Chhibbar Vishal 4
4 · ExlService Holdings, Inc. · Filed Feb 23, 2026
Research Summary
AI-generated summary of this filing
ExlService EVP Vishal Chhibbar Receives RSUs, Sells 2,427 Shares
What Happened
Vishal Chhibbar, Executive Vice President of ExlService Holdings (EXLS), was granted 27,192 restricted stock units (RSUs) on Feb 19, 2026. On Feb 20, 2026, 4,004 RSUs converted into common shares at no exercise cost. To cover tax withholding related to the conversion, 2,427 shares were disposed at $30.41 per share, raising about $73,805. The filing was submitted on Feb 23, 2026.
Key Details
- Transactions reported:
- 2026-02-19: Grant — 27,192 RSUs (derivative award) @ $0.00.
- 2026-02-20: Conversion/exercise — 4,004 shares acquired (derivative) @ $0.00.
- 2026-02-20: Tax withholding — 2,427 shares disposed @ $30.41, proceeds ~$73,805.
- Shares owned after transaction: Not specified in the filing.
- Notable footnotes:
- F1/F3: RSUs convert one-for-one into common stock on settlement.
- F2: Company used the prior trading day's close to calculate tax withholding.
- F4: The 27,192 RSUs vest in four equal annual installments beginning Feb 19, 2027 (with acceleration in certain events).
- F5: A prior June 17, 2025 grant of 16,016 RSUs vested 25% (4,004 shares) on Feb 20, 2026 — explaining the 4,004-share conversion.
- The filing notes additional performance-based RSUs granted on Feb 19, 2026 that are excluded from this report.
- Filing date: Feb 23, 2026. The report lists the above transactions dated Feb 19–20, 2026.
Context
These entries reflect standard RSU activity: an award grant, conversion/settlement of vested RSUs into shares, and shares withheld/sold to satisfy tax obligations (a routine administrative sale, not an open-market directional trade). The $0.00 exercise price indicates conversion of RSUs rather than purchase of optioned shares.
Insider Transaction Report
- Exercise/Conversion
Common Stock, par value $0.001 per share
[F1]2026-02-20+4,004→ 11,380 total - Tax Payment
Common Stock, par value $0.001 per share
[F2]2026-02-20$30.41/sh−2,427$73,805→ 8,953 total - Award
Restricted Stock Units
[F3][F4]2026-02-19+27,192→ 27,192 total→ Common Stock, par value $0.001 per share (27,192 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F5]2026-02-20−4,004→ 12,012 total→ Common Stock, par value $0.001 per share (4,004 underlying)
Footnotes (5)
- [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]Each restricted stock unit represents a contingent right to receive one share of the Company's common stock upon settlement.
- [F4]The restricted stock units will vest in four equal annual installments, beginning on February 19, 2027. Vesting will be accelerated upon certain termination of employment events and upon a "Change in Control" (as defined in the ExlService Holdings, Inc. 2025 Omnibus Incentive Plan).
- [F5]On June 17, 2025, the reporting person was granted 16,016 restricted stock units, vesting in four equal annual installments beginning on February 20, 2026. 25 percent of the restricted stock units became vested on February 20, 2026, an additional 25 percent of the restricted stock units will vest on February 20, 2027, an additional 25 percent of the restricted stock units will vest on February 20, 2028, and the remaining balance of 25 percent of the restricted stock units will vest on February 20, 2029.