Pallia Srinivas 4

What Happened
Pallia Srinivas, CEO of Wipro Ltd (WIT), received two awards of American Depositary Receipts (ADRs) and subsequently sold ADRs to cover tax withholding. On May 5, 2026 she was awarded 413,108 ADRs at $0.03 each (value $12,393) and on May 13, 2026 she was awarded 351,034 ADRs at $0.03 each (value $10,531). She sold 217,557 ADRs on May 8, 2026 at $1.98 ($430,763) and 203,150 ADRs on May 14, 2026 at $1.82 ($369,733). The sales were reported as “sale to cover tax obligations” related to the vesting/settlement of the awards.

Key Details

• Transactions:
  • 2026-05-05: Award — 413,108 ADRs @ $0.03 (acquired) — $12,393 (F1, F2)
  • 2026-05-08: Sale — 217,557 ADRs @ $1.98 (disposed) — $430,763 (F2)
  • 2026-05-13: Award — 351,034 ADRs @ $0.03 (acquired) — $10,531 (F1, F3)
  • 2026-05-14: Sale — 203,150 ADRs @ $1.82 (disposed) — $369,733 (F3)
• Shares owned after transactions: 200,000 Equity Shares + 693,805 ADRs (each ADR = 1 equity share) = 893,805 total shares (F4).
• Footnotes: F1 = ADRs convertible 1:1 into equity shares; F2/F3 = sales were to cover tax obligations on the May 5 and May 13 vestings; F4 = breakdown of post-transaction holdings.
• Filing: Form 4 filed May 20, 2026; the filing lists transactions occurring May 5–14, 2026. The filing does not flag a timeliness exception in the provided notes.

Context
These were award settlements (an acquisition via grant) followed by sales designated to cover tax withholding — a routine administrative step that does not necessarily indicate a change in the insider’s view of the company. ADRs represent foreign-issued shares held in U.S. form; each ADR here equals one underlying equity share.