Bhalla Vikas 4

Accession 0001628280-26-003328

CIK 0001297989other

Filed

Jan 22, 7:00 PM ET

Accepted

Jan 23, 5:11 PM ET

Size

9.4 KB

Accession

0001628280-26-003328

AI-generated summary of this filing

Updated Jan 23, 2026

ExlService (EXLS) President Vikas Bhalla Exercises RSUs, Surrenders 2,465

What Happened

Vikas Bhalla, President of ExlService Holdings (EXLS), had restricted stock units (RSUs) settle on January 21, 2026. The filing records conversion/exercise activity that resulted in 6,795 shares acquired (reported at $41.64/share, $282,944) and 6,960 shares converted with a $0 exercise price. To cover taxes, 2,465 shares were surrendered (withheld) at $41.64/share (reported value $102,643). Net shares received after withholding: 11,290.

Key Details

Transaction date: January 21, 2026; Form 4 filed January 23, 2026 (timely).
Reported prices/values: 6,795 shares @ $41.64 = $282,944; 2,465 shares withheld @ $41.64 = $102,643; 6,960 shares converted @ $0.00 (no cash exercise).
Net shares received: 6,795 + 6,960 − 2,465 = 11,290 shares.
Shares owned after transaction: not specified in the provided filing details.
Footnotes: F1/F3 — these shares represent RSUs that vested March 31, 2024 but were settled Jan 21, 2026 (settlement reduced for tax withholding due to administrative delay). F2 — some shares stem from a share-matching plan. Transaction codes: M = exercise/conversion of derivative (RSU conversion here), F = shares surrendered for tax withholding.
Filing appeared timely (filed two days after the transaction date).

Context

This was a settlement/conversion of awarded RSUs, not an open-market purchase or voluntary sale. The surrender of shares to cover taxes is a routine, administrative (cashless) withholding and is common when awards vest; it does not necessarily signal a change in insider sentiment.

Form 4

Period: 2026-01-21

President of EXL

Transactions

Exercise/Conversion
Common Stock, par value $0.001 per share
[F1]
2026-01-21$41.64/sh+6,795$282,944→ 130,040 total
Tax Payment
Common Stock, par value $0.001 per share
2026-01-21$41.64/sh−2,465$102,643→ 127,575 total
Exercise/Conversion
Restricted Stock Units
[F2][F3]
2026-01-21−6,960→ 0 total
→ Common Stock, par value $0.001 per share (6,960 underlying)

Footnotes (3)

[F1]Represents the shares of common stock of ExlService Holdings, Inc. (the "Company") issued in respect of the reporting person's restricted stock units that vested as of March 31, 2024, but which were settled as of January 21, 2026. Due to administrative delay in settlement, the number of shares of common stock issued to the reporting person was reduced based on applicable U.S. tax rules and regulations.
[F2]Represents restricted stock units received under a share matching plan in connection with the officer's purchase of common stock, par value $0.001 per share of ExlService Holdings, Inc. (the "Company").
[F3]On March 31, 2022, the reporting person was granted 20,885 restricted stock units, after adjustment for the 5-for-1 forward stock split, effective August 1, 2023, vesting in two installment installments beginning on the second anniversary of the grant date. 33% of the restricted stock units became vested on March 31, 2024, and the remaining balance of 67% of the restricted stock units became vested on March 31, 2025. This transaction represents the settlement, as of January 21, 2026, of the shares that vested in 2024.

Signature

/s/ Ajay Ayyappan, Attorney-in-Fact|2026-01-23

1 file

ExlService Holdings, Inc.

CIK 0001297989

Entity typeother