Nicolelli Maurizio 4

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.