Ajay Ayyappan - 17 Feb 2026 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
17 Feb 2026
Net transactions value
-$155,553
Form type
4
Filing time
19 Feb 2026, 17:32:12 UTC
Previous filing
28 Jan 2026
Next filing
23 Feb 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 19 Feb 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 $0 +2,915 +5.4% $0.000000 56,430 17 Feb 2026 Direct F1
transaction EXLS Common Stock, par value $0.001 per share Tax liability $46,652 -1,553 -2.8% $30.04 54,877 17 Feb 2026 Direct F2
transaction EXLS Common Stock, par value $0.001 per share Options Exercise $0 +2,495 +4.5% $0.000000 57,372 17 Feb 2026 Direct F1
transaction EXLS Common Stock, par value $0.001 per share Tax liability $39,923 -1,329 -2.3% $30.04 56,043 17 Feb 2026 Direct F2
transaction EXLS Common Stock, par value $0.001 per share Sale $37,172 -1,226 -2.2% $30.32 54,817 18 Feb 2026 Direct F3
transaction EXLS Common Stock, par value $0.001 per share Sale $31,806 -1,049 -1.9% $30.32 53,768 18 Feb 2026 Direct F3

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 -2,915 -100% $0.000000 0 17 Feb 2026 Common Stock, par value $0.001 per share 2,915 Direct F1, F4
transaction EXLS Restricted Stock Units Options Exercise $0 -2,495 -50% $0.000000 2,495 17 Feb 2026 Common Stock, par value $0.001 per share 2,495 Direct F1, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
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.
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.
F3 This sale was made pursuant to a 10b5-1 plan previously entered into by the reporting person on August 11, 2025.
F4 On February 16, 2022, the reporting person was granted 2,332 (pre-split) restricted stock units, vesting in four equal annual installments beginning on the first anniversary of the grant date. 25 percent of the restricted stock units became vested on February 16, 2023, an additional 25 percent of the restricted stock units became vested on February 16, 2024, an additional 25 percent of the restricted stock units became vested on February 16, 2025, and the remaining balance of 25 percent of the restricted stock units became vested on February 16, 2026.
F5 On February 15, 2023, the reporting person was granted 1,996 (pre-split) restricted stock units, vesting in four equal annual installments beginning on the first anniversary of the grant date. 25 percent of the restricted stock units became vested on February 15, 2024, an additional 25 percent of the restricted stock units became vested on February 15, 2025, an additional 25 percent of the restricted stock units became vested on February 15, 2026, and the remaining balance of 25 percent of the restricted stock units will vest on February 15, 2027.