ExlService EVP sells 5,093 company shares

ExlService Holdings, Inc. executive Ajay Ayyappan, EVP & General Counsel/Corporate Secretary, reported an open-market sale of 5,093 shares of common stock at $29.11 per share.

Rhea-AI Filing Summary

ExlService Holdings, Inc. executive Ajay Ayyappan, EVP & General Counsel/Corporate Secretary, reported an open-market sale of 5,093 shares of common stock at $29.11 per share. After this transaction, he directly holds 48,994 shares of ExlService common stock.

Insights

Equity compensation and insider-trading analyst

EVP & General Counsel sold a small portion of holdings in a routine open-market trade.

EVP & General Counsel/Corporate Secretary Ajay Ayyappan executed an open-market sale of 5,093 shares of ExlService common stock at $29.11 per share. The filing classifies this as a straightforward sale transaction under code “S”. No derivative exercises or grants accompanied the sale.

Following the transaction, Ayyappan directly holds 48,994 shares, indicating he retained a substantially larger position than he sold. With no derivatives reported in this filing and no 10b5-1 or similar notes in the footnotes excerpt, this appears as a routine portfolio move rather than a structural change in equity exposure.

Insider Trade Summary 10b5-1

Net Seller: 5,093 shares

Net Sell 1 txn

Insider AYYAPPAN AJAY

Role EVP & Gen Counsel/Corp. Sec'y.

Sold 5,093 shs ($148K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.001 per share	5,093	$29.11	$148K

Holdings After Transaction: Common Stock, par value $0.001 per share — 48,994 shares (Direct)

Key Figures

Shares sold: 5,093 shares Sale price per share: $29.11 per share Shares held after transaction: 48,994 shares

3 metrics

Shares sold 5,093 shares Open-market sale on 2026-05-20

Sale price per share $29.11 per share Open-market sale of common stock

Shares held after transaction 48,994 shares Direct ownership after sale

Key Terms

open-market sale, Common Stock, par value $0.001 per share, Form 4, transaction code "S"

4 terms

open-market sale financial

"transaction_action":"open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Common Stock, par value $0.001 per share financial

"security_title":"Common Stock, par value $0.001 per share""

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

transaction code "S" regulatory

"transaction_code":"S","transaction_code_description":"Sale in open market"

FAQ

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

What insider transaction did ExlService (EXLS) report for Ajay Ayyappan?

ExlService reported that EVP & General Counsel/Corporate Secretary Ajay Ayyappan completed an open-market sale of 5,093 shares of common stock at $29.11 per share. This was disclosed as a Form 4 insider transaction with transaction code “S” for a sale.

At what price did Ajay Ayyappan sell ExlService (EXLS) shares?

Ajay Ayyappan sold ExlService common stock at an average price of $29.11 per share. The Form 4 identifies the trade as an open-market sale of 5,093 shares of common stock, indicating a standard market transaction at that stated per-share price.

How many ExlService (EXLS) shares does Ajay Ayyappan hold after this Form 4 sale?

After the reported sale, Ajay Ayyappan directly holds 48,994 shares of ExlService common stock. This post-transaction balance, disclosed in the Form 4, shows that he maintained a considerably larger remaining stake compared with the 5,093 shares sold in the open-market transaction.

Was the ExlService (EXLS) Form 4 sale by Ajay Ayyappan an open-market transaction?

Yes. The Form 4 describes the transaction as an open-market sale of common stock, using transaction code “S” and the label “Sale in open market or private transaction.” The per-share sale price is reported as $29.11 for the 5,093 shares sold.

Did Ajay Ayyappan exercise any options or derivatives in this ExlService (EXLS) Form 4?

No. The filing shows only a non-derivative transaction involving common stock, with zero derivative transactions in the derivative summary. There are no option exercises, conversions, or other derivative-related activities reported alongside the 5,093-share open-market sale.

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

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Accepted by SEC EDGAR 05/22/2026 - 04:31 PM 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).

X

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^*

AYYAPPAN AJAY

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Gen Counsel/Corp. Sec'y.

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

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
Common Stock, par value $0.001 per share	05/20/2026		S		5,093	D	$29.11	48,994	D

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

Explanation of Responses:

Remarks:

	/s/ Ajay Ayyappan	05/22/2026
	** 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)