Maurizio Nicolelli - 26 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: 26 Jan 2026
Net transactions value: -$557,646
Form type: 4
Filing time: 28 Jan 2026, 17:10:09 UTC
Previous filing: 23 Jan 2026
Next filing: 19 Feb 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	28 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	Award	$0	+11,458	+5.1%	$0.000000	234,293	26 Jan 2026	Direct	F1
transaction	EXLS	Common Stock, par value $0.001 per share	Tax liability	$192,264	-4,509	-1.9%	$42.64	229,784	26 Jan 2026	Direct	F1, F2
transaction	EXLS	Common Stock, par value $0.001 per share	Award	$0	+21,774	+9.5%	$0.000000	251,558	26 Jan 2026	Direct	F1
transaction	EXLS	Common Stock, par value $0.001 per share	Tax liability	$365,382	-8,569	-3.4%	$42.64	242,989	26 Jan 2026	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	The reporting person's shares of common stock, par value $0.001 per share (the "Common Stock") reported in this report were earned pursuant to the performance restricted stock units ("PRSUs") of ExlService Holdings, Inc. (the "Company") granted on February 15, 2023. Such shares of Common Stock were deemed earned on January 26, 2026, based on the Compensation and Talent Management Committee of the Board of Directors administering the award certifying the achievement of performance targets applicable to the PRSUs for the performance period ending on December 31, 2025.
F2	Pursuant to the ExlService Holdings, Inc. 2018 Omnibus Incentive Plan, pursuant to which such PRSUs 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.

Content

The reporting person's shares of common stock, par value $0.001 per share (the "Common Stock") reported in this report were earned pursuant to the performance restricted stock units ("PRSUs") of ExlService Holdings, Inc. (the "Company") granted on February 15, 2023. Such shares of Common Stock were deemed earned on January 26, 2026, based on the Compensation and Talent Management Committee of the Board of Directors administering the award certifying the achievement of performance targets applicable to the PRSUs for the performance period ending on December 31, 2025.

Pursuant to the ExlService Holdings, Inc. 2018 Omnibus Incentive Plan, pursuant to which such PRSUs 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.

Remarks:

Mr. Ayyappan is the Company's General Counsel.