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

Role: Executive Vice President & CFO
Signature: /s/ Ajay Ayyappan, Attorney-in-Fact
Issuer symbol: EXLS
Transactions as of: 31 Dec 2025
Net transactions value: +$361,024
Form type: 4
Filing time: 05 Jan 2026, 17:49:47 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
Nicolelli Maurizio	Executive Vice President & CFO	EXLSERVICE HOLDINGS INC, 320 PARK AVENUE, 29TH FLOOR, NEW YORK	/s/ Ajay Ayyappan, Attorney-in-Fact	05 Jan 2026	0001472650

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	$595,294	+13,925	+6.7%	$42.75	223,000	31 Dec 2025	Direct
transaction	EXLS	Common Stock, par value $0.001 per share	Tax liability	$234,270	-5,480	-2.5%	$42.75	217,520	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	-13,925	-67%	$0.000000	6,960	31 Dec 2025	Common Stock, par value $0.001 per share	13,925		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 20,885 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 20,885 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.

Remarks:

Mr. Ayyappan is the Company's General Counsel.