ExlService (EXLS) EVP Ajay Ayyappan sells 1,197 shares under 10b5-1 plan

Rhea-AI Filing Summary

ExlService Holdings executive Ajay Ayyappan, EVP and General Counsel/Corporate Secretary, sold 1,197 shares of common stock in an open-market transaction at $29.79 per share. The filing states this sale was made under a pre-arranged Rule 10b5-1 trading plan entered on August 11, 2025, and Ayyappan now directly holds 53,901 shares of ExlService common stock.

Insider Trade Summary

Net Seller: 1,197 shares ($35,659)

Net Sell 1 txn

Insider AYYAPPAN AJAY

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

Sold 1,197 shs ($36K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.001 per share	1,197	$29.79	$36K

Holdings After Transaction: Common Stock, par value $0.001 per share — 53,901 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

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	02/23/2026		S		1,197	D	$29.79(1)	53,901	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:

1. This sale was made pursuant to a 10b5-1 plan previously entered into by the reporting person on August 11, 2025.

Remarks:

	/s/ Ajay Ayyappan	02/25/2026
	** 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.

FAQ

What insider transaction did EXLS executive Ajay Ayyappan report?

Ajay Ayyappan reported selling 1,197 shares of ExlService common stock. The shares were sold in an open-market transaction at $29.79 per share, according to the Form 4 insider trading report filed for ExlService Holdings.

Was the EXLS insider stock sale by Ajay Ayyappan under a 10b5-1 plan?

Yes. The filing states the 1,197-share sale was executed under a pre-arranged Rule 10b5-1 trading plan. This plan was previously entered into by Ajay Ayyappan on August 11, 2025, to systematically sell portions of his ExlService holdings.

How many EXLS shares does Ajay Ayyappan own after the reported sale?

After selling 1,197 shares, Ajay Ayyappan directly holds 53,901 shares of ExlService common stock. This post-transaction ownership figure is disclosed in the Form 4 and reflects his remaining direct beneficial interest in the company.

What price did EXLS executive Ajay Ayyappan receive per share in the sale?

Ajay Ayyappan sold the 1,197 ExlService common shares at $29.79 per share. This price represents the average sale price reported in the Form 4 for the open-market transaction on the stated trade date.

What is the role of Ajay Ayyappan at ExlService Holdings (EXLS)?

Ajay Ayyappan serves as Executive Vice President and General Counsel/Corporate Secretary at ExlService Holdings. His officer title is specifically disclosed in the Form 4, identifying him as a senior legal and corporate governance executive of the company.

Does the EXLS Form 4 indicate whether the insider sale was direct or indirect ownership?

The Form 4 shows the transaction as a direct ownership sale. The ownership code is listed as “D,” indicating the 1,197 shares sold and the remaining 53,901 shares are held directly by Ajay Ayyappan, not through an intermediary entity.