ExlService president exercises RSUs, withholds shares

ExlService Holdings President Vivek Jetley reported equity compensation activity involving restricted stock units and common shares.

Rhea-AI Filing Summary

ExlService Holdings President Vivek Jetley reported equity compensation activity involving restricted stock units and common shares. On February 27, 2026, 9,579 restricted stock units converted into an equal number of common shares at a stated price of $0.00 per share, reflecting a derivative exercise under the company’s incentive plan.

On the same date, 5,298 common shares were disposed of at $30.99 per share to satisfy tax withholding obligations related to this vesting. Following these transactions, Jetley directly held 426,174 shares of common stock and 19,158 restricted stock units, which continue to vest in equal annual installments through February 27, 2028.

Insider Trade Summary

9,579 shares exercised/converted

Exercise 3 txns

Insider Jetley Vivek

Role President of EXL

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	9,579	$0.00	$0.00
Exercise	Common Stock, par value $0.001 per share	9,579	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock, par value $0.001 per share	5,298	$30.99	$164K

Holdings After Transaction: Restricted Stock Units — 19,158 contracts (Direct); Common Stock, par value $0.001 per share — 426,174 shares (Direct)

Footnotes (3)

1. F1. 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. F2. 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. F3. On February 27, 2024, the reporting person was granted 38,316 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.

FAQ

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What insider transactions did EXLS President Vivek Jetley report on this Form 4?

Vivek Jetley reported the vesting and conversion of 9,579 restricted stock units into common shares, and the disposition of 5,298 common shares used to cover tax withholding obligations related to that vesting, all occurring on February 27, 2026.

How many ExlService (EXLS) restricted stock units did Vivek Jetley have after the reported transactions?

After the reported vesting event, Vivek Jetley held 19,158 restricted stock units. These units stem from a 38,316-unit grant dated February 27, 2024, which vests in four equal annual installments from February 27, 2025 through February 27, 2028.

How many ExlService (EXLS) common shares did Vivek Jetley hold after these Form 4 transactions?

Following the February 27, 2026 transactions, Vivek Jetley directly held 426,174 shares of ExlService common stock. This figure reflects both the 9,579 newly issued shares from RSU conversion and the 5,298 shares disposed of for tax withholding purposes.

What price was used for the tax-withholding share disposition reported by EXLS President Vivek Jetley?

The tax-withholding disposition of 5,298 ExlService common shares was reported at $30.99 per share. Under the company’s 2018 Omnibus Incentive Plan, the prior day’s Nasdaq Global Select Market closing price is used to compute applicable tax reporting and withholding.

How do Vivek Jetley’s ExlService (EXLS) restricted stock units vest over time?

Jetley’s 38,316 restricted stock units, granted February 27, 2024, vest in four equal 25% annual installments. Portions vested on February 27, 2025 and February 27, 2026, with further 25% tranches scheduled to vest on February 27, 2027 and February 27, 2028.

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Accepted by SEC EDGAR 03/03/2026 - 05:40 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
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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^*

Jetley Vivek

(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)
	President of EXL

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)		9,579	A	$0	431,472	D
Common Stock, par value $0.001 per share	02/27/2026		F		5,298	D	$30.99(2)	426,174	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)			9,579	(3)	(3)	Common Stock, par value $0.001 per share	9,579	$0	19,158	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 38,316 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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