Document:

Non-Qualified Stock Option Agreeement between Shiv Kumar and the Company

 Exhibit 10.17 
  
 EXLSERVICE HOLDINGS, INC. 2003 STOCK OPTION PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT 
  
 THIS OPTION AGREEMENT (the “Agreement”), dated as of March 1, 2004 (the “Date of Grant”), is made by and between
ExlService Holdings, Inc., a Delaware corporation (the “Company”), and Shiv kumar Nerur Thiagarajan (the “Participant”). 
  
 WHEREAS, the Company has adopted the ExlService Holdings, Inc. 2003 Stock Option Plan (the “Plan”), pursuant to which options may be
granted to purchase shares of the Company’s Series B common stock, par value, $0.001 per share (“Stock”); and 
  
 WHEREAS, the Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its
stockholders to grant the stock option award provided for herein to the Participant subject to the terms set forth herein; 
  
 NOW, THEREFORE, for and in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows: 
  
 1. Grant of Option. 
  
 (a) Grant. The Company hereby grants to the Participant an option (the “Option”) to purchase 30,000 shares of Stock (such shares
of Stock, the “Option Shares”), on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. This Option is not intended to be treated as an Incentive Stock Option. 
  
 (b) Incorporation by Reference. Etc. The provisions of the Plan are
hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the
definitions set forth in the Plan. The Committee shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon the
Participant and his legal representative in respect of any questions arising under the Plan or this Agreement. 
  
 3. Terms and Conditions. 
  
 (a) Option Price. The price at which the Participant shall be entitled to purchase the Option Shares upon the exercise of all or any portion of
this Option shall be $7.50 per share. 
  
 (b) Expiration
Date. Subject to Section 3(d) hereof, the Option shall expire at the end of the period commencing on the Date of Grant and ending at 11:59 p.m. Eastern Time (“ET”) on the day preceding the tenth anniversary of the date of
this Agreement (the “Option Period”). 

 (c) Exercisability of the Option 
  
 (i) Except as may otherwise be provided herein, the Option shall become vested and exercisable as to 25% of the
Option Shares on March 2, 2005, and then as to 25% of the remaining unvested Option Shares, on the each of March 2, 2006, March 2, 2007, and March 2, 2008, on which date all of the Option Shares shall have become vested.

  
 (ii) The Option may be exercised only by written notice,
substantially in the form attached hereto as Exhibit A (or a successor form provided by the Committee) delivered in person or by mail in accordance with Section 4(a) hereof and accompanied by (i) payment therefore, (ii) an
executed copy of the Stock Purchase Agreement, substantially in the form attached hereto as Exhibit B, by and between the Company and the Participant (the “Stock Purchase Agreement”), and (iii) if the Participant is
married and is a resident of a state which is a “Community Property” state, an executed spousal consent substantially in the form attached hereto as Exhibit C. The purchase price of the Option Shares shall be paid by the Participant
to the Company (A) by certified check, (B) following an initial public offering by the Company of shares of Stock registered under the Securities Act of 1933, as amended (an “Initial Offering”), by a “cashless
exercise” procedure if and in the manner approved by the Committee, or (C) by any other method approved by the Committee in writing. If requested by the Committee, the Participant shall promptly deliver his copy of this Agreement
evidencing the Option to the Secretary of the Company who shall endorse thereon a notation of such exercise and promptly return such Agreement to the Participant. 
  
 (d) Effect of Termination of Employment on Options. In the event that the Participant ceases to be employed by the
Company or its Affiliates for any reason, the Option (to the extent then outstanding) shall expire at 11:59 p.m., ET on the earlier of (i) the last day of the Option Period, or (ii) the date that is 90 days after the date of such
termination. In such event, the Option shall remain exercisable by the Participant until its expiration, only to the extent the Option was vested and exercisable at the time of such termination. 
  
 (e) Compliance with Legal Requirements. The granting and exercising of
the Option, and any other obligations of the Company under this Agreement shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any regulatory or governmental agency as may be required. The
Committee, in its sole discretion, may postpone the issuance or delivery of Option Shares as the Committee may consider appropriate and may require the Participant to make such representations and furnish such information as it may consider
appropriate in connection with the issuance or delivery of Option Shares in compliance with applicable laws, rules and regulations. 
  
