<SEC-DOCUMENT>0001628280-26-010796.txt : 20260223
<SEC-HEADER>0001628280-26-010796.hdr.sgml : 20260223
<ACCEPTANCE-DATETIME>20260223185133
ACCESSION NUMBER:		0001628280-26-010796
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260219
FILED AS OF DATE:		20260223
DATE AS OF CHANGE:		20260223

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Jetley Vivek
		CENTRAL INDEX KEY:			0001798124
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33089
		FILM NUMBER:		26666957

	MAIL ADDRESS:	
		STREET 1:		320 PARK AVENUE
		STREET 2:		29TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ExlService Holdings, Inc.
		CENTRAL INDEX KEY:			0001297989
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				820572194
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		320 PARK AVENUE
		STREET 2:		29TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		(212) 277-7100

	MAIL ADDRESS:	
		STREET 1:		320 PARK AVENUE
		STREET 2:		29TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wk-form4_1771890690.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2026-02-19</periodOfReport>

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    <issuer>
        <issuerCik>0001297989</issuerCik>
        <issuerName>ExlService Holdings, Inc.</issuerName>
        <issuerTradingSymbol>EXLS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
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            <rptOwnerCik>0001798124</rptOwnerCik>
            <rptOwnerName>Jetley Vivek</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>320 PARK AVENUE, 29TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President of EXL</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
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    <derivativeTable>
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                <footnoteId id="F5"/>
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                    <value>20547</value>
                </sharesOwnedFollowingTransaction>
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        </derivativeTransaction>
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    <footnotes>
        <footnote id="F1">Restricted stock units of ExlService Holdings, Inc. (the &quot;Company&quot;) convert into common stock, par value $0.001 per share (the &quot;Common Stock&quot;) on a one-for-one basis.</footnote>
        <footnote id="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.</footnote>
        <footnote id="F3">Each restricted stock unit represents a contingent right to receive one share of the Company's common stock upon settlement.</footnote>
        <footnote id="F4">The restricted stock units will vest in four equal annual installments, beginning on February 19, 2027. Vesting will be accelerated upon certain termination of employment events and upon a &quot;Change in Control&quot; (as defined in the ExlService Holdings, Inc. 2025 Omnibus Incentive Plan).</footnote>
        <footnote id="F5">On June 17, 2025, the reporting person was granted 27,396 restricted stock units, vesting in four equal annual installments beginning on February 20, 2026. 25 percent of the restricted stock units
became vested on February 20, 2026, an additional 25 percent of the restricted stock units will vest on February 20, 2027, an additional 25 percent of the restricted stock units will vest on February 20,
2028, and the remaining balance of 25 percent of the restricted stock units will vest on February 20, 2029.</footnote>
    </footnotes>

    <remarks>Note: On February 19, 2026, the reporting person was also granted performance-based restricted stock units that are subject to material conditions beyond the reporting person's control, and, therefore, are not considered derivative securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, and are excluded from this report.

Remarks: Mr. Ayyappan is the Company's General Counsel.</remarks>

    <ownerSignature>
        <signatureName>/s/ Ajay Ayyappan, Attorney-in-Fact</signatureName>
        <signatureDate>2026-02-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
