Chhibbar Vishal 4
4 · ExlService Holdings, Inc. · Filed Mar 3, 2026
Research Summary
AI-generated summary of this filing
ExlService (EXLS) EVP Vishal Chhibbar Receives RSUs; Shares Withheld
What Happened
Vishal Chhibbar, Executive Vice President of ExlService Holdings (EXLS), converted 5,587 restricted stock units (RSUs) into common stock on February 27, 2026. The conversion is reported as an exercise/conversion (code M) at $0.00 per share (RSUs convert one-for-one). To satisfy tax withholding, 3,088 of those shares were surrendered (reported as code F) at a withholding value of $30.99 per share, totaling $95,697. The filing shows the RSU conversion and the shares withheld — this is vesting/tax withholding, not an open-market sale or purchase.
Key Details
- Transaction date: February 27, 2026; Form 4 filed March 3, 2026 (filed within the typical two-business-day window).
- Conversion: 5,587 RSUs converted to 5,587 shares (reported at $0.00 per share).
- Tax withholding: 3,088 shares withheld at $30.99/share = $95,697 (reported as disposed under code F).
- Shares owned after transaction: Not specified in the provided filing details.
- Relevant footnotes from the filing:
- F1: RSUs convert into common stock one-for-one.
- F2: The closing price on the Nasdaq on the preceding day ($30.99) was used to compute tax withholding.
- F3: The 5,587 shares represent a 25% installment from a 22,348-RSU grant made Feb 27, 2024 (vesting in four equal annual installments through 2028).
- This activity reflects vesting and tax withholding (codes M and F), not a market buy (P) or deliberate open-market sale (S).
Context
This was a scheduled RSU vesting event: 5,587 RSUs converted into shares and a portion was withheld to cover taxes (a common, routine practice). Because this is a conversion/withholding transaction, it doesn't necessarily signal a change in the insider's market view; it's the normal mechanics of equity compensation vesting.
Insider Transaction Report
- Exercise/Conversion
Common Stock, par value $0.001 per share
[F1]2026-02-27+5,587→ 14,540 total - Tax Payment
Common Stock, par value $0.001 per share
[F2]2026-02-27$30.99/sh−3,088$95,697→ 11,452 total - Exercise/Conversion
Restricted Stock Units
[F1][F3]2026-02-27−5,587→ 11,174 total→ Common Stock, par value $0.001 per share (5,587 underlying)
Footnotes (3)
- [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 27, 2024, the reporting person was granted 22,348 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 27, 2025, an additional 25 percent of the restricted stock units became vested on February 27, 2026, an additional 25 percent of the restricted stock units will vest on February 27, 2027, and the remaining balance of 25 percent of the restricted stock units will vest on February 27, 2028.