Vikas Bhalla - 19 Feb 2026 Form 4 Insider Report for ExlService Holdings, Inc. (EXLS)

Role
President of EXL
Signature
/s/ Ajay Ayyappan, Attorney-in-Fact
Issuer symbol
EXLS
Transactions as of
19 Feb 2026
Net transactions value
-$81,256
Form type
4
Filing time
23 Feb 2026, 18:52:14 UTC
Previous filing
19 Feb 2026
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Bhalla Vikas President of EXL 320 PARK AVENUE, 29TH FLOOR, NEW YORK /s/ Ajay Ayyappan, Attorney-in-Fact 23 Feb 2026 0001373633

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction EXLS Common Stock, par value $0.001 per share Options Exercise $0 +6,849 +4.4% $0.000000 162,124 20 Feb 2026 Direct F1
transaction EXLS Common Stock, par value $0.001 per share Tax liability $81,256 -2,672 -1.6% $30.41 159,452 20 Feb 2026 Direct F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction EXLS Restricted Stock Units Award $0 +45,324 $0.000000 45,324 19 Feb 2026 Common Stock, par value $0.001 per share 45,324 Direct F3, F4
transaction EXLS Restricted Stock Units Options Exercise $0 -6,849 -25% $0.000000 20,547 20 Feb 2026 Common Stock, par value $0.001 per share 6,849 Direct F1, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
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 Each restricted stock unit represents a contingent right to receive one share of the Company's common stock upon settlement.
F4 The restricted stock units will vest in four equal annual installments, beginning on February 19, 2027. Vesting will be accelerated upon certain termination of employment events and upon a "Change in Control" (as defined in the ExlService Holdings, Inc. 2025 Omnibus Incentive Plan).
F5 On June 17, 2025, the reporting person was granted 27,396 restricted stock units, vesting in four equal annual installments beginning on February 20, 2026. 25 percent of the restricted stock units became vested on February 20, 2026, an additional 25 percent of the restricted stock units will vest on February 20, 2027, an additional 25 percent of the restricted stock units will vest on February 20, 2028, and the remaining balance of 25 percent of the restricted stock units will vest on February 20, 2029.

Remarks:

Note: On February 19, 2026 the reporting person was also granted performance-based restricted stock units that are subject to material conditions beyond the reporting person's control, and, therefore, are not considered derivative securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, and are excluded from this report. Remarks: Mr. Ayyappan is the Company's General Counsel.