ExlService (EXLS) EVP Ajay Ayyappan sells shares and settles RSU taxes
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
ExlService Holdings, Inc. executive Ajay Ayyappan, EVP and General Counsel, reported multiple equity transactions involving company stock. On February 18, 2026, he executed open-market sales totaling 2,275 shares of common stock at a price of $30.32 per share under a pre-arranged Rule 10b5-1 trading plan.
On February 17, 2026, restricted stock units converted into an equal number of common shares, reflecting equity awards that had vested under prior grants. That same day, shares were withheld at prices based on the prior day’s closing price to cover tax obligations related to these vesting events. Following these transactions, he continued to hold a meaningful number of ExlService common shares directly.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 2,275 shares ($68,978)
Net Sell
8 txns
Insider
AYYAPPAN AJAY
Role
EVP & Gen Counsel/Corp. Sec'y.
Sold
2,275 shs ($69K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock, par value $0.001 per share | 1,226 | $30.32 | $37K |
| Sale | Common Stock, par value $0.001 per share | 1,049 | $30.32 | $32K |
| Exercise | Restricted Stock Units | 2,915 | $0.00 | -- |
| Exercise | Restricted Stock Units | 2,495 | $0.00 | -- |
| Exercise | Common Stock, par value $0.001 per share | 2,915 | $0.00 | -- |
| Tax Withholding | Common Stock, par value $0.001 per share | 1,553 | $30.04 | $47K |
| Exercise | Common Stock, par value $0.001 per share | 2,495 | $0.00 | -- |
| Tax Withholding | Common Stock, par value $0.001 per share | 1,329 | $30.04 | $40K |
Holdings After Transaction:
Common Stock, par value $0.001 per share — 54,817 shares (Direct);
Restricted Stock Units — 0 shares (Direct)
Footnotes (1)
- 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. 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. This sale was made pursuant to a 10b5-1 plan previously entered into by the reporting person on August 11, 2025. On February 16, 2022, the reporting person was granted 2,332 (pre-split) 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 16, 2023, an additional 25 percent of the restricted stock units became vested on February 16, 2024, an additional 25 percent of the restricted stock units became vested on February 16, 2025, and the remaining balance of 25 percent of the restricted stock units became vested on February 16, 2026. On February 15, 2023, the reporting person was granted 1,996 (pre-split) 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 15, 2024, an additional 25 percent of the restricted stock units became vested on February 15, 2025, an additional 25 percent of the restricted stock units became vested on February 15, 2026, and the remaining balance of 25 percent of the restricted stock units will vest on February 15, 2027.
FAQ
What insider transactions did EXLS executive Ajay Ayyappan report on this Form 4?
Ajay Ayyappan reported open-market sales of ExlService Holdings common stock and related equity award activity. The filing shows sales, RSU conversions into common shares, and shares withheld to satisfy tax obligations tied to previously granted restricted stock units.
Were Ajay Ayyappan’s EXLS stock sales made under a 10b5-1 trading plan?
Yes. The filing states the sale was made under a Rule 10b5-1 trading plan. This plan was previously established by the reporting person, providing a pre-arranged schedule for selling shares, which can help separate trading decisions from day-to-day market information.
What happened to Ajay Ayyappan’s restricted stock units in ExlService (EXLS)?
Restricted stock units converted into ExlService common stock on a one-for-one basis. These units vested according to prior grant schedules, and the resulting common shares were issued while a portion was withheld to cover taxes, consistent with the company’s omnibus incentive plan terms.
What vesting schedule applied to Ajay Ayyappan’s EXLS restricted stock unit grants?
The footnotes describe RSU grants that vest in four equal annual installments. For each grant, 25 percent of the units vest on each anniversary of the grant date, with specific installments already vested and remaining portions scheduled to vest on future anniversary dates.