 (f) Transferability. The Option shall not be transferable by the Participant other than by will or the laws of descent and distribution.

  
 (g) Rights as Stockholder. The Participant shall not be
deemed for any purpose to be the owner of any shares of Stock subject to this Option unless, until and to the extent that (i) this Option shall have been exercised pursuant to its terms, (ii) the Participant shall have executed the Stock
Purchase Agreement, (iii) the Company shall have issued and delivered to the Participant the Option Shares, and (iv) the Participant’s name shall have been entered as a stockholder of record with respect to such Option Shares on the
books of the Company. 
  

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 (h) Tax Withholding. Prior to the delivery of a certificate or certificates representing the
Option Shares, the Participant must pay in the form of a certified check to the Company any such additional amount as the Company determines that it is required to withhold under applicable federal, state or local tax laws in respect of the exercise
or the transfer of Option Shares; provided that the Committee may, in its sole discretion, allow such withholding obligation to be satisfied by any other method described in Section 8(d) of the Plan. 
  
 4. Miscellaneous. 
  
 (a) Notices. All notices, demands and other communications provided
for or permitted hereunder shall be made in writing and shall be by registered or certified first-class mail, return receipt requested, telecopier, courier service or personal delivery: 
  
 if to the Company: 
  
 ExlService Holdings, Inc. 
 350 Park Avenue,
10th Floor 
 New York, NY 10022 
 Facsimile: (212) 872-1524 
 Attention: Mr. Rohit Kapoor 
  
 with a copy to: 
  
 Oak Hill Capital Management, Inc. 
 Park
Avenue Tower 
 65 East 55th Street, 36th Floor 
 New York, NY 10022 
 Facsimile:
(212) 758-3572 
 Attention: John R. Monsky, Esq. 
  
 with a copy to: 
  
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 
 New York, NY 10019-6064 
 Telecopy: (212) 373-3000 
 Attention:
Kenneth M. Schneider, Esq. 
  
 if to the Participant: 

 
 Shiv kumar Nerur Thiagarajan 
 43 Strawberry Patch Lane, 
 Stamford, CT
06903 
 Telecopy:    ] 
  

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 All such notices, demands and other communications shall be deemed to have been duly given when delivered
by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service; five (5) business days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if
telecopied. 
  
 (b) Severability The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by
law. 
  
 (c) No Rights to Employment. Nothing contained in
this Agreement shall be construed as given the Participant any right to be retained, in any position, as an employee, consultant or director of the Company or its Affiliates or shall interfere with or restrict in any way the right of the Company or
its Affiliates, which are hereby expressly reserved, to remove, terminate or discharge the participant at any time for any reason whatsoever. 
  
 (d) Bound by Plan. By signing this Agreement, the Participant acknowledges that he has received a copy of the Plan and has had an opportunity to
review the Plan and agrees to be bound by all the terms and provisions of the Plan. 
  
 (e) Beneficiary. The Participant may file with the Committee a written designation of a beneficiary on such from as may be prescribed by the Committee and may, from time to time, amend or revoke such
designation. If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary. 
  
 (e) Successors. The terms of this Agreement shall be binding upon and
inure to the benefit of the Company and its successors and assigns, and of the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant. 
  
 (f) Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties
hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless the
same be in writing and signed by the parties hereto. 
  
 (g)
Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of New York without regard to principles of conflicts of law thereof, or Principals of conflicts of laws of any other jurisdiction which
could cause the application of the laws of any jurisdiction other than the State of New York. 
  
 (h) Headings. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement.

  

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 (i) Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall
be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
  
 [Remainder of page intentionally left blank; signature page to follow] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day first written above.

  

			
	EXLSERVICE HOLDINGS, INC.
		
