ExlService Holdings (EXLS) EVP settles 6,960 RSUs into stock

Rhea-AI Filing Summary

ExlService Holdings Executive Vice President Narasimha Kini reported the settlement of previously granted equity awards. On January 21, 2026, 6,960 restricted stock units were settled into 5,315 shares of ExlService common stock at a stated price of $41.64 per share, increasing his directly held common stock to 190,973 shares. These shares relate to restricted stock units that vested on March 31, 2024 but were not settled until January 21, 2026; the share amount was reduced under applicable U.S. tax rules and regulations. The RSUs stem from a March 31, 2022 grant of 20,885 units (after a 5-for-1 stock split), vesting 33% on March 31, 2024 and 67% on March 31, 2025, and were issued under a share matching plan tied to Kini’s purchase of company stock.

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)
01/21/2026

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	01/21/2026		M		5,315(1)	A	$41.64	190,973	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	(2)	01/21/2026		M			6,960	(3)	(3)	Common Stock, par value $0.001 per share	6,960	$0	0	D

Explanation of Responses:

1. Represents the shares of common stock of ExlService Holdings, Inc. (the "Company") issued in respect of the reporting person's restricted stock units that vested as of March 31, 2024, but which were settled as of January 21, 2026. Due to administrative delay in settlement, the number of shares of common stock issued to the reporting person was reduced based on applicable U.S. tax rules and regulations.

2. Represents restricted stock units received under a share matching plan in connection with the officer's purchase of common stock, par value $0.001 per share of ExlService Holdings, Inc.

3. On March 31, 2022, the reporting person was granted 20,885 restricted stock units, after adjustment for the 5-for-1 forward stock split, effective August 1, 2023, vesting in two installment installments beginning on the second anniversary of the grant date. 33% of the restricted stock units became vested on March 31, 2024, and the remaining balance of 67% of the restricted stock units became vested on March 31, 2025. This transaction represents the settlement, as of January 21, 2026, of the shares that vested in 2024.

Remarks:

Mr. Ayyappan is the Company's General Counsel.

	/s/ Ajay Ayyappan, Attorney-in-Fact	01/23/2026
	** 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.
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FAQ

Who is the insider in this ExlService Holdings (EXLS) Form 4 filing?

The filing reports transactions by Narasimha Kini, who serves as Executive Vice President of ExlService Holdings, Inc. and is an officer of the company.

What equity transaction did Narasimha Kini report for ExlService (EXLS)?

On January 21, 2026, Kini reported the settlement of 6,960 restricted stock units into 5,315 shares of ExlService common stock at a stated price of $41.64 per share.

How many ExlService (EXLS) shares does Narasimha Kini own after this transaction?

Following the reported settlement, Narasimha Kini directly beneficially owned 190,973 shares of ExlService Holdings, Inc. common stock.

What is the origin of the 6,960 restricted stock units settled in this Form 4?

The 6,960 restricted stock units were part of a March 31, 2022 grant of 20,885 RSUs (after a 5-for-1 stock split), awarded under a share matching plan connected to Kini’s purchase of ExlService common stock.

When did the underlying restricted stock units for this ExlService (EXLS) transaction vest?

The RSUs vested in two parts: 33% vested on March 31, 2024 and the remaining 67% vested on March 31, 2025. This Form 4 transaction reflects the settlement of the portion that vested in 2024.

Why was the number of ExlService (EXLS) shares issued to Narasimha Kini reduced on settlement?

The footnotes state that, because of an administrative delay in settlement, the number of shares of common stock issued on January 21, 2026 was reduced based on applicable U.S. tax rules and regulations.

What type of securities were involved in Narasimha Kini’s ExlService (EXLS) Form 4?

The filing covers both restricted stock units (a derivative security) and the resulting common stock, par value $0.001 per share, issued upon settlement of those units.