Maurizio Nicolelli - 21 Jan 2026 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: 21 Jan 2026
Net transactions value: +$221,317
Form type: 4
Filing time: 23 Jan 2026, 17:11:11 UTC
Previous filing: 05 Jan 2026
Next filing: 28 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	23 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	$221,317	+5,315	+2.4%	$41.64	222,835	21 Jan 2026	Direct	F1

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	-6,960	-100%	$0.000000	0	21 Jan 2026	Common Stock, par value $0.001 per share	6,960		Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	Represents the shares of common stock of ExlService Holdings, Inc. (the "Company") issued in respect of the reporting person's restricted stock units that vested as of March 31, 2024, but which were settled as of January 21, 2026. Due to administrative delay in settlement, the number of shares of common stock issued to the reporting person was reduced based on applicable U.S. tax rules and regulations.
F2	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.
F3	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. This transaction represents the settlement, as of January 21, 2026, of the shares that vested in 2024.

Remarks:

Mr. Ayyappan is the Company's General Counsel.