Document:

Form of Restricted Stock Award Agreement under the 2006 Omnibus Plan

 Exhibit 10.31 
 EXLSERVICE HOLDINGS, INC. 2006 OMNIBUS AWARD PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 

THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”), dated as of
            , 2006 (the “Date of Grant”), is made by and between ExlService Holdings, Inc., a Delaware corporation (the “Company”), and
                                    
(“Participant”). 
 WHEREAS, the Company has adopted the ExlService Holdings, Inc. 2006 Omnibus Award Plan (the
“Plan”), which Plan is incorporated herein by reference and made a part of this Agreement; 
 WHEREAS, the Plan provides for
the grant of forfeitable shares of the Company’s Common Stock, par value $0.001 per share (“Restricted Stock”); and 
 WHEREAS, the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) has determined that it would be in the best interests of the Company and its stockholders to
grant the award of Restricted Stock provided for herein (the “Restricted Stock Award”) to Participant, on the terms and conditions described in this Agreement. 
 NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 
 1. Grant of Restricted Stock Award. 
 (a) Grant. The Company hereby grants to Participant a Restricted Stock Award consisting of
                     shares of Restricted Stock. The Restricted Stock shall vest and become non-forfeitable in accordance with Section 2
hereof. 
 (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 Participant and his legal representative in respect
of any questions arising under the Plan or this Agreement. 
 2. Vesting. [COMMITTEE TO DETERMINE VESTING PROVISIONS, INCLUDING, IF
APPLICABLE, ACCELERATION UPON TERMINATION OF EMPLOYMENT AND/OR CHANGE IN CONTROL.] 
 3. Tax Withholding. Participant shall pay to the
Company promptly upon request, and in any event at the time Participant recognizes taxable income in respect of the Restricted Stock Award, an amount equal to the taxes the Company 

 
determines it is required to withhold under applicable tax laws with respect to the Restricted Stock. Such payment shall be made, at Participant’s
election, in the form of cash in an amount or Restricted Stock with a Fair Market Value equal to such withholding liability; provided that the Committee may, in its sole discretion, to the extent permitted by applicable law, allow such withholding
obligation to be satisfied by any other method described in Section 12(d) of the Plan. 
 4. Certificates. Certificates
evidencing the Restricted Stock shall be issued by the Company and shall be registered in Participant’s name on the stock transfer books of the Company promptly after the date hereof, but shall remain in the physical custody of the Company or
its designee at all times prior to, in the case of any particular share of Restricted Stock, the date on which such share vests (the “Vesting Date”). As a condition to the receipt of this Restricted Stock Award, Participant shall
deliver to the Company a stock power, duly endorsed in blank, relating to the Restricted Stock. 
 5. Forfeiture of Restricted Stock.
Unvested Restricted Stock shall be forfeited without consideration by Participant upon Participant’s termination of employment with the Company or its Affiliates for any reason. 
 6. Rights as a Stockholder; Dividends. Participant shall not be deemed for any purpose to be the owner of any Restricted Stock unless and until
(i) the Company shall have issued the Restricted Stock in accordance with Section 4 hereof and (ii) Participant’s name shall have been entered as a stockholder of record with respect to the Restricted Stock on the books of the
Company. Upon the fulfillment of the conditions in (i) and (ii) of this Section 6, Participant shall be the record owner of the Restricted Stock unless and until such shares are forfeited pursuant to Section 5 hereof or sold or
otherwise disposed of, and as record owner shall be entitled to all rights of a common stockholder of the Company, including, without limitation, voting rights, if any, with respect to the Restricted Stock; provided that (x) any cash or in-kind
dividends paid with respect to unvested Restricted Stock shall be withheld by the Company and shall be paid to Participant, without interest, only when, and if, such Restricted Stock becomes vested and (y) the Restricted Stock shall be subject
to the limitations on transfer and encumbrance set forth in this Agreement. As soon as practicable following the vesting of any Restricted Stock, certificates for such vested Restricted Stock shall be delivered to Participant or to
Participant’s legal representative along with the stock powers relating thereto. 
 7. Restrictive Legend. All certificates
representing Restricted Stock shall have affixed thereto a legend in substantially the following form, in addition to any other legends that may be required under federal or state securities laws: 
 THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN THE EXLSERVICE HOLDINGS, INC. 2006 OMNIBUS AWARD
PLAN AND A CERTAIN RESTRICTED STOCK AWARD AGREEMENT BETWEEN EXLSERVICE HOLDINGS, INC. AND THE REGISTERED OWNER OF THIS CERTIFICATE (OR HIS PREDECESSOR IN INTEREST), WHICH PLAN 

  

