Kini Narasimha 4

What Happened

• Kini Narasimha, Executive Vice President of ExlService Holdings (EXLS), had 5,587 restricted stock units (RSUs) vest and convert into 5,587 shares on Feb 27, 2026 (reported as a derivative conversion, code M).
• To satisfy tax withholding, 2,853 of those shares were withheld/sold at $30.99 per share for a proceeds/withholding amount of $88,414 (code F). The RSU conversion shows an acquisition at $0.00 per share because RSUs convert one-for-one into common stock without a cash exercise price.
• Net shares retained from this vesting event: 5,587 converted − 2,853 withheld = 2,734 net shares added to the insider’s holdings.

Key Details

• Transaction date: February 27, 2026; Form 4 filed March 3, 2026 (timely — filed within two business days).
• Prices and amounts: 5,587 RSUs converted at $0.00; 2,853 shares withheld/sold at $30.99 for $88,414.
• Net shares received from vesting: 2,734.
• Footnotes: F1 notes RSUs convert one-for-one to common stock; F2 states the prior-day Nasdaq closing price is used for tax reporting/withholding; F3 shows these RSUs were part of a 22,348-share grant vesting in four annual installments (25% vested each year, with the 25% tranche vesting on Feb 27, 2026).
• Filing timeliness: Not late (filed within the SEC’s two-business-day window).

Context

• This was a routine RSU vesting with shares withheld to cover taxes (a common, administrative transaction), not an open-market sale initiated for investment reasons.
• Code notes: M = conversion/exercise of a derivative (here, RSU conversion); F = shares disposed to satisfy tax withholding.
• The filing does not disclose the insider’s total holdings after the transaction in the provided excerpt; reported net increase from this vesting was 2,734 shares.