding lines for Ashok Mishra

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Ashok Mishra are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−8Kwithheld by the company for taxes

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
80,000$43.01Dec 19, 2034$842K
242,901$4.99Mar 9, 2032$11.8M
53,334$43.01Dec 19, 2034$562K

Estimate: options held × ($53.54 − strike price), using the most recent insider trade price on Form 4 (Sep 14, 2026), not a market close.

Stewart Massey
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Stewart Massey are complete.
Director
n/a−20Kn/an/a
Vesting, gifts, unvested awards and holding lines for Stewart Massey

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Stewart Massey are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Marissa Espineli
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Marissa Espineli are complete.
Interim CFO
n/a−20Kn/an/a
Vesting, gifts, unvested awards and holding lines for Marissa Espineli

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Marissa Espineli are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
−3.1Kwithheld by the company for taxes

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
20,000$1.11Jul 16, 2028$1.0M
16,000$43.01Dec 19, 2034$168K

Estimate: options held × ($53.54 − strike price), using the most recent insider trade price on Form 4 (Sep 14, 2026), not a market close.

Nauman Toor
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Nauman Toor are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Nauman Toor

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Nauman Toor are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Louise Forlenza
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Louise Forlenza are complete.
Director
n/a−96Kn/an/a
Vesting, gifts, unvested awards and holding lines for Louise Forlenza

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Louise Forlenza are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
32,000$1.42Jun 4, 2030$1.7M
4,000$7.24Aug 1, 2031$185K

Estimate: options held × ($53.54 − strike price), using the most recent insider trade price on Form 4 (Sep 14, 2026), not a market close.

Don Callahan
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Don Callahan are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Don Callahan

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Don Callahan are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Richard Clarke
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Richard Clarke are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Richard Clarke

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Richard Clarke are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Jayant Chauhan
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Jayant Chauhan are complete.
EVP and CFO
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Jayant Chauhan

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jayant Chauhan are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Holdings and share of stake for Innodata Inc are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$175M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $175M across 1,902,911 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $175M

Sales with no 10b5-1 plan and no tax reference in the filing. $122M of it is Jack Abuhoff. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Ashok Mishra, May 12, 2026

Taxes

29,260 shares ($1.6M) were withheld by the company for taxes, which isn't a market sale.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Jack Abuhoff
CEO, Director
1.23M$122M0%69%May 12, 2026 to Jun 16, 2026
Ashok Mishra
EVP and COO
533K$41.8M0%24%Nov 11, 2025 to Jun 2, 2026
Louise Forlenza
Director
96K$7.8M0%4%Nov 12, 2025 to Sep 14, 2026
Marissa Espineli
Interim CFO
20K$2.1M0%1%May 29, 2026 to May 29, 2026
Stewart Massey
Director
20K$1.8M0%1%May 13, 2026 to May 15, 2026

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$0$0$0$0
Nov 2025$14.6M$0$0$14.6M
Dec 2025$1.4M$0$0$1.4M
Jan 2026$0$0$0$0
Feb 2026$0$0$0$0
Mar 2026$0$0$0$0
Apr 2026$0$0$0$0
May 2026$122M$0$0$122M
Jun 2026$36.4M$0$0$36.4M
Jul 2026$0$0$0$0
Aug 2026$0$0$0$0
Sep 2026$1.1M$0$0$1.1M
Oct 2026$0$0$0$0
Is this normal? Selling year by year5 earlier years to compare with

More than usual: about 2.5x the 5-year average. 5 insiders sold; the average is 3 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 13, 2026
Latest 12 months
1.90M5$175M
Oct 13, 2025
1 year earlier
2.28M6$110M
Oct 13, 2024
2 years earlier
00$0
Oct 14, 2023
3 years earlier
1.05M6$13.0M
Oct 14, 2022
4 years earlier
00$0
Oct 14, 2021
5 years earlier
534K3$3.0M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty10 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Innodata Inc are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology447 filings on record, 40 filed in the 12-month period, and how we read them

All 447 Forms 3, 4 and 5 on record for Innodata Inc (SEC CIK 903651), filed from Nov 13, 2000 to Sep 15, 2026; 40 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 13, 2026. Prices are the ones reported in each filing, often weighted averages. 43 older filings exist only on paper and could not be read.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (24)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
Mark SpelkerAug 4, 2021No balance on record
David AtkinsonMar 18, 202057,000 shares, last reported balance as of Mar 18, 2020
Michael OpatAug 5, 20199,700 shares, last reported balance as of Aug 16, 2016
Brian KardonAug 5, 2019No balance on record
Douglas ManoniAug 5, 2019No balance on record
Rajat JainDec 5, 2017No balance on record
Haig BagerdjianJan 4, 201763,690 shares, last reported balance as of Sep 13, 2012
Anthea StratigosJan 4, 2017No balance on record
O'Neil NalavadiJan 4, 201731,015 shares, last reported balance as of Mar 31, 2014
Andargachew ZellekeJan 4, 20177,500 shares, last reported balance as of Aug 18, 2014
Todd SolomonMar 6, 20131,776,947 shares, last reported balance as of Jul 30, 2012
Jurgen TanphoApr 28, 2009No balance on record
John MarozsanAug 14, 200820,700 shares, last reported balance as of Jun 2, 2008
Peter WoodwardAug 14, 200872,849 shares, last reported balance as of Dec 14, 2006
Steven FordOct 5, 200620,000 shares, last reported balance as of Oct 5, 2006
Stephen AgressOct 2, 2006208,842 shares, last reported balance as of Nov 17, 2003
George KondrachFeb 16, 200641,275 shares, last reported balance as of Dec 21, 2005
Klaas BrouwerJan 4, 2006100,000 shares, last reported balance as of Aug 26, 2004
Jan PalmenJan 4, 2006No balance on record
Amy AgressDec 13, 2005No balance on record
INNODATA ISOGEN INCMay 18, 2005No balance on record
Charles GoldfarbDec 23, 2003No balance on record
Robert O'ConnorNo balance on record
Michael RogersNo balance on record

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