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

Reporting relationship: President of EXL
Issuer ticker: EXLS
Reported as of: 19 Feb 2026
Net transaction value: -$81,256
SEC form: 4
Accepted by SEC: 23 Feb 2026, 18:52:14 UTC
Prior SEC filing: 19 Feb 2026
Next SEC filing: 03 Mar 2026
Source filing: View source filing
Reporting owner signature: /s/ Ajay Ayyappan, Attorney-in-Fact

Key filing fact

Vikas Bhalla filed Form 4 for ExlService Holdings, Inc. (EXLS) on 23 Feb 2026.

Key facts

This page summarizes Vikas Bhalla's Form 4 filing for ExlService Holdings, Inc. (EXLS).
4 reported transactions and 2 derivative rows are listed below.
Accepted by SEC: 23 Feb 2026, 18:52.

Change

Previous filing in this sequence was filed on 19 Feb 2026.
Current net transaction value: -$81,256.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001373633 Primary reporting owner

Bhalla Vikas

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

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

EXLS transaction

Common Stock, par value $0.001 per share

Options Exercise

Transaction value: $0
Shares: +6,849
Change %: +4.4%
Price: $0.000000
Shares after: 162,124
Date: 20 Feb 2026
Ownership: Direct
Footnotes: F1

EXLS transaction

Common Stock, par value $0.001 per share

Tax liability

Transaction value: $81,256
Shares: -2,672
Change %: -1.6%
Price: $30.41
Shares after: 159,452
Date: 20 Feb 2026
Ownership: Direct
Footnotes: F2

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

EXLS transaction Derivative

Restricted Stock Units

Award

Transaction value: $0
Shares: +45,324
Change %
Price: $0.000000
Shares after: 45,324
Date: 19 Feb 2026
Ownership: Direct
Underlying class: Common Stock, par value $0.001 per share
Underlying amount: 45,324
Exercise price
Footnotes: F3, F4

EXLS transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -6,849
Change %: -25%
Price: $0.000000
Shares after: 20,547
Date: 20 Feb 2026
Ownership: Direct
Underlying class: Common Stock, par value $0.001 per share
Underlying amount: 6,849
Exercise price
Footnotes: F1, F5

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 5 footnotes

Footnote 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.

Footnote 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.

Footnote F3

Each restricted stock unit represents a contingent right to receive one share of the Company's common stock upon settlement.

Footnote 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).

Footnote 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.

SEC 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.