Nicolelli Maurizio 4
4 · ExlService Holdings, Inc. · Filed Mar 3, 2026
Research Summary
AI-generated summary of this filing
ExlService (EXLS) CFO Maurizio Nicolelli Converts RSUs; 2,199 Shares Withheld
What Happened
Maurizio Nicolelli, Executive Vice President & Chief Financial Officer of ExlService Holdings (EXLS), had 5,587 restricted stock units (RSUs) convert into common shares on February 27, 2026 (reported on Form 4 filed March 3, 2026). The RSUs converted into shares at no cash cost to the insider (exercise/conversion code M). To cover tax withholding (code F), 2,199 of those shares were withheld/disposed at an assessed price of $30.99 per share, totaling $68,147. The transaction resulted in a net issuance of 3,388 shares to Nicolelli (5,587 converted − 2,199 withheld). The filing indicates the RSUs were part of a 22,348-RSU grant from Feb 27, 2024 that vests in four annual installments.
Key Details
- Transaction date: February 27, 2026; Form 4 filed March 3, 2026 (timely filed within the two-business-day window).
- Conversion: 5,587 RSUs converted to common stock (code M) at $0.00 acquisition price.
- Tax withholding: 2,199 shares withheld/disposed (code F) at $30.99/share = $68,147 withheld.
- Net effect: +3,388 shares added to holdings (filing does not state total post-transaction holdings).
- Footnotes: F1 — RSUs convert one-for-one into common stock; F2 — withholding computed using prior trading day's Nasdaq close; F3 — original grant = 22,348 RSUs vesting 25% annually from Feb 27, 2025–2028.
Context
This was a routine vesting and tax-withholding event (not an open-market buy or sell). The M code reflects exercised/converted derivative awards (RSUs becoming shares); the F code reflects shares withheld to satisfy tax obligations (a common cashless-withholding mechanism). Such transactions reflect compensation vesting rather than active directional trading by the insider.
Insider Transaction Report
- Exercise/Conversion
Common Stock, par value $0.001 per share
[F1]2026-02-27+5,587→ 256,568 total - Tax Payment
Common Stock, par value $0.001 per share
[F2]2026-02-27$30.99/sh−2,199$68,147→ 254,369 total - Exercise/Conversion
Restricted Stock Units
[F1][F3]2026-02-27−5,587→ 11,174 total→ Common Stock, par value $0.001 per share (5,587 underlying)
Footnotes (3)
- [F1]Restricted stock units of ExlService Holdings, Inc. (the "Company") convert into common stock, par value $0.001 per share (the "Common Stock") on a one-for-one basis.
- [F2]Pursuant to the ExlService Holdings, Inc. 2018 Omnibus Incentive Plan, pursuant to which such restricted stock units were granted, the closing price of the Common Stock on the Nasdaq Global Select Market on the preceding day is used for purposes of computing tax reporting and withholding.
- [F3]On February 27, 2024, the reporting person was granted 22,348 restricted stock units, vesting in four equal annual installments beginning on the first anniversary of the grant date. 25 percent of the restricted stock units became vested on February 27, 2025, an additional 25 percent of the restricted stock units became vested on February 27, 2026, an additional 25 percent of the restricted stock units will vest on February 27, 2027, and the remaining balance of 25 percent of the restricted stock units will vest on February 27, 2028.