	By:	 	 /s/ Rohit Kapoor

	 	 	Rohit Kapoor
	 	 	President & CFO
	
	THE PARTICIPANT
	
	 /s/ Shiv Kumar Nerur Thiagarajan

	Shiv Kumar Nerur Thiagarajan

  
 [Signature Page to Nonqualified Stock Option Agreement] 
  

 6Non-Qualified Stock Option Agreement between Katy Murray and the Company

 Exhibit 10.19 
 EXLSERVICE HOLDINGS, INC. 2003 STOCK OPTION PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT

 THIS OPTION AGREEMENT (the “Agreement”), dated as of June 1, 2005 (the “Date of Grant”), is
made by and between ExlService Holdings, Inc., a Delaware corporation (the “Company”), and Mary K. Murray (the “Participant”). 
 WHEREAS, the Company has adopted the ExlService Holdings, Inc. 2003 Stock Option Plan (the “Plan”), pursuant to which options may be granted to purchase shares of the Company’s Series B common
stock, par value, $0.001 per share (“Stock”); and 
 WHEREAS, the Board of Directors of the Company (the
“Board”) has determined that it is in the best interests of the Company and its stockholders to grant the stock option award provided for herein to the Participant subject to the terms set forth herein; 
 NOW, THEREFORE, for and in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows: 
  

	 	1.	Grant of Option. 

 (a) Grant.
The Company hereby grants to the Participant an option (the “Option”) to purchase 120,000 shares of Stock (such shares of Stock, the “Option Shares”), on the terms and conditions set forth in this Agreement
and as otherwise provided in the Plan. This Option is not intended to be treated as an Incentive Stock Option. 
 (b)
Incorporation by Reference, Etc. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any
capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan. The Committee shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under
them, and its decision shall be binding and conclusive upon the Participant and his legal representative in respect of any questions arising under the Plan or this Agreement. 
  

	 	3.	Terms and Conditions. 

 (a)
Option Price. The price at which the Participant shall be entitled to purchase the Option Shares upon the exercise of all or any portion of this Option shall be $23.75 per share. 
 (b) Expiration Date. Subject to Section 3(d) hereof, the Option shall expire at the end of the period commencing on the Date
of Grant and ending at 11:59 p.m. Eastern Time (“ET”) on the day preceding the tenth anniversary of the date of this Agreement (the “Option Period”). 

 (c) Exercisability of the Option. 
 (i) Except as may otherwise be provided herein, the Option shall become vested and exercisable as to 25% of the Option Shares on the first
anniversary of the date the Option grant was approved by the Compensation Committee of the Board (“Anniversary Date”) and then as to 25% of the unvested Option Shares, on each of the next three Anniversary Dates thereafter until all of the
Option Shares shall have vested. By way of example only, if Participant was granted 100 Option Shares, then 25 Option Shares shall vest on each of the next 4 Anniversary Dates. 
 (ii) The Option may be exercised only by written notice, substantially in the form attached hereto as Exhibit A (or a successor
form provided by the Committee) delivered in person or by mail in accordance with Section 4(a) hereof and accompanied by (i) payment therefore, (ii) an executed copy of the Stock Purchase Agreement, substantially in the form attached
hereto as Exhibit B, by and between the Company and the Participant (the “Stock Purchase Agreement”), and (iii) if the Participant is married and is a resident of a state which is a “Community Property” state,
an executed spousal consent substantially in the form attached hereto as Exhibit C. The purchase price of the Option Shares shall be paid by the Participant to the Company (A) by certified check, (B) following an initial public
offering by the Company of shares of Stock registered under the Securities Act of 1933, as amended (an “Initial Offering”), by a “cashless exercise” procedure if and in the manner approved by the Committee, or (C) by
any other method approved by the Committee in writing. If requested by the Committee, the Participant shall promptly deliver his copy of this Agreement evidencing the Option to the Secretary of the Company who shall endorse thereon a notation of
such exercise and promptly return such Agreement to the Participant. 
 (d) Effect of Termination of Employment on
Options. In the event that the Participant ceases to be employed by the Company or its Affiliates for any reason, the Option (to the extent then outstanding) shall expire at 11:59 p.m., ET on the earlier of (i) the last day of the Option
Period, or (ii) the date that is 90 days after the date of such termination. In such event, the Option shall remain exercisable by the Participant until its expiration, only to the extent the Option was vested and exercisable at the time of
such termination. 
 (e) Compliance with Legal Requirements. The granting and exercising of the Option, and any other
obligations of the Company under this Agreement shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any regulatory or governmental agency as may be required. The Committee, in its sole
discretion, may postpone the issuance or delivery of Option Shares as the Committee may consider appropriate and may require the Participant to make such representations and furnish such information as it may consider appropriate in connection with
the issuance or delivery of Option Shares in compliance with applicable laws, rules and regulations. 
 (f)
Transferability. The Option shall not be transferable by the Participant other than by will or the laws of descent and distribution. 
 (g) Rights as Stockholder. The Participant shall not be deemed for any purpose to be the owner of any shares of Stock subject to this Option unless, until and to the 

