EXL EVP settles RSUs, withholds shares for tax

ExlService Holdings Executive Vice President Vishal Chhibbar reported vesting and settlement of equity awards tied to company stock.

Rhea-AI Filing Summary

ExlService Holdings Executive Vice President Vishal Chhibbar reported vesting and settlement of equity awards tied to company stock. On February 27, 2026, 5,587 restricted stock units were converted into an equal number of ExlService common shares at no cash exercise price under the company’s incentive plan.

To cover associated tax obligations, 3,088 common shares were disposed of at $30.99 per share through a tax-withholding transaction, rather than an open-market sale. After these movements, Chhibbar directly held 11,452 shares of common stock, and the RSU grant continues to vest in equal annual installments through 2028.

Insider Trade Summary

5,587 shares exercised/converted

Exercise 3 txns

Insider Chhibbar Vishal

Role Executive Vice President

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	5,587	$0.00	$0.00
Exercise	Common Stock, par value $0.001 per share	5,587	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock, par value $0.001 per share	3,088	$30.99	$96K

Holdings After Transaction: Restricted Stock Units — 11,174 contracts (Direct); Common Stock, par value $0.001 per share — 11,452 shares (Direct)

Footnotes (3)

1. 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.
2. 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.
3. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did EXLS executive Vishal Chhibbar report on February 27, 2026?

Vishal Chhibbar reported RSU vesting and related share movements. 5,587 restricted stock units converted into common shares at no cash cost, and 3,088 shares were disposed of at $30.99 per share to satisfy tax withholding obligations under ExlService Holdings’ equity incentive plan.

Did Vishal Chhibbar buy or sell ExlService (EXLS) shares in the open market?

The filing shows no open-market buy or sell. Shares were acquired through conversion of 5,587 restricted stock units and 3,088 shares were disposed of to cover tax withholding at $30.99, a non-discretionary transaction tied to equity award vesting mechanics.

How many ExlService (EXLS) shares does Vishal Chhibbar hold after these Form 4 transactions?

After the reported transactions, Vishal Chhibbar directly holds 11,452 shares of ExlService common stock. This reflects the conversion of 5,587 restricted stock units into shares, followed by the tax-withholding disposition of 3,088 shares at $30.99 per share on February 27, 2026.

What restricted stock unit grant underlies Vishal Chhibbar’s EXLS Form 4 filing?

The transactions relate to a grant of 22,348 restricted stock units awarded on February 27, 2024. This grant vests in four equal annual installments, with 25% vesting each year on February 27 from 2025 through 2028, subject to the company’s incentive plan terms.

How are taxes determined for Vishal Chhibbar’s ExlService (EXLS) RSU vesting?

For this grant, the closing price of ExlService common stock on the Nasdaq Global Select Market on the preceding day is used to compute tax reporting and withholding. On February 27, 2026, 3,088 shares were disposed at $30.99 per share to satisfy these withholding obligations.

Does the EXLS Form 4 indicate derivative security activity for Vishal Chhibbar?

Yes. The filing reports an exercise or conversion of derivative securities: 5,587 restricted stock units converted on a one-for-one basis into ExlService common shares. This is classified as a derivative exercise transaction under code M, with no cash exercise price per share reported.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/03/2026 - 05:40 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Chhibbar Vishal

(Last) (First) (Middle)

320 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ExlService Holdings, Inc. [ EXLS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Vice President

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share	02/27/2026		M(1)		5,587	A	$0	14,540	D
Common Stock, par value $0.001 per share	02/27/2026		F		3,088	D	$30.99(2)	11,452	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	02/27/2026		M(1)			5,587	(3)	(3)	Common Stock, par value $0.001 per share	5,587	$0	11,174	D

Explanation of Responses:

1. 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.

2. 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.

3. 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.

Remarks:

Mr. Ayyappan is the Company's General Counsel.

	/s/ Ajay Ayyappan, Attorney-in-Fact	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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