Nicolelli Maurizio 4

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.