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ExlService Holdings, Inc.·4

Feb 23, 6:51 PM ET

Kini Narasimha 4

Research Summary

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ExlService (EXLS) EVP Kini Narasimha Exercises RSUs; 2,152 Shares Withheld

What Happened

  • Kini Narasimha, Executive Vice President of ExlService Holdings (EXLS), had multiple equity events. On Feb 19, 2026 he was granted 27,192 restricted stock units (RSUs). On Feb 20, 2026, 4,215 previously-granted RSUs vested and converted into 4,215 shares of common stock (no cash exercise price).
  • To satisfy tax withholding, 2,152 of those shares were surrendered at $30.41 per share, for a withholding value of $65,442. After withholding, Narasimha received a net 2,063 shares. The filing includes derivative conversion/settlement entries documenting the RSU-to-share conversion.

Key Details

  • Transaction dates: Grant on 2026-02-19 (A); conversion/settlement and withholding on 2026-02-20 (M and F).
  • Grant: 27,192 RSUs reported on 2026-02-19 (non-vested; F3/F4 describe vesting terms).
  • Vesting/settlement: 4,215 RSUs converted to common stock on 2026-02-20 (no exercise price).
  • Tax withholding: 2,152 shares surrendered at $30.41/share = $65,442 (reported as payment of tax liability).
  • Net shares delivered to insider from the vesting event: 2,063 shares (4,215 vested − 2,152 withheld).
  • Shares owned after transaction: not specified in the provided excerpt of the filing.
  • Notable footnotes: RSUs convert one-for-one to common stock (F1–F3); withholding used prior-day Nasdaq close for valuation (F2); RSU grants generally vest over four years with acceleration provisions (F4). F5 confirms the 4,215 vested shares represent 25% of a prior 16,860 RSU grant (June 17, 2025).
  • Filing timeliness: Report filed 2026-02-23 for transactions on Feb 19–20, 2026 — the Form 4 appears timely (within SEC two business‑day window).

Context

  • These were RSU grants and vesting/settlement events (not open‑market buys or discretionary sales). RSUs carry no exercise price and commonly settle into shares with part withheld to cover taxes — a routine administrative step rather than an active market sale.
  • The filing also notes performance‑based RSUs granted on Feb 19, 2026 that are subject to additional conditions and were excluded from this report.