Document:

Statement of Work, effective as of August 2, 2003

 Exhibit 10.11 
  
 Statement of Work – Dell Home Sales 
  
 This Schedule is subject to the terms and conditions of the Master Services Agreement (the “Agreement”) between EXL Services Inc. (“Provider”), and
Dell Products L.P. (“Dell”). The SOW is effective as of 8/2/2003 and is specific to E-mail Technical Support. 
  

	1)	Definitions: 

  

	 	a)	Email: A customer communications in the form of written text, available via Dell’s Web-based Email management system. 

  

	 	b)	Post: A single incident of an email response sent to a customer for technical support or customer service for any Supported Product. 

  

	 	c)	Customer: A customer contacting Dell via email for technical support or customer service. 

  

	 	d)	Customer Support Representative (CSR): A Provider employee that performs the Services from the technical support queue or customer service queue. 

  

	 	e)	FTE (full time equivalent): person who works an 8-hour shift with 85% applied time. 

  

	 	f)	Handle Time: The total time spent on an email including consultation, CSR hold time, and wrap up of email. Queue time is not included. 

  

	 	g)	Average Cycle Time: The average time an email spends in queue before a reply is sent to the customer. 

  

	 	h)	Expected Number of emails: The expected number of emails Dell will have available for Provider during any period. This number will be provided by Dell on a monthly basis as
outlined in Section 3 below. 

  

	 	i)	Supported Products: Dell products for which Provider has been trained to provide support on Dell’s behalf. 

  

	 	j)	Months: Dell’s fiscal months will be used for all calculations and invoicing in this contract. 

  

	 	k)	[*] 

  

	 	l)	[*] 

  

	 	m)	Dispatch: Calls or emails handled by Provider resulting in part(s) and/or Field Service Technician being sent to the Customer. 

  

	 	n)	[*] 

  

	 	o)	In Writing/Written Form: all references in this document to material needed “in writing” or in “written form” can be delivered as either a hard copy or in
electronic format.” 

  

	 	p)	DPS: Dell Product Support, the proprietary interface for Dell product service and support 

  

	 	q)	KMR Report: Productivity and effectiveness report generated from Dell databases and shared with provider for management of process. 

  

	 	r)	CeM and Kana: Dell’s e-mail Web-based infrastructure 

  

	 	s)	Reassign Report: Productivity and effectiveness report generated from Dell databases and shared with provider for management of process. 

  

	 	t)	DellServe: Dell’s customer support Web-based infrastructure; proprietary Web-based interface for service records to be logged 

  

	 	u)	E-Survey: Customer experience report generated from Dell databases on shared with provider for management of process. 

  

	 	v)	Tech Detail Report: Productivity and effectiveness report generated from Dell databases and shared with provider for management of process. 

  

	 	w)	DSN: Proprietary Web-based interface for decision _____ support to assist agents in managing technical support issues. 

  

	 	x)	ACL Tool: Agent Closed Loop Tool 

	*	Indicates redacted information. 

  

					
	 Dell Computer Corporation
	  	13 May, 2004	  	Page 1

 Statement of Work – Dell Home Sales 
  

	 	y)	[*] 

  

	 	z)	VPN: Virtual Private Network 

  

	 	aa)	SSI: Secure Socket Layer 

  

	2)	Scope of Services 

  

	 	a)	Provider will be responsible for providing email technical support to Dell Customers. Dell emails will be available via Dell’s Web-based Email management system. The hours of
service shall be twenty-four hours a day, seven days a week, unless otherwise mutually agreed upon. The Email Services will be provided in a manner as similar as is reasonably possible to the way in which Dell provides its own email technical
support and customer service and in conjunction with the requirements of Exhibits A and C. Provider is responsible for ensuring its compliance with all security procedures as outlined in Exhibit D, Security Details. 

  

	3)	Email Volumes 

  

	 	a)	Forecasting: Dell will give best efforts to provide a rolling ninety-day written forecast of the Expected Number of Emails (herein “Rolling Forecast”) for Provider
with adjustments every thirty days. The first thirty days of the Rolling Forecast are the “Locked Forecast” which shall be the volume commitment (hereafter “Locked Forecast”) for Emails Dell will provide during that period. [*]

  
 [*] 
  
 [*] 
  
 [*] 
  

	 	b)	Forecast: Change requests must be provided to Provider in written form. If additional capacity is needed on shorter notice, Provider will make commercially reasonable efforts
(at 

	*	Indicates redacted information. 

