AYYAPPAN AJAY 4

What Happened
Ayyappan Ajay, EVP & General Counsel and Corporate Secretary of ExlService Holdings (EXLS), had 3,991 restricted stock units convert to common shares on Feb 27, 2026. To satisfy tax withholding, 2,126 shares were transferred at $30.99/share ($65,885). Separately, 1,679 shares were sold in an open-market transaction on Mar 2, 2026 at $30.39/share ($51,025). Total proceeds from the sales were $116,910; net from the RSU conversion Ajay retained 186 shares (3,991 converted minus 3,805 disposed).

Key Details

• Transaction dates and prices:
  • Feb 27, 2026: 3,991 RSUs converted to 3,991 common shares (F1).
  • Feb 27, 2026 (tax withholding): 2,126 shares disposed at $30.99 — $65,885 (F2, F4).
  • Mar 2, 2026: 1,679 shares sold open market at $30.39 — $51,025 (F3).
• Net effect: acquired 3,991 shares, disposed 3,805 shares, net +186 shares retained from this vesting event.
• Shares owned after transaction: not specified in the Form 4.
• Footnotes of note:
  • F1/F2: These were restricted stock units that convert one-for-one to common stock; closing price on the prior trading day used to compute tax withholding.
  • F3: The Mar 2 sale was executed under a previously established 10b5-1 plan (entered Aug 11, 2025).
  • F4: The RSUs were part of a 15,964-RSU grant vesting 25% annually; this represents the 25% that vested on Feb 27, 2026.
• Filing: Form 4 filed Mar 3, 2026; appears to be filed within the standard SEC two-business-day window.

Context

• These transactions reflect an RSU vesting with shares withheld for taxes and an instructed sale under a 10b5-1 plan — common administrative/compensation-related activity rather than an independent open-market purchase signal.
• For derivative-language filings: the "M" code reflects the conversion/exercise of RSUs into common stock; the "F" code denotes shares withheld to satisfy tax obligations; the "S" code denotes an open-market sale.
• No indication of gifts, new grants beyond the vesting event, or that Ajay is a >10% owner.