Nicolelli Maurizio 4

Accession 0001628280-26-003327

CIK 0001297989other

Filed

Jan 22, 7:00 PM ET

Accepted

Jan 23, 5:11 PM ET

Size

7.9 KB

Accession

0001628280-26-003327

AI-generated summary of this filing

Updated Jan 23, 2026

ExlService (EXLS) CFO Nicolelli Exercises/Settles RSUs — 5,315 Shares

What Happened

Nicolelli Maurizio, Executive Vice President & CFO of ExlService Holdings (EXLS), had restricted stock units settled on Jan 21, 2026. The filing reports a conversion/settlement (derivative code M) that resulted in 5,315 shares acquired at an effective price of $41.64 per share for a cash value of $221,317, and 6,960 shares disposed at $0 (shares withheld to satisfy tax withholding/administrative adjustments).

Key Details

Transaction date: 2026-01-21; Form 4 filed 2026-01-23 (timely filing).
Acquired: 5,315 shares at $41.64 each — total $221,317.
Disposed/withheld: 6,960 shares at $0.00 (tax withholding/settlement adjustment).
Shares owned after the transaction: not specified in the filing.
Relevant footnotes:
- F1: Shares issued relate to RSUs that vested on March 31, 2024 but were settled Jan 21, 2026; the delivered share count was reduced due to U.S. tax withholding and administrative delay.
- F2: References receipt of RSUs under a share-matching plan tied to stock purchases.
- F3: Describes the original RSU grant (Mar 31, 2022), vesting schedule, and that this transaction settles the portion that vested in 2024.
No indication this was an open-market buy or sale; this was a conversion/settlement of equity awards.

Context

Although reported with derivative code "M" (exercise/conversion), the filing and footnotes show these were restricted stock units being settled into shares, not a typical option exercise followed by an open-market sale. The disposal at $0 reflects shares withheld for taxes or administrative adjustments, a routine part of RSU settlements and not a market sale.
Such settlements are common for compensatory awards; they do not necessarily signal the insider’s view on the company’s stock.

Form 4

Period: 2026-01-21

Executive Vice President & CFO

Transactions

Exercise/Conversion
Common Stock, par value $0.001 per share
[F1]
2026-01-21$41.64/sh+5,315$221,317→ 222,835 total
Exercise/Conversion
Restricted Stock Units
[F2][F3]
2026-01-21−6,960→ 0 total
→ Common Stock, par value $0.001 per share (6,960 underlying)

Footnotes (3)

[F1]Represents the shares of common stock of ExlService Holdings, Inc. (the "Company") issued in respect of the reporting person's restricted stock units that vested as of March 31, 2024, but which were settled as of January 21, 2026. Due to administrative delay in settlement, the number of shares of common stock issued to the reporting person was reduced based on applicable U.S. tax rules and regulations.
[F2]Represents restricted stock units received under a share matching plan in connection with the officer's purchase of common stock, par value $0.001 per share of ExlService Holdings, Inc.
[F3]On March 31, 2022, the reporting person was granted 20,885 restricted stock units, after adjustment for the 5-for-1 forward stock split, effective August 1, 2023, vesting in two installment installments beginning on the second anniversary of the grant date. 33% of the restricted stock units became vested on March 31, 2024, and the remaining balance of 67% of the restricted stock units became vested on March 31, 2025. This transaction represents the settlement, as of January 21, 2026, of the shares that vested in 2024.

Signature

/s/ Ajay Ayyappan, Attorney-in-Fact|2026-01-23

1 file

ExlService Holdings, Inc.

CIK 0001297989

Entity typeother