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AND AGREEMENT ARE BINDING UPON ANY AND ALL OWNERS OF ANY INTEREST IN SAID SHARES. SAID PLAN AND AGREEMENT ARE AVAILABLE FOR INSPECTION WITHOUT CHARGE AT THE
PRINCIPAL OFFICE OF EXLSERVICE HOLDINGS, INC. AND COPIES THEREOF WILL BE FURNISHED WITHOUT CHARGE TO ANY OWNER OF SAID SHARES UPON REQUEST. 
 8. Transferability. No share of Restricted Stock may, at any time prior to becoming vested, be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Participant and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or
encumbrance. 
 9. Adjustments for Stock Splits, Stock Dividends, etc. 
 (a) If from time to time during the term of the Agreement there is any stock split up, stock dividend, stock distribution or other
reclassification of the Common Stock, any and all new, substituted or additional securities to which Participant is entitled by reason of his ownership of the Restricted Stock shall be immediately subject to the terms of the Agreement. 

(b) If the Common Stock is converted into or exchanged for, or stockholders of the Company receive by reason of any distribution in
total or partial liquidation, securities of another corporation, or other property (including cash), pursuant to any merger of the Company or acquisition of its assets, then the rights of the Company under the Agreement shall inure to the benefit of
the Company’s successor and the Agreement shall apply to the securities or other property received upon such conversion, exchange or distribution in the same manner and to the same extent as the Restricted Stock. 
 10. Waiver. Any right of the Company contained in this Agreement may be waived in writing by the Board. No waiver of any right hereunder by any
party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be
held to constitute a waiver of any other breach or a waiver of the continuation of the same breach. 
 11. 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, facsimile, courier service or personal delivery: 
 if to the Company: 
 ExlService Holdings,
Inc. 
 350 Park Avenue, 10th Floor 
  

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 New York, NY 10022 
 Facsimile: (212) 872-1524 
 Attention: General Counsel 
 if to Participant: 
 [                                      
          ] 
 [                                      
          ] 
 Facsimile:
[                    ] 
 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 by facsimile. 
 12.
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. 
 13. No Rights to Employment. Nothing contained in this Agreement shall be construed as
giving 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 Participant at any time for any reason whatsoever. 
 14. Beneficiary.
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 Participant,
Participant’s estate shall be deemed to be Participant’s beneficiary. 
 15. 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 Participant and the beneficiaries, executors, administrators, heirs and successors of Participant. 
 16. 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. 
  

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 17. Modifications. 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. 
 18. Bound by Plan. By signing this Agreement, 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. 
 19. Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware 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 Delaware. 
 20.
JURY TRIAL WAIVER. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT IS LITIGATED OR HEARD IN ANY COURT. 
 21. 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. 
 22. 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. 
  

			
	ExlService Holdings, Inc.
	
	  

	By:	 	
	Title:	 	
	
	Participant
	
	  

  

 6Form of Stock Option Agreement under the 2006 Omnibus Plan

 Exhibit 10.32 
 EXLSERVICE HOLDINGS, INC. 2006 OMNIBUS AWARD PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT

 THIS OPTION AGREEMENT (the “Agreement”), dated as of
            , 20     (the “Date of Grant”), is made by and between ExlService Holdings, Inc., a Delaware corporation (the
“Company”), and                                 
(“Participant”). 
 WHEREAS, the Company has adopted the ExlService Holdings, Inc. 2006 Omnibus Award Plan (the
“Plan”), pursuant to which options may be granted to purchase shares of the Company’s Common Stock, par value $0.001 per share (“Stock”); and 
 WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Committee”) 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 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 Participant an option (the “Option”) to purchase
[                    ] 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. The Option is not intended to qualify as an incentive stock option within the meaning of Section 422 of the Code. 
 (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 Participant and his legal representative in respect of any questions arising
under the Plan or this Agreement. 
 2. Terms and Conditions. 
 (a) Option Price. The Option Price, being the price at which Participant shall be entitled to purchase the Option Shares upon the exercise of all
or any portion of the Option, shall be $             per share. 
 (b)
Expiration Date. Subject to Section 2(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 Grant (the “Option Period”). 

