Bhalla Vikas 4

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.