Bhalla Vikas 4

4 · ExlService Holdings, Inc. · Filed Jan 28, 2026

AI-generated summary of this filing

Updated Jan 29, 2026

ExlService (EXLS) President Bhalla Vikas Receives Award

What Happened

Bhalla Vikas, President of ExlService Holdings (EXLS), had performance restricted stock units (PRSUs) vest on 2026-01-26 and was issued 35,577 shares. To satisfy tax withholding, 13,876 shares were surrendered (disposed) at $42.64 per share for total withholding of $591,673 (reported as two withholdings of $203,990 and $387,683). Net increase to his holdings from this vesting: 21,701 shares.

Key Details

Transaction date: 2026-01-26 (reported on Form 4 filed 2026-01-28).
Awards issued: 12,265 shares and 23,312 shares (total 35,577) reported as grants/awards (code A).
Tax withholding: 4,784 shares and 9,092 shares withheld (code F) at $42.64 each, totaling $203,990 and $387,683 (combined ~$591,673).
These shares were earned under PRSUs granted 2/15/2023 for the performance period ending 12/31/2025 (footnote).
The $42.64 per-share figure is the Nasdaq closing price on the preceding trading day used for tax reporting/withholding.
Shares owned after the transaction are not specified in the provided filing.
Filing appears timely (Form 4 filed two days after the vesting date); no late filing noted.

Context

This was a vesting of performance-based restricted stock (not an open-market buy or sell). The withholding here is a routine cashless tax-withholding method where a portion of vested shares is surrendered to cover taxes, leaving the insider with the net vested shares.

Form 4

Period: 2026-01-26

President of EXL

Transactions

Award
Common Stock, par value $0.001 per share
[F1]
2026-01-26+12,265→ 139,840 total
Tax Payment
Common Stock, par value $0.001 per share
[F1][F2]
2026-01-26$42.64/sh−4,784$203,990→ 135,056 total
Award
Common Stock, par value $0.001 per share
[F1]
2026-01-26+23,312→ 158,368 total
Tax Payment
Common Stock, par value $0.001 per share
[F1][F2]
2026-01-26$42.64/sh−9,092$387,683→ 149,276 total

Footnotes (2)

[F1]The reporting person's shares of common stock, par value $0.001 per share (the "Common Stock") reported in this report were earned pursuant to the performance restricted stock units ("PRSUs") of ExlService Holdings, Inc. (the "Company") granted on February 15, 2023. Such shares of Common Stock were deemed earned on January 26, 2026, based on the Compensation and Talent Management Committee of the Board of Directors administering the award certifying the achievement of performance targets applicable to the PRSUs for the performance period ending on December 31, 2025.
[F2]Pursuant to the ExlService Holdings, Inc. 2018 Omnibus Incentive Plan, pursuant to which such PRSUs 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.

Signature

/s/ Ajay Ayyappan, Attorney-in-Fact|2026-01-28

1 file