EXLS director granted 7,871 restricted stock units

Pipes Kristy reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Pipes Kristy reported acquisition or exercise transactions in this Form 4 filing.

ExlService Holdings director Kristy Pipes received a grant of 7,871 restricted stock units, each tied to one common share. This award increases her directly held equity-related interests to 43,362 underlying shares. The RSUs vest after one year or earlier if her board service ends without re-election or if a change in control occurs, and settle in shares upon specified separation or change in control events.

Insider Trade Summary

Grant/Award: 7,871 shares

Grant/Award 1 txn

Insider Pipes Kristy

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	7,871	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 43,362 contracts (Direct)

Footnotes (2)

1. F1. Each restricted stock unit represents a contingent right to receive one share of the Company's common stock upon settlement.
2. F2. The restricted stock units vest upon the earlier of (i) the first anniversary of the date of grant, (ii) the date on which the reporting person's term as a member of the Board of Directors of ExlService Holdings, Inc. (the "Board") expires if the reporting person is not subsequently elected to a new term on the Board, and (iii) the occurrence of a "Change in Control", as defined in the ExlService Holdings, Inc. 2025 Omnibus Incentive Plan (the "Plan"), and such awards settle upon the earlier of (i) the reporting person's death, (ii) the occurrence of a "Change of Control", as defined in the Plan and (iii) January 1st of the year following the date on which the reporting person ceases to serve as a member of the Board for any reason other than due to such reporting person's death or, if later, the date of the reporting person's separation from service.

Key Figures

RSUs granted: 7,871 units Shares per RSU: 1 share per unit Holdings after grant: 43,362 shares +1 more

4 metrics

RSUs granted 7,871 units Restricted stock units granted on 2026-06-16

Shares per RSU 1 share per unit Each RSU represents one common share upon settlement

Holdings after grant 43,362 shares Total equity-linked holdings following transaction

Transaction price $0.00 per unit Compensation grant, no purchase price

Key Terms

Restricted Stock Units, Change in Control, Change of Control, 2025 Omnibus Incentive Plan

4 terms

Restricted Stock Units financial

"Each restricted stock unit represents a contingent right to receive one share"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Change in Control financial

"the occurrence of a "Change in Control", as defined in the ExlService Holdings, Inc. 2025 Omnibus Incentive Plan"

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

Change of Control financial

"the occurrence of a "Change of Control", as defined in the Plan"

A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.

2025 Omnibus Incentive Plan financial

"as defined in the ExlService Holdings, Inc. 2025 Omnibus Incentive Plan (the "Plan")"

An omnibus incentive plan is a company-wide program that authorizes awards of pay tied to performance and retention—such as stock options, restricted shares, cash bonuses and other rewards—here labeled for the year it was adopted (2025). Investors care because it affects how much ownership can be issued, dilutes existing shareholders, and aligns executives’ and employees’ incentives with company goals, similar to giving team members a stake in the outcome.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did EXLS director Kristy Pipes report on this Form 4?

Director Kristy Pipes reported receiving a grant of 7,871 restricted stock units tied to ExlService Holdings common stock. This is a compensation-related equity award, not an open-market purchase or sale, and reflects additional stock-based incentives for her board service.

How many ExlService (EXLS) shares are linked to Kristy Pipes’ new RSU award?

The new award covers 7,871 restricted stock units, each representing a contingent right to receive one share of ExlService Holdings common stock. Upon settlement, these units can deliver an equal number of shares if vesting and settlement conditions are satisfied.

When do Kristy Pipes’ new EXLS restricted stock units vest?

The RSUs vest on the earlier of one year after grant, the date her current board term expires if she is not re-elected, or a qualifying change in control as defined in ExlService Holdings’ 2025 Omnibus Incentive Plan.

When will the newly granted EXLS RSUs to Kristy Pipes settle into shares?

The RSUs settle into shares on the earlier of her death, a qualifying change of control, or January 1 of the year after she ceases serving on the board for reasons other than death, or, if later, her separation from service.

What is Kristy Pipes’ total EXLS equity-related position after this RSU grant?

Following the grant, Kristy Pipes holds 43,362 underlying shares tied to her equity awards and holdings. This figure includes the newly granted restricted stock units reported in this Form 4, showing her ongoing alignment with shareholder interests.

Is the EXLS Form 4 transaction a market buy or sell of shares?

No. The Form 4 reports a grant of restricted stock units, categorized as an acquisition through compensation. It is not an open-market purchase or sale, and no transaction price per share was reported for this RSU award.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/18/2026 - 04:15 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a 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). See Instruction 10.

1. Name and Address of Reporting Person^*

Pipes Kristy

(Last) (First) (Middle)

320 PARK AVENUE

29TH FLOOR

(Street)

NEW YORK NEW YORK 10022

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ExlService Holdings, Inc. [ EXLS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	06/16/2026		A		7,871		(2)	(2)	Common Stock, par value $0.001 per share	7,871	$0	43,362	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of the Company's common stock upon settlement.

2. The restricted stock units vest upon the earlier of (i) the first anniversary of the date of grant, (ii) the date on which the reporting person's term as a member of the Board of Directors of ExlService Holdings, Inc. (the "Board") expires if the reporting person is not subsequently elected to a new term on the Board, and (iii) the occurrence of a "Change in Control", as defined in the ExlService Holdings, Inc. 2025 Omnibus Incentive Plan (the "Plan"), and such awards settle upon the earlier of (i) the reporting person's death, (ii) the occurrence of a "Change of Control", as defined in the Plan and (iii) January 1st of the year following the date on which the reporting person ceases to serve as a member of the Board for any reason other than due to such reporting person's death or, if later, the date of the reporting person's separation from service.

Remarks:

Mr. Ayyappan is the Company's General Counsel.

	/s/ Ajay Ayyappan, Attorney-in-Fact	06/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)