  

					
	 Dell Computer Corporation
	  	13 May, 2004	  	Page 2

 Statement of Work – Dell Home Sales 
  

	 	 
mutually agreed additional cost and changes to the agreed service levels) to accommodate Dell’s request. Unless otherwise notified in writing, the
forecast process described in paragraph (a) of this section will remain in effect. 

  

	4)	Support Requirements 

  

	 	(a)	E-Mail Tracking System: Provider will log all answered E-mails into Dell’s customer tracking system (Dellserv). Dell will provide the necessary network permissions and
authority required to login and use the system for remote users. 

  

	 	b)	Reporting: Provider will provide the reports listed in Exhibits A and B. 

  

	 	c)	Equipment and Software: Dell will provide a limited number of computers with associated application software along with upgrade hardware, software and maintenance parts
required in Provider’s lab for the sole purpose of training CSR’s supporting Dell customers. Provider will be responsible for all costs associated with the installation of upgrades. Provider is responsible for the maintenance and security
of these systems. These systems will be returned to Dell at the termination of the agreement in like condition, excluding normal wear and tear from their daily use. Dell may at any time require that these systems undergo service including the
replacement of all or part of a system. Dell will endeavor to give appropriate notice to Provider of any such service and schedule with Provider at a mutually agreeable time. Provider is responsible for providing all equipment required by its
employees to perform services and to meet Dell’s system requirements. These requirements may change as systems are enhanced. 

  

	 	d)	Knowledge Base and Tech Support Tools: Provider will access Dell support Tools and Support Documentation within, via an agreed upon method. Ownership and responsibility for
content of these and all other requisite Dell tools will remain with Dell. Dell will provide login access to this data if needed. Whether marked as such or not, for purposes of the Agreement and this Schedule, all such Tools and Support
Documentation within are proprietary and confidential to Dell and Provider may disclose this information only to Customers and only in the provision of the Services. Any other disclosure of such Support Documentation without authority of Dell is a
breach of the Agreement. 

  

					
	 	  	 
	 	  	 	  	 
	 	  	[*]	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 

  

	 	e)	Submission of new cases not current and accurate in the Dell Knowledge Base: Will be provided by Provider as identified. Dell will provide submission rights to Provider for
all content. Submission of new cases will be measured as noted in Exhibit A section 14. 

  
 Provider will provide workspace for up to four (4) Dell staff members at Provider’s contact center site. Dell shall provide reasonable notice of any
such request. 

	*	Indicates redacted information. 

  

					
	 Dell Computer Corporation
	  	13 May, 2004	  	Page 3

 Statement of Work – Dell Home Sales 
  

 During the course of this Agreement, Provider will be required to use Dell systems in the performance
of these Services. Dell will sell systems to Provider at a preferred rate. 
  
 In order to analyze consistent performance deviations. Dell reserves the right to audit Provider employee records on performance metrics, administrative and human resources records or seek a certificate from
Provider’s auditors for Dell internal use only. All mutually agreed upon costs for such ____/certification will be borne by Dell. 
  

	5)	Rates; Fees 

  

	 	a)	Except as set forth otherwise in this Schedule, the fees charged by Provider shall be as follows for e-mail actually handled. E-mails actually handled includes sends only, this does
not include external reassigns, internal re-assigns, mandatory re-assigns and any archives. 

  
 [*] 
  
 Assumptions: 
  
 [*] 
  

	 	•	 	These costs include international bandwidth minus U.S. long distance per minute rate. In case the total amount of E-mail time and post Email work exceeds the average handle time
after the pilot period, Dell and Provider will agree to review the assumptions. 

  

	 	b)	Training Expense: Provider will provide trainers for ongoing and new hire training. For new hire training, Provider will absorb up to the first three (3) weeks of Dell specific
hardware, product and policy and procedure training. [*] 

	*	Indicates redacted information. 

