Ajay Ayyappan - 31 Dec 2025 Form 4 Insider Report for ExlService Holdings, Inc. (EXLS)

Role: EVP & Gen Counsel/Corp. Sec'y.
Signature: /s/ Ajay Ayyappan
Issuer symbol: EXLS
Transactions as of: 31 Dec 2025
Net transactions value: +$255,175
Form type: 4
Filing time: 05 Jan 2026, 17:49:22 UTC
Previous filing: 18 Jul 2025
Next filing: 23 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
AYYAPPAN AJAY	EVP & Gen Counsel/Corp. Sec'y.	320 PARK AVENUE, 29TH FLOOR, NEW YORK	/s/ Ajay Ayyappan	05 Jan 2026	0001762098

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	$570,926	+13,355	+32%	$42.75	54,889	31 Dec 2025	Direct
transaction	EXLS	Common Stock, par value $0.001 per share	Tax liability	$315,752	-7,386	-13%	$42.75	47,503	31 Dec 2025	Direct

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	Options Exercise	$0	-13,355	-67%	$0.000000	6,670	31 Dec 2025	Common Stock, par value $0.001 per share	13,355		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents restricted stock units received under a share matching plan in connection with the officer's purchase of common stock, par value $0.001 per share of ExlService Holdings, Inc.
F2	On March 31, 2022, the reporting person was granted 20,025 restricted stock units, after adjustment for the 5-for-1 forward stock split, effective August 1, 2023, vesting in two installment installments beginning on the second anniversary of the grant date. 33% of the restricted stock units became vested on March 31, 2024, and the remaining balance of 67% of the restricted stock units became vested on March 31, 2025.

Content

Represents restricted stock units received under a share matching plan in connection with the officer's purchase of common stock, par value $0.001 per share of ExlService Holdings, Inc.

On March 31, 2022, the reporting person was granted 20,025 restricted stock units, after adjustment for the 5-for-1 forward stock split, effective August 1, 2023, vesting in two installment installments beginning on the second anniversary of the grant date. 33% of the restricted stock units became vested on March 31, 2024, and the remaining balance of 67% of the restricted stock units became vested on March 31, 2025.