  

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extent that (i) this Option shall have been exercised pursuant to its terms, (ii) the Participant shall have executed the Stock Purchase Agreement,
(iii) the Company shall have issued and delivered to the Participant the Option Shares, and (iv) the Participant’s name shall have been entered as a stockholder of record with respect to such Option Shares on the books of the Company.

 (h) Tax Withholding. Prior to the delivery of a certificate or certificates representing the Option Shares, the
Participant must pay in the form of a certified check to the Company any such additional amount as the Company determines that it is required to withhold under applicable federal, state or local tax laws in respect of the exercise or the transfer of
Option Shares; provided that the Committee may, in its sole discretion, allow such withholding obligation to be satisfied by any other method described in Section 8(d) of the Plan. 
  

	 	4.	Miscellaneous. 

 (a) Notices.
All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered or certified first-class mail, return receipt requested, telecopier, courier service or personal delivery:

 if to the Company: 
 ExlService Holdings, Inc. 
 350 Park Avenue, 10th Floor 
 New York, NY 10022 
 Facsimile:
(212) 872-1524 
 Attention: Mr. Rohit Kapoor 
 with a copy to: 
 Oak Hill Capital Management, Inc. 
 Park Avenue Tower 
 65 East 55th Street, 36th Floor 
 New York, NY 10022 
 Facsimile: (212) 758-3572 
 Attention: John R. Monsky, Esq. 
 with a copy to: 
 Paul, Weiss, Rifkind,
Wharton & Garrison LLP 
 1285 Avenue of the Americas 
 New York, NY 10019-6064 
 Telecopy: (212) 373-3000 
 Attention: Kenneth M. Schneider, Esq. 
  

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 if to the Participant: 
 Mary K. Murray 
 c/o Exlservice.com, Inc. 
 350 Park Avenue, 10th Floor 
 New York, NY 10022 
 Telecopy: [                                ]

 All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand, if
personally delivered; when delivered by courier, if delivered by commercial courier service; five (5) business days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if telecopied.

 (b) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
 (c) No Rights to Employment. Nothing contained in this Agreement shall be construed as giving the Participant any right to be
retained, in any position, as an employee, consultant or director of the Company or its Affiliates or shall interfere with or restrict in any way the right of the Company or its Affiliates, which are hereby expressly reserved, to remove, terminate
or discharge the Participant at any time for any reason whatsoever. 
 (d) Bound by Plan. By signing this Agreement,
the Participant acknowledges that he has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan. 
 (e) Beneficiary. The Participant may file with the Committee a written designation of a beneficiary on such form as may be
prescribed by the Committee and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed to be the
Participant’s beneficiary. 
 (e) Successors. The terms of this Agreement shall be binding upon and inure to the
benefit of the Company and its successors and assigns, and of the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant. 
 (f) Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect
to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and
signed by the parties hereto. 
 (g) Governing Law. This Agreement shall be construed and interpreted in accordance
with the laws of the State of New York without regard to principles of 

  

 4 

 
conflicts of law thereof, or principals of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction
other than the State of New York. 
 (h) Headings. The headings of the Sections hereof are provided for convenience
only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement. 
 (i) Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 [Remainder of page intentionally left blank; signature page to follow] 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day first written above.

  

			
	 EXLSERVICE HOLDINGS, INC.

		
	By:	 	 /s/ Rohit Kapoor

		 	 Rohit Kapoor

		 	 President

  

	
	 THE PARTICIPANT

	
	 /s/ Mary K. Murray

	 Mary K. Murray

 [Signature Page to Nonqualified Stock Option Agreement] 
  

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