Bhalla Vikas 4

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.