Bhalla Vikas 4

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.