 (c) Exercisability of the Option. 
 (i) Except as may otherwise be provided herein, the Option shall become vested and exercisable as follows: [COMMITTEE TO DETERMINE VESTING PROVISIONS,
INCLUDING, IF APPLICABLE, ACCELERATION UPON TERMINATION OF EMPLOYMENT AND/OR CHANGE IN CONTROL.] 
 (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 3(b) hereof and accompanied by payment of the Option Price.
The Option Price shall be paid by Participant to the Company by (A) certified check, (B) means of a net exercise whereby the number of Option Shares received by Participant shall equal the excess, if any, of (x) the number of Option
Shares that would have been received by Participant upon such exercise had Participant paid the purchase price for the Option Shares in cash over (y) a number of Option Shares, the aggregate fair market value of which is equal to the aggregate
purchase price that would have been paid as determined pursuant to the immediately preceding clause (x), or (C) any other method approved by the Committee in writing. If requested by the Committee, Participant shall promptly deliver his copy of
this Agreement to the Secretary of the Company who shall endorse thereon a notation of such exercise and promptly return such Agreement to Participant. 
 (d) Effect of Termination of Employment on Options. In the event that Participant ceases to be employed by the Company or its Affiliates for any reason [other than [TERMINATION VESTING ACCELERATIONS, IF
APPLICABLE]], the unvested portion of the Option shall expire upon such cessation of employment and the vested portion of 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 ninety (90) days after the date of such termination. In such event, the vested portion of the Option shall remain exercisable by Participant until its expiration. 
 (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 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 Participant other than
by will or the laws of descent and distribution. 
 (g) Rights as Stockholder. 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 Company shall have issued and delivered to Participant the
Option Shares and (iii) 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, Participant must pay to the Company in the form of a certified check 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 12(d) of the Plan. 
 3. Miscellaneous. 
 (a) Waiver. Any right of the Company contained in this Agreement may be waived in writing by the Committee. No waiver of any right hereunder by
any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall
be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach. 
 (b) 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, facsimile, 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: General Counsel 
 if to Participant: 
 [                                      
          ] 
 [                                      
          ] 
 Facsimile:
[                              ] 
 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. 
  

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 (c) 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. 
 (d) No Rights to Employment. Nothing contained in this Agreement shall be construed as giving 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
Participant at any time for any reason whatsoever. 
 (e) Modifications. 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. 
 (f) Bound by Plan. By signing this
Agreement, 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. 
 (g) Beneficiary. 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 Participant, Participant’s estate shall be deemed to be Participant’s beneficiary. 
 (h) 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
Participant and the beneficiaries, executors, administrators, heirs and successors of Participant. 
 (i) 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. 
 (j) Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware 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 Delaware. 
 (k) JURY TRIAL
WAIVER. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT IS LITIGATED OR HEARD IN ANY COURT. 
 (l) 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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 (m) 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:	 	  

	Name:	 	
	Title:	 	
	
	PARTICIPANT
	
	  

 [Signature Page to Nonqualified Stock Option Agreement] 
  

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 Exhibit A 
 NOTICE OF OPTION EXERCISE 
 PURSUANT TO THE EXLSERVICE HOLDINGS, INC. 2006 OMNIBUS AWARD PLAN

 To exercise your option to purchase shares of ExlService Holdings, Inc. (the “Company”) common stock (“Shares”),
please fill out this form and return it to the Corporate Secretary of the Company. 
 I hereby exercise my right to purchase
                     Shares under the option granted to me pursuant to the Nonqualified Stock Option Agreement between myself and the Company,
dated as of             , 20    . I am vested in my option as to the Shares being purchased hereunder. 
 Payment of Exercise Price. The per-Share exercise price of the option is $            .
The total exercise price for the Shares I am purchasing is $            . I elect to pay that total exercise price by one of the following methods [CHECK ONE]: 
  

	 	            	By certified check, which is enclosed. 

  

	 	            	By the “net exercise” method described in Section 2(c)(ii) of the Stock Option Agreement. I understand that the Company will withhold a number of Shares having a
value equal to the total exercise price. 

  

	 	            	By another method specifically approved by the Committee which administers the ExlService Holdings, Inc. 2006 Omnibus Award Plan – describe below after receiving approval from
the Chief Financial Officer of the Company 

 ____________________________________________________________________________________________ 
 Tax Withholding. Required payroll
taxes and income tax withholding in connection with this option exercise total $            . (Please contact the office of the Chief Financial Officer of the Company to determine
this amount.) I elect to pay that withholding by one of the following methods [CHECK ONE]: 
  

	 	            	By certified check, which is enclosed. 

  

	 	            	By another method specifically approved by the Committee which administers the ExlService Holdings, Inc. 2006 Omnibus Award Plan – describe below after receiving approval from
the Chief Financial Officer of the Company 

 ____________________________________________________________________________________________ 
 I understand that this option exercise is not
effective unless and until this Notice of Option Exercise is enclosed, along with any necessary certified checks. I hereby represent that, to the best of my knowledge and belief, I am legally entitled to exercise this option. 

			
	Signature:	 	  

		
	Printed Name:	 	  

		
	 Social Security
 Number:
	 	  
  

		
	Date:

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