ExlService (EXLS) EVP reports RSU vesting and tax share disposition

Rhea-AI Filing Summary

ExlService Holdings Executive Vice President Narasimha Kini reported equity award activity and related tax withholding. On February 27, 2026, 5,587 restricted stock units were converted into an equal number of common shares at no cost, reflecting vesting under a prior grant.

To cover tax obligations, 2,853 common shares were withheld and disposed of at a price of $30.99 per share, leaving 211,748 common shares held directly. The underlying grant was 22,348 restricted stock units awarded on February 27, 2024, vesting in four equal annual installments through 2028.

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

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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^*

Kini Narasimha

(Last) (First) (Middle)

EXLSERVICE HOLDINGS INC

320 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

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)
	Executive Vice President

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

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

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

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

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	02/27/2026		M(1)		5,587	A	$0	214,601	D
Common Stock, par value $0.001 per share	02/27/2026		F		2,853	D	$30.99(2)	211,748	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
Restricted Stock Units	(1)	02/27/2026		M(1)			5,587	(3)	(3)	Common Stock, par value $0.001 per share	5,587	$0	11,174	D

Explanation of Responses:

1. 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.

2. 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.

3. On February 27, 2024, the reporting person was granted 22,348 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 27, 2025, an additional 25 percent of the restricted stock units became vested on February 27, 2026, an additional 25 percent of the restricted stock units will vest on February 27, 2027, and the remaining balance of 25 percent of the restricted stock units will vest on February 27, 2028.

Remarks:

Mr. Ayyappan is the Company's General Counsel.

	/s/ Ajay Ayyappan, Attorney-in-Fact	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did EXLS Executive Vice President Narasimha Kini report?

Narasimha Kini reported RSU vesting and related share withholding. 5,587 restricted stock units converted into common shares, and 2,853 common shares were disposed of at $30.99 per share to satisfy tax obligations under the company’s equity incentive plan.

How many ExlService (EXLS) shares did Narasimha Kini acquire through RSU conversion?

Kini acquired 5,587 common shares via conversion of restricted stock units at no cost. These RSUs convert one-for-one into common stock and reflect vesting of a previously granted equity award under ExlService Holdings’ 2018 Omnibus Incentive Plan.

Why were 2,853 EXLS shares disposed of in Narasimha Kini’s Form 4 filing?

2,853 common shares were disposed of to cover tax liabilities tied to RSU vesting. The transaction used a price of $30.99 per share, based on the prior day’s Nasdaq Global Select Market closing price for computing tax reporting and withholding.

What is the size and vesting schedule of Narasimha Kini’s 22,348 EXLS RSU grant?

Kini received 22,348 restricted stock units on February 27, 2024, vesting in four equal annual installments. Twenty-five percent vested on February 27, 2025, another 25 percent on February 27, 2026, with remaining 25 percent tranches scheduled for 2027 and 2028.

How many EXLS common shares does Narasimha Kini hold after these transactions?

After the reported RSU conversion and tax-withholding disposition, Kini holds 211,748 shares of ExlService Holdings common stock directly. This balance reflects the net effect of 5,587 shares acquired and 2,853 shares disposed of on February 27, 2026.

How do ExlService (EXLS) RSUs convert into common stock for Narasimha Kini?

Restricted stock units convert into ExlService common stock on a one-for-one basis. When vesting occurs, each RSU becomes one share of common stock, as seen in Kini’s 5,587-unit RSU conversion to 5,587 common shares on February 27, 2026.