Bhalla Vikas 4

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.