Bhalla Vikas 4
4 · ExlService Holdings, Inc. · Filed Feb 19, 2026
Research Summary
AI-generated summary of this filing
ExlService (EXLS) President Vikas Bhalla Converts RSUs, Withholds Shares
What Happened
- Vikas Bhalla, President of ExlService Holdings (EXLS), had restricted stock units (RSUs) convert into common stock on Feb 17, 2026. A total of 9,835 RSUs were converted (5,435 + 4,400).
- To cover tax withholding, 3,836 shares were surrendered/withheld (2,120 and 1,716 shares) with reported values of $63,685 and $51,549 respectively, totaling $115,234. The conversion entries show $0 exercise price (RSUs convert one-for-one).
Key Details
- Transaction date: February 17, 2026; Form 4 filed Feb 19, 2026 (timely filing).
- Reported amounts withheld/sold for taxes: 2,120 shares ($63,685) and 1,716 shares ($51,549); total $115,234.
- RSU conversion entries recorded as code M (exercise/conversion of derivative); tax withholding recorded as code F.
- Footnotes: RSUs convert one-for-one to common stock (F1); withholding value based on prior-day Nasdaq closing price per the company plan (F2). Grants and original vesting schedules noted for the underlying awards (F3, F4).
- Shares owned after the transactions: not reported in this filing.
Context
- This is a routine RSU vesting and tax-withholding event, not an open-market purchase or a discretionary sale for investment purposes. The filing shows conversion of RSUs and shares withheld to satisfy tax liabilities (a cashless/withholding-type settlement).
- Such transactions are common for executives when awards vest and do not necessarily indicate a change in insider sentiment.
Insider Transaction Report
Form 4
Bhalla Vikas
President of EXL
Transactions
- Exercise/Conversion
Common Stock, par value $0.001 per share
[F1]2026-02-17+5,435→ 154,711 total - Tax Payment
Common Stock, par value $0.001 per share
[F2]2026-02-17$30.04/sh−2,120$63,685→ 152,591 total - Exercise/Conversion
Common Stock, par value $0.001 per share
[F1]2026-02-17+4,400→ 156,991 total - Tax Payment
Common Stock, par value $0.001 per share
[F2]2026-02-17$30.04/sh−1,716$51,549→ 155,275 total - Exercise/Conversion
Restricted Stock Units
[F1][F3]2026-02-17−5,435→ 0 total→ Common Stock, par value $0.001 per share (5,435 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F4]2026-02-17−4,400→ 4,400 total→ Common Stock, par value $0.001 per share (4,400 underlying)
Footnotes (4)
- [F1]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.
- [F2]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.
- [F3]On February 16, 2022, the reporting person was granted 4,348 (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.
- [F4]On February 15, 2023, the reporting person was granted 3,520 (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.
Signature
/s/ Ajay Ayyappan, Attorney-in-Fact|2026-02-19