Kini Narasimha 4

What Happened

• Kini Narasimha, Executive Vice President of ExlService Holdings (EXLS), had restricted stock units (derivative awards) settled on Jan 21, 2026. He acquired 5,315 shares at an effective per-share cost of $41.64 (total ~ $221,317). In the same settlement, 6,960 shares were surrendered/withheld (disposed at $0) to cover taxes or other withholding obligations.

Key Details

• Transaction date: January 21, 2026; Form 4 filed January 23, 2026 (filed timely).
• Acquired: 5,315 shares @ $41.64 each = $221,317 (reported as "M" — exercise/conversion of a derivative).
• Withheld/disposed: 6,960 shares @ $0.00 (used to satisfy tax withholding related to the settlement).
• Shares owned after transaction: Not specified in the filing.
• Footnotes:
  • F1/F3: These shares represent RSUs that vested March 31, 2024 (and were settled Jan 21, 2026); administrative delay in settlement reduced the number of shares issued per U.S. tax rules.
  • F2: Some units relate to a share-matching plan tied to the officer’s stock purchase.
• Reporting status: No indication this is a 10% owner transaction; filing appears timely (filed two days after the transaction).

Context

• This was a settlement of previously granted RSUs (not an open-market buy). The withheld/disposed shares are a routine tax-withholding step and should not be read as a separate market sale for investment signal purposes. The net result increased the insider’s stock position by the acquired 5,315 shares (after withholding).