  

					
	 Dell Computer Corporation
	  	13 May, 2004	  	Page 4

 Statement of Work – Dell Home Sales 
  

 [*] 
  

	6)	Required Performance Metrics, Required Elements and Success Criteria 

  

	 	a)	Required Performance Metrics are listed in Exhibits A and C. Provider shall implement Exhibits A and C by measuring each Metric as listed in “How to Measure” and supply
the list of reports to be provided under agreement. Dell and Provider will regularly review and compare Provider’s performance to the “Goals” and “Minimum Service Level” volume. [*] 

  

	 	d)	Required Elements are listed in Exhibit B. Dell may, upon one (1) day notice to Provider, audit Provider’s compliance with the elements of Exhibit B. The audit may consist of
Dell 

	*	Indicates redacted information. 

  

					
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	  	13 May, 2004	  	Page 5

 Statement of Work – Dell Home Sales 
  

	 	 
and/or its auditors scheduling time with Provider’s employees and executives to review the processes in place pertaining to Exhibit B. As such Provider
will assist Dell in completing the audit in a timely fashion by making key employees and/or executives available. All mutually agreed upon costs associated with the Audit shall be borne by Dell. 

  

	 	e)	Success Criteria for email is listed in Exhibits A and C. Provider shall meet or exceed the Success Criteria during the pre-production pilot, not to exceed the 90 days. If Provider
is unable to meet or exceed the Success Criteria during the pre-production pilot, Dell will reserve the right to terminate this services contract. 

  

	 	f)	Email Logging [*]—Provider will log all emails in DellServe. The logging goal is 100%. [*]. 

  

	 	g)	System availability—Provider will be excused from penalty in the event Dell systems are unavailable through no fault of provider. 

  

	7)	Payment Terms 

  
 Terms of payment are in full accordance set forth in the Master Services Agreement signed by Provider. Any disputed amounts shall not affect payment of
non-disputed charges and expenses or the continuation of the provision of services under this agreement. 
  

	8)	Business Review 

  

	 	a)	On a daily, weekly, monthly and quarterly basis, Provider and Dell will review Provider’s performance of the Services. Provider will conduct quarterly business reviews by the
3rd week of the month following and the end of the quarter. 

  

	 	b)	Dell and Provider may alternate the sites of the event to share travel costs. 

  

	9)	Term and Termination 

  

	 	a)	The effective date of this Schedule shall be as of the date of execution and shall continue for one year. This Schedule will renew for additional one (1) year period unless
otherwise terminated by written notice 60 days prior to expiration. 

  

	 	b)	Dell may terminate this Schedule for convenience upon 60 days notice. Dell’s Locked Forecast and the associated Minimum Monthly Commitment will be applied during the sixty (60)
days following written notice of termination. 

	*	Indicates redacted information. 

  

					
	 Dell Computer Corporation
	  	13 May, 2004	  	Page 6

 Statement of Work – Dell Home Sales 
  

									
	Schedule A	 	 	 	Schedule A
	Agreed and Accepted:	 	 	 	Agreed and Accepted:
			
	Provider	 	 	 	Dell Products L.P.
					
	 By:
	 	 /s/ Vikram Talwar
	 	 	 	 By:
	 	 /s/

					
	 Name:
	 	 Vikram Talwar
	 	 	 	 Name:
	 	 
					
	 Title:
	 	 Vice Chairman & CEO
	 	 	 	 Title:
	 	 
					
	 Date:
	 	 May 29, 2004
	 	 	 	 Date:
	 	 

  

					
	 Dell Computer Corporation
	  	13 May, 2004	  	Page 7Form of Stock Option Agreement under 2003 India Employee Stock Option Plan

 EXHIBIT 10.21 
  
 FORM OF 
 STOCK
OPTION AGREEMENT 
 FOR EMPLOYEES OF 
 EXLSERVICE.COM (INDIA) PRIVATE LIMITED 
  
 THIS OPTION AGREEMENT (the
“Option Agreement”) is made and entered into as of              (the “Date of Option Grant”), 
 BY AND BETWEEN 
  
 EXLSERVICE HOLDINGS, INC. a Delaware Corporation, having its principal place of business at 350 Park Avenue, 10th Floor, New York, NY 10022 (hereinafter referred to as ‘the Company’ which expression shall, unless repugnant to the context or meaning thereof be deemed to include its successors and
assigns) of the ONE PART, 
  
 AND 
  
 EXLSERVICE.COM (INDIA) PRIVATE LIMITED, a private limited company, incorporated under
the laws of Republic of India, which is a subsidiary of the Company, (hereinafter referred to as ‘the Indian Subsidiary’ which expression shall, unless repugnant to the context or meaning thereof be deemed to include its successors
and assigns) of the SECOND PART  
  
 AND 
  
                      residing at              (the
“Optionee”) of the THIRD PART. 
  
