Bhalla Vikas 4
4 · ExlService Holdings, Inc. · Filed Mar 3, 2026
Research Summary
AI-generated summary of this filing
ExlService (EXLS) President Vikas Bhalla Exercises RSUs, Withholds 3,736 Shares
What Happened
Vikas Bhalla, President of ExlService Holdings, converted 9,579 restricted stock units (RSUs) into common shares on February 27, 2026. To cover tax withholding, 3,736 of those shares were surrendered/disposed at an assigned value of $30.99 per share, totaling $115,779. The net result was an increase of 5,843 common shares delivered to Mr. Bhalla (9,579 converted less 3,736 withheld). This was a routine vesting/conversion and tax-withholding transaction rather than an open-market sale or purchase.
Key Details
- Transaction date: February 27, 2026; Form 4 filed March 3, 2026 (filed within the 2-business-day reporting window).
- Conversion: 9,579 RSUs converted to 9,579 common shares (derivative exercise/conversion, code M).
- Tax withholding: 3,736 shares withheld/disposed at $30.99 per share for tax liability, value $115,779 (code F).
- Net shares received by insider: 5,843 common shares.
- Shares owned after the transaction: not specified in the provided excerpt of the filing.
- Relevant footnotes: F1—RSUs convert 1-for-1 into common stock; F2—$30.99 is the Nasdaq closing price used to compute tax withholding; F3—these RSUs were from a Feb 27, 2024 grant that vests in four annual installments (25% vested Feb 27, 2026).
- Remarks in filing: identifies the company’s General Counsel (administrative contact).
Context
This was a scheduled RSU vesting and share-withholding to cover taxes (a common, routine insider transaction). It is not an open-market sale that indicates active divestment, nor a purchase that signals additional personal investment. The filing shows conversion of vested RSUs and surrender of a portion of those shares to satisfy tax withholding requirements.
Insider Transaction Report
- Exercise/Conversion
Common Stock, par value $0.001 per share
[F1]2026-02-27+9,579→ 169,031 total - Tax Payment
Common Stock, par value $0.001 per share
[F2]2026-02-27$30.99/sh−3,736$115,779→ 165,295 total - Exercise/Conversion
Restricted Stock Units
[F1][F3]2026-02-27−9,579→ 19,158 total→ Common Stock, par value $0.001 per share (9,579 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 38,316 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.