Chhibbar Vishal 4

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.