 WHEREAS 
  

	A.	The Company has set-up the ExlService Holdings, Inc. 2003 India Employee Stock Option Plan (the “Plan”), which applies to the employees of the Indian Subsidiary
subject to its adoption by the Board of Directors of the Indian Subsidiary; 

  

	B.	The Board of Directors of the Indian Subsidiary have, pursuant to their resolution dated April 30, 2003 adopted the Plan. Pursuant to the above, the Company, together with the
Indian Subsidiary, have granted to the Optionee an option to purchase certain shares of Stock, upon the terms and conditions set forth in this Option Agreement and the Plan (the “Option”); 

  

	1.	Definitions and Construction. 

  

	1.1	Definitions. Unless otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in the Plan. Whenever used herein, the following terms shall
have their respective meanings set forth below: 

  

	 	1.1.1	“Exercise Price” means US$ 0.23 per share of Stock, as adjusted from time to time pursuant to Clause 10 of the Plan. 

  

	 	1.1.2	“Option Expiration Date” means the date ten (10) years after the date of grant of Options. 

  

	1.2	Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of this Option Agreement.
Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

  

 1 

	2.	Grant of Options. 

  

	 	(a)	Grant: The Company hereby grants to the Optionee the right to purchase up to · Shares at the Exercise Price of US$ 0.23 per share, at any time during the Exercise Period and pursuant to the terms and conditions set forth in the Plan and as per the vesting schedule provided in the Plan. 

  

	 	(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 Optionee and his legal representative in respect of any questions arising under the Plan or this Agreement.

  

	 	(c)	The employee undertakes not to pledge or hypothecate or charge or mortgage or assign or in any other manner alienate or dispose of the Option or any Shares without the prior written
consent of the Company. 

  

	 	(d)	Both the parties to the agreement will comply with all the obligations and enjoy all the rights and privileges as per the terms and conditions of the Plan and this Option Agreement
shall be in conformity in toto with the Plan. 

  

	3.	Notices. 

  
 Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Option
Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, by registered or certified mail, with postage and fees prepaid, addressed to the other party at the address shown below that party’s signature
or at such other address as such party may designate in writing from time to time to the other party, or upon confirmed facsimile transmission. 
  

	4.	Integrated Agreement. 

  
 This Option Agreement, Stock Purchase Agreement and the Plan constitute the entire understanding and agreement of the Optionee and the Indian Subsidiary
with respect to the subject matter contained herein or therein, and there are no agreements, understandings, restrictions, representations, or warranties among the Optionee and the Indian Subsidiary with respect to such subject matter other than
those as set forth or provided for herein or therein. To the extent contemplated herein or therein, the provisions of this Option Agreement shall survive any exercise of the Option and shall remain in full force and effect. 
  

	5.	Applicable Law. 

  
 This Option Agreement shall be governed by the laws of the Republic of India. 
  
 [Remainder of page intentionally left blank; signature page to follow] 
  

 2 

			
	EXLSERVICE HOLDINGS, INC.
		
	By:	 	  

	Title:	 	  

	Address:	 	  

	
	EXLSERVICE.COM (INDIA) PRIVATE LIMITED
		
	By:	 	  

	Title:	 	  

	Address:	 	  

  
 The Optionee represents that the
Optionee is familiar with the terms and provisions of this Option Agreement, and hereby accepts the Option subject to all of the terms and provisions thereof. The Optionee hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Board upon any questions arising under this Option Agreement. The undersigned acknowledges receipt of a copy of the Plan. 
  

	
	 OPTIONEE:

	 Date:

	 Optionee Address